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 811-07092

Name of Fund: The BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, The BlackRock Florida Insured Municipal 2008 Term Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2007

Date of reporting period: 01/01/2007 – 12/31/2007



Item 1 Report to Stockholders


EQUITIES   FIXED INCOME   REAL ESTATE   LIQUIDITY   ALTERNATIVES   BLACKROCK SOLUTIONS

 

 

 

 

Closed-End Funds


(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT | DECEMBER 31, 2007

 

 

 

 

 

 

 

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

Page   

 

 

A Letter to Shareholders

1

Annual Report:

 

Trust Summaries

2

Financial Statements:

 

Portfolio of Investments

14

Statements of Assets and Liabilities

38

Statements of Operations

40

Statements of Changes in Net Assets

42

Financial Highlights

44

Notes to Financial Statements

56

Report of Independent Registered Public Accounting Firm

63

The Benefits and Risks of Leveraging

64

Dividend Reinvestment Plan

65

BlackRock Privacy Principles

65

Additional Information

66

Section 19 Notices

69

Officers and Directors Information

70



 

 


 

A Letter to Shareholders


Dear Shareholder

Financial markets endured a heightened volatility during 2007, culminating in mixed results for some of the major benchmark indexes:

Total Returns as of December 31, 2007

 

 

 

 

 

 

 

 

 

 

6-month

 

12-month

 

           

U.S. equities (S&P 500 Index)

 

-1.37

%

 

+5.49

%

 

               

Small cap U.S. equities (Russell 2000 Index)

 

-7.53

 

 

-1.57

 

 

               

International equities (MSCI Europe, Australasia, Far East Index)

 

+0.39

 

 

+11.17

 

 

               

Fixed income (Lehman Brothers U.S. Aggregate Bond Index)

 

+5.93

 

 

+6.97

 

 

               

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)

 

+3.22

 

 

+3.36

 

 

               

High yield bonds
(Lehman Brothers U.S. Corporate High Yield 2% Issuer Cap Index)

 

-0.67

 

 

+2.27

 

 

               

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Subprime mortgage woes dominated headlines for much of 2007, spawning a widespread liquidity and credit crisis with ramifications across global markets. The Federal Reserve Board (the “Fed”) stepped in to inject liquidity into the markets and bolster investor confidence, cutting the federal funds rate by 0.50% in September, 0.25% in October and 0.25% in December, which brought the target short-term interest rate to 4.25%. In taking action, the central bankers, who had long deemed themselves inflation fighters, were seeking to stem the fallout from the credit crunch and forestall a wider economic unraveling.

Amid the volatility, equity markets displayed surprising resilience. Market fundamentals generally held firm, dividend payouts and share buybacks continued, and valuations remained attractive. To some extent, the credit turmoil dampened corporate merger-and-acquisition (M&A) activity, a key source of strength for equity markets, but 2007 remained a record year for global M&A nonetheless. As the returns indicate, the most recent six months were more trying, reflecting the slowing U.S. economy, a troubled housing market and a more difficult corporate earnings backdrop. Overall, large cap stocks outperformed small caps as investors grew increasingly risk averse. International markets fared better than their U.S. counterparts, benefiting from generally stronger economies.

In fixed income markets, mixed economic signals and subprime fallout resulted in a flight to quality. Investors shunned bonds associated with the housing and credit markets in favor of higher-quality Treasury issues. The yield on 10-year Treasury issues, which touched 5.30% in June (its highest level in five years), fell to 4.04% by year-end, while prices correspondingly rose. The tax-exempt bond market waffled amid the economic uncertainty and concerns around the credit worthiness of bond insurers, but set a new-issuance record in 2007. A drop in municipal bond prices created buying opportunities, and the heightened supply was generally well absorbed.

As you navigate the uncertainties inherent in the financial markets, we encourage you to start the year by reviewing your investment goals with your financial professional and making portfolio changes, as needed. For more reflection on 2007 and our 10 predictions for 2008, please ask your financial professional for a copy of “What’s Ahead in 2008: An Investment Perspective,” or view it online at www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the new year and beyond.

Sincerely,

-s- Rob Kapito

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT

 

 

 

 

 

 

 

 

 

 

 

1



 

 


 

Trust Summaries as of December 31, 2007

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

 

Investment Objective

 

The Trust’s investment objective is to provide monthly income which is exempt from regular federal income tax and to return $15 per share (the initial offering price per share) to investors on or about December 31, 2008.

 

Trust Information


 

 

 

Symbol on New York Stock Exchange:

 

BRM

Initial Offering Date:

 

September 18, 1992

Termination Date (on or about):

 

December 31, 2008

Yield on Closing Market Price as of 12/31/07 ($15.03):1

 

4.87%

Tax Equivalent Yield:2

 

7.49%

Current Monthly Distribution per Common Share:3

 

$0.0610

Current Annualized Distribution per Common Share:3

 

$0.7320

     

 

 

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

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

3

A change in the distribution rate was declared on January 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0475. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future.

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change  

 

High

 

Low

 

                       

Market Price

 

$

15.03

 

$

15.53

 

(3.22

)%

 

$

15.64

 

$

14.95

 

Net Asset Value

 

$

15.19

 

$

15.42

 

(1.49

)%

 

$

15.44

 

$

15.17

 

                                 

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

           

City, County & State

 

28

%

 

29

%

 

Power

 

26

 

 

29

 

 

Industrial & Pollution Control

 

14

 

 

11

 

 

Transportation

 

9

 

 

8

 

 

Education

 

8

 

 

9

 

 

Lease Revenue

 

7

 

 

7

 

 

Tax Revenue

 

5

 

 

3

 

 

Water & Sewer

 

2

 

 

2

 

 

Hospital

 

1

 

 

2

 

 

               

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

 

 

 

 

 

 

 

 

2

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 


 

Trust Summaries as of December 31, 2007

BlackRock Insured Municipal Term Trust (BMT)

 

 

Investment Objective

 

The Trust’s investment objective is to provide monthly income which is exempt from regular federal income tax and to return $10 per share (the initial offering price per share) to investors on or about December 31, 2010.

 

 

Trust Information

 


 

 

 

Symbol on New York Stock Exchange:

 

BMT

Initial Offering Date:

 

February 20, 1992

Termination Date (on or about):

 

December 31, 2010

Yield on Closing Market Price as of 12/31/07 ($9.85):1

 

3.71%

Tax Equivalent Yield:2

 

5.71%

Current Monthly Distribution per Common Share:3

 

$0.030417

Current Annualized Distribution per Common Share:3

 

$0.365004

Leverage as of 12/31/07:4

 

   20%

     

 

 

1

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

2

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change  

 

High

 

Low

 

                       

Market Price

 

$

9.85

 

$

9.77

 

  0.82

%

 

$

9.98

 

$

9.67

 

Net Asset Value

 

$

10.35

 

$

10.28

 

  0.68

%

 

$

10.39

 

$

10.10

 

                                 

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

           

City, County & State

 

29

%

 

33

%

 

Education

 

18

 

 

17

 

 

Water & Sewer

 

16

 

 

15

 

 

Power

 

14

 

 

13

 

 

Transportation

 

7

 

 

7

 

 

Hospital

 

7

 

 

7

 

 

Lease Revenue

 

7

 

 

6

 

 

Tax Revenue

 

2

 

 

2

 

 

               

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

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

3




 

 


 

Trust Summaries as of December 31, 2007

BlackRock Municipal 2018 Term Trust (BPK)

 

 

Investment Objective

 


 

The Trust’s investment objectives are to provide monthly income that is exempt from regular federal income tax and to return $15 per share (the initial offering price) to investors on or about December 31, 2018.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BPK

 

Initial Offering Date:

 

October 26, 2001

 

Termination Date (on or about):

 

December 31, 2018

 

Yield on Closing Market Price as of 12/31/07 ($15.22):1

 

5.95%

 

Tax Equivalent Yield:2

 

9.15%

 

Current Monthly Distribution per Common Share:3

 

$0.0755

 

Current Annualized Distribution per Common Share:3

 

$0.9060

 

Leverage as of 12/31/07:4

 

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

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change     

High

 

Low

 

                       

Market Price

 

$

15.22

 

$

17.01

 

 

(10.52

)%

$

17.60

 

$

14.97

 

Net Asset Value

 

$

15.06

 

$

15.97

 

 

(5.70

)%

$

16.02

 

$

14.94

 

                       

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

           

Hospital

 

25

%

 

23

%

 

Industrial & Pollution Control

 

24

 

 

23

 

 

City, County & State

 

18

 

 

21

 

 

Housing

 

14

 

 

11

 

 

Education

 

6

 

 

5

 

 

Tax Revenue

 

5

 

 

4

 

 

Transportation

 

4

 

 

5

 

 

Lease Revenue

 

3

 

 

3

 

 

Tobacco

 

1

 

 

2

 

 

Power

 

 

 

3

 

 

           

 

Credit Breakdown5


 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

           

AAA/Aaa

 

27

%

 

24

%

 

AA/Aa

 

11

 

 

10

 

 

A

 

18

 

 

22

 

 

BBB/Baa

 

26

 

 

28

 

 

BB/Ba

 

2

 

 

1

 

 

B

 

8

 

 

5

 

 

Not Rated6

 

8

 

 

10

 

 

           

 

 

5

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

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2007 and 2006, the market value of these securities was $5,544,635 representing 2% and $5,742,150 representing 2%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

4

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 


 

Trust Summaries as of December 31, 2007

BlackRock Municipal 2020 Term Trust (BKK)

 

 

Investment Objective

 

The Trust’s investment objectives are to provide current income exempt from regular federal income tax and to return $15 per share (the initial public offering price) on or about December 31, 2020.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BKK

 

Initial Offering Date:

 

September 30, 2003

 

Termination Date (on or about):

 

December 31, 2020

 

Yield on Closing Market Price as of 12/31/07 ($13.60):1

 

5.49%

 

Tax Equivalent Yield:2

 

8.45%

 

Current Monthly Distribution per Common Share:3

 

$0.062250

 

Current Annualized Distribution per Common Share:3

 

$0.747000

 

Leverage as of 12/31/07:4

 

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

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change  

 

High

 

Low

 

                       

Market Price

 

$

13.60

 

$

15.77

 

(13.76

)%

 

$

16.10

 

$

13.26

 

Net Asset Value

 

$

14.79

 

$

15.77

 

(6.21

)%

 

$

15.90

 

$

14.67

 

                       

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

           

City, County & State

 

22

%

 

24

%

 

Hospitals

 

17

 

 

17

 

 

Industrial & Pollution Control

 

17

 

 

17

 

 

Tobacco

 

11

 

 

11

 

 

Education

 

8

 

 

8

 

 

Housing

 

7

 

 

7

 

 

Power

 

7

 

 

6

 

 

Tax Revenue

 

6

 

 

5

 

 

Transportation

 

5

 

 

5

 

 

           

 

Credit Breakdown5


 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

           

AAA/Aaa

 

30

%

 

21

%

 

AA/Aa

 

10

 

 

8

 

 

A

 

12

 

 

16

 

 

BBB/Baa

 

29

 

 

35

 

 

BB/Ba

 

1

 

 

1

 

 

B

 

6

 

 

5

 

 

Not Rated

 

12

 

 

14

 

 

           

 

 

5

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

5



 

 


 

Trust Summaries as of December 31, 2007

BlackRock Strategic Municipal Trust (BSD)

 

 

Investment Objective

 

The Trust’s investment objectives are to provide high current income exempt from regular federal income tax, consistent with the preservation of capital.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BSD

 

Initial Offering Date:

 

August 25, 1999

 

Yield on Closing Market Price as of 12/31/07 ($13.96):1

 

6.45%

 

Tax Equivalent Yield:2

 

9.92%

 

Current Monthly Distribution per Common Share:3

 

$0.0750

 

Current Annualized Distribution per Common Share:3

 

$0.9000

 

Leverage as of 12/31/07:4

 

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

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change    

 

High

 

Low

 

                       

Market Price

 

$

13.96

 

$

18.69

 

(25.31

)%

 

$

20.65

 

$

13.31

 

Net Asset Value

 

$

14.27

 

$

15.64

 

(8.76

)%

 

$

15.73

 

$

14.16

 

                       

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

           

City, County & State

 

22

%

 

24

%

 

Hospital

 

22

 

 

20

 

 

Industrial & Pollution Control

 

16

 

 

19

 

 

Housing

 

9

 

 

6

 

 

Tax Revenue

 

8

 

 

6

 

 

Power

 

7

 

 

8

 

 

Transportation

 

7

 

 

7

 

 

Education

 

5

 

 

6

 

 

Tobacco

 

2

 

 

 

 

Water & Sewer

 

2

 

 

4

 

 

           

 

Credit Breakdown5


 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

           

AAA/Aaa

 

43

%

 

47

%

 

AA/Aa

 

21

 

 

17

 

 

A

 

8

 

 

7

 

 

BBB/Baa

 

15

 

 

15

 

 

BB/Ba

 

3

 

 

3

 

 

B

 

4

 

 

4

 

 

Not Rated6

 

6

 

 

7

 

 

           

 

 

5

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

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2007 and 2006, the market value of these securities was $4,358,336 representing 3% and $1,007,720 representing 1%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

6

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 


 

Trust Summaries as of December 31, 2007

BlackRock California Insured Municipal 2008 Term Trust (BFC)

 

 

Investment Objective

 

The Trust’s investment objectives are to provide monthly income which is exempt from regular federal and California income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2008.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BFC

 

Initial Offering Date:

 

September 18, 1992

 

Termination Date (on or about):

 

December 31, 2008

 

Yield on Closing Market Price as of 12/31/07 ($15.09):1

 

4.17%

 

Tax Equivalent Yield:2

 

6.42%

 

Current Monthly Distribution per Common Share:3

 

$0.0525

 

Current Annualized Distribution per Common Share:3

 

$0.6300

 

 

 

 

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

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

3

The distribution is not constant and is subject to change.


The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

15.09

 

$

15.34

 

(1.63

)%

 

$

15.72

 

$

14.97

 

Net Asset Value

 

$

15.28

 

$

15.41

 

(0.84

)%

 

$

15.42

 

$

15.23

 

                       

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

           

Lease Revenue

 

27

%

 

26

%

 

City, County & State

 

24

 

 

22

 

 

Power

 

21

 

 

22

 

 

Education

 

12

 

 

10

 

 

Tax Revenue

 

11

 

 

14

 

 

Water & Sewer

 

5

 

 

5

 

 

Hospital

 

 

 

1

 

 

           

 

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

7



 

 


 

Trust Summaries as of December 31, 2007

BlackRock California Municipal 2018 Term Trust (BJZ)

 

 

Investment Objective

 

The Trust’s investment objectives are to provide monthly income that is exempt from regular federal and California income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2018.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BJZ

 

Initial Offering Date:

 

October 26, 2001

 

Termination Date (on or about):

 

December 31, 2018

 

Yield on Closing Market Price as of 12/31/07 ($15.40):1

 

4.77%

 

Tax Equivalent Yield:2

 

7.34%

 

Current Monthly Distribution per Common Share:3

 

$0.061250

 

Current Annualized Distribution per Common Share:3

 

$0.735000

 

Leverage as of 12/31/07:4

 

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

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

15.40

 

$

15.94

 

(3.39

)%

 

$

15.98

 

$

14.16

 

Net Asset Value

 

$

14.82

 

$

15.26

 

(2.88

)%

 

$

15.30

 

$

14.58

 

                       

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

           

City, County & State

 

23

%

 

21

%

 

Transportation

 

19

 

 

19

 

 

Lease Revenue

 

14

 

 

14

 

 

Hospital

 

13

 

 

14

 

 

Education

 

8

 

 

8

 

 

Housing

 

7

 

 

6

 

 

Industrial & Pollution Control

 

7

 

 

9

 

 

Power

 

5

 

 

5

 

 

Water & Sewer

 

2

 

 

4

 

 

Resource Recovery

 

2

 

 

 

 

           

 

Credit Breakdown5


 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

           

AAA/Aaa

 

44

%

 

40

%

 

AA/Aa

 

 

 

3

 

 

A

 

26

 

 

29

 

 

BBB/Baa

 

27

 

 

25

 

 

Not Rated

 

3

 

 

3

 

 

           

 

 

5

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


 

 

 

 

 

 

 

 

8

ANNUAL REPORT

DECEMBER 31, 2007

 




 

 


 

Trust Summaries as of December 31, 2007

BlackRock Florida Insured Municipal 2008 Term Trust
(BRF)

 

 

   

Investment Objective

 


 

The Trust’s investment objectives are to provide monthly income which is exempt from regular federal income tax and Florida intangible personal property taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2008.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BRF

 

Initial Offering Date:

 

September 18, 1992

 

Termination Date (on or about):

 

December 31, 2008

 

Yield on Closing Market Price as of 12/31/07 ($14.69):1

 

3.06%

 

Tax Equivalent Yield:2

 

4.71%

 

Current Monthly Distribution per Common Share:3

 

$ 0.0375

 

Current Annualized Distribution per Common Share:3

 

$ 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

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

3

A change in the distribution rate was declared on January 2, 2008. The Monthly Distribution per Common Share was decreased to $0.02. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution is not constant and is subject to further change in the future.

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

14.69

 

$

14.42

 

1.87

%

 

$

14.78

 

$

14.32

 

Net Asset Value

 

$

14.88

 

$

14.83

 

0.34

%

 

$

14.91

 

$

14.78

 

                                 

 

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


 

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

               

Tax Revenue

 

40

%

 

41

%

 

Education

 

14

 

 

12

 

 

Power

 

13

 

 

12

 

 

Transportation

 

12

 

 

7

 

 

City, County & State

 

11

 

 

17

 

 

Resource Recovery

 

5

 

 

6

 

 

Water & Sewer

 

4

 

 

4

 

 

Hospital

 

1

 

 

 

 

Other

 

 

 

1

 

 

               

 

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

9




 

 


 

Trust Summaries as of December 31, 2007

BlackRock Florida Municipal 2020 Term Trust (BFO)


 

 

Investment Objective


 

The Trust’s investment objectives are to provide current income that is exempt from regular federal income tax and Florida intangible personal property taxes and to return $15.00 per share (the initial public offering price) on or about December 31, 2020.


 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BFO

 

Initial Offering Date:

 

September 30, 2003

 

Termination Date (on or about):

 

December 31, 2020

 

Yield on Closing Market Price as of 12/31/07 ($12.93):1

 

4.73%

 

Tax Equivalent Yield:2

 

7.28%

 

Current Monthly Distribution per Common Share:3

 

$ 0.0510

 

Current Annualized Distribution per Common Share:3

 

$ 0.6120

 

Leverage as of 12/31/07:4

 

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

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

12.93

 

$

13.85

 

(6.64

)%

 

$

14.55

 

$

12.36

 

Net Asset Value

 

$

14.72

 

$

15.16

 

(2.90

)%

 

$

15.26

 

$

14.38

 

                                 

 

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


 

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

               

City, County & State

 

22

%

 

25

%

 

Water & Sewer

 

18

 

 

18

 

 

Hospitals

 

12

 

 

6

 

 

Tax Revenue

 

12

 

 

8

 

 

Education

 

10

 

 

10

 

 

Power

 

9

 

 

10

 

 

Industrial & Pollution Control

 

6

 

 

5

 

 

Housing

 

5

 

 

 

 

Lease Revenue

 

4

 

 

4

 

 

Transportation

 

2

 

 

3

 

 

Tobacco

 

 

 

11

 

 

               

 

 

Credit Breakdown5


 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

               

AAA/Aaa

 

59

%

 

59

%

 

AA/Aa

 

9

 

 

1

 

 

A

 

2

 

 

4

 

 

BBB/Baa

 

9

 

 

16

 

 

BB/Ba

 

2

 

 

2

 

 

CCC/Caa

 

1

 

 

 

 

Not Rated6

 

18

 

 

18

 

 

               

 

 

5

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

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2007 and 2006, the market value of these securities was $2,084,840 representing 2% and $2,115,580 representing 2%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

10

ANNUAL REPORT

DECEMBER 31, 2007

 




 

 


 

Trust Summaries as of December 31, 2007

BlackRock New York Insured Municipal 2008 Term Trust (BLN)


 

Investment Objective


 

The Trust’s investment objectives are to provide monthly income which is exempt from regular federal, New York State and New York City income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2008.


 

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BLN

 

Initial Offering Date:

 

September 18, 1992

 

Termination Date (on or about):

 

December 31, 2008

 

Yield on Closing Market Price as of 12/31/07 ($15.05):1

 

4.39%

 

Tax Equivalent Yield:2

 

6.75%

 

Current Monthly Distribution per Common Share:3

 

$ 0.0550

 

Current Annualized Distribution per Common Share:3

 

$ 0.6600

 

       

 

 

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

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

3

A change in the distribution rate was declared on January 2, 2008. The Monthly Distribution per Common Share was decreased to $0.045. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution is not constant and is subject to further change in the future.

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

12/31/07

 

12/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

15.05

 

$

14.90

 

 

1.01

%

$

15.30

 

$

14.86

 

Net Asset Value

 

$

15.21

 

$

15.42

 

 

(1.36

)%

$

15.43

 

$

15.18

 

                                 

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

               

Transportation

 

25

%

 

25

%

 

Education

 

19

 

 

19

 

 

Water & Sewer

 

15

 

 

15

 

 

City, County & State

 

10

 

 

10

 

 

Hospital

 

9

 

 

9

 

 

Power

 

8

 

 

8

 

 

Tax Revenue

 

7

 

 

7

 

 

Lease Revenue

 

4

 

 

4

 

 

Housing

 

3

 

 

3

 

 

               

 

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

 


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

11




 

 


 

Trust Summaries as of December 31, 2007

BlackRock New York Municipal 2018 Term Trust (BLH)

 

 

Investment Objective

 

The Trust’s investment objectives are to provide monthly income that is exempt from regular federal, New York State and New York City income taxes and to return $15 per share (the initial public offering price) to investors on or about December 31, 2018.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BLH

 

Initial Offering Date:

 

October 26, 2001

 

Termination Date (on or about):

 

December 31, 2018

 

Yield on Closing Market Price as of 12/31/07 ($16.18):1

 

5.10%

 

Tax Equivalent Yield:2

 

7.85%

 

Current Monthly Distribution per Common Share:3

 

$ 0.068750

 

Current Annualized Distribution per Common Share:3

 

$ 0.825000

 

Leverage as of 12/31/07:4

 

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

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

12/31/07

 

12/31/06

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

16.18

 

$

15.62

 

3.59

%

 

$

16.25

 

$

14.86

 

Net Asset Value

 

$

15.98

 

$

16.33

 

(2.14

)%

 

$

16.40

 

$

15.64

 

                                 

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

               

Education

 

22

%

 

22

%

 

Hospital

 

15

 

 

16

 

 

City, County & State

 

11

 

 

11

 

 

Transportation

 

11

 

 

11

 

 

Tobacco

 

11

 

 

11

 

 

Lease Revenue

 

10

 

 

10

 

 

Industrial & Pollution Control

 

7

 

 

7

 

 

Housing

 

6

 

 

5

 

 

Tax Revenue

 

6

 

 

6

 

 

Power

 

1

 

 

1

 

 

               

 

 

Credit Breakdown5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

               

AAA/Aaa

 

44

%

 

39

%

 

AA/Aa

 

37

 

 

37

 

 

A

 

5

 

 

9

 

 

BBB/Baa

 

9

 

 

10

 

 

B

 

4

 

 

2

 

 

CCC/Caa

 

 

 

3

 

 

Not Rated

 

1

 

 

 

 

               

 

 

5

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


 

 

 

 

 

 

 

 

12

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 


 

Trust Summaries as of December 31, 2007

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

 

 

Investment Objective

 

The Trust’s investment objectives are to provide monthly income which is exempt from regular federal and Pennsylvania income taxes.

 

Trust Information


 

 

 

 

Symbol on American Stock Exchange:

 

BPS

 

Initial Offering Date:

 

August 25, 1999

 

Yield on Closing Market Price as of 12/31/07 ($13.55):1

 

5.31%

 

Tax Equivalent Yield:2

 

8.17%

 

Current Monthly Distribution per Common Share:3

 

$ 0.0600

 

Current Annualized Distribution per Common Share:3

 

$ 0.7200

 

Leverage as of 12/31/07:4

 

38%

 

 

 

 

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

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

3

The distribution is not constant and is subject to change.

4

As a percentage of 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 net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

12/31/07

 

 

12/31/06

 

 

  Change

 

 

High

 

 

Low

 

                                 

Market Price

 

$

13.55

 

$

17.43

 

 

(22.26

)%

$

18.67

 

$

13.04

 

Net Asset Value

 

$

14.12

 

$

15.01

 

 

(5.93

)%

$

15.04

 

$

13.88

 

                                 

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

 

Sector Breakdown


 

 

 

 

 

 

 

 

Sector

 

12/31/07

 

12/31/06

 

               

Education

 

18

%

 

29

%

 

Water & Sewer

 

16

 

 

15

 

 

Housing

 

16

 

 

9

 

 

City, County & State

 

15

 

 

8

 

 

Hospital

 

11

 

 

9

 

 

Transportation

 

10

 

 

15

 

 

Industrial & Pollution Control

 

5

 

 

5

 

 

Lease Revenue

 

4

 

 

6

 

 

Tax Revenue

 

3

 

 

 

 

Power

 

2

 

 

2

 

 

Other

 

 

 

2

 

 

               

 

Credit Breakdown5


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

12/31/07

 

12/31/06

 

               

AAA/Aaa

 

45

%

 

61

%

 

AA/Aa

 

14

 

 

11

 

 

A

 

21

 

 

17

 

 

BBB/Baa

 

17

 

 

8

 

 

B

 

1

 

 

 

 

Not Rated6

 

2

 

 

3

 

 

               

 

 

5

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

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of December 31, 2007 and 2006, the market value of these securities was $971,150 representing 2% and $1,007,720 representing 2% of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

13



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—86.1%

 

 

 

 

Alabama—1.6%

 

 

 

 

$

6,555

 

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

 

$

6,634,512

 

 

Arizona—2.0%

 

 

 

 

 

4,000

 

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

 

 

3,936,240

 

 

4,200

 

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

 

 

4,258,926

 

 

 

 

 

 

     

 

 

 

 

 

 

8,195,166

 

 

California—1.2%

 

 

 

 

 

5,000

 

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

 

 

5,002,650

 

 

Colorado—2.6%

 

 

 

 

 

 

1,000

 

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

 

 

1,001,060

 

 

1,000

 

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

 

 

1,000,560

 

 

2,000

 

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

 

 

1,752,840

 

 

6,965

 

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

 

 

7,019,954

 

 

 

 

 

 

     

 

 

 

 

 

 

10,774,414

 

 

Delaware—0.2%

 

 

 

 

 

650

 

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

 

 

651,274

 

 

District of Columbia—3.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

195

1

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

 

 

201,679

 

 

2,605

 

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

 

 

2,692,033

 

 

10,000

 

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

 

 

10,101,500

 

 

 

 

 

 

     

 

 

 

 

 

 

12,995,212

 

 

Florida—1.4%

 

 

 

 

 

2,280

 

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

 

 

2,313,790

 

 

2,080

 

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

 

 

2,117,856

 

 

1,300

 

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

 

 

1,325,038

 

 

 

 

 

 

     

 

 

 

 

 

 

5,756,684

 

 

Georgia—6.1%

 

 

 

 

 

5,000

 

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

 

 

5,219,950

 

 

20,000

2

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

 

 

20,178,800

 

 

 

 

 

 

     

 

 

 

 

 

 

25,398,750

 

 

Hawaii—2.8%

 

 

 

 

 

4,750

 

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

 

 

4,773,892

 

 

6,510

 

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

 

 

6,578,941

 

 

 

 

 

 

     

 

 

 

 

 

 

11,352,833

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Illinois—11.5%

 

 

 

 

 

 

 

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

 

 

 

 

$

4,805

 

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

 

$

4,508,820

 

 

1,175

1

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

 

 

1,105,005

 

 

2,000

 

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

 

 

2,028,160

 

 

8,985

 

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

 

 

8,754,535

 

 

13,000

2

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

 

 

12,990,770

 

 

6,750

 

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

 

 

6,768,293

 

 

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

 

 

1,465,811

 

 

 

 

Met. Pier & Expo. Auth.,

 

 

 

 

 

8,385

1

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

 

 

8,267,526

 

 

215

 

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

 

 

211,910

 

 

1,570

1

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

 

 

1,548,004

 

 

 

 

 

 

     

 

 

 

 

 

 

47,648,834

 

 

Kansas—0.2%

 

 

 

 

 

1,000

 

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

 

 

1,011,900

 

 

Kentucky—0.9%

 

 

 

 

 

3,890

 

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

 

 

3,766,609

 

 

Michigan—2.9%

 

 

 

 

 

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

 

 

6,391,791

 

 

1,665

1

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

 

 

1,672,842

 

 

3,000

 

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

 

 

3,028,710

 

 

765

 

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

 

 

783,375

 

 

 

 

 

 

     

 

 

 

 

 

 

11,876,718

 

 

Mississippi—0.5%

 

 

 

 

 

2,175

 

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

 

 

2,179,698

 

 

Nevada—1.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

2,085

 

Zero Coupon, 1/01/09, AMBAC

 

 

1,998,743

 

 

3,585

 

Zero Coupon, 1/01/10, AMBAC

 

 

3,286,764

 

 

 

 

 

 

     

 

 

 

 

 

 

5,285,507

 

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list on the right.

 

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimal Tax

CAPMAC

Capital Markets Assurance Co.

CIFG

CDC IXIS Financial Guaranty

CONNIE LEE

College Construction Loan Insurance Assoc.

COP

Certificate of Participation

FGIC

Financial Guaranty Insurance Co.

FHA

Federal Housing Admin.

FRDD

Floating Rate Daily Demand

FRWD

Floating Rate Weekly Demand

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PCRB

Pollution Control Revenue Bond

PSF

Public School Fund Guaranteed

RAA

Radian Asset Assurance

RB

Revenue Bond

SA

Special Assessment

ST

Special Tax

TA

Tax Allocation

XLCA

XL Capital Assurance


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

14

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

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

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

New Jersey—0.7%

 

 

 

 

$

1,000

 

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

 

$

1,018,380

 

 

1,750

 

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

 

 

1,787,292

 

 

 

 

 

 

     

 

 

 

 

 

 

2,805,672

 

 

New Mexico—0.6%

 

 

 

 

 

2,445

 

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

 

 

2,453,362

 

 

New York—4.9%

 

 

 

 

 

15,915

 

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

 

 

16,306,986

 

 

4,000

 

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

 

 

3,992,400

 

 

 

 

 

 

     

 

 

 

 

 

 

20,299,386

 

 

North Carolina—4.6%

 

 

 

 

 

 

 

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

 

 

 

 

 

13,500

 

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

 

 

13,890,960

 

 

5,000

 

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

 

 

5,000,000

 

 

 

 

 

 

     

 

 

 

 

 

 

18,890,960

 

 

Oregon—1.5%

 

 

 

 

 

2,905

 

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

 

 

2,953,543

 

 

1,285

 

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

 

 

1,284,627

 

 

2,000

 

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

 

 

2,007,140

 

 

 

 

 

 

     

 

 

 

 

 

 

6,245,310

 

 

Pennsylvania—7.3%

 

 

 

 

 

3,175

 

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

 

 

3,200,654

 

 

965

1

Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing
Home RB, Western Pennsylvania Hosp. Proj.,
Ser. B, 6.25%, 7/01/08, MBIA

 

 

977,130

 

 

 

 

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

 

 

 

 

 

2,075

 

4.50%, 5/01/08, FSA

 

 

2,084,628

 

 

2,120

 

4.50%, 11/01/08, FSA

 

 

2,144,677

 

 

2,165

 

4.50%, 5/01/09, FSA

 

 

2,202,779

 

 

16,250

 

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

 

 

16,236,350

 

 

3,125

 

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

 

 

3,128,313

 

 

 

 

 

 

     

 

 

 

 

 

 

29,974,531

 

 

Tennessee—0.2%

 

 

 

 

 

1,000

 

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

 

 

1,013,660

 

 

Texas—20.7%

 

 

 

 

 

 

 

City of Austin,

 

 

 

 

 

5,000

 

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

 

 

5,153,350

 

 

5,000

 

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

 

 

4,702,800

 

 

5,380

 

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

 

 

5,397,808

 

 

11,515

 

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

 

 

11,204,325

 

 

5,000

 

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

 

 

4,707,150

 

 

6,000

1

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

 

 

5,601,060

 

 

1,430

1

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

 

 

1,499,155

 

 

4,390

 

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

 

 

4,162,993

 

 

 

 

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

 

 

 

 

 

1,115

1

Zero Coupon, 9/01/08, AMBAC

 

 

1,092,221

 

 

13,885

 

Zero Coupon, 9/01/08, AMBAC

 

 

13,596,331

 

 

1,200

1

Zero Coupon, 9/01/09, AMBAC

 

 

1,137,600

 

 

14,975

 

Zero Coupon, 9/01/09, AMBAC

 

 

14,179,977

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Texas—(cont’d)

 

 

 

 

$

1,500

 

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

 

$

1,529,040

 

 

 

 

Pub. Fin. Auth.,

 

 

 

 

 

5,900

 

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

 

 

6,097,768

 

 

2,250

3

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

 

 

2,277,022

 

 

750

 

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

 

 

758,910

 

 

2,275

 

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

 

 

2,231,457

 

 

 

 

 

 

     

 

 

 

 

 

 

85,328,967

 

 

Washington—6.6%

 

 

 

 

 

5,710

 

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

 

 

5,738,950

 

 

1,250

 

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

 

 

1,274,075

 

 

 

 

Cnty. of King,

 

 

 

 

 

3,060

 

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

 

 

3,074,504

 

 

12,850

 

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

 

 

13,132,058

 

 

2,000

 

Energy Northwest, Elec., Pwr. & Lt. RB, Pub. Pwr. No. 3
Proj., Ser. A, Zero Coupon, 7/01/08, MBIA

 

 

1,969,180

 

 

 

 

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

 

 

 

 

 

1,010

 

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

 

 

1,029,897

 

 

1,000

 

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

 

 

1,057,370

 

 

 

 

 

 

     

 

 

 

 

 

 

27,276,034

 

 

West Virginia—0.4%

 

 

 

 

 

1,550

 

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

 

 

1,557,393

 

 

Wyoming—0.3%

 

 

 

 

 

1,270

 

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

 

 

1,277,938

 

 

 

 

 

Total Long-Term Investments
(cost $349,363,230)

 

 

355,653,974

 

 

SHORT-TERM INVESTMENTS—13.2%

 

 

 

 

Alabama—0.7%

 

 

 

 

 

2,900

4

Southeast Gas Dist., Nat. Gas Util. Impvts. RB, Ser. A,
3.75%, 1/02/08, FRDD

 

 

2,900,000

 

 

California—1.1%

 

 

 

 

 

415

4

Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB,
Adventist Hlth. Sys. Proj., Ser. B, 3.53%, 1/02/08,
MBIA, FRWD

 

 

415,000

 

 

3,950

4

Infrastructure & Econ. Dev. Bank, Indl. RB, San Francisco
Ballet Assoc. Proj., 3.53%, 1/02/08, FGIC, FRDD

 

 

3,950,000

 

 

 

 

 

 

     

 

 

 

 

 

 

4,365,000

 

 

Florida—0.6%

 

 

 

 

 

2,400

4

Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing
Home RB, All Children’s Hosp. Proj., 3.80%,
1/02/08, AMBAC, FRWD

 

 

2,400,000

 

 

Illinois—1.5%

 

 

 

 

 

6,250

4

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Univ.
of Chicago Hosps. Proj., 3.75%, 1/02/08, MBIA, FRDD

 

 

6,250,000

 

 

Massachusetts—1.2%

 

 

 

 

 

5,000

4

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,
Children’s Hosp. Corp. Proj., Ser. L-2, 3.70%,
1/02/08, AMBAC, FRDD

 

 

5,000,000

 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

15



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

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

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Michigan—6.0%

 

 

 

 

 

 

 

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts.
RB, Trinity Hlth. Proj.,

 

 

 

 

$

9,770

4

3.76%, 1/02/08, FRDD

 

$

9,770,000

 

 

11,000

4

Ser. E, 3.50%, 1/03/08, AMBAC, FRWD

 

 

11,000,000

 

 

4,200

4

Hsg. Dev. Auth., Local or Gtd. Hsg. RB, Ser. B, 3.45%,
1/03/08, MBIA, FRWD

 

 

4,200,000

 

 

 

     

 

 

 

 

 

 

24,970,000

 

 

Missouri—0.1%

 

 

 

 

 

290

4

Hlth. & Edl. Facs. Auth., Univ. & Coll. Impvts. RB,
Saint Louis Univ. Proj., Ser. A, 3.68%, 1/02/08,
MBIA, FRDD

 

 

290,000

 

 

Oklahoma—0.6%

 

 

 

 

 

2,335

4

Tpke. Auth., Hwy. Tolls RB, Ser. D, 3.33%, 1/03/08,
XLCA, FRWD

 

 

2,335,000

 

               

Pennsylvania—0.5%

 

 

 

 

 

2,200

4

Erie Wtr. Auth., Wtr. RB, Ser. A, 3.42%, 1/03/08,
FSA, FRWD

 

 

2,200,000

 

 

Texas—0.9%

 

 

 

 

 

3,800

4

Harris Cnty. Hlth. Facs. Dev. Corp., Hlth., Hosp. &
Nursing Home RB, Saint Luke’s Episcopal Hosp.
Proj., 3.75%, 1/02/08, FRDD

 

 

3,800,000

 

 

 

 

 

Total Short-Term Investments
(cost $54,510,000)

 

 

54,510,000

 

 

Total Investments—99.3% (cost $403,873,2305)

 

$

410,163,974

 

Other assets in excess of liabilities—0.7%

 

 

3,069,514

 

 

 

     

Net Assets—100%

 

$

413,233,488

 

 

 

     

 

 

 

 

1

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

2

Variable rate security. Rate shown is interest rate as of December 31, 2007.

3

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

4

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of December 31, 2007.

5

Cost for federal income tax purposes is $403,985,110. The net unrealized appreciation on a tax basis is $6,178,864, consisting of $6,219,355 gross unrealized appreciation and $40,491 gross unrealized depreciation.

 

 

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 92.8% of the Trust’s net assets.


 

 

 

AMBAC

36.1

%

CAPMAC

1.3

%

FGIC

14.3

%

FSA

18.0

%

MBIA

22.0

%

PSF

0.5

%

XCLA

0.6

%


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

16

ANNUAL REPORT

DECEMBER 31, 2007

 




 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Insured Municipal Term Trust (BMT)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—122.3%

 

 

 

 

Alabama—0.9%

 

 

 

 

$

1,000

 

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

 

$

1,033,940

 

 

1,410

 

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

 

 

1,465,286

 

 

 

 

 

 

     

 

 

 

 

 

 

2,499,226

 

               

Alaska—6.4%

 

 

 

 

 

 

 

City of Anchorage, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

9,295

 

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

 

 

9,574,408

 

 

6,000

 

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

 

 

6,211,140

 

 

1,260

 

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

 

 

1,273,746

 

 

 

 

 

 

     

 

 

 

 

 

 

17,059,294

 

               

Arizona—3.2%

 

 

 

 

 

1,000

 

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

 

 

1,026,520

 

 

1,030

 

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

 

 

1,046,233

 

 

6,340

 

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

 

 

6,424,639

 

 

 

 

 

 

     

 

 

 

 

 

 

8,497,392

 

               

Arkansas—0.2%

 

 

 

 

 

500

 

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

 

 

512,700

 

               

California—6.8%

 

 

 

 

 

145

 

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

 

 

146,788

 

 

6,100

1

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

 

 

6,215,473

 

 

 

 

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

 

 

 

 

 

5,000

 

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

 

 

5,057,150

 

 

3,500

 

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

 

 

3,559,570

 

 

3,065

 

Los Angeles Cnty. Cap. Asset Leasing Corp.,
Lease Abatement RB, 6.05%, 12/01/10, AMBAC

 

 

3,306,828

 

 

 

 

 

 

     

 

 

 

 

 

 

18,285,809

 

               

Colorado—1.2%

 

 

 

 

 

3,245

 

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

 

 

3,302,696

 

               

Delaware—0.4%

 

 

 

 

 

1,015

 

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

 

 

1,032,011

 

               

District of Columbia—4.0%

 

 

 

 

 

10,000

 

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

 

 

10,721,800

 

               

Florida—0.9%

 

 

 

 

 

2,320

 

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

 

 

2,459,896

 

               

Hawaii—0.4%

 

 

 

 

 

1,000

 

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

 

 

1,013,150

 

               

Illinois—16.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

3,120

1

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

 

 

3,135,600

 

 

3,695

1

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

 

 

3,784,234

 

 

 

 

City of Chicago, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

4,000

 

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

 

 

4,135,760

 

 

1,790

 

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

 

 

1,882,525

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Illinois—(cont’d)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

$

315

1

4.50%, 1/01/11, FGIC

 

$

327,083

 

 

685

 

4.50%, 1/01/11, FGIC

 

 

709,886

 

 

1,750

1

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

 

 

1,806,210

 

 

 

 

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

 

 

 

 

 

5,000

 

Zero Coupon, 11/01/10

 

 

4,550,800

 

 

11,965

 

Zero Coupon, 11/01/11

 

 

10,482,776

 

 

 

 

Illinois,

 

 

 

 

 

1,500

 

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

 

 

1,555,755

 

 

4,000

 

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

 

 

4,236,040

 

 

2,000

 

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

 

 

2,081,440

 

 

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

 

 

2,319,043

 

 

1,025

 

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

 

 

1,034,707

 

 

1,075

 

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

 

 

1,108,701

 

 

 

 

 

 

     

 

 

 

 

 

 

43,150,560

 

               

Indiana—4.0%

 

 

 

 

 

 

 

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

 

 

 

 

 

2,085

 

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

 

 

2,140,232

 

 

2,815

 

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

 

 

2,908,908

 

 

2,950

 

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

 

 

3,062,926

 

 

2,635

 

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

 

 

2,717,765

 

 

 

 

 

 

     

 

 

 

 

 

 

10,829,831

 

               

Kansas—0.8%

 

 

 

 

 

 

 

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

 

 

 

 

 

1,025

 

4.125%, 4/01/10, AMBAC

 

 

1,047,396

 

 

1,000

 

4.25%, 4/01/11, AMBAC

 

 

1,032,750

 

 

 

 

 

 

     

 

 

 

 

 

 

2,080,146

 

               

Kentucky—3.7%

 

 

 

 

 

10,890

 

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

 

 

9,882,893

 

               

Louisiana—1.9%

 

 

 

 

 

5,000

1

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

 

 

5,125,150

 

               

Michigan—2.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

1,580

 

4.00%, 4/01/10, MBIA

 

 

1,609,230

 

 

1,955

 

4.00%, 4/01/11, MBIA

 

 

2,002,233

 

 

2,810

 

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

 

 

2,881,346

 

 

 

 

 

 

     

 

 

 

 

 

 

6,492,809

 

               

Minnesota—1.7%

 

 

 

 

 

2,800

 

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

 

 

2,871,596

 

 

1,680

1

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

 

 

1,740,312

 

 

 

 

 

 

     

 

 

 

 

 

 

4,611,908

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

17



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Insured Municipal Term Trust (BMT) (continued)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Nevada—2.1%

 

 

 

 

 

 

 

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

 

 

 

 

$

3,795

 

Zero Coupon, 1/01/11, AMBAC

 

$

3,318,765

 

 

2,870

 

Zero Coupon, 1/01/12, AMBAC

 

 

2,391,715

 

 

 

 

 

 

     

 

 

 

 

 

 

5,710,480

 

               

New Jersey—0.4%

 

 

 

 

 

1,000

 

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

 

 

1,006,820

 

               

New Mexico—3.0%

 

 

 

 

 

 

 

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

 

 

 

 

 

1,304

 

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

 

 

1,310,168

 

 

1,015

 

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

 

 

1,040,071

 

 

1,370

 

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

 

 

1,418,375

 

 

1,750

 

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

 

 

1,804,915

 

 

2,230

1

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

 

 

2,341,455

 

 

 

 

 

 

     

 

 

 

 

 

 

7,914,984

 

               

New York—5.5%

 

 

 

 

 

8,950

 

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

 

 

9,534,077

 

 

5,000

 

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

 

 

5,282,200

 

 

 

 

 

 

     

 

 

 

 

 

 

14,816,277

 

               

Ohio—0.8%

 

 

 

 

 

1,000

 

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

 

 

1,024,700

 

 

1,015

 

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

 

 

1,021,405

 

 

 

 

 

 

     

 

 

 

 

 

 

2,046,105

 

               

Oregon—3.6%

 

 

 

 

 

1,995

 

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

 

 

2,029,015

 

 

 

 

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

 

 

 

 

 

3,820

 

4.00%, 6/15/10, MBIA

 

 

3,902,474

 

 

3,720

 

4.00%, 6/15/11, MBIA

 

 

3,821,481

 

 

 

 

 

 

     

 

 

 

 

 

 

9,752,970

 

               

Pennsylvania—5.9%

 

 

 

 

 

2,430

 

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

 

 

2,500,567

 

 

2,100

 

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

 

 

2,124,990

 

 

965

1

Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing
Home RB, Western Pennsylvania Hosp. Proj.,
Ser. B, 6.25%, 7/01/08, MBIA

 

 

977,130

 

 

7,500

 

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

 

 

7,800,750

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Pennsylvania—(cont’d)

 

 

 

 

$

1,075

 

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

 

$

1,127,933

 

 

1,250

 

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

 

 

1,275,500

 

 

 

 

 

 

     

 

 

 

 

 

 

15,806,870

 

               

Rhode Island—2.0%

 

 

 

 

 

235

 

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

 

 

237,045

 

 

5,000

1

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

 

 

5,124,650

 

 

 

 

 

 

     

 

 

 

 

 

 

5,361,695

 

               

Tennessee—0.8%

 

 

 

 

 

 

 

Clarksville, Wtr. RB,

 

 

 

 

 

1,005

 

4.45%, 2/01/10, FSA

 

 

1,032,085

 

 

1,100

 

4.65%, 2/01/11, FSA

 

 

1,147,333

 

 

 

 

 

 

     

 

 

 

 

 

 

2,179,418

 

               

Texas—15.7%

 

 

 

 

 

 

 

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

 

 

 

 

 

315

1

3.70%, 5/01/10, FSA

 

 

318,446

 

 

770

 

3.70%, 5/01/10, FSA

 

 

780,125

 

 

315

1

3.80%, 5/01/11, FSA

 

 

320,620

 

 

775

 

3.80%, 5/01/11, FSA

 

 

790,058

 

 

 

 

City of Houston,

 

 

 

 

 

5,000

 

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

 

 

5,266,150

 

 

2,000

 

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

 

 

2,106,460

 

 

10,440

 

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

 

 

9,450,601

 

 

 

 

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

 

 

 

 

 

1,500

 

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

 

 

1,573,695

 

 

330

1

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

 

 

323,704

 

 

2,255

 

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

 

 

2,210,216

 

 

2,000

 

Dallas Area Rapid Trans., Sales Tax RB, 4.30%,
12/01/10, AMBAC

 

 

2,063,180

 

 

2,490

1

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

 

 

2,577,001

 

 

5,550

 

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

 

 

4,983,234

 

 

4,000

 

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

 

 

4,226,880

 

 

2,245

 

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

 

 

2,283,861

 

 

1,250

 

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

 

 

1,315,737

 

 

1,500

 

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

 

 

1,527,330

 

 

 

 

 

 

     

 

 

 

 

 

 

42,117,298

 

               

Utah—2.4%

 

 

 

 

 

3,470

 

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

 

 

3,606,475

 

 

3,175

 

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

 

 

2,892,298

 

 

 

 

 

 

     

 

 

 

 

 

 

6,498,773

 

               

Washington—13.3%

 

 

 

 

 

7,345

 

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

 

 

7,628,003

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

18

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Insured Municipal Term Trust (BMT)

 

 

(concluded)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Washington—(cont’d)

 

 

 

 

$

1,000

 

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

 

$

1,038,530

 

 

1,010

 

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

 

 

1,050,976

 

 

3,000

 

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

 

 

3,110,730

 

 

2,040

 

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

 

 

2,097,446

 

 

 

 

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

 

 

 

 

 

9,160

1

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

 

 

8,434,070

 

 

3,745

 

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

 

 

3,445,662

 

 

1,300

 

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

 

 

1,196,390

 

 

5,000

2

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

 

 

5,181,250

 

 

2,280

 

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

 

 

2,367,848

 

 

 

 

 

 

     

 

 

 

 

 

 

35,550,905

 

               

West Virginia—3.6%

 

 

 

 

 

 

 

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

 

 

3,810,852

 

 

3,705

 

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

 

 

 

 

 

4,420

 

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

 

 

4,585,618

 

 

1,170

 

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

 

 

1,199,975

 

 

 

 

 

 

     

 

 

 

 

 

 

9,596,445

 

               

Wisconsin—6.0%

 

 

 

 

 

1,045

1

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

 

 

1,081,377

 

 

 

 

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

 

 

 

 

 

4,640

 

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

 

 

4,734,238

 

 

9,850

 

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

 

 

10,106,100

 

 

 

 

 

 

     

 

 

 

 

 

 

15,921,715

 

               

Wyoming—2.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

2,775

 

4.00%, 1/15/10, MBIA

 

 

2,820,924

 

 

1,480

 

4.00%, 1/15/11, MBIA

 

 

1,509,186

 

 

1,510

 

4.00%, 7/15/11, MBIA

 

 

1,543,899

 

 

 

 

 

 

     

 

 

 

 

 

 

5,874,009

 

               

 

 

 

Total Long-Term Investments
(cost $315,994,556)

 

 

327,712,035

 

               

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

SHORT-TERM INVESTMENTS—0.7%

 

 

 

 

Nevada—0.4%

 

 

 

 

$

900

3

Cnty. of Clark, Port, Arpt. & Marina RB,
Ser. A, 3.47%, 1/02/08, MBIA, FRWD

 

$

900,000

 

               

Texas—0.1%

 

300

3

North Central Hlth. Fac. Dev. Corp., Hlth., Hosp. &
Nursing Home Impvts. RB, Baylor Hlth. Care Sys.
Proj., 3.45%, 1/02/08, FSA, FRWD

 

 

300,000

 

               

Washington—0.2%

 

600

3

Snohomish Cnty. Pub Util. Dist. No. 001, Elec.,
Pwr. & Lt. RB, Ser. A-1, 3.46%, 1/02/08, FSA, FRWD

 

 

600,000

 

               

 

 

 

Total Short-Term Investments
(cost $1,800,000)

 

 

1,800,000

 

               

Total Investments—123.0% (cost $317,794,5564)

 

$

329,512,035

 

Other assets in excess of liabilities—1.3%

 

 

3,471,384

 

Auction Preferred Shares at redemption value, including
dividends payable—(24.3)%

 

 

(65,036,325

)

 

 

 

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

267,947,094

 

 

 

 

 

 

     

 

               

 

 

1

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

2

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.

3

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of December 31, 2007.

4

Cost for federal income tax purposes is $317,417,546. The net unrealized appreciation on a tax basis is $12,094,489, consisting of $12,094,489 gross unrealized appreciation and $0 gross unrealized depreciation.

 

 

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 94.9% of the Trust’s managed assets.


 

 

AMBAC

17.6%

FGIC

17.8%

FSA

21.2%

MBIA

36.8%

PSF

  1.5%


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

19




 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Municipal 2018 Term Trust (BPK)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

LONG-TERM INVESTMENTS—154.2%

 

 

 

 

Alabama—2.9%

 

 

 

 

$

1,000

 

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

 

$

979,280

 

 

5,845

 

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

 

 

6,035,781

 

 

 

 

 

 

     

 

 

 

 

 

 

7,015,061

 

               

Arizona—0.4%

 

 

 

 

 

1,000

 

Salt Verde Financial Corp., Nat. Gas Util. Impvts.
RB, 5.25%, 12/01/20

 

 

1,033,160

 

               

California—7.2%

 

 

 

 

 

1,750

1

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

 

 

1,749,510

 

 

1,100

2

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

 

 

1,255,705

 

 

5,425

 

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

 

 

2,852,085

 

 

 

 

Poll. Ctrl. Fing. Auth.,

 

 

 

 

 

6,500

3

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

 

 

6,304,155

 

 

5,000

3

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

 

 

5,180,050

 

 

 

 

 

 

     

 

 

 

 

 

 

17,341,505

 

               

Colorado—4.3%

 

 

 

 

 

5,000

 

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

 

 

5,245,700

 

 

5,010

 

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

 

 

5,005,090

 

 

 

 

 

 

     

 

 

 

 

 

 

10,250,790

 

               

Connecticut—1.6%

 

 

 

 

 

3,750

1

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

 

 

3,769,725

 

               

Florida—7.1%

 

 

 

 

 

2,000

 

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

 

 

1,836,380

 

 

90

 

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

 

 

89,894

 

 

4,515

 

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

 

 

4,687,563

 

 

1,095

 

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

 

 

1,082,123

 

 

2,470

 

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

 

 

2,453,574

 

 

5,410

 

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

 

 

5,454,741

 

 

1,400

 

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

 

 

1,337,770

 

 

 

 

 

 

     

 

 

 

 

 

 

16,942,045

 

               

Illinois—25.6%

 

 

 

 

 

1,825

1.3

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

 

 

1,765,706

 

 

 

 

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

 

 

 

 

 

5,000

 

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

 

 

5,290,300

 

 

8,000

 

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

 

 

8,419,920

 

 

5,000

 

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

 

 

5,265,700

 

 

5,980

2

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

 

 

6,686,238

 

 

12,500

2

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

 

 

13,156,750

 

 

2,750

4

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

 

 

2,199,258

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Illinois—(cont’d)

 

 

 

 

$

5,000

 

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

 

$

5,153,950

 

 

13,375

2

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

 

 

7,713,793

 

 

 

 

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

 

 

 

 

 

1,885

5

5.34%, 6/15/19, AMBAC

 

 

1,825,566

 

 

1,985

5

5.39%, 6/15/20, AMBAC

 

 

1,916,001

 

 

2,090

5

5.43%, 6/15/21, AMBAC

 

 

2,012,022

 

 

 

 

 

 

     

 

 

 

 

 

 

61,405,204

 

               

Indiana—12.0%

 

 

 

 

 

 

2,895

 

City of Lawrence, Local or Gtd. Hsg. RB,
Pinnacle Apts. Proj., 5.40%, 1/01/16, AMT

 

 

2,895,116

 

 

13,970

2

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

 

 

15,379,154

 

 

2,500

 

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

 

 

2,524,100

 

 

4,000

 

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

 

 

3,977,440

 

 

4,070

 

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

 

 

3,883,838

 

 

 

 

 

 

     

 

 

 

 

 

 

28,659,648

 

               

Kentucky—1.3%

 

 

 

 

 

3,195

 

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

 

 

3,091,674

 

               

Louisiana—1.2%

 

 

 

 

 

2,825

 

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

 

 

2,964,725

 

               

Maryland—2.1%

 

 

 

 

 

4,949

 

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

 

 

4,955,335

 

               

Michigan—3.8%

 

 

 

 

 

 

 

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

 

 

 

 

 

3,500

 

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

 

 

3,203,515

 

 

2,950

2

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

 

 

3,127,737

 

 

1,000

 

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

 

 

1,019,750

 

 

 

 

Pontiac Tax Incr. Fin. Auth., TA RB,

 

 

 

 

 

700

 

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

 

 

700,126

 

 

1,000

 

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

 

 

1,006,250

 

 

 

 

 

 

     

 

 

 

 

 

 

9,057,378

 

               

Mississippi—4.1%

 

 

 

 

 

9,000

 

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

 

 

9,905,040

 

               

Multi-State—10.9%

 

 

 

 

 

14,000

1,6

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

 

 

15,860,180

 

 

 

 

Munimae TE Bd. Subsidiary LLC,

 

 

 

 

 

6,000

1,6

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

 

 

6,107,400

 

 

4,000

1,6

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

 

 

4,163,520

 

 

 

 

 

 

     

 

 

 

 

 

 

26,131,100

 

               

Nevada—2.9%

 

 

 

 

 

1,000

 

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

 

 

880,190

 

 

5,000

3

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

 

 

4,988,050

 

 

1,075

 

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

 

 

1,066,325

 

 

 

 

 

 

     

 

 

 

 

 

 

6,934,565

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

20

ANNUAL REPORT

DECEMBER 31, 2007

 




 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Municipal 2018 Term Trust (BPK) (continued)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

New Hampshire—6.6%

 

 

 

 

 

 

 

Bus. Fin. Auth.,

 

 

 

 

$

6,000

 

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

 

$

6,048,720

 

 

7,000

 

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

 

 

7,513,660

 

 

2,025

 

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

 

 

2,161,606

 

 

 

 

 

 

     

 

 

 

 

 

 

15,723,986

 

               

New Jersey—13.1%

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

8,500

 

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

 

 

8,222,900

 

 

4,065

3

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

 

 

4,090,040

 

 

6,750

3

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

 

 

6,828,368

 

 

8,410

 

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

 

 

8,346,000

 

 

1,500

 

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

 

 

1,538,790

 

 

2,500

 

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

 

 

2,399,550

 

 

 

 

 

 

     

 

 

 

 

 

 

31,425,648

 

               

New York—6.9%

 

 

 

 

 

7,500

 

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

 

 

7,949,925

 

 

3,460

3

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

 

 

3,735,070

 

 

4,500

 

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

 

 

4,816,620

 

 

 

 

 

 

     

 

 

 

 

 

 

16,501,615

 

               

North Carolina—3.0%

 

 

 

 

 

3,140

3

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

 

 

3,032,298

 

 

4,000

 

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

 

 

4,174,600

 

 

 

 

 

 

     

 

 

 

 

 

 

7,206,898

 

               

Ohio—0.2%

 

 

 

 

 

480

 

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

 

 

479,035

 

               

Oklahoma—1.2%

 

 

 

 

 

2,700

3

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

 

 

2,873,070

 

               

Pennsylvania—7.7%

 

 

 

 

 

2,000

 

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

 

 

1,976,700

 

 

10,000

2

Philadelphia Auth. for Indl. Dev., Indl. Impvts. RB, 5.50%,
10/01/18

 

 

10,906,100

 

 

 

 

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

 

 

 

 

 

2,500

2

5.90%, 12/15/11

 

 

2,747,900

 

 

2,650

2

6.00%, 12/15/11

 

 

2,922,552

 

 

 

 

 

 

     

 

 

 

 

 

 

18,553,252

 

               

Puerto Rico—1.2%

 

 

 

 

 

2,665

 

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

 

 

2,782,873

 

               

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

South Carolina—2.2%

 

 

 

 

$

5,000

 

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

 

$

5,179,750

 

               

Tennessee—2.9%

 

 

 

 

 

12,000

 

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

 

 

6,877,680

 

               

Texas—11.3%

 

 

 

 

 

2,000

 

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

 

 

1,895,960

 

 

 

 

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

 

 

 

 

 

1,615

 

Zero Coupon, 2/15/18, PSF

 

 

1,050,945

 

 

1,815

 

Zero Coupon, 2/15/19, PSF

 

 

1,119,746

 

 

2,625

 

Zero Coupon, 2/15/20, PSF

 

 

1,534,182

 

 

2,500

 

Zero Coupon, 2/15/21, PSF

 

 

1,383,525

 

 

10,010

3

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

 

 

9,584,775

 

 

 

 

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

 

 

 

 

 

5,000

 

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

 

 

5,266,200

 

 

5,000

 

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

 

 

5,257,200

 

 

 

 

 

 

     

 

 

 

 

 

 

27,092,533

 

               

Trust Territories—1.6%

 

 

 

 

 

4,000

1

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

 

 

3,832,360

 

               

Virginia—1.1%

 

 

 

 

 

2,750

 

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

 

 

2,682,433

 

               

Wisconsin—7.8%

 

 

 

 

 

1,990

 

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

 

 

1,975,752

 

 

 

 

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

 

 

 

 

 

4,560

2

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

 

 

4,953,163

 

 

440

 

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

 

 

470,351

 

 

10,000

 

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

 

 

11,215,200

 

 

 

 

 

 

     

 

 

 

 

 

 

18,614,466

 

               

 

 

 

Total Long-Term Investments
(cost $356,711,130)

 

 

369,282,554

 

               

 

 

 

 

 

 

 

 


 

Shares

 

 

 

 

 

 

               

MONEY MARKET FUND—0.3%

 

 

 

 

 

700,000

7,8

Merrill Lynch Institutional Tax-Exempt Fund, 3.35%
(cost $700,000)

 

 

700,000

 

               

Total Investments—154.5% (cost $357,411,1309)

 

$

369,982,554

 

Other assets in excess of liabilities—3.0%

 

 

7,303,104

 

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

 

 

(137,677,095

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

239,608,563

 

 

 

     

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

21




 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Municipal 2018 Term Trust (BPK) (concluded)

 

 

(Percentages shown are based on Net Assets)


 

 

   

1

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, 2007, the Trust held 15.5% of its net assets, with a current market value of $37,248,401, in securities restricted as to resale.

2

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.

3

Variable rate security. Rate shown is interest rate as of December 31, 2007.

4

IIliquid security. As of December 31, 2007, the Trust held 0.9% of its net assets, with a current market value of $2,199,258, in these securities.

5

Represents a step up bond; the interest rate shown reflects the effective yield at the time of purchase.

6

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

7

Represents an investment in an affiliate.

8

Represents current yield as of December 31, 2007.

9

Cost for federal income tax purposes is $357,267,187. The net unrealized appreciation on a tax basis is $12,715,367, consisting of $16,160,965 gross unrealized appreciation and $3,445,598 gross unrealized depreciation.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

22

ANNUAL REPORT

DECEMBER 31, 2007

 




 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Municipal 2020 Term Trust (BKK)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

LONG-TERM INVESTMENTS—157.5%

 

 

 

 

Alabama—0.4%

 

 

 

 

 

$

1,165

 

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

 

$

1,140,861

 

               

Arizona—0.9%

 

 

 

 

 

 

 

 

Salt Verde Financial Corp., Nat. Gas Util. Impvts. RB,

 

 

 

 

 

1,500

 

5.00%, 12/01/18

 

 

1,532,880

 

 

1,000

 

5.25%, 12/01/20

 

 

1,033,160

 

 

 

 

 

 

     

 

 

 

 

 

 

2,566,040

 

               

California—24.2%

 

 

 

 

 

 

12,000

 

California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

5.00%, 11/01/22

 

 

12,459,960

 

 

 

 

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

 

 

 

 

 

12,500

 

Zero Coupon, 1/15/21

 

 

6,035,500

 

 

10,000

 

Zero Coupon, 1/15/22

 

 

4,528,400

 

 

 

 

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

 

 

 

 

 

3,000

1

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

 

 

3,449,580

 

 

12,010

1

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

 

 

13,883,080

 

 

975

1

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

 

 

1,177,459

 

 

1,470

1

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

 

 

1,775,245

 

 

20,000

1

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

 

 

20,989,000

 

 

6,865

 

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

 

 

2,944,398

 

 

5,000

 

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

 

 

5,073,200

 

 

 

 

 

 

     

 

 

 

 

 

 

72,315,822

 

               

Colorado—1.7%

 

 

 

 

 

 

4,500

 

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

 

 

2,234,655

 

 

3,000

 

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

 

 

2,905,110

 

 

 

 

 

 

     

 

 

 

 

 

 

5,139,765

 

               

District of Columbia—5.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

3,320

 

5.00%, 6/01/23, ACA

 

 

3,067,514

 

 

2,680

 

5.75%, 6/01/18, ACA

 

 

2,730,170

 

 

5,000

 

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

 

 

5,085,550

 

 

4,215

 

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

 

 

4,283,072

 

 

 

 

 

 

     

 

 

 

 

 

 

15,166,306

 

               

Florida—12.8%

 

 

 

 

 

 

4,510

 

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

 

 

4,561,820

 

 

3,000

 

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

 

 

2,754,570

 

 

4,180

 

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

 

 

4,385,029

 

 

3,905

 

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

 

 

3,669,138

 

 

5,475

 

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

 

 

5,684,254

 

 

4,345

 

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

 

 

4,370,288

 

 

680

 

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

 

 

672,003

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Florida—(cont’d)

 

 

 

 

 

$

3,840

 

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

 

$

3,814,464

 

 

2,950

 

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

 

 

2,963,570

 

 

5,600

 

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

 

 

5,351,080

 

 

 

 

 

 

     

 

 

 

 

 

 

38,226,216

 

               

Georgia—1.7%

 

 

 

 

 

 

2,500

1

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

 

 

2,824,275

 

 

2,350

 

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

 

 

2,355,546

 

 

 

 

 

 

     

 

 

 

 

 

 

5,179,821

 

               

Illinois—12.0%

 

 

 

 

 

 

2,155

2,3

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

 

 

2,084,984

 

 

 

 

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

 

 

 

 

 

5,000

 

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

 

 

5,238,250

 

 

7,000

 

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

 

 

7,309,470

 

 

4,800

 

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

 

 

5,019,648

 

 

 

 

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

 

 

 

 

 

5,000

 

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

 

 

5,044,800

 

 

3,250

4

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

 

 

2,599,122

 

 

1,075

 

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

 

 

537,436

 

 

1,000

 

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

 

 

1,128,340

 

 

13,455

 

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

 

 

 

 

 

 

 

 

 

 

6,942,645

 

 

 

 

 

 

     

 

 

 

 

 

 

35,904,695

 

               

Indiana—5.6%

 

 

 

 

 

 

2,000

 

City of Lawrence, Local or Gtd. Hsg. RB, Pinnacle
Apts. Proj., 5.40%, 1/01/16, AMT

 

 

2,000,080

 

 

10,000

 

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

 

 

10,096,400

 

 

4,805

 

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

 

 

4,585,219

 

 

 

 

 

 

     

 

 

 

 

 

 

16,681,699

 

               

Kansas—1.2%

 

 

 

 

 

 

6,440

 

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

 

 

3,603,953

 

               

Kentucky—0.6%

 

 

 

 

 

 

2,000

 

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

 

 

1,935,320

 

               

Louisiana—0.7%

 

 

 

 

 

 

2,000

 

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

 

 

2,005,100

 

               

Maryland—5.5%

 

 

 

 

 

 

 

 

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

 

 

 

 

 

3,000

 

6.625%, 7/01/25

 

 

3,026,940

 

 

4,950

 

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

 

 

4,956,336

 

 

8,500

 

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

 

 

8,577,180

 

 

 

 

 

 

     

 

 

 

 

 

 

16,560,456

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

23



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Municipal 2020 Term Trust (BKK)
(continued)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

Massachusetts—1.5%

 

 

 

 

 

$

4,500

 

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

 

$

4,634,685

 

               

Michigan—0.5%

 

 

 

 

 

 

1,500

 

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

 

 

1,372,935

 

               

Minnesota—0.4%

 

 

 

 

 

 

1,250

 

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

 

 

1,273,563

 

               

Mississippi—1.0%

 

 

 

 

 

 

3,000

 

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

 

 

3,000,300

 

               

Missouri—3.6%

 

 

 

 

 

 

5,000

 

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

 

 

5,069,850

 

 

5,500

 

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

 

 

5,674,130

 

 

 

 

 

 

     

 

 

 

 

 

 

10,743,980

 

               

Multi-State—7.7%

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

1,000

2,5

Ser. A-4-1, 5.75%, 4/30/15

 

 

1,071,540

 

 

2,500

2,5

Ser. A-4-2, 6.00%, 4/30/19

 

 

2,732,075

 

 

4,000

2,5

Ser. B-3-1, 6.00%, 4/30/15

 

 

4,256,880

 

 

2,500

2,5

Ser. B-3-2, 6.30%, 4/30/19

 

 

2,719,500

 

 

 

 

Munimae TE Bd. Subsidiary LLC,

 

 

 

 

 

5,000

2,5

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

 

 

5,117,750

 

 

5,000

2,5

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

 

 

5,178,900

 

 

2,000

2,5

Ser. D, 5.90%, 6/30/49

 

 

2,081,760

 

 

 

 

 

 

     

 

 

 

 

 

 

23,158,405

 

               

Nevada—2.2%

 

 

 

 

 

 

1,765

 

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

 

 

1,553,535

 

 

5,000

 

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

 

 

5,099,100

 

 

 

 

 

 

     

 

 

 

 

 

 

6,652,635

 

               

New Hampshire—5.1%

 

 

 

 

 

10,000

 

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

 

 

10,081,200

 

 

5,000

 

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

 

 

5,165,550

 

 

 

 

 

 

     

 

 

 

 

 

 

15,246,750

 

               

New Jersey—12.2%

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

7,500

 

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

 

 

7,995,375

 

 

11,500

 

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

 

 

11,125,100

 

 

1,000

 

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

 

 

1,005,500

 

 

5,000

3

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

 

 

5,030,800

 

 

1,500

3

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

 

 

1,662,765

 

 

2,110

 

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

 

 

2,164,565

 

 

4,000

 

Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing
Home RB, Cap. Hlth. Sys., Inc. Proj., Ser. A,
5.75%, 7/01/23

 

 

4,106,000

 

 

2,500

 

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

 

 

2,399,550

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

           

New Jersey—(cont’d)

 

 

 

 

 

$

1,000

 

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

 

$

995,650

 

 

 

 

 

 

     

 

 

 

 

 

 

36,485,305

 

               

New York—8.4%

 

 

 

 

 

 

8,500

 

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

 

 

8,357,455

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

5,635

3

Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

 

6,082,983

 

 

5,000

3

Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

 

5,457,100

 

 

5,000

 

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

 

 

5,351,800

 

 

 

 

 

 

     

 

 

 

 

 

 

25,249,338

 

               

Ohio—5.2%

 

 

 

 

 

 

 

 

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

 

 

 

 

 

3,000

 

6.00%, 1/01/19

 

 

3,323,250

 

 

10,000

 

6.00%, 1/01/20

 

 

11,077,500

 

 

1,060

 

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

 

 

1,057,869

 

 

 

 

 

 

     

 

 

 

 

 

 

15,458,619

 

               

Oklahoma—1.2%

 

 

 

 

 

 

3,350

3

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

 

 

3,564,735

 

               

Pennsylvania—5.5%

 

 

 

 

 

 

6,680

 

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

 

 

6,753,213

 

 

7,500

1

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

 

 

8,423,175

 

 

1,275

 

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

 

 

1,260,146

 

 

 

 

 

 

     

 

 

 

 

 

 

16,436,534

 

               

Puerto Rico—5.1%

 

 

 

 

 

 

3,300

 

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

 

 

3,445,959

 

 

10,900

1

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. NN,
5.125%, 7/01/13

 

 

11,881,654

 

 

 

 

 

 

     

 

 

 

 

 

 

15,327,613

 

               

Rhode Island—1.5%

 

 

 

 

 

 

4,500

1

Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home RB,
Ser. A, 5.875%, 9/15/08

 

 

4,585,275

 

               

Tennessee—3.5%

 

 

 

 

 

 

10,000

 

Energy Acquisition Corp., Nat. Gas Util. Impvts. RB,
Ser. A, 5.25%, 9/01/20

 

 

10,336,300

 

               

Texas—6.2%

 

 

 

 

 

 

1,100

3

Brazos River Auth., Elec., Pwr. & Lt. RB, TXU Energy Co.
LLC Proj., Ser. A, 6.75%, 4/01/38, AMT

 

 

1,086,514

 

 

3,500

 

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

 

 

3,499,685

 

 

 

 

Tpke. Auth., Hwy. Impvts. Tolls RB, Central Texas Tpke.
Sys. Proj.,

 

 

 

 

 

7,990

 

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

 

 

4,181,726

 

 

8,450

 

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

 

 

3,718,338

 

 

 

 

Weatherford Indpt. Sch. Dist., Cap. Apprec. Ad Valorem
Ppty. Tax GO,

 

 

 

 

 

8,080

1

Zero Coupon, 2/15/11, PSF

 

 

3,551,686

 

 

2,905

 

Zero Coupon, 2/15/23, PSF

 

 

1,280,553

 

 

2,905

 

Zero Coupon, 2/15/24, PSF

 

 

1,209,177

 

 

 

 

 

 

     

 

 

 

 

 

 

18,527,679

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

24

ANNUAL REPORT

DECEMBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Municipal 2020 Term Trust (BKK) (concluded)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Trust Territories—1.3%

 

 

 

 

$

4,000

2

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

 

$

3,832,360

 

               

U.S. Virgin Islands—0.3%

 

 

 

 

 

1,000

 

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

 

 

1,038,450

 

               

Virginia—7.7%

 

 

 

 

 

 

5,000

 

Celebrate North Cmnty. Dev. Auth., Wtr. Util. Impvts. SA,
Ser. B, 6.60%, 3/01/25

 

 

5,145,450

 

 

10,000

3

Charles City Cnty. Econ. Dev. Auth., Rec. Recovery Impvts.
RB, Wst. Mgmt., Inc. Proj., 5.125%, 8/01/27, AMT

 

 

10,001,100

 

 

7,500

 

Mecklenburg Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB,
Dominion Recs., Inc. Proj., 6.50%, 10/15/17, AMT

 

 

7,956,750

 

 

 

 

 

 

     

 

 

 

 

 

 

23,103,300

 

               

Washington—2.9%

 

 

 

 

 

 

 

 

Washington,

 

 

 

 

 

4,630

 

Pub. Impvts. Sales Tax GO, Ser. F, Zero Coupon,
12/01/21, MBIA

 

 

2,485,616

 

 

10,000

 

Recreational Fac. Impvts. GO, Ser. S-5, Zero Coupon,
1/01/19, FGIC

 

 

6,229,000

 

 

 

 

 

 

     

 

 

 

 

 

 

8,714,616

 

               

Wisconsin—2.1%

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home
RB, Wheaton Franciscan Svcs. Proj.,

 

 

 

 

 

2,880

 

5.50%, 8/15/17

 

 

2,932,704

 

 

3,190

 

5.50%, 8/15/18

 

 

3,237,467

 

 

 

 

 

 

     

 

 

 

 

 

 

6,170,171

 

               

 

 

 

Total Long-Term Investments
(cost $458,222,119)

 

 

471,339,602

 

               

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

SHORT-TERM INVESTMENTS—0.7%

 

 

 

 

Missouri—0.0%

 

 

 

 

 

 

$

15

6

Hlth. & Edl. Facs. Auth., Coll. & Univ. RB, The Washington
Univ. Proj., Ser. A, 3.74%, 1/02/08, FRDD

 

$

15,000

 

               

Pennsylvania—0.7%

 

 

 

 

 

 

2,100

6

City of Philadelphia, Nat. Gas Wks. RB,
3.42%, 1/03/08, FSA, FRWD

 

 

2,100,000

 

               

 

 

 

Total Short-Term Investments
(cost $2,115,000)

 

 

2,115,000

 

               

Total Investments—158.2% (cost $460,337,1197)

 

$

473,454,602

 

Other assets in excess of liabilities—1.2%

 

 

3,608,310

 

Auction Preferred Shares at redemption value, including
dividends payable—(59.4)%

 

 

(177,690,729

)

 

 

 

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

299,372,183

 

 

 

     

 

 

 

 

 

               

 

 

1

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.

2

Security is not registered under the Securities Act of 1933. These securities may be resold, in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of December 31, 2007, the Trust held 9.7% of its net assets, with a current market value of $29,075,749, in securities restricted as to resale.

3

Variable rate security. Rate shown is interest rate as of December 31, 2007.

4

Illiquid security. As of December 31, 2007, the Trust held 0.9% of its net assets, with a current market value of $2,599,122, in these securities.

5

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

6

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of December 31, 2007.

7

Cost for federal income tax purposes is $459,665,518. The net unrealized appreciation on a tax basis is $13,789,084, consisting of $18,207,184 gross unrealized appreciation and $4,418,100 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

DECEMBER 31, 2007

25



 

 

 


 

Portfolio of Investments as of December 31, 2007

 

BlackRock Strategic Municipal Trust (BSD)

 

 

                 (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—158.2%

 

 

 

 

Alabama—11.3%

 

 

 

 

 

 

 

 

Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp.
& Nursing Home RB, Ascension Hlth. Proj.,

 

 

 

 

$

755

 

Ser. C-2, 5.00%, 11/15/36

 

$

748,115

 

 

540

 

Ser. C-2, 5.00%, 11/15/39

 

 

533,687

 

 

3,000

 

Courtland Indl. Dev. Brd., Rec. Recovery RB,
Champion Intl. Corp. Proj., Ser. A,
6.70%, 11/01/29, AMT

 

 

3,084,090

 

 

7,000

1

Pub. Sch. & Coll. Auth., Sch. Impvts. Misc. Tax RB,
Ser. C, 5.75%, 7/01/18

 

 

7,334,180

 

 

 

 

 

 

     

 

 

 

 

 

 

11,700,072

 

    </