Blackrock California Municipal 2018 Term Trust (BJZ) N-CSRS Certified semi-annual shareholder report (management investment company)

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

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-10499

Name of Fund: BlackRock California Municipal 2018 Term Trust

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Robert S. Kapito, President, BlackRock California Municipal 2018
               Term Trust, 40 East 52^nd Street, New York, NY 10022.

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

Date of fiscal year end: 12/31/07

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

Item 1 – Report to Stockholders

FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS

	BlackRock
	Closed-End Funds
	SEMI-ANNUAL REPORT | JUNE 30, 2007 (UNAUDITED)
BlackRock Insured Municipal 2008 Term Trust (BRM)
BlackRock Insured Municipal Term Trust (BMT)
BlackRock Municipal 2018 Term Trust (BPK)
BlackRock Municipal 2020 Term Trust (BKK)
BlackRock Strategic Municipal Trust (BSD)
BlackRock California Insured Municipal 2008 Term Trust (BFC)
BlackRock California Municipal 2018 Term Trust (BJZ)
BlackRock Florida Insured Municipal 2008 Term Trust (BRF)
BlackRock Florida Municipal 2020 Term Trust (BFO)
BlackRock New York Insured Municipal 2008 Term Trust (BLN)
BlackRock New York Municipal 2018 Term Trust (BLH)
BlackRock Pennsylvania Strategic Municipal Trust (BPS)

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE

TABLE OF CONTENTS

Letter to Shareholders	1
Trusts’ Summaries	2
Financial Statements
Portfolios of Investments	14
Statements of Assets and Liabilities	49
Statements of Operations	51
Statements of Changes in Net Assets	53
Financial Highlights	57
Notes to Financial Statements	69
Dividend Reinvestment Plans	76
Additional Information	77

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

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

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

LETTER TO SHAREHOLDERS

June 30, 2007

Dear Shareholder:

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

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

          The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of June 30, 2007.

Trust (Ticker)	Current Yield1		Tax- Equivalent Yield1		Closing Market Price		NAV
BlackRock Insured Municipal 2008 Term Trust (BRM)	4.82	%	7.42	%	$	15.20	$	15.25
BlackRock Insured Municipal Term Trust (BMT)	3.75		5.77			9.74		10.15
BlackRock Municipal 2018 Term Trust (BPK)	5.71		8.78			15.86		15.43
BlackRock Municipal 2020 Term Trust (BKK)	5.22		8.03			15.24		15.29
BlackRock Strategic Municipal Trust (BSD)	6.06		9.32			16.83		15.04
BlackRock California Insured Municipal 2008 Term Trust (BFC)	4.46		6.86			15.08		15.27
BlackRock California Municipal 2018 Term Trust (BJZ)	4.68		7.20			15.69		14.85
BlackRock Florida Insured Municipal 2008 Term Trust (BRF)	3.11		4.78			14.49		14.81
BlackRock Florida Municipal 2020 Term Trust (BFO)	4.54		6.98			13.49		14.86
BlackRock New York Insured Municipal 2008 Term Trust (BLN)	4.37		6.72			15.11		15.30
BlackRock New York Municipal 2018 Term Trust (BLH)	4.79		7.37			15.36		15.99
BlackRock Pennsylvania Strategic Municipal Trust (BPS)	4.72		7.26			17.79		14.54

¹ Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. These yields may increase/decrease due to an increase/decrease in the monthly distributions per share. Past performance does not guarantee future results.

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of June 30, 2007, BlackRock managed over $36 billion in municipal bonds, including 14 open-end and 68 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

Sincerely,

Laurence D. Fink	Ralph L. Schlosstein
Chief Executive Officer	President
BlackRock Advisors, LLC	BlackRock Advisors, LLC

1

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal 2008 Term Trust (BRM)

Trust Information
Symbol on New York Stock Exchange:	BRM
Initial Offering Date:	September 18, 1992
Termination Date (on or about):	December 31, 2008
Yield on Closing Market Price as of 6/30/07 ($15.20):1		4.82	%
Current Monthly Distribution per Common Share:2	$	0.061
Current Annualized Distribution per Common Share:2	$	0.732

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$  15.20	$  15.53	(2.12)%	$  15.64	$  15.03
NAV	$  15.25	$  15.42	(1.10)%	$  15.44	$  15.21

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

Sector Breakdown

Sector	June 30, 2007		December 31, 2006
City, County & State	31	%	29	%
Power	28		29
Industrial & Pollution Control	12		11
Transportation	9		8
Education	7		9
Lease Revenue	6		7
Tax Revenue	4		3
Hospital	2		2
Water & Sewer	1		2

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

2

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal Term Trust (BMT)

Trust Information
Symbol on New York Stock Exchange:	BMT
Initial Offering Date:	February 20, 1992
Termination Date (on or about):	December 31, 2010
Yield on Closing Market Price as of 6/30/07 ($9.74):1		3.75	%
Current Monthly Distribution per Common Share:2	$	0.030417
Current Annualized Distribution per Common Share:2	$	0.365004
Leverage as of 6/30/07:3		20	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07		12/31/06		Change	High		Low
Market Price	$	9.74	$	9.77	(0.31)%	$	9.98	$	9.67
NAV	$	10.15	$	10.28	(1.26)%	$	10.30	$	10.10

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
City, County & State	29	%	33	%
Education	18		17
Water & Sewer	15		15
Power	14		13
Hospital	8		7
Lease Revenue	7		6
Transportation	7		7
Tax Revenue	2		2

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

3

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Municipal 2018 Term Trust (BPK)

Trust Information
Symbol on New York Stock Exchange:	BPK
Initial Offering Date:	October 26, 2001
Termination Date (on or about):	December 31, 2018
Yield on Closing Market Price as of 6/30/07 ($15.86):1		5.71	%
Current Monthly Distribution per Common Share:2	$	0.0755
Current Annualized Distribution per Common Share:2	$	0.9060
Leverage as of 6/30/07:3		36	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$  15.86	$  17.01	(6.76)%	$  17.60	$  15.33
NAV	$  15.43	$  15.97	(3.38)%	$  16.02	$  15.31

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
Hospital	25	%	23	%
Industrial & Pollution Control	24		23
City, County & State	18		21
Housing	13		11
Tax Revenue	6		4
Education	5		5
Transportation	4		5
Lease Revenue	3		3
Tobacco	2		2
Power	—		3
Credit Breakdown4
Credit Rating	June 30, 2007		December 31, 2006
AAA/Aaa	26	%	24	%
AA/Aa	11		10
A	20		22
BBB/Baa	30		28
BB/Ba	—		1
B	5		5
Not Rated5	8		10

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

4

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Municipal 2020 Term Trust (BKK)

Trust Information
Symbol on New York Stock Exchange:	BKK
Initial Offering Date:	September 30, 2003
Termination Date (on or about):	December 31, 2020
Yield on Closing Market Price as of 6/30/07 ($15.24):1		5.22	%
Current Monthly Distribution per Common Share:2	$	0.06625
Current Annualized Distribution per Common Share:2	$	0.79500
Leverage as of 6/30/07:3		36	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$  15.24	$  15.77	(3.36)%	$  16.10	$  15.02
NAV	$  15.29	$  15.77	(3.04)%	$  15.90	$  15.16

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
City, County & State	22	%	24	%
Hospital	18		17
Industrial & Pollution Control	17		17
Tobacco	11		11
Education	8		8
Housing	7		7
Power	6		6
Tax Revenue	6		5
Transportation	5		5
Credit Breakdown4
Credit Rating	June 30, 2007		December 31, 2006
AAA/Aaa	25	%	21	%
AA/Aa	10		8
A	16		16
BBB/Baa	30		35
BB/Ba	1		1
B	5		5
Not Rated	13		14

⁴ Using the higher of S&P’s, Moody’s or Fitch’s ratings.

5

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Strategic Municipal Trust (BSD)

Trust Information
Symbol on New York Stock Exchange:	BSD
Initial Offering Date:	August 25, 1999
Yield on Closing Market Price as of 6/30/07 ($16.83):1	6.06	%
Current Monthly Distribution per Common Share:2	$0.085
Current Annualized Distribution per Common Share:2	$1.020
Leverage as of 6/30/07:3	36	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$16.83	$18.69	(9.95)%	$20.65	$16.42
NAV	$15.04	$15.64	(3.84)%	$15.73	$14.87

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
City, County & State	23	%	24	%
Hospital	21		20
Industrial & Pollution Control	17		19
Housing	9		6
Power	8		8
Transportation	7		7
Tax Revenue	6		6
Education	5		6
Water & Sewer	2		4
Other	1		—
Tobacco	1		—
Credit Breakdown4
Credit Rating	June 30, 2007		December 31, 2006
AAA/Aaa	46	%	47	%
AA/Aa	19		17
A	8		7
BBB/Baa	14		15
BB/Ba	3		3
B	4		4
Not Rated5	6		7

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

6

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock California Insured Municipal 2008 Term Trust (BFC)

Trust Information
Symbol on New York Stock Exchange:	BFC
Initial Offering Date:	September 18, 1992
Termination Date (on or about):	December 31, 2008
Yield on Closing Market Price as of 6/30/07 ($15.08):1	4.46	%
Current Monthly Distribution per Common Share:2	$0.056
Current Annualized Distribution per Common Share:2	$0.672

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$15.08	$15.34	(1.69)%	$15.72	$15.05
NAV	$15.27	$15.41	(0.91)%	$15.42	$15.23

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
Lease Revenue	28	%	26	%
City, County & State	23		22
Power	21		22
Education	11		10
Tax Revenue	11		14
Water & Sewer	5		5
Hospital	1		1

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

7

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock California Municipal 2018 Term Trust (BJZ)

Trust Information
Symbol on New York Stock Exchange:	BJZ
Initial Offering Date:	October 26, 2001
Termination Date (on or about):	December 31, 2018
Yield on Closing Market Price as of 6/30/07 ($15.69):1	4.68	%
Current Monthly Distribution per Common Share:2	$0.06125
Current Annualized Distribution per Common Share:2	$0.73500
Leverage as of 6/30/07:3	37	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$15.69	$15.94	(1.57)%	$15.98	$15.13
NAV	$14.85	$15.26	(2.69)%	$15.30	$14.74

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
City, County & State	20	%	21	%
Transportation	19		19
Hospital	14		14
Lease Revenue	14		14
Education	8		8
Housing	7		6
Industrial & Pollution Control	7		9
Power	5		5
Water & Sewer	4		4
Resource Recovery	2		—
Credit Breakdown4
Credit Rating	June 30, 2007		December 31, 2006
AAA/Aaa	40	%	40	%
AA/Aa	4		3
A	29		29
BBB/Baa	24		25
Not Rated	3		3

⁴ Using the higher of S&P’s, Moody’s or Fitch’s ratings.

8

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

Trust Information
Symbol on New York Stock Exchange:	BRF
Initial Offering Date:	September 18, 1992
Termination Date (on or about):	December 31, 2008
Yield on Closing Market Price as of 6/30/07 ($14.49):1	3.11	%
Current Monthly Distribution per Common Share:2	$0.0375
Current Annualized Distribution per Common Share:2	$0.4500

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$14.49	$14.42	0.49%	$14.73	$14.32
NAV	$14.81	$14.83	(0.13)%	$14.85	$14.78

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
Tax Revenue	42	%	41	%
Education	14		12
Power	13		12
Transportation	11		7
City, County & State	9		17
Resource Recovery	5		6
Water & Sewer	4		4
Hospital	1		—
Other	1		1

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

9

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Florida Municipal 2020 Term Trust (BFO)

Trust Information
Symbol on New York Stock Exchange:	BFO
Initial Offering Date:	September 30, 2003
Termination Date (on or about):	December 31, 2020
Yield on Closing Market Price as of 6/30/07 ($13.49):1	4.54	%
Current Monthly Distribution per Common Share:2	$0.051
Current Annualized Distribution per Common Share:2	$0.612
Leverage as of 6/30/07:3	37	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$13.49	$13.85	(2.60)%	$14.55	$13.31
NAV	$14.86	$15.16	(1.98)%	$15.26	$14.72

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
City, County & State	22	%	25	%
Water & Sewer	18		18
Tax Revenue	12		8
Hospital	10		6
Education	9		10
Power	9		10
Tobacco	6		11
Industrial & Pollution Control	5		5
Lease Revenue	4		4
Housing	2		—
Transportation	2		3
Other	1		—
Credit Breakdown4
Credit Rating	June 30, 2007		December 31, 2006
AAA/Aaa	55	%	59	%
AA/Aa	2		1
A	7		4
BBB/Baa	18		16
BB/Ba	—		2
Not Rated5	18		18

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

10

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

Trust Information
Symbol on New York Stock Exchange:	BLN
Initial Offering Date:	September 18, 1992
Termination Date (on or about):	December 31, 2008
Yield on Closing Market Price as of 6/30/07 ($15.11):1	4.37	%
Current Monthly Distribution per Common Share:2	$0.055
Current Annualized Distribution per Common Share:2	$0.660

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$15.11	$14.90	1.41%	$15.30	$14.88
NAV	$15.30	$15.42	(0.78)%	$15.43	$15.26

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

Sector Breakdown
Sector	June 30, 2007	December 31, 2006
Transportation	25	25	%
Education	19	19
Water & Sewer	15	15
City, County & State	10	10
Hospital	9	9
Power	8	8
Tax Revenue	7	7
Lease Revenue	4	4
Housing	3	3

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

11

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock New York Municipal 2018 Term Trust (BLH)

Trust Information
Symbol on New York Stock Exchange:	BLH
Initial Offering Date:	October 26, 2001
Termination Date (on or about):	December 31, 2018
Yield on Closing Market Price as of 6/30/07 ($15.36):1	4.79	%
Current Monthly Distribution per Common Share:2	$0.06125
Current Annualized Distribution per Common Share:2	$0.73500
Leverage as of 6/30/07:3	35	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$15.36	$15.62	(1.66)%	$16.25	$15.14
NAV	$15.99	$16.33	(2.08)%	$16.40	$15.89

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
Education	22	%	22	%
Hospital	15		16
City, County & State	11		11
Tobacco	11		11
Transportation	11		11
Lease Revenue	10		10
Industrial & Pollution Control	7		7
Housing	6		5
Tax Revenue	6		6
Power	1		1
Credit Breakdown4
Credit Rating	June 30, 2007		December 31, 2006
AAA/Aaa	39	%	39	%
AA/Aa	37		37
A	9		9
BBB/Baa	10		10
B	4		2
CCC/Caa	—		3
Not Rated	1		—

⁴ Using the higher of S&P’s, Moody’s or Fitch’s ratings.

12

TRUST SUMMARIES (unaudited)
JUNE 30, 2007

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

Trust Information
Symbol on American Stock Exchange:	BPS
Initial Offering Date:	August 25, 1999
Yield on Closing Market Price as of 6/30/07 ($17.79):1	4.72	%
Current Monthly Distribution per Common Share:2	$0.07
Current Annualized Distribution per Common Share:2	$0.84
Leverage as of 6/30/07:3	37	%

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.
3	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

	6/30/07	12/31/06	Change	High	Low
Market Price	$17.79	$17.43	2.07%	$18.67	$16.50
NAV	$14.54	$15.01	(3.13)%	$15.04	$14.41

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

Sector Breakdown
Sector	June 30, 2007		December 31, 2006
Education	24	%	29	%
Housing	15		9
Water & Sewer	13		15
Hospital	12		9
City, County & State	10		8
Transportation	10		15
Lease Revenue	6		6
Industrial & Pollution Control	5		5
Other	3		2
Power	2		2
Credit Breakdown4
Credit Rating	June 30, 2007		December 31, 2006
AAA/Aaa	50	%	61	%
AA/Aa	17		11
A	19		17
BBB/Baa	10		8
BB/Ba	1		—
Not Rated5	3		3

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

13

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal 2008 Term Trust (BRM)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—97.2%
			Alabama—1.6%
$	6,555		Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.25%, 1/01/09, FSA	No Opt. Call	$	6,595,838
			Arizona—1.9%
	4,000		Chandler, Ad Valorem Ppty. Tax GO, Zero Coupon, 7/01/08, FGIC	No Opt. Call		3,849,120
	4,200		Pima Cnty., Hwy. Impvts. Misc. RB, 4.125%, 7/01/09, FGIC	07/08 @ 101		4,226,124
						8,075,244
			California—1.2%
	5,000		Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 3.125%, 5/01/08, FSA	No Opt. Call		4,978,900
			Colorado—2.6%
	1,000		City of Thornton, Pub. Impvts. Lease Approp. COP, 3.25%, 12/01/08, AMBAC	No Opt. Call		991,110
	1,000		Cnty. of El Paso, Correctional Fac. Impvts. Lease Approp. COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC	No Opt. Call		990,450
	2,000		E-470 Pub. Hwy. Auth., Hwy. Tolls RB, Ser. B, Zero Coupon, 9/01/11, MBIA	No Opt. Call		1,687,760
	6,965		Regl. Transp. Dist., Trans. Impvts. Lease Approp. COP, Trans. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA	07/07 @ 101		7,039,804
						10,709,124
			Delaware—0.2%
	650		Delaware River & Bay Auth., Pub. Impvts. Port, Arpt. & Marina RB, 3.25%, 1/01/09, MBIA	No Opt. Call		643,877
			District of Columbia—3.1%
			Dist. of Columbia, Ad Valorem Ppty. Tax GO,
	195	2	Ser. B, 5.50%, 6/01/09, FSA	ETM		200,864
	2,605		Ser. B, 5.50%, 6/01/09, FSA	No Opt. Call		2,684,296
	10,000		Ser. B-1, 5.50%, 6/01/08, AMBAC	No Opt. Call		10,155,900
						13,041,060
			Florida—1.4%
	2,280		Broward Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP, Ser. B, 4.25%, 7/01/09, FSA	No Opt. Call		2,294,364
	2,080		City of Tampa, Wtr. RB, Wtr. & Swr. Proj., 5.50%, 10/01/08, FSA	No Opt. Call		2,123,846

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	1,300		Town of Palm Beach, Misc. RB, Beach Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA	No Opt. Call	$	1,322,230
						5,740,440
			Georgia—6.1%
	5,000		Georgia GO, Ser. E, 5.25%, 2/01/10	No Opt. Call		5,172,000
	20,000		Monroe Cnty. Dev. Auth., Indl. PCRB, Georgia Pwr. Co. Plant Scherer Proj., 4.20%, 1/01/12, AMBAC	No Opt. Call		20,101,000
						25,273,000
			Hawaii—2.7%
	4,750		City & Cnty. of Honolulu, Ad Valorem Ppty. Tax GO, Ser. E, 4.00%, 7/01/08, FGIC	No Opt. Call		4,762,540
	6,510		Hawaii GO, Ser. CY, 4.00%, 2/01/09, FSA	No Opt. Call		6,528,684
						11,291,224
			Illinois—11.3%
			Cook Cnty. High Sch. Dist. No. 201, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, J. Sterling Morton Twnshp. Proj.,
	1,175	2	Zero Coupon, 12/01/09, FGIC	ETM		1,069,802
	4,805		Zero Coupon, 12/01/09, FGIC	No Opt. Call		4,367,553
	2,000		Cook Cnty. Sch. Dist. No. 25, Ad Valorem Ppty. Tax GO, Arlington Heights Proj., 4.50%, 12/01/08, FSA	No Opt. Call		2,020,340
	8,985		Du Page Cnty. Forest Presvtn. Dist., Pub. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 11/01/08	No Opt. Call		8,535,480
	13,000		Fin. Auth. RB, Peoples Gas, Light & Coke Proj., 3.05%, 2/01/33, AMBAC	No Opt. Call		12,920,960
	6,750		Illinois, Pub. Impvts. GO, Ser. 1, 3.50%, 7/01/08, MBIA	No Opt. Call		6,734,813
	1,455		Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 1/01/09, FSA	No Opt. Call		1,453,516
			Met. Pier & Expo. Auth.,
	8,385	2	Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08, FGIC	ETM		8,083,978
	215		Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08, FGIC	No Opt. Call		207,400

See Notes to Financial Statements.

14

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

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Illinois—(cont’d)
$	1,570	2	Student Loans Lease Abatement RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 6/15/08, FGIC	ETM	$	1,513,637
						46,907,479
			Kansas—0.2%
	1,000		Dev. Fin. Auth., Wtr. Util. Impvts. Wtr. RB, 4.00%, 4/01/09, AMBAC	No Opt. Call		1,003,320
			Kentucky—0.9%
	3,890		Owensboro, Elec., Pwr. & Lt. Impvts. RB, Ser. B, Zero Coupon, 1/01/09, AMBAC	No Opt. Call		3,666,986
			Michigan—3.0%
	6,315		Detroit City Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC	No Opt. Call		6,331,419
	1,665	2	Detroit, Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 4/01/09, MBIA	ETM		1,652,063
	3,000		Michigan, Hwy. Impvts. Misc. RB, Trunk Line Proj., Ser. A, 4.125%, 11/01/08, FSA	No Opt. Call		3,014,700
	1,485		Wyandotte, Elec., Pwr. & Lt. RB, 6.25%, 10/01/08, MBIA	No Opt. Call		1,507,126
						12,505,308
			Mississippi—0.5%
	2,175		De Soto Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 3.25%, 2/01/09, FSA	No Opt. Call		2,151,728
			Nevada—1.3%
			Director of the St. of Nevada Dept. of Bus. & Ind., Trans. Impvts. RB, Las Vegas Monorail Co. Proj.,
	2,085		Zero Coupon, 1/01/09, AMBAC	No Opt. Call		1,964,883
	3,585		Zero Coupon, 1/01/10, AMBAC	No Opt. Call		3,242,346
						5,207,229
			New Jersey—0.7%
	1,000		Monmouth Cnty. Impvt. Auth., Misc. RB, Gov’t. Loan Proj., 5.00%, 12/01/08, FSA	No Opt. Call		1,017,310
	1,750		Transp. Trust Fund Auth., Trans. Impvts. RB, Ser. C, 5.25%, 12/15/08, AMBAC	No Opt. Call		1,786,750
						2,804,060
			New Mexico—0.6%
	2,445		Fin. Auth., Pub. Impvt. Misc. RB, Ser. A, 3.80%, 6/01/08, MBIA	No Opt. Call		2,446,712

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—9.3%
$	15,500		City of New York, Ad Valorem Ppty. Tax GO, Ser. E, 6.20%, 8/01/07, MBIA	No Opt. Call	$	15,531,930
	15,915		New York GO, Ser. F, 5.25%, 9/15/09, MBIA	09/08 @ 101		16,342,477
	4,000		Port Auth. of New York & New Jersey, Port, Arpt. & Marina RB, Ser. 129, 2.875%, 11/01/08, FSA	No Opt. Call		3,939,840
	2,715		Thruway Auth., Misc. RB, Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA	07/07 @ 100		2,717,009
						38,531,256
			North Carolina—4.6%
			Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,
	13,500		Ser. B, 6.125%, 1/01/09, FGIC	No Opt. Call		13,947,120
	5,000		Ser. B, 7.00%, 1/01/08, CAPMAC	No Opt. Call		5,079,100
						19,026,220
			Oregon—1.5%
	2,905		Dept. of Admin. Svcs., Lease Approp. COP, Ser. A, 5.00%, 11/01/08, FSA	No Opt. Call		2,950,957
	1,285		Lane Cnty. Sch. Dist. No. 4-J, Ad Valorem Ppty. Tax GO, Eugene Proj., 3.00%, 1/01/09, FSA	No Opt. Call		1,265,635
	2,000		Washington & Clackamas Cntys. Sch. Dist. No. 23-J, Sch. Impvts. Ad Valorem Ppty. Tax GO, Tigard Proj., 3.75%, 6/15/08, MBIA	No Opt. Call		2,000,540
						6,217,132
			Pennsylvania—7.6%
	3,175		City of Philadelphia, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.10%, 9/15/08, FSA	No Opt. Call		3,187,605
			Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing Home RB, Western Pennsylvania Hosp. Proj.,
	1,805		Ser. A, 6.25%, 7/01/08, MBIA	07/07 @ 100		1,807,347
	965	2	Ser. B, 6.25%, 7/01/08, MBIA	ETM		974,457
			Dept. of Gen. Svcs., Lease Approp. COP,
	2,075		4.50%, 5/01/08, FSA	No Opt. Call		2,087,118
	2,120		4.50%, 11/01/08, FSA	No Opt. Call		2,139,292
	2,165		4.50%, 5/01/09, FSA	No Opt. Call		2,188,880
	16,250		Lehigh Cnty. Indl. Dev. Auth., Indl. PCRB, PPL Electric Util. Corp. Proj., 3.125%, 11/01/08, AMBAC	No Opt. Call		16,083,925

See Notes to Financial Statements.

15

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

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Pennsylvania—(cont’d)
$	3,125		Pittsburgh Pub. Pkg. Auth., Auto Pkg. RB, 3.25%, 12/01/08, AMBAC	No Opt. Call	$	3,098,937
						31,567,561
			Tennessee—0.2%
	1,000		Clarksville, Wtr. RB, 4.30%, 2/01/09, FSA	No Opt. Call		1,007,460
			Texas—20.2%
			City of Austin,
	5,000		Elec., Pwr. & Lt. RB, 6.625%, 11/15/08, AMBAC	No Opt. Call		5,185,200
	5,000		Elec., Pwr. & Lt. RB, Ser. A, Zero Coupon, 11/15/09, AMBAC	No Opt. Call		4,551,700
	5,380		Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 9/01/08, FSA	No Opt. Call		5,363,483
	11,515		Wtr. RB, Ser. A, Zero Coupon, 11/15/08, MBIA	No Opt. Call		10,922,669
	5,000		Wtr. RB, Ser. A, Zero Coupon, 11/15/09, MBIA	No Opt. Call		4,551,700
	6,000	2	City of San Antonio, Elec., Pwr. & Lt. RB, Ser. B, Zero Coupon, 2/01/10, FGIC	ETM		5,414,880
	1,430	2	Coppell Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, 6.10%, 8/15/09, MBIA	ETM		1,494,750
	4,390		Houston Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/09, AMBAC	No Opt. Call		4,035,200
			Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,
	1,075	2	Zero Coupon, 9/01/08, AMBAC	ETM		1,027,926
	13,925		Zero Coupon, 9/01/08, AMBAC	No Opt. Call		13,313,693
	1,155	2	Zero Coupon, 9/01/09, AMBAC	ETM		1,061,595
	15,020		Zero Coupon, 9/01/09, AMBAC	No Opt. Call		13,784,755
	1,500		North Texas Tollway Auth., Hwy. Tolls RB, Ser. C, 5.00%, 1/01/09, FSA	No Opt. Call		1,524,990
			Pub. Fin. Auth.,
	5,900		Lease Approp. RB, Ser. B, 6.25%, 2/01/09, AMBAC	No Opt. Call		6,113,226
	2,250	3	Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/08, AMBAC	N/A		2,294,775
	750		Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/09, AMBAC	02/08 @ 101		764,445
	2,275		Ysleta Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/08, PSF	No Opt. Call		2,178,881
						83,583,868

Principal Amount (000)			Description	Option Call Provisions1	Value
			Utah—3.3%
			Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB,
$	2,215	2	Ser. B, 6.00%, 7/01/07, MBIA	ETM	$	2,215,266
	1,285		Ser. B, 6.00%, 7/01/07, MBIA	No Opt. Call		1,285,154
	10,300	3	Utah, Hwy. Impvts. Ad Valorem Ppty. Tax GO, Ser. F, 5.00%, 7/01/07	N/A		10,300,618
						13,801,038
			Washington—10.5%
	5,710		City of Seattle, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 7/01/08, FSA	No Opt. Call		5,723,932
	1,250		Clark Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, 5.00%, 1/01/09, MBIA	No Opt. Call		1,271,200
			Cnty. of King,
	3,060		Ad Valorem Ppty. Tax GO, 3.50%, 12/01/08, FSA	No Opt. Call		3,048,709
	12,850		Recreational Fac. Impvts. Ad Valorem Ppty. Tax GO, Ser. D, 5.55%, 12/01/08, MBIA	12/07 @ 102		13,158,014
			Energy Northwest, Elec., Pwr. & Lt. RB,
	11,000		Ser. A, 5.80%, 7/01/07, FSA	No Opt. Call		11,001,210
	5,550	2	Pub. Pwr. No. 3 Proj., Ser. A, Zero Coupon, 7/01/07, MBIA	ETM		5,548,834
	2,000		Pub. Pwr. No. 3 Proj., Ser. A, Zero Coupon, 7/01/08, MBIA	No Opt. Call		1,924,200
			Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. Initiatives Proj.,
	1,010		Ser. A, 5.30%, 12/01/08, MBIA	No Opt. Call		1,030,655
	1,000		Ser. A, 5.40%, 12/01/10, MBIA	06/10 @ 101		1,045,310
						43,752,064
			West Virginia—0.4%
	1,550		Econ. Dev. Auth., Correctional Fac. Impvts. Lease Approp. RB, Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA	No Opt. Call		1,557,347
			Wyoming—0.3%
	1,270		Albany Cnty. Impvts. Stat. Trust, Pub. Impvts. Lease Abatement COP, 3.75%, 1/15/09, MBIA	No Opt. Call		1,267,346
			Total Long-Term Investments (cost $397,610,724)			403,352,821

See Notes to Financial Statements.

16

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

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Value
			SHORT-TERM INVESTMENT—1.5%
			Michigan—1.5%
$	6,100	4	Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Trinity Hlth. Proj., 3.92%, 7/02/07, FRDD (cost $6,100,000)	$	6,100,000
			Total Investments—98.7% (cost $403,710,7245)	$	409,452,821
			Other assets in excess of liabilities—1.3%		5,344,785
			Net Assets—100%	$	414,797,606

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is collateralized by Municipal or U.S. Treasury obligations.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.
5	Cost for federal income tax purposes is $403,245,816. The net unrealized appreciation on a tax basis is $6,207,005, consisting of $6,931,409 gross unrealized appreciation and $724,404 gross unrealized depreciation.
	The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 92.5% of the Trust’s net assets.

AMBAC	—	31.1%
CAPMAC	—	1.3%
FGIC	—	13.1%
FSA	—	20.0%
MBIA	—	26.5%
PSF	—	0.5%

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
CAPMAC	—	Capital Markets Assurance Co.
COP	—	Certificate of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FRDD	—	Floating Rate Daily Demand
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
PCRB	—	Pollution Control Revenue Bond
PSF	—	Public School Fund Guaranteed
RB	—	Revenue Bond
ST	—	Special Tax

See Notes to Financial Statements.

17

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Insured Municipal Term Trust (BMT)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			LONG-TERM INVESTMENTS—122.9%
			Alabama—0.9%
$	1,000		Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.375%, 1/01/11, FSA	No Opt. Call	$	1,013,780
	1,410		Fed. Hwy. Fin. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. A, 4.50%, 3/01/11, MBIA	No Opt. Call		1,435,859
						2,449,639
			Alaska—6.4%
			City of Anchorage, Ad Valorem Ppty. Tax GO,
	9,295		Ser. B, 4.125%, 7/01/11, MBIA	No Opt. Call		9,351,235
	6,000		Ser. B, 4.625%, 7/01/10, FGIC	No Opt. Call		6,120,540
	1,260		Univ. of Alaska, Coll. & Univ. RB, Ser. K, 3.75%, 10/01/10, FGIC	No Opt. Call		1,253,838
						16,725,613
			Arizona—3.2%
	1,000		Arizona St. Univ., Univ. & Coll. Impvts. RB, 4.20%, 7/01/11, FGIC	No Opt. Call		1,009,910
	1,030		Mesa, Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 7/01/10, FGIC	No Opt. Call		1,025,365
	6,340		Pima Cnty., Hwy. Impvt. Misc. RB, 4.25%, 7/01/11, FGIC	07/08 @ 101		6,378,737
						8,414,012
			Arkansas—0.2%
	500		City of Little Rock, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 4/01/11, FSA	No Opt. Call		499,800
			California—6.9%
	145		California, Pub. Impvts. Misc. GO, 6.80%, 11/01/10, FGIC	11/07 @ 100		146,472
	6,100	2	Contra Costa Transp. Auth., Hwy. Impvt. Sales Tax RB, 6.50%, 3/01/09, FGIC	ETM		6,255,550
			Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB,
	5,000		Ser. A, 3.60%, 5/01/10, AMBAC	No Opt. Call		4,974,850
	3,500		Ser. A, 3.70%, 5/01/11, MBIA	No Opt. Call		3,479,210
	3,065		Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 4.05%, 12/01/10, AMBAC	No Opt. Call		3,275,719
						18,131,801
			Colorado—1.2%
	3,245		Weld Cnty. Sch. Dist. No. 6, Ad Valorem Ppty. Tax GO, Greeley Proj., 3.75%, 12/01/10, FSA	No Opt. Call		3,229,456

Principal Amount (000)			Description	Option Call Provisions1		Value
			Delaware—0.4%
$	1,015		Delaware River & Bay Auth., Pub. Impvts. Port, Arpt. & Marina RB, 3.75%, 1/01/11, MBIA	No Opt. Call	$	1,010,057
			District of Columbia—4.0%
	10,000		Dist. of Columbia, Ad Valorem Ppty. Tax GO, Ser. B, 5.50%, 6/01/11, FSA	No Opt. Call		10,546,600
			Florida—0.9%
	2,320		City of Tampa, Wtr. RB, 5.50%, 10/01/10, FSA	No Opt. Call		2,430,873
			Hawaii—0.4%
	1,000		Univ. of Hawaii, Univ. & Coll. Impvts. RB, Ser. A, 3.875%, 7/15/10, FGIC	No Opt. Call		999,270
			Illinois—16.0%
			Chicago Pk. Dist., Ad Valorem Ppty. Tax GO,
	3,120	2	Ser. A, 3.50%, 1/01/10, FGIC	ETM		3,080,220
	3,695	2	Ser. A, 4.00%, 1/01/11, FGIC	ETM		3,699,803
			City of Chicago, Ad Valorem Ppty. Tax GO,
	4,000		Ser. A, 4.375%, 1/01/11, AMBAC	No Opt. Call		4,053,840
	1,790		Ser. A, 5.00%, 1/01/11, MBIA	No Opt. Call		1,850,377
			Du Page & Cook Cntys. Cmnty. Unit Sch. Dist. No. 205, Sch. Impvts. Ad Valorem Ppty. Tax GO,
	315	2	4.50%, 1/01/11, FGIC	ETM		320,516
	685		4.50%, 1/01/11, FGIC	No Opt. Call		696,994
	1,750		Du Page & Will Cntys. Cmnty. Sch. Dist. No. 204, Sch. Impvts. Ad Valorem Ppty. Tax GO, Indian Proj., 4.25%, 12/30/10, FGIC	No Opt. Call		1,769,880
			Du Page Cnty. Forest Presvtn. Dist., Pub. Impvts. Ad Valorem Ppty. Tax GO,
	5,000		Zero Coupon, 11/01/10	No Opt. Call		4,374,950
	11,965		Zero Coupon, 11/01/11	No Opt. Call		10,037,319
			Illinois,
	1,500		Poll. Ctrl. GO, Ser. 1, 4.50%, 2/01/11, FGIC	No Opt. Call		1,527,150
	4,000		Poll. Ctrl. GO, Ser. 1, 5.25%, 2/01/11, FGIC	No Opt. Call		4,171,840
	2,000		Sch. Impvts. GO, Ser. 1, 4.50%, 4/01/11, FSA	No Opt. Call		2,037,240
	2,265		Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 4.00%, 1/01/11, FSA	No Opt. Call		2,267,944
	1,025		Orland Pk., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.50%, 12/01/10, FGIC	No Opt. Call		1,010,865

See Notes to Financial Statements.

18

BlackRock Insured Municipal Term Trust (BMT) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			Illinois—(cont’d)
$	1,075		Rockford Sch. Dist. No. 205, Ad Valorem Ppty. Tax GO, 4.30%, 2/01/11, FGIC	No Opt. Call	$	1,086,976
						41,985,914
			Indiana—4.1%
			Indianapolis Local Pub. Impvt. Bd. Bank, Wtr. Util. Impvts. Wtr. RB,
	2,085		Ser. A, 4.25%, 7/01/10, MBIA	No Opt. Call		2,104,912
	2,815		Ser. A, 4.375%, 1/01/11, MBIA	No Opt. Call		2,853,791
	2,950		Ser. A, 4.375%, 7/01/11, MBIA	No Opt. Call		2,994,928
	2,635		Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.50%, 1/01/11, AMBAC	No Opt. Call		2,680,269
						10,633,900
			Kansas—0.8%
			Dev. Fin. Auth., Wtr. Util. Impvts. Wtr. RB,
	1,025		4.125%, 4/01/10, AMBAC	No Opt. Call		1,031,458
	1,000		4.25%, 4/01/11, AMBAC	No Opt. Call		1,011,370
						2,042,828
			Kentucky—3.6%
	10,890		Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Healthcare, Inc. Proj., Ser. B, Zero Coupon, 10/01/10, MBIA	No Opt. Call		9,532,997
			Louisiana—1.9%
	5,000		Pub. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA	No Opt. Call		4,967,900
			Michigan—2.4%
			Detroit, Pub. Impvts. Ad Valorem Ppty. Tax GO,
	1,580		4.00%, 4/01/10, MBIA	No Opt. Call		1,580,332
	1,955		4.00%, 4/01/11, MBIA	No Opt. Call		1,952,204
	35		Mun. Bd. Auth., Misc. RB, Ser. A, 6.50%, 11/01/12, MBIA	07/07 @ 100		35,074
	2,810		Wyandotte City Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 5/01/11, FSA	No Opt. Call		2,814,833
						6,382,443
			Minnesota—1.9%
	2,800		Hopkins Indpt. Sch. Dist. No. 270, Ad Valorem Ppty. Tax GO, Ser. B, 4.00%, 2/01/11, FSA	No Opt. Call		2,808,932
	2,180	2	Southern Minnesota Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. B, 5.75%, 1/01/11	ETM		2,249,891
						5,058,823

Principal Amount (000)			Description	Option Call Provisions1		Value
			Nevada—2.2%
			Director of the St. of Nevada Dept. of Bus. & Ind., Trans. Impvts. RB, Las Vegas Monorail Co. Proj.,
$	3,795		Zero Coupon, 1/01/11, AMBAC	No Opt. Call	$	3,291,707
	2,870		Zero Coupon, 1/01/12, AMBAC	No Opt. Call		2,386,176
						5,677,883
			New Jersey—0.4%
	1,000		Monmouth Cnty. Impvt. Auth., Misc. RB, Gov’t. Loan Proj., 3.375%, 12/01/10, FSA	No Opt. Call		981,430
			New Mexico—3.0%
			Fin. Auth., Pub. Impvts. Misc. RB,
	1,304		Ser. A, 3.40%, 6/01/11, MBIA	No Opt. Call		1,275,834
	1,015		Ser. A, 4.20%, 6/01/10, MBIA	No Opt. Call		1,023,587
	1,370		Ser. A, 4.30%, 6/01/11, MBIA	No Opt. Call		1,387,728
	1,750		Las Cruces Sch. Dist. No. 2, Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.25%, 8/01/11, FSA	08/09 @ 100		1,796,532
	2,230	2	Transp. Comm., Sales Tax RB, Ser. B, 4.75%, 6/15/11, AMBAC	ETM		2,288,203
						7,771,884
			New York—5.6%
	8,950		Long Island Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%,12/01/10, AMBAC	No Opt. Call		9,404,302
	5,000		Thruway Auth., Hwy. Impvt. Income Tax RB, Ser. A, 5.00%, 3/15/11, FSA	No Opt. Call		5,185,600
						14,589,902
			Ohio—0.8%
	1,000		Akron, Ad Valorem Ppty. Tax GO, 4.00%, 12/01/10, MBIA	No Opt. Call		1,002,510
	1,015		Univ. of Cincinnati, Univ. & Coll. Impvts. RB, Ser. G, 3.50%, 6/01/09, AMBAC	No Opt. Call		1,008,453
						2,010,963
			Oregon—3.6%
	1,995		Lane Cnty. Sch. Dist. No. 4-J Eugene, Ad Valorem Ppty. Tax GO, 3.75%, 1/01/11, FSA	No Opt. Call		1,984,626
			Washington & Clackamas Cntys. Sch. Dist. No. 23-J Tigard, Sch. Impvts. Ad Valorem Ppty. Tax GO,
	3,820		4.00%, 6/15/10, MBIA	No Opt. Call		3,833,714
	3,720		4.00%, 6/15/11, MBIA	No Opt. Call		3,730,751
						9,549,091

See Notes to Financial Statements.

19

BlackRock Insured Municipal Term Trust (BMT) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			Pennsylvania—6.0%
$	2,430		Central York Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 4.125%, 6/01/11, FGIC	No Opt. Call	$	2,446,135
	2,100		City of Philadelphia, Swr. RB, 5.625%, 6/15/08, AMBAC	No Opt. Call		2,137,002
	965	2	Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing Home RB, Western Pennsylvania Hosp. Proj., Ser. B, 6.25%, 7/01/07, MBIA	ETM		974,457
	7,500		Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Univ. of Pennsylvania Hlth. Sys. Proj., Ser. A, 5.25%, 8/01/10, FSA	08/09 @ 101		7,756,350
	1,075		Pub. Sch. Bldg. Auth., Sch. Impvts. Misc. RB, York Sch. Dist. Proj., 4.75%, 5/01/11, FSA	No Opt. Call		1,105,692
	1,250		Wilson Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 5/15/10, FSA	No Opt. Call		1,252,650
						15,672,286
			Rhode Island—2.0%
	235		Clean Wtr. Fin. Agcy., Poll. Ctrl. Misc. RB, Ser. A, 6.70%, 10/01/10, MBIA	10/07 @ 100		236,652
	5,000	2	Providence Plantations, Misc. Tax GO, Ser. B, 4.20%, 6/01/10, FGIC	ETM		5,035,400
						5,272,052
			Tennessee—0.8%
			Clarksville, Wtr. RB,
	1,005		4.45%, 2/01/10, FSA	No Opt. Call		1,018,879
	1,100		4.65%, 2/01/11, FSA	No Opt. Call		1,126,125
						2,145,004
			Texas—16.0%
			Bexar Met. Wtr. Dist., Wtr. RB,
	315	2	3.70%, 5/01/10, FSA	ETM		312,159
	770		3.70%, 5/01/10, FSA	No Opt. Call		765,010
	315	2	3.80%, 5/01/11, FSA	ETM		312,212
	775		3.80%, 5/01/11, FSA	No Opt. Call		769,505
	1,090		City of Addison, Ad Valorem Ppty. Tax GO, 3.375%, 2/15/11, FGIC	No Opt. Call		1,063,862
			City of Houston,
	5,000		Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 3/01/11, MBIA	No Opt. Call		5,172,900
	2,000		Ad Valorem Ppty. Tax GO, Ser. A1, 5.00%, 3/01/11, MBIA	No Opt. Call		2,069,160
	10,440		Swr. RB, Ser. C, Zero Coupon, 12/01/10, AMBAC	No Opt. Call		9,092,301
			Cnty. of Harris, Ad Valorem Ppty. Tax GO,
	1,500		Ser. A, 5.00%, 10/01/10, FSA	No Opt. Call		1,547,115
	330	2	Ser. B, Zero Coupon, 8/15/08, FGIC	ETM		316,091

Principal Amount (000)			Description	Option Call Provisions1		Value
			Texas—(cont’d)
$	2,255		Ser. B, Zero Coupon, 8/15/08, FGIC	No Opt. Call	$	2,159,726
	2,000		Dallas Area Rapid Trans., Sales Tax RB, 4.30%, 2/01/10, AMBAC	No Opt. Call		2,023,420
	2,490	2	Houston Area Wtr. Corp., Wtr. RB, Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC	ETM		2,532,255
	5,550		Katy Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 2/15/11, PSF	No Opt. Call		4,785,876
	4,000		Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.50%, 9/01/10, MBIA	No Opt. Call		4,184,120
	2,245		Pub. Fin. Auth., Misc. RB, 4.00%, 2/01/11, FGIC	No Opt. Call		2,245,449
	1,250		Texas Tech Univ., Univ. & Coll. RB, Ser. 9, 5.00%, 2/15/11, AMBAC	No Opt. Call		1,292,400
	1,500		Univ. of Houston, Univ. & Coll. Impvts. RB, Ser. A, 4.00%, 2/15/10, FSA	No Opt. Call		1,502,355
						42,145,916
			Utah—2.4%
	3,470		Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. A, 5.25%, 7/01/11, MBIA	07/09 @ 101		3,590,964
	3,175		Salt Lake Cnty. Wtr. Conservancy Dist., Wtr. RB, Ser. A, Zero Coupon, 10/01/10, AMBAC	No Opt. Call		2,790,920
						6,381,884
			Washington—13.2%
	7,345		Benton Cnty. Sch. Dist. No. 17, Sch. Impvts. Ad Valorem Ppty. Tax GO, Kennewick Proj., 4.50%, 12/01/10, FSA	No Opt. Call		7,480,001
	1,000		Chelan Cnty. Sch. Dist. No. 246, Sch. Impvts. Ad Valorem Ppty. Tax GO, Wenatchee Proj., 4.50%, 12/01/10, FSA	No Opt. Call		1,018,380
	1,010		City of Tacoma, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.625%, 12/01/10, FGIC	No Opt. Call		1,032,563
	3,000		Clark Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, 4.50%, 1/01/11, AMBAC	No Opt. Call		3,051,540
	2,040		Clark Cnty. Sch. Dist. No. 114, Sch. Impvts. Ad Valorem Ppty. Tax GO, Evergreen Proj., 4.125%, 12/01/10, FSA	No Opt. Call		2,053,219
			Energy Northwest, Elec., Pwr. & Lt. RB,
	9,160	2	Ser. A, Zero Coupon, 7/01/10, MBIA	ETM		8,139,210
	3,745		Ser. A, Zero Coupon, 7/01/10, MBIA	No Opt. Call		3,318,857
	1,300		Ser. B, Zero Coupon, 7/01/10, MBIA	No Opt. Call		1,152,411

See Notes to Financial Statements.

20

BlackRock Insured Municipal Term Trust (BMT) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			Washington—(cont’d)
$	5,000	3	Washington, Pub. Impvts. GO, Ser. A, 5.50%, 7/01/09, MBIA	N/A	$	5,156,800
	2,280		Whatcom Cnty. Sch. Dist. No. 503, Ad Valorem Ppty. Tax GO, Blaine Proj., 4.50%, 12/01/10, FSA	No Opt. Call		2,321,906
						34,724,887
			West Virginia—3.6%
			Econ. Dev. Auth., Correctional Fac. Impvts. Lease Approp. RB, Correctional Juvenile & Pub. Proj.,
	3,705		Ser. A, 4.50%, 6/01/10, MBIA	No Opt. Call		3,766,762
	4,420		Ser. A, 4.50%, 6/01/11, MBIA	No Opt. Call		4,509,019
	1,170		Sch. Bldg. Auth., Misc. RB, Cap. Impvt. Proj., 4.00%, 7/01/11, AMBAC	No Opt. Call		1,172,574
						9,448,355
			Wisconsin—5.9%
	1,045	2	Appleton, Wtr. RB, Wtr. Wks. Proj., 4.375%, 1/01/11, FGIC	ETM		1,059,066
			Wisconsin, Misc. RB, Clean Wtr. Proj.,
	4,640		Ser. 2, 4.00%, 6/01/10, MBIA	No Opt. Call		4,652,574
	9,850		Ser. 2, 4.00%, 6/01/11, MBIA	No Opt. Call		9,867,435
						15,579,075
			Wyoming—2.2%
			Albany Cnty. Impvts. Stat. Trust, Pub. Impvts. Lease Abatement COP,
	1,325		4.00%, 1/15/10, MBIA	No Opt. Call		1,325,557
	1,450		4.00%, 7/15/10, MBIA	No Opt. Call		1,450,391
	1,480		4.00%, 1/15/11, MBIA	No Opt. Call		1,478,431
	1,510		4.00%, 7/15/11, MBIA	No Opt. Call		1,507,735
						5,762,114
			Total Long-Term Investments (cost $316,061,499)			322,754,652

Principal Amount (000)			Description	Value
			SHORT-TERM INVESTMENTS—0.6%
			Kentucky—0.1%
$	300	4	Louisville & Jefferson Cnty. Met. Swr. Dist., Swr. RB, Ser. B, 3.73%, 7/04/07, FSA, FRWD	$	300,000
			Massachusetts—0.4%
	1,100	4	Route 3 North Trans. Impvt. Assoc., Lease Approp. RB, Ser. B, 3.73%, 7/04/07, AMBAC, FRWD		1,100,000
			Oklahoma—0.1%
	200	4	Inds. Auth., Hlth., Hosp. & Nursing Home RB, Integris Baptist Med. Ctr. Proj., Ser. B, 3.86%, 7/02/07, MBIA, FRDD		200,000
			Total Short-Term Investments (cost $1,600,000)		1,600,000
			Total Investments—123.5% (cost $317,661,4995)	$	324,354,652
			Other assets in excess of liabilities—1.3%		3,312,789
			Preferred shares at redemption value, including dividends payable—(24.8)%		(65,031,163	)
			Net Assets Applicable to Common Shareholders—100%	$	262,636,278

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is collateralized by Municipal or U.S. Treasury obligations.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.
5	Cost for federal income tax purposes is $317,336,182. The net unrealized appreciation on a tax basis is $7,018,470, consisting of $7,644,955 gross unrealized appreciation and $626,485 gross unrealized depreciation.
	The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 94.8% of the Trust’s managed assets.

AMBAC	—	17.8%
FGIC	—	18.1%
FSA	—	21.0%
MBIA	—	36.4%
PSF	—	1.5%

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
COP	—	Certificate of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FRDD	—	Floating Rate Daily Demand
FRWD	—	Floating Rate Weekly Demand
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
PSF	—	Public School Fund Guaranteed
RB	—	Revenue Bond
ST	—	Special Tax

See Notes to Financial Statements.

21

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Municipal 2018 Term Trust (BPK)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—154.4%
			Alabama—2.9%
$	1,000		Courtland Indl. Dev. Brd., Indl. RB, Intl. Paper Co. Proj., Ser. A, 4.75%, 5/01/17	11/14 @ 100	$	993,350
	5,845		Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.625%, 6/01/22	06/12 @ 101		6,142,978
						7,136,328
			California—7.2%
	1,750	2	Agua Caliente Band of Cahuilla Indians, Casino Parimutuel Betting RB, 5.60%, 7/01/13	No Opt. Call		1,811,688
	1,120	3	City of Lincoln, Pub. Impvts. ST, 5.90%,9/01/13	N/A		1,243,077
	5,425		Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/21, FGIC	No Opt. Call		2,846,660
			Poll. Ctrl. Fing. Auth.,
	6,500		Rec. Recovery Impvts. RB, Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23, AMT	11/15 @ 101		6,564,545
	5,000		Rec. Recovery RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT	No Opt. Call		5,186,800
						17,652,770
			Colorado—4.3%
	5,000		Hsg. & Fin. Auth., Rec. Recovery Misc. RB, Wst. Mgmt., Inc. Proj., 5.70%, 7/01/18, AMT	No Opt. Call		5,367,100
	5,010		Pk. Creek Met. Dist., Misc. RB, Sr. Ltd. Ppty. Misc. Tax Proj., 5.25%, 12/01/20	12/15 @ 101		5,184,699
						10,551,799
			Connecticut—1.6%
	3,750	2	Mashantucket Western Pequot Tribe, Recreational RB, Ser. B, 5.75%, 9/01/18	09/07 @ 102		3,829,350
			Florida—7.5%
	2,000		CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14	No Opt. Call		2,061,620
	90		Live Oak Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, Ser. B, 5.30%, 5/01/08	No Opt. Call		90,021
	4,515		Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		5,017,790
	1,280		Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10	No Opt. Call		1,281,843

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	2,870		Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13	No Opt. Call	$	2,927,056
	5,410		Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. B, 5.875%, 1/01/15	No Opt. Call		5,580,307
	1,400		Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23	05/13 @ 101		1,452,234
						18,410,871
			Illinois—24.9%
	1,825	2	Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23	No Opt. Call		1,861,573
			Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB,
	5,000		Ser. A, 5.00%, 1/01/19, AMBAC	01/16 @ 100		5,225,350
	8,000		Ser. A, 5.00%, 1/01/20, AMBAC	01/16 @ 100		8,331,760
	5,000		Ser. A, 5.75%, 1/01/18, MBIA, AMT	01/12 @ 100		5,271,050
	5,980	3	Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/12	N/A		6,550,432
			Fin. Auth.,
	12,500	3	Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Oblig. Proj., 5.50%, 11/15/09	N/A		13,046,000
	2,750		Univ. & Coll. Impvts. RB, MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19	06/14 @ 100		2,886,895
	5,000		Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj., 5.50%, 1/01/22	01/13 @ 100		5,162,700
	13,375	3	Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, 1/01/12, FSA	N/A		7,384,149
			Sports Facs. Auth., Recreational Fac. Impvts. Misc. Tax RB,
	1,885		Zero Coupon, 6/15/19, AMBAC	06/15 @ 101		1,735,821
	1,985		Zero Coupon, 6/15/20, AMBAC	06/15 @ 101		1,827,312
	2,090		Zero Coupon, 6/15/21, AMBAC	06/15 @ 101		1,924,138
						61,207,180

See Notes to Financial Statements.

22

BlackRock Municipal 2018 Term Trust (BPK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Indiana—10.6%
$	13,970	3	Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Sisters of St. Francis Hlth. Proj., 5.75%, 11/01/11	N/A	$	15,045,970
	2,500		Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%,1/15/17, AMT	No Opt. Call		2,571,100
	4,000		Petersburg, Indl. RB, Indianapolis Pwr. & Lt. Co. Proj., 5.75%, 8/01/21	08/11 @ 102		4,169,600
	4,215		Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%,1/01/24	01/09 @ 102		4,231,902
						26,018,572
			Kentucky—1.3%
	3,195		Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT	07/16 @ 100		3,069,564
			Louisiana—1.2%
	2,825		Pub. Facs. Auth., Pub. Impvts. Misc. RB, Dept. of Pub. Safety Proj., 5.875%, 6/15/14, MBIA	06/10 @ 100		2,951,560
			Maryland—2.1%
	4,949		Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.80%, 7/01/20	07/07 @ 102		5,051,890
			Massachusetts—0.9%
	2,000	3	Bay Transp. Auth., Trans. Impvts. Sales Tax RB, Ser. C, 5.00%, 7/01/34	N/A		2,138,020
			Michigan—4.8%
			Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB,
	3,500		Edward W. Sparrow Hosp. Proj., 4.50%, 11/15/26	11/17 @ 100		3,259,550
	5,450	3	Henry Ford Hlth. Sys. Proj., Ser. A, 6.00%, 11/15/09	N/A		5,756,944
	1,000		Oakwood Healthcare Sys. Proj., 5.00%, 7/15/18	07/17 @ 100		1,022,170
			Pontiac Tax Incr. Fin. Auth. TA RB,
	700		Dev. Area 2 Proj., 5.625%, 6/01/22, ACA	06/12 @ 101		735,686
	1,000		Dev. Area 3 Proj., 5.375%, 6/01/17, ACA	06/12 @ 101		1,038,480
						11,812,830
			Mississippi—4.3%
	9,000		Lowndes Cnty., Indl. RB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22	No Opt. Call		10,601,820

Principal Amount (000)			Description	Option Call Provisions1	Value
			Multi-State—10.5%
$	14,000	2	Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/31/52	10/14 @ 100	$	15,687,420
			Munimae TE Bond Subsidiary LLC,
	6,000	2	Ser. B2, 5.20%, 6/29/49	09/14 @ 100		6,001,080
	4,000	2	Ser. D, 5.90%, 11/29/49	09/15 @ 101		4,129,680
						25,818,180
			Nevada—3.0%
	1,000		City of Henderson, Pub. Impvts. SA, Local Impvt. No. T-18 Proj., 5.15%, 9/01/21	09/07 @ 103		1,004,080
	5,000		Director of the St. of Nevada Dept. of Bus. & Ind., Rec. Recovery Impvts. RB, Republic Svcs., Inc. Proj., 5.625%, 12/01/26, AMT	No Opt. Call		5,332,000
	1,085		Las Vegas Spl. Dist. No. 809, Pub. Impvts. RB, Summerlin Area Proj., 5.35%, 6/01/17	12/07 @ 103		1,119,894
						7,455,974
			New Hampshire—6.4%
			Bus. Fin. Auth.,
	6,000		Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT	06/13 @ 102		5,999,640
	7,000		Rec. Recovery RB, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA	05/12 @ 101		7,426,930
	2,025		Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Exeter Hosp./Healthcare, Inc. Proj., 6.00%, 10/01/24	10/11 @ 101		2,175,133
						15,601,703
			New Jersey—13.5%
			Econ. Dev. Auth.,
	8,500		Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24	06/12 @ 100		8,824,275
	4,065		Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT	11/10 @ 101		4,306,298
	6,750		Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.20%, 11/15/30, AMT	11/10 @ 101		7,217,303
	8,410		SA, Kapkowski Rd. Landfill Proj., 5.50%, 4/01/16	No Opt. Call		8,766,920
	1,500		Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Atlanticare Regl. Med. Ctr. Proj., 5.00%, 7/01/20	07/17 @ 100		1,541,625
	2,500		Hsg. & Mtg. Fin. Agcy., St. Sngl. Fam. Hsg. Local or Gtd. Hsg. RB, Ser. T, 4.55%, 10/01/22, AMT	04/17 @ 100		2,398,800
						33,055,221

See Notes to Financial Statements.

23

BlackRock Municipal 2018 Term Trust (BPK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—8.1%
$	7,500		City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 9/01/18	09/15 @ 100	$	7,847,550
	3,460		New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT	08/16 @ 101		4,072,593
	7,500		Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C, 5.50%, 6/01/20	06/13 @ 100		8,014,350
						19,934,493
			North Carolina—2.9%
	3,140		Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 28A, 4.65%, 7/01/23, AMT	01/17 @ 100		3,029,974
	4,000		Wake Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. RB, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17	02/12 @ 101		4,182,720
						7,212,694
			Ohio—0.2%
	500		Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22	12/14 @ 101		521,780
			Oklahoma—1.3%
	2,700		Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT	No Opt. Call		3,140,991
			Pennsylvania—7.4%
	2,000		Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21	02/15 @ 100		2,088,980
			Philadelphia Auth. for Indl. Dev., Indl. Impvts. RB,
	5,000		Ser. B, 5.50%, 10/01/18, FSA	10/11 @ 101		5,312,550
	5,000		Ser. B, 5.50%, 10/01/19, FSA	10/11 @ 101		5,312,550
			West Cornwall Twnshp. Mun. Auth., Univ. & Coll. Impvts. RB, Elizabethtown Coll. Proj.,
	2,500	3	5.90%, 12/15/11	N/A		2,688,050
	2,650	3	6.00%, 12/15/11	N/A		2,860,039
						18,262,169
			Puerto Rico—1.2%
	2,665		Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17	07/16 @ 100		2,817,704
			South Carolina—2.2%
	5,000		Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.125%, 8/01/23	08/13 @ 100		5,411,700

Principal Amount (000)			Description	Option Call Provisions1	Value
			Tennessee—2.7%
$	12,000		Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, Covenant Hlth. Proj., Ser. A, Zero Coupon, 1/01/19, FSA	01/13 @ 71.667	$	6,662,760
			Texas—11.3%
	2,000		Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT	04/16 @ 100		1,973,600
			Birdville Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO,
	1,615		Zero Coupon, 2/15/18, PSF	No Opt. Call		1,003,173
	1,815		Zero Coupon, 2/15/19, PSF	No Opt. Call		1,073,228
	2,625		Zero Coupon, 2/15/20, PSF	No Opt. Call		1,476,326
	2,500		Zero Coupon, 2/15/21, PSF	No Opt. Call		1,338,025
	10,010		Brazos River Auth., Rec. Recovery RB, TXU Energy Co. LLC Proj., Ser. C, 5.75%, 5/01/36, AMT	No Opt. Call		10,180,571
			Dallas-Ft. Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina RB,
	5,000		Ser. A, 5.875%, 11/01/17, FGIC, AMT	11/11 @ 100		5,290,100
	5,000		Ser. A, 5.875%, 11/01/18, FGIC, AMT	11/11 @ 100		5,290,100
						27,625,123
			Trust Territories—1.6%
	4,000	2	San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16	12/13 @ 102		3,930,560
			Virginia—1.1%
	2,750		Hsg. Dev. Auth., Local or Gtd. Hsg. RB, Ser. E-2, 4.375%, 10/01/19, AMT	07/15 @ 100		2,656,087
			Wisconsin—7.4%
	1,990		Franklin, Rec. Recovery RB, Wst. Mgmt., Inc. Proj., 4.95%, 4/01/16, AMT	No Opt. Call		2,007,731
			Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,
	4,560	3	Froedert & Cmnty. Proj., 5.375%, 10/01/11	N/A		4,830,316
	440		Froedert & Cmnty. Proj., 5.375%, 10/01/21	10/11 @ 101		463,065
	10,000	3	Wheaton Franciscan Svcs. Proj., 6.25%, 2/15/12	N/A		10,975,300
						18,276,412
			Total Long-Term Investments (cost $360,871,942)			378,816,105

See Notes to Financial Statements.

24

BlackRock Municipal 2018 Term Trust (BPK) (continued)

(Percentages shown are based on Net Assets)

Shares (000)			Description	Value
			MONEY MARKET FUND—0.3%
	800	4,5	Merrill Lynch Institutional Tax Exempt Fund, 3.59%, (cost $800,000)	$	800,000
			Total Investments—154.7% (cost $361,671,9426)	$	379,616,105
			Other assets in excess of liabilities—1.4%		3,461,259
			Preferred shares at redemption value, including dividends payable—(56.1)%		(137,636,641	)
			Net Assets Applicable to Common Shareholders—100%	$	245,440,723

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 15.2% of its net assets, with a current market value of $37,251,351, in securities restricted as to resale.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Represents an investment in an affiliate.
5	Represents current yield as of June 30, 2007.
6	Cost for federal income tax purposes is $361,559,072. The net unrealized appreciation on a tax basis is $18,057,033, consisting of $18,931,948 gross unrealized appreciation and $874,915 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA	—	American Capital Access
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
PSF	—	Public School Fund Guaranteed
RB	—	Revenue Bond
SA	—	Special Assessment
ST	—	Special Tax
TA	—	Tax Allocation

See Notes to Financial Statements.

25

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—155.7%
			Alabama—0.4%
$	1,165		Courtland Indl. Dev. Brd., Indl. RB, Intl. Paper Co. Proj., Ser. A, 4.75%, 5/01/17	11/14 @ 100	$	1,157,253
			California—23.1%
	12,000		California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.00%, 11/01/22	11/13 @ 100		12,420,720
			Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, Cap. Apprec. Proj.,
	12,500		Zero Coupon, 1/15/21	01/10 @ 53.346		5,842,875
	10,000		Zero Coupon, 1/15/22	01/10 @ 50.177		4,390,500
			Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB,
	3,000	2	Ser. A-1, 6.625%, 6/01/13	N/A		3,414,870
	12,010	2	Ser. A-1, 6.75%, 6/01/13	N/A		13,749,408
	975	2	Ser. A-3, 7.875%, 6/01/13	N/A		1,168,450
	1,470	2	Ser. A-5, 7.875%, 6/01/13	N/A		1,761,663
	20,000	2	Ser. B, 5.375%, 6/01/10	N/A		20,801,000
	6,865		Riverside Cnty. Asset Leasing Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Riverside Cnty. Hosp. Proj., Zero Coupon, 6/01/25, MBIA	No Opt. Call		2,893,117
	5,000		Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, John Muir Hlth. Proj., Ser. A, 5.00%, 8/15/22	08/16 @ 100		5,095,150
						71,537,753
			Colorado—1.7%
	4,500		E-470 Pub. Hwy. Auth., Cap. Apprec. Hwy. Impvt. Tolls RB, Ser. B, Zero Coupon, 9/01/22, MBIA	No Opt. Call		2,220,525
	3,000		Pk. Creek Met. Dist., Misc. RB, 5.25%, 12/01/25	12/15 @ 101		3,097,140
						5,317,665
			District of Columbia—5.3%
			Dist. of Columbia, Misc. RB, Friendship Pub. Charter Sch., Inc. Proj.,
	3,320		5.00%, 6/01/23, ACA	06/14 @ 100		3,350,810
	2,680		5.75%, 6/01/18, ACA	06/14 @ 100		2,865,751
	5,000		Met. Washington Arpts. Auth., Port, Arpt. & Marina RB, Ser. C-2, 5.00%, 10/01/24, FSA, AMT	10/14 @ 100		5,112,550

Principal Amount (000)			Description	Option Call Provisions1		Value
			District of Columbia—(cont’d)
$	4,215		Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33	No Opt. Call	$	4,987,272
						16,316,383
			Florida—13.3%
	4,510		Bellago Edl. Facs. Benefit Dist., Sch. Impvts. SA, Ser. A, 5.85%, 5/01/22	05/14 @ 100		4,658,199
	3,000		CFM Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.875%, 5/01/14	No Opt. Call		3,092,430
	4,185		Grand Hampton Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 6.10%, 5/01/24	05/13 @ 101		4,435,765
	3,905		Habitat Cmnty. Dev. Dist., Pub. Impvts. SA, 5.80%, 5/01/25	05/14 @ 101		4,010,982
	5,475		Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		6,084,696
	4,345		Middle Vlg. Cmnty. Dev. Dist., Econ. Impvts. SA, Ser. A, 5.80%, 5/01/22	05/13 @ 100		4,518,800
	795		Pine Island Cmnty. Dev. Dist., Pub. Impvts. Misc. RB, 5.30%, 11/01/10	No Opt. Call		796,145
	4,455		Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 6.375%, 5/01/13	No Opt. Call		4,543,565
	3,095		Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.00%, 5/01/22	05/13 @ 101		3,274,015
	5,605		Westchester Cmnty. Dev. Dist. No. 1, Pub. Impvts. SA, 6.00%, 5/01/23	05/13 @ 101		5,814,122
						41,228,719
			Georgia—1.7%
	2,500	2	Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 5.50%, 9/01/14	N/A		2,727,600
	2,350		Richmond Cnty. Dev. Auth., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., 5.75%, 11/01/27, AMT	11/13 @ 100		2,451,050
						5,178,650
			Illinois—12.9%
	2,155	3	Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23	No Opt. Call		2,198,186

See Notes to Financial Statements.

26

BlackRock Municipal 2020 Term Trust (BKK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1		Value
		Illinois—(cont’d)
		Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina Impvts. RB,
$	5,000	Ser. A, 5.00%, 1/01/21, AMBAC	01/16 @ 100	$	5,196,550
	7,000	Ser. A, 5.00%, 1/01/22, AMBAC	01/16 @ 100		7,265,090
	4,800	Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Northwestern Univ. Proj.,  5.00%, 12/01/21	12/13 @ 100		4,967,568
		Fin. Auth., Univ. & Coll. Impvts. RB,
	5,000	DePaul Univ. Proj., Ser. C, 5.25%, 10/01/24	10/14 @ 100		5,195,050
	2,725	MJH Ed. Asst. Living Proj., Ser. A, 5.00%, 6/01/24	06/14 @ 100		2,755,084
	3,250	MJH Ed. Asst. Living Proj., Ser. A, 5.50%, 6/01/19	06/14 @ 100		3,411,785
	1,075	MJH Ed. Asst. Living Proj., Ser. B, 5.00%, 6/01/24	06/14 @ 100		1,077,451
	1,000	Lake Cook-Dane & McHenry Cntys. Cmnty. Unit Sch. Dist. 220, Ad Valorem Ppty. Tax GO, 5.25%, 12/01/20, FSA	No Opt. Call		1,088,610
	13,455	Met. Pier & Expo. Auth., Misc. Taxes RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 6/15/22, MBIA	No Opt. Call		6,734,497
					39,889,871
		Indiana—4.9%
	10,000	Indianapolis Arpt. Auth., Port, Arpt. & Marina RB, FedEx Corp. Proj., 5.10%, 1/15/17, AMT	No Opt. Call		10,284,400
	4,975	Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24	01/09 @ 102		4,994,950
					15,279,350
		Kansas—1.1%
	6,440	Wyandotte Cnty.-Kansas City Unified Gov’t., Recreational Fac. Impvts. Sales Tax RB, Intl. Speedway Proj., Zero Coupon, 12/01/20, MBIA	No Opt. Call		3,415,132
		Kentucky—0.6%
	2,000	Hsg. Corp., St. Sngl. Hsg. Local or Gtd. Hsg. RB, Ser. C, 4.625%, 7/01/22, AMT	07/16 @ 100		1,921,480

Principal Amount (000)			Description	Option Call Provisions1	Value
			Louisiana—0.7%
$	2,000		Desoto Parish, Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27, AMT	11/13 @ 100	$	2,097,200
			Maryland—5.5%
			Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj.,
	3,000		6.625%, 7/01/25	08/07 @ 102		3,064,380
	4,950		Ser. A, 5.80%, 7/01/20	07/07 @ 102		5,052,910
	8,500		Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Medstar Hlth., Inc. Proj., 5.375%, 8/15/24	08/14 @ 100		8,778,630
						16,895,920
			Massachusetts—1.5%
	4,500		Dev. Fin. Agcy., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., 5.45%, 6/01/14, AMT	No Opt. Call		4,689,720
			Michigan—0.5%
	1,500		Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Edward W. Sparrow Hosp. Proj., 4.50%, 11/15/26	11/17 @ 100		1,396,950
			Minnesota—0.4%
	1,250		Higher Ed. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of St. Thomas Proj., Ser. 5, 5.00%, 10/01/24	10/14 @ 100		1,280,463
			Mississippi—1.0%
	3,000		Warren Cnty., Mult. Util. Impvts. Misc. RB, Intl. Paper Co. Proj., Ser. A, 5.85%, 11/01/27, AMT	11/13 @ 100		3,145,800
			Missouri—3.5%
	5,000		Dev. Fin. Brd., Econ. Impvts. RB, Branson Landing Proj., Ser. A, 5.50%, 12/01/24	06/14 @ 100		5,206,850
	5,500		Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, BJC Hlth. Sys. Proj., Ser. A, 5.00%, 5/15/20	05/15 @ 100		5,647,400
						10,854,250
			Multi-State—7.4%
			Charter Mac Equity Issuer Trust,
	1,000	3	Ser. A, 5.75%, 4/30/15	No Opt. Call		1,056,690
	2,500	3	Ser. A, 6.00%, 4/30/19	No Opt. Call		2,706,625
	4,000	3	Ser. B, 6.00%, 4/30/15	No Opt. Call		4,196,880
	2,500	3	Ser. B, 6.30%, 4/30/19	No Opt. Call		2,694,175

See Notes to Financial Statements.

27

BlackRock Municipal 2020 Term Trust (BKK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			Multi-State—(cont’d)
			Munimae TE Bond Subsidiary LLC,
$	5,000	3	Ser. C1, 5.40%, 6/29/49	09/14 @ 100	$	5,030,850
	5,000	3	Ser. C2, 5.80%, 6/29/49	09/19 @ 100		5,126,300
	2,000	3	Ser. D, 5.90%, 11/29/49	09/15 @ 101		2,064,840
						22,876,360
			Nevada—2.2%
	1,765		City of Henderson, Pub. Impvts. SA, Local Impvt. No. T-18 Proj., 5.15%, 9/01/21	09/07 @ 103		1,772,201
	5,000		Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/20	05/16 @ 100		5,133,150
						6,905,351
			New Hampshire—4.9%
	10,000		Bus. Fin. Auth., Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT	06/13 @ 102		9,999,400
	5,000		Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elliot Hosp. Proj., Ser. B, 5.60%, 10/01/22	10/13 @ 100		5,212,450
						15,211,850
			New Jersey—12.5%
			Econ. Dev. Auth.,
	7,500		Econ. Impvts. Elec., Pwr. & Lt. RB, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31, AMT	No Opt. Call		8,797,575
	11,500		Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.50%, 6/15/24	06/12 @ 100		11,938,725
	1,000		Hlth., Hosp. & Nursing Home RB, Winchester Gardens Proj., Ser. A, 4.80%, 11/01/13	No Opt. Call		1,010,830
	5,000		Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT	11/10 @ 101		5,296,800
	1,500		Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 9.00%, 6/01/33, AMT	06/13 @ 101		1,810,245
			Hlth. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB,
	2,110		Atlanticare Regl. Med. Ctr. Proj., 5.00%, 7/01/20	07/17 @ 100		2,168,552
	4,000		Cap. Hlth. Sys., Inc. Proj., Ser. A, 5.75%, 7/01/23	07/13 @ 100		4,202,600
	2,500		Hsg. & Mtg. Fin. Agcy., St. Sngl. Fam. Hsg. Local or Gtd. Hsg. RB, Ser. T, 4.55%, 10/01/22, AMT	04/17 @ 100		2,398,800

Principal Amount (000)			Description	Option Call Provisions1		Value
			New Jersey—(cont’d)
$	1,000		Middlesex Cnty. Impvt. Auth., Univ. & Coll. Impvts. RB, Student Hsg. Urban Renewal Proj., Ser. A, 5.00%, 8/15/23	08/14 @ 100	$	1,025,240
						38,649,367
			New York—8.5%
	8,500		Energy Research & Dev. Auth., Natural Gas RB, Brooklyn Union Gas Co. Proj., Ser. A, 4.70%, 2/01/24, FGIC, AMT	02/16 @ 100		8,371,650
			New York City Indl. Dev.Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,
	5,635		7.625%, 8/01/25, AMT	08/16 @ 101		6,632,677
	5,000		7.75%, 8/01/31, AMT	08/16 @ 101		5,930,000
	5,000		Tobacco Settlement Fing. Auth., Hsg. Tobacco Settlement Funded RB, Ser. B1-C, 5.50%, 6/01/20	06/13 @ 100		5,342,900
						26,277,227
			Ohio—4.9%
			Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj.,
	3,000		6.00%, 1/01/19	07/13 @ 100		3,264,090
	10,000		6.00%, 1/01/20	07/13 @ 100		10,880,300
	1,100		Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ser. A, 6.00%, 12/01/22	12/14 @ 101		1,147,916
						15,292,306
			Oklahoma—1.3%
	3,350		Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT	No Opt. Call		3,897,156
			Pennsylvania—6.2%
	6,680		Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB, La Salle Univ. Proj., 5.50%, 5/01/26	05/13 @ 100		6,932,370
	10,000	2	Lancaster Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Lancaster Gen. Hosp. Proj., 5.75%, 9/15/13	N/A		10,949,900
	1,275		Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Whitemarsh Continuing Care Proj., 6.00%, 2/01/21	02/15 @ 100		1,331,725
						19,213,995

See Notes to Financial Statements.

28

BlackRock Municipal 2020 Term Trust (BKK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			Puerto Rico—4.9%
$	3,300		Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17	07/16 @ 100	$	3,489,090
	10,900	2	Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. NN, 5.125%, 7/01/13	N/A		11,584,738
						15,073,828
			Rhode Island—1.5%
	4,500	2	Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.875%, 9/15/08	N/A		4,602,600
			Tennessee—3.4%
	10,000		Energy Acquisition Corp., Natural Gas Util. Impvts. RB, Ser. A, 5.25%, 9/01/20	No Opt. Call		10,646,300
			Texas—6.0%
	1,100		Brazos River Auth., Elec., Pwr. & Lt. RB, TXU Energy Co. LLC Proj., Ser. A, 6.75%, 4/01/38, AMT	No Opt. Call		1,180,652
	3,500		Port Corpus Christi Indl. Dev. Corp., Indl. RB, Valero Energy Corp. Proj., Ser. C, 5.40%, 4/01/18	04/08 @ 102		3,603,915
			Tpke. Auth., Hwy. Impvts. Tolls RB, Central Texas Tpke. Sys. Proj.,
	7,990		Ser. A, Zero Coupon, 8/15/21, AMBAC	No Opt. Call		4,179,329
	8,450		Ser. A, Zero Coupon, 8/15/24, AMBAC	No Opt. Call		3,787,797
			Weatherford Indpt. Sch. Dist., Cap. Apprec. Ad Valorem Ppty. Tax GO,
	8,080	2	Zero Coupon, 2/15/11, PSF	N/A		3,410,528
	2,905		Zero Coupon, 2/15/23, PSF	02/11 @ 50.236		1,234,334
	2,905		Zero Coupon, 2/15/24, PSF	02/11 @ 47.435		1,165,515
						18,562,070
			Trust Territories—1.3%
	4,000	3	San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16	12/13 @ 102		3,930,560
			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	10/14 @ 100		1,048,000

Principal Amount (000)		Description	Option Call Provisions1	Value
		Virginia—7.6%
$	5,000	Celebrate North Cmnty. Dev. Auth., Wtr. Util. Impvts. SA, Ser. B, 6.60%, 3/01/25	03/14 @ 102	$	5,321,650
	10,000	Charles City Cnty. Econ. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., 5.125%, 8/01/27, AMT	07/07 @ 100		10,001,800
	7,500	Mecklenburg Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Dominion Recs., Inc. Proj., 6.50%, 10/15/17, AMT	10/12 @ 100		8,278,875
					23,602,325
		Washington—2.7%
		Washington,
	4,630	Pub. Impvts. Sales Tax  GO, Ser. F, Zero Coupon, 12/01/21, MBIA	No Opt. Call		2,392,691
	10,000	Recreational Fac. Impvts. GO, Ser. S-5, Zero Coupon, 1/01/19, FGIC	No Opt. Call		5,959,300
					8,351,991
		Wisconsin—2.0%
		Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Wheaton Franciscan Svcs. Proj.,
	2,880	5.50%, 8/15/17	08/13 @ 100		2,993,501
	3,190	5.50%, 8/15/18	08/13 @ 100		3,308,859
					6,302,360
		Total Long-Term Investments (cost $459,009,325)			482,046,205

See Notes to Financial Statements.

29

BlackRock Municipal 2020 Term Trust (BKK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Value
			SHORT-TERM INVESTMENTS—0.3%
			Maryland—0.1%
	200	4	Cnty. of Montgomery, Ad Valorem Ppty. Tax GO, 3.90%, 7/02/07, FRDD	$	200,000
			North Carolina—0.2%
	690	4	Med. Care Comm., Hlth., Hosp. & Nursing Home Impvts. RB, Adult Cmntys. Total Svcs. Proj., 3.92%, 7/02/07, RAA, FRDD		690,000
			Total Short-Term Investments (cost $890,000)		890,000
			Total Investments—156.0% (cost $459,899,3255)	$	482,936,205
			Other assets in excess of liabilities—1.4%		4,232,226
			Preferred shares at redemption value, including dividends payable—(57.4)%		(177,684,017	)
			Net Assets Applicable to Common Shareholders—100%	$	309,484,414

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	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	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 9.4% of its net assets, with a current market value of $29,005,106, in securities restricted as to resale.
4	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.
5	Cost for federal income tax purposes is $459,873,716. The net unrealized appreciation on a tax basis is $23,062,489, consisting of $23,697,814 gross unrealized appreciation and $635,325 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA	—	American Capital Access
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
FGIC	—	Financial Guaranty Insurance Co.
FRDD	—	Floating Rate Daily Demand
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
PSF	—	Public School Fund Guaranteed
RAA	—	Radian Asset Assurance
RB	—	Revenue Bond
SA	—	Special Assessment
ST	—	Special Tax
TA	—	Tax Allocation

See Notes to Financial Statements.

30

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		LONG-TERM INVESTMENTS—154.6%
		Alabama—10.8%
		Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj.,
$	755	Ser. C-2, 5.00%, 11/15/36	11/16 @ 100	$	762,278
	540	Ser. C-2, 5.00%, 11/15/39	11/16 @ 100		544,234
	3,000	Courtland Indl. Dev. Brd., Rec. Recovery RB, Champion Intl. Corp. Proj., Ser. A, 6.70%, 11/01/29, AMT	11/09 @ 101		3,149,940
	7,000	Pub. Sch. & Coll. Auth., Sch. Impvts. Misc. Tax RB, Ser. C, 5.75%, 7/01/18	07/09 @ 101.5		7,330,820
					11,787,272
		Arizona—0.8%
		San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj.,
	210	6.25%, 5/01/15	05/10 @ 107		210,584
	210	7.00%, 5/01/20	05/10 @ 107		210,401
	420	7.25%, 5/01/27	05/10 @ 107		423,108
					844,093
		California—14.0%
		California,
	1,950	Misc. Taxes GO, 5.00%, 6/01/32	06/17 @ 100		1,996,819
	5,000	Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG	03/15 @ 100		5,137,500
		Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,
	585	Ser. B, Zero Coupon, 6/01/46	06/16 @ 17.602		59,623
	3,095	Ser. C, Zero Coupon, 6/01/55	06/16 @ 8.9		158,681
	3,955	Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55	06/16 @ 6.219		134,866
	950	Golden St. Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47	06/17 @ 100		927,096
	1,835	Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38	05/13 @ 101		1,817,292
	5,000	West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 8/01/30, FSA	08/16 @ 100		5,040,200
					15,272,077

Principal Amount (000)			Description	Option Call Provisions1	Value
			Colorado—3.2%
$	445		City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA	11/15 @ 100	$	455,680
	10,000		Northwest Pkwy. Pub. Hwy. Auth., Hwy. Impvt. Tolls RB, Ser. B, Zero Coupon, 6/15/30, FSA	06/11 @ 31.387		2,615,300
	440		Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37	12/15 @ 101		458,770
						3,529,750
			Connecticut—7.0%
			Mashantucket Western Pequot Tribe,
	1,500	2	Casino RB, Ser. A, 5.50%, 9/01/28	09/09 @ 101		1,530,165
	6,000	2	Recreational RB, Ser. B, 5.75%, 9/01/27	09/07 @ 102		6,103,440
						7,633,605
			Florida—14.7%
	1,720		Arborwood Cmnty. Dev. Dist., Pub. Impvts. SA, Master Infrastructure Proj., Ser. B, 5.10%, 5/01/14	No Opt. Call		1,697,451
	5,265		Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA	10/16 @ 100		5,228,619
	1,050		Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38	06/16 @ 100		1,028,905
	3,300		Hillsborough Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30, AMT	10/10 @ 101		3,550,569
	715		Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37	08/17 @ 100		715,522
	2,045		Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		2,272,731
	1,625		Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser. B, 5.70%, 10/01/38	10/15 @ 100		1,644,029
						16,137,826
			Illinois—10.1%
	850	2	Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23	No Opt. Call		867,034

See Notes to Financial Statements.

31

BlackRock Strategic Municipal Trust (BSD) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		Illinois—(cont’d)
$	1,415	Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA	07/16 @ 100	$	1,463,733
	5,000	Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Northwestern Univ. Proj., 5.00%, 12/01/33	12/13 @ 100		5,123,900
		Fin. Auth.,
	295	Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37	02/15 @ 100		301,859
	375	Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35	06/14 @ 100		377,917
	300	Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35	06/14 @ 100		304,050
	1,740	Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC	02/16 @ 100		1,650,372
	1,000	Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA	01/15 @ 100		995,210
					11,084,075
		Indiana—1.2%
	1,325	Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC	01/16 @ 100		1,273,617
		Kentucky—6.9%
	17,780	Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Healthcare, Inc. Proj., Ser. B, Zero Coupon, 10/01/24, MBIA	No Opt. Call		7,570,191
		Louisiana—3.6%
	2,500	Louisiana, Hwy. Impvts. Sales Tax RB, Ser. A, 5.00%, 5/01/35, FGIC	05/15 @ 100		2,571,675
	1,315	St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39	12/16 @ 103		1,358,711
					3,930,386
		Maryland—2.2%
	2,500	Cmnty. Dev. Admin., St. Sngl. Fam. Hsg. RB, Ser. A, 4.70%, 9/01/37, AMT	09/16 @ 100		2,359,150
		Massachusetts—1.9%
	1,980	Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41	08/16 @ 100		2,030,807

Principal Amount (000)			Description	Option Call Provisions1	Value
			Michigan—2.6%
			Hosp. Fin. Auth.,
$	2,000	3	Hlth., Hosp. & Nursing Home Impvts. RB, Mercy Hlth. Svcs. Proj., 5.75%, 8/15/09, MBIA	N/A	$	2,093,160
	730		Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46	11/16 @ 100		743,103
						2,836,263
			Missouri—6.2%
	2,000	3	Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, St. Anthony’s Med. Ctr. Proj., 6.125%,12/01/10	N/A		2,151,400
	2,250		Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38, AMT	09/16 @ 103		2,274,840
	2,385		Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA	01/16 @ 100		2,311,327
						6,737,567
			Multi-State—5.8%
	2,000	2	Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50	11/10 @ 100		2,164,040
	4,000	2	MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49	06/09 @ 100		4,167,160
						6,331,200
			Nebraska—1.1%
	1,205		Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts.RB, Ser. A, 4.75%, 2/01/44	02/14 @ 100		1,186,443
			Nevada—0.8%
	905		Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29	05/16 @ 100		921,842
			New Jersey—0.6%
	645		Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37	01/15 @ 100		677,450
			New York—8.6%
	315	4	Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35	05/15 @ 102		286,322

See Notes to Financial Statements.

32

BlackRock Strategic Municipal Trust (BSD) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		New York—(cont’d)
$	1,960	City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. I-1, 5.00%, 4/01/25	04/16 @ 100	$	2,020,015
	1,775	Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35	No Opt. Call		1,923,763
	4,395	New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT	08/16 @ 101		5,212,470
					9,442,570
		North Carolina—1.7%
	1,825	Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39	11/16 @ 100		1,847,977
		Ohio—5.7%
	6,265	Air Qual. Dev. Auth., Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC	07/15 @ 100		6,274,084
		Oklahoma—2.1%
	905	Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, St. John Hlth. Sys., Inc. Proj., 5.00%, 2/15/42	02/17 @ 100		909,073
	1,225	Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT	No Opt. Call		1,425,079
					2,334,152
		Pennsylvania—7.4%
		Econ. Dev. Fing. Auth.,
	2,745	Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT	06/11 @ 103		3,017,112
	1,000	Rec. Recovery Impvts. RB, Colver Proj., Ser. G, 5.125%, 12/01/15, AMT	No Opt. Call		1,006,420
	700	Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.125%, 11/01/21, AMT	05/11 @ 101		738,955
	1,000	Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT	05/11 @ 101		1,054,950
	1,000	Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.50%, 11/01/16, AMT	05/11 @ 101		1,068,300

Principal Amount (000)			Description	Option Call Provisions1	Value
			Pennsylvania—(cont’d)
$	420		Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT	10/16 @ 100	$	397,908
	720		Washington Cnty. Auth., Misc. RB, Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC	No Opt. Call		773,057
						8,056,702
			Puerto Rico—2.5%
	1,225		Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/22, FSA	07/17 @ 100		1,293,110
	1,355		Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34	No Opt. Call		1,488,169
						2,781,279
			South Carolina—3.5%
	910		Hlth. & Edl. Fac. Auth., Hlth., Hosp. & Nursing Home RB, Sanford Hlth. Proj., 5.00%, 11/01/40	05/17 @ 100		916,762
	2,500	3	Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Proj., Ser. C, 7.00%, 8/01/13	N/A		2,883,407
						3,800,169
			Tennessee—3.5%
	2,000		Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D, 6.00%, 3/01/24, AMBAC, AMT	03/10 @ 101		2,100,600
	1,750		Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, St. Jude Children’s Research Hosp. Proj., 5.00%, 7/01/31	07/16 @ 100		1,779,190
						3,879,790
			Texas—14.2%
	575		Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT	04/16 @ 100		567,410
	4,750		Harris Cnty.-Houston Sports Auth., Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA	11/30 @ 61.166		903,355
	4,060		La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF	02/14 @ 100		4,142,337
	1,500		Lower Colorado River Auth., Misc. RB, Ser. A, 5.50%, 5/15/21, AMBAC	05/09 @ 101		1,554,990
	295		Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA	03/14 @ 100		292,153

See Notes to Financial Statements.

33

BlackRock Strategic Municipal Trust (BSD) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1		Value
		Texas—(cont’d)
$	1,000	Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC	03/16 @ 100	$	999,940
	1,095	San Antonio Energy Acquisition Pub. Fac. Corp., Natural Gas Util. Impvts. RB, 5.50%, 8/01/24	No Opt. Call		1,194,371
	500	Texas, Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22	08/10 @ 100		523,540
		Tpke. Auth.,
	1,450	Hwy. Impvts. Tolls Impvts. RB, Ser. A, 5.00%, 8/15/42, AMBAC	08/12 @ 100		1,472,577
	15,000	Hwy. Impvts. Tolls RB, Zero Coupon, 8/15/31, AMBAC	08/12 @ 32.807		3,866,250
					15,516,923
		Utah—2.5%
	2,675	Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.75%, 7/01/19, MBIA	07/07 @ 102		2,732,539
		Virginia—2.0%
	1,000	Henrico Cnty. Econ. Dev. Auth., Econ. Dev. RB, Westminster-Canterbury Mgmt. Proj., 5.00%, 10/01/27	10/11 @ 103		996,140
	1,270	Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, Ser. B1, 5.00%, 6/01/47	06/17 @ 100		1,213,041
					2,209,181
		Washington—1.9%
	620	Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA	01/16 @ 100		637,292
	1,520	Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC	10/16 @ 100		1,464,033
					2,101,325
		Wisconsin—5.5%
		Hlth. & Edl. Facs. Auth.,
	4,665	Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj., 5.00%, 11/15/31	11/16 @ 100		4,716,968
	1,375	Hlth., Hosp. & Nursing Home RB, Franciscan Sisters Healthcare Proj., 5.00%, 9/01/26	09/17 @ 100		1,358,211
					6,075,179
		Total Long-Term Investments (cost $163,215,541)			169,195,484

Shares (000)			Description		Value
			MONEY MARKET FUND—1.3%
	1,400	5,6	Merrill Lynch Institutional Tax Exempt Fund, 3.59% (cost $1,400,000)		$	1,400,000
			Total Investments—155.9% (cost $164,615,5417)		$	170,595,484
			Other assets in excess of liabilities—0.8%			865,626
			Preferred shares at redemption value, including dividends payable—(56.7)%			(62,019,619	)
			Net Assets Applicable to Common Shareholders—100%	��	$	109,441,491

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 13.6% of its net assets, with a current market value of $14,831,839, in securities restricted as to resale.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Illiquid security. As of June 30, 2007, the Trust held 0.3% of its net assets, with a current market value of $286,322, in these securities.
5	Represents an investment in an affiliate.
6	Represents current yield as of June 30, 2007.
7	Cost for federal income tax purposes is $164,590,966. The net unrealized appreciation on a tax basis is $6,004,518, consisting of $7,163,692 gross unrealized appreciation and $1,159,174 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
CIFG	—	CDC IXIS Financial Guaranty
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
PSF	—	Public School Fund Guaranteed
RB	—	Revenue Bond
SA	—	Special Assessment
TA	—	Tax Allocation
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

34

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock California Insured Municipal 2008 Term Trust (BFC)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—87.1%
			California—77.2%
$	1,060		Anaheim Union High Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.50%, 8/01/08, FSA	No Opt. Call	$	1,058,739
			California,
	3,000		Pub. Impvts. GO, 5.50%, 2/01/10, MBIA	No Opt. Call		3,127,380
	15,000		Pub. Impvts. Misc. GO, 6.30%, 9/01/08, MBIA	No Opt. Call		15,447,600
	2,000		Recreational Fac. Impvts. Ad Valorem Ppty. Tax GO, 6.25%, 9/01/08, FGIC	No Opt. Call		2,058,560
	3,000		Sch. Impvts. Misc. GO, 5.50%, 4/01/09, MBIA	No Opt. Call		3,092,850
	2,600		Castaic Lake Wtr. Agcy., Non-Terminable Lease COP, Wtr. Sys. Impvt. Proj., Ser. A, 7.25%, 8/01/10, MBIA	No Opt. Call		2,847,702
	1,000		City of Chula Vista, Pub. Impvts. Lease Abatement COP, Police Fac. Proj., 4.00%, 8/01/08, MBIA	No Opt. Call		1,003,150
	5,500	2	Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, 8/01/08, FGIC	ETM		5,279,505
	2,635		Cnty. of Alameda, Lease Approp. COP, Ser. A, 3.80%, 12/01/08, MBIA	No Opt. Call		2,638,294
	11,000		Cnty. of San Diego, Lease Abatement COP, 5.625%, 9/01/12, AMBAC	No Opt. Call		11,414,810
	7,500		Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 3.125%, 5/01/08, FSA	No Opt. Call		7,468,350
	1,855		El Paso de Robles, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/09, FGIC	No Opt. Call		1,711,219
	4,025		Elsinore Valley Mun. Wtr. Dist., Non-Terminable Lease COP, Ser. A, 6.00%, 7/01/09, FGIC	No Opt. Call		4,148,487
	2,000		Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Sutter Hlth. Care Sys. Proj., 5.70%, 8/15/09, MBIA	07/07 @ 102		2,042,820
	1,245		Long Beach Bd. Fin. Auth., Cash Flow Mgmt. TA, Redev. Proj., 3.50%, 8/01/08, AMBAC	No Opt. Call		1,242,336
			Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB,
	2,910		3.80%, 12/01/07, AMBAC	No Opt. Call		2,936,452
	8,090		3.85%, 12/01/08, AMBAC	No Opt. Call		8,341,033

Principal Amount (000)			Description	Option Call Provisions1	Value
			California—(cont’d)
$	8,600		4.05%, 12/01/09, AMBAC	No Opt. Call	$	9,046,512
	4,405		Los Angeles Cnty. Met. Transp. Auth., Spl. Assmt. RB, Spl. Benefit Assmt. Dist. A1 Proj., 3.75%, 9/01/08, AMBAC	No Opt. Call		4,407,335
	2,660	2	Los Angeles Unified Sch. Dist., Sch. Impvts. Lease Abatement COP, Ser. B, 3.00%, 10/01/08, FSA	ETM		2,627,974
	1,000		Mount Diablo Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 8/01/08, FSA	No Opt. Call		998,810
	1,000		Orange Cnty. Local Transp. Auth., Misc. Sales Tax RB, 6.00%, 2/15/09, MBIA	No Opt. Call		1,036,120
	2,495	2	Pasadena Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 3.50%, 11/01/08, FSA	ETM		2,486,292
	2,100		Pub. Wks. Brd., Elec., Pwr. & Lt. Impvts. Misc. RB, Energy Efficiency Proj., Ser. A, 5.625%, 10/01/08, AMBAC	07/07 @ 101		2,109,849
	3,345		Sacramento City Fing. Auth., Pub. Impvts. Lease Abatement RB, City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA	No Opt. Call		3,332,389
			Sacramento Mun. Util. Dist.,
	3,750	2	Elec., Pwr. & Lt. RB, Ser. C, 5.75%, 11/15/08, FGIC	ETM		3,781,462
	2,950	2	Elec., Pwr. & Lt. RB, Ser. C, 5.75%, 11/15/09, MBIA	ETM		2,954,690
	825	2	Swr. RB, Ser. C, 5.75%, 11/15/07, MBIA	ETM		830,511
	3,855	2	San Bernardino Cnty. Transp. Auth., Hwy. Impvts. Sales Tax RB, 6.00%, 3/01/10, FGIC	ETM		3,970,688
			San Diego Cnty. Regl. Transp. Comm., Hwy. Impvts. Sales Tax RB,
	1,285	2	Ser. A, 6.00%, 4/01/08, FGIC	ETM		1,302,309
	4,030	2	Ser. A, 6.00%, 4/01/08, MBIA	ETM		4,084,284
	1,000		San Mateo Cnty. Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 3.30%, 9/01/08, FGIC	No Opt. Call		996,440
			Santa Ana Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,
	1,000		Ser. B, Zero Coupon, 8/01/08, FGIC	No Opt. Call		959,910
	2,000		Ser. B, Zero Coupon, 8/01/09, FGIC	No Opt. Call		1,844,980
						122,629,842

See Notes to Financial Statements.

35

BlackRock California Insured Municipal 2008 Term Trust (BFC) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Puerto Rico—9.9%
			Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB,
$	5,280		Ser. DD, 5.00%, 7/01/09, FSA	07/08 @ 101.5	$	5,400,226
	6,000		Ser. DD, 5.00%, 7/01/10, FSA	07/08 @ 101.5		6,158,820
	4,000		Mun. Fin. Agcy., Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, Ser. A, 5.625%, 8/01/10, FSA	08/09 @ 101		4,181,280
						15,740,326
			Total Long-Term Investments (cost $135,608,766)			138,370,168
			SHORT-TERM INVESTMENTS—12.1%
			California—12.1%
	6,000	3	City of Los Angeles, Wstwtr. Sys. RB, Ser. B, 3.69%, 7/05/07, FGIC, FRWD	N/A		6,000,000
	2,875	3	Orange Cnty. San. Dist., Lease COP, 3.71%, 7/02/07, AMBAC, FRDD	N/A		2,875,000
	5,055	3	Orange Cnty. Transp. Auth., Trans. RB, 91 Express Lanes Proj., Ser. B-1, 3.63%, 7/05/07, AMBAC, FRWD	N/A		5,055,000
	5,350	3	Pittsburg Redev. Agcy., Econ. Impvts. TA, Los Medanos Cmnty. Proj., Ser. A, 3.88%, 7/02/07, AMBAC, FRDD	N/A		5,350,000
			Total Short-Term Investments (cost $19,280,000)			19,280,000
Total Investments—99.2% (cost $154,888,7664)					$	157,650,168
Other assets in excess of liabilities—0.8%						1,220,076
Net Assets—100%					$	158,870,244

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is collateralized by Municipal or U.S. Treasury obligations.
3	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.
4	Cost for federal income tax purposes is $154,080,827. The net unrealized appreciation on a tax basis is $3,569,341, consisting of $3,692,914 gross unrealized appreciation and $123,573 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 100.0% of the Trust’s net assets.

AMBAC	—	33.3%
FGIC	—	20.3%
FSA	—	21.4%
MBIA	—	25.0%

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
COP	—	Certificate of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FRDD	—	Floating Rate Daily Demand
FRWD	—	Floating Rate Weekly Demand
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
TA	—	Tax Allocation

See Notes to Financial Statements.

36

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock California Insured Municipal 2018 Term Trust (BJZ)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—149.2%
			California—117.7%
$	2,100		ABAG Fin. Auth. for Nonprofit Corps., Hlth., Hosp. & Nursing Home RB, San Diego Hosp. Assoc. Proj., Ser. C, 5.375%, 3/01/21	03/14 @ 100	$	2,166,276
			California GO,
	4,740	2	5.00%, 11/01/11	N/A		4,953,727
	260		5.00%, 11/01/20	11/11 @ 100		267,119
	6,500		Ser. BZ, 5.35%, 12/01/21, MBIA, AMT	07/07 @ 101		6,516,250
	5,000		City of Long Beach, Port, Arpt. & Marina RB, Ser. A, 5.25%, 5/15/18, FGIC, AMT	05/10 @ 101		5,146,900
	7,500		Clovis Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 8/01/21, FGIC	No Opt. Call		3,935,475
			Cnty. of San Bernardino, Pub. Impvts. ST, Cmnty. Facs. Dist. No. 2002-1 Proj.,
	105		5.35%, 9/01/17	09/12 @ 102		108,167
	245		5.50%, 9/01/18	09/12 @ 102		254,082
	500		5.60%, 9/01/19	09/12 @ 102		521,465
	355		5.70%, 9/01/20	09/12 @ 102		371,451
	2,980		Cnty. of San Diego, Lease Abatement COP, 5.25%, 11/01/19, AMBAC	11/11 @ 100		3,114,785
	6,500	2	Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 5.125%, 5/01/12	N/A		6,904,560
	3,395		Fontana Pub. Fin. Auth., Incrmt. TA, Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA	09/11 @ 101		3,571,879
	20,000		Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, Cap. Apprec. Proj., Zero Coupon, 1/15/21	01/10 @ 53.346		9,348,600
			Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nusing Home RB, Adventist Hlth. Sys. Proj.,
	1,075		Ser. A, 5.00%, 3/01/18	03/13 @ 100		1,092,963
	1,000		Ser. A, 5.00%, 3/01/19	03/13 @ 100		1,014,220
	2,060		Ser. A, 5.00%, 3/01/20	03/13 @ 100		2,084,184
	1,355		Ser. A, 5.00%, 3/01/24	03/13 @ 100		1,364,214
			Infrastructure & Econ. Dev. Bank, Hlth., Hosp. & Nursing Home Impvts. RB,
	1,985		J. David Gladstone Proj., 5.50%, 10/01/20	10/11 @ 101		2,079,685
	6,500		Kaiser Asst. Corp. Proj., Ser. A, 5.55%, 8/01/31	08/11 @ 102		6,768,385
			Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB, Wtr. Sply. Proj.,
	995		5.80%, 6/01/21	06/13 @ 100		1,035,845
	1,040		5.85%, 6/01/22	06/13 @ 100		1,084,242
	1,000		5.90%, 6/01/23	06/13 @ 100		1,043,000

Principal Amount (000)			Description	Option Call Provisions1	Value
			California—(cont’d)
$	5,000	2	Los Angeles Cnty. Pub. Wks. Fing. Auth., Recreational Fac. Impvts. Misc. RB, Regl. Pk. Proj., Ser. A, 5.00%, 10/01/07	N/A	$	5,065,650
	10,025		Los Angeles Harbor Dept., Port, Arpt. & Marina RB, Ser. B, 5.50%, 8/01/21, AMBAC, AMT	08/11 @ 100		10,475,122
			Poll. Ctrl. Fing. Auth.,
	3,100		Indl. RB, San Diego Gas & Elec. Co. Proj., Ser. A, 5.90%, 6/01/14	No Opt. Call		3,365,143
	2,500		Rec. Recovery Impvts. RB, Republic Svcs., Inc. Proj., Ser. B, 5.25%, 6/01/23, AMT	No Opt. Call		2,593,400
	2,500		Rec. Recovery RB, Republic Svcs., Inc. Proj., Ser. C, 5.25%, 6/01/23, AMT	No Opt. Call		2,593,400
	4,000		Sld. Wst. Disp. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.125%, 7/01/31, AMT	05/14 @ 100		4,094,840
			Pub. Wks. Brd., Lease Abatement RB,
	2,020		California Cmnty. Coll. Proj., Ser. A, 5.00%, 12/01/17	12/08 @ 101		2,058,299
	2,415		California St. Univ. Proj., Ser. A, 5.00%, 10/01/17	10/08 @ 101		2,453,737
	5,000		Riverside Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.25%, 2/01/23, FGIC	02/12 @ 101		5,258,900
	2,135	2	Santa Clara Valley Transp. Auth., Trans. Impvts. Sales Tax RB, Ser. A, 5.00%, 6/01/11, MBIA	N/A		2,223,538
	5,000		Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj., Ser. A, 5.25%, 7/01/24	07/15 @ 100		5,098,150
	4,590		Stockton-East Wtr. Dist., Lease COP, Ser. B, Zero Coupon, 4/01/19, FGIC	04/12 @ 66.427		2,467,446
						112,495,099
			Multi-State—9.8%
	4,000	3	Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49	06/09 @ 100		4,150,080
	5,000	3	MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49	06/09 @ 100		5,208,950
						9,359,030
			Puerto Rico—14.5%
	1,035		Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.25%, 7/01/17	07/16 @ 100		1,094,305
	4,410		Pub. Bldgs. Auth., Lease RB, Gov’t. Facs. Proj., Ser. C, 5.75%, 7/01/19	No Opt. Call		4,873,844

See Notes to Financial Statements.

37

BlackRock California Insured Municipal 2018 Term Trust (BJZ) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Puerto Rico—(cont’d)
$	7,500	2	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10	N/A	$	7,824,000
						13,792,149
			Trust Territories—4.1%
	4,000	3	San Manuel Entertainment Auth. RB, 2004 Gaming Proj., Ser. C, 4.50%, 12/01/16	12/13 @ 102		3,930,560
			U.S. Virgin Islands—3.1%
			Pub. Fin. Auth., Swr. Impvts. Swr. RB, Sen. Lien Matching Fund Loan,
	360		Ser. A, 5.25%, 10/01/17	10/14 @ 100		377,280
	455		Ser. A, 5.25%, 10/01/19	10/14 @ 100		475,607
	460		Ser. A, 5.25%, 10/01/21	10/14 @ 100		478,810
	315		Ser. A, 5.25%, 10/01/22	10/14 @ 100		328,671
	960		Ser. A, 5.25%, 10/01/23	10/14 @ 100		1,001,059
	300		Ser. A, 5.25%, 10/01/24	10/14 @ 100		312,456
						2,973,883
			Total Long-Term Investments (cost $139,150,685)			142,550,721

Shares (000)
			MONEY MARKET FUND—7.5%
	7,163	4,5	CMA California Mun. Money Fund, 3.18% (cost $7,163,060)	N/A		7,163,060
Total Investments—156.7% (cost $146,313,7456)					$	149,713,781
Other assets in excess of liabilities—1.4%						1,391,079
Preferred shares at redemption value, including dividends payable—(58.1)%						(55,549,336	)
Net Assets Applicable to Common Shareholders—100%					$	95,555,524

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	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	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 13.9% of its net assets, with a current market value of $13,289,590, in securities restricted as to resale.
4	Represents an investment in an affiliate.
5	Represents current yield as of June 30, 2007.
6	Cost for federal income tax purposes is $146,311,362. The net unrealized appreciation on a tax basis is $3,402,419, consisting of $3,775,713 gross unrealized appreciation and $373,294 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
COP	—	Certificate of Participation
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
ST	—	Special Tax
TA	—	Tax Allocation

See Notes to Financial Statements.

38

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—81.3%
			Florida—80.1%
$	1,500		Alachua Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 4.25%, 1/01/09, FSA	No Opt. Call	$	1,509,345
	4,190		Brd. of Ed., Sch. Impvts. Misc. RB, Ser. A, 5.00%, 7/01/08, FGIC	No Opt. Call		4,242,040
			City of Jacksonville,
	2,000		Pub. Impvts. Sales Tax RB, 4.10%, 10/01/08, AMBAC	No Opt. Call		2,008,160
	1,155		Sales Tax RB, 3.125%, 10/01/08, FGIC	No Opt. Call		1,143,600
	5,895		Sales Tax RB, 4.25%, 10/01/08, AMBAC	No Opt. Call		5,929,840
	2,000		City of Lakeland, Elec., Pwr. & Lt. RB, 5.90%, 10/01/08, FSA	No Opt. Call		2,051,240
			City of Orlando, Swr. RB,
	1,100		Ser. A, 3.25%, 10/01/08, AMBAC	No Opt. Call		1,091,541
	1,280		Ser. A, 3.50%, 10/01/09, AMBAC	No Opt. Call		1,269,542
	10,000		Cnty. of Hillsborough, Wtr. RB, 4.50%, 8/01/08, AMBAC	No Opt. Call		10,078,700
			Cnty. of Miami-Dade,
	5,000		Misc. Taxes RB, Ser. A, Zero Coupon, 2/01/08, MBIA	07/07 @ 100.592		4,878,800
	905	2	Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/08, AMBAC	ETM		863,225
	1,095		Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/08, AMBAC	No Opt. Call		1,043,809
	1,535		Pub. Svc. Tax Pub. Impvt. RB, 3.40%, 4/01/08, AMBAC	No Opt. Call		1,530,518
			Cnty. of Orange,
	5,130		Misc. Taxes RB, Ser. A, 4.00%, 10/01/08, AMBAC	No Opt. Call		5,145,954
	1,005	2	Sales Tax RB, Ser. A, 5.85%, 10/01/08, MBIA	ETM		1,030,457
	495		Sales Tax RB, Ser. A, 5.85%, 10/01/08, MBIA	No Opt. Call		507,538
			Cnty. of Osceola,
	640		Fuel Sales Tax RB, 3.10%, 4/01/08, FGIC	No Opt. Call		635,891
	1,810	2	Trans. Impvts. Sales Tax RB, 3.75%, 10/01/08, AMBAC	ETM		1,808,606
	2,000		Cnty. of Seminole, Wtr. RB, 6.00%, 10/01/09, MBIA	No Opt. Call		2,069,960
	5,905		Dept. of Env. Protection, Recreational Fac. Impvts. Sales Tax RB, Ser. B, 4.00%, 7/01/08, FGIC	No Opt. Call		5,919,408
			Div. of Bd. Fin.,
	8,000		Recreational Fac. Impvts. Misc. Taxes RB, Dept. of Env. Presvtn. Proj., Ser. B, 5.25%, 7/01/10, FSA	07/08 @ 101		8,188,000

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	2,000		Recreational Fac. Impvts. Sales Tax RB, Nat. Res. & Presvtn. Proj., Ser. A, 5.00%, 7/01/11, AMBAC	07/07 @ 101	$	2,021,740
	1,095		Escambia Cnty. Utils. Auth., Mult. Util. RB, Ser. B, 6.125%, 1/01/09, FGIC	No Opt. Call		1,118,280
	6,000		Greater Orlando Aviation Auth., Port, Arpt. & Marina RB, Orlando Arpt. Facs. Proj., Ser. C, 3.50%, 10/01/08, MBIA	No Opt. Call		5,973,540
	3,000		Hillsborough Cnty. Sch. Brd., Sales Tax RB, 4.00%, 10/01/09, AMBAC	No Opt. Call		3,010,140
	950		Indian River Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 3.25%, 4/01/08, FSA	No Opt. Call		945,763
	3,000		Lee Cnty., Port, Arpt. & Marina RB, 4.25%, 10/01/09, FSA
			Miami, Ad Valorem Ppty. Tax GO,	No Opt. Call		3,021,030
	1,345		5.90%, 12/01/08, FGIC	No Opt. Call		1,384,583
	1,000		6.00%, 12/01/09, FGIC	No Opt. Call		1,049,070
	2,000	2	Miami-Dade Cnty. Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of Miami Proj., Ser. A, 4.875%, 4/01/09, AMBAC	ETM		2,033,000
	4,775		Miami-Dade Cnty. Sch. Brd., Lease Approp. COP, 5.25%, 8/01/11, FSA	08/08 @ 101		4,891,271
	1,090		Mun. Loan Council, Pub. Impvts. Misc. RB, Ser. C, 3.50%, 11/01/08, MBIA	No Opt. Call		1,085,553
	4,935		Pasco Cnty., Rec. Recovery RB, 6.00%, 4/01/09, FGIC	07/07 @ 100		4,943,390
	2,000		Polk Cnty. Sch. Brd., Sch. Impvts. Lease Approp. COP, Ser. A, 3.20%, 1/01/08, FSA	No Opt. Call		1,992,680
	500		St. Petersburg Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, All Children’s Hosp. Proj., 3.10%, 11/15/08, AMBAC	No Opt. Call		493,400
	2,530		Tpke. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. B, 5.50%, 7/01/08, MBIA	No Opt. Call		2,573,794
	1,370		Vlg. Ctr. Cmnty. Dev. Dist., Recreational RB, Ser. A, 5.50%, 11/01/08, MBIA	No Opt. Call		1,400,716
	2,370		Volusia Cnty., Sales Tax RB, Ser. B, 4.00%, 10/01/08, MBIA	No Opt. Call		2,376,802
						103,260,926

See Notes to Financial Statements.

39

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Puerto Rico—1.2%
$	1,500		Mun. Fin. Agcy., Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, Ser. A, 5.625%, 8/01/10, FSA	08/09 @ 101	$	1,567,980
			Total Long-Term Investments (cost $103,991,741)			104,828,906
			SHORT-TERM INVESTMENTS—17.8%
			Florida—17.8%
			Jacksonville Hlth. Facs. Auth.,
	4,250	3	Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj., 3.88%, 7/02/07, FRDD	N/A		4,250,000
	2,015	3	Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj., 3.88%, 7/02/07, MBIA, FRDD	N/A		2,015,000
	1,400	3	Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Orlando Regl. Healthcare Proj., 3.89%, 7/02/07, FGIC, FRDD	N/A		1,400,000
			Orlando & Orange Cntys. Expwy. Auth., Hwy. Impvts. Tolls RB,
	5,900	3	Ser. B-1, 3.72%, 7/05/07, AMBAC, FRWD	N/A		5,900,000
	100	3	Ser. C, 3.73%, 7/05/07, AMBAC, FRWD	N/A		100,000
	4,900	3	Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, All Children’s Hosp. Proj., 3.86%, 7/02/07, AMBAC, FRDD	N/A		4,900,000
	1,355	3	Sunshine St. Govt’l. Fing. Comm., Pub. Impvts. Misc. RB, 3.92%, 7/02/07, AMBAC, FRDD	N/A		1,355,000
	3,100	3	West Palm Beach Util. Sys., Mult. Util. RB, 3.75%, 7/04/07, FGIC, FRWD	N/A		3,100,000
			Total Short-Term Investments (cost $23,020,000)			23,020,000
Total Investments—99.1% (cost $127,011,7414)					$	127,848,906
Other assets in excess of liabilities—0.9%						1,111,470
Net Assets—100%					$	128,960,376

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is collateralized by Municipal or U.S. Treasury obligations.
3	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.
4	Cost for federal income tax purposes is $126,981,739. The net unrealized appreciation on a tax basis is $867,167, consisting of $1,004,539 gross unrealized appreciation and $137,372 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 97.0% of the Trust’s net assets.

AMBAC	—	39.6%
FGIC	—	19.6%
FSA	—	19.1%
MBIA	—	18.7%

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
COP	—	Certificate of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FRDD	—	Floating Rate Daily Demand
FRWD	—	Floating Rate Weekly Demand
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond

See Notes to Financial Statements.

40

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		LONG-TERM INVESTMENTS—157.0%
		Florida—140.4%
$	6,150	Brd. of Ed., Sch Impvts. Misc. GO, Ser. J, 5.00%, 6/01/24, AMBAC	06/13 @ 101	$	6,364,204
	1,095	City of Deltona, Mult. Util. Impvts. RB, 5.00%, 10/01/23, MBIA	10/13 @ 100		1,130,708
	1,000	City of Lakeland, Wtr. RB, 5.00%, 10/01/27	10/12 @ 100		1,021,690
		City of Marco Island, Wtr. Util. Impvts. Wtr. RB,
	2,000	5.00%, 10/01/22, MBIA	10/13 @ 100		2,067,080
	1,375	5.00%, 10/01/23, MBIA	10/13 @ 100		1,419,839
	1,000	5.25%, 10/01/21, MBIA	10/13 @ 100		1,055,480
		City of Palm Coast, Wtr. Util. Impvts. Wtr. RB,
	1,770	5.00%, 10/01/22, MBIA	10/13 @ 100		1,829,366
	1,485	5.00%, 10/01/23, MBIA	10/13 @ 100		1,533,426
	1,500	5.00%, 10/01/24, MBIA	10/13 @ 100		1,546,170
	4,000	Cnty. of Escambia, Misc. RB, Intl. Paper Co. Proj., 5.75%, 11/01/27, AMT	11/13 @ 100		4,172,000
		Cnty. of Miami-Dade,
	5,365	Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/19, MBIA	04/08 @ 55.413		2,873,601
	10,000	Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/20, MBIA	04/08 @ 52.398		5,062,800
	7,560	Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/32, MBIA	04/08 @ 26.494		1,930,446
	2,760	Cnty. of Polk, Wtr. Util. Impvts. Wtr. RB, 5.00%, 10/01/23, FGIC	10/13 @ 100		2,850,004
	4,665	Crossings at Fleming Island Cmnty. Dev. Dist., Swr. Impvts. RB, 6.75%, 10/01/25	10/09 @ 102		4,900,629
	566	Escambia Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, 5.95%, 7/01/20, AMBAC	No Opt. Call		584,495
	1,780	Fleming Island Plantation Cmnty. Dev., SA, 4.50%, 5/01/22, MBIA	05/17 @ 100		1,747,764
	1,500	Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26	06/16 @ 100		1,528,830
	1,955	Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj., 5.50%, 10/01/23	10/12 @ 100		2,028,782
	1,000	Hillsborough Cnty. Sch. Brd., Sch. Impvts. Lease Approp. COP, 5.00%, 7/01/27, MBIA	07/13 @ 100		1,022,360
	2,500	Hsg. Fin. Corp., Local or Gtd. Hsg. RB, 4.70%, 7/01/22, AMT	01/17 @ 100		2,431,775

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	1,500		Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Shell Point/Alliance Cmnty. Proj., 5.00%, 11/15/22	05/17 @ 100	$	1,496,730
	3,000		Lee Cnty., Trans. RB, Ser. B, 5.00%, 10/01/22, AMBAC	10/14 @ 100		3,118,140
			Marion Cnty. Hosp. Dist., Hlth. Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. Proj.,
	1,500		5.00%, 10/01/22	10/17 @ 100		1,517,895
	900		5.00%, 10/01/29	10/17 @ 100		904,959
	2,500		Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		2,778,400
	4,695	2	Miami-Dade Cnty. Edl. Facs. Auth., Univ. & Coll. RB, Miami Univ. Proj., Ser. A, 5.00%, 4/01/14, AMBAC	N/A		4,941,863
	4,000		Mun. Loan Council, Pub. Impvts. RB, Ser. A, Zero Coupon, 4/01/20, MBIA	No Opt. Call		2,250,560
			Northern Palm Beach Cnty. Impvt. Dist.,
	1,000		SA, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., Ser. B, 4.50%, 8/01/22, ACA	08/17 @ 100		963,850
	1,000		SA, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., Ser. B, 5.00%, 8/01/31, ACA	08/17 @ 100		1,001,530
	2,735	2	Wtr. Util. Impvts. SA RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/11	N/A		2,937,144
	710		Wtr. Util. Impvts. SA RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj., 6.10%, 8/01/21	08/11 @ 101		746,203
	4,450	2	Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Hlth. Sys. Proj., 5.625%, 11/15/12	N/A		4,816,813
	6,500		Palm Beach Cnty. Sch. Brd., Lease Renewal COP, Ser. D, 5.00%, 8/01/28, FSA	08/12 @ 100		6,619,470
	4,455		Sterling Hill Cmnty. Dev. Dist. SA, Ser. A, 6.10%, 5/01/23	05/13 @ 101		4,714,415
	2,445		Stevens Plantation Impvt. Proj. Dependent Spl. Dist., Pub. Impvts. Misc. RB, 6.375%, 5/01/13	No Opt. Call		2,512,458
	1,205		Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj., 6.80%, 10/01/32, AMT	10/09 @ 100		1,239,728

See Notes to Financial Statements.

41

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
			Tohopekaliga Wtr. Auth.,
$	3,630		Wtr. RB, Ser. A, 5.00%, 10/01/21, FSA	10/13 @ 100	$	3,768,775
	3,810		Wtr. RB, Ser. A, 5.00%, 10/01/22, FSA	10/13 @ 100		3,937,787
	2,000		Wtr. RB, Ser. A, 5.00%, 10/01/23, FSA	10/13 @ 100		2,065,220
	1,975		Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/22, FSA	10/13 @ 100		2,041,241
	1,180		Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/23, FSA	10/13 @ 100		1,218,480
	1,550		Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.00%, 5/01/22	05/13 @ 101		1,639,652
			Vlg. Ctr. Cmnty. Dev. Dist.,
	2,000		Recreational Fac. Impvts. RB, Ser. B, 6.35%, 1/01/18	01/14 @ 100		2,132,380
	5,000		Wtr. Util. Impvts. Wtr. RB, 5.25%, 10/01/23, MBIA	10/13 @ 101		5,268,950
	1,000		Watergrass Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.125%, 11/01/14	No Opt. Call		988,440
	1,300		Waterstone Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.50%, 5/01/18	No Opt. Call		1,288,391
						116,010,923
			Puerto Rico—14.8%
			Children’s Trust Fund, Tobacco Settlement Funded RB,
	2,015		5.50%, 5/15/39	05/12 @ 100		2,101,363
	5,900		5.625%, 5/15/43	05/12 @ 100		6,174,350
	3,740	2	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12	N/A		3,974,535
						12,250,248
			U.S. Virgin Islands—1.8%
	1,500		Pub. Fin. Auth., Swr. Impvts. RB, Hovensa LLC Proj., 4.70%, 7/01/22, AMT	01/15 @ 100		1,473,690
			Total Long-Term Investments (cost $125,978,666)			129,734,861
			SHORT-TERM INVESTMENTS—0.7%
			Florida—0.7%
	100	3	City of Gainesville, Mult. Util. RB, Ser. A, 3.92%, 7/02/07, FRDD	N/A		100,000
	400	3	Lee Cnty. Hosp. Brd. of Directors, Hlth., Hosp. & Nursing Home RB, Mem. Hlth. Sys. Proj., 3.95%, 7/02/07, FRDD	N/A		400,000
	125	3	Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, All Children’s Hosp. Proj., 3.86%, 7/02/07, AMBAC, FRDD	N/A		125,000
						625,000

Shares			Description	Value
			MONEY MARKET FUND—0.0%
	454	4,5	CMA Florida Mun. Money Fund, 3.10%	$	454
			Total Short-Term Investments (cost $625,454)		625,454
Total Investments—157.7% (cost $126,604,1206)				$	130,360,315
Other assets in excess of liabilities—1.5%					1,217,186
Preferred shares at redemption value, including dividends payable—(59.2)%					(48,929,743	)
Net Assets Applicable to Common Shareholders—100%				$	82,647,758

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	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 June 30, 2007.
4	Represents an investment in an affiliate.
5	Represents current yield as of June 30, 2007.
6	Cost for federal income tax purposes is $126,586,970. The net unrealized appreciation on a tax basis is $3,773,345, consisting of $4,121,893 gross unrealized appreciation and $348,548 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA	—	American Capital Access
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
COP	—	Certificate of Participation
FGIC	—	Financial Guaranty Insurance Co.
FRDD	—	Floating Rate Daily Demand
FSA	—	Financial Security Assurance
GO	��	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
SA	—	Special Assessment

See Notes to Financial Statements.

42

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			LONG-TERM INVESTMENTS—97.0%
			New York—97.0%
$	1,000		Bath Central Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 6/15/08, FGIC	No Opt. Call	$	1,002,700
	2,250		Central Square Central Sch. Dist., Ad Valorem Ppty. Tax GO, 3.75%, 5/15/09, FGIC	No Opt. Call		2,248,312
			City of New York, Ad Valorem Ppty. Tax GO,
	2,455	2	4.75%, 8/15/08, XLCA	N/A		2,507,488
	2,265		4.75%, 8/15/09, XLCA	08/08 @ 101		2,307,469
	1,000		Ser. A, 5.20%, 8/01/10, FSA	08/08 @ 101		1,024,250
	45		Ser. C-1, 6.25%, 8/01/10, FSA	07/07 @ 100		45,087
	50		Ser. C-1, 6.375%, 8/01/08, MBIA	07/07 @ 100		50,095
	2,000	3	Ser. E, 6.20%, 8/01/08, MBIA	ETM		2,053,600
	4,895		Ser. E, 6.20%, 8/01/08, MBIA	No Opt. Call		5,019,676
	1,000		Cnty. of Erie, Pub. Impvt. Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 10/01/08, FGIC	No Opt. Call		1,000,320
			Cnty. of Monroe, Pub. Impvt. Ad Valorem Ppty. Tax GO,
	455	3	4.00%, 3/01/09, FGIC	ETM		456,684
	770		4.00%, 3/01/09, FGIC	No Opt. Call		772,564
			Dorm. Auth.,
	3,500		Hlth., Hosp. & Nursing Home RB, Bronx-Lebanon Hosp. Ctr. Proj., 5.00%, 2/15/10, MBIA	02/08 @ 101.5		3,579,590
	5,000	2	Hlth., Hosp. & Nursing Home RB, Bronx-Lebanon Hosp. Ctr. Proj., 5.125%, 2/15/08, ACA, FSA	N/A		5,117,500
	500		Hlth., Hosp. & Nursing Home RB, W.K. Nursing Home Corp. Proj., 5.65%, 8/01/09	07/07 @ 102		509,200
	1,000		Hlth., Hosp. & Nursing Home RB, Winthrop So. Nassau Univ. Proj., Ser. A, 4.125%, 7/01/08, AMBAC	No Opt. Call		1,003,080
	2,500		Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC	No Opt. Call		2,538,175
	5,000		Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, FGIC	No Opt. Call		5,076,350
	6,000		Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE	No Opt. Call		6,089,040
	5,000		Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC	No Opt. Call		5,153,350
	1,960		East Greenbush Central Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. C, 4.00%, 6/15/09, FSA	No Opt. Call		1,967,683

Principal Amount (000)			Description	Option Call Provisions1		Value
			New York—(cont’d)
$	6,000		Env. Facs. Corp., Swr. RB Mun. Wtr. Proj., 4.00%, 6/15/09	No Opt. Call	$	6,025,800
	1,185		Evans-Brant Central Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. C, 3.75%, 12/15/08, FGIC	No Opt. Call		1,185,356
			Fayetteville-Manlius Central Sch. Dist., Ad Valorem Ppty. Tax GO,
	1,125		3.75%, 6/15/09, FGIC	No Opt. Call		1,124,145
	1,000		4.00%, 6/15/08, FGIC	No Opt. Call		1,002,700
	4,805		Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Hsg. Mtg. Proj., Ser. A, 5.80%, 5/01/09, FSA	07/07 @ 101		4,826,830
	12,500		Long Island Pwr. Auth., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, 5.00%, 4/01/08, MBIA	No Opt. Call		12,615,500
			Met. Transp. Auth., Trans. RB,
	2,500	3	Ser. A, 6.10%, 7/01/08, MBIA	ETM		2,559,925
	26,075	3	Ser. K, 6.00%, 7/01/08, MBIA	ETM		26,674,464
			Mt. Sinai Union Free Sch. Dist., Ad Valorem Ppty. Tax GO,
	935		6.00%, 2/15/08, AMBAC	No Opt. Call		947,940
	930		6.10%, 2/15/09, AMBAC	No Opt. Call		963,108
	1,075		6.10%, 2/15/10, AMBAC	No Opt. Call		1,133,469
			New York City Hlth. & Hosp. Corp., Hlth., Hosp. & Nursing Home RB,
	2,810		Ser. A, 3.75%, 2/15/09, FSA	No Opt. Call		2,806,403
	2,000		Ser. A, 5.00%, 2/15/08, AMBAC	No Opt. Call		2,015,040
			New York City Mun. Wtr. Fin. Auth., Wtr. RB,
	11,500		Ser. A, Zero Coupon, 6/15/09, MBIA	No Opt. Call		10,665,215
	1,710	3	Ser. A, 6.00%, 6/15/08, FGIC	ETM		1,747,586
			New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB,
	3,835	3	4.00%, 5/01/09, MBIA	ETM		3,850,378
	7,800	3	Ser. B, 5.25%, 5/01/11, MBIA	ETM		8,177,286
	1,000		New York, Gen. Fund GO, Ser. F, 5.50%, 9/15/08, AMBAC	No Opt. Call		1,021,450
	250	3	Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. CC, 5.125%, 1/01/11, MBIA	ETM		260,110
	1,030		Sodus Central Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 6/15/09, FGIC	No Opt. Call		1,034,038
	5,000		Suffolk Cnty. Indl. Dev. Agcy., Swr. RB, 6.00%, 2/01/08, FGIC	No Opt. Call		5,065,000

See Notes to Financial Statements.

43

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			New York—(cont’d)
$	1,675	3	Suffolk Cnty. Wtr. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. C, 5.75%, 6/01/08, AMBAC	ETM	$	1,696,206
			Thruway Auth.,
	2,000		Hwy. Impvts. Hwy. Tolls RB, Hwy. & Brdg. Trust Fund Proj., Ser. A, 3.90%, 4/01/09, FSA	No Opt. Call		2,003,620
	3,410		Hwy. Impvts. Misc. RB, Local Hwy. & Brdg. Proj., Ser. A, 5.375%, 4/01/09, MBIA	04/08 @ 101		3,484,099
	2,000		Hwy. Impvts. Sales Tax RB, Hwy. & Brdg. Trust Fund Proj., Ser. B, 4.00%, 4/01/09, MBIA	No Opt. Call		2,006,980
	2,900		Hwy. Impvts. Sales Tax RB, Hwy. & Brdg. Trust Fund Proj., Ser. B, 5.25%, 4/01/11, MBIA	No Opt. Call		3,033,806
	2,265	3	Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB, Ser. A, 5.125%, 1/01/11, MBIA	ETM		2,328,896
			Urban Dev. Corp., Correctional Facs. Impvts. Lease Approp. RB,
	2,000		Ser. A, 5.50%, 1/01/09, AMBAC	No Opt. Call		2,049,580
	5,140		Ser. B, 5.25%, 1/01/10, AMBAC	01/09 @ 101		5,294,354
			Total Long-Term Investments (cost $164,416,426)			167,121,497
			SHORT-TERM INVESTMENTS—2.0%
			New York—2.0%
			New York City Mun. Wtr. Fin. Auth.,
	1,100	4	Mult. Util. Impvts. Wtr. & Swr. RB, Ser. A, 3.87%, 7/02/07, FGIC, FRDD	N/A		1,100,000
	1,300	4	Swr. Impvts. RB, Ser. C, 3.81%, 7/02/07, FGIC, FRDD	N/A		1,300,000
	955	4	New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A-6, 3.87%, 7/02/07, FSA, FRDD	N/A		955,000
			Total Short-Term Investments (cost $3,355,000)			3,355,000
Total Investments—99.0% (cost $167,771,4265)					$	170,476,497
Other assets in excess of liabilities—1.0%						1,741,471
Net Assets—100%					$	172,217,968

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	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	Security is collateralized by Municipal or U.S. Treasury obligations.
4	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.
5	Cost for federal income tax purposes is $167,170,394. The net unrealized appreciation on a tax basis is $3,306,103, consisting of $3,332,078 gross unrealized appreciation and $25,975 gross unrealized depreciation.
	The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 96.6% of the Trust’s net assets.

ACA	—	3.0%
AMBAC	—	14.1%
CONNIE LEE	—	3.6%
FGIC	—	14.1%
FSA	—	8.0%
MBIA	—	51.0%
XLCA	—	2.8%

KEY TO ABBREVIATIONS
ACA	—	American Capital Access
AMBAC	—	American Municipal Bond Assurance Corp.
CONNIE LEE	—	College Construction Loan Insurance Assoc.
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FRDD	—	Floating Rate Daily Demand
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

44

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock New York Municipal 2018 Term Trust (BLH)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			LONG-TERM INVESTMENTS—151.8%
			Multi-State—7.1%
$	4,000	2	Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49	06/09 @ 100	$	4,150,080
			New York—136.6%
	450	3	Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/25	05/15 @ 102		419,252
			City of New York,
	1,890	4	Ad Valorem Ppty. Tax GO, Ser. G, 5.75%, 8/01/12	N/A		2,047,191
	3,110		Ad Valorem Ppty. Tax GO, Ser. G, 5.75%, 8/01/18	08/12 @ 100		3,316,939
	4,000		Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.375%, 12/01/20	12/11 @ 100		4,173,000
			Dorm. Auth.,
	3,455	4	Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/08	N/A		3,550,427
	295		Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. A, 5.00%, 2/15/18	02/08 @ 102		299,838
	80	4	Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. B, 5.25%, 8/15/11, MBIA	N/A		84,880
	30		Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. B, 5.25%, 8/15/20, MBIA	08/11 @ 100		31,579
	2,510	4	Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Proj., Ser. B, 5.50%, 8/15/11, MBIA	N/A		2,663,110
	1,000		Hlth., Hosp. & Nursing Home RB, Willow Towers, Inc. Proj., 5.25%, 2/01/22	08/12 @ 101		1,051,490
	1,800	4	Univ. & Coll. Impvts. RB, City Univ. Proj., Ser. A, 5.125%, 7/01/11	N/A		1,882,404
	1,000		Univ. & Coll. RB, Brooklyn Law Sch. Proj., Ser. A, 5.50%, 7/01/18, RAA	07/13 @ 100		1,059,930
	1,170	4	Univ. & Coll. RB, Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/09	N/A		1,207,487
	2,060		Univ. & Coll. RB, Upstate Cmnty. Proj., Ser. A, 5.00%, 7/01/19	07/09 @ 101		2,102,951
	1,320		East Rochester Hsg. Auth., Hlth., Hosp. & Nursing Home RB, Genesee Valley Presbyterian Proj., 5.20%, 12/20/24	12/11 @ 101		1,373,209

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—(cont’d)
$	2,450		Jefferson Cnty. Indl. Dev. Agcy., Misc. RB, Intl. Paper Co. Proj., 5.20%, 12/01/20, AMT	12/13 @ 100	$	2,484,325
	525		Liberty Dev. Corp., Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19	02/16 @ 100		544,740
	1,900		Long Island Pwr. Auth., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Zero Coupon, 6/01/18, FSA	No Opt. Call		1,184,441
	5,000		Met. Transp. Auth., Trans. RB, Ser. A, 5.125%, 11/15/21, FGIC	11/12 @ 100		5,237,500
			New York City Indl. Dev. Agcy.,
	1,000		Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., 7.50%, 8/01/16, AMT	No Opt. Call		1,146,580
	4,000		Recreational Fac. Impvts. Misc. RB, YMCA of Greater New York Proj., 5.25%, 8/01/21	02/11 @ 100		4,092,920
			New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB,
	1,895	4	5.00%, 5/01/09	N/A		1,953,631
	3,000		Ser. B, 5.00%, 5/01/18	11/11 @ 101		3,122,280
	4,180		Niagara Cnty. Indl. Dev. Agcy., Indl. RB, Niagara Univ. Proj., Ser. A, 5.35%, 11/01/23, RAA	11/11 @ 101		4,403,505
	4,130		Oneida Hlth. Care Corp., Hlth., Hosp. & Nursing Home RB, Oneida Hlth. Sys., Inc. Proj., 5.30%, 2/01/21, RAA	02/11 @ 101		4,283,966
	3,875		Orange Cnty. Indl. Dev. Agcy., Hlth., Hosp. & Nursing Home RB, St. Luke’s Hosp. Proj., Ser. A, 5.375%, 12/01/21, RAA	12/11 @ 101		4,042,051
			Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB,
	3,885		Ser. 126, 5.00%, 11/15/18, FGIC, AMT	05/12 @ 101		4,022,762
	2,600		Contl. Airlines Proj., 9.125%, 12/01/15, AMT	07/07 @ 100		2,709,330
	4,000		Rockland Tobacco Asset Sec. Corp., Misc. Purps. Tobacco Settlement Funded RB, 5.625%, 8/15/35	08/12 @ 100		4,176,080
	3,000	4	TSASC, Inc., Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, 7/15/12	N/A		3,234,780
	3,500		Urban Dev. Corp., Lease Approp. RB, 5.00%, 1/01/19	01/08 @ 102		3,554,285

See Notes to Financial Statements.

45

BlackRock New York Municipal 2018 Term Trust (BLH)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—(cont’d)
$	3,710		Westchester Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Purchase Coll. Fndtn. Hsg. Proj., Ser. A, 5.125%, 12/01/22, AMBAC	12/11 @ 102	$	3,882,181
						79,339,044
			Puerto Rico—8.1%
	2,000		Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43	05/12 @ 100		2,093,000
	2,500	4	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10	N/A		2,608,000
						4,701,000
			Total Long-Term Investments (cost $83,742,034)			88,190,124
Shares (000)
			MONEY MARKET FUND—0.5%
	302	5,6	CMA New York Mun. Money Fund, 3.14% (cost $302,448)	N/A		302,448
Total Investments—152.3% (cost $84,044,4827)					$	88,492,572
Other assets in excess of liabilities—1.8%						1,022,598
Preferred shares at redemption value, including dividends payable—(54.1)%						(31,411,354	)
Net Assets Applicable to Common Shareholders—100%					$	58,103,816

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 7.1% of its net assets, with a current market value of $4,150,080, in securities restricted as to resale.
3	Illiquid security. As of June 30, 2007, the Trust held 0.7% of its net assets, with a current market value of $419,252, in these securities.
4	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
5	Represents an investment in an affiliate.
6	Represents current yield as of June 30, 2007.
7	Cost for federal income tax purposes is $84,045,414. The net unrealized appreciation on a tax basis is $4,447,158, consisting of $4,466,737 gross unrealized appreciation and $19,579 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RAA	—	Radian Asset Assurance
RB	—	Revenue Bond

See Notes to Financial Statements.

46

PORTFOLIO OF INVESTMENTS (unaudited)
JUNE 30, 2007

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(Percentages shown are based on Net Assets)

	Principal Amount (000)		Description	Option Call Provisions1		Value
			LONG-TERM INVESTMENTS—155.3%
			Multi-State—14.2%
$	4,000	2	MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49	06/09 @ 100	$	4,167,160
			Pennsylvania—129.4%
	470		Allegheny Cnty. Hosp. Dev. Auth., Hlth., Hosp. & Nursing Home RB, West Penn Allegheny Hlth. Sys. Proj., 5.375%, 11/15/40	11/17 @ 100		466,719
	1,150	3	Allegheny Cnty. Port Auth., Trans. Impvts. RB, 6.125%, 3/01/09, MBIA	N/A		1,202,750
	1,400	3	Bucks Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Pennswood Vlg. Proj., Ser. A, 6.00%, 10/01/12	N/A		1,532,692
	1,000		Canon McMillan Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon, 12/01/33, FGIC	No Opt. Call		281,180
	1,000		Catasauqua Area Sch. Dist., Ad Valorem Ppty. Tax GO, 5.00%, 2/15/31, FSA	02/16 @ 100		1,034,650
	2,000		Chester Cnty. Indl. Dev. Auth., Wtr. Util. Impvts. Wtr. RB, Aqua, Inc. Proj., Ser. A, 5.00%, 2/01/40, FGIC, AMT	02/17 @ 100		2,024,240
			City of Philadelphia,
	1,250		Port, Arpt. & Marina Impvts. RB, Ser. B, 5.40%, 6/15/27, FGIC, AMT	07/07 @ 102		1,269,737
	600		Wtr. RB, Ser. B, 4.75%, 11/01/31, AMBAC	11/17 @ 100		600,450
	2,500	4	Delaware Cnty. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mercy Hlth. Corp. Southeastern Pennsylvania Proj., 6.00%, 12/15/26	ETM		2,550,150
	1,250		Delaware Cnty. Indl. Dev. Auth., Wtr. Util. Impvts. Indl. RB, Philadelphia Suburban Wtr. Proj., 6.00%, 6/01/29, FGIC, AMT	06/09 @ 101		1,302,150
			Econ. Dev. Fing. Auth.,
	1,000		Rec. Recovery Impvts. RB, Colver Proj., Ser. G, 5.125%, 12/01/15, AMT	No Opt. Call		1,006,420
	1,000		Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT	05/11 @ 101		1,054,950
	1,000		Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT	05/11 @ 101		1,056,580
			Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB,
	1,250		Lafayette Coll. Proj., 6.00%, 5/01/30	05/10 @ 100		1,314,325

	Principal Amount (000)		Description	Option Call Provisions1		Value
			Pennsylvania—(cont’d)
$	1,030		Univ. of Pennsylvania Proj., Ser. C, 4.75%, 7/15/35	07/15 @ 100	$	1,025,231
	2,000		Univ. of the Arts Proj., Ser. A, 5.00%, 9/15/33, RAA	09/16 @ 100		2,045,800
	1,000		Univ. Pptys., Inc. Proj., Ser. A, 5.00%, 8/01/35, CIFG	08/16 @ 100		1,024,920
	1,300		Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.65%, 10/01/31, AMT	10/16 @ 100		1,227,993
			Lancaster Cnty. Hosp. Auth.,
	400		Hlth., Hosp. & Nursing Home Impvts. RB, Lancaster Gen. Hosp. Proj., Ser. A, 5.00%, 3/15/36	03/17 @ 100		404,264
	1,000		Hlth., Hosp. & Nursing Home RB, Masonic Homes of Grand Lodge Proj., 5.00%, 11/01/36	11/16 @ 100		1,002,150
	1,000		McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 10/01/24, FSA	10/15 @ 100		1,040,390
	200		Mifflin Cnty. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 7.50%, 9/01/22, XLCA	09/17 @ 100		251,400
	345		Monroe Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Pocono Med. Ctr. Proj., 5.125%, 1/01/37	01/17 @ 100		344,217
	1,250		Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Acts Retirement-Life Cmntys., Inc. Proj., 5.25%, 11/15/28	11/08 @ 101		1,262,237
	1,000		Pennsylvania St. Univ., Univ. & Coll. Impvts. RB, 5.00%, 9/01/35	09/15 @ 100		1,031,050
	1,000		Philadelphia Hosps. & Higher Ed. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Children’s Hosp. of Philadelphia Proj., 4.50%, 7/01/33	07/17 @ 100		938,190
	1,250		Philadelphia Pkg. Auth., Port, Arpt. & Marina Impvts. RB, 5.625%, 9/01/18, FSA	09/09 @ 101		1,302,450
	1,550	3	Philadelphia Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 5.75%, 3/01/29, MBIA	N/A		1,620,680
	2,000	3	Pittsburgh Urban Redev. Auth., Wtr. Util. Impvts. Wtr. RB, 5.00%, 9/01/15, MBIA	N/A		2,124,820

See Notes to Financial Statements.

47

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(Percentages shown are based on Net Assets)

	Principal Amount (000)		Description	Option Call Provisions1		Value
			Pennsylvania—(cont’d)
$	1,280		Pocono Mtn. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 5.00%, 9/01/34, FSA	03/17 @ 100	$	1,325,594
	1,000		Pub. Sch. Bldg. Auth., Lease RB, Sch. Dist. Philadelphia Proj., Ser. B, 5.00%, 6/01/24, FSA	12/16 @ 100		1,041,140
	150		Tpke. Comm., Franchise Tax & Bus. License Fees RB, Ser. B, 5.00%, 12/01/23, AMBAC	12/16 @ 100		157,112
	840		Washington Cnty. Auth., Misc. RB, Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC	No Opt. Call		901,900
	300		Washington Cnty. Redev. Auth., Pub. Impvts. TA, Victory Centre Proj., Ser. A, 5.45%, 7/01/35	07/17 @ 100		303,690
	725		Westmoreland Cnty. Mun. Auth., Wtr. Util. Impvts. Misc. RB, Ser. B, Zero Coupon, 8/15/30, FSA	No Opt. Call		236,111
	700		Wilkes Barre Fin. Auth., Coll. & Univ. RB, Wilkes Univ. Proj., 5.00%, 3/01/37	03/17 @ 100		701,015
						38,009,347
			Puerto Rico—11.7%
	565		Hwy. & Transp. Auth., Hwy. Toll Impvts. RB, Ser. M, 5.00%, 7/01/46	07/17 @ 100		571,029
	1,250		Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26	03/16 @ 100		1,266,600
	1,495	3	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12	N/A		1,588,751
						3,426,380
			Total Long-Term Investments (cost $44,880,169)			45,602,887
			SHORT-TERM INVESTMENTS—3.8%
			Pennsylvania—2.7%
	800	5	Pittsburgh Wtr. & Swr. Sys. Auth., Wtr. & Swr. RB, Ser. B-1, 3.76%, 7/05/07, FRWD	N/A		800,000
	Shares
	(000)
			Money Market Fund—1.1%
	315	6,7	CMA Pennsylvania Mun. Money Market Fund, 3.10%	N/A		314,856
			Total Short-Term Investments (cost $1,114,856)			1,114,856
Total Investments—159.1% (cost $45,995,0258)					$	46,717,743
Other assets in excess of liabilities—0.5%						159,456
Preferred shares at redemption value, including dividends payable—(59.6)%						(17,505,538	)
Net Assets Applicable to Common Shareholders—100%					$	29,371,661

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of June 30, 2007, the Trust held 14.2% of its net assets, with a current market value of $4,167,160, in securities restricted as to resale.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Security is collateralized by Municipal or U.S. Treasury obligations.
5	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of June 30, 2007.
6	Represents an investment in an affiliate.
7	Represents current yield as of June 30, 2007.
8	Cost for federal income tax purposes is $45,948,099. The net unrealized appreciation on a tax basis is $769,644, consisting of $1,224,156 gross unrealized appreciation and $454,512 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
CIFG	—	CDC IXIS Financial Guaranty
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FRWD	—	Floating Rate Weekly Demand
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RAA	—	Radian Asset Assurance
RB	—	Revenue Bond
TA	—	Tax Allocation
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

48

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

June 30, 2007

	Insured Municipal 2008 Term Trust (BRM)			Insured Municipal Term Trust (BMT)		Municipal 2018 Term Trust (BPK)			Municipal 2020 Term Trust (BKK)			Strategic Municipal Trust (BSD)
Assets
Investments at value, unaffiliated1	$	409,452,821		$	324,354,652	$	378,816,105		$	482,936,205		$	169,195,484
Investments at value, affiliated2		—			—		800,000			—			1,400,000
Investments in affiliates		174,179			125,827		50,336			35,468			34,642
Cash		72,762			57,861		67,280			36,935			2,159
Receivable from investments sold		2,670,000			1,035,000		276,000			221,000			1,292,666
Unrealized appreciation on forward starting swaps		—			—		—			—			147,690
Interest receivable		4,765,213			3,346,182		4,630,049			5,683,041			2,310,654
Other assets		6,957			5,442		7,314			17,041			9,449
		417,141,932			328,924,964		384,647,084			488,929,690			174,392,744
Liabilities
Payable for investments purchased		—			—		—			—			2,045,604
Unrealized depreciation on forward starting swaps		—			—		—			—			44,012
Dividends payable-common shares		1,659,633			787,363		1,201,056			1,340,677			618,265
Investment advisory fees payable		119,331			94,169		128,318			200,247			72,968
Administration fees payable		34,096			26,913		—			—			—
Deferred Trustees’ fees		174,179			125,827		50,336			35,468			34,642
Payable to affiliates		69,208			44,574		30,096			26,277			14,965
Other accrued expenses		287,879			178,677		159,914			158,590			101,178
		2,344,326			1,257,523		1,569,720			1,761,259			2,931,634
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share, including dividends payable3		—			65,031,163		137,636,641			177,684,017			62,019,619
Net Assets Applicable to Common Shareholders	$	414,797,606		$	262,636,278	$	245,440,723		$	309,484,414		$	109,441,491
Composition of Net Assets Applicable to Common Shareholders
Par value4	$	272,071		$	258,856	$	15,908		$	20,237		$	7,275
Paid-in capital in excess of par		377,589,494			239,251,319		225,641,716			287,166,281			103,143,691
Undistributed net investment income		33,064,674			16,138,882		16,519,371			1,530,777			1,661,301
Accumulated net realized gain (loss)		(1,870,730	)		294,068		(14,680,435	)		(2,269,761	)		(1,454,397	)
Net unrealized appreciation		5,742,097			6,693,153		17,944,163			23,036,880			6,083,621
Net assets applicable to common shareholders, June 30, 2007	$	414,797,606		$	262,636,278	$	245,440,723		$	309,484,414		$	109,441,491
Net asset value per common share5	$	15.25		$	10.15	$	15.43		$	15.29		$	15.04
1Investments at cost, unaffiliated	$	403,710,724		$	317,661,499	$	360,871,942		$	459,899,325		$	163,215,541
2Investments at cost, affiliated	$	—		$	—	$	800,000		$	—		$	1,400,000
3Preferred shares outstanding		—			2,600		5,504			7,104			2,480
4Par value per share	$	0.01		$	0.01	$	0.001		$	0.001		$	0.001
5Common shares outstanding		27,207,093			25,885,639		15,908,028			20,236,628			7,274,951

See Notes to Financial Statements.

49

	California Insured Municipal 2008 Term Trust (BFC)			California Municipal 2018 Term Trust (BJZ)			Florida Insured Municipal 2008 Term Trust (BRF)			Florida Municipal 2020 Term Trust (BFO)			New York Insured Municipal 2008 Term Trust (BLN)			New York Municipal 2018 Term Trust (BLH)			Pennsylvania Strategic Municipal Trust (BPS)
Assets
Investments at value, unaffiliated1	$	157,650,168		$	142,550,721		$	127,848,906		$	130,359,861		$	170,476,497		$	88,190,124		$	46,402,887
Investments at value, affiliated2		—			7,163,060			—			454			—			302,448			314,856
Investments in affiliates		59,258			14,469			47,151			7,667			70,224			12,850			19,838
Cash		76,482			65,029			14,820			70,168			62,922			58,894			7,501
Receivable from investments sold		—			—			—			150,000			—			—			—
Unrealized appreciation on forward starting swaps		—			—			—			—			—			—			33,480
Interest receivable		1,933,521			1,866,949			1,603,644			1,444,715			2,514,531			1,272,398			589,941
Other assets		5,158			5,305			6,565			8,244			5,371			4,754			4,342
		159,724,587			151,665,533			129,521,086			132,041,109			173,129,545			89,841,468			47,372,845
Liabilities
Payable for investments purchased		—			—			—			—			—			1,155			251,858
Unrealized depreciation on forward starting swaps		—			—			—			—			—			—			4,300
Dividends payable-common shares		582,797			394,023			326,516			283,668			619,140			222,523			141,436
Investment advisory fees payable		44,951			47,344			37,066			54,016			49,521			29,289			18,736
Administration fees payable		13,806			—			10,592			—			14,150			—			—
Deferred Trustees’ fees		59,258			14,469			47,151			7,667			70,224			12,850			19,838
Payable to affiliates		23,151			12,048			19,525			11,267			30,241			5,683			4,348
Other accrued expenses		130,380			92,789			119,860			106,990			128,301			54,798			55,130
		854,343			560,673			560,710			463,608			911,577			326,298			495,646
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share, including dividends payable3		—			55,549,336			—			48,929,743			—			31,411,354			17,505,538
Net Assets Applicable to Common Shareholders	$	158,870,244		$	95,555,524		$	128,960,376		$	82,647,758		$	172,217,968		$	58,103,816		$	29,371,661
Composition of Net Assets Applicable to Common Shareholders
Par value4	$	104,071		$	6,433		$	87,071		$	5,562		$	112,571		$	3,633		$	2,021
Paid-in capital in excess of par		144,174,166			91,213,865			120,583,337			78,885,738			155,947,555			51,482,732			28,445,850
Undistributed net investment income		12,468,073			4,533,942			7,683,807			216,538			13,667,607			3,726,066			311,516
Accumulated net realized gain (loss)		(637,468	)		(3,598,752	)		(231,004	)		(216,275	)		(214,836	)		(1,556,705	)		(139,624	)
Net unrealized appreciation		2,761,402			3,400,036			837,165			3,756,195			2,705,071			4,448,090			751,898
Net assets applicable to common shareholders, June 30, 2007	$	158,870,244		$	95,555,524		$	128,960,376		$	82,647,758		$	172,217,968		$	58,103,816		$	29,371,661
Net asset value per common share5	$	15.27		$	14.85		$	14.81		$	14.86		$	15.30		$	15.99		$	14.54
1Investments at cost, unaffiliated	$	154,888,766		$	139,150,685		$	127,011,741		$	126,603,666		$	167,771,426		$	83,742,034		$	45,680,169
2Investments at cost, affiliated	$	—		$	7,163,060		$	—		$	454		$	—		$	302,448		$	314,856
3Preferred shares outstanding		—			2,221			—			1,956			—			1,256			700
4Par value per share	$	0.01		$	0.001		$	0.01		$	0.001		$	0.01		$	0.001		$	0.001
5Common shares outstanding		10,407,093			6,433,028			8,707,093			5,562,128			11,257,093			3,633,028			2,020,720

50

STATEMENTS OF OPERATIONS (unaudited)

For the six months ended June 30, 2007

	Insured Municipal 2008 Term Trust (BRM)			Insured Municipal Term Trust (BMT)			Municipal 2018 Term Trust (BPK)			Municipal 2020 Term Trust (BKK)			Strategic Municipal Trust (BSD)
Investment Income
Interest income	$	10,966,191		$	8,386,689		$	10,091,919		$	12,671,993		$	4,455,909
Affiliated income		—			—			15,694			—			21,185
Dividend income		—			—			1,368			190			570
Income from affiliates		2,850			2,150			1,256			1,313			405
Total investment income		10,969,041			8,388,839			10,110,237			12,673,496			4,478,069
Expenses
Investment advisory		801,313			673,238			771,669			1,225,447			518,573
Administration		228,946			192,353			—			—			—
Transfer agent		8,601			9,576			6,585			6,670			6,857
Custodian		58,458			52,134			44,887			54,077			36,195
Reports to shareholders		33,098			30,754			23,010			30,695			14,483
Directors/Trustees		13,323			10,372			9,910			12,436			4,437
Registration		6,653			5,453			5,566			5,429			5,449
Independent accountants		20,345			19,387			19,266			19,631			18,434
Legal		34,659			21,955			17,671			22,167			12,492
Officers’ fees		3,458			2,173			2,047			2,541			923
Insurance		15,877			13,564			12,191			15,360			5,498
Auction agent		62,684			142,355			177,447			231,389			81,534
Deferred Trustees’ fees		2,850			2,150			1,256			1,313			405
Miscellaneous		32,510			25,453			19,731			22,322			11,958
Total expenses excluding interest expense		1,322,775			1,200,917			1,111,236			1,649,477			717,238
Interest expense		—			—			—			701			—
Total expenses		1,322,775			1,200,917			1,111,236			1,650,178			717,238
Less Advisory fees waived		—			—			—			—			(86,428	)
Less fees waived by Advisor		—			—			(340	)		—			(335	)
Less fees paid indirectly		(5,658	)		(6,274	)		(7,447	)		(6,347	)		(3,311	)
Net expenses		1,317,117			1,194,643			1,103,449			1,643,831			627,164
Net investment income		9,651,924			7,194,196			9,006,788			11,029,665			3,850,905
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(325,537	)		303,045			76,710			(475,516	)		1,381,557
Swaps		—			—			349,960			930,540			824,971
		(325,537	)		303,045			426,670			455,024			2,206,528
Net change in unrealized appreciation/depreciation on:
Investments		(3,219,642	)		(4,153,977	)		(8,516,380	)		(10,007,637	)		(5,534,103	)
Swaps		—			—			83,060			124,565			17,952
		(3,219,642	)		(4,153,977	)		(8,433,320	)		(9,883,072	)		(5,516,151	)
Net loss		(3,545,179	)		(3,850,932	)		(8,006,650	)		(9,428,048	)		(3,309,623	)
Dividends from Net Investment Income to Preferred Shareholders		(697,108	)		(2,091,318	)		(2,470,065	)		(3,204,499	)		(1,117,878	)
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations	$	5,409,637		$	1,251,946		$	(1,469,927	)	$	(1,602,882	)	$	(576,596	)

See Notes to Financial Statements.

51

	California Insured Municipal 2008 Term Trust (BFC)			California Municipal 2018 Term Trust (BJZ)			Florida Insured Municipal 2008 Term Trust (BRF)			Florida Municipal 2020 Term Trust (BFO)			New York Insured Municipal 2008 Term Trust (BLN)			New York Municipal 2018 Term Trust (BLH)			Pennsylvania Strategic Municipal Trust (BPS)
Investment Income
Interest income	$	3,914,987		$	3,688,029		$	2,778,399		$	3,234,870		$	4,371,205		$	2,337,484		$	1,197,679
Affiliated income		—			70,962			—			453			—			2,505			14,163
Dividend income		—			—			—			—			—			—			—
Income from affiliates		630			217			454			181			891			138			170
Total investment income		3,915,617			3,759,208			2,778,853			3,235,504			4,372,096			2,340,127			1,212,012
Expenses
Investment advisory		276,877			303,145			223,881			329,259			300,062			179,156			141,263
Administration		79,108			—			63,966			—			85,732			—			—
Transfer agent		7,088			6,454			7,054			6,357			7,666			6,431			6,608
Custodian		31,135			21,861			30,899			21,861			32,867			18,573			16,811
Reports to shareholders		14,689			9,187			12,874			8,783			16,373			6,959			5,674
Directors/Trustees		6,257			3,825			5,033			3,282			6,771			2,316			1,898
Registration		5,429			5,448			3,878			5,429			5,429			5,448			161
Independent accountants		18,747			18,338			18,541			18,252			18,817			18,103			13,471
Legal		17,091			8,877			13,023			8,770			17,164			4,531			4,333
Officers’ fees		1,320			797			1,052			678			1,420			480			249
Insurance		5,285			4,792			4,158			4,135			5,580			2,823			1,495
Auction agent		—			72,386			—			64,627			—			42,472			26,304
Deferred Trustees’ fees		630			217			454			181			891			138			170
Miscellaneous		7,371			13,905			15,061			13,689			12,253			12,262			9,419
Total expenses excluding interest expense		471,027			469,232			399,874			485,303			511,025			299,692			227,856
Interest expense		—			—			—			—			—			—			—
Total expenses		471,027			469,232			399,874			485,303			511,025			299,692			227,856
Less Advisory fees waived		—			—			—			—			—			—			(23,543	)
Less fees waived by Advisor		—			(9,230	)		—			(1	)		—			(296	)		(2,297	)
Less fees paid indirectly		(4,554	)		(5,811	)		(4,863	)		(5,721	)		(7,981	)		(3,693	)		(4,721	)
Net expenses		466,473			454,191			395,011			479,581			503,044			295,703			197,295
Net investment income		3,449,144			3,305,017			2,383,842			2,755,923			3,869,052			2,044,424			1,014,717
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		86,738			(169,691	)		(12,790	)		734,151			(152	)		(31,334	)		497,861
Swaps		—			142,000			—			309,645			—			—			145,000
		86,738			(27,691	)		(12,790	)		1,043,796			(152	)		(31,334	)		642,861
Net change in unrealized appreciation/depreciation on:
Investments		(1,361,252	)		(2,663,525	)		(561,722	)		(2,887,753	)		(1,700,947	)		(1,441,151	)		(1,462,831	)
Swaps		—			82,929			—			25,538			—			46,879			24,691
		(1,361,252	)		(2,580,596	)		(561,722	)		(2,862,215	)		(1,700,947	)		(1,394,272	)		(1,438,140	)
Net loss		(1,274,514	)		(2,608,287	)		(574,512	)		(1,818,419	)		(1,701,099	)		(1,425,606	)		(795,279	)
Dividends from Net Investment Income to Preferred Shareholders		—			(941,863	)		—			(887,895	)		—			(492,894	)		(304,051	)
Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations	$	2,174,630		$	(245,133	)	$	1,809,330		$	49,609		$	2,167,953		$	125,924		$	(84,613	)

52

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended June 30, 2007 (unaudited) and the year ended December 31, 2006

	Insured Municipal 2008 Term Trust (BRM)						Insured Municipal Term Trust (BMT)
	2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	9,651,924		$	23,996,732		$	7,194,196		$	15,783,394
Net realized gain (loss)		(325,537	)		(891,629	)		303,045			63,327
Net change in unrealized appreciation/depreciation		(3,219,642	)		(7,380,268	)		(4,153,977	)		(4,496,464	)
Dividends and distributions to preferred shareholders from:
Net investment income		(697,108	)		(6,504,282	)		(2,091,318	)		(5,450,944	)
Net realized gains		—			(70,381	)		—			(26,320	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		5,409,637			9,150,172			1,251,946			5,872,993
Dividends and Distributions to Common Shareholders from:
Net investment income		(10,243,472	)		(21,629,643	)		(4,724,183	)		(11,713,359	)
Net realized gains		—			(294,925	)		—			(65,750	)
Total dividends and distributions		(10,243,472	)		(21,924,568	)		(4,724,183	)		(11,779,109	)
Capital Share Transactions:
Reinvestment of common dividends		—			—			—			—
Total increase (decrease)		(4,833,835	)		(12,774,396	)		(3,472,237	)		(5,906,116	)
Net Assets Applicable to Common Shareholders
Beginning of period		419,631,441			432,405,837			266,108,515			272,014,631
End of period	$	414,797,606		$	419,631,441		$	262,636,278		$	266,108,515
End of period undistributed net investment income	$	33,064,674		$	34,353,330		$	16,138,882		$	15,760,187

See Notes to Financial Statements.

53

	Municipal 2018 Term Trust (BPK)						Municipal 2020 Term Trust (BKK)						Strategic Municipal Trust (BSD)						California Insured Municipal 2008 Term Trust (BFC)
	2007			2006			2007			2006			2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	9,006,788		$	18,273,742		$	11,029,665		$	22,162,386		$	3,850,905		$	7,815,683		$	3,449,144		$	9,068,472
Net realized gain (loss)		426,670			(145,960	)		455,024			(40,024	)		2,206,528			229,811			86,738			(731,806	)
Net change in unrealized appreciation/depreciation		(8,433,320	)		5,113,999			(9,883,072	)		9,861,317			(5,516,151	)		1,732,119			(1,361,252	)		(2,407,786	)
Dividends and distributions to preferred shareholders from:
Net investment income		(2,470,065	)		(4,602,574	)		(3,204,499	)		(5,910,556	)		(1,117,878	)		(2,073,507	)		—			(2,619,751	)
Net realized gains		—			—			—			—			—			—			—			—
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		(1,469,927	)		18,639,207			(1,602,882	)		26,073,123			(576,596	)		7,704,106			2,174,630			3,309,129
Dividends and Distributions to Common Shareholders from:
Net investment income		(7,206,337	)		(14,412,673	)		(8,044,060	)		(16,088,120	)		(3,805,087	)		(7,982,317	)		(3,671,103	)		(8,039,481	)
Net realized gains		—			—			—			—			—			—			—			—
Total dividends and distributions		(7,206,337	)		(14,412,673	)		(8,044,060	)		(16,088,120	)		(3,805,087	)		(7,982,317	)		(3,671,103	)		(8,039,481	)
Capital Share Transactions:
Reinvestment of common dividends		—			—			—			—			126,023			291,502			—			—
Total increase (decrease)		(8,676,264	)		4,226,534			(9,646,942	)		9,985,003			(4,255,660	)		13,291			(1,496,473	)		(4,730,352	)
Net Assets Applicable to Common Shareholders
Beginning of period		254,116,987			249,890,453			319,131,356			309,146,353			113,697,151			113,683,860			160,366,717			165,097,069
End of period	$	245,440,723		$	254,116,987		$	309,484,414		$	319,131,356		$	109,441,491		$	113,697,151		$	158,870,244		$	160,366,717
End of period undistributed net investment income	$	16,519,371		$	17,188,985		$	1,530,777		$	1,749,671		$	1,661,301		$	2,733,361		$	12,468,073		$	12,690,032

54

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the six months ended June 30, 2007 (unaudited) and the year ended December 31, 2006

	California Municipal 2018 Term Trust (BJZ)						Florida Insured Municipal 2008 Term Trust (BRF)
	2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	3,305,017		$	6,544,576		$	2,383,842		$	6,263,822
Net realized gain (loss)		(27,691	)		(114,970	)		(12,790	)		(221,614	)
Net change in unrealized appreciation/depreciation		(2,580,596	)		330,478			(561,722	)		(1,678,294	)
Dividends and distributions to preferred shareholders from:
Net investment income		(941,863	)		(1,690,527	)		—			(1,853,768	)
Net realized gains		—			—			—			(5,257	)
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		(245,133	)		5,069,557			1,809,330			2,504,889
Dividends and Distributions to Common Shareholders from:
Net investment income		(2,364,138	)		(4,728,276	)		(1,959,096	)		(4,353,542	)
Net realized gains		—			—			—			(14,720	)
Total dividends and distributions		(2,364,138	)		(4,728,276	)		(1,959,096	)		(4,368,262	)
Capital Share Transactions:
Reinvestment of common dividends		—			—			—			—
Total increase (decrease)		(2,609,271	)		341,281			(149,766	)		(1,863,373	)
Net Assets Applicable to Common Shareholders
Beginning of period		98,164,795			97,823,514			129,110,142			130,973,515
End of period	$	95,555,524		$	98,164,795		$	128,960,376		$	129,110,142
End of period undistributed net investment income	$	4,533,942		$	4,534,926		$	7,683,807		$	7,259,061

See Notes to Financial Statements.

55

	Florida Municipal 2020 Term Trust (BFO)						New York Insured Municipal 2008 Term Trust (BLN)						New York Municipal 2018 Term Trust (BLH)						Pennsylvania Strategic Municipal Trust (BPS)
	2007			2006			2007			2006			2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	2,755,923		$	5,443,714		$	3,869,052		$	9,595,126		$	2,044,424		$	4,028,909		$	1,014,717		$	2,055,573
Net realized gain (loss)		1,043,796			(166,879	)		(152	)		(214,828	)		(31,334	)		(76,942	)		642,861			120,163
Net change in unrealized appreciation/depreciation		(2,862,215	)		1,470,465			(1,700,947	)		(3,524,930	)		(1,394,272	)		434,976			(1,438,140	)		(320,738	)
Dividends and distributions to preferred shareholders from:
Net investment income		(887,895	)		(1,635,635	)		—			(2,294,992	)		(492,894	)		(929,029	)		(304,051	)		(565,582	)
Net realized gains		—			—			—			(5,528	)		—			—			—			—
Net increase (decrease) in net assets applicable to common shareholders resulting from operations		49,609			5,111,665			2,167,953			3,554,848			125,924			3,457,914			(84,613	)		1,289,416
Dividends and Distributions to Common Shareholders from:
Net investment income		(1,702,011	)		(3,686,996	)		(3,503,208	)		(7,111,107	)		(1,335,138	)		(2,670,276	)		(870,661	)		(1,828,436	)
Net realized gains		—			—			—			(22,064	)		—			—			—			—
Total dividends and distributions		(1,702,011	)		(3,686,996	)		(3,503,208	)		(7,133,171	)		(1,335,138	)		(2,670,276	)		(870,661	)		(1,828,436	)
Capital Share Transactions:
Reinvestment of common dividends		—			—			—			—			—			—			21,268			44,141
Total increase (decrease)		(1,652,402	)		1,424,669			(1,335,255	)		(3,578,323	)		(1,209,214	)		787,638			(934,006	)		(494,879	)
Net Assets Applicable to Common Shareholders
Beginning of period		84,300,160			82,875,491			173,553,223			177,131,546			59,313,030			58,525,392			30,305,667			30,800,546
End of period	$	82,647,758		$	84,300,160		$	172,217,968		$	173,553,223		$	58,103,816		$	59,313,030		$	29,371,661		$	30,305,667
End of period undistributed net investment income	$	216,538		$	50,521		$	13,667,607		$	13,301,763		$	3,726,066		$	3,509,674		$	311,516		$	471,511

56

FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal 2008 Term Trust (BRM)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.42		$	15.89		$	16.75		$	17.38		$	17.62		$	16.80
Investment operations:
Net investment income		0.35			0.88			0.91			0.97			1.07			1.26
Net realized and unrealized gain (loss)		(0.11	)		(0.30	)		(0.75	)		(0.55	)		(0.07	)		0.53
Dividends and distributions to preferred shareholders from:
Net investment income		(0.03	)		(0.24	)		(0.22	)		(0.10	)		(0.08	)		(0.13	)
Net realized gains		—			—	1		—			(0.01	)		(0.01	)		(0.01	)
Net increase (decrease) from investment operations		0.21			0.34			(0.06	)		0.31			0.91			1.65
Dividends and distributions to common shareholders from:
Net investment income		(0.38	)		(0.80	)		(0.80	)		(0.88	)		(1.02	)		(0.79	)
Net realized gains		—			(0.01	)		—			(0.06	)		(0.13	)		(0.04	)
Total dividends and distributions		(0.38	)		(0.81	)		(0.80	)		(0.94	)		(1.15	)		(0.83	)
Net asset value, end of period	$	15.25		$	15.42		$	15.89		$	16.75		$	17.38		$	17.62
Market price, end of period	$	15.20		$	15.53		$	15.30		$	16.31		$	17.27		$	16.58
TOTAL INVESTMENT RETURNS:2
At net asset value3		1.35	%		2.21	%		(0.30	)%		1.95	%		5.39	%		10.38	%
At market value		0.31	%		6.91	%		(1.41	)%		(0.09	)%		11.29	%		11.15	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS: 4
Expenses after fees waived and paid indirectly		0.64	%5		0.91	%		1.03	%		0.99	%		0.98	%		0.98	%
Expenses after fees waived and before fees paid indirectly		0.64	%5		0.92	%		1.03	%		1.00	%		0.98	%		0.98	%
Expenses before fees waived and paid indirectly		0.64	%5		0.92	%		1.03	%		1.00	%		0.98	%		0.98	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		4.67	%5		5.66	%		5.58	%		5.66	%		6.03	%		7.34	%
Preferred share dividends		0.34	%5		1.53	%		1.33	%		0.57	%		0.47	%		0.73	%
Net investment income available to common shareholders		4.33	%5		4.13	%		4.25	%		5.09	%		5.56	%		6.61	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	416,901		$	423,862		$	441,822		$	464,135		$	480,887		$	468,417
Portfolio turnover		—	%		—	%		3	%		4	%		18	%		23	%
Net assets of common shareholders, end of period (000)	$	414,798		$	419,631		$	432,406		$	455,660		$	472,785		$	479,390
Preferred shares value outstanding, end of period (000)	$	—		$	81,000		$	271,000		$	271,000		$	271,000		$	271,000
Asset coverage per preferred share, end of period	$	—		$	154,534		$	64,902		$	67,041		$	68,622		$	69,235

1	Amounted to less than $0.01 per common share outstanding.
2	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
3	Unaudited.
4	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
5	Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

57

FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal Term Trust (BMT)

	Six Months Ended June 30, 2007 (unaudited)			Year Ended December 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	10.28		$	10.51		$	11.05		$	11.40		$	11.29		$	10.85
Investment operations:
Net investment income		0.28			0.61			0.59			0.67			0.73			0.81
Net realized and unrealized gain (loss)		(0.15	)		(0.18	)		(0.38	)		(0.34	)		0.10			0.41
Dividends and distributions to preferred shareholders from:
Net investment income		(0.08	)		(0.21	)		(0.15	)		(0.07	)		(0.06	)		(0.08	)
Net realized gains		—			—	1		—	1		—	1		—	1		(0.02	)
Net increase from investment operations		0.05			0.22			0.06			0.26			0.77			1.12
Dividends and distributions to common shareholders from:
Net investment income		(0.18	)		(0.45	)		(0.58	)		(0.58	)		(0.64	)		(0.58	)
Net realized gains		—			—	1		(0.02	)		(0.03	)		(0.02	)		(0.10	)
Total dividends and distributions		(0.18	)		(0.45	)		(0.60	)		(0.61	)		(0.66	)		(0.68	)
Net asset value, end of period	$	10.15		$	10.28		$	10.51		$	11.05		$	11.40		$	11.29
Market price, end of period	$	9.74		$	9.77		$	10.36		$	11.30		$	11.06		$	10.94
TOTAL INVESTMENT RETURNS:2
At net asset value3		0.58	%		2.26	%		0.37	%		2.39	%		7.15	%		10.73	%
At market value		1.55	%		(1.40	)%		(3.26	)%		7.92	%		7.28	%		9.51	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4
Expenses after fees waived and paid indirectly		0.91	%5		1.05	%		1.04	%		1.02	%		1.02	%		1.05	%
Expenses after fees waived and before fees paid indirectly		0.91	%5		1.06	%		1.05	%		1.02	%		1.02	%		1.06	%
Expenses before fees waived and paid indirectly		0.91	%5		1.06	%		1.05	%		1.02	%		1.02	%		1.06	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		5.48	%5		5.91	%		5.48	%		6.04	%		6.36	%		7.32	%
Preferred share dividends		1.59	%5		2.04	%		1.35	%		0.66	%		0.50	%		0.70	%
Net investment income available to common shareholders		3.89	%5		3.87	%		4.13	%		5.38	%		5.86	%		6.62	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	264,707		$	266,976		$	278,492		$	289,091		$	293,334		$	287,692
Portfolio turnover		—	%		1	%		—	%		1	%		11	%		36	%
Net assets of common shareholders, end of period (000)	$	262,636		$	266,109		$	272,015		$	286,129		$	295,028		$	292,371
Preferred shares value outstanding, end of period (000)	$	65,000		$	170,400		$	170,400		$	170,400		$	170,400		$	170,400
Asset coverage per preferred share, end of period	$	126,026		$	64,062		$	64,924		$	66,987		$	68,288		$	67,895

1	Amounted to less than $0.01 per common share outstanding.
2	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
3	Unaudited.
4	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
5	Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

58

FINANCIAL HIGHLIGHTS

BlackRock Municipal 2018 Term Trust (BPK)

	Six Months Ended June 30, 2007 (unaudited)			Year Ended December 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.97		$	15.71		$	15.81		$	15.53		$	14.66		$	13.66
Investment operations:
Net investment income		0.57			1.15			1.19			1.21			1.21			1.17
Net realized and unrealized gain (loss)		(0.50	)		0.31			(0.25	)		(0.05	)		0.52			0.73
Dividends to preferred shareholders from net investment income		(0.16	)		(0.29	)		(0.20	)		(0.10	)		(0.08	)		(0.12	)
Net increase (decrease) from investment operations		(0.09	)		1.17			0.74			1.06			1.65			1.78
Dividends to common shareholders from net investment income		(0.45	)		(0.91	)		(0.84	)		(0.78	)		0.78			(0.78	)
Net asset value, end of period	$	15.43		$	15.97		$	15.71		$	15.81		$	15.53		$	14.66
Market price, end of period	$	15.86		$	17.01		$	15.71		$	15.16		$	14.36		$	13.43
TOTAL INVESTMENT RETURNS:1
At net asset value2		(0.72	)%		7.46	%		4.77	%		7.39	%		11.87	%		13.64	%
At market value		(4.20	)%		14.46	%		9.35	%		11.27	%		12.92	%		8.84	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		0.88	%4		0.90	%		0.91	%		0.91	%		0.93	%		0.92	%
Expenses after fees waived and before fees paid indirectly		0.89	%4		0.91	%		0.91	%		0.91	%		0.94	%		0.94	%
Expenses before fees waived and paid indirectly		0.89	%4		0.91	%		0.91	%		0.91	%		0.94	%		0.94	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.22	%4		7.27	%		7.53	%		7.83	%		8.21	%		8.14	%
Preferred share dividends		1.98	%4		1.83	%		1.27	%		0.64	%		0.57	%		0.84	%
Net investment income available to common shareholders		5.24	%4		5.44	%		6.26	%		7.19	%		7.64	%		7.30	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	251,434		$	251,297		$	252,013		$	246,602		$	235,575		$	227,674
Portfolio turnover		6	%		7	%		15	%		31	%		15	%		53	%
Net assets of common shareholders, end of period (000)	$	245,441		$	254,117		$	249,890		$	251,560		$	247,032		$	233,233
Preferred shares value outstanding, end of period (000)	$	137,600		$	137,600		$	137,600		$	137,600		$	137,600		$	137,600
Asset coverage per preferred share, end of period	$	69,600		$	71,179		$	70,407		$	70,736		$	69,887		$	67,381

1	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.
The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

59

FINANCIAL HIGHLIGHTS

BlackRock Municipal 2020 Term Trust (BKK)

													For the period September 30, 20031 through December 31, 2003
	Six Months Ended June 30, 2007 (unaudited)			Year Ended December 31,
				2006			2005			2004
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.77		$	15.28		$	14.85		$	14.51		$	14.33	2
Investment operations:
Net investment income		0.55			1.10			1.11			1.10			0.15
Net realized and unrealized gain (loss)		(0.47	)		0.48			0.39			0.28			0.25
Dividends to preferred shareholders from net investment income		(0.16	)		(0.29	)		(0.20	)		(0.10	)		(0.01	)
Net increase (decrease) from investment operations		(0.08	)		1.29			1.30			1.28			0.39
Dividends to common shareholders from net investment income		(0.40	)		(0.80	)		(0.87	)		(0.94	)		(0.16	)
Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			—			(0.02	)
Total capital charges		—			—			—			—			(0.05	)
Net asset value, end of period	$	15.29		$	15.77		$	15.28		$	14.85		$	14.51
Market price, end of period	$	15.24		$	15.77		$	14.00		$	15.02		$	15.00
TOTAL INVESTMENT RETURNS:3
At net asset value		(0.55	)%		8.72	%		8.97	%		8.99	%		2.36	%
At market value		(0.88	)%		18.66	%		(1.28	)%		6.63	%		1.05	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5
Expenses after fees waived and paid indirectly		1.05	%6		1.07	%		1.08	%		1.09	%		0.85	%6
Expenses after fees waived and before fees paid indirectly		1.05	%6		1.07	%		1.09	%		1.09	%		0.87	%6
Expenses before fees waived and paid indirectly		1.05	%6		1.07	%		1.09	%		1.09	%		0.87	%6
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.02	%6		7.09	%		7.27	%		7.67	%		4.25	%6
Preferred share dividends		2.04	%6		1.89	%		1.34	%		0.72	%		0.30	%6
Net investment income available to common shareholders		4.98	%6		5.20	%		5.93	%		6.95	%		3.95	%6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	316,651		$	312,545		$	307,487		$	290,212		$	279,827
Portfolio turnover		2	%		12	%		14	%		51	%		17	%
Net assets of common shareholders, end of period (000)	$	309,484		$	319,131		$	309,146		$	300,518		$	293,598
Preferred shares value outstanding, end of period (000)	$	177,600		$	177,600		$	177,600		$	177,600		$	177,600
Asset coverage per preferred share, end of period	$	68,577		$	69,937		$	68,527		$	67,307		$	66,332

1	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Unaudited.
5	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
6	Annualized.
The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

60

FINANCIAL HIGHLIGHTS

BlackRock Strategic Municipal Trust (BSD)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	15.64		$	15.68		$	15.70		$	15.91		$	15.01		$	14.33
Investment operations:
Net investment income			0.53			1.07			1.14			1.26			1.23			1.26
Net realized and unrealized gain (loss)			(0.46	)		0.28			0.07			(0.41	)		0.68			0.42
Dividends to preferred shareholders from net investment income			(0.15	)		(0.29	)		(0.20	)		(0.10	)		(0.08	)		(0.12	)
Net increase (decrease) from investment operations			(0.08	)		1.06			1.01			0.75			1.83			1.56
Dividends to common shareholders from net investment income			(0.52	)		(1.10	)		(1.03	)		(0.96	)		(0.93	)		(0.88	)
Net asset value, end of period		$	15.04		$	15.64		$	15.68		$	15.70		$	15.91		$	15.01
Market price, end of period		$	16.83		$	18.69		$	17.14		$	14.52		$	14.69		$	13.78
TOTAL INVESTMENT RETURNS:1
At net asset value2			(0.98	)%		6.38	%		6.67	%		5.41	%		13.10	%		11.51	%
At market value			(7.27	)%		16.29	%		26.08	%		5.59	%		13.75	%		8.03	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly			1.13	%4		1.04	%		0.97	%		0.89	%		0.91	%		0.98	%
Expenses after fees waived and before fees paid indirectly			1.13	%4		1.07	%		0.98	%		0.90	%		0.91	%		0.99	%
Expenses before fees waived and paid indirectly			1.29	%4		1.31	%		1.29	%		1.28	%		1.30	%		1.39	%
Net investment income after fees waived and paid indirectly and before preferred share dividends			6.92	%4		6.89	%		7.23	%		8.04	%		8.09	%		8.54	%
Preferred share dividends			2.01	%4		1.83	%		1.26	%		0.62	%		0.54	%		0.78	%
Net investment income available to common shareholders			4.91	%4		5.06	%		5.97	%		7.42	%		7.55	%		7.76	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)		$	112,289		$	113,394		$	113,860		$	112,298		$	110,385		$	106,807
Portfolio turnover			15	%		71	%		96	%		23	%		8	%		13	%
Net assets of common shareholders, end of period (000)		$	109,441		$	113,697		$	113,684		$	113,686		$	115,246		$	108,721
Preferred shares value outstanding, end of period (000)		$	62,000		$	62,000		$	62,000		$	62,000		$	62,000		$	62,000
Asset coverage per preferred share, end of period		$	69,138		$	70,856		$	70,847		$	70,844		$	71,476		$	68,844

1	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

61

FINANCIAL HIGHLIGHTS

BlackRock California Insured Municipal 2008 Term Trust (BFC)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	15.41		$	15.86		$	16.76		$	17.19		$	17.34		$	16.77
Investment operations:			0.33			0.87			0.90			0.91			0.96			1.18
Net investment income
Net realized and unrealized gain (loss)			(0.12	)		(0.30	)		(0.82	)		(0.44	)		0.06			0.48
Dividends and distributions to preferred shareholders from:
Net investment income			—			(0.25	)		(0.20	)		(0.10	)		(0.07	)		(0.11	)
Net realized gains			—			—			—	1		—			(0.01	)		(0.03	)
Net increase (decrease) from investment operations			0.21			0.32			(0.12	)		0.37			0.94			1.52
Dividends and distributions from:
Net investment income			(0.35	)		(0.77	)		(0.77	)		(0.77	)		(1.00	)		(0.81	)
Net realized gains			—			—			(0.01	)		(0.03	)		(0.09	)		(0.14	)
Total dividends and distributions			(0.35	)		(0.77	)		(0.78	)		(0.80	)		(1.09	)		(0.95	)
Net asset value, end of period		$	15.27		$	15.41		$	15.86		$	16.76		$	17.19		$	17.34
Market price, end of period		$	15.08		$	15.34		$	15.31		$	16.25		$	17.09		$	16.44
TOTAL INVESTMENT RETURNS:2
At net asset value3			1.40	%		2.15	%		(0.59	)%		2.33	%		5.76	%		9.57	%
At market value			0.59	%		5.34	%		(1.08	)%		(0.20%	)		10.90	%		9.56	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4
Expenses after fees waived and paid indirectly			0.59	%5		0.99	%		1.07	%		1.05	%		1.04	%		1.05	%
Expenses after fees waived and before fees paid indirectly			0.60	%5		1.07	%		1.08	%		1.05	%		1.04	%		1.06	%
Expenses before fees waived and paid indirectly			0.60	%5		1.07	%		1.08	%		1.05	%		1.04	%		1.06	%
Net investment income after fees waived and paid indirectly and before preferred share dividends			4.36	%5		5.60	%		5.55	%		5.37	%		5.51	%		6.91	%
Preferred share dividends			—	%5		1.62	%		1.23	%		0.58	%		0.38	%		0.64	%
Net investment income available to common shareholders			4.36	%5		3.98	%		4.32	%		4.79	%		5.13	%		6.27	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)		$	159,526		$	161,925		$	169,564		$	175,711		$	180,408		$	177,861
Portfolio turnover			—	%		—	%		—	%		—	%		15	%		33	%
Net assets of common shareholders, end of period (000)		$	158,870		$	160,367		$	165,097		$	174,408		$	178,854		$	180,498
Preferred shares value outstanding, end of period (000)		$	—		$	—		$	104,550		$	104,550		$	104,550		$	104,550
Asset coverage per preferred share, end of period		$	—		$	—		$	64,497		$	66,714		$	67,776		$	68,161

1	Amounted to less than $0.01 per common share outstanding.
2	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
3	Unaudited.
4	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
5	Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

62

FINANCIAL HIGHLIGHTS

BlackRock California Municipal 2018 Term Trust (BJZ)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	15.26		$	15.21		$	15.17		$	14.77		$	14.59		$	13.63
Investment operations:
Net investment income			0.51			1.02			0.97			1.00			1.04			1.03
Net realized and unrealized gain (loss)			(0.40	)		0.03			(0.01	)		0.21			(0.06	)		0.78
Dividends to preferred shareholders from net investment income			(0.15	)		(0.26	)		(0.18	)		(0.08	)		(0.07	)		(0.11	)
Net increase (decrease) from investment operations			(0.04	)		0.79			0.78			1.13			0.91			1.70
Dividends to common shareholders from net investment income			(0.37	)		(0.74	)		(0.74	)		(0.73	)		(0.73	)		(0.74	)
Net asset value, end of period		$	14.85		$	15.26		$	15.21		$	15.17		$	14.77		$	14.59
Market price, end of period		$	15.69		$	15.94		$	15.19		$	13.89		$	13.42		$	13.40
TOTAL INVESTMENT RETURNS:1
At net asset value2			(0.39	)%		5.19	%		5.30	%		8.20	%		6.83	%		12.94	%
At market value			0.75	%		10.03	%		14.85	%		9.04	%		5.67	%		10.04	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly			0.94	%4		0.97	%		0.99	%		1.01	%		1.03	%		0.99	%
Expenses after fees waived and before fees paid indirectly			0.95	%4		0.99	%		1.01	%		1.02	%		1.03	%		1.03	%
Expenses before fees waived and paid indirectly			0.97	%4		0.99	%		1.01	%		1.02	%		1.03	%		1.03	%
Net investment income after fees waived and paid indirectly and before preferred share dividends			6.85	%4		6.69	%		6.39	%		6.77	%		7.29	%		7.33	%
Preferred share dividends			1.95	%4		1.73	%		1.17	%		0.56	%		0.51	%		0.81	%
Net investment income available to common shareholders			4.90	%4		4.96	%		5.22	%		6.21	%		6.78	%		6.52	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)		$	97,267		$	97,781		$	97,869		$	95,091		$	92,324		$	90,721
Portfolio turnover			4	%		—	%		9	%		9	%		9	%		42	%
Net assets applicable to common shareholders, end of period (000)		$	95,556		$	98,165		$	97,824		$	97,590		$	95,047		$	93,844
Preferred shares value outstanding, end of period (000)		$	55,525		$	55,525		$	55,525		$	55,525		$	55,528		$	55,525
Asset coverage per preferred share, end of period		$	68,035		$	69,214		$	69,056		$	68,945		$	67,796		$	67,254

1	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
2	Unaudited
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.
The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

63

FINANCIAL HIGHLIGHTS

BlackRock Florida Insured Municipal 2008 Term Trust (BRF)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	14.83		$	15.04		$	15.91		$	16.43		$	16.41		$	16.01
Investment operations:
Net investment income			0.27			0.72			0.78			0.81			0.88			1.12
Net realized and unrealized gain (loss)			(0.06	)		(0.22	)		(0.67	)		(0.41	)		0.13			0.36
Dividends and distributions to preferred shareholders from:
Net investment income			—			(0.21	)		(0.22	)		(0.09	)		(0.06	)		(0.11	)
Net realized gains			—			—	1		—	1		(0.01	)		(0.02	)		(0.04	)
Net increase (decrease) from investment operations			0.21			0.29			(0.11	)		0.30			0.93			1.33
Dividends and distributions from:
Net investment income			(0.23	)		(0.50	)		(0.75	)		(0.75	)		(0.81	)		(0.75	)
Net realized gains			—			—	1		(0.01	)		(0.07	)		(0.10	)		(0.18	)
Total dividends and distributions			(0.23	)		(0.50	)		(0.76	)		(0.82	)		(0.91	)		(0.93	)
Net asset value, end of period		$	14.81		$	14.83		$	15.04		$	15.91		$	16.43		$	16.41
Market price, end of period		$	14.49		$	14.42		$	15.11		$	15.85		$	16.19		$	15.91
TOTAL INVESTMENT RETURN:2
At net asset value3			1.42	%		2.07	%		(0.74	)%		1.93	%		5.91	%		8.74	%
At market value			2.05	%		(1.21	)%		0.10	%		3.05	%		7.64	%		9.61	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4
Expenses after fees waived and paid indirectly			0.62	%5		0.96	%		1.09	%		1.07	%		1.05	%		1.05	%
Expenses after fees waived and before fees paid indirectly			0.63	%5		1.03	%		1.10	%		1.07	%		1.05	%		1.05	%
Expenses before fees waived and paid indirectly			0.63	%5		1.03	%		1.10	%		1.07	%		1.05	%		1.06	%
Net investment income after fees waived and paid indirectly and before preferred share dividends			3.73	%5		4.85	%		5.08	%		5.03	%		5.34	%		6.90	%
Preferred share dividends			—	%5		1.43	%		1.42	%		0.56	%		0.39	%		0.70	%
Net investment income available to common shareholders			3.73	%5		3.42	%		3.66	%		4.47	%		4.95	%		6.20	%
SUPPLEMENTAL DATA:
Average net assets (000)		$	128,990		$	129,187		$	134,104		$	140,140		$	144,071		$	141,064
Portfolio turnover			2	%		—	%		—	%		—	%		6	%		52	%
Net assets, end of period (000)		$	128,960		$	129,110		$	130,974		$	138,542		$	143,082		$	142,920
Preferred shares value outstanding, end of period (000)		$	—		$	—		$	84,150		$	84,150		$	84,169		$	84,150
Asset coverage per preferred share, end of period		$	—		$	—		$	63,912		$	66,159		$	67,514		$	67,460

1	Amounted to less than $0.01 per common share outstanding.
2	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
3	Unaudited
4	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
5	Annualized.
The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

64

FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal 2020 Term Trust (BFO)

														For the period September 30, 20031 through December 31, 2003
	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	15.16		$	14.90		$	14.63		$	14.50			$	14.33	2
Investment operations:
Net investment income			0.50			0.98			0.98			0.99				0.12
Net realized and unrealized gain (loss)			(0.33	)		0.23			0.31			0.14				0.26
Dividends and distributions to preferred shareholders from:
Net investment income			(0.16	)		(0.29	)		(0.20	)		(0.10	)			(0.01	)
Net realized gains			—			—			(0.01	)		—				—
Net increase from investment operations			0.01			0.92			1.08			1.03				0.37
Dividends and distributions to common shareholders from:
Net investment income			(0.31	)		(0.66	)		(0.75	)		(0.90	)			(0.15	)
Net realized gains			—			—			(0.06	)		—				—
Total dividends and distributions			(0.31	)		(0.66	)		(0.81	)		(0.90	)			(0.15	)
Capital charges with respect to issuance of:
Common shares			—			—			—			—				(0.03	)
Preferred shares			—			—			—			—				(0.02	)
Total capital charges			—			—			—			—				(0.05	)
Net asset value, end of period		$	14.86		$	15.16		$	14.90		$	14.63			$	14.50
Market price, end of period		$	13.49		$	13.85		$	13.35		$	15.08			$	15.39
TOTAL INVESTMENT RETURNS:3
At net asset value4			0.20	%		6.66	%		7.76	%		7.22	%			2.21	%
At market value			(0.43	)%		8.83	%		(6.76	)%		4.10	%			3.60	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5
Expenses after fees waived and paid indirectly			1.15	%6		1.18	%		1.24	%		1.21	%			1.02	%6
Expenses after fees waived and before fees paid indirectly			1.17	%6		1.20	%		1.26	%		1.21	%			1.02	%6
Expenses before fees waived and paid indirectly			1.17	%6		1.20	%		1.26	%		1.25	%			1.05	%6
Net investment income after fees waived and paid indirectly and before preferred share dividends			6.62	%6		6.54	%		6.57	%		6.93	%			3.45	%6
Preferred share dividends			2.13	%6		1.96	%		1.32	%		0.68	%			0.30	%6
Net investment income available to common shareholders			4.49	%6		4.58	%		5.25	%		6.25	%			3.15	%6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)		$	83,898		$	83,282		$	82,799		$	79,810			$	76,698
Portfolio turnover			8	%		—	%		—	%		9	%			—	%
Net assets applicable to common shareholders, end of period (000)		$	82,648		$	84,300		$	82,875		$	81,391			$	80,655
Preferred shares value outstanding, end of period (000)		$	48,900		$	48,900		$	48,900		$	48,900			$	48,900
Asset coverage per preferred share, end of period		$	67,269		$	68,114		$	67,379		$	66,617			$	66,237

1	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
4	Unaudited
5	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
6	Annualized.
The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

65

FINANCIAL HIGHLIGHTS

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	15.42		$	15.73		$	16.56		$	17.13		$	17.09		$	16.22
Investment operations:
Net investment income			0.34			0.85			0.90			0.93			1.01			1.13
Net realized and unrealized gain (loss)			(0.15	)		(0.33	)		(0.77	)		(0.53	)		(0.05	)		0.75
Dividends and distributions to preferred shareholders from:
Net investment income			—			(0.20	)		(0.20	)		(0.10	)		(0.08	)		(0.11	)
Net realized gains			—			—	1		—	1		(0.01	)		(0.01	)		(0.03	)
Net increase (decrease) from investment operations			0.19			0.32			(0.07	)		0.29			0.87			1.74
Dividends and distributions to common shareholders from:
Net investment income			(0.31	)		(0.63	)		(0.75	)		(0.81	)		(0.79	)		(0.75	)
Net realized gains			—			—	1		(0.01	)		(0.05	)		(0.04	)		(0.12	)
Total dividends and distributions			(0.31	)		(0.63	)		(0.76	)		(0.86	)		(0.83	)		(0.87	)
Net asset value, end of period		$	15.30		$	15.42		$	15.73		$	16.56		$	17.13		$	17.09
Market price, end of period		$	15.11		$	14.90		$	15.30		$	16.09		$	16.96		$	16.22
TOTAL INVESTMENT RETURN:2
At net asset value3			1.28	%		1.91	%		(0.34	)%		1.93	%		5.33	%		11.23	%
At market value			3.51	%		1.55	%		(0.23	)%		0.03	%		9.88	%		10.47	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4
Expenses after fees waived and paid indirectly			0.59	%5		0.91	%		1.05	%		1.03	%		1.03	%		1.04	%
Expenses after fees waived and before fees paid indirectly			0.60	%5		0.97	%		1.06	%		1.03	%		1.03	%		1.05	%
Expenses before fees waived and paid indirectly			0.60	%5		0.97	%		1.06	%		1.03	%		1.03	%		1.05	%
Net investment income after fees waived and paid indirectly and before preferred share dividends			4.51	%5		5.51	%		5.62	%		5.51	%		5.85	%		6.75	%
Preferred share dividends			—	%5		1.32	%		1.25	%		0.58	%		0.48	%		0.68	%
Net investment income available to common shareholders			4.51	%5		4.19	%		4.37	%		4.93	%		5.37	%		6.07	%
SUPPLEMENTAL DATA:
Average net assets (000)		$	172,886		$	174,200		$	180,876		$	189,322		$	192,958		$	187,970
Portfolio turnover			1	%		4	%		7	%		—	%		7	%		31	%
Net assets, end of period (000)		$	172,218		$	173,553		$	177,132		$	186,424		$	192,801		$	192,337
Preferred shares value outstanding, end of period (000)		$	—		$	—		$	109,550		$	109,550		$	109,550		$	109,550
Asset coverage per preferred share, end of period		$	—		$	—		$	65,433		$	67,549		$	69,000		$	68,893

1	Amounted to less than $0.01 per common share outstanding.
2	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
3	Unaudited
4	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
5	Annualized.
The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

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FINANCIAL HIGHLIGHTS

BlackRock New York Municipal 2018 Term Trust (BLH)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	16.33		$	16.11		$	15.77		$	15.53		$	15.11		$	13.58
Investment operations:
Net investment income			0.56			1.11			1.08			1.07			1.06			1.01
Net realized and unrealized gain (loss)			(0.39	)		0.11			0.17			—			0.18			1.37
Dividends to preferred shareholders from net investment income			(0.14	)		(0.26	)		(0.17	)		(0.09	)		(0.08	)		(0.11	)
Net increase from investment operations			0.03			0.96			1.08			0.98			1.16			2.27
Dividends to common shareholders from net investment income			(0.37	)		(0.74	)		(0.74	)		(0.74	)		(0.74	)		(0.74	)
Net asset value, end of period		$	15.99		$	16.33		$	16.11		$	15.77		$	15.53		$	15.11
Market price, end of period		$	15.36		$	15.62		$	15.15		$	14.82		$	14.70		$	13.46
TOTAL INVESTMENT RETURNS:1
At net asset value2			0.21	%		6.26	%		7.19	%		6.73	%		8.19	%		17.33	%
At market value			0.63	%		8.08	%		7.28	%		5.94	%		14.94	%		7.96	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly			1.01	%4		1.04	%		1.06	%		1.11	%		1.12	%		1.13	%
Expenses after fees waived and before fees paid indirectly			1.02	%4		1.07	%		1.08	%		1.12	%		1.14	%		1.17	%
Expenses before fees waived and paid indirectly			1.03	%4		1.07	%		1.08	%		1.12	%		1.14	%		1.17	%
Net investment income after fees waived and paid indirectly and before preferred share dividends			7.00	%4		6.84	%		6.73	%		6.91	%		7.03	%		7.03	%
Preferred share dividends			1.69	%4		1.58	%		1.06	%		0.57	%		0.53	%		0.80	%
Net investment income available to common shareholders			5.31	%4		5.26	%		5.67	%		6.34	%		6.50	%		6.23	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)		$	58,918		$	58,916		$	58,434		$	56,270		$	54,510		$	52,265
Portfolio turnover			1	%		6	%		12	%		—	%		11	%		41	%
Net assets applicable to common shareholders, end of period (000)		$	58,104		$	59,313		$	58,525		$	57,303		$	56,415		$	54,881
Preferred shares value outstanding, end of period (000)		$	31,400		$	31,400		$	31,400		$	31,400		$	31,400		$	31,400
Asset coverage per preferred share, end of period		$	71,270		$	72,237		$	71,603		$	70,626		$	69,917		$	68,702

1	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
2	Unaudited
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

67

FINANCIAL HIGHLIGHTS

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

	Six Months Ended June 30, 2007 (unaudited)				Year Ended December 31,
					2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period		$	15.01		$	15.27		$	15.81		$	16.09		$	15.61		$	14.65
Investment operations:
Net investment income			0.50			1.02			0.97			1.07			1.12			1.17
Net realized and unrealized gain (loss)			(0.39	)		(0.09	)		(0.42	)		(0.37	)		0.30			0.73
Dividends to preferred shareholders from net investment income			(0.15	)		(0.28	)		(0.19	)		(0.09	)		(0.07	)		(0.11	)
Net increase (decrease) from investment operations			(0.04	)		0.65			0.36			0.61			1.35			1.79
Dividends to common shareholders from net investment income			(0.43	)		(0.91	)		(0.90	)		(0.89	)		(0.87	)		(0.83	)
Net asset value, end of period		$	14.54		$	15.01		$	15.27		$	15.81		$	16.09		$	15.61
Market price, end of period		$	17.79		$	17.43		$	15.85		$	15.70		$	15.12		$	14.33
TOTAL INVESTMENT RETURNS:1
At net asset value2			(0.62	)%		4.09	%		2.39	%		4.21	%		9.33	%		12.86	%
At market value			4.72	%		16.45	%		7.02	%		10.12	%		11.91	%		8.19	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly			1.33	%4		1.23	%		1.13	%		1.03	%		1.12	%		1.34	%
Expenses after fees waived and before fees paid indirectly			1.36	%4		1.28	%		1.21	%		1.08	%		1.15	%		1.36	%
Expenses before fees waived and paid indirectly			1.53	%4		1.51	%		1.52	%		1.47	%		1.54	%		1.75	%
Net investment income after fees waived and paid indirectly and before preferred share dividends			6.83	%4		6.73	%		6.28	%		6.74	%		7.09	%		7.69	%
Preferred share dividends			2.05	%4		1.85	%		1.22	%		0.59	%		0.46	%		0.71	%
Net investment income available to common shareholders			4.78	%4		4.88	%		5.06	%		6.15	%		6.63	%		6.98	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)		$	29,977		$	30,532		$	31,283		$	31,989		$	31,892		$	30,545
Portfolio turnover			18	%		7	%		8	%		5	%		—	%		7	%
Net assets applicable to common shareholders, end of period (000)		$	29,372		$	30,306		$	30,801		$	31,857		$	32,435		$	31,454
Preferred shares value outstanding, end of period (000)		$	17,500		$	17,500		$	17,500		$	17,500		$	17,500		$	17,500
Asset coverage per preferred share, end of period		$	66,967		$	68,305		$	69,008		$	70,513		$	71,341		$	69,939

1	Total investment returns at market price, which can be significantly greater or lesser than the new asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
2	Unaudited
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

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NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1. Organization & Accounting Policies

The BlackRock Insured Municipal 2008 Term Trust Inc. (“Insured Municipal 2008”), The BlackRock Insured Municipal Term Trust Inc. (“Insured Municipal”), The BlackRock California Insured Municipal 2008 Term Trust Inc. (“California Insured 2008”) and The BlackRock New York Insured Municipal 2008 Term Trust Inc. (“New York Insured 2008”) were organized as Maryland corporations. BlackRock Municipal 2018 Term Trust (“Municipal 2018”), BlackRock Municipal 2020 Term Trust (“Municipal 2020”), The BlackRock Strategic Municipal Trust (“Strategic Municipal”), BlackRock California Municipal 2018 Term Trust (“California 2018”), BlackRock Florida Municipal 2020 Term Trust (“Florida 2020”), BlackRock New York Municipal 2018 Term Trust (“New York 2018”) and The BlackRock Pennsylvania Strategic Municipal Trust (“Pennsylvania Strategic”) were organized as Delaware statutory trusts. The BlackRock Florida Insured Municipal 2008 Term Trust (“Florida Insured 2008”) was organized as a Massachusetts business trust. Insured Municipal 2008, Insured Municipal, Municipal 2018, Municipal 2020 and Strategic Municipal are registered as diversified closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). California Insured 2008, California 2018, Florida Insured 2008, Florida 2020, New York Insured 2008, New York 2018 and Pennsylvania Strategic are registered as non-diversified closed-end management investment companies under the 1940 Act. Insured Municipal 2008, California Insured 2008, Florida Insured 2008 and New York Insured 2008 are herein referred to as the 2008 Trusts. Municipal 2018, California 2018 and New York 2018 are herein referred to as the 2018 Trusts. Municipal 2020 and Florida 2020 are herein referred to as the 2020 Trusts. Strategic Municipal and Pennsylvania Strategic are herein referred to as the Strategic Trusts.

          Under the Trusts’ organizational documents, their officers and Trustees (as defined below) are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts’ maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.

          The following is a summary of significant accounting policies followed by the Trusts.

Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (“Trustees”) or Board of Directors, as the case may be (each, a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. Swap quotations are provided by dealers selected under supervision of the Board. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value per share. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Trust’s investment advisor and/or sub-advisor deems relevant.

          In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Trusts’ financial statements, if any, has not been determined.

          In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entitiy also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to faciliate comparisons between entities that choose different measurement attributes for similar types of assets and liabiliates. At this time, management is evaluating the implications of FAS 159 and its impact on the Trusts’ financial statements, if any, has not been determined.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of the specific identification method, generally first-in, first-out, for both financial reporting and federal income tax purposes. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into financial futures contracts and can be either cash or securities. During the period the financial futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made

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or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

          Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Financial futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling financial futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Forward Starting Swaps: A forward starting swap is an agreement for an interest rate swap asset or liability to be created or sold in the future. Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. The Trusts generally intend to close each forward starting swap before the accrual date specified in the agreement and therefore aviod entering into the interest rate swap underlying each forward starting swap.

          During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by “marking-to-market” daily based upon quotations from market makers to reflect the market value of the swap. When the swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any.

          Entering into these agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest and/or exchange rates. However, the Advisor of the Trusts monitors swaps and does not anticipate non-performance by any counterparty.

Segregation: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, swap agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax or excise tax provisions have been recorded.

          Effective June 29, 2007, the Trusts implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. Management has evaluated the application of FIN 48 to the Trusts, and has determined that the adoption of FIN 48 does not have a material impact on the Trusts’ financial statements. The Trusts file U.S. and various state tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ tax returns remain open for the years ended December 31, 2003 through December 31, 2006.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed in accordance with the 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 5.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees/Directors (“Independent Trustees”) are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock Closed-End Funds selected by the Independent Trustees. These amounts are shown on the Statements of Assets and Liabilities as “Investments in Affiliates.” This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Independent Trustees in order to match its deferred compensation obligations.

Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally prorated to the Trusts on the basis of relative net assets of all the BlackRock Closed-End Funds.

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Note 2. Agreements and Other Transactions with Affiliates and Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the 2018 Trusts, 2020 Trusts and Strategic Trusts. Merrill Lynch & Co., Inc. and The PNC Financial Group, Inc. are principal owners of BlackRock, Inc. The investment management agreements for the 2018 Trusts, 2020 Trusts and Strategic Trusts cover both investment advisory and administration services. Each 2008 Trust and Insured Municipal Trust has an Administration Agreement with the Advisor.

          Each Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the 2008 Trusts and Insured Municipal Trust, 0.40% for the 2018 Trusts, 0.50% for the 2020 Trusts and 0.60% for the Strategic Trusts, of the Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Strategic Trusts as a percentage of managed assets as follows: 0.25% for the first five years of each of the Trust’s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.

          The administration fee paid to the Advisor by the 2008 Trusts and Insured Municipal Trust is computed weekly and payable monthly based on an annual rate of 0.10% of the Trusts’ average weekly managed assets.

          The Advisor has agreed to reimburse its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investments in affiliated money market funds, which is shown on the Statement of Operations as “fees waived by Advisor.”

          The Advisor pays BFM fees for its sub-advisory services.

          Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support, and compliance services to each Trust. For the six months ended June 30, 2007, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statements of Operations:

Trust	Amount
Insured Municipal 2008	$	11,634
Insured Municipal		7,392
Municipal 2018		6,061
Municipal 2020		6,802
Strategic Municipal		2,785
California Insured 2008		4,533

Trust	Amount
California 2018	$	2,713
Florida Insured 2008		3,622
Florida 2020		2,040
New York Insured 2008		4,865
New York 2018		1,417
Pennsylvania Strategic		907

          Pursuant to the terms of the custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These credits are shown on the Statements of Operations as “fees paid indirectly.”

          Investements in companies considered to be affiliates of the Trusts, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Trust	Portfolio Company	Net Activity (000)		Dividend/Interest Income
Municipal 2018	Merrill Lynch Institutional Tax Exempt Fund		800		$	15,694
Strategic Municipal	Merrill Lynch Institutional Tax Exempt Fund		1,400			21,185
California 2018	CMA California Mun. Money Fund		7,163			70,962
Florida 2020	CMA Florida Mun. Money Fund		—			453
New York 2018	CMA New York Mun. Money Fund		302			2,505
Pennsylvania Strategic	CMA Pennsylvania Mun. Money Fund		315			14,163

          During the six months ended June 30, 2007, Merrill Lynch & Co., Inc., through its affiliated broker dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated, earned commissions on transactions of securities as follows:

Trust	Commission Amount
Municipal 2018		$3,302
Municipal 2020		5,912
Strategic Municipal		2,009
California 2018		1,694
Florida 2020		1,584
New York 2018		951
Pennsylvania Strategic		451

71

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended June 30, 2007, were as follows:

Trust	Purchases		Sales
Insured Municipal 2008	$	—	$	49,893,556
Insured Municipal		—		17,562,905
Municipal 2018		23,305,542		21,421,306
Municipal 2020		16,634,139		12,059,042
Strategic Municipal		26,151,119		25,848,504
California Insured 2008		—		10,724,550

Trust	Purchases		Sales
California 2018	$	5,172,356	$	5,144,669
Florida Insured 2008		2,595,982		17,541,501
Florida 2020		19,491,766		9,385,641
New York Insured 2008		1,239,152		3,170,162
New York 2018		968,542		937,207
Pennsylvania Strategic		8,169,424		10,636,364

          There were no purchases or sales of U.S. government securities for the six months ended June 30, 2007.

          Details of open forward starting swap agreements at June 30, 2007, were as follows:

Trust	Notional Amount (000)		Fixed Rate(a)			Counter Party		Floating Rate		Effective Date		Termination Date		Unrealized Appreciation (Depreciation)
Strategic	$	6,750,000		3.637	%		JP Morgan		1-week BMA Municipal Swap Index		08/03/07		08/03/16	$	147,690
Municipal		4,250,000		4.015			Citibank NA		1-week BMA Municipal Swap Index		09/21/07		09/21/17		(3,292	)
		13,850,000		4.034			JP Morgan		1-week BMA Municipal Swap Index		09/27/07		09/27/17		(40,720	)
														$	103,678
Pennsylvania    Strategic	$	1,000,000		3.928	%		JP Morgan Lehman		1-week BMA Municipal Swap Index		08/03/07		08/03/27	$	33,480
		2,000,000		4.023			Brothers		1-week BMA Municipal Swap Index		09/21/07		09/21/17		(4,300	)
														$	29,180

^(a) Trust will pay fixed interest rate and receive floating interest rate beginning on the effective date.

BMA—Bond Market Association.

Note 4. Distributions to Shareholders

The tax character of distributions paid during the year ended December 31, 2006 was as follows:

	Year ended December 31, 2006
Distributions Paid From:	Tax-exemptIncome			Ordinary Income			Long-term Capital Gains			Total Distributions
Insured Municipal 2008		$	28,133,908		$	11,643		$	353,680		$	28,499,231
Insured Municipal			17,164,227			—			92,146			17,256,373
Municipal 2018			19,015,247			—			—			19,015,247
Municipal 2020			21,988,676			—			—			21,988,676
Strategic Municipal			10,055,824			—			—			10,055,824
California Insured 2008			10,659,232			—			—			10,659,232
California 2018			6,418,803			—			—			6,418,803
Florida Insured 2008			6,207,286			—			20,001			6,227,287
Florida 2020			5,322,631			—			—			5,322,631
New York Insured 2008			9,406,089			—			27,602			9,433,691
New York 2018			3,599,305			—			—			3,599,305
Pennsylvania Strategic			2,394,018			—			—			2,394,018

72

          For federal income tax purposes, the following Trusts had capital loss carryforwards at December 31, 2006, the Trust’s last tax year-end (other than the 2020 Trusts and Strategic Trusts, each of which has a tax year-end of June 30). These amounts may be used to offset future realized capital gains, if any:

Trust	Capital Loss Carryforward Amount			Expires
Insured Municipal 2008		$	1,251,338		2014
Insured Municipal		$	8,977		2014
Municipal 2018		$	6,633,095		2012
			6,967,122		2014
		$	13,600,217
Municipal 2020		$	345,038		2013
			524,726		2015
		$	869,764
Strategic Municipal		$	384,262		2012
			1,045,663		2013
		$	1,429,925
California Insured 2008		$	724,206		2014

Trust	Capital Loss Carryforward Amount			Expires
California 2018		$	999,612		2010
			1,444,501		2012
			588,861		2013
		$	3,032,974
Florida Insured 2008		$	218,214		2014
Florida 2020		$	206,533		2013
New York Insured 2008		$	214,684		2014
New York 2018		$	193,442		2010
			431,368		2011
			590,480		2012
		$	1,215,290
Pennsylvania Strategic		$	123,151		2013

          Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward amounts.

Note 5. Capital

There are 200 million of $0.01 par value common shares authorized for each of the 2008 Trusts and Insured Municipal. There are an unlimited number of $0.001 par value common shares authorized for each of the 2018 Trusts, 2020 Trusts and Strategic Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At June 30, 2007, the common shares owned by an affiliate of the Advisor of each Trust were as follows:

Trust	Common Shares Owned
Municipal 2020	8,028
Florida 2020	8,028

          During the six months ended June 30, 2007 and year ended December 31, 2006, the following Trusts issued additional shares under their respective dividend reinvestment plans:

Trust		Six months ended June 30, 2006		Year ended December 31, 2006
Strategic Municipal	7,110		17,235
Pennsylvania Strategic	1,279		2,809

          As of June 30, 2007, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

Trust		Series		Shares
Insured Municpal	M7		2,600
Municipal 2018	W7		2,752
	R7		2,752
Municipal 2020	M7		2,368
	W7		2,368
	F7		2,368

Trust		Series		Shares
Strategic Municipal	W7		2,480
California 2018	M7		2,221
Florida 2020	F7		1,956
New York 2018	T7		1,256
Pennsylvania Strategic	W7		700

          Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are comulative at a rate which resents every 28 days based on the results of an auction. The dividend ranges and average on the preferred shares for each of the Trusts for the six months ended June 30, 2007, were as follows:

Trust	Series		Low			High			Average
Insured Municpal		M7		2.90	%		3.90	%	3.46	%
Municipal 2018		W7		3.10			3.88		3.58
		R7		3.40			3.92		3.66
Municipal 2020		M7		3.50			3.90		3.66
		W7		3.22			3.85		3.63
		F7		3.37			3.90		3.62

Trust	Series		Low			High			Average
Strategic Municipal		W7		3.30	%		3.90	%	3.64	%
California 2018		M7		3.00			3.80		3.39
Florida 2020		F7		3.49			3.85		3.66
New York 2018		T7		2.90			3.58		3.16
Pennsylvania Strategic		W7		3.00			3.88		3.50

73

          A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred shares would be less than 200%.

          The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Declaration of Trust/Articles Supplementary, are not satisfied.

          The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares (b) change a Trust’s subclassification as a closed-end investment company or change its fundamental investment restrictions and (c) change is business so as to cease to be an investment company.

          On June 13, 2006, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 2,060 R28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 14, 2006 (an aggregate price of $51,500,000). On June 23, 2006, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 2,060 T28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 26, 2006 (an aggregate price of $51,500,000). Management believes that the redemption of the R28 and T28 preferred shares will not affect the Insured Municipal 2008 Trust’s ability to satisfy the terms of the remaining preferred shares outstanding.

          On September 21, 2006, Insured Municipal 2008 Trust’s Board approved the redemption of 3,480 T7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 25, 2006 (an aggregate price of $87,000,000). Management believes that the redemption of the T7 preferred shares will not affect the Insured Municipal 2008 Trust’s ability to satisfy the terms of the remaining preferred shares outstanding.

          On September 21, 2006, California Insured 2008 Trust’s Board approved the redemption of all of the 2,622 W7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 26, 2006 (an aggregate price of $65,550,000). On September 21, 2006, California Insured 2008 Trust’s Board approved the redemption of all of the 1,560 W28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on November 9, 2006 (an aggregate price of $39,000,000).

          On June 6, 2006, Florida Insured 2008 Trust’s Board approved the redemption of 1,200 R7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 7, 2006 (an aggregate price of $33,000,000).

          On September 21, 2006, Florida Insured 2008 Trust’s Board approved the redemption of all of the 2,166 R7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 27, 2006 (an aggregate price of $54,150,000).

          On June 9, 2006, New York Insured 2008 Trust’s Board approved the redemption of all of the 1,710 F28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on July 10, 2006 (an aggregate price of $42,750,000).

          On September 21, 2006, New York Insured 2008 Trust’s Board approved the redemption of all of the 2,672 F7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on October 23, 2006 (an aggregate price of $66,800,000).

          On February 22, 2007, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 1,180 T7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 4, 2007 (an aggregate price of $29,500,000). On February 22, 2007, Insured Municipal 2008 Trust’s Board approved the redemption of all of the 2,060 R7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 9, 2007 (an aggregate price of $51,500,000).

          On February 22, 2007, Insured Municipal Trust’s Board approved the redemption of 1,616 M7 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 3, 2007 (an aggregate price of $40,400,000). On February 22, 2007, Insured Municipal Trust’s Board approved the redemption of all of the 2,600 M28 preferred shares outstanding in preparation for its termination on or about December 31, 2008. The shares were redeemed at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date on April 10, 2007 (an aggregate price of $65,000,000).

74

Note 6. Concentration Risk

The Trusts concentrate their investments in securities issued by state agencies, other governmantal entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these state agencies, other governmental entities and U.S. Territories, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principle and interest payments and therefore could impcat the value of the Trusts’ investments and net asset value per share, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

                Many municipalities insure repayment for their obligations. Although bond insurace reduces the rish of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.

Note 7. Subsequent Events

Subsequent to June 30, 2007, the Boards declared dividends from undistributed earnings per common share payable August 1, 2007 to shareholders of record on July 16, 2007. The per share common dividends declared were as follows:

Trust	Common Dividend Per Share
Insured Municipal 2008	$0.061000
Insured Municipal	0.030417
Municipal 2018	0.075500
Municipal 2020	0.066250
Strategic Municipal	0.085000
California Insured 2008	0.056000

Trust	Common Dividend Per Share
California 2018	$0.061250
Florida Insured 2008	0.037500
Florida 2020	0.051000
New York Insured 2008	0.055000
New York 2018	0.061250
Pennsylvania Strategic	0.070000

                The dividends declared on preferred shares for the period July 1, 2007 to July 31, 2007 for each of the Trusts were as follows:

Trust	Series	Dividends Declared
Insured Municpal	M7	$208,676
Municipal 2018	W7	191,567
	R7	193,411
Municipal 2020	M7	208,810
	W7	166,328
	F7	210,160

Trust	Series	Dividends Declared
Strategic Municipal	W7	$173,352
California 2018	M7	154,204
Florida 2020	F7	173,302
New York 2018	T7	80,145
Pennsylvania Strategic	W7	47,621

75

DIVIDEND REINVESTMENT PLANS

          Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders of the 2008 Trusts and Insured Municipal may elect, while the common shareholders of the 2018 Trusts, 2020 Trusts and Strategic Trusts are automatically enrolled, to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares in accordance with to the Plan. Shareholders who do not participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

          After a 2008 Trust, Insured Municipal, 2018 and/or 2020 Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). These Trusts will not issue any new shares under the Plan.

          After a Strategic Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.

          Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

          The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any federal income tax that may be payable on such dividends or distributions.

          Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan; however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or by calling (800) 699-1BFM.

76

ADDITIONAL INFORMATION

60 Day Notice: All of the net investment income distributions paid by the Municipal 2020, Florida 2020, Strategic Municipal and Pennsylvania Strategic during the taxable year ended June 30, 2007 qualify as tax-exempt interest dividends for Federal income tax purposes.

          Each Trust listed for trading on the NewYork Stock Exchange (“NYSE”) has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE’s listing standards and each Trust listed for trading on the American Stock Exchange (“AMEX”) has filed with the AMEX its corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

          The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

          During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts.

          Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www1.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Donald Burke, Anne Ackerley, Bartholomew Battista, Vincent Tritto and Brian Kindelan—Managing Directors of the Advisor and the Sub-Advisor, Neal Andrews and Jay Fife—Managing Directors of the Sub-Advisor, Spencer Flemming—Director of the Advisor and the Sub-Advisor, Robert Mahar—Director of the Sub-Advisor.

Important Information Regarding the BlackRock Closed-End Funds Semi-Annual Investor Update

          The Semi-Annual Investor Update (“Update”) is available on the Internet and may be accessed through BlackRock’s website at http://www.blackrock.com. The Update provides information on the fixed income markets and summaries of BlackRock Closed-End Funds’ investment objectives and strategies. It also contains recent news regarding the BlackRock Closed-End Funds.

          If you would like to receive a hard copy of the BlackRock Closed-End Funds Semi-Annual Investor Update, please call (800) 699-1BFM.

77

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BlackRock Closed-End Funds

Trustees	Transfer Agent
Ralph L. Schlosstein, Chairman	Computershare Trust Company, N.A.
Richard E. Cavanagh, Lead Trustee	250 Royall Street
Kent Dixon	Canton, MA 02021
Frank J. Fabozzi	(800) 699-1BFM
Kathleen F. Feldstein
R. Glenn Hubbard	Auction Agent2
	Bank of New York
Officers	101 Barclay Street, 7 West
Robert S. Kapito, President	New York, NY 10286
Donald C. Burke, Treasurer
Bartholomew Battista, Chief Compliance Officer	Auction Agent3
Anne Ackerley, Vice President	Deutsche Bank Trust Company Americas
Neal Andrews, Assistant Treasurer	60 Wall Street, 8th Floor
Jay Fife, Assistant Treasurer	New York, NY 10005
Spencer Fleming, Assistant Treasurer
Robert Mahar, Assistant Treasurer	Independent Registered Public Accounting Firm
Vincent B. Tritto, Secretary	Deloitte & Touche LLP
Brian P. Kindelan, Assistant Secretary	200 Berkeley Street
	Boston, MA 02116
Investment Advisor
BlackRock Advisors, LLC	Legal Counsel
100 Bellevue Parkway	Skadden, Arps, Slate, Meagher & Flom LLP
Wilmington, DE 19809	Four Times Square
(800) 227-7BFM	New York, NY 10036
Sub-Advisor1	Legal Counsel – Independent Trustees
BlackRock Financial Management, Inc.	Debevoise & Plimpton LLP
40 East 52nd Street	919 Third Avenue
New York, NY 10022	New York, NY 10022
Accounting Agent and Custodian	This report is for shareholder information. This is not a
State Street Bank and Trust Company	prospectus intended for use in the purchase or sale of Trust
2 Avenue De Lafayette	shares. Statements and other information contained in this
Boston, MA 02111	report are as dated and are subject to change.
	BlackRock Closed-End Funds
1         For the 2018 Trusts, 2020 Trusts and Strategic Trusts.	c/o BlackRock Advisors, LLC
2         For the 2018 Trusts and 2020 Trusts.	100 Bellevue Parkway
3         For the Trusts, except the 2018 Trusts and 2020 Trusts.	Wilmington, DE 19809
	(800) 227-7BFM

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Form N-Q, may also be obtained upon request without charge by calling (800) 699-1BFM.

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.
CEF-SEMI-4-0607

Item 2 –   Code of Ethics – Not Applicable to this semi-annual report

Item 3 –   Audit Committee Financial Expert – Not Applicable to this semi-annual report Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6 –   Schedule of Investments – The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

Item 7 –   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8 –   Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 9 –   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.

Item 11 – Controls and Procedures

11(a) –     The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities and Exchange Act of 1934, as amended.

11(b) –     There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) –      Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock California Municipal 2018 Term Trust

By:	/s/ Donald C. Burke
	Donald C. Burke,
	Treasurer of
	BlackRock California Municipal 2018 Term Trust

Date: August 20, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert S. Kapito
	Robert S. Kapito,
	President (principal executive officer) of
	BlackRock California Municipal 2018 Term Trust

Date: August 20, 2007

By:	/s/ Donald C. Burke
	Donald C. Burke,
	Treasurer (principal financial officer) of
	BlackRock California Municipal 2018 Term Trust

Date: August 20, 2007