BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST (Form Type: N-CSRS, Filing Date: 08/28/2003)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-10503 BlackRock New York Municipal 2018 Term Trust -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 100 Bellevue Parkway, Wilmington, DE 19809 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Robert S. Kapito, President BlackRock New York Municipal 2018 Term Trust 40 East 52nd Street, New York, NY 10022 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (302) 797-2449 Date of fiscal year end: 12/31/03 Date of reporting period: 6/30/03

ITEM 1. REPORTS TO STOCKHOLDERS. The Trust's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows: -------------------------------------------------------------------------------- BlackRock Closed-End Funds Semi-Annual Report JUNE 30, 2003 (UNAUDITED) -------------------------------------------------------------------------------- BlackRock Insured Municipal 2008 Term Trust (BRM) BlackRock Insured Municipal Term Trust (BMT) BlackRock Municipal 2018 Term Trust (BPK) BlackRock Municipal Target Term Trust (BMN) BlackRock Strategic Municipal Trust (BSD) BlackRock California Insured Municipal 2008 Term Trust (BFC) BlackRock California Municipal 2018 Term Trust (BJZ) BlackRock Florida Insured Municipal 2008 Term Trust (BRF) BlackRock 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 BLACKROCK [LOGO]

TABLE OF CONTENTS Letter to Shareholders .................................................... 1 Trust Summaries ........................................................... 2 Portfolios of Investments ................................................. 13 Financial Statements Statements of Assets and Liabilities ................................... 45 Statements of Operations ............................................... 47 Statements of Changes in Net Assets .................................... 49 Financial Highlights ...................................................... 53 Notes to Financial Statements ............................................. 64 Dividend Reinvestment Plans ............................................... 69 Additional Information .................................................... 70 -------------------------------------------------------------------------------- PRIVACY PRINCIPLES OF THE TRUSTS The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties. Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator). The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders. --------------------------------------------------------------------------------

LETTER TO SHAREHOLDERS July 31, 2003 Dear Shareholder: We are pleased to report that during the semi-annual period, the Trusts continued to provide 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 portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions. The following table shows the Trusts' yields, tax-equivalent yields, closing market prices per share and net asset values ("NAV") per share as of June 30, 2003. <TABLE> <CAPTION> -------------------------------------------------------------------------------------------------------------------- TAX- CURRENT EQUIVALENT MARKET TRUST YIELD(1) YIELD(1) PRICE NAV -------------------------------------------------------------------------------------------------------------------- <S> <C> <C> <C> <C> BlackRock Insured Municipal 2008 Term Trust (BRM) 4.47% 6.88% $17.79 $17.97 -------------------------------------------------------------------------------------------------------------------- BlackRock Insured Municipal Term Trust (BMT) 5.01 7.71 11.47 11.60 -------------------------------------------------------------------------------------------------------------------- BlackRock Municipal 2018 Term Trust (BPK) 5.25 8.08 14.85 15.14 -------------------------------------------------------------------------------------------------------------------- BlackRock Municipal Target Term Trust (BMN) 5.15 7.93 11.16 11.22 -------------------------------------------------------------------------------------------------------------------- BlackRock Strategic Municipal Trust (BSD) 5.98 9.20 15.10 15.80 -------------------------------------------------------------------------------------------------------------------- BlackRock California Insured Municipal 2008 Term Trust (BFC) 4.55 7.00 16.98 17.56 -------------------------------------------------------------------------------------------------------------------- BlackRock California Municipal 2018 Term Trust (BJZ) 5.10 7.85 14.40 14.69 -------------------------------------------------------------------------------------------------------------------- BlackRock Florida Insured Municipal 2008 Term Trust (BRF) 4.52 6.96 16.59 16.87 -------------------------------------------------------------------------------------------------------------------- BlackRock New York Insured Municipal 2008 Term Trust (BLN) 4.44 6.84 16.88 17.42 -------------------------------------------------------------------------------------------------------------------- BlackRock New York Municipal 2018 Term Trust (BLH) 4.91 7.55 14.97 15.37 -------------------------------------------------------------------------------------------------------------------- BlackRock Pennsylvania Strategic Municipal Trust (BPS) 5.52 8.50 15.30 16.28 -------------------------------------------------------------------------------------------------------------------- </TABLE> (1) Yields are based on market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. BlackRock, Inc. ("BlackRock"), a world leader in asset management, has a proven commitment to the municipal bond market. As of June 30, 2003, BlackRock managed approximately $17.6 billion in municipal bonds, including six open-end and 35 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world's largest institutional investors. BlackRock Advisors, Inc., which manages the Trusts, is a wholly owned subsidiary of BlackRock. On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets. Sincerely, /s/ Laurence D. Fink /s/ Ralph L. Schlosstein -------------------- ------------------------ Laurence D. Fink Ralph L. Schlosstein Chief Executive Officer President BlackRock Advisors, Inc. BlackRock Advisors, Inc. 1

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ------------------------------------------- BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST ------------------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BRM -------------------------------------------------------------------------------- Initial Offering Date: September 18, 1992 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2008 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $17.79 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $17.97 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($17.79):(1) 4.47% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.06625 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.79500 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 36% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: ------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $17.79 $16.58 7.30% $17.80 $16.39 -------------------------------------------------------------------------------- NAV $17.97 $17.62 1.99% $18.31 $17.48 -------------------------------------------------------------------------------- The following chart shows the Trust's asset composition: SECTOR BREAKDOWN --------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 --------------------------------------------------------------------------- City, County & State 29% 30% --------------------------------------------------------------------------- Power 20 22 --------------------------------------------------------------------------- Education 15 11 --------------------------------------------------------------------------- Transportation 8 10 --------------------------------------------------------------------------- Tax Revenue 8 8 --------------------------------------------------------------------------- Industrial & Pollution Control 6 2 --------------------------------------------------------------------------- Lease Revenue 5 4 --------------------------------------------------------------------------- Water & Sewer 4 4 --------------------------------------------------------------------------- Hospital 4 7 --------------------------------------------------------------------------- Housing 1 2 --------------------------------------------------------------------------- As of June 30, 2003, 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, 2003 -------------------------------------- BLACKROCK INSURED MUNICIPAL TERM TRUST -------------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BMT -------------------------------------------------------------------------------- Initial Offering Date: February 20, 1992 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2010 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $11.47 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $11.60 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($11.47):(1) 5.01% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.047917 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.575004 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 36% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: ----------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $11.47 $10.94 4.84% $11.71 $10.68 -------------------------------------------------------------------------------- NAV $11.60 $11.29 2.75% $11.90 $11.13 -------------------------------------------------------------------------------- The following chart shows the Trust's asset composition: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- City, County & State 36% 34% -------------------------------------------------------------------------------- Education 15 14 -------------------------------------------------------------------------------- Water & Sewer 14 13 -------------------------------------------------------------------------------- Power 12 15 -------------------------------------------------------------------------------- Hospital 10 11 -------------------------------------------------------------------------------- Transportation 5 4 -------------------------------------------------------------------------------- Lease Revenue 5 4 -------------------------------------------------------------------------------- Tax Revenue 2 3 -------------------------------------------------------------------------------- Housing 1 2 ------------------------------------------------------------------------------- As of June 30, 2003, all long-term investments had ratings of AAA/Aaa by S&P, Moody's or Fitch. 3

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ----------------------------------- BLACKROCK MUNICIPAL 2018 TERM TRUST ----------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BPK -------------------------------------------------------------------------------- Initial Offering Date: October 26, 2001 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2018 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $14.85 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $15.14 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($14.85):(1) 5.25% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.065 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.780 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 36% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: ---------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $14.85 $13.43 10.57% $14.91 $13.17 -------------------------------------------------------------------------------- NAV $15.14 $14.66 3.27% $15.48 $14.16 -------------------------------------------------------------------------------- The following charts show the Trust's asset composition and credit quality allocations: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- Industrial & Pollution Control 23% 25% -------------------------------------------------------------------------------- Hospitals 22 18 -------------------------------------------------------------------------------- Housing 14 12 -------------------------------------------------------------------------------- City, County & State 11 8 -------------------------------------------------------------------------------- Tobacco 10 12 -------------------------------------------------------------------------------- Power 6 7 -------------------------------------------------------------------------------- Lease Revenue 3 4 -------------------------------------------------------------------------------- Education 3 4 -------------------------------------------------------------------------------- Transportation 3 3 -------------------------------------------------------------------------------- Tax Revenue 1 1 -------------------------------------------------------------------------------- Other 4 6 -------------------------------------------------------------------------------- CREDIT BREAKDOWN* -------------------------------------------------------------------------------- CREDIT RATING JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- AAA/Aaa 22% 21% -------------------------------------------------------------------------------- AA/Aa 2 4 -------------------------------------------------------------------------------- A 29 37 -------------------------------------------------------------------------------- BBB/Baa 24 24 -------------------------------------------------------------------------------- BB/Ba 1 4 -------------------------------------------------------------------------------- B 7 2 -------------------------------------------------------------------------------- Not Rated 15 8 -------------------------------------------------------------------------------- ----------- * Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on long-term investments. 4

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ------------------------------------- BLACKROCK MUNICIPAL TARGET TERM TRUST ------------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on the New York Stock Exchange: BMN -------------------------------------------------------------------------------- Initial Offering Date: September 27, 1991 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2006 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $11.16 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $11.22 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($11.16):(1) 5.15% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.047917 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.575004 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 37% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: -------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $11.16 $11.01 1.36% $11.30 $10.82 -------------------------------------------------------------------------------- NAV $11.22 $11.16 0.54% $11.40 $11.06 -------------------------------------------------------------------------------- The following chart shows the Trust's asset composition: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- City, County & State 38% 38% -------------------------------------------------------------------------------- Power 14 13 -------------------------------------------------------------------------------- Transportation 11 9 -------------------------------------------------------------------------------- Education 9 9 -------------------------------------------------------------------------------- Water & Sewer 9 10 -------------------------------------------------------------------------------- Lease Revenue 6 6 -------------------------------------------------------------------------------- Housing 5 5 -------------------------------------------------------------------------------- Hospital 5 6 -------------------------------------------------------------------------------- Tax Revenue 3 3 -------------------------------------------------------------------------------- Industrial & Pollution Control -- 1 -------------------------------------------------------------------------------- As of June 30, 2003, all long-term investments had ratings of AAA/Aaa by S&P, Moody's or Fitch. 5

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ----------------------------------- BLACKROCK STRATEGIC MUNICIPAL TRUST ----------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BSD -------------------------------------------------------------------------------- Initial Offering Date: August 25, 1999 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $15.10 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $15.80 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($15.10):(1) 5.98% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.075233 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.902796 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 35% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) Effective with the August 1, 2003 distribution payment, the monthly distribution per share has been changed to $0.079585. The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: -------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $15.10 $13.78 9.58% $15.10 $13.25 -------------------------------------------------------------------------------- NAV $15.80 $15.01 5.26% $16.10 $14.51 -------------------------------------------------------------------------------- The following charts show the Trust's asset composition and credit quality allocations: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- Industrial & Pollution Control 18% 17% -------------------------------------------------------------------------------- Hospital 18 17 -------------------------------------------------------------------------------- City, County & State 13 13 -------------------------------------------------------------------------------- Tax Revenue 9 10 -------------------------------------------------------------------------------- Education 9 9 -------------------------------------------------------------------------------- Transportation 9 8 -------------------------------------------------------------------------------- Power 8 9 -------------------------------------------------------------------------------- Housing 5 5 -------------------------------------------------------------------------------- Water & Sewer 4 4 -------------------------------------------------------------------------------- Tobacco 3 4 -------------------------------------------------------------------------------- Other 4 4 -------------------------------------------------------------------------------- CREDIT BREAKDOWN* -------------------------------------------------------------------------------- CREDIT RATING JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- AAA/Aaa 36% 40% -------------------------------------------------------------------------------- AA/Aa 21 16 -------------------------------------------------------------------------------- A 8 12 -------------------------------------------------------------------------------- BBB/Baa 13 10 -------------------------------------------------------------------------------- BB/Ba 8 13 -------------------------------------------------------------------------------- B 6 3 -------------------------------------------------------------------------------- CCC/Caa 2 -- -------------------------------------------------------------------------------- Not Rated 6 6 -------------------------------------------------------------------------------- ------------- * Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on long-term investments. 6

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ------------------------------------------------------ BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST ------------------------------------------------------ TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BFC -------------------------------------------------------------------------------- Initial Offering Date: September 18, 1992 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2008 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $16.98 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $17.56 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($16.98):(1) 4.55% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.064375 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.772500 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 36% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: --------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $16.98 $16.44 3.28% $17.09 $16.15 -------------------------------------------------------------------------------- NAV $17.56 $17.34 1.27% $18.03 $17.05 -------------------------------------------------------------------------------- The following chart shows the Trust's asset composition: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- City, County & State 37% 32% -------------------------------------------------------------------------------- Power 18 18 -------------------------------------------------------------------------------- Lease Revenue 13 13 -------------------------------------------------------------------------------- Education 10 8 -------------------------------------------------------------------------------- Water & Sewer 8 7 -------------------------------------------------------------------------------- Tax Revenue 6 6 -------------------------------------------------------------------------------- Transportation 4 9 -------------------------------------------------------------------------------- Hospital 3 3 -------------------------------------------------------------------------------- Resource Recovery 1 1 -------------------------------------------------------------------------------- Industrial & Pollution Control -- 2 -------------------------------------------------------------------------------- Housing -- 1 -------------------------------------------------------------------------------- As of June 30, 2003, all long-term investments had ratings of AAA/Aaa by S&P, Moody's or Fitch. 7

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ---------------------------------------------- BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST ---------------------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BJZ -------------------------------------------------------------------------------- Initial Offering Date: October 26, 2001 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2018 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $14.40 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $14.69 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($14.40):(1) 5.10% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.06125 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.73500 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 37% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: -------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $14.40 $13.40 7.46% $14.40 $13.03 -------------------------------------------------------------------------------- NAV $14.69 $14.59 0.69% $15.15 $13.94 -------------------------------------------------------------------------------- The following charts show the Trust's asset composition and credit quality allocations: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- City, County & State 18% 23% -------------------------------------------------------------------------------- Transportation 18 17 -------------------------------------------------------------------------------- Lease Revenue 12 15 -------------------------------------------------------------------------------- Tobacco 11 16 -------------------------------------------------------------------------------- Hospital 8 5 -------------------------------------------------------------------------------- Housing 7 7 -------------------------------------------------------------------------------- Water & Sewer 7 -- -------------------------------------------------------------------------------- Education 5 5 -------------------------------------------------------------------------------- Power 5 3 -------------------------------------------------------------------------------- Industrial & Pollution Control 2 2 -------------------------------------------------------------------------------- Tax Revenue -- 1 -------------------------------------------------------------------------------- Other 7 6 -------------------------------------------------------------------------------- CREDIT BREAKDOWN* -------------------------------------------------------------------------------- CREDIT RATING JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- AAA/Aaa 32% 34% -------------------------------------------------------------------------------- AA/Aa 4 4 -------------------------------------------------------------------------------- A 40 45 -------------------------------------------------------------------------------- BBB/Baa 15 10 -------------------------------------------------------------------------------- Not Rated 9 7 -------------------------------------------------------------------------------- ------------ * Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on long-term investments. 8

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 --------------------------------------------------- BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST --------------------------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BRF -------------------------------------------------------------------------------- Initial Offering Date: September 18, 1992 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2008 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $16.59 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $16.87 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($16.59):(1) 4.52% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.0625 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.7500 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 36% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: ----------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $16.59 $15.91 4.27% $16.66 $15.65 -------------------------------------------------------------------------------- NAV $16.87 $16.41 2.80% $17.24 $16.27 -------------------------------------------------------------------------------- The following chart shows the Trust's asset composition: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- Tax Revenue 33% 29% -------------------------------------------------------------------------------- Education 18 16 -------------------------------------------------------------------------------- Power 14 11 -------------------------------------------------------------------------------- City, County & State 13 16 -------------------------------------------------------------------------------- Lease Revenue 10 11 -------------------------------------------------------------------------------- Water & Sewer 6 7 -------------------------------------------------------------------------------- Resource Recovery 3 3 -------------------------------------------------------------------------------- Transportation 3 3 -------------------------------------------------------------------------------- Housing -- 3 -------------------------------------------------------------------------------- Other -- 1 -------------------------------------------------------------------------------- As of June 30, 2003, all long-term investments had ratings of AAA/Aaa by S&P, Moody's or Fitch. 9

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ---------------------------------------------------- BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST ---------------------------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BLN -------------------------------------------------------------------------------- Initial Offering Date: September 18, 1992 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2008 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $16.88 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $17.42 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($16.88):(1) 4.44% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.0625 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.7500 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 36% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: -------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $16.88 $16.22 4.07% $17.15 $15.85 -------------------------------------------------------------------------------- NAV $17.42 $17.09 1.93% $17.81 $16.88 -------------------------------------------------------------------------------- The following chart shows the Trust's asset composition: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- Transportation 27% 27% -------------------------------------------------------------------------------- Education 18 18 -------------------------------------------------------------------------------- City, County & State 16 17 -------------------------------------------------------------------------------- Water & Sewer 11 11 -------------------------------------------------------------------------------- Hospital 10 11 -------------------------------------------------------------------------------- Tax Revenue 6 4 -------------------------------------------------------------------------------- Power 5 5 -------------------------------------------------------------------------------- Housing 4 4 -------------------------------------------------------------------------------- Lease Revenue 3 3 -------------------------------------------------------------------------------- As of June 30, 2003, all long-term investments had ratings of AAA/Aaa by S&P, Moody's or Fitch. 10

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 -------------------------------------------- BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST -------------------------------------------- TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on New York Stock Exchange: BLH -------------------------------------------------------------------------------- Initial Offering Date: October 26, 2001 -------------------------------------------------------------------------------- Termination Date (on or about): December 31, 2018 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $14.97 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $15.37 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($14.97):(1) 4.91% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.06125 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.73500 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 36% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: --------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $14.97 $13.46 11.22% $15.00 $13.23 -------------------------------------------------------------------------------- NAV $15.37 $15.11 1.72% $15.79 $14.46 -------------------------------------------------------------------------------- The following charts show the Trust's asset composition and credit quality allocations: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- Education 21% 21% -------------------------------------------------------------------------------- Hospital 18 19 -------------------------------------------------------------------------------- City, County & State 12 11 -------------------------------------------------------------------------------- Transportation 11 14 -------------------------------------------------------------------------------- Tobacco 9 11 -------------------------------------------------------------------------------- Lease Revenue 7 7 -------------------------------------------------------------------------------- Tax Revenue 6 6 -------------------------------------------------------------------------------- Housing 4 5 -------------------------------------------------------------------------------- Power 4 1 Industrial Pollution & Control 3 -- -------------------------------------------------------------------------------- Other 5 5 -------------------------------------------------------------------------------- CREDIT BREAKDOWN* -------------------------------------------------------------------------------- CREDIT RATING JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- AAA/Aaa 23% 25% -------------------------------------------------------------------------------- AA/Aa 37 40 -------------------------------------------------------------------------------- A 29 24 -------------------------------------------------------------------------------- BBB/Baa 3 3 -------------------------------------------------------------------------------- B -- 3 -------------------------------------------------------------------------------- CCC/Caa 3 -- -------------------------------------------------------------------------------- Not Rated 5 5 -------------------------------------------------------------------------------- ---------- * Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on long-term investments. 11

TRUST SUMMARIES (UNAUDITED) JUNE 30, 2003 ------------------------------------------------ BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST ------------------------------------------------ TRUST INFORMATION -------------------------------------------------------------------------------- Symbol on American Stock Exchange: BPS -------------------------------------------------------------------------------- Initial Offering Date: August 25, 1999 -------------------------------------------------------------------------------- Closing Market Price as of 6/30/03: $15.30 -------------------------------------------------------------------------------- Net Asset Value as of 6/30/03: $16.28 -------------------------------------------------------------------------------- Yield on Closing Market Price as of 6/30/03 ($15.30):(1) 5.52% -------------------------------------------------------------------------------- Current Monthly Distribution per Common Share:(2) $ 0.070417 -------------------------------------------------------------------------------- Current Annualized Distribution per Common Share:(2) $ 0.845004 -------------------------------------------------------------------------------- Leverage as of 6/30/03:(3) 35% -------------------------------------------------------------------------------- (1) Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. (2) Effective with the August 1, 2003 distribution payment, the monthly distribution per share has been changed to $0.073965. The distribution is not constant and is subject to change. (3) As a percentage of managed assets. The table below summarizes the changes in the Trust's market price and NAV: -------------------------------------------------------------------------------- 6/30/03 12/31/02 CHANGE HIGH LOW -------------------------------------------------------------------------------- Market Price $15.30 $14.33 6.77% $15.40 $13.95 -------------------------------------------------------------------------------- NAV $16.28 $15.61 4.29% $16.57 $15.36 -------------------------------------------------------------------------------- The following charts show the Trust's asset composition and credit quality allocations: SECTOR BREAKDOWN -------------------------------------------------------------------------------- SECTOR JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- Education 21% 20% -------------------------------------------------------------------------------- Hospital 19 18 -------------------------------------------------------------------------------- Transportation 17 16 -------------------------------------------------------------------------------- Housing 13 12 -------------------------------------------------------------------------------- Water & Sewer 7 12 -------------------------------------------------------------------------------- City, County & State 5 4 -------------------------------------------------------------------------------- Lease Revenue 5 5 -------------------------------------------------------------------------------- Industrial & Pollution Control 4 4 -------------------------------------------------------------------------------- Other 9 9 -------------------------------------------------------------------------------- CREDIT BREAKDOWN* -------------------------------------------------------------------------------- CREDIT RATING JUNE 30, 2003 DECEMBER 31, 2002 -------------------------------------------------------------------------------- AAA/Aaa 52% 54% -------------------------------------------------------------------------------- AA/Aa 14 14 -------------------------------------------------------------------------------- A 6 6 -------------------------------------------------------------------------------- BBB/Baa 11 10 -------------------------------------------------------------------------------- BB/Ba 5 5 -------------------------------------------------------------------------------- Not Rated 12 11 -------------------------------------------------------------------------------- ------------ * Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on long-term investments. 12

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--153.3% ALABAMA--2.0% AAA $ 2,410 Auburn Univ., 5.00%, 4/01/09, AMBAC ........................................ No Opt. Call $ 2,715,058 AAA 6,555 Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.25%, 1/01/09, FSA ......... No Opt. Call 7,100,769 ----------- 9,815,827 ----------- ALASKA--0.9% AAA 4,000 Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA ................................ No Opt. Call 4,255,680 ----------- ARIZONA--1.9% AAA 4,000 Chandler, GO, Zero Coupon, 7/01/08, FGIC ................................... No Opt. Call 3,526,480 AAA 1,000 Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC .................................. No Opt. Call 1,095,030 AAA 4,200 Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC .............................. 07/08 @ 101 4,548,348 ----------- 9,169,858 ----------- CALIFORNIA--2.5% California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, AAA 5,000 3.125%, 5/01/08, FSA ..................................................... No Opt. Call 5,169,550 AAA 5,000 3.375%, 5/01/09, MBIA .................................................... No Opt. Call 5,182,700 AAA 1,890 California Hlth. Facs. Fin. Auth., Marin Gen. Hosp., Ser. A, 5.75%, 8/01/09, FSA ............................................................. 08/03 @ 102 1,934,113 ----------- 12,286,363 ----------- COLORADO--2.3% AAA 2,000 E-470 Pub. Hwy. Auth., Ser. B, Zero Coupon, 9/01/11, MBIA .................. No Opt. Call 1,481,500 AAA 1,000 El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC ... No Opt. Call 1,044,280 AAA 6,965 Regl. Transp. Dist., COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA ..................................................................... 06/07 @ 101 7,803,238 AAA 1,000 Thornton, COP, 3.25%, 12/01/08, AMBAC ...................................... No Opt. Call 1,046,810 ----------- 11,375,828 ----------- DELAWARE--0.1% AAA 650 Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA ........................... No Opt. Call 673,056 ----------- DISTRICT OF COLUMBIA--3.6% Dist. of Columbia, GO, AAA 195 Ser. B, 5.50%, 6/01/09, FSA .............................................. ETM 228,125 AAA 2,605 Ser. B, 5.50%, 6/01/09, FSA .............................................. No Opt. Call 3,006,951 AAA 10,000 Ser. B-1, 5.50%, 6/01/08, AMBAC .......................................... No Opt. Call 11,420,300 AAA 2,750 Ser. E, 5.875%, 6/01/08, MBIA ............................................ ETM 2,854,308 ----------- 17,509,684 ----------- FLORIDA--4.5% AAA 2,280 Broward Cnty. Sch. Brd., COP, Ser. B, 4.25%, 7/01/09, FSA .................. No Opt. Call 2,492,678 AAA 13,890 Florida Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA .... No Opt. Call 15,786,263 AAA 1,300 Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA ................. No Opt. Call 1,463,540 AAA 2,080 Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA .................................... No Opt. Call 2,413,320 ----------- 22,155,801 ----------- GEORGIA--3.4% AAA 5,000 Georgia, GO, Ser. E, 5.25%, 2/01/10 ........................................ No Opt. Call 5,740,150 AAA 10,000 Monroe Cnty., PCR, Pwr. Co. Plant Vogtle Proj., Zero Coupon, 1/01/12, AMBAC .................................................................... No Opt. Call 10,842,700 ----------- 16,582,850 ----------- HAWAII--3.1% Hawaii, GO, FSA, AAA 6,510 Ser. CY, 4.00%, 2/01/09 .................................................. No Opt. Call 6,993,172 AAA 8,045 Ser. CZ, 3.25%, 7/01/09 .................................................. No Opt. Call 8,350,710 ----------- 15,343,882 ----------- ILLINOIS--21.1% AAA 14,205 Chicago O'Hare Intl. Arpt., Ser. A, 6.25%, 1/01/08, MBIA ................... 01/05 @ 102 15,387,424 Chicago Park Dist., Parking Rev., GO, AAA 3,290 Ser. A, 3.00%, 1/01/08, FGIC ............................................. No Opt. Call 3,380,837 AAA 1,750 Ser. A, 3.50%, 1/01/09, FGIC ............................................. No Opt. Call 1,829,800 AAA 1,000 Ser. C, 3.00%, 1/01/09, AMBAC ............................................ No Opt. Call 1,020,140 </TABLE> See Notes to Financial Statements. 13

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> ILLINOIS (CONTINUED) AAA $ 2,930 Chicago Proj. & Refunding, Ser. A, 5.00%, 1/01/09, AMBAC ................... No Opt. Call $ 3,287,401 AAA 3,105 Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA ..................... ETM 2,887,402 Chicago Sch. Fin. Auth., GO, Ser. A, FGIC, AAA 13,000 6.25%, 6/01/07 ........................................................... 07/03 @ 102 13,231,530 AAA 9,150 6.25%, 6/01/09 ........................................................... 07/03 @ 102 9,312,962 Cook Cnty. High Sch., GO, AAA 2,000 Arlington Heights, 4.50%, 12/01/08, FSA .................................. No Opt. Call 2,212,620 AAA 5,980 J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC .................. No Opt. Call 4,905,274 AAA 8,985 Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08 ................. No Opt. Call 7,740,667 Illinois, GO, Ser. 1, MBIA, AAA 6,750 3.50%, 7/01/08 ........................................................... No Opt. Call 7,121,655 AAA 5,000 3.75%, 7/01/09 ........................................................... No Opt. Call 5,311,000 AAA 13,000 Illinois Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC ................. No Opt. Call 13,407,550 AAA 1,455 Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA .......... No Opt. Call 1,539,870 Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj., FGIC, AAA 8,385 Zero Coupon, 6/15/08 ..................................................... ETM 7,443,700 AAA 215 Zero Coupon, 6/15/08 ..................................................... No Opt. Call 187,177 AAA 1,570 Ser. A, Zero Coupon, 6/15/08 ............................................. ETM 1,393,752 AAA 1,210 Univ. of Illinois, Auxiliary Facs. Sys., Ser. A, 5.00%, 4/01/09, AMBAC ..... No Opt. Call 1,363,852 ----------- 102,964,613 ----------- INDIANA--1.5% Indiana Hlth. Fac. Fin. Auth., Hosp. Rev. & Impvt., Ancilla Sys. Inc., MBIA, AAA 3,860 Ser. A, 6.25%, 7/01/08 ................................................... 07/03 @ 102 4,065,970 AAA 2,965 Ser. B, 6.25%, 7/01/08 ................................................... 07/03 @ 102 3,123,212 ----------- 7,189,182 ----------- KANSAS--0.2% AAA 1,000 Kansas Dev. Fin. Auth., Pub. Wtr. Sply., 4.00%, 4/01/09, AMBAC ............. No Opt. Call 1,077,410 ----------- KENTUCKY--0.7% AAA 3,890 Owensboro Elec. Lt. & Pwr., Ser. B, Zero Coupon, 1/01/09, AMBAC ............ No Opt. Call 3,305,177 ----------- LOUISIANA--1.2% AAA 5,770 Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA ............................................................ No Opt. Call 6,033,920 ----------- MASSACHUSETTS--1.1% AAA 4,465(3) Chelsea Sch. Proj. Loan, 6.00%, 6/15/04, AMBAC ............................. N/A 4,770,674 AAA 565 Massachusetts Hsg. Fin. Agcy., Hsg. Projs., Ser. A, 5.95%, 10/01/08, AMBAC . 07/03 @ 102 578,040 ----------- 5,348,714 ----------- MICHIGAN--5.7% AAA 1,665 Detroit, GO, 3.50%, 4/01/09, MBIA .......................................... No Opt. Call 1,744,171 AAA 6,315 Detroit City Sch. Dist., GO, Sch. Bldg. & Site Impvt., Ser. A, 4.00%, 5/01/09, FGIC ............................................................ No Opt. Call 6,789,256 Lake Orion, Cmnty. Sch. Dist., AMBAC, AAA 3,290(3) 6.60%, 5/01/05 ........................................................... N/A 3,639,793 AAA 3,285(3) 6.70%, 5/01/05 ........................................................... N/A 3,640,207 AAA 3,000 Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA ......................... No Opt. Call 3,281,850 AAA 2,695 West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC .............. No Opt. Call 2,830,882 AAA 2,000 Western Twnshps. Util. Auth. Sewage Disp. Sys., 5.00%, 1/01/09, FGIC ....... No Opt. Call 2,249,420 AAA 3,400 Wyandotte Elec., 6.25%, 10/01/08, MBIA ..................................... No Opt. Call 3,865,358 ----------- 28,040,937 ----------- MINNESOTA--1.6% Aaa 7,390 Minneapolis Spec. Sch. Dist. 1, 3.00%, 2/01/09, FSA ........................ No Opt. Call 7,560,266 ----------- MISSISSIPPI--0.5% AAA 2,175 De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA No Opt. Call 2,253,235 ----------- NEVADA--6.3% AAA 16,270 Clark Cnty. Sch. Dist, Ser. A, 4.00%, 6/01/09, FGIC ........................ No Opt. Call 17,536,294 AAA 2,245 Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09 ........................ No Opt. Call 2,493,724 Nevada Dept. of Bus. & Ind. Las Vegas Monorail Proj., AMBAC, AAA 2,085 Zero Coupon, 1/01/09 ..................................................... No Opt. Call 1,752,442 AAA 3,585 Zero Coupon, 1/01/10 ..................................................... No Opt. Call 2,860,866 Washoe Cnty. Arpt. Auth., Arpt. Sys. Impvt., Ser. B, MBIA, AAA 3,135(3) 5.70%, 7/01/03 ........................................................... N/A 3,197,700 AAA 2,645(3) 5.75%, 7/01/03 ........................................................... N/A 2,697,900 ----------- 30,538,926 ----------- </TABLE> See Notes to Financial Statements. 14

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> NEW JERSEY--7.5% Monmouth Cnty. Impvt. Auth., Gov't. Loan, AAA $ 1,220 3.10%, 4/15/09, AMBAC .................................................... No Opt. Call $ 1,256,966 AAA 1,000 5.00%, 12/01/08, FSA ..................................................... No Opt. Call 1,137,550 AAA 30,275(3) New Jersey Econ. Dev. Auth., Mkt. Transp. Fac. Rev., Ser. A, 5.80%, 7/01/04, MBIA ..................................................................... N/A 32,356,406 AAA 1,750 New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. C, 5.25%, 12/15/08, AMBAC .................................................................... No Opt. Call 2,011,783 ----------- 36,762,705 ----------- NEW MEXICO--1.2% AAA 2,030 Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA ......................... No Opt. Call 2,133,022 AAA 3,380 New Mexico Fin. Auth., Pub. Proj., Ser. A, 3.80%, 6/01/08, MBIA ............ No Opt. Call 3,614,775 ----------- 5,747,797 ----------- NEW YORK--14.0% AAA 15,915 New York, GO, Ser. F, 5.25%, 9/15/09, MBIA ................................. 09/08 @ 101 18,164,426 New York City, GO, MBIA, AAA 5,000 Ser. E, 6.125%, 8/01/06 .................................................. No Opt. Call 5,626,950 AAA 15,500 Ser. E, 6.20%, 8/01/07 ................................................... No Opt. Call 17,846,545 AAA 5,000 Ser. G, 5.75%, 2/01/08 ................................................... 02/06 @ 101.5 5,533,250 AAA 4,250 New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs., Ser. A, 3.50%, 2/15/09, AMBAC .................................................................... No Opt. Call 4,425,185 New York Env. Fac. Corp., PCR, Ser. D, AAA 7,080(3) 6.50%, 11/15/04 .......................................................... N/A 7,762,229 AAA 1,030 6.50%, 5/15/07 ........................................................... 11/04 @ 102 1,120,311 AAA 80 6.50%, 11/15/07 .......................................................... 11/04 @ 102 87,014 AAA 3,395 New York Thruway Auth., Svc. Contract Rev., Local Hwy. & Brdg., Ser. A, 5.40%, 1/01/09, MBIA ..................................................... 01/05 @ 102 3,642,088 AAA 4,000 Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA ..................... No Opt. Call 4,125,880 ----------- 68,333,878 ----------- NORTH CAROLINA--8.2% AAA 1,000(3) Cumberland Cnty., COP, Civic Ctr. Proj., Ser. A, 6.375%, 12/01/04, AMBAC ... N/A 1,097,090 No. Carolina Eastn. Mun. Pwr., Agcy., Sys. Rev., Ser. B, AAA 13,500 6.125%, 1/01/09, FGIC .................................................... No Opt. Call 15,920,145 AAA 5,000 7.00%, 1/01/08, CAPMAC ................................................... No Opt. Call 5,987,000 AAA 14,675 7.25%, 1/01/07, CAPMAC ................................................... No Opt. Call 17,279,079 ----------- 40,283,314 ----------- OHIO--1.2% AAA 2,410(3) Cleveland, GO, 6.40%, 11/15/04, MBIA ....................................... N/A 2,638,974 Ohio Bldg. Auth., Ser. A, AAA 1,000(3) Juvenile Correctional Proj., 6.50%, 10/01/04, AMBAC ...................... N/A 1,089,570 AAA 2,000 Workers' Comp. Facs., 5.00%, 4/01/09, FGIC ............................... No Opt. Call 2,264,580 ----------- 5,993,124 ----------- OREGON--1.9% AAA 1,285 Lane Cnty. Sch. Dist., No. 4, 3.00%, 1/01/09, FSA .......................... No Opt. Call 1,317,523 Oregon Dept. of Admin. Svcs., FSA, AAA 2,905 COP, 5.00%, 11/01/08 ..................................................... No Opt. Call 3,258,364 AAA 2,255 Lottery Rev., Ser. C, 3.125%, 4/01/09 .................................... No Opt. Call 2,329,551 Aaa 2,000 Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA ......... No Opt. Call 2,145,040 ----------- 9,050,478 ----------- PENNSYLVANIA--12.3% AAA 4,000 Allegheny Cnty. Hosp. Dev. Auth., Magee Women's Hosp., 6.25%, 10/01/08, FGIC ..................................................................... 07/03 @ 102 4,080,000 Aaa 1,460 Bensalem Twp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC ......................... No Opt. Call 1,515,684 Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., MBIA, AAA 8,480 Ser. A, 6.25%, 7/01/08 ................................................... ETM 8,587,611 AAA 4,290 Ser. B, 6.25%, 7/01/08 ................................................... 08/03 @ 101 4,779,318 AAA 3,500 Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp., Ser. A, 6.00%, 6/01/06, MBIA ............................................................ No Opt. Call 3,942,680 AAA 16,250 Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC ................ No Opt. Call 16,667,462 Pennsylvania Dept. of Gen. Svcs., COP, FSA, AAA 2,075 4.50%, 5/01/08 ........................................................... No Opt. Call 2,285,799 AAA 2,120 4.50%, 11/01/08 .......................................................... No Opt. Call 2,356,656 AAA 2,165 4.50%, 5/01/09 ........................................................... No Opt. Call 2,389,510 AAA 2,220 4.50%, 11/01/09 .......................................................... No Opt. Call 2,468,640 AAA 3,175 Philadelphia, GO, 4.10%, 9/15/08, FSA ...................................... No Opt. Call 3,459,289 AAA 3,125 Pittsburgh Pub. Parking Auth., Parking Rev., 3.25%, 12/01/08, AMBAC ........ No Opt. Call 3,281,063 AAA 3,955 West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA ............ 07/07 @ 100 4,138,987 ----------- 59,952,699 ----------- </TABLE> See Notes to Financial Statements. 15

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> SOUTH CAROLINA--0.8% AAA $ 2,020 Chester Cnty. Sch. Dist., 3.25%, 2/01/09, FSA .............................. No Opt. Call $ 2,098,012 AAA 1,705 Lexington Cnty. Sch. Dist. 1, COP, 3.50%, 3/01/09, AMBAC ................... No Opt. Call 1,794,155 ----------- 3,892,167 ----------- TENNESSEE--0.9% AAA 1,000 Clarksville Wtr., Swr. & Gas Rev., 4.30%, 2/01/09, FSA ..................... No Opt. Call 1,089,180 AAA 3,150 Montgomery Cnty., 4.00%, 5/01/09, FSA ...................................... No Opt. Call 3,393,652 ----------- 4,482,832 ----------- TEXAS--22.4% AAA 5,380 Austin, GO, Pub. Impvt., 3.50%, 9/01/08, FSA ............................... No Opt. Call 5,680,258 Austin Util. Sys., AAA 5,000 6.625%, 11/15/08, AMBAC .................................................. No Opt. Call 6,082,300 AAA 11,515 Ser. A, Zero Coupon, 11/15/08, MBIA ...................................... No Opt. Call 9,899,100 AAA 5,000 Ser. A, Zero Coupon, 11/15/09, AMBAC ..................................... No Opt. Call 4,104,400 AAA 5,000 Ser. A, Zero Coupon, 11/15/09, MBIA ...................................... No Opt. Call 4,104,400 Coppell Indpt. Sch. Dist., MBIA, AAA 1,430 6.10%, 8/15/09 ........................................................... ETM 1,727,497 AAA 620 6.10%, 8/15/09 ........................................................... 08/03 @ 100 623,361 AAA 2,500 Dallas Wtrwks. & Swr. Sys., 3.50%, 4/01/09, FSA ............................ No Opt. Call 2,616,150 AAA 1,445 El Paso Wtr. & Swr., Ser. A, 5.25%, 3/01/09 ................................ No Opt. Call 1,644,323 AAA 4,390 Houston Indpt. Sch. Dist., Zero Coupon, 8/15/09, AMBAC ..................... No Opt. Call 3,631,540 Lower Colorado River Auth., AAA 2,010 3.50%, 5/15/09, MBIA ..................................................... No Opt. Call 2,105,294 AAA 2,690 5.25%, 5/15/09, FSA ...................................................... No Opt. Call 3,072,115 AAA 1,650 Lubbock Cnty., 3.50%, 2/15/09, FGIC ........................................ No Opt. Call 1,725,916 AAA 6,000 San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/10, FGIC ................ ETM 4,830,780 AAA 9,050 Tarrant Regl. Wtr. Dist., Impvt., 3.50%, 3/01/09, FSA ...................... No Opt. Call 9,464,671 Texas Mun. Pwr. Agcy., AAA 820 Zero Coupon, 9/01/08, AMBAC .............................................. ETM 722,420 AAA 14,180 Zero Coupon, 9/01/08, AMBAC .............................................. No Opt. Call 12,260,311 AAA 875 Zero Coupon, 9/01/09, AMBAC .............................................. ETM 735,000 AAA 15,300 Zero Coupon, 9/01/09, AMBAC .............................................. No Opt. Call 12,639,330 AAA 7,000 5.00%, 9/01/10, FGIC ..................................................... 09/04 @ 100 7,281,680 Texas Pub. Fin. Auth., AAA 2,270 3.50%, 2/01/09, FGIC ..................................................... No Opt. Call 2,366,566 AAA 3,000 Ser. A, 5.50%, 2/01/09, AMBAC ............................................ 02/08 @ 101 3,409,980 AAA 5,900 Ser. B, 6.25%, 2/01/09, AMBAC ............................................ No Opt. Call 7,003,890 AAA 2,275 Ysleta Indpt. Sch. Dist., GO, Zero Coupon, 8/15/08 ......................... No Opt. Call 1,969,467 ----------- 109,700,749 ----------- UTAH--3.5% Intermountain Pwr. Agcy., Sply., Ser. B, MBIA, AAA 2,215 6.00%, 7/01/07 ........................................................... ETM 2,568,293 AAA 1,285 6.00%, 7/01/07 ........................................................... No Opt. Call 1,479,253 AAA 1,550(3) Salt Lake Cnty. Mun. Bldg. Auth., Ser. A, 6.05%, 10/01/04, MBIA ............ N/A 1,664,870 AAA 10,300(3) Utah, GO, Ser. F, 5.00%, 7/01/07 ........................................... N/A 11,547,948 ----------- 17,260,364 ----------- WASHINGTON--11.3% King Cnty., GO, AAA 3,060 Pub. Transp. Sales Tax, 3.50%, 12/01/08, FSA ............................. No Opt. Call 3,243,570 AAA 12,850 Ser. D, 5.55%, 12/01/08, MBIA ............................................ 12/07 @ 102 14,873,104 AAA 5,710 Seattle Impvt. Ltd. Tax, 4.00%, 7/01/08, FSA ............................... No Opt. Call 6,161,204 Snohomish Cnty. Sch. Dist., GO, MBIA, AAA 2,235(3) 6.10%, 12/01/03 .......................................................... N/A 2,327,574 AAA 1,765 6.10%, 12/01/08 .......................................................... 12/03 @ 102 1,833,658 AAA 2,045 Washington, Motor Vehicle Fuel Tax, GO, 4.00%, 7/01/09, MBIA ............... No Opt. Call 2,202,772 Washington Hlth. Care Fac. Auth., Catholic Hlth. Initiatives A, MBIA, AAA 1,010 5.30%, 12/01/08 .......................................................... No Opt. Call 1,157,066 AAA 1,000 5.40%, 12/01/10 .......................................................... 06/10 @ 101 1,153,630 Washington Pub. Pwr. Sply., AAA 3,000 Nuclear Proj. No. 2, 5.55%, 7/01/10, FGIC ................................ 07/03 @ 102 3,060,000 AAA 5,550 Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA .......................... No Opt. Call 5,005,878 AAA 2,000 Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA .......................... No Opt. Call 1,728,780 AAA 11,000 Ser. A, 5.80%, 7/01/07, FSA .............................................. No Opt. Call 12,556,170 ----------- 55,303,406 ----------- </TABLE> See Notes to Financial Statements. 16

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK INSURED MUNICIPAL TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--156.1% ALABAMA--2.7% AAA $ 1,410 Alabama Fed. Hwy. Fin. Auth., Grant Antic., Ser. A, 4.50%, 3/01/11, MBIA ... No Opt. Call $ 1,539,875 AAA 1,000 Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.375%, 1/01/11, FSA ........ No Opt. Call 1,082,280 AAA 5,000 Jefferson Cnty. Swr., 5.25%, 2/01/11, FSA .................................. 02/10 @ 100 5,622,550 ----------- 8,244,705 ----------- ALASKA--7.8% Anchorage, GO, Ser. B, AAA 14,345 4.125%, 7/01/11, MBIA .................................................... No Opt. Call 15,403,231 AAA 6,000 4.625%, 7/01/10, FGIC .................................................... No Opt. Call 6,663,540 AAA 1,260 Univ. of Alaska, Ser. K, 3.75%, 10/01/10, FGIC ............................. No Opt. Call 1,332,135 ----------- 23,398,906 ----------- ARIZONA--4.4% AAA 1,000 Arizona St. Univ., 4.20%, 7/01/11, FGIC .................................... No Opt. Call 1,081,270 AAA 1,030 Mesa, GO, Ser. A, 3.75%, 7/01/10, FGIC ..................................... No Opt. Call 1,089,802 AAA 6,340 Pima Cnty. Str. & Hwy., 4.25%, 7/01/11, FGIC ............................... 07/08 @ 101 6,742,653 AAA 4,180 Univ. of Arizona Med. Ctr., Hosp. Rev., 6.25%, 7/01/10, MBIA ............... 08/03 @ 101 4,233,044 ----------- 13,146,769 ----------- CALIFORNIA--8.2% California, GO, FGIC, AAA 4,355(3) 6.80%, 11/01/04 .......................................................... N/A 4,782,443 AAA 145 6.80%, 11/01/10 .......................................................... 11/04 @ 102 158,129 California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, AAA 5,000 3.60%, 5/01/10, AMBAC .................................................... No Opt. Call 5,177,600 AAA 3,500 3.70%, 5/01/11, MBIA ..................................................... No Opt. Call 3,610,950 AAA 6,100 Contra Costa Trans. Auth., Sales Tax Rev., 6.50%, 3/01/09, FGIC ............ ETM 7,266,381 AAA 3,065 Los Angeles Cnty., Asset Leasing Corp., 6.05%, 12/01/10, AMBAC ............. No Opt. Call 3,678,153 ----------- 24,673,656 ----------- COLORADO--1.2% AAA 3,245 Weld Cnty. Sch. Dist. No. 6, 3.75%, 12/01/10, FSA .......................... No Opt. Call 3,445,898 ----------- DELAWARE--0.4% AAA 1,015 Delaware River & Bay Auth., 3.75%, 1/01/11, MBIA ........................... No Opt. Call 1,061,010 ----------- DISTRICT OF COLUMBIA--3.9% AAA 10,000 Dist. of Columbia, GO, Ser. B, 5.50%, 6/01/11, FSA ......................... No Opt. Call 11,558,500 ----------- FLORIDA--1.2% AAA 2,320 Tampa Wtr. & Swr., 5.50%, 10/01/10, FSA .................................... No Opt. Call 2,720,154 AAA 1,000 Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 6.50%, 10/15/10, CONNIE LEE ..................................................... 08/03 @ 102 1,023,810 ----------- 3,743,964 ----------- GEORGIA--1.7% AAA 5,000 Henry Cnty. Hosp. Auth., Ser. B, 6.375%, 7/01/09, FGIC ..................... 08/03 @ 101 5,063,800 ----------- HAWAII--4.5% AAA 11,080 Hawaii, GO, Ser. CN, 5.25%, 3/01/11, FGIC .................................. 03/07 @ 102 12,300,240 AAA 1,000 Univ. of Hawaii, Univ. Sys., 3.875%, 7/15/10, FGIC ......................... No Opt. Call 1,063,650 ----------- 13,363,890 ----------- ILLINOIS--14.3% Chicago, GO, Ser. A, AAA 4,000 4.375%, 1/01/11, AMBAC ................................................... No Opt. Call 4,339,320 AAA 1,790 5.00%, 1/01/11, MBIA ..................................................... No Opt. Call 2,016,202 Chicago Park Dist., Parking Rev., GO, Ser. A, FGIC, AAA 3,120 3.50%, 1/01/10 ........................................................... No Opt. Call 3,231,821 AAA 3,695 4.00%, 1/01/11 ........................................................... No Opt. Call 3,916,330 AAA 1,000 Du Page & Cook Cntys. Sch. Dist., GO, 4.50%, 1/01/11, FGIC ................. No Opt. Call 1,093,140 AAA 1,750 Du Page & Will Cntys. Sch. Dist., GO, 4.25%, 12/30/10, FGIC ................ No Opt. Call 1,909,565 </TABLE> See Notes to Financial Statements. 18

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> ILLINOIS (CONTINUED) Du Page Cnty. Forest Presvtn. Dist., AAA $ 5,000 Zero Coupon, 11/01/10 .................................................... No Opt. Call $ 3,879,600 AAA 11,965 Zero Coupon, 11/01/11 .................................................... No Opt. Call 8,845,366 Illinois, GO, Ser. 1, AAA 1,500 4.50%, 2/01/11, FGIC ..................................................... No Opt. Call 1,636,515 AAA 2,000 4.50%, 4/01/11, FSA ...................................................... No Opt. Call 2,185,560 AAA 5,000 Illinois Edl. Fac. Auth., 5.70%, 7/01/05, FGIC ............................. 08/03 @ 102 5,185,500 AAA 2,265 Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 4.00%, 1/01/11, FSA .......... No Opt. Call 2,400,673 AAA 1,025 Orland Park, GO, Ser. A, 3.50%, 12/01/10, FGIC ............................. No Opt. Call 1,066,533 AAA 1,075 Rockford Sch. Dist., GO, 4.30%, 2/01/11, FGIC .............................. No Opt. Call 1,161,667 ----------- 42,867,792 ----------- INDIANA--4.7% AAA 2,500 Indiana Bond Bank, Sch. Fund, Ser. B, 5.00%, 2/01/11, MBIA ................. No Opt. Call 2,810,025 AAA 2,635 Indiana Mun. Pwr. Agcy. Pwr. Sply. Sys., Ser. A, 4.50%, 1/01/11, AMBAC ..... No Opt. Call 2,873,046 Indianapolis Loc. Pub. Impvt. Bond Bank, Wtr. Wtrwks. Proj., Ser. A, MBIA, AAA 2,085 4.25%, 7/01/10 ........................................................... No Opt. Call 2,260,807 AAA 2,815 4.375%, 1/01/11 .......................................................... No Opt. Call 3,045,943 AAA 2,950 4.375%, 7/01/11 .......................................................... No Opt. Call 3,206,473 ----------- 14,196,294 ----------- KANSAS--0.7% Kansas Dev. Fin. Auth., Pub. Wtr. Sply., AMBAC, AAA 1,025 4.125%, 4/01/10 .......................................................... No Opt. Call 1,105,319 AAA 1,000 4.25%, 4/01/11 ........................................................... No Opt. Call 1,083,080 ----------- 2,188,399 ----------- KENTUCKY--3.3% AAA 12,675 Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/10, MBIA ........................................................... No Opt. Call 9,919,582 ----------- LOUISIANA--2.1% AAA 6,010 Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. B, 4.00%, 5/15/11, MBIA ............................................................ No Opt. Call 6,334,360 ----------- MASSACHUSETTS--5.1% AAA 7,865(3) Massachusetts, GO, Ser. C, 6.70%, 11/01/04, FGIC ........................... N/A 8,548,861 AAA 1,725 Massachusetts Hlth. & Edl. Facs. Auth., So. Shore Hosp., Ser. D, 6.50%, 7/01/10, MBIA ............................................................ 08/03 @ 101 1,747,132 AAA 5,000 Massachusetts Hsg. Fin. Agcy., Hsg. Proj., Ser. H, 6.75%, 11/15/12 ......... 11/03 @ 102 5,146,300 ----------- 15,442,293 ----------- MICHIGAN--4.0% Detroit, GO, MBIA, AAA 1,580 4.00%, 4/01/10 ........................................................... No Opt. Call 1,682,747 AAA 1,955 4.00%, 4/01/11 ........................................................... No Opt. Call 2,068,644 Michigan Mun. Bd. Auth., AAA 900 Ser. A, 6.50%, 11/01/12, MBIA ............................................ 08/03 @ 102 922,212 AAA 730 Ser. B, 6.45%, 11/01/07, AMBAC ........................................... 11/04 @ 102 790,006 AAA 730 Ser. B, 6.65%, 11/01/09, AMBAC ........................................... 11/04 @ 102 793,430 AAA 1,310(3) Ser. G, 6.45%, 11/01/04, AMBAC ........................................... N/A 1,432,537 AAA 1,320(3) Ser. G, 6.65%, 11/01/04, AMBAC ........................................... N/A 1,446,958 AAA 2,810 Wyandotte City Sch. Dist., Bldg. & Site, 4.00%, 5/01/11, FSA ............... No Opt. Call 2,992,453 ----------- 12,128,987 ----------- MINNESOTA--1.7% AAA 2,800 Hopkins Indpt. Sch. Dist. No. 270, GO, Ser. B, 4.00%, 2/01/11, FSA ......... No Opt. Call 2,977,156 AAA 2,180 So. Minnesota Mun. Pwr. Agcy., Ser. B, 5.75%, 1/01/11 ...................... ETM 2,243,373 ----------- 5,220,529 ----------- NEVADA--3.2% AAA 4,185(3) Clark Cnty. Sch. Dist., GO, 6.75%, 12/15/04, FGIC .......................... N/A 4,581,403 Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC, AAA 3,795 Zero Coupon, 1/01/11 ..................................................... No Opt. Call 2,884,883 AAA 2,870 Zero Coupon, 1/01/12 ..................................................... No Opt. Call 2,079,229 ----------- 9,545,515 ----------- NEW JERSEY--0.3% AAA 1,000 Monmouth Cnty. Impvt. Auth., Govt. Loan, 3.375%, 12/01/10, FSA ............. No Opt. Call 1,035,620 ----------- </TABLE> See Notes to Financial Statements. 19

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> NEW MEXICO--4.1% AAA $ 1,750 Las Cruces Sch. Dist. No. 002, GO, 5.25%, 8/01/11, FSA ..................... 08/09 @ 100 $ 1,951,653 New Mexico Fin. Auth., Pub. Proj., Ser. A, MBIA, AAA 2,025 3.40%, 6/01/11 ........................................................... No Opt. Call 2,057,643 AAA 1,625 4.20%, 6/01/10 ........................................................... No Opt. Call 1,753,310 AAA 3,625 4.30%, 6/01/11 ........................................................... No Opt. Call 3,915,580 AAA 2,230 New Mexico Hwy. Comn., Ser. B, 4.75%, 6/15/11, AMBAC ....................... No Opt. Call 2,479,693 ----------- 12,157,879 ----------- NEW YORK--13.7% AAA 8,950 Long Island Pwr. Auth., Elec. Sys. Rev., Ser. A, 5.50%, 12/01/10, AMBAC .... No Opt. Call 10,434,894 AAA 4,500(3) New York City, GO, Ser. B1, 6.95%, 8/15/04, MBIA ........................... 08/04 @ 101 4,848,930 New York Env. Fac. Corp., PCR, Ser. D, AAA 5,145(3) 6.70%, 5/15/09 ........................................................... N/A 5,654,767 AAA 1,010 6.70%, 5/15/09 ........................................................... 11/04 @ 102 1,096,779 AAA 4,180(3) 6.80%, 5/15/10 ........................................................... N/A 4,599,798 AAA 785 6.80%, 5/15/10 ........................................................... 11/04 @ 102 855,422 New York Med Care Fac. Fin., New York Hosp., Ser. A, AMBAC, AAA 9,715(3) 6.60%, 2/15/05 ........................................................... 02/05 @ 102 10,752,853 AAA 2,695(3) 6.625%, 2/15/05 .......................................................... 02/05 @ 102 2,983,985 ----------- 41,227,428 ----------- OHIO--0.7% AAA 1,000 Akron, GO, 4.00%, 12/01/10, MBIA ........................................... No Opt. Call 1,076,460 AAA 1,015 Univ. of Cincinnati, Ser. G, 3.50%, 6/01/09, AMBAC ......................... No Opt. Call 1,068,602 ----------- 2,145,062 ----------- OREGON--4.4% AAA 1,995 Lane Cnty. Sch. Dist. No. 4, 3.75%, 1/01/11, FSA ........................... No Opt. Call 2,088,167 AAA 2,940 Oregon Dept. of Admin. Svcs., Lottery Rev., Ser. C, 3.50%, 4/01/11, FSA .... No Opt. Call 3,020,732 Washington & Clackamas Cntys. Sch. Dist., GO, MBIA, AAA 3,820 4.00%, 6/15/10 ........................................................... No Opt. Call 4,100,350 AAA 3,720 4.00%, 6/15/11 ........................................................... No Opt. Call 3,968,533 ----------- 13,177,782 ----------- PENNSYLVANIA--9.0% AAA 2,430 Central York Sch. Dist., GO, 4.125%, 6/01/11, FGIC ......................... No Opt. Call 2,600,465 AAA 4,285 Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., Ser. B, 6.25%, 7/01/08, MBIA ..................................................... ETM 4,773,747 AAA 7,500 Pennsylvania Higher Edl. Facs. Auth., Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.25%, 8/01/10, FSA .............................................. 08/09 @ 101 8,479,725 AAA 2,100 Philadelphia Wtr. & Wst., 5.625%, 6/15/08, AMBAC ........................... No Opt. Call 2,428,650 AAA 7,000 Pittsburgh, GO, Ser. A, 5.20%, 3/01/10, FGIC ............................... 09/05 @ 100 7,508,270 AAA 1,250 Wilson Sch. Dist., GO, 4.00%, 5/15/10, FSA ................................. No Opt. Call 1,331,850 ----------- 27,122,707 ----------- RHODE ISLAND--1.9% AAA 5,000 Rhode Island & Providence Plantations, GO, Ser. B, 4.20%, 6/01/10, FGIC .... ETM 5,456,700 AAA 235 Rhode Island Clean Wtr. Protection Fin. Agcy., PCR, Ser. A, 6.70%, 10/01/10, MBIA ............................................................. 10/03 @ 101 240,363 ----------- 5,697,063 ----------- SOUTH CAROLINA--5.1% AAA 14,925 Piedmont Mun. Pwr. Agcy., Elec. Rev., 6.30%, 1/01/11, MBIA ................. 08/03 @ 102 15,263,947 ----------- TENNESSEE--0.8% Clarksville Wtr., Swr. & Gas, FSA, AAA 1,005 4.45%, 2/01/10 ........................................................... No Opt. Call 1,097,661 AAA 1,100 4.65%, 2/01/11 ........................................................... No Opt. Call 1,212,959 ----------- 2,310,620 ----------- TEXAS--14.7% AAA 1,090 Addison, GO, 3.375%, 2/15/11, FGIC ......................................... No Opt. Call 1,108,072 Bexar Met. Wtr. Dist., Wtrwrks. Sys., FSA, AAA 1,085 3.70%, 5/01/10 ........................................................... No Opt. Call 1,134,975 AAA 1,090 3.80%, 5/01/11 ........................................................... No Opt. Call 1,137,415 AAA 2,500 Dallas Ft. Worth Regl. Arpt., Ser. A, 7.375%, 11/01/10, FGIC ............... 05/04 @ 102 2,664,075 AAA 2,000 Dallas Rapid Transit, 4.30%, 12/01/10, AMBAC ............................... No Opt. Call 2,178,800 Harris Cnty., Toll Road Rev., AAA 2,585 Zero Coupon, 8/15/08, FGIC ............................................... ETM 2,243,200 AAA 2,490 Houston Area Wtr. Corp., Northeast Wtr. Purification Proj., 4.50%, 3/01/11, FGIC ............................................................ No Opt. Call 2,714,025 </TABLE> See Notes to Financial Statements. 20

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> TEXAS (CONTINUED) AAA $ 10,440 Houston Wtr. & Swr. Sys., Ser. C, Zero Coupon, 12/01/10, AMBAC ............. No Opt. Call $ 8,065,631 AAA 5,550 Katy Indpt. Sch. Dist., GO, Ser. A, Zero Coupon, 2/15/11 ................... No Opt. Call 4,197,132 Texas Mun. Pwr. Agcy., MBIA, AAA 3,210 5.25%, 9/01/12 ........................................................... 09/03 @ 100 3,229,806 AAA 4,000 5.50%, 9/01/10 ........................................................... No Opt. Call 4,654,560 AAA 2,245 Texas Pub. Fin. Auth., 4.00%, 2/01/11, FGIC ................................ No Opt. Call 2,362,144 AAA 6,630 Texas Univ. Sys. Fin., 3.50%, 3/15/11, FSA ................................. No Opt. Call 6,779,043 AAA 1,500 Univ. of Houston, Ser. A, 4.00%, 2/15/10, FSA .............................. No Opt. Call 1,592,130 ----------- 44,061,008 ----------- UTAH--2.6% AAA 3,470 Intermountain Pwr. Agcy., Sply., Ser. A, 5.25%, 7/01/11, MBIA .............. 07/09 @ 101 3,889,662 AAA 1,450(3) Salt Lake Cnty. Mun. Bldg. Auth., Ser. A, 6.15%, 10/01/04, MBIA ............ N/A 1,559,257 AAA 3,175 Salt Lake Cnty. Wtr. Conservancy Dist., Ser. A, Zero Coupon, 10/01/10, AMBAC .................................................................... No Opt. Call 2,493,645 ----------- 7,942,564 ----------- WASHINGTON--12.8% AAA 7,345 Benton Cnty. Sch. Dist. No. 17, GO, Kennewick Sch., 4.50%, 12/01/10, FSA ... No Opt. Call 8,098,817 AAA 1,000 Chelan Cnty. Sch. Dist., GO, 4.50%, 12/01/10, FSA .......................... No Opt. Call 1,102,630 AAA 3,000 Clark Cnty. Pub. Util. Dist. No. 1, Elec. Rev., 4.50%, 1/01/11, AMBAC ...... No Opt. Call 3,264,720 AAA 2,040 Clark Cnty. Sch. Dist. No. 114, Evergreen, GO, 4.125%, 12/01/10, FSA ....... No Opt. Call 2,191,715 AAA 1,515 Richland Wtr. & Swr., 4.00%, 11/01/10, MBIA ................................ No Opt. Call 1,620,292 AAA 1,010 Tacoma, GO, 4.625%, 12/01/10, FGIC ......................................... No Opt. Call 1,118,464 Washington, GO, MBIA, AAA 5,000 Ser. A, 5.50%, 7/01/11 ................................................... 07/09 @ 100 5,677,800 AAA 1,505 Ser. R, 3.125%, 1/01/11 .................................................. No Opt. Call 1,501,614 Washington Pub. Pwr. Sply. Sys., MBIA, AAA 9,160 Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10 ........................ ETM 7,366,381 AAA 3,745 Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/10 ........................ No Opt. Call 2,917,205 AAA 1,300 Ser. B, Zero Coupon, 7/01/10 ............................................. No Opt. Call 1,012,648 AAA 2,280 Whatcom Cnty. Sch. Dist. No. 503, GO, 4.50%, 12/01/10, FSA ................. No Opt. Call 2,513,996 ----------- 38,386,282 ----------- WEST VIRGINIA--3.4% West Virginia Econ. Dev. Auth., Correctional Juvenile & Pub., Ser. A, MBIA, AAA 3,705 4.50%, 6/01/10 ........................................................... No Opt. Call 4,061,829 AAA 4,420 4.50%, 6/01/11 ........................................................... No Opt. Call 4,829,336 AAA 1,170 West Virginia Sch. Bldg. Auth., 4.00%, 7/01/11, AMBAC ...................... No Opt. Call 1,238,339 ----------- 10,129,504 ----------- WISCONSIN--5.5% AAA 1,045 Appleton Wtrwks., 4.375%, 1/01/11, FGIC .................................... No Opt. Call 1,130,732 Wisconsin Clean Wtr., Ser. 2, MBIA, AAA 4,640 4.00%, 6/01/10 ........................................................... No Opt. Call 4,942,667 AAA 9,850 4.00%, 6/01/11 ........................................................... No Opt. Call 10,419,724 ----------- 16,493,123 ----------- WYOMING--2.0% Albany Cnty. Impvts. Statutory Trust, COP, MBIA, AAA 1,325 4.00%, 1/15/10 ........................................................... No Opt. Call 1,403,029 AAA 1,450 4.00%, 7/15/10 ........................................................... No Opt. Call 1,541,394 AAA 1,480 4.00%, 1/15/11 ........................................................... No Opt. Call 1,556,842 AAA 1,510 4.00%, 7/15/11 ........................................................... No Opt. Call 1,593,080 ----------- 6,094,345 ----------- TOTAL LONG-TERM INVESTMENTS (COST $429,420,229) ............................ 468,789,783 ----------- </TABLE> See Notes to Financial Statements. 21

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK MUNICIPAL 2018 TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--153.8% ALABAMA--5.1% Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., Baa2 $ 5,000 6.15%, 6/01/19 ........................................................... 06/05 @ 102 $ 5,133,900 BBB 1,000 Proj. A, 5.90%, 2/01/17 .................................................. 02/04 @ 102 1,018,080 A2 5,845 Huntsville Hlth. Care Auth., Ser. A, 5.625%, 6/01/22 ....................... 06/12 @ 101 6,071,143 ----------- 12,223,123 ----------- ARIZONA--1.8% AA 5,525 Glendale Cnty., 2.00%, 7/01/18 ............................................. 07/13 @ 100 4,297,069 ----------- CALIFORNIA--1.40% B- 4,230 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 .................................................. 12/12 @ 102 3,459,632 ----------- CONNECTICUT--3.0% Baa3 37,50(3) Mashantucket Western Pequot Tribe, Spec. Rev., Ser. B, 5.75%, 9/01/18 ...... 09/07 @ 102 3,942,450 BBB- 3,150 Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 6.00%, 1/01/16 .......... 01/11 @ 101 3,351,222 ----------- 7,293,672 ----------- DELAWARE--6.3% NR 140,00(3) Charter Mac Equity Issuer Trust, Ser. A-3, 6.80%, 10/01/52 ................. 10/14 @ 100 15,149,260 ----------- FLORIDA--6.0% Baa1 1,585 Capital Trust Agy. Mult. Fam., American Opp., Ser. A, 5.75%, 12/01/23 ...... 06/11 @ 102 1,559,085 AAA 5,000 Escambia Cnty. Hlth. Facs. Auth., Hlth. Care Fac. Rev., 5.95%, 7/01/20, AMBAC .................................................................... No Opt. Call 5,588,350 NR 1,030 Sumter Landing Cmnty. Dev. Dist., 6.25%, 5/01/13 ........................... No Opt. Call 1,039,373 NR 6,160 Village Cmnty. Dev., Assmt. Rev., Ser. B, 5.40%, 5/01/07 ................... No Opt. Call 6,236,076 ----------- 14,422,884 ----------- GEORGIA--2.4% Gainesville & Hall Cnty. Hosp. Auth., Northeast Georgia Hlth. Sys. Inc. Proj., A 2,700 5.25%, 5/15/18 ........................................................... 05/11 @ 100 2,773,710 A 2,800 5.50%, 5/15/21 ........................................................... 05/11 @ 100 2,897,692 ----------- 5,671,402 ----------- ILLINOIS--21.10% AAA 5,000 Chicago O' Hare Intl. Arpt., Ser. A, 5.75%, 1/01/18, MBIA .................. 01/12 @ 100 5,520,100 Illinois Dev. Fin. Auth., A 12,500 Adventist Hlth. Sys. Sunbelt Obl., 5.50%, 11/15/20 ....................... 11/09 @ 101 12,847,875 A2 10,000 PCR, Ser. C, 5.95%, 8/15/26 .............................................. 12/06 @ 101 10,314,400 BBB 5,980 Illinois Edl. Facs. Auth., Student Hsg., Edl. Adv. Fund, Univ. Ctr. Proj., 6.00%, 5/01/22 ........................................................... 05/12 @ 101 6,036,870 A2 5,000 Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care, 5.50%, 1/01/22 ....... 01/13 @ 100 5,117,600 Illinois Sports Facs. Auth., Dedicated St. Tax Supported Rev., AMBAC, AAA 1,885 Zero Coupon, 6/15/19 ..................................................... 06/15 @ 101 1,448,227 AAA 1,985 Zero Coupon, 6/15/20 ..................................................... 06/15 @ 101 1,517,969 AAA 2,090 Zero Coupon, 6/15/21 ..................................................... 06/15 @ 101 1,585,181 Kane & Du Page Cntys. Sch. Dist., GO, Ser. B, FSA, AAA 4,625 Zero Coupon, 1/01/18 ..................................................... 01/12 @ 72.424 2,379,840 AAA 4,100 Zero Coupon, 1/01/19 ..................................................... 01/12 @ 67.935 1,984,892 AAA 2,950 Zero Coupon, 1/01/21 ..................................................... 01/12 @ 60.037 1,258,942 AAA 1,700 Zero Coupon, 1/01/22 ..................................................... 01/12 @ 56.453 681,105 ----------- 50,693,001 ----------- INDIANA--7.90% AA 13,970 Indiana Hlth. Fac. Fin. Auth., Sisters of St. Francis, 5.75%, 11/01/21 ..... 11/11 @ 101 14,955,165 Baa2 4,000 Petersburg, PCR, Pwr. & Lt. Conv., 5.75%, 8/01/21 .......................... 08/11 @ 102 3,954,320 ----------- 18,909,485 ----------- LOUISIANA--1.70% NR 4,000 Louisiana Pub. Facs. Auth., Dept. of Pub. Safety, 5.875%, 6/15/14 ............. 06/10 @ 100 4,128,480 ----------- </TABLE> See Notes to Financial Statements. 23

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> MICHIGAN--11.50% BBB $ 5,000 Dickinson Cnty. Econ. Dev. Corp., PCR, Champion Intl. Corp. Proj., 5.85%, 10/01/18 .......................................................... 10/03 @ 102 $ 5,067,550 Michigan Hosp. Fin. Auth., A1 5,450 Henry Ford Hlth. Sys., Ser. A, 6.00%, 11/15/19 ........................... 11/09 @ 101 5,843,871 A 5,295 Hospital Oakwood Oblig. Grp., Ser. A, 6.00%, 4/01/22 ..................... 04/13 @ 100 5,643,676 BB 9,000 Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 .......................... 07/07 @ 101 9,197,910 Pontiac Tax Increment Fin. Auth., ACA A 700 Dev. Area 2, 5.625%, 6/01/22 ............................................. 06/12 @ 101 748,209 A 1,000 Dev. Area 3, 5.375%, 6/01/17 ............................................. 06/12 @ 101 1,066,400 ----------- 27,567,616 ----------- MISSISSIPPI--4.8% BBB 9,800 Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 ........................................................... No Opt. Call 11,546,458 ----------- NEVADA--2.6% NR 1,100 Las Vegas Spec. Imp. Dist. No. 809, Summerlin Area, 5.35%, 6/01/17 ......... 12/03 @ 103 1,068,100 BBB+ 5,000 Nevada Dept. of Bus. & Ind., Republic Svc. Inc. Proj., 5.625%, 12/01/26 .... No Opt. Call 5,216,400 ----------- 6,284,500 ----------- NEW HAMPSHIRE--4.1% AAA 7,000 New Hampshire Bus. Fin. Auth., PCR, Pub. Svc. Co. Proj., Ser. C, 5.45%, 5/01/21, MBIA ............................................................ 05/12 @ 101 7,755,790 A+ 2,025 New Hampshire Hlth. & Ed. Facs. Auth., Exeter Hosp. Proj., 6.00%, 10/01/24 . 10/11 @ 101 2,155,957 ----------- 9,911,747 ----------- NEW JERSEY--12.7% New Jersey Econ. Dev. Auth., B 5,250 Continental Airlines Inc. Proj., 7.00%, 11/15/30 ......................... 11/10 @ 101 4,187,085 B 6,750 Continental Airlines Inc. Proj., 7.20%, 11/15/30 ......................... 11/10 @ 101 5,383,125 Baa3 8,410 Kapkowski Road Landfill Proj., 5.50%, 4/01/16 ............................ No Opt. Call 8,660,870 A- 15,000 Tobacco Settlement Fin. Corp., 6.00%, 6/01/37 .............................. 06/12 @ 100 12,273,750 ----------- 30,504,830 ----------- NORTH CAROLINA--1.8% A3 4,000 Wake Cnty. Ind. Facs., PCR, Carolina Pwr. & Lt. Co. Proj., 5.375%, 2/01/17 . 02/12 @ 101 4,249,240 ----------- OHIO--2.2% Baa1 5,000 Ohio, PCR, Gen. Motors Corp. Proj., 5.625%, 3/01/15 ........................ No Opt. Call 5,380,050 ----------- PENNSYLVANIA--7.1% Philadelphia Auth. for Ind. Dev., Ser. B, FSA, AAA 5,000 5.50%, 10/01/18 .......................................................... 10/11 @ 101 5,691,700 AAA 5,000 5.50%, 10/01/19 .......................................................... 10/11 @ 101 5,657,250 West Cornwall Twnshp., Mun. Auth. Coll., Elizabethtown Coll. Proj., BBB+ 2,500 5.90%, 12/15/18 .......................................................... 12/11 @ 100 2,744,250 BBB+ 2,650 6.00%, 12/15/22 .......................................................... 12/11 @ 100 2,876,893 ----------- 16,970,093 ----------- SOUTH CAROLINA--1.4% NR 3,500 Lancaster Cnty., Assmnt. Rev., Edgewater Imp. Dist., Ser. B, 6.125%, 11/01/14 ................................................................. No Opt. Call 3,444,595 ----------- SOUTH DAKOTA--5.5% A- 15,000 Edl. Enhancement Fdg. Corp., Tobacco Settlement Rev., Ser. B, 6.50%, 6/01/32 .................................................................. 06/12 @ 101 13,265,850 ----------- TENNESSEE--2.2% AAA 12,000 Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/19, FSA .................................................. 01/13 @ 71.667 5,381,040 ----------- TEXAS--24.4% BBB 2,000 Alliance Arpt. Auth. Inc. Spec. Facs., Fed. Express Corp. Proj., 6.375%, 4/01/21 .......................................................... 04/06 @ 102 2,131,040 Birdville Indpt. Sch. Dist., GO, ........................................... AAA 1,615 Zero Coupon, 2/15/18 ..................................................... No Opt. Call 821,647 AAA 1,815 Zero Coupon, 2/15/19 ..................................................... No Opt. Call 868,351 AAA 2,625 Zero Coupon, 2/15/20 ..................................................... No Opt. Call 1,180,594 AAA 2,500 Zero Coupon, 2/15/21 ..................................................... No Opt. Call 1,055,100 BBB 13,625 Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, Zero Coupon, 5/01/36 . No Opt. Call 13,878,697 NR 4,305 Dallas Cnty. Flood Control, 6.75%, 4/01/16 ................................. 04/13 @ 100 4,414,864 Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Ser. A, FGIC, AAA 5,000 5.875%, 11/01/17 ......................................................... 11/11 @ 100 5,633,000 AAA 5,000 5.875%, 11/01/18 ......................................................... 11/11 @ 100 5,591,750 Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev., Arborstone/Baybrook Oaks, Ser. A, A3 12,695 5.55%, 11/01/18 .......................................................... 11/11 @ 102 13,127,645 A3 9,800 5.75%, 11/01/22 .......................................................... 11/11 @ 102 10,146,430 ----------- 58,849,118 ----------- </TABLE> See Notes to Financial Statements. 24

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK MUNICIPAL TARGET TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL VALUE RATING(1) (000) DESCRIPTION PROVISIONS(2) (NOTE 1) ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--154.0% ALABAMA--3.3% AAA $ 9,450 Alabama Fed. Hwy. Fin. Auth., Grant Antic., Ser. A, 4.125%, 3/01/07, MBIA .. No Opt. Call $ 10,158,750 AAA 5,000 Jefferson Cnty., Capital Imprvt., GO, Ser. A, 5.00%, 4/01/07, MBIA ......... No Opt. Call 5,540,300 AAA 1,000 Mobile, GO, 4.00%, 2/15/07, AMBAC .......................................... No Opt. Call 1,069,790 ----------- 16,768,840 ----------- ALASKA--4.1% Anchorage, GO, AAA 1,750 Ser. A, 4.125%, 6/01/06, FGIC ............................................ No Opt. Call 1,874,145 AAA 2,245 Ser. A, 4.25%, 6/01/07, FGIC ............................................. No Opt. Call 2,434,972 AAA 1,335 Ser. B, 3.20%, 7/01/07, MBIA ............................................. No Opt. Call 1,394,114 AAA 5,000 Ser. B, 3.25%, 7/01/07, MBIA ............................................. No Opt. Call 5,230,950 AAA 1,000 Ser. B, 4.25%, 7/01/07, FGIC ............................................. No Opt. Call 1,084,360 AAA 9,000 No. Slope Boro., Ser. B, Zero Coupon, 6/30/04, FSA ......................... No Opt. Call 8,900,010 ----------- 20,918,551 ----------- ARIZONA--2.4% AAA 5,000 Arizona Trans. Brd., Grant Antic., 4.125%, 1/01/07, MBIA ................... No Opt. Call 5,365,650 AAA 6,255 Maricopa Cnty. Pub. Fin. Corp., Lease Rev., 4.25%, 7/01/07, AMBAC .......... No Opt. Call 6,792,742 ----------- 12,158,392 ----------- ARKANSAS--1.0% AAA 5,000 Univ. of Arkansas, Athl. Fac. Rev., Razorback Stadium Proj., Zero Coupon, 12/01/21, FSA ............................................... 12/06 @ 100 5,301,800 ----------- CALIFORNIA--7.5% AAA 6,000 California, GO, 6.30%, 9/01/06, AMBAC ...................................... No Opt. Call 6,837,780 AAA 30,000 California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 3.50%, 5/01/07, MBIA ..................................................................... No Opt. Call 31,604,400 ----------- 38,442,180 ----------- COLORADO--8.5% AAA 17,150 Denver City & Cnty., GO, Ser. B, 5.625%, 8/01/07, MBIA ..................... No Opt. Call 19,565,578 AAA 1,015 El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 2.50%, 12/01/06, AMBAC ... No Opt. Call 1,042,811 AAA 9,700 Met. Football Stad. Dist., Sales Tax Rev., Ser. A, Zero Coupon, 1/01/07, MBIA ..................................................................... No Opt. Call 8,914,882 Regl. Transp. Dist., COP, Transp. Vehicle Proj., Ser. A, MBIA, AAA 6,215 5.00%, 6/01/06 ........................................................... No Opt. Call 6,811,764 AAA 5,470 5.00%, 6/01/07 ........................................................... No Opt. Call 6,095,221 AAA 1,100 Thornton, COP, 2.50%, 12/01/06, AMBAC ...................................... No Opt. Call 1,130,514 ----------- 43,560,770 ----------- DELAWARE--0.2% AAA 1,050 Delaware River & Bay Auth., 2.50%, 1/01/07, MBIA ........................... No Opt. Call 1,067,273 ----------- DISTRICT OF COLUMBIA--1.7% AAA 8,250(3) Dist. of Columbia, GO, Ser. B, 5.90%, 6/01/04, MBIA ........................ N/A 8,790,952 ----------- FLORIDA--3.4% Delray Beach, FSA, AAA 1,255 Decade of Excellence Prog., GO, 3.50%, 2/01/07 ........................... No Opt. Call 1,323,674 AAA 1,740 Utils. Tax, 3.50%, 6/01/07 ............................................... No Opt. Call 1,847,149 AAA 1,645 Florida Mun. Loan Council, Ser. A, 4.00%, 5/01/07, MBIA .................... No Opt. Call 1,771,287 AAA 6,185 Jacksonville Hosp., Univ. Med. Ctr. Inc. Proj., 6.50%, 2/01/07, CONNIE LEE . 07/03 @ 101 6,269,301 AAA 1,765 Orange Cnty. Tourist Dev., Tax Rev., Ser. A, 6.375%, 10/01/06, AMBAC ....... ETM 1,802,012 AAA 2,000 Sarasota Wtr. & Swr. Sys., 4.25%, 10/01/06, MBIA ........................... No Opt. Call 2,166,220 AAA 1,865 Tampa Wtr. & Swr., 5.50%, 10/01/06, FSA .................................... No Opt. Call 2,093,388 ----------- 17,273,031 ----------- GEORGIA--1.4% AAA 1,990 Burke Cnty. Dev. Auth., PCR, Oglethorpe Pwr. Corp., Ser. B, 6.45%, 1/01/05, MBIA ............................................................ 01/04 @ 101 2,040,148 AAA 4,805 Columbus Wtr. & Swr., 4.00%, 5/01/07, FSA .................................. No Opt. Call 5,166,528 ----------- 7,206,676 ----------- </TABLE> See Notes to Financial Statements. 26

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> HAWAII--4.7% Hawaii, GO, AAA $ 5,675 Ser. CP, 5.50%, 10/01/06, FGIC .......................................... No Opt. Call $ 6,345,104 AAA 9,000 Ser. CS, 5.25%, 4/01/06, MBIA ........................................... No Opt. Call 9,855,450 AAA 1,265 Ser. CW, 3.60%, 8/01/06, FGIC ........................................... No Opt. Call 1,335,207 Honolulu City & Cnty., GO, Ser. A, AAA 2,275 4.00%, 9/01/06, FSA ..................................................... No Opt. Call 2,432,430 AAA 3,500 5.80%, 1/01/07, FGIC .................................................... No Opt. Call 3,942,960 ----------- 23,911,151 ----------- ILLINOIS--19.0% Champaign Cnty. Cmnty. Unit Sch. Dist., No. 116, Ser. C, FGIC, AAA 1,065 Zero Coupon, 1/01/07 .................................................... No Opt. Call 977,116 AAA 2,760 Zero Coupon, 1/01/08 .................................................... No Opt. Call 2,433,382 AAA 12,000 Chicago, GO, Ser. A, 4.25%, 1/01/07, MBIA .................................. No Opt. Call 12,894,240 AAA 2,665 Chicago Park Dist., Parking Rev., GO, Ser. A, 3.00%, 1/01/07, FGIC ......... No Opt. Call 2,751,772 AAA 1,565 Chicago Wstwtr. Trans., Ser. A, 3.50%, 1/01/07, AMBAC ...................... No Opt. Call 1,642,233 AAA 7,220 Cook Cnty. Cmnty. Sch. Dist., Zero Coupon, 12/01/07, FGIC .................. No Opt. Call 6,458,723 Du Page Cnty., Trans. Rev., FSA, AAA 4,815 4.50%, 1/01/07 .......................................................... No Opt. Call 5,214,260 AAA 5,390 4.50%, 1/01/09 .......................................................... No Opt. Call 5,910,242 Illinois, GO, Ser. I, AAA 15,080 3.25%, 11/01/06, FGIC ................................................... No Opt. Call 15,842,897 AAA 4,000 4.00%, 4/01/07, FSA ..................................................... No Opt. Call 4,285,640 AAA 12,625 4.25%, 4/01/07, MBIA .................................................... No Opt. Call 13,639,798 AAA 10,915 Illinois Hlth. Facs. Auth., Sisters Svcs. Inc., Ser. C, 6.625%, 6/01/06, MBIA ............................................................ 07/03 @ 101 11,056,786 Illinois Sales Tax, Ser. O, AAA 5,900 Zero Coupon, 6/15/07 .................................................... No Opt. Call 5,348,468 AAA 5,635 Zero Coupon, 6/15/08 .................................................... No Opt. Call 4,900,985 AAA 1,000 Kane Cnty., GO, 3.75%, 1/01/07, FGIC ....................................... No Opt. Call 1,057,740 AAA 2,000 Will Cnty. Cmnty. Sch. Dist., 7.05%, 12/01/08, AMBAC ....................... No Opt. Call 2,463,300 ----------- 96,877,582 ----------- INDIANA--2.7% AAA 5,000 Indiana Bond Bank, Sch. Fund, 4.00%, 2/01/07, AMBAC ........................ No Opt. Call 5,341,750 AAA 9,000 Indiana Univ., Student Fee Rev., Zero Coupon, 8/01/06, AMBAC ............... No Opt. Call 8,424,180 ----------- 13,765,930 ----------- IOWA--0.8% AAA 3,940 West Des Moines Cmnty. Sch. Dist., 4.00%, 6/01/07, AMBAC ................... No Opt. Call 4,239,598 ----------- KENTUCKY--3.8% AAA 12,610 Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/07, MBIA .......................................................... No Opt. Call 11,332,229 Kentucky Ppty. & Bldgs. Auth., Proj. No. 69, FSA, AAA 2,035 Ser. B, 4.00%, 8/01/06 .................................................. No Opt. Call 2,177,918 AAA 5,560 Ser. C, 4.00%, 8/01/06 .................................................. No Opt. Call 5,950,479 ----------- 19,460,626 ----------- LOUISIANA--4.2% AAA 3,555 Louisiana Off. Facs. Corp. Lease, Cap. Complex Prg., 4.00%, 5/01/07, AMBAC . No Opt. Call 3,815,653 AAA 4,565 Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.00%, 5/15/07, MBIA ........................................................... No Opt. Call 4,716,740 AAA 7,680(3) MuniMae Trust, Ser. 7, Cl. A, 4.40%, 12/17/06 .............................. N/A 7,963,853 AAA 5,250 New Orleans, GO, Zero Coupon, 9/01/06, AMBAC ............................... No Opt. Call 4,911,427 ----------- 21,407,673 ----------- MASSACHUSETTS--3.6% AAA 11,760 Massachusetts, GO, Ser. A, 5.25%, 1/01/09, FSA ............................. No Opt. Call 13,337,721 AAA 4,585(3) MuniMae Trust, Ser. 8, Cl. A, 4.40%, 12/17/06 .............................. N/A 4,754,462 ----------- 18,092,183 ----------- MICHIGAN--3.7% AAA 1,270 Detroit, GO, 3.00%, 4/01/07, MBIA .......................................... No Opt. Call 1,318,374 AAA 2,100 Grand Rapids Wtr. Sply., 4.00%, 1/01/07, FGIC .............................. No Opt. Call 2,245,467 Michigan Mun. Bd. Auth., AAA 5,000 Zero Coupon, 5/15/06, MBIA .............................................. No Opt. Call 4,717,400 AAA 1,165(3) Ser. G, 6.35%, 11/01/04, AMBAC .......................................... N/A 1,272,448 AAA 675 Ser. G, 6.35%, 11/01/06, AMBAC .......................................... 11/04 @ 102 731,470 Michigan Pub. Pwr. Agcy., Belle River Proj., Ser. A, MBIA, AAA 1,000 2.70%, 1/01/07 .......................................................... No Opt. Call 1,025,560 AAA 2,000 5.00%, 1/01/07 .......................................................... No Opt. Call 2,205,800 AAA 4,850 Michigan Trunk Line, Ser. A, 4.00%, 11/01/06, FSA .......................... No Opt. Call 5,235,527 ----------- 18,752,046 ----------- </TABLE> See Notes to Financial Statements. 27

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> MINNESOTA--2.1% AAA $ 5,075 Met. Council Minneapolis-St. Paul, GO, 5.25%, 12/01/06 ..................... No Opt. Call $ 5,685,675 Minneapolis Spec. Sch. Dist. No. 1, COP, FSA, AAA 1,150 Ser. A, 3.00%, 2/01/07 .................................................. No Opt. Call 1,191,527 AAA 840 Ser. B, 3.25%, 2/01/07 .................................................. No Opt. Call 877,556 AAA 2,710 Minnesota Hsg. Fin. Auth., Ser. D, 5.35%, 8/01/06, MBIA .................... 02/05 @ 102 2,864,280 ----------- 10,619,038 ----------- MISSISSIPPI--0.4% AAA 1,935 Vicksburg, GO, 4.00%, 4/01/07, MBIA ........................................ No Opt. Call 2,079,699 ----------- NEBRASKA--0.8% AAA 3,850 Douglas Cnty. Sch. Dist. No. 17 Millard, GO, 3.20%, 11/15/06, FSA .......... No Opt. Call 4,058,863 ----------- NEVADA--1.4% AAA 2,975 Clark Cnty., Library Dist., GO, 4.00%, 2/01/07, FGIC ....................... No Opt. Call 3,187,950 AAA 2,005 Las Vegas, GO, Pub. Safety Bonds, 4.00%, 4/01/07, FSA ...................... No Opt. Call 2,154,934 Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC, AAA 800 Zero Coupon, 1/01/07 .................................................... No Opt. Call 734,488 AAA 1,295 Zero Coupon, 1/01/08 .................................................... No Opt. Call 1,143,783 ----------- 7,221,155 ----------- NEW HAMPSHIRE--0.5% AAA 2,310 New Hampshire Higher Edl. & Hlth. Facs. Auth., Elliot Hosp. of Manchester, 6.70%, 10/01/06, AMBAC ...................................... 07/03 @ 101 2,336,288 ----------- NEW JERSEY--3.7% AAA 265 Elizabeth, GO, 6.60%, 8/01/06, MBIA ........................................ 07/03 @ 101 266,028 AAA 1,000 Monmouth Cnty. Impvt. Auth., Gov't. Loan, 2.34%, 12/01/06, FSA ............. No Opt. Call 1,021,450 AAA 8,565 New Jersey Hwy. Auth., Garden St. Pkwy., 5.00%, 1/01/07, FGIC .............. ETM 9,458,587 AAA 5,000 New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 5.125%, 6/15/07, AMBAC .................................................. 06/05 @ 102 5,419,750 AAA 1,065 No. Jersey Dist. Wtr. Sply., Wanaque So. Proj., 6.50%, 7/01/06, MBIA ....... ETM 1,165,568 AAA 1,250 Warren Cnty. Fin. Auth., PCR, 6.55%, 12/01/06, MBIA ........................ 12/03 @ 101 1,289,025 ----------- 18,620,408 ----------- NEW MEXICO--1.3% AAA 3,535 Gallup, PCR, Plains Elec. Generation, 6.50%, 8/15/07, MBIA ................. 07/03 @ 102 3,589,121 AAA 2,635 New Mexico Fin. Auth., Pub. Proj., Ser. A, 3.50%, 6/01/07, MBIA ............ No Opt. Call 2,791,124 ----------- 6,380,245 ----------- NEW YORK--10.6% AAA 1,040 Malone Ctrl. Sch. Dist., GO, Ser. B, 2.875%, 1/15/07, FGIC ................. No Opt. Call 1,073,405 AAA 2,800 Nassau Cnty., GO, Ser. Y, 5.00%, 3/01/06, FGIC ............................. No Opt. Call 3,038,588 New York City, GO, AAA 13,000 Ser. A, 7.00%, 8/01/07, FSA ............................................. 08/06 @ 101.5 15,016,430 AAA 10,000 Ser. E, 6.125%, 8/01/06, MBIA ........................................... No Opt. Call 11,253,900 AAA 2,000 New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs., Ser. A, 3.20%, 2/15/07, FSA ............................................................ No Opt. Call 2,079,760 AAA 2,460 New York Dorm. Auth., Hosp. Rev., 3.00%, 2/15/07, XLCA ..................... No Opt. Call 2,549,741 New York Env. Fac. Corp., PCR, AAA 3,690(3) Ser. D, 6.40%, 11/15/04 ................................................. N/A 4,040,587 AAA 810 Ser. D, 6.40%, 5/15/06 .................................................. 11/04 @ 102 879,927 AAA 9,715 New York Hsg. Fin. Agcy., Hsg. Proj. Mtge., Ser. A, 5.50%, 11/01/06, FSA ........................................................... 05/06 @ 102 10,552,238 AAA 3,270 Rochester, GO, Ser. B, 4.00%, 2/15/07, MBIA ................................ No Opt. Call 3,502,955 ----------- 53,987,531 ----------- NORTH CAROLINA--1.3% AAA 6,000 No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 6.00%, 1/01/06, CAPMAC ......................................................... No Opt. Call 6,667,980 ----------- NORTH DAKOTA--0.4% AAA 2,035 Grand Forks Hlth. Care Fac., United Hosp. Oblig. Grp., 6.50%, 12/01/06, MBIA .................................................................... 07/03 @ 101.5 2,051,138 ----------- OHIO--5.2% AAA 1,000 Amer. Muni. Pwr. Inc., Omega JU2 Proj., 4.00%, 1/01/07, AMBAC .............. No Opt. Call 1,071,030 AAA 2,170 Cincinnati City Sch. Dist., GO, Sch. Imprvt., 4.00%, 12/01/06, MBIA ........ No Opt. Call 2,345,206 AAA 1,285 Milford Sch. Dist., GO, Sch. Imprvt., 3.25%, 12/01/06, FSA ................. No Opt. Call 1,356,857 Ohio Bldg. Auth., Ser. A, FSA, AAA 4,585 Admin. Bldg. Fd., 5.00%, 10/01/06 ....................................... No Opt. Call 5,082,014 AAA 10,000 Correction Facs., 5.00%, 10/01/06 ....................................... No Opt. Call 11,084,000 AAA 5,400 Ohio Wtr. Dev. Auth., Pure Wtr., 3.00%, 6/01/07, AMBAC ..................... No Opt. Call 5,624,910 ----------- 26,564,017 ----------- OKLAHOMA--1.4% AAA 6,660 Oklahoma Trans. Auth., Tpke. Sys. Rev., Ser. B, 5.00%, 1/01/07, AMBAC ...... No Opt. Call 7,385,807 ----------- </TABLE> See Notes to Financial Statements. 28

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> OREGON--1.3% AAA $ 2,020 Oregon Dept. of Admin. Svcs., COP, Ser. A, 5.00%, 11/01/06, FSA ............ No Opt. Call $ 2,218,223 AAA 2,065 Portland Swr. Sys., Ser. A, 5.00%, 6/01/07, FSA ............................ No Opt. Call 2,310,962 AAA 2,000 Washington & Clackamas Cntys. Sch. Dist., GO, 3.125%, 6/15/07, MBIA ........ No Opt. Call 2,099,020 ----------- 6,628,205 ----------- PENNSYLVANIA--5.3% AAA 1,500 Delaware Cnty. Regl. Wtr. Qual. Ctrl. Auth., Swr. Rev., 4.00%, 5/01/07, FGIC ........................................................... No Opt. Call 1,616,310 AAA 1,345 Fleetwood Area Sch. Dist., GO, 4.00%, 4/01/07, FGIC ........................ No Opt. Call 1,447,099 AAA 1,615 Oxford Area Sch. Dist., GO, Ser. A, 4.00%, 2/15/07, FGIC ................... No Opt. Call 1,733,557 AAA 1,900 Pennsylvania Dept. of Gen. Svcs., COP, 4.25%, 5/01/06, FSA ................. No Opt. Call 2,041,911 AAA 2,375 Pennsylvania Tpke. Comm., Ser. A, 4.125%, 12/01/06, FGIC ................... No Opt. Call 2,574,096 Philadelphia, GO, FSA, AAA 1,000 4.00%, 9/15/06 .......................................................... No Opt. Call 1,074,880 AAA 3,100 4.05%, 9/15/07 .......................................................... No Opt. Call 3,361,268 AAA 1,550 Philadelphia Mun. Auth., Justice Lease Rev., Ser. A, 7.00%, 11/15/04, MBIA . 07/03 @ 101 1,574,723 AAA 2,950 Philadelphia Wtr. & Wst., 5.50%, 6/15/06, MBIA ............................. No Opt. Call 3,285,621 AAA 3,620 Pittsburgh Pub. Parking Auth., Parking Rev., 2.75%, 12/01/06, AMBAC ........ No Opt. Call 3,758,863 Pocono Mtn. Sch. Dist., GO, FSA, AAA 875 4.50%, 4/01/07 .......................................................... No Opt. Call 957,163 AAA 3,025 4.50%, 10/01/07 ......................................................... No Opt. Call 3,337,815 ----------- 26,763,306 ----------- RHODE ISLAND--1.1% AAA 1,865 Providence, GO, Ser. C, 3.75%, 1/15/07, FGIC ............................... No Opt. Call 1,984,341 AAA 3,400 Rhode Island & Providence Plantations, GO, Ser. A, 4.00%, 12/01/06, FSA .... No Opt. Call 3,676,862 ----------- 5,661,203 ----------- SOUTH CAROLINA--0.8% AAA 1,715 Lexington Cnty. Sch. Dist. No. 1, COP, 3.00%, 3/01/07, AMBAC ............... No Opt. Call 1,783,240 AAA 2,070 Pickens Cnty. Sch. Dist., GO, Ser. B, 2.25%, 3/01/07, FGIC ................. No Opt. Call 2,096,227 ----------- 3,879,467 ----------- TEXAS--18.2% AAA 6,575 Austin Wtr. & Wstwtr. Sys., Ser. C, 3.75%, 11/15/06, FSA ................... No Opt. Call 7,034,198 AAA 2,400 Corpus Christi, Gen. Impvt., GO, Ser. A, 5.00%, 3/01/07, FSA ............... No Opt. Call 2,651,112 AAA 1,095 Corpus Christi Bus. & Job Dev., Corp. Sales Tax Rev., 4.00%, 3/01/07, AMBAC ......................................................... No Opt. Call 1,174,322 AAA 8,500 Cypress-Fairbanks Indpt. Sch. Dist., GO, Zero Coupon, 8/01/06, AMBAC ....... No Opt. Call 7,963,395 AAA 6,355 Dallas Rapid Transit, 3.70%, 12/01/06, AMBAC ............................... No Opt. Call 6,794,067 AAA 1,305 Dallas Wtrwrks. & Swr. Sys., 3.00%, 4/01/07, FSA ........................... No Opt. Call 1,354,707 AAA 2,280 Denton Util. Sys., Mult. Util. Impvt., 4.25%, 12/01/06, AMBAC .............. No Opt. Call 2,478,976 AAA 3,445 El Paso Cnty., GO, 4.00%, 2/15/07, FSA ..................................... No Opt. Call 3,681,672 AAA 1,000 Houston Area Wtr. Corp., Northeast Wtr. Purification Proj., 4.00%, 3/01/07, FGIC .................................................... No Opt. Call 1,072,440 AAA 13,225 Houston Wtr. & Swr. Sys., Ser. B, 6.75%, 12/01/08, FGIC .................... 07/03 @ 101 13,397,586 AAA 6,285(3) MuniMae Trust, Ser. 10, Cl. A, 4.40%, 12/17/06 ............................. N/A 6,517,294 AAA 2,915 Odessa Texas Wtr. & Swr., 4.25%, 4/01/07, FSA .............................. No Opt. Call 3,157,003 Round Rock Indpt. Sch. Dist., GO, Ser. A, AAA 2,465 4.25%, 8/01/06 .......................................................... No Opt. Call 2,654,213 AAA 1,000 4.25%, 8/01/07 .......................................................... No Opt. Call 1,086,420 AAA 8,115 San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/08, FGIC ................ ETM 7,268,849 AAA 1,000 Sugar Land, GO, 2.50%, 2/15/07, FGIC ....................................... No Opt. Call 1,016,650 AAA 5,000 Tarrant Regl. Wtr. Dist., Impvt., 3.00%, 3/01/07, FSA ...................... No Opt. Call 5,186,350 AAA 15,000 Texas Mun. Pwr. Agcy., Zero Coupon, 9/01/06, AMBAC ......................... No Opt. Call 14,050,200 AAA 1,000 Texas Pub. Fin. Auth., 3.00%, 2/01/07, FGIC ................................ No Opt. Call 1,034,700 AAA 3,000 Texas Tech. Univ., Ser. 6, 4.25%, 2/15/07, AMBAC ........................... No Opt. Call 3,240,870 ----------- 92,815,024 ----------- UTAH--5.6% Utah, GO, Ser. B, AAA 5,950 4.50%, 7/01/06 .......................................................... No Opt. Call 6,467,114 AAA 20,000 4.50%, 7/01/07 .......................................................... No Opt. Call 22,015,400 ----------- 28,482,514 ----------- WASHINGTON--9.4% AAA 1,325 Benton Cnty. Pub. Util. Dist., Elec. Rev., 3.75%, 11/01/06, FSA ............ No Opt. Call 1,416,491 AAA 3,000 Clark Cnty. Pub. Util., Dist. No. 1, Elec. Rev., 4.00%, 1/01/07, AMBAC ..... No Opt. Call 3,207,810 King Cnty., AAA 2,090 GO, 3.50%, 12/01/06, MBIA ............................................... No Opt. Call 2,220,584 AAA 3,085 Swr. Rev., 3.50%, 1/01/07, FGIC ......................................... No Opt. Call 3,246,839 AAA 2,100 Kitsap Cnty., GO, Ser. B, 4.00%, 12/01/06, AMBAC ........................... No Opt. Call 2,265,921 </TABLE> 29

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> WASHINGTON (CONTINUED) Seattle, GO, Ser. E, MBIA, AAA $ 1,700 Zero Coupon, 12/15/07 .................................................... No Opt. Call $ 1,516,604 AAA 1,345 Zero Coupon, 12/15/08 .................................................... No Opt. Call 1,147,379 Snohomish Cnty. Pub. Util. Dist., Elec. Rev., AAA 5,620 4.125%, 12/01/06, FSA .................................................... No Opt. Call 6,087,247 AAA 1,250 6.55%, 1/01/07, FGIC ..................................................... ETM 1,281,800 AAA 3,890 Tacoma Elec. Sys., Ser. A, 4.00%, 1/01/07, FSA ............................. No Opt. Call 4,152,692 AAA 3,360 Thurston Cnty. Sch. Dist. No. 3, GO, 4.25%, 12/01/06, FSA .................. No Opt. Call 3,653,227 AAA 5,000 Washington, GO, Ser. B, 5.00%, 1/01/08, MBIA ............................... No Opt. Call 5,585,200 AAA 12,875 Washington Pub. Pwr. Sply., Nuclear Proj. No. 2, Ser. A, Zero Coupon, 7/01/06, MBIA ........................................................... No Opt. Call 12,137,391 ------------ 47,919,185 ------------ WEST VIRGINIA--1.6% AAA 5,300 West Virginia, GO, 4.00%, 6/01/06, FSA ..................................... No Opt. Call 5,657,220 West Virginia Econ. Dev. Auth., Correctional Juvenile & Pub., MBIA, AAA 1,000 Ser. B, 4.00%, 6/01/06 ................................................... No Opt. Call 1,069,170 AAA 1,500 Ser. A, 4.00%, 6/01/07 ................................................... No Opt. Call 1,615,815 ------------ 8,342,205 ------------ WISCONSIN--5.6% AAA 1,380 Appleton Wtrwks., Ser. B, 4.00%, 1/01/07, FGIC ............................. No Opt. Call 1,475,593 AAA 5,000 Kenosha, GO, Ser. B, Zero Coupon, 10/15/08, FSA ............................ No Opt. Call 4,346,750 AAA 1,275 Milwaukee, GO, Ser. W, 4.00%, 3/15/07, FSA ................................. No Opt. Call 1,368,304 Wisconsin, AAA 880 COP, Ser. A, 3.75%, 3/01/07, FSA ......................................... No Opt. Call 936,012 AAA 12,780 COP, Ser. A, 3.75%, 9/01/07, FSA ......................................... No Opt. Call 13,668,338 AAA 6,085 GO, Ser. G, 4.00%, 5/01/07, MBIA ......................................... No Opt. Call 6,540,462 ------------ 28,335,459 ------------ TOTAL LONG-TERM INVESTMENTS (COST $730,896,825) ............................ 784,793,991 ------------ SHORT-TERM INVESTMENTS(4)--3.5% GEORGIA--0.1% A-1+ 600 Mun. Elec. Auth., Proj. One, Ser. C, Zero Coupon, 7/02/03, MBIA, FRWD ...... N/A 600,000 ------------ TEXAS--2.9% Brownsville Util. Sys., Ser. A, MBIA, FRWD, A-1+ 7,585 0.75%, 7/02/03 ........................................................... N/A 7,585,000 A-1 7,000 0.75%, 7/02/03 ........................................................... N/A 7,000,000 ------------ 14,585,000 ------------ PUERTO RICO--0.5% A-1 2,500 Puerto Rico Comnwlth. Hwy. & Transp. Auth., Transp. Rev., Ser. A, Zero Coupon, 7/02/03, AMBAC ..................................... N/A 2,500,000 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $17,685,000) ............................ 17,685,000 ------------ TOTAL INVESTMENTS--157.5% (COST $748,581,825) .............................. 802,478,991 Other assets in excess of liabilities--1.2% ................................ 6,347,037 Preferred shares at redemption value, including dividends payable--(58.7)% . (299,180,148) ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $509,645,880 ============ </TABLE> -------------------------- (1) Using the higher of S&P's, Moody's or Fitch's rating. (2) Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. (3) This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. (4) For purposes of amortized cost valuation, the maturity dates of these instruments are 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. ================================================================================ KEY TO ABBREVIATIONS AMBAC -- American Municipal Bond Assurance Corporation CAPMAC -- Capital Markets Assurance Company CONNIE LEE -- College Construction Loan Insurance Association COP -- Certificate of Participation ETM -- Escrowed to Maturity FGIC -- Financial Guaranty Insurance Company FRWD -- Floating Rate Weekly Demand FSA -- Financial Security Assurance GO -- General Obligation MBIA -- Municipal Bond Insurance Association PCR -- Pollution Control Revenue XLCA -- XL Capital Assurance See Notes to Financial Statements. 30

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK STRATEGIC MUNICIPAL TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--147.2% ALABAMA--14.5% AAA $ 7,000 Alabama Pub. Sch. & Coll. Auth., Cap. Impvt., Ser. C, 5.75%, 7/01/18 ....... 07/09 @ 101.5 $8,061,270 Baa2 3,000 Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., Ser. A, 6.70%, 11/01/29 .......................................................... 11/09 @ 101 3,238,740 AAA 4,635(3) Jefferson Cnty. Swr., Ser. D, 5.75%, 2/01/07, FGIC ......................... N/A 5,303,089 ----------- 16,603,099 ----------- ALASKA--1.0% AAA 1,130 Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA ..................... 12/05 @ 102 1,170,906 ----------- COLORADO--1.8% AAA 10,000 Northwest Pkwy. Pub. Hwy. Auth., Ser B, Zero Coupon, 6/15/30, FSA .......... 06/11 @ 31.387 2,065,700 ----------- CONNECTICUT--8.5% Mashantucket Western Pequot Tribe, Spec. Rev., Baa3 1,500 Ser. A, 5.50%, 9/01/28 ................................................... 09/09 @ 101 1,529,625 Baa3 8,000(4) Ser. B, 5.75%, 9/01/27 ................................................... 09/07 @ 102 8,244,800 ----------- 9,774,425 ----------- DELAWARE--2.0% NR 2,000(4) Charter Mac Equity Issuer Trust, Ser. B, Zero Coupon, 11/30/50 ............. 11/10 @ 100 2,253,900 ----------- FLORIDA--7.0% Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, A 2,400 6.00%, 10/01/19 .......................................................... 10/09 @ 102 2,520,624 A 2,000 6.10%, 10/01/29 .......................................................... 10/09 @ 102 2,088,720 NR 3,300 Hillsborough Cnty. Ind. Dev. Auth., National Gypsum, Ser. A, 7.125%, 4/01/30 .......................................................... 04/10 @ 101 3,387,351 ----------- 7,996,695 ----------- ILLINOIS--9.5% AAA 5,000 Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC ................... 12/07 @ 102 5,641,000 B 7,560 Chicago O'Hare Intl. Arpt., Delta Air Lines Inc. Term. Proj., 6.45%, 5/01/18 .................................................... 08/03 @ 101 5,185,102 ----------- 10,826,102 ----------- KENTUCKY--9.6% AAA 32,345 Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/24, MBIA ................................................... No Opt. Call 11,032,556 ----------- MARYLAND--3.9% NR 4,000(4) MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 ................... 06/09 @ 100 4,419,000 ----------- MICHIGAN--9.1% AAA 2,000 Michigan Hosp. Fin. Auth., Mercy Hlth. Svcs., 5.75%, 8/15/19, MBIA ......... 08/09 @ 101 2,258,260 BB 8,000 Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 .......................... 07/07 @ 101 8,175,920 ----------- 10,434,180 ----------- MISSOURI--1.9% A 2,000 Missouri Hlth. & Edl. Facs. Auth., Hlth. Facs. Rev., St. Anthony's Med. Ctr., 6.125%, 12/01/19 .............................................. 12/10 @ 101 2,146,680 ----------- NEW JERSEY--10.5% B 6,000 New Jersey Econ. Dev. Auth., Continental Airlines Inc. Proj., 6.25%, 9/15/19 ........................................................... 09/09 @ 101 4,784,940 AA 6,000(3) New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/19 .. N/A 7,230,060 ----------- 12,015,000 ----------- NEW YORK--10.4% New York City Transl. Fin. Auth., AA+ 1,800 Ser. A, 5.25%, 11/01/11 .................................................. No Opt. Call 2,069,820 AA+ 4,885(3) Ser. B, 6.00%, 11/15/21 .................................................. N/A 5,933,077 AA+ 1,115 Ser. B, 6.00%, 11/15/21 .................................................. 05/10 @ 101 1,275,013 Aa1 2,500 New York Mtge. Agcy., Homeowner Mtge., Ser. 85, 5.70%, 10/01/17 ............ 09/09 @ 100 2,639,050 ----------- 11,916,960 ----------- PENNSYLVANIA--17.5% Lehigh Cnty. Gen. Purp. Auth., Kidspeace Oblig. Grp., Ba2 2,250 6.00%, 11/01/23 .......................................................... 11/08 @ 102 2,177,393 Ba2 2,335 6.20%, 11/01/14 .......................................................... 11/09 @ 102 2,323,278 BBB+ 1,500 Montgomery Cnty. Ind. Dev. Auth., Retirement Cmnty. Rev., 5.25%, 11/15/28 .. 11/08 @ 101 1,465,260 </TABLE> See Notes to Financial Statements. 31

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> PENNSYLVANIA (CONTINUED) Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, A3 $ 700 6.125%, 11/01/21 ......................................................... 05/11 @ 101 $ 674,653 A3 1,000 6.25%, 11/01/31 .......................................................... 05/11 @ 101 939,400 A3 1,000 6.50%, 11/01/16 .......................................................... 05/11 @ 101 1,028,510 AAA 8,500 Philadelphia Sch. Dist., GO, Ser. C, 5.75%, 3/01/29, MBIA .................. 03/10 @ 100 9,605,765 AAA 1,500 Washington Cnty. Auth., Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC .......................................................... No Opt. Call 1,856,745 ----------- 20,071,004 ----------- TENNESSEE--5.4% Baa1 3,750 Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 ........ 09/04 @ 102 3,903,113 AAA 2,000 Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC ............ 03/10 @ 101 2,238,380 ----------- 6,141,493 ----------- TEXAS--18.5% CCC 6,330 Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Amer. Airlines Inc., 6.375%, 5/01/35 .......................................................... 11/09 @ 101 3,489,412 AAA 4,750 Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA ..... 11/30 @ 61.166 759,145 AAA 1,500 Lower Colorado River Auth., Ser. A, 5.50%, 5/15/21, AMBAC .................. 05/09 @ 101 1,628,205 BBB 3,000 Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 ......... 05/12 @ 101 3,199,080 AAA 15,000 Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC .......... 08/12 @ 32.807 2,987,850 AA+ 500 Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 .................................. 08/10 @ 100 570,360 AAA 7,030(3) Travis Cnty. Hlth. Facs. Dev. Corp., Ascension Hlth., Ser. A, 5.875%, 11/15/09, AMBAC .................................................. N/A 8,501,379 ----------- 21,135,431 ----------- UTAH--4.0% AAA 4,000 Intermountain Pwr. Agcy., Sply., Ser. B, 5.75%, 7/01/19, MBIA .............. 07/07 @ 102 4,544,000 ----------- VIRGINIA--1.7% AAA 1,750 Virginia Res. Auth., Clean Wtr. Rev., 5.625%, 10/01/22 ..................... 10/10 @ 100 1,956,535 ----------- WASHINGTON--6.5% Washington, GO, AA+ 4,750 Ser. A, 5.625%, 7/01/24 .................................................. 07/09 @ 100 5,204,860 AA+ 2,000 Ser. B, 6.00%, 1/01/25 ................................................... 01/10 @ 100 2,284,460 ----------- 7,489,320 ----------- WISCONSIN--3.9% A- 5,000 Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 ........................... 06/12 @ 100 4,401,600 ----------- TOTAL LONG-TERM INVESTMENTS (COST $157,432,078) 168,394,586 ----------- SHORT-TERM INVESTMENTS5--4.9% NEW YORK--4.1% A-1+ 4,700 New York City, GO, Ser. E, 0.85%, 7/01/03, FRDD ............................ N/A 4,700,000 ----------- OHIO--0.8% A-1+ 900 Columbus Ohio, Ser. 1, 0.90%, 7/03/03, FRWD ................................ N/A 900,000 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $5,600,000) ............................. 5,600,000 TOTAL INVESTMENTS--152.1% (COST $163,032,078) .............................. 173,994,586 Other assets in excess of liabilities--2.1% ................................ 2,410,135 Preferred shares at redemption value, including dividends payable--(54.2)% . (62,008,484) ----------- NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $114,396,237 ------------ </TABLE> --------------------- (1) Using the higher of S&P's, Moody's or Fitch's rating. (2) Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. (3) This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. (4) Security is 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, 2003, the Trust held 13.0% of its net assets, with a current market value of $14,917,700, in securities restricted as to resale. (5) For purposes of amortized cost valuation, the maturity dates of these instruments are 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. KEY TO ABBREVIATIONS AMBAC -- American Municipal Bond Assurance Corporation FGIC -- Financial Guaranty Insurance Company FRDD -- Floating Rate Daily Demand FRWD -- Floating Rate Weekly Demand FSA -- Financial Security Assurance GO -- General Obligation MBIA -- Municipal Bond Insurance Association PCR -- Pollution Control Revenue See Notes to Financial Statements. 32

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--153.9% CALIFORNIA--142.0% AAA $ 2,635 Alameda Cnty., COP, Ser. A, 3.80%, 12/01/08, MBIA .......................... No Opt. Call $ 2,838,659 Anaheim Union High Sch. Dist., GO, Ser. A, FSA, AAA 1,060 3.50%, 8/01/08 ........................................................... No Opt. Call 1,121,904 AAA 1,250 4.00%, 8/01/09 ........................................................... No Opt. Call 1,348,400 AAA 1,000 Burbank, Elec. Rev., 3.50%, 6/01/09, MBIA .................................. No Opt. Call 1,049,430 California, GO, AAA 2,000 5.00%, 6/01/09, MBIA ..................................................... No Opt. Call 2,250,720 AAA 3,000 5.50%, 4/01/09, MBIA ..................................................... No Opt. Call 3,445,500 AAA 3,000 5.50%, 2/01/10, MBIA ..................................................... No Opt. Call 3,431,250 AAA 2,000 6.25%, 9/01/08, FGIC ..................................................... No Opt. Call 2,369,100 AAA 15,000 6.30%, 9/01/08, MBIA ..................................................... No Opt. Call 17,804,550 California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, AAA 10,000 3.125%, 5/01/08, FSA ..................................................... No Opt. Call 10,339,100 AAA 10,000 3.375%, 5/01/09, MBIA .................................................... No Opt. Call 10,365,400 AAA 10,535 California Dept. of Wtr. Res., Wtr. Rev., Central Valley Proj. Ser. Z, 4.00%, 12/01/09, FGIC ...................................... No Opt. Call 11,406,877 California Hlth. Facs. Fin. Auth., AAA 6,850 Marin Gen. Hosp., Ser. A, 5.75%, 8/01/09, FSA ............................ 08/03 @ 102 7,009,879 AAA 2,000 Sutter Hlth. Care Sys., 5.70%, 8/15/09, MBIA ............................. 08/06 @ 102 2,267,260 AAA 2,100 California Pub. Wks. Brd., Energy Efficiency, Ser. A, 5.625%, 10/01/08, AMBAC .................................................. 10/05 @ 102 2,312,751 AAA 2,600 Castaic Lake Wtr. Agcy., COP., Wtr. Sys. Impvt. Proj., Ser. A, 7.25%, 8/01/10, MBIA ............................................. No Opt. Call 3,287,102 AAA 1,135 Chaffey Cmnty. College Dist., GO, Ser. A, 3.75%, 7/01/09, FSA .............. No Opt. Call 1,207,549 Chula Vista, COP, Police Fac. Proj., MBIA, AAA 1,000 4.00%, 8/01/08 ........................................................... No Opt. Call 1,082,270 AAA 1,000 4.00%, 8/01/09 ........................................................... No Opt. Call 1,078,720 AAA 5,500 Clovis Unified Sch. Dist., Ser. B, Zero Coupon, 8/01/08, FGIC .............. ETM 4,879,820 AAA 1,855 El Paso De Robles, GO, Ser. A, Zero Coupon, 8/01/09, FGIC .................. No Opt. Call 1,548,832 AAA 4,025 Elsinore Valley Mun. Wtr. Dist., COP, Ser. A, 6.00%, 7/01/09, FGIC ......... No Opt. Call 4,757,872 AAA 1,055 Glendale Unified Sch. Dist., Ser. D, 3.50%, 9/01/09, MBIA .................. No Opt. Call 1,109,238 Long Beach Bd. of Fin. Auth., Tax Allocation Rev., Redev. Projs., AMBAC, AAA 1,245 3.50%, 8/01/08 ........................................................... No Opt. Call 1,317,708 AAA 1,120 3.75%, 8/01/09 ........................................................... No Opt. Call 1,192,509 AAA 13,110 Los Angeles, GO, Ser. A, 3.50%, 9/01/09, MBIA .............................. No Opt. Call 13,783,985 Los Angeles Cnty., Asset Leasing Corp. Rev., AMBAC, AAA 2,910 5.95%, 12/01/07 .......................................................... No Opt. Call 3,400,044 AAA 8,090 6.00%, 12/01/08 .......................................................... No Opt. Call 9,571,845 AAA 8,600 6.05%, 12/01/09 .......................................................... No Opt. Call 10,291,448 AAA 4,405 Los Angeles Cnty., Met. Trans. Auth. Rev., Spl. Benefit Assmt. Dist. A1, 3.75%, 9/01/08, AMBAC .................................................... No Opt. Call 4,719,649 AAA 6,000 Los Angeles Dept. of Arpts., Arpt. Rev., LA Intl. Arpt., Ser. B, 5.00%, 5/15/09, MBIA ..................................................... No Opt. Call 6,746,820 Los Angeles Dept. of Wtr. & Pwr., Elec. Plant Rev., FGIC, AAA 803 5.75%, 9/01/03 ........................................................... N/A 82,226 AAA 80 5.75%, 9/01/12 ........................................................... ETM 82,116 AAA 840 5.75%, 9/01/12 ........................................................... 09/03 @ 102 862,638 AAA 3,860 Los Angeles Sanitation Equip., Charge Rev., Ser. A, 3.625%, 2/01/09, FSA ... No Opt. Call 4,065,468 Los Angeles Unified Sch. Dist., FSA, AAA 2,660 Ser. B, 3.00%, 10/01/08 .................................................. No Opt. Call 2,754,802 AAA 7,500 Ser. F, 3.00%, 7/01/09 ................................................... No Opt. Call 7,668,750 AAA 1,000 Mount Diablo Unified Sch. Dist., GO, 3.50%, 8/01/08, FSA ................... No Opt. Call 1,058,400 AAA 1,000 Orange Cnty. Local Trans. Auth., Sales Tax Rev., 6.00%, 2/15/09, MBIA ...... No Opt. Call 1,174,190 AAA 2,495 Pasadena Unified Sch. Dist., Ser. C, 3.50%, 11/01/08, FSA .................. No Opt. Call 2,647,594 AAA 3,345 Sacramento City Fin. Auth., City Hall & Redev. Projs., Ser. A, 3.50%, 12/01/08, FSA ............................................................ No Opt. Call 3,552,658 AAA 1,000 Sacramento City Unified Sch. Dist., 3.50%, 7/01/09, FGIC ................... No Opt. Call 1,050,110 Sacramento Mun. Util. Dist., Elec. Rev., Ser. C, AAA 825 5.75%, 11/15/07, MBIA .................................................... ETM 846,359 AAA 3,750 5.75%, 11/15/08, FGIC .................................................... ETM 3,845,963 AAA 3,950 5.75%, 11/15/09, MBIA .................................................... ETM 4,050,330 </TABLE> See Notes to Financial Statements. 33

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> CALIFORNIA (CONTINUED) AAA $ 5,000 San Bernardino Cnty., Trans. Auth., Sales Tax Rev., 6.00%, 3/01/10, FGIC ... ETM $ 5,564,200 San Diego Cnty., COP, AMBAC, AAA 2,360 5.00%, 2/01/09 ........................................................... No Opt. Call 2,653,230 AAA 11,000 5.625%, 9/01/12 .......................................................... No Opt. Call 12,990,450 San Diego Cnty., Regl. Trans. Cmnty., Sales Tax Rev., Ser. A, AAA 2,500 6.00%, 4/01/08, FGIC ..................................................... ETM 2,528,375 AAA 7,830 6.00%, 4/01/08, MBIA ..................................................... ETM 7,918,870 AAA 12,725 San Diego Pub. Facs. Fin. Auth., Wtr. Rev., 3.00%, 8/01/09, MBIA ........... No Opt. Call 13,015,003 AAA 1,750 San Francisco City & Cnty., GO, 4.00%, 6/15/09, FSA ........................ No Opt. Call 1,885,048 AAA 1,000 San Jose Redev. Agcy. Tax Allocation, Merged Area Redev. Proj., 4.00%, 8/01/09, MBIA ..................................................... No Opt. Call 1,078,720 AAA 1,000 San Mateo Cnty. Cmnty. College Dist., GO, Ser. A, 3.30%, 9/01/08, FGIC ..... No Opt. Call 1,049,620 Santa Ana Unified Sch. Dist., GO, Ser. B, FGIC, AAA 1,000 Zero Coupon, 8/01/08 ..................................................... No Opt. Call 876,190 AAA 2,000 Zero Coupon, 8/01/09 ..................................................... No Opt. Call 1,669,900 AAA 2,470 Santa Clara, COP, Ser. B, 3.50%, 2/01/09, AMBAC ............................ No Opt. Call 2,585,547 AAA 2,865(3) Santa Clara Cnty. Fin. Auth., Lease Rev., Fac. Replacement Proj. A, 6.50%, 11/15/04, AMBAC ................................................... N/A 3,141,071 AAA 4,620 Santa Clara Valley Wtr. Dist., COP, 4.00%, 2/01/09, FGIC ................... No Opt. Call 4,955,412 AAA 5,000 So. California Rapid Trans. Dist., COP, Workers' Comp. Fund, 6.00%, 7/01/10, MBIA ............................................................ 07/03 @ 101.5 5,087,800 AAA 4,665 So. Coast Air Quality Mgmt. Dist. Bldg., Corp. Rev., 4.00%, 8/01/09, AMBAC ........................................................... No Opt. Call 5,032,229 AAA 2,000 Univ. of California, Multi-Purpose Projs., Ser. F, 5.00%, 9/01/11, FGIC .... 09/06 @ 101 2,189,360 AAA 2,160 West Sacramento Fin. Auth., Wtr. Sys. Impvt., 5.25%, 8/01/08, FGIC ......... 02/04 @ 101 2,187,216 ------------ 259,486,036 ------------ PUERTO RICO--11.9% Puerto Rico Elec. Pwr. Auth., AAA 5,280 Ser. DD, 5.00%, 7/01/09, FSA ............................................. 07/08 @ 101.5 5,980,867 AAA 7,000 Ser. DD, 5.00%, 7/01/10, FSA ............................................. 07/08 @ 101.5 7,855,120 AAA 3,000 Ser. KK, 4.50%, 7/01/09, XLCA ............................................ No Opt. Call 3,333,630 AAA 4,000 Puerto Rico Mun. Fin. Agcy., Ser. A, 5.625%, 8/01/10, FSA .................. 08/09 @ 101 4,661,080 ------------ 21,830,697 ------------ TOTAL LONG-TERM INVESTMENTS (COST $260,353,712) ............................ 281,316,733 ------------ ----------- SHARES (000) ----------- MONEY MARKET FUND--1.7% NR 3,000 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $3,000,000) ....... N/A 3,000,000 ------------ TOTAL INVESTMENTS--155.6% (COST $263,353,712) .............................. 284,316,733 Other assets in excess of liabilities--1.6% ................................ 3,012,277 Preferred shares at redemption value, including dividends payable--(57.2)% . (104,562,894) ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $182,766,116 ============ </TABLE> ---------------------- (1) Using the higher of S&P's, Moody's or Fitch's rating. (2) Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. (3) This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. Securities that are covered by insurance, which ensures the timely payment of principal and interest, represent approximately 98.9% of the Trust's total investments. KEY TO ABBREVIATIONS AMBAC -- American Municipal Bond Assurance Corporation COP -- Certificate of Participation ETM -- Escrowed to Maturity FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance GO -- General Obligation MBIA -- Municipal Bond Insurance Association XLCA -- XL Capital Assurance See Notes to Financial Statements. 34

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK CALIFORNIA MUNICIPAL 2018 TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--157.0% CALIFORNIA--140.5% California, GO, A $12,500 5.00%, 11/01/20 .......................................................... 11/11 @ 100 $ 12,756,875 AAA 6,500 Ser. BZ, 5.35%, 12/01/21, MBIA ........................................... 06/07 @ 101 6,679,920 California Cnty. Tobacco Sec. Agcy., BBB 5,000 Ser. A, 5.50%, 6/01/33 ................................................... 06/12 @ 100 4,028,850 A- 5,000 Fresno Cnty. Fdg. Corp., 5.875%, 6/01/27 ................................. 06/12 @ 100 4,468,500 A- 6,500 California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.125%, 5/01/19 .... 05/12 @ 101 6,717,230 California Hlth. Fac. Fin. Auth., Adventist Hlth. Sys., Ser. A, A 1,075 5.00%, 3/01/18 ........................................................... 03/13 @ 100 1,118,269 A 1,000 5.00%, 3/01/19 ........................................................... 03/13 @ 100 1,032,300 A 2,060 5.00%, 3/01/20 ........................................................... 03/13 @ 100 2,110,326 A 1,355 5.00%, 3/01/24 ........................................................... 03/13 @ 100 1,357,710 AAA 20,000 California Hsg. Fin. Agcy., Home Mtge. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA ............................................... 08/11 @ 57.562 7,616,600 California Infrastructure & Econ. Dev., A 1,985 J. David Gladstone Inst. Proj., 5.50%, 10/01/20 .......................... 10/11 @ 101 2,129,587 A 6,500 Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 ........................... 08/11 @ 102 6,779,500 A 3,100 California Poll. Ctrl. Fin. Auth., PCR, San Diego Gas & Elec., Ser. A, 5.90%, 6/01/14 .................................................. No Opt. Call 3,409,597 California Pub. Wks. Brd., Ser. A, A- 2,020 California Cmnty. College, 5.00%, 12/01/17 ............................... 12/08 @ 101 2,102,052 A2 2,415 Trustees California St. Univ., 5.00%, 10/01/17 ........................... 10/08 @ 101 2,522,492 NR 4,0003 Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 ................... 06/09 @ 100 4,389,280 A- 2,500 Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A, 5.80%, 12/15/25 .................................................. 12/13 @ 102 2,601,225 AAA 3,395 Fontana Pub. Fin. Auth., Tax Allocation Rev., Fontana Redev. Proj., Ser. A, 5.25%, 9/01/18, FSA .............................................. 09/11 @ 101 3,763,256 BBB 20,000 Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., Zero Coupon, 1/15/21 ..................................................... 01/10 @ 53.346 7,493,600 Lathrop Fin. Auth., Wtr. Sply. Proj., NR 995 5.80%, 6/01/21 ........................................................... 12/13 @ 100 991,647 NR 1,040 5.85%, 6/01/22 ........................................................... 12/13 @ 100 1,036,402 NR 1,000 5.90%, 6/01/23 ........................................................... 12/13 @ 100 996,460 AAA 5,000 Long Beach Harbor, Ser. A, 5.25%, 5/15/18, FGIC ............................ 05/10 @ 101 5,441,350 AA 5,000 Los Angeles Cnty., Pub. Wks. Fin. Auth., Regl. Pk. & Open Space, Ser. A, 5.00%, 10/01/19 .................................................. 10/07 @ 101 5,263,200 AAA 10,025 Los Angeles Habor Dept., Ser. B, 5.50%, 8/01/21, AMBAC ..................... 08/11 @ 100 10,968,954 NR 5,0003 MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 ................... 06/09 @ 100 5,523,750 AAA 5,000 Riverside Unified Sch. Dist., Ser. A, 5.25%, 2/01/23, FGIC ................. 02/12 @ 101 5,395,900 San Bernardino Cnty., Spl. Tax, Cmnty. Facs., NR 105 5.35%, 9/01/17 ........................................................... 09/12 @ 102 101,850 NR 245 5.50%, 9/01/18 ........................................................... 09/12 @ 102 238,113 NR 500 5.60%, 9/01/19 ........................................................... 09/12 @ 102 485,480 NR 355 5.70%, 9/01/20 ........................................................... 09/12 @ 102 344,762 AAA 2,980 San Diego Cnty., COP, 5.25%, 11/01/19, AMBAC ............................... 11/11 @ 100 3,264,262 AAA 2,135 Santa Clara Valley Transp. Auth., Sales Tax Rev., Ser. A, 5.00%, 6/01/18, MBIA ..................................................... 06/11 @ 100 2,286,307 AAA 4,590 Stockton East Wtr. Dist., COP, Ser. B, Zero Coupon, 4/01/19, FGIC .......... 04/12 @ 66.427 1,984,808 A- 1,000 Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41 .................................................. 06/11 @ 100 737,550 A- 6,000 Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.50%, 6/01/36 ................................................... 06/12 @ 100 4,682,760 ------------ 132,820,724 ------------ U. S. VIRGIN ISLANDS--2.6% Tobacco Settlement Fin. Corp. Virgin Islands, Tobacco Settlement Rev., Baa2 1,860 5.00%, 5/15/21 ........................................................... 05/11 @ 100 1,652,945 Baa2 1,000 5.00%, 5/15/31 ........................................................... 05/11 @ 100 817,510 ------------ 2,470,455 ------------ PUERTO RICO--13.9% A- 4,410 Puerto Rico Pub. Bldgs. Auth., Gov't. Facs., Ser. C, 5.75%, 7/01/19 ........ No Opt. Call 5,050,067 BBB+ 7,500 Puerto Rico Pub. Fin. Corp., Ser. E, 5.70%, 8/01/25 ........................ 02/10 @ 100 8,037,525 ------------ 13,087,592 ------------ TOTAL LONG-TERM INVESTMENTS (COST $145,703,878) ............................ $148,378,771 ------------ </TABLE> See Notes to Financial Statements. 35

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--155.1% FLORIDA--137.9% AAA $ 1,500 Alachua Cnty. Sch. Dist., GO, 4.25%, 1/01/09, FSA .......................... No Opt. Call $ 1,631,295 AAA 1,765 Collier Cnty. Sch. Brd., COP, Ser. A, 3.50%, 2/15/09, FSA .................. No Opt. Call 1,853,762 AAA 1,000 Dade Cnty., Aviation Rev., 6.00%, 10/01/08, AMBAC .......................... 10/05 @ 102 1,108,800 Dade Cnty., GO, AAA 5,000 Ser. A, Zero Coupon, 2/01/08, MBIA ....................................... 02/06 @ 92.852 4,328,100 AAA 905 Ser. B, Zero Coupon, 10/01/08, AMBAC ..................................... ETM 795,676 AAA 1,095 Ser. B, Zero Coupon, 10/01/08, AMBAC ..................................... No Opt. Call 956,877 AAA 5,465(3) Dade Cnty. Sch. Brd., COP, Ser. A, 5.75%, 5/01/04, MBIA .................... N/A 5,739,616 AAA 1,515 Delray Beach, Decade of Excellence Prog., GO, 3.50%, 2/01/09, FSA .......... No Opt. Call 1,590,705 Escambia Cnty. Util. Sys., Ser. B, FGIC, AAA 1,595 6.125%, 1/01/09 .......................................................... No Opt. Call 1,887,220 AAA 5,235 6.25%, 1/01/12 ........................................................... No Opt. Call 6,420,937 AAA 5,060 6.25%, 1/01/13 ........................................................... No Opt. Call 6,266,557 Florida Brd. of Ed., AAA 8,720 GO, 3.50%, 1/01/09, FSA .................................................. No Opt. Call 9,149,547 AAA 4,190 Lottery, Ser. A, 5.00%, 7/01/08, FGIC .................................... No Opt. Call 4,732,563 Florida Dept. of Env. Protection Presvtn., Ser. B, FGIC, AAA 5,905 4.00%, 7/01/08 ........................................................... No Opt. Call 6,391,926 AAA 6,140 4.00%, 7/01/09 ........................................................... No Opt. Call 6,638,507 Florida Div. of Bond Fin. Dept., Gen. Svc. Rev., AAA 8,000 Dept. of Env. Presvtn., Ser. B, 5.25%, 7/01/10, FSA ...................... 07/08 @ 101 9,055,280 AAA 2,000 Nat. Res. & Presvtn., Ser. A, 5.00%, 7/01/11, AMBAC ...................... 07/07 @ 101 2,190,240 AAA 1,090 Florida Mun. Loan Council, Ser. C, 3.50%, 11/01/08, MBIA ................... No Opt. Call 1,155,531 AAA 6,000 Greater Orlando Aviation Auth., Orlando Arpt. Facs. Rev., Ser. C, 3.50%, 10/01/08, MBIA .................................................... No Opt. Call 6,312,720 Hillsborough Cnty. Cap Impvt., FGIC, AAA 2,630(3) 6.25%, 8/01/04 ........................................................... N/A 2,806,604 AAA 1,500(3) 6.60%, 8/01/04 ........................................................... N/A 1,606,335 AAA 5,000(3) Hillsborough Cnty. Sch. Brd., COP, 5.875%, 7/01/04, MBIA ................... N/A 5,344,800 AAA 3,000 Hillsborough Cnty. Sch. Dist. Sales Tax, 4.00%, 10/01/09, AMBAC ............ No Opt. Call 3,253,020 AAA 10,000 Hillsborough Cnty. Util., 4.50%, 8/01/08, AMBAC ............................ No Opt. Call 11,076,500 Indian River Cnty. Sch. Dist., GO, FSA, AAA 950 3.25%, 4/01/08 ........................................................... No Opt. Call 992,627 AAA 1,000 3.25%, 4/01/09 ........................................................... No Opt. Call 1,038,080 Indian Trace Cmnty. Dev. Dist., Wtr. Mgmt. Spec. Benefit, Ser. A, MBIA, AAA 3,000 5.625%, 5/01/08 .......................................................... 05/05 @ 102 3,265,110 AAA 2,910 5.75%, 5/01/09 ........................................................... 05/05 @ 102 3,171,463 Jacksonville Beach Utils., AMBAC, AAA 1,100 3.10%, 4/01/09 ........................................................... No Opt. Call 1,133,121 AAA 1,155 3.10%, 10/01/09 .......................................................... No Opt. Call 1,192,688 AAA 5,895 Jacksonville Excise Tax, 4.25%, 10/01/08, AMBAC ............................ No Opt. Call 6,476,836 Jacksonville Sales Tax, AAA 1,155 3.125%, 10/01/08, FGIC ................................................... No Opt. Call 1,205,011 AAA 1,000 3.375%, 10/01/09, FGIC ................................................... No Opt. Call 1,048,430 AAA 2,000 4.10%, 10/01/08, AMBAC ................................................... No Opt. Call 2,182,620 AAA 825 Lake Cnty. Sch. Brd., COP, 3.50%, 7/01/09, AMBAC ........................... No Opt. Call 866,811 AAA 2,000 Lakeland Elec. & Wtr., 5.90%, 10/01/08, FSA ................................ No Opt. Call 2,359,900 AAA 3,000 Lee Cnty. Arprt., 4.25%, 10/01/09, FSA ..................................... No Opt. Call 3,259,920 Miami, GO, FGIC, AAA 1,345 5.90%, 12/01/08 .......................................................... No Opt. Call 1,598,116 AAA 1,000 6.00%, 12/01/09 .......................................................... No Opt. Call 1,204,210 AAA 2,000 Miami Dade Cnty., Edl. Fac., Ser. A, 4.875%, 4/01/09, AMBAC ................ No Opt. Call 2,249,000 Miami Dade Cnty., Pub. Svc. Tax Rev., Pub. Impvt., AMBAC, AAA 1,535 3.40%, 4/01/08 ........................................................... No Opt. Call 1,614,191 AAA 1,595 3.625%, 4/01/09 .......................................................... No Opt. Call 1,725,742 AAA 4,775 Miami Dade Cnty., Sch. Brd., COP, Ser. C, 5.25%, 8/01/11, FSA .............. 08/08 @ 101 5,387,203 AAA 1,000 Orange Cnty., Pub. Svc. Tax Rev., 5.70%, 10/01/08, FGIC .................... 10/05 @ 102 1,104,360 AAA 4,895 Orange Cnty., Sales Tax Rev., Ser. A, 3.25%, 1/01/09, FGIC ................. No Opt. Call 5,073,716 </TABLE> See Notes to Financial Statements. 37

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> FLORIDA (CONTINUED) Orange Cnty., Tourist Dev., Tax Rev., Ser. A, AAA $ 5,130 4.00%, 10/01/08, AMBAC ................................................... No Opt. Call $ 5,559,894 AAA 5,340 4.00%, 10/01/09, AMBAC ................................................... No Opt. Call 5,774,302 AAA 1,005 5.85%, 10/01/08, MBIA .................................................... ETM 1,187,357 AAA 495 5.85%, 10/01/08, MBIA .................................................... No Opt. Call 580,175 Orlando Wst. Wtr. Sys., Ser. A, AMBAC, AAA 1,100 3.25%, 10/01/08 .......................................................... No Opt. Call 1,154,395 AAA 1,280 3.50%, 10/01/09 .......................................................... No Opt. Call 1,351,181 Osceola Cnty., AMBAC, AAA 1,810 3.75%, 10/01/08 .......................................................... No Opt. Call 1,944,085 AAA 1,535 3.875%, 10/01/09 ......................................................... No Opt. Call 1,653,440 Osceola Cnty. Gas Tax, FGIC, AAA 640 3.10%, 4/01/08 ........................................................... No Opt. Call 664,416 AAA 535 3.30%, 4/01/09 ........................................................... No Opt. Call 556,796 AAA 2,000 Osceola Cnty. Trans., Osceola Pkwy. Proj., 5.95%, 4/01/08, MBIA ............ 07/03 @ 101 2,031,700 Palm Beach Cnty. Sch. Brd., COP, Ser. D, FSA, AAA 1,770 3.00%, 8/01/08 ........................................................... No Opt. Call 1,831,136 AAA 850 3.30%, 8/01/09 ........................................................... No Opt. Call 885,096 AAA 7,085 Pasco Cnty. Solid Wst. Disp. & Res. Rec. Sys., 6.00%, 4/01/09, FGIC ........ 07/03 @ 101 7,197,793 Polk Cnty. Sch. Brd., COP, Ser. A, FSA, AAA 2,000 3.20%, 1/01/08 ........................................................... No Opt. Call 2,072,200 AAA 2,000 3.375%, 1/01/09 .......................................................... No Opt. Call 2,075,340 AAA 1,020 Sebring Wtr. & Wstwtr., 3.625%, 1/01/09, FGIC .............................. No Opt. Call 1,076,753 AAA 1,0003 Seminole Cnty. Sch. Brd., COP, Ser. A, 5.90%, 7/01/04, MBIA ................ N/A 1,069,730 AAA 2,000 Seminole Cnty. Wtr. & Swr., 6.00%, 10/01/09, MBIA .......................... No Opt. Call 2,398,500 So. Florida Wtr. Mgmt. Dist., AMBAC, AAA 1,250 3.00%, 10/01/08 .......................................................... No Opt. Call 1,296,425 AAA 1,000 3.30%, 10/01/09 .......................................................... No Opt. Call 1,044,120 AAA 500 St. Petersburg Hlth. Facs. Auth., All Childrens Hosp., 3.10%, 11/15/08, AMBAC ................................................... No Opt. Call 518,940 AAA 1,370 Village Ctr. Cmnty. Dev. Dist. Rec., Ser. A, 5.50%, 11/01/08, MBIA ......... No Opt. Call 1,592,858 AAA 4,065 Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., 6.50%, 10/15/08, CONNIE LEE ..................................................... 07/03 @ 102 4,161,788 AAA 2,370 Volusia Cnty. Sales Tax, Ser. B, 4.00%, 10/01/08, MBIA ..................... No Opt. Call 2,574,744 ------------ 202,695,437 ------------ PUERTO RICO--17.2% Puerto Rico Mun. Fin. Agcy., Ser. A, FSA, AAA 10,000 3.50%, 8/01/08 ........................................................... No Opt. Call 10,638,500 AAA 12,000 3.75%, 8/01/09 ........................................................... No Opt. Call 12,846,720 AAA 1,500 5.625%, 8/01/10 .......................................................... 08/09 @ 101 1,747,905 ------------ 25,233,125 ------------ TOTAL INVESTMENTS--155.1% (COST $212,080,502) .............................. 227,928,562 Other assets in excess of liabilities--2.2% ................................ 3,160,235 Preferred shares at redemption value, including dividends payable--(57.3)% . (84,159,223) ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $146,929,574 ============ </TABLE> ------------------------ (1) Using the higher of S&P's, Moody's or Fitch's rating. (2) Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. (3) This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. Securities that are covered by insurance, which ensures the timely payment of principal and interest, represent approximately 100.0% of the Trust's total investments. KEY TO ABBREVIATIONS AMBAC -- American Municipal Bond Assurance Corporation CONNIE LEE -- College Construction Loan Insurance Association COP -- Certificate of Participation ETM -- Escrowed to Maturity FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance GO -- General Obligation MBIA -- Municipal Bond Insurance Association See Notes to Financial Statements. 38

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK NEW YORK INSURED MUNICIPAL 2008 TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--152.6% Albany Cnty., GO, FGIC, AAA $ 1,515 3.50%, 6/01/08 ........................................................... No Opt. Call $ 1,602,112 AAA 2,030 3.50%, 6/01/09 ........................................................... No Opt. Call 2,139,478 AAA 1,0753 Babylon, GO, Ser. A, 5.875%, 1/15/04, AMBAC ................................ N/A 1,125,084 AAA 1,000 Bath Central Sch. Dist., 4.00%, 6/15/08, FGIC .............................. No Opt. Call 1,081,260 AAA 2,250 Central Square Central Sch. Dist., 3.75%, 5/15/09, FGIC .................... No Opt. Call 2,400,997 AAA 1,960 East Greenbush Central Sch. Dist., Ser. C, 4.00%, 6/15/09, FSA ............. No Opt. Call 2,120,269 Elmira City Sch. Dist., FGIC, AAA 2,125 3.25%, 6/15/08 ........................................................... No Opt. Call 2,223,366 AAA 1,500 3.25%, 6/15/09 ........................................................... No Opt. Call 1,560,795 Erie Cnty., GO, AAA 3,825 Pub. Impvt., Ser. A, 3.25%, 9/01/09, FGIC ................................ No Opt. Call 3,974,099 AAA 1,000 Pub. Impvt., Ser. A, 3.75%, 10/01/08, FGIC ............................... No Opt. Call 1,071,000 AAA 785 Ser. B, 5.70%, 5/15/08, MBIA ............................................. 05/04 @ 102 828,693 AAA 1,185 Evans & Brant Central Sch. Dist., Ser. C, 3.75%, 12/15/08, FGIC ............ No Opt. Call 1,272,311 Fayetteville-Manlius Central Sch. Dist., GO, FGIC, AAA 1,125 3.75%, 6/15/09 ........................................................... No Opt. Call 1,201,523 AAA 1,000 4.00%, 6/15/08 ........................................................... No Opt. Call 1,081,260 AAA 1,0704 Highland Central Sch. Dist., GO, 3.50%, 6/15/09, FSA ....................... No Opt. Call 1,128,080 AAA 12,500 Long Island Pwr. Auth., Elec. Sys., 5.00%, 4/01/08, MBIA ................... No Opt. Call 13,939,000 Lowville Central Sch. Dist., GO, FGIC, AAA 1,255 3.30%, 6/15/08 ........................................................... No Opt. Call 1,316,030 AAA 1,305 3.60%, 6/15/09 ........................................................... No Opt. Call 1,383,000 Met. Transp. Auth., AAA 2,500 Commuter Fac. Rev., Ser. A, 6.10%, 7/01/08, MBIA ......................... ETM 2,975,725 AAA 12,000 Ser. A, 3.50%, 11/15/09, FSA ............................................. No Opt. Call 12,629,160 AAA 26,075 Ser. K, 6.00%, 7/01/08, MBIA ............................................. ETM 30,913,477 AAA 1,500 Middletown Sch. Dist., GO, Ser. A, 3.00%, 11/01/09, FSA .................... No Opt. Call 1,538,190 Monroe Cnty., GO, Pub. Impvt., FGIC, AAA 1,225 4.00%, 3/01/09 ........................................................... No Opt. Call 1,320,550 AAA 2,095 4.00%, 3/01/10 ........................................................... No Opt. Call 2,241,482 Mt. Sinai Union Free Sch. Dist., AMBAC, AAA 935 6.00%, 2/15/08 ........................................................... No Opt. Call 1,087,630 AAA 930 6.10%, 2/15/09 ........................................................... No Opt. Call 1,101,092 AAA 1,075 6.10%, 2/15/10 ........................................................... No Opt. Call 1,281,518 New Paltz Central Sch. Dist., GO, FGIC, AAA 500 3.125%, 6/01/08 .......................................................... No Opt. Call 520,075 AAA 610 3.50%, 6/01/09 ........................................................... No Opt. Call 642,897 AAA 3,000 New York, GO, Ser. A, 4.00%, 3/15/09, FSA .................................. No Opt. Call 3,227,220 New York City, GO, AAA 1,000 Ser. A, 5.20%, 8/01/10, FSA .............................................. 08/08 @ 101 1,116,750 AAA 4,720 Ser. C, 4.75%, 8/15/09, XLCA ............................................. 08/08 @ 101 5,193,180 AAA 12,755 Ser. C, 5.00%, 8/01/08, FSA .............................................. No Opt. Call 14,231,264 AAA 45 Ser. C-1, 6.25%, 8/01/10, FSA ............................................ 07/03 @ 101.5 45,491 AAA 50 Ser. C-1, 6.375%, 8/01/08, MBIA .......................................... 07/03 @ 101.5 50,551 AAA 1703 Ser. D, 5.75%, 8/15/03, MBIA ............................................. N/A 173,514 AAA 2,830 Ser. D, 5.75%, 8/05/07, MBIA ............................................. 08/03 @ 101.5 2,888,496 AAA 6,895 Ser. E, 6.20%, 8/01/08, MBIA ............................................. No Opt. Call 8,067,012 New York City Hlth. & Hosp. Corp., Hlth. Sys., Ser. A, AAA 2,810 3.75%, 2/15/09, FSA ...................................................... No Opt. Call 2,962,246 AAA 2,000 5.00%, 2/15/08, AMBAC .................................................... No Opt. Call 2,221,560 New York City Mun. Wtr. Fin. Auth., Ser. A, AAA 11,500 Zero Coupon, 6/15/09, MBIA ............................................... No Opt. Call 9,714,970 AAA 1,710 6.00%, 6/15/08, FGIC ..................................................... ETM 2,000,512 </TABLE> See Notes to Financial Statements. 39

<TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS (CONTINUED) New York City Transl. Fin. Auth., AAA $ 4,000 Ser. B, 4.00%, 5/01/09, MBIA ............................................. No Opt. Call $ 4,300,400 AAA 7,800 Ser. B, 5.25%, 5/01/11, MBIA ............................................. No Opt. Call 8,947,536 AAA 2,000 Ser. C, 5.00%, 8/01/09, FSA .............................................. No Opt. Call 2,268,100 AAA 3,300 Ser. C, 5.50%, 2/01/09, FSA .............................................. No Opt. Call 3,793,416 New York Dorm. Auth., AAA 3,150(3) City Univ., Ser. 1, 6.125%, 7/01/04, AMBAC ............................... N/A 3,376,674 AAA 1,070 Hosp. Lutheran Medical, 3.00%, 2/01/09, MBIA ............................. No Opt. Call 1,089,067 AAA 1,625 Sch. Dist. Fin., Ser. C, 3.50%, 10/01/08, MBIA ........................... No Opt. Call 1,717,105 AAA 2,970 Secured Hosp., 4.00%, 2/15/09, XLCA ...................................... No Opt. Call 3,185,414 AAA 3,500 Secured Hosp., 5.00%, 2/15/10, MBIA ...................................... 02/08 @ 101.5 3,864,945 AAA 5,000 Secured Hosp., 5.125%, 2/15/09, FSA ...................................... 02/08 @ 101.5 5,592,100 AAA 1,600 St. Univ. Edl. Facs., Ser. A, 5.50%, 5/15/07, FGIC ....................... No Opt. Call 1,810,528 AAA 2,500 St. Univ. Edl. Facs., Ser. A, 5.50%, 5/15/08, AMBAC ...................... No Opt. Call 2,860,675 AAA 6,000 St. Univ. Edl. Facs., Ser. A, 5.50%, 5/15/08, CONNIE LEE ................. No Opt. Call 6,865,620 AAA 5,000 St. Univ. Edl. Facs., Ser. A, 5.50%, 5/15/08, FGIC ....................... No Opt. Call 5,721,350 AAA 5,000 St. Univ. Edl. Facs., Ser. A, 5.50%, 5/15/09, AMBAC ...................... No Opt. Call 5,783,750 AAA 500 W.K. Nursing Home, 5.65%, 8/01/09 ........................................ 08/06 @ 102 544,845 AAA 1,000 Winthrop Univ. Hosp. Assoc., Ser. A, 4.125%, 7/01/08, AMBAC .............. No Opt. Call 1,083,410 New York Env. Facs. Corp., AAA 1,630 Clean Wtr. & Drinking, 3.875%, 4/15/10 ................................... No Opt. Call 1,731,337 AAA 6,000 Mun. Wtr. Proj., 4.00%, 6/15/09 .......................................... No Opt. Call 6,476,820 AAA 4,170(3) PCR, Ser. D, 6.60%, 11/15/04 ............................................. N/A 4,577,493 AAA 830 PCR, Ser. D, 6.60%, 5/15/08 .............................................. 11/04 @ 102 901,861 New York Hsg. Fin. Agcy., AAA 1,860 Hsg. Proj. Mtge., Ser. A, 5.80%, 5/01/09, FSA ............................ 05/06 @ 102 2,012,055 AAA 4,845 Hsg. Proj. Mtge., Ser. A, 5.80%, 11/01/09, FSA ........................... 05/06 @ 102 5,239,722 AAA 3,915 Multifamily Mtge. Hsg., Ser. C, 6.30%, 8/15/08 ........................... 07/03 @ 102 3,958,692 New York Med. Care Fac. Fin. Agcy., AAA 3,000 Mental Hlth. Fac., 5.25%, 8/15/07, FGIC .................................. 02/04 @ 102 3,127,800 AAA 5,000(3) New York Hosp., Ser. A, 6.50%, 2/15/05, AMBAC ............................ N/A 5,526,200 AAA 250 New York Pwr. Auth., Ser. CC, 5.125%, 1/01/11, MBIA ...................... ETM 287,228 New York Thruway Auth., AAA 2,000 Hwy. & Brdg. Trust Fund, Ser. A, 3.90%, 4/01/09, FSA ..................... No Opt. Call 2,137,560 AAA 5,000 Hwy. & Brdg. Trust Fund, Ser. A, 5.625%, 4/01/04, AMBAC .................. N/A 5,276,100 AAA 2,000 Hwy. & Brdg. Trust Fund, Ser. B, 4.00%, 4/01/09, MBIA .................... No Opt. Call 2,148,160 AAA 2,900 Hwy. & Brdg. Trust Fund, Ser. B, 5.25%, 4/01/11, MBIA .................... No Opt. Call 3,322,588 AAA 1,000 Hwy. & Brdg. Trust Fund, Ser. B, 6.00%, 4/01/04, FGIC .................... N/A 1,058,000 AA 4,955 Ser. A, 3.75%, 3/15/09, MBIA ............................................. No Opt. Call 5,224,502 AAA 6,940(3) Svc. Contract Rev., Local Hwy. & Brdg., 5.75%, 4/01/04, MBIA ............. N/A 7,329,612 AAA 3,410 Svc. Contract Rev., Local Hwy. & Brdg., Ser. A, 5.375%, 4/01/09, MBIA .... 04/08 @ 101 3,870,316 New York Urban Dev. Corp., Correctional Facs., AMBAC, AAA 2,000 Ser. A, 5.50%, 1/01/09 ................................................... No Opt. Call 2,294,880 AAA 5,140 Svc. Contract Rev., Ser. B, 5.25%, 1/01/10 ............................... 01/09 @101 5,795,247 AAA 1,040 Newfane Central Sch. Dist., GO, 3.00%, 6/01/08, FSA ........................ No Opt. Call 1,075,745 So. Seneca Central Sch. Dist., GO, MBIA, AAA 1,185 3.20%, 6/15/08 ........................................................... No Opt. Call 1,237,093 AAA 1,045 3.375%, 6/15/09 .......................................................... No Opt. Call 1,094,533 AAA 1,030 Sodus Central Sch. Dist., 4.00%, 6/15/09, FGIC ............................. No Opt. Call 1,114,223 AAA 5,000 Suffolk Cnty. Ind. Dev. Agcy., Southwest, 6.00%, 2/01/08, FGIC ............. No Opt. Call 5,788,400 AAA 1,675 Suffolk Cnty. Wtr. Auth., Ser. C, 5.75%, 6/01/08, AMBAC .................... ETM 1,696,072 AAA 2,265 Triborough Brdg. & Tunl. Auth., Ser. A, 5.125%, 1/01/11, MBIA .............. ETM 2,564,161 ------------ TOTAL LONG-TERM INVESTMENTS (COST $272,649,346) ............................ 299,264,254 ------------ </TABLE> See Notes to Financial Statements. 40

<TABLE> <CAPTION> SHARES (000) DESCRIPTION VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> MONEY MARKET FUND--1.0% 2,000 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,000,000) ....... $ 2,000,000 ------------ TOTAL INVESTMENTS--153.6% (COST $274,649,346) .............................. 301,264,254 Other assets in excess of liabilities--2.2% ................................ 4,381,917 Preferred shares at redemption value, including dividends payable--(55.8)% . (109,569,316) ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $196,076,855 ============ </TABLE> ------------------------ (1) Using the higher of S&P's, Moody's or Fitch's rating. (2) Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. (3) This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. (4) Entire or partial principal amount pledged as collateral for financial futures contracts. Securities that are covered by insurance, which ensures the timely payment of principal and interest, represent approximately 93.3% of the Trust's total investments. KEY TO ABBREVIATIONS AMBAC -- American Municipal Bond Assurance Corporation CONNIE LEE -- College Construction Loan Insurance Association ETM -- Escrowed to Maturity FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance GO -- General Obligation MBIA -- Municipal Bond Insurance Association PCR -- Pollution Control Revenue XLCA -- XL Capital Assurance See Notes to Financial Statements. 41

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK NEW YORK MUNICIPAL 2018 TERM TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--152.7% NEW YORK--144.8% NR $4,0003 Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 ................... 06/09 @ 100 $ 4,389,280 Aaa 1,320 East Rochester Hsg. Auth., 5.20%, 12/20/24 ................................. 12/11 @ 101 1,380,667 Long Island Pwr. Auth., Elec. Sys. Rev., AAA 1,900 Zero Coupon, 6/01/18, FSA ................................................ No Opt. Call 1,002,193 A- 2,500 Ser. C, 5.50%, 9/01/18 ................................................... 09/13 @ 100 2,677,700 AAA 5,000 Met. Transp. Auth., Ser. A, 5.125%, 11/15/21, FGIC ......................... 11/12 @ 100 5,409,050 New York City, GO, A+ 4,000 Ser. B, 5.375%, 12/01/20 ................................................. 12/11 @ 100 4,203,320 A 5,000 Ser. G, 5.75%, 8/01/18 ................................................... 08/12 @ 100 5,474,650 A- 4,000 New York City Ind. Dev. Agcy., Civic Fac. Rev., YMCA of Greater New York Proj., 5.25%, 8/01/21 ........................... 02/11 @ 100 4,128,600 New York City Transl. Fin. Auth., AA+ 3,000 Ser. B, 5.00%, 5/01/18 ................................................... 11/11 @ 101 3,239,460 AA+ 1,895 Ser. C, 5.00%, 5/01/19 ................................................... 05/09 @ 101 2,010,292 New York Dorm. Auth., AA- 1,800 City Univ., Ser. A, 5.125%, 7/01/21 ...................................... 07/11 @ 100 1,904,814 AA- 3,750 Mental Hlth. Svcs. Facs., Ser. A, 5.00%, 2/15/18 ......................... 02/08 @ 102 3,970,200 AAA 2,620 Mental Hlth. Svcs. Facs., Ser. B, 5.50%, 8/15/20, MBIA ................... 08/11 @ 100 2,902,017 AA- 3,230 Upstate Cmnty. Colleges, Ser. A, 5.00%, 7/01/19 .......................... 07/09 @ 101 3,414,982 AAA 1,000 Willow Towers Inc. Proj., 5.25%, 2/01/22 ................................. 08/12 @ 101 1,055,140 AA- 3,500 New York Urban Dev. Corp., Correctional Facs., 5.00%, 1/01/19 .............. 01/08 @ 102 3,635,170 AA 4,180 Niagra Cnty. Ind. Dev. Agcy., Civic Fac. Rev., Niagra Univ. Proj., Ser. A, 5.35%, 11/01/23, RAA ............................................. 11/11 @ 101 4,416,588 AA 4,130 Oneida Hlth. Care Corp., Residential Hlth. Care Proj., 5.30%, 2/01/21 ...... 02/11 @ 101 4,388,951 AA 3,875 Orange Cnty. Ind. Dev. Agcy., Civic Fac. Rev., St. Lukes Hosp. Newburg Proj., Ser. A, 5.375%, 12/01/21, RAA ............................. 12/11 @ 101 4,179,962 Port Auth. of NY & NJ, AAA 3,885 Ser. 126, 5.00%, 11/15/18, FGIC .......................................... 05/12 @ 101 4,200,967 Caa2 2,600 Spec. Oblig., Cont'l./Eastern Proj. LaGuardia, 9.125%, 12/01/15 .......... 08/03 @ 100 2,600,026 A- 4,000 Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.625%, 8/15/35 .......................................................... 08/12 @ 100 3,477,200 A- 3,000 TSASC Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32 ................ 07/12 @ 100 2,758,860 AAA 3,710 Westchester Cnty. Ind. Dev. Agy., Civic Fac. Rev., Ser. A, 5.125%, 12/01/22, AMBAC .......................................................... 12/11 @ 102 4,021,566 ------------ 80,841,655 ------------ </TABLE> See Notes to Financial Statements. 42

PORTFOLIO OF INVESTMENTS (UNAUDITED) JUNE 30, 2003 BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST <TABLE> <CAPTION> PRINCIPAL AMOUNT OPTION CALL RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE ------------------------------------------------------------------------------------------------------------------------------------ <S> <C> <C> <C> <C> LONG-TERM INVESTMENTS--140.5% PENNSYLVANIA--134.0% AAA $2,1503 Allegheny Cnty. Port Auth., 6.125%, 3/01/29, MBIA .......................... N/A $ 2,590,277 AAA 1,800 Allegheny Cnty. San. Auth., 5.375%, 12/01/24, MBIA ......................... 12/07 @ 102 1,915,020 BBB+ 1,400 Bucks Cnty. Ind. Dev. Auth., Pennswood Vlg. Proj., Ser. A, 6.00%, 10/01/34 .......................................................... 10/12 @ 101 1,460,676 NR 1,250 Dauphin Cnty. Gen. Auth., Hotel & Conf. Ctr., Hyatt Regency, 6.20%, 1/01/19 ........................................................... 01/09 @ 102 1,209,400 AAA 2,500 Delaware Cnty. Hlth. Facs. Auth., Mercy Hlth. Corp. Proj., 6.00%, 12/15/26 .......................................................... 12/06 @ 102 2,814,675 AAA 1,250 Delaware Cnty. Ind. Dev. Auth., Wtr. Facs., 6.00%, 6/01/29, FGIC ........... 06/09 @ 101 1,407,713 Lehigh Cnty. Gen. Purp. Auth., Kidspeace Oblig. Grp., Ba2 1,250 6.00%, 11/01/23 .......................................................... 11/08 @ 102 1,209,662 Ba2 1,250 6.20%, 11/01/14 .......................................................... 11/09 @ 102 1,243,725 BBB+ 1,250 Montgomery Cnty. Ind. Dev. Auth., Retirement Cmnty. Rev., 5.25%, 11/15/28 .......................................................... 11/08 @ 101 1,221,050 NR 4,0004 MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 ................... 06/09 @ 100 4,419,000 Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, A3 1,000 6.25%, 11/01/31 .......................................................... 05/11 @ 101 939,400 A3 1,000 Exempt Facs. Rev., 6.375%, 11/01/41 ...................................... 05/11 @ 101 951,430 Pennsylvania Higher Edl. Facs. Auth., AA- 1,250 Lafayette Coll. Proj., 6.00%, 5/01/30 .................................... 05/10 @ 100 1,432,613 AA 310 Philadelphia Univ., 6.10%, 6/01/30, RAA .................................. 06/10 @ 100 347,575 A 1,000 Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22 ................ 01/06 @ 101 1,028,350 Pennsylvania Hsg. Fin. Agcy., Sngl. Fam. Mtge., AA+ 1,235 Ser. 60A, 5.85%, 10/01/27 ................................................ 04/07 @ 101.5 1,284,017 AA+ 3,200 Ser. 68A, 6.10%, 4/01/21 ................................................. 10/09 @ 100 3,379,488 AAA 1,250 Philadelphia Arpt. Sys., Ser. B, 5.40%, 6/15/27, FGIC ...................... 06/07 @ 102 1,305,238 AAA 1,250 Philadelphia Pkg. Auth., Pkg. Rev., 5.625%, 9/01/18, FSA ................... 09/09 @ 101 1,420,175 Philadelphia Sch. Dist., GO, AAA 1,190 Ser. B, 5.50%, 9/01/25, AMBAC ............................................ 09/05 @ 101 1,256,485 AAA 2,800 Ser. C, 5.50%, 3/01/24, MBIA ............................................. 03/10 @ 100 3,038,112 AAA 3,050 Ser. C, 5.75%, 3/01/29, MBIA ............................................. 03/10 @ 100 3,446,775 AAA 2,250 Southeastern Trans. Auth., 5.375%, 3/01/17, FGIC ........................... 03/07 @ 102 2,481,682 AAA 1,750 Washington Cnty. Auth., Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC ... No Opt. Call 2,166,202 ------------ 43,968,740 ------------ PUERTO RICO--6.5% BBB+ 2,000 Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 ........................ 02/12 @ 100 2,122,360 ------------ TOTAL LONG-TERM INVESTMENTS (COST $41,882,535) 46,091,100 ------------ ----------- SHARES (000) ----------- MONEY MARKET FUND--4.6% NR 3,000 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,500,000) ....... N/A 1,500,000 ------------ TOTAL INVESTMENTS--145.1% (COST $43,382,535) ............................... 47,591,100 Other assets in excess of liabilities--8.2% ................................ 2,725,992 Preferred shares at redemption value, including dividends payable--(53.3)% . (17,502,160) ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $ 32,814,932 ============ </TABLE> ------------------------ (1) Using the higher of S&P's, Moody's or Fitch's rating. (2) Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. (3) This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. (4) Security is 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, 2003, the Trust held 13.5% of its net assets, with a current market value of $4,419,000, in securities restricted as to resale. KEY TO ABBREVIATIONS AMBAC -- American Municipal Bond Assurance Corporation FGIC -- Financial Guaranty Insurance Company FSA -- Financial Security Assurance GO -- General Obligation MBIA -- Municipal Bond Insurance Association RAA -- Radian Asset Assurance See Notes to Financial Statements. 44

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) JUNE 30, 2003 -------------------------------------------------------------------------------- <TABLE> <CAPTION> INSURED INSURED MUNICIPAL MUNICIPAL 2008 MUNICIPAL MUNICIPAL 2018 TARGET ASSETS TERM TRUST TERM TRUST TERM TRUST TERM TRUST ---------------------------------------------------------------------------------- <S> <C> <C> <C> <C> Investments at value(1)................................ $ 758,879,238 $ 470,489,783 $ 372,180,226 $ 802,478,991 Cash .................................................. 567,280 -- 518,362 350,160 Receivable from investments sold ...................... 2,230,000 715,000 5,974,672 466,590 Variation margin receivable ........................... -- 1,063 -- -- Interest receivable ................................... 9,711,148 5,544,049 4,447,308 8,118,929 Other assets .......................................... 150,452 117,912 38,131 135,227 ------------- ------------- ------------- ------------- 771,538,118 476,867,807 383,158,699 811,549,897 ------------- ------------- ------------- ------------- LIABILITIES Payable to custodian .................................. -- 95,516 -- -- Payable for investments purchased ..................... 9,259,449 4,374,027 3,482,375 -- Dividends payable - common shares ..................... 1,802,470 1,240,362 1,034,022 2,175,942 Investment advisory fee payable ....................... 220,070 136,616 125,335 233,840 Administration fee payable ............................ 62,877 -- -- 46,768 Deferred Directors/Trustees fees ...................... 81,801 66,066 9,155 69,027 Other accrued expenses ................................ 154,086 197,478 107,205 198,292 ------------- ------------- ------------- ------------- 11,580,753 6,110,065 4,758,092 2,723,869 ------------- ------------- ------------- ------------- PREFERRED SHARES AT REDEMPTION VALUE $25,000 liquidation value per share, including dividends payable(2),(3) ............................ 271,078,102 170,458,349 137,615,561 299,180,148 ------------- ------------- ------------- ------------- NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS ................................. $ 488,879,263 $ 300,299,393 $ 240,785,046 $ 509,645,880 ============= ============= ============= ============= Composition of Net Assets Applicable to Common Shareholders: Par value ........................................... $ 272,071 $ 258,856 $ 15,908 $ 454,106 Paid-in capital in excess of par .................... 377,589,494 239,251,319 225,641,716 420,179,598 Undistributed net investment income ................. 45,300,367 20,634,757 7,394,000 34,103,054 Accumulated net realized gain (loss) ................ 3,277,607 788,795 (2,032,678) 1,011,956 Net unrealized appreciation ......................... 62,439,724 39,365,666 9,766,100 53,897,166 ------------- ------------- ------------- ------------- Net assets applicable to common shareholders, June 30, 2003 ....................................... $ 488,879,263 $ 300,299,393 $ 240,785,046 $ 509,645,880 ============= ============= ============= ============= Net asset value per common share4 ..................... $ 17.97 $ 11.60 $ 15.14 $ 11.22 ============= ============= ============= ============= (1)Investments at cost ................................ $ 696,439,514 $ 431,120,229 $ 362,414,126 $ 748,581,825 (2)Preferred shares outstanding ....................... 10,840 6,816 5,504 11,964 (3)Par value per share ................................ 0.01 0.01 0.001 0.01 (4)Common shares outstanding .......................... 27,207,093 25,885,639 15,908,028 45,410,639 </TABLE> See Notes to Financial Statements. 45

<TABLE> <CAPTION> CALIFORNIA NEW YORK PENNSYLVANIA STRATEGIC INSURED CALIFORNIA FLORIDA INSURED INSURED NEW YORK STRATEGIC MUNICIPAL MUNICIPAL 2008 MUNICIPAL 2018 MUNICIPAL 2008 MUNICIPAL 2008 MUNICIPAL 2018 MUNICIPAL TRUST TERM TRUST TERM TRUST TERM TRUST TERM TRUST TERM TRUST TRUST ------------ ------------ ------------ ------------ ------------ ----------- ----------- <S> <C> <C> <C> <C> <C> <C> $173,994,586 $284,316,733 $152,878,771 $227,928,562 $301,264,254 $85,244,890 $47,591,100 649,587 326,687 671,499 374,232 823,856 1,056,428 2,303,202 97,006 -- 4,183,237 -- 330,000 -- -- -- -- -- -- 1,063 -- -- 2,306,976 3,485,000 1,540,332 3,463,231 4,092,537 1,191,478 612,325 42,741 62,967 15,307 51,983 64,505 21,053 16,369 ------------ ------------ ------------ ------------ ------------ ----------- ----------- 177,090,896 288,191,387 159,289,146 231,818,008 306,576,215 87,513,849 50,523,006 ------------ ------------ ------------ ------------ ------------ ----------- ----------- -- -- -- -- -- -- -- -- -- 8,741,037 -- -- -- -- 544,857 669,957 394,023 544,193 703,568 222,523 141,925 50,834 83,493 49,909 66,981 88,664 28,955 14,242 -- 23,855 -- 19,137 25,333 -- -- 16,815 30,476 3,790 23,855 30,628 3,623 9,091 73,669 54,596 37,542 75,045 81,851 20,522 40,656 ------------ ------------ ------------ ------------ ------------ ----------- ----------- 686,175 862,377 9,226,301 729,211 930,044 275,623 205,914 ------------ ------------ ------------ ------------ ------------ ----------- ----------- 62,008,484 104,562,894 55,533,259 84,159,223 109,569,316 31,403,608 17,502,160 ------------ ------------ ------------ ------------ ------------ ----------- ----------- $114,396,237 $182,766,116 $ 94,529,586 $146,929,574 $196,076,855 $55,834,618 $32,814,932 ============ ============ ============ ============ ============ =========== =========== $ 7,242 $ 104,071 $ 6,433 $ 87,071 $ 112,571 $ 3,633 $ 2,015 102,593,420 144,174,166 91,213,865 120,583,337 155,947,555 51,482,732 28,362,834 3,568,251 16,384,597 2,055,521 9,472,157 13,087,768 1,062,242 739,545 (2,735,184) 1,140,261 (1,421,126) 938,949 317,941 (1,154,696) (498,027) 10,962,508 20,963,021 2,674,893 15,848,060 26,611,020 4,440,707 4,208,565 ------------ ------------ ------------ ------------ ------------ ----------- ----------- $114,396,237 $182,766,116 $ 94,529,586 $146,929,574 $196,076,855 $55,834,618 $32,814,932 ============ ============ ============ ============ ============ =========== =========== $15.80 $17.56 $14.69 $16.87 $17.42 $15.37 $16,28 ====== ====== ====== ====== ====== ====== ====== $163,032,078 $263,353,712 $150,203,878 $212,080,502 $274,649,346 $80,804,183 $43,382,535 2,480 4,182 2,221 3,366 4,382 1,256 700 0.001 0.01 0.001 0.01 0.01 0.001 0.001 7,242,261 10,407,093 6,433,028 8,707,093 11,257,093 3,633,028 2,015,492 </TABLE> See Notes to Financial Statements. 46

STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2003 -------------------------------------------------------------------------------- <TABLE> <CAPTION> INSURED INSURED MUNICIPAL MUNICIPAL 2008 MUNICIPAL MUNICIPAL 2018 TARGET INVESTMENT INCOME TERM TRUST TERM TRUST TERM TRUST TERM TRUST -------------- ----------- -------------- ------------ <S> <C> <C> <C> <C> Interest Income $17,148,072 $10,888,996 $10,747,470 $16,722,545 ----------- ----------- ----------- ----------- EXPENSES Investment advisory 1,309,595 807,847 737,676 1,401,675 Administration 374,170 230,813 -- 280,335 Transfer agent 12,715 14,773 8,429 14,097 Custodian 79,596 68,765 43,729 92,130 Reports to shareholders 39,259 20,548 21,344 51,572 Directors/Trustees 39,208 20,943 17,632 35,704 Registration 15,621 15,879 15,620 17,852 Independent accountants 26,811 27,509 22,498 24,751 Legal 28,478 20,264 13,187 36,364 Insurance 9,058 7,227 16,105 5,322 Auction agent 350,337 211,323 177,442 371,032 Miscellaneous 49,926 39,023 20,412 87,779 ----------- ----------- ----------- ----------- Total expenses 2,334,774 1,484,914 1,094,074 2,418,613 Less fees waived by Advisor -- -- -- -- Less fees paid indirectly (5,255) (1,452) (4,048) (3,731) ----------- ----------- ----------- ----------- Net expenses 2,329,519 1,483,462 1,090,026 2,414,882 ----------- ----------- ----------- ----------- Net investment income 14,818,553 9,405,534 9,657,444 14,307,663 ----------- ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) on: Investments 1,950,182 43,441 988,560 541,201 Futures -- 28,817 -- -- ----------- ----------- ----------- ----------- 1,950,182 72,258 988,560 541,201 ----------- ----------- ----------- ----------- Net change in unrealized appreciation/depreciation on: Investments 4,836,021 6,729,137 3,834,408 2,421,253 Futures -- (15,560) -- -- ----------- ----------- ----------- ----------- 4,836,021 6,713,577 3,834,408 2,421,253 ----------- ----------- ----------- ----------- Net gain (loss) 6,786,203 6,785,835 4,822,968 2,962,454 ----------- ----------- ----------- ----------- DIVIDENDS TO PREFERRED SHAREHOLDERS FROM NET INVESTMENT INCOME (1,301,284) (821,026) (724,181) (1,520,289) ----------- ----------- ----------- ----------- NET INCREASE IN NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS RESULTING FROM OPERATIONS $20,303,472 $15,370,343 $13,756,231 $15,749,828 =========== =========== =========== =========== </TABLE> See Notes to Financial Statements 47

<TABLE> <CAPTION> CALIFORNIA NEW YORK STRATEGIC INSURED CALIFORNIA FLORIDA INSURED INSURED NEW YORK STRATEGIC MUNICIPAL MUNICIPAL 2008 MUNICIPAL 2018 MUNICIPAL 2008 MUNICIPAL 2008 MUNICIPAL 2018 MUNICIPAL TRUST TERM TRUST TERM TRUST TERM TRUST TERM TRUST TERM TRUST TRUST -------------- -------------- -------------- --------------- -------------- --------------- ---------- <S> <C> <C> <C> <C> <C> <C> $4,958,236 $5,948,036 $3,822,172 $4,603,792 $6,673,439 $2,198,441 $1,334,855 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 509,561 496,068 294,998 397,322 526,743 170,780 147,010 -- 141,734 -- 113,521 150,498 -- -- 8,429 9,386 7,933 8,952 10,285 7,933 8,507 35,179 47,227 24,460 40,966 53,221 20,665 21,497 13,400 14,419 11,001 12,005 16,747 9,179 7,063 8,175 14,454 7,185 11,368 15,518 6,327 6,154 11,763 15,631 11,157 11,158 15,635 11,763 595 20,515 20,428 21,755 20,513 20,680 21,507 13,945 7,611 15,436 5,956 10,015 15,529 5,415 5,660 1,149 3,217 6,268 2,744 3,561 3,549 333 79,655 136,360 72,386 108,948 142,557 42,443 26,786 15,300 22,985 15,255 21,019 22,875 11,437 8,516 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 710,737 937,345 478,354 758,531 993,849 310,998 246,066 (212,317) -- -- -- -- -- (61,254) (3,690) (11,222) (4,997) (7,808) (7,085) (4,493) (6,125) ---------- ---------- ---------- ---------- ---------- ---------- ---------- 494,730 926,123 473,357 750,723 986,764 306,505 178,687 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 4,463,506 5,021,913 3,348,815 3,853,069 5,686,675 1,891,936 1,156,168 ---------- ---------- ---------- ---------- ---------- ---------- ---------- (99,035) 723,089 100,956 219,953 324,252 (478,150) 175,642 -- -- -- -- 28,817 -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- (99,035) 723,089 100,956 219,953 353,069 (478,150) 175,642 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 4,912,332 926,520 (154,409) 3,508,899 2,463,627 1,038,598 963,353 -- -- -- -- (15,560) -- -- ---------- ---------- ---------- ---------- ---------- ---------- ---------- 4,912,332 926,520 (154,409) 3,508,899 2,448,067 1,038,598 963,353 ---------- ---------- ---------- ---------- ---------- ---------- ---------- 4,813,297 1,649,609 (53,453) 3,728,852 2,801,136 560,448 1,138,995 ---------- ---------- ---------- ---------- ---------- ---------- ---------- (332,001) (383,581) (245,179) (307,417) (527,188) (163,962) (82,443) ---------- ---------- ---------- ---------- ---------- ---------- ---------- $8,944,802 $6,287,941 $3,050,183 $7,274,504 $7,960,623 $2,288,422 $2,212,720 ========== ========== ========== ========== ========== ========== ========== </TABLE> See Notes to Financial Statements. 48

STATEMENTS OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED) AND FOR THE YEAR ENDED DECEMBER 31, 2002 -------------------------------------------------------------------------------- <TABLE> <CAPTION> INSURED INSURED MUNICIPAL 2008 TERM TRUST MUNICIPAL TERM TRUST ----------------------------- ---------------------------- INCREASE IN NET ASSETS APPLICABLE TO 2003 2002 2003 2002 COMMON SHAREHOLDERS ------------ ------------ ------------ ------------ OPERATIONS: <S> <C> <C> <C> <C> Net investment income ....................................... $ 14,818,553 $ 34,371,404 $ 9,405,534 $ 21,059,940 Net realized gain (loss) .................................... 1,950,182 2,687,741 72,258 3,435,689 Net change in unrealized appreciation/depreciation .......... 4,836,021 11,516,251 6,713,577 6,943,379 Dividends to preferred shareholders from: Net investment income .................................... (1,301,284) (3,429,311) (821,026) (2,026,272) Net realized gain ........................................ -- (193,351) -- (401,327) ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations .................................... 20,303,472 44,952,734 15,370,343 29,011,409 ------------ ------------ ------------ ------------ DIVIDENDS AND DISTRIBUTIONS TO COMMON SHAREHOLDERS FROM: Net investment income ....................................... (10,814,624) (21,629,022) (7,441,940) (14,884,571) Net realized gain ........................................... -- (1,003,044) -- (2,498,663) ------------ ------------ ------------ ------------ Total dividends and distributions ........................ (10,814,624) (22,632,066) (7,441,940) (17,383,234) ------------ ------------ ------------ ------------ ADDITIONAL OFFERING COSTS RELATING TO THE ISSUANCE OF PREFERRED SHARES ......................... -- -- -- -- ------------ ------------ ------------ ------------ Total increase ........................................... 9,488,848 22,320,668 7,928,403 11,628,175 ------------ ------------ ------------ ------------ NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS: Beginning of period ............................................ 479,390,415 457,069,747 292,370,990 280,742,815 ------------ ------------ ------------ ------------ End of period .................................................. $488,879,263 $479,390,415 $300,299,393 $292,370,990 ============ ============ ============ ============ End of period undistributed net investment income .............. $ 45,300,367 $ 42,597,722 $ 20,634,757 $ 19,492,189 </TABLE> See Notes to Financial Statements. 49

-------------------------------------------------------------------------------- <TABLE> <CAPTION> Municipal Municipal Strategic 2018 Term Trust Target Term Trust Municipal Trust ------------------------------- ------------------------------ ------------------------------ 2003 2002 2003 2002 2003 2002 ------------ ------------ ------------ ------------ ------------ ------------ <S> <C> <C> <C> <C> <C> $ 9,657,444 $ 18,533,905 $ 14,307,663 $ 31,860,076 $ 4,463,506 $ 9,124,316 988,560 (3,021,249) 541,201 990,672 (99,035) 435,409 3,834,408 14,845,740 2,421,253 26,905,451 4,912,332 2,608,519 (724,181) (1,906,541) (1,520,289) (3,733,411) (332,001) (837,410) -- -- -- (390,763) -- -- ------------ ------------ ------------ ------------ ------------ ------------ 13,756,231 28,451,855 15,749,828 55,632,025 8,944,802 11,330,834 ------------ ------------ ------------ ------------ ------------ ------------ (6,204,123) (12,408,254) (13,055,476) (27,169,808) (3,269,142) (6,393,453) -- -- -- (1,682,964) -- -- ------------ ------------ ------------ ------------ ------------ ------------ (6,204,123) (12,408,254) (13,055,476) (28,852,772) (3,269,142) (6,393,453) ------------ ------------ ------------ ------------ ------------ ------------ -- (40,134) -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ 7,552,108 16,003,467 2,694,352 26,779,253 5,675,660 4,937,381 ------------ ------------ ------------ ------------ ------------ ------------ 233,232,938 217,229,471 506,951,528 480,172,275 108,720,577 103,783,196 ------------ ------------ ------------ ------------ ------------ ------------ $240,785,046 $233,232,938 $509,645,880 $506,951,528 $114,396,237 $108,720,577 ============ ============ ============ ============ ============ ============ $ 7,394,000 $ 4,664,860 $ 34,103,054 $ 34,371,156 $ 3,568,257 $ 2,705,894 </TABLE> 50

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED) AND FOR THE YEAR ENDED DECEMBER 31, 2002 -------------------------------------------------------------------------------- <TABLE> <CAPTION> California Insured California Municipal 2008 Term Trust Municipal 2018 Term Trust ---------------------------------- ------------------------------ 2003 2002 2003 2002 Increase in Net Assets Applicable to ------------ ------------ ----------- ----------- Common Shareholders <S> <C> <C> <C> <C> Operations: Net investment income ............................ $ 5,021,913 $ 12,296,157 $ 3,348,815 $ 6,650,751 Net realized gain (loss) ......................... 723,089 2,132,299 100,956 (1,522,082) Net change in unrealized appreciation/depreciation 926,520 2,845,882 (154,409) 6,517,313 Dividends to preferred shareholders from: Net investment income ......................... (383,581) (1,144,907) (245,179) (730,547) Net realized gain ............................. -- (282,979) -- -- ------------ ------------ ----------- ----------- Net increase in net assets resulting from operations ......................... 6,287,941 15,846,452 3,050,183 10,915,435 ------------ ------------ ----------- ----------- Dividends and Distributions to Common Shareholders from: Net investment income ............................ (4,019,665) (8,379,547) (2,364,134) (4,728,272) Net realized gain ................................ -- (1,455,598) -- -- ------------ ------------ ----------- ----------- Total dividends and distributions .......... (4,019,665) (9,835,145) (2,364,134) (4,728,272) ------------ ------------ ----------- ----------- Unused (additional) offering costs relating to the issuance of preferred shares .............. -- -- -- (8,099) ------------ ------------ ----------- ----------- Total increase ............................. 2,268,276 6,011,307 686,049 6,179,064 ------------ ------------ ----------- ----------- Net Assets Applicable to Common Shareholders: Beginning of period ................................. 180,497,840 174,486,533 93,843,537 87,664,473 ------------ ------------ ----------- ----------- End of period ....................................... $182,766,116 $180,497,840 $94,529,586 $93,843,537 ============ ============ =========== =========== End of period undistributed net investment income ... $ 16,384,597 $ 15,765,930 $ 2,055,521 $ 1,316,019 </TABLE> See Notes to Financial Statements. 51

-------------------------------------------------------------------------------- <TABLE> <CAPTION> FLORIDA NEW YORK INSURED NEW YORK PENNSYLVANIA MUNICIPAL 2008 TERM TRUST MUNCIPAL 2008 TERM TRUST MUNICIPAL 2018 TERM TRUST STRATEGIC MUNICIPAL TRUST ------------------------------ ---------------------------- --------------------------------- ------------------------------ 2003 2002 2003 2002 2003 2002 2003 2002 -------------- ------------ ------------ ------------- ---------------- -------------- ------------- ------------- <S> <C> <C> <C> <C> <C> <C> <C> $ 3,853,069 $ 9,728,220 $ 5,686,675 $ 12,692,900 $ 1,891,936 $ 3,676,247 $ 1,156,168 $ 2,349,724 219,953 2,460,124 353,069 1,241,424 (478,150) (668,608) 175,642 (124,910) 3,508,899 746,601 2,448,067 7,115,347 1,038,598 5,602,206 963,353 1,591,396 (307,417) (985,695) (527,188) (1,285,575) (163,962) (415,905) (82,443) (217,886) -- (327,763) -- (285,365) -- -- -- -- ------------ ------------ ------------ ------------ ----------- ----------- ----------- ----------- 7,274,504 11,621,487 7,960,623 19,478,731 2,288,422 8,193,940 2,212,720 3,598,324 ------------ ------------ ------------ ------------ ----------- ----------- ----------- ----------- (3,264,996) (6,530,070) (4,221,216) (8,442,487) (1,335,134) (2,670,271) (851,549) (1,675,080) -- (1,538,717) -- (1,309,504) -- -- -- -- ------------ ------------ ------------ ------------ ----------- ----------- ----------- ----------- (3,264,996) (8,068,787) (4,221,216) (9,751,991) (1,335,134) (2,670,271) (851,549) (1,675,080) ------------ ------------ ------------ ------------ ----------- ----------- ----------- ----------- -- -- -- -- -- 4,438 -- -- ------------ ------------ ------------ ------------ ----------- ----------- ----------- ----------- 4,009,508 3,552,700 3,739,407 9,726,740 953,288 5,528,107 1,361,171 1,923,244 ------------ ------------ ------------ ------------ ----------- ----------- ----------- ----------- 142,920,066 139,367,366 192,337,448 182,610,708 54,881,330 49,353,223 31,453,761 29,530,517 ------------ ------------ ------------ ------------ ----------- ----------- ----------- ----------- $146,929,574 $142,920,066 $196,076,855 $192,337,448 $55,834,618 $54,881,330 $32,814,932 $31,453,761 ============ ============ ============ ============ =========== =========== =========== =========== $ 9,472,157 $ 9,191,501 $ 13,087,768 $ 12,149,497 $ 1,062,242 $ 669,402 $ 740,965 $ 518,789 </TABLE> 52

FINANCIAL HIGHLIGHTS --------------------------------------------- BLACKROCK INSURED MUNICIPAL 2008 TERM TRUST --------------------------------------------- <TABLE> <CAPTION> SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 2003 ----------------------------------------------------------------- (UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1) -------------- --------- --------- --------- --------- --------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> <C> <C> <C> Net asset value, beginning of period(2) .... $ 17.62 $ 16.80 $ 16.62 $ 16.00 $ 17.06 $ 16.80 ------- --------- --------- --------- --------- --------- Investment operations: Net investment income .................. 0.55 1.26 1.33 1.30 1.21 1.20 Net realized and unrealized gain (loss). 0.25 0.53 (0.08) 0.54 (1.23) 0.11 Dividends and distributions to preferred shareholders: From net investment income ........... (0.05) (0.13) (0.27) (0.38) (0.24) (0.25) From net realized gain ............... -- (0.01) 0.00(3) -- -- -- In excess of net realized gain ....... -- -- -- -- -- 0.00(4) ------- --------- --------- --------- --------- --------- Net increase (decrease) from investment operations ............................. 0.75 1.65 0.98 1.46 (0.26) 1.06 ------- --------- --------- --------- --------- --------- Dividends and distributions to common shareholders: From net investment income ............. (0.40) (0.79) (0.80) (0.80) (0.80) (0.80) From net realized gain ................. -- (0.04) 0.003 -- -- -- In excess of net realized gain ......... -- -- -- -- -- 0.00(4) ------- --------- --------- --------- --------- --------- Total dividends and distributions ......... (0.40) (0.83) (0.80) (0.80) (0.80) (0.80) ------- --------- --------- --------- --------- --------- Capital charge with respect to issuance of preferred shares ....................... -- -- -- (0.04) -- -- ------- --------- --------- --------- --------- --------- Net asset value, end of period(2) ......... $ 17.97 $ 17.62 $ 16.80 $ 16.62 $ 16.00 $ 17.06 ======= ========= ========= ========= ======== ========= Market price, end of period(2) ............ $ 17.79 $ 16.58 $ 15.70 $ 14.88 $ 13.75 $ 16.13 ======= ========= ========= ========= ======== ========= TOTAL INVESTMENT RETURN5 .................. 9.81% 11.15% 11.06% 14.40% (10.14)% 11.21% ======= ========= ========= ========= ======== ========= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(6) Expenses after fees paid indirectly ....... 0.97%(7) 0.98% 1.01% 1.05% 0.93% 0.88% Expenses before fees paid indirectly ...... 0.97%(7) 0.98% 1.02% 1.05% 0.93% 0.88% Net investment income before preferred share dividends ........................ 6.18%(7) 7.34% 7.87% 8.06% 7.30% 7.10% Preferred share dividends ................. 0.54%(7) 0.73% 1.60% 2.40% 1.47% 1.49% Net investment income available to common shareholders .................... 5.64%(7) 6.61% 6.27% 5.66% 5.83% 5.61% SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ..................... $483,542 $468,417 $460,153 $438,958 $452,317 $458,993 Portfolio turnover ........................ 10% 23% 3% 3% 1% 0% Net assets of common shareholders, end of period (000) .................... $488,879 $479,390 $457,070 $452,057 $435,314 $464,236 Preferred shares outstanding (000) ........ $271,000 $271,000 $271,000 $271,000 $206,000 $206,000 Asset coverage per preferred share, end of period .......................... $ 70,107 $ 69,235 $ 67,178 $ 66,735 $ 77,857 $ 81,361 </TABLE> ---------- (1) Amounts have been restated to conform to the presentation under the provision of EITF D-98. (2) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (3) Actual amount paid to common shareholders was $0.004614 for the year ended December 31, 2001. Actual amount paid to preferred shareholders was $0.001848 per common share for the year ended December 31, 2001. (4) Actual amount paid to common shareholders was $0.005235 for the year ended December 31, 1998. Actual amount paid to preferred shareholders was $0.001696 per common share for the year ended December 31, 1998. (5) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (6) Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders. (7) Annualized. The information above represents the unaudited 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. 53

FINANCIAL HIGHLIGHTS ---------------------------------------- BLACKROCK INSURED MUNICIPAL TERM TRUST ---------------------------------------- <TABLE> <CAPTION> SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 2003 -------------------------------------------------------------------- (UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1) -------------- --------- --------- --------- --------- --------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> <C> <C> <C> Net asset value, beginning of period(2)..... $ 11.29 $ 10.85 $ 10.85 $ 10.60 $ 11.22 $ 11.20 -------- --------- --------- --------- --------- --------- Investment operations: Net investment income ................... 0.36 0.81 0.89 0.89 0.85 0.85 Net realized and unrealized gain (loss) .............................. 0.27 0.41 (0.12) 0.28 (0.68) (0.03) Dividends and distributions to preferred shareholders from: Net investment income ............... (0.03) (0.08) (0.18) (0.26) (0.17) (0.18) Net realized gain ................... -- (0.02) (0.01) (0.01) -- -- -------- --------- --------- --------- --------- --------- Net increase from investment operations .... 0.60 1.12 0.58 0.90 0.00 0.64 -------- --------- --------- --------- --------- --------- Dividends and distributions to common shareholders from: Net investment income ................... (0.29) (0.58) (0.57) (0.60) (0.62) (0.62) Net realized gain ....................... -- (0.10) (0.02) (0.02) -- -- -------- --------- --------- --------- --------- --------- Total dividends and distributions to common shareholders ..................... (0.29) (0.68) (0.59) (0.62) (0.62) (0.62) -------- --------- --------- --------- --------- --------- Capital change with respect to issuance of preferred shares ........................ -- -- 0.01 (0.03) -- -- -------- --------- --------- --------- --------- --------- Net asset value, end of period(2) .......... $ 11.60 $ 11.29 $ 10.85 $ 10.85 $ 10.60 $ 11.22 ======== ========= ========= ========= ========= ========= Market price, end of period(2) ............. $ 11.47 $ 10.94 $ 10.63 $ 10.44 $ 9.44 $ 11.50 ======== ========= ========= ========= ========= ========= TOTAL INVESTMENT RETURN(3) ................. 7.57% 9.51% 7.73% 17.81% (12.92)% 10.53% ======== ========= ========= ========= ========= ========= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(4) Expenses after fees paid indirectly ........ 1.01%(5) 1.05% 1.06% 1.11% 0.94% 0.93% Expenses before fees paid indirectly ....... 1.01%(5) 1.06% 1.06% 1.11% 0.94% 0.93% Net investment income before preferred share dividends ......................... 6.43%(5) 7.32% 8.12% 8.40% 7.74% 7.56% Preferred share dividends .................. 0.56%(5) 0.70% 1.68% 2.44% 1.51% 1.53% Net investment income available to common shareholders ..................... 5.87%(5) 6.62% 6.44% 5.96% 6.23% 6.03% SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ...................... $295,052 $287,692 $284,390 $274,553 $284,075 $290,004 Portfolio turnover ......................... 6% 36% 7% 14% 0% 0% Net assets of common shareholders, end of period (000) ..................... 300,299 $292,371 $280,743 $280,965 $274,320 $290,469 Preferred shares outstanding (000) ......... 170,400 $170,400 $170,400 $170,400 $130,000 $130,000 Asset coverage per preferred share, end of period ........................... $ 69,067 $ 67,895 $ 66,195 $ 66,242 $ 77,768 $ 80,868 </TABLE> ---------- (1) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (2) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (3) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (4) Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders. (5) Annualized. The information above represents the unaudited 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. 54

FINANCIAL HIGHLIGHTS ------------------------------------- BLACKROCK MUNICIPAL 2018 TERM TRUST ------------------------------------- <TABLE> <CAPTION> FOR THE PERIOD SIX MONTHS ENDED OCTOBER 30, 2001(1) JUNE 30, 2003 YEAR ENDED THROUGH (UNAUDITED) DECEMBER 31, 2002 DECEMBER 31, 2001(2),(3) ------------------- ------------------- ------------------------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> Net asset value, beginning of period(4) ....................... $ 14.66 $ 13.66 $ 14.33 --------- -------- -------- Investment operations: Net investment income ...................................... 0.61 1.17 0.10 Net realized and unrealized gain (loss) .................... 0.31 0.73 (0.55) Dividends to preferred shareholders from net investment income ................................................... (0.05) (0.12) (0.01) --------- -------- -------- Net increase (decrease) from investment operations ............ 0.87 1.78 (0.46) --------- -------- -------- Dividends to common shareholders from net investment income ................................................... (0.39) (0.78) (0.07) --------- -------- -------- Capital charges with respect to issuance of: Common shares .............................................. -- -- (0.03) Preferred shares ........................................... -- -- (0.11) --------- -------- -------- Total capital charges ......................................... -- (0.00)(5) (0.14) --------- -------- -------- Net asset value, end of period(4) ............................. $ 15.14 $ 14.66 $ 13.66 ========= ======== ======== Market price, end of period(4) ................................ $ 14.85 $ 13.43 $ 13.06 ========= ======== ======== TOTAL INVESTMENT RETURN(6) .................................... 13.62% 8.84% (12.51)% ========= ======== ======== RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7) Expenses after fees paid indirectly ........................... 0.94%(8) 0.92% 0.93%(8) Expenses before fees paid indirectly .......................... 0.94%(8) 0.94% 0.93%(8) Net investment income before preferred share dividends ........ 8.31%(8) 8.14% 4.39%(8) Preferred share dividends ..................................... 0.62%(8) 0.84% 0.28%(8) Net investment income available to common shareholders ........ 7.69%(8) 7.30% 4.11%(8) SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ............... $ 234,295 $227,674 $206,486 Portfolio turnover ............................................ 10% 53% 0% Net assets of common shareholders, end of period (000) ........ $ 240,785 $233,233 $217,229 Preferred shares outstanding (000) ............................ $ 137,600 $137,600 $137,600 Asset coverage per preferred share, end of period ............. $ 68,750 $ 67,381 $ 64,485 </TABLE> ---------- (1) Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. Net asset value immediately after the closing of the public offering was $14.30. (2) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (3) Calculated using the average shares outstanding method. (4) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (5) Less than $0.005. (6) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (7) 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. (8) Annualized. The information above represents the unaudited 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. 55

FINANCIAL HIGHLIGHTS --------------------------------------- BLACKROCK MUNICIPAL TARGET TERM TRUST --------------------------------------- <TABLE> <CAPTION> SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 2003 -------------------------------------------------------------------- (UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1) -------------- --------- --------- --------- --------- --------- <S> <C> <C> <C> <C> <C> <C> PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period(2) .... $ 11.16 $ 10.57 $ 10.67 $ 10.60 $ 11.21 $ 11.22 -------- --------- --------- --------- --------- --------- Investment operations: Net investment income ................... 0.31 0.70 0.83 0.90 0.85 0.85 Net realized and unrealized gain (loss) . 0.07 0.62 (0.10) 0.05 (0.68) (0.08) Dividends and distributions to preferred shareholders from: Net investment income ............... (0.03) (0.08) (0.17) (0.26) (0.16) (0.17) Net realized gain ................... -- (0.01) (0.02) -- -- -- Net increase from investment operations .... 0.35 1.23 0.54 0.69 0.01 0.60 -------- --------- --------- --------- --------- --------- Dividends and distributions to common shareholders from: Net investment income ................... (0.29) (0.60) (0.58) (0.60) (0.62) (0.61) Net realized gain ....................... -- (0.04) (0.06) -- -- -- -------- --------- --------- --------- --------- --------- Total dividends and distributions ....... (0.29) (0.64) (0.64) (0.60) (0.62) (0.61) -------- --------- --------- --------- --------- --------- Capital change with respect to issuance of preferred shares ........................ -- -- 0.003 (0.02) -- -- -------- --------- --------- --------- --------- --------- Net asset value, end of period(2) .......... $ 11.22 $ 11.16 $ 10.57 $ 10.67 $ 10.60 $ 11.21 ======== ========= ========= ========= ========= ========= Market price, end of period(2) ............. $ 11.16 $ 11.01 $ 10.40 $ 9.94 $ 9.81 $ 11.38 ======== ========= ========= ========= ========= ========= TOTAL INVESTMENT RETURN(4) ................. 4.02% 12.28% 11.16% 7.63% (8.43)% 9.35% ======== ========= ========= ========= ========= ========= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(5) Expenses after fees paid indirectly ........ 0.96%(6) 0.97% 0.96% 1.00% 0.87% 0.80% Expenses before fees paid indirectly ....... 0.96%(6) 0.97% 0.98% 1.00% 0.87% 0.80% Net investment income before preferred share dividends ......................... 5.67%(6) 6.44% 7.73% 8.61% 7.72% 7.63% Preferred share dividends .................. 0.60%(6) 0.75% 1.57% 2.48% 1.49% 1.50% Net investment income available to common shareholders ..................... 5.07%(6) 5.69% 6.16% 6.13% 6.23% 6.13% SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ...................... $508,495 $494,694 $489,251 $477,169 $497,324 $508,037 Portfolio turnover ......................... 4% 18% 42% 5% 4% 0% Net assets of common shareholders, end of period (000) ..................... $509,646 $506,952 $480,172 $484,646 $481,463 $508,851 Preferred shares outstanding (000) ......... $299,100 $299,100 $299,100 $299,100 $225,000 $225,000 Asset coverage per preferred share, end of period ........................... $ 67,605 $67,379 $65,141 $65,530 $78,514 $81,550 </TABLE> ---------- (1) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (2) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (3) Less than $0.005. (4) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed, for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized.Past performance is not a guarantee of future results. (5) Ratios 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 above represents the unaudited 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. 56

FINANCIAL HIGHLIGHTS ------------------------------------- BLACKROCK STRATEGIC MUNICIPAL TRUST ------------------------------------- <TABLE> <CAPTION> SIX MONTHS FOR THE PERIOD ENDED YEAR ENDED DECEMBER 31, AUGUST 25, 1999(1) JUNE 30, 2003 -------------------------------------- THROUGH (UNAUDITED) 2002 2001(2) 2000(2) DECEMBER 31, 1999(2) ----------- --------- --------- --------- -------------------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> <C> <C> Net asset value, beginning of period(3) .......... $ 15.01 $ 14.33 $ 14.75 $ 13.39 $ 14.33 -------- -------- -------- -------- -------- Investment operations: Net investment income ......................... 0.62 1.26 1.25 1.22 0.30 Net realized and unrealized gain (loss) ....... 0.67 0.42 (0.58) 1.41 (0.79) Dividends to preferred shareholders: From net investment income .................. (0.05) (0.12) (0.23) (0.35) (0.06) In excess of net investment income .......... -- -- -- (0.01) -- -------- -------- -------- -------- -------- Net increase (decrease) from investment operations 1.24 1.56 0.44 2.27 (0.55) -------- -------- -------- -------- -------- Dividends to common shareholders: From net investment income .................... (0.45) (0.88) (0.86) (0.88) (0.23) In excess of net investment income ............ -- -- -- (0.03) -- -------- -------- -------- -------- -------- Total dividends .................................. (0.45) (0.88) (0.86) (0.91) (0.23) -------- -------- -------- -------- -------- Capital charges with respect to issuance of: Common shares ................................. -- -- -- -- (0.03) Preferred shares .............................. -- -- -- -- (0.13) -------- -------- -------- -------- -------- Total capital charges ............................ -- -- -- -- (0.16) -------- -------- -------- -------- -------- Net asset value, end of period(3) ................ $ 15.80 $ 15.01 $ 14.33 $ 14.75 $ 13.39 ======== ======== ======== ======== ======== Market price, end of period(3) ................... $ 15.10 $ 13.78 $ 13.58 $ 13.69 $ 12.50 ======== ======== ======== ======== ======== TOTAL INVESTMENT RETURN(4) ....................... 13.10% 8.03% 5.32% 17.44% (15.17)% ======== ======== ======== ======== ======== RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(5) Expenses after expense offsets ................... 0.91%(6) 0.98% 0.91% 0.90% 0.94%(6) Expenses before expense offsets .................. 1.31%(6) 1.39% 1.31% 1.30% 1.35%(6) Net investment income before preferred share dividends ............................... 8.24%(6) 8.54% 8.40% 8.86% 6.24%(6) Preferred share dividends ........................ 0.61%(6) 0.78% 1.58% 2.60% 1.16%(6) Net investment income available to common shareholders ........................... 7.63%(6) 7.76% 6.82% 6.26% 5.08%(6) SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ............................ $109,261 $106,807 $107,381 $100,171 $ 98,300 Portfolio turnover 0% 13% 4% 44% 4% Net assets of common shareholders, end of period (000) ........................... $114,396 $108,721 $103,783 $106,833 $ 96,971 Preferred shares outstanding (000) ............... $ 62,000 $ 62,000 $ 62,000 $ 62,000 $ 62,000 Asset coverage per preferred share, end of period ................................. $ 71,131 $ 68,844 $ 66,855 $ 68,092 $ 64,109 </TABLE> ---------- (1) Commencement of investment operations. This information includes the initial investments by BlackRock Financial Management, Inc. Net assets value immediately after the closing of the public offering was $14.30. (2) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (3) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (4) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (5) Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders. (6) Annualized. The information above represents the unaudited 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 CALIFORNIA INSURED MUNICIPAL 2008 TERM TRUST -------------------------------------------------------- <TABLE> <CAPTION> SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 2003 ------------------------------------------------------------------- (UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1) ---------------- -------- --------- --------- --------- --------- <S> <C> <C> <C> <C> <C> <C> PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period(2)..... $ 17.34 $ 16.77 $ 16.72 $ 16.11 $ 17.12 $ 16.69 -------- --------- --------- --------- --------- --------- Investment operations: Net investment income ................... 0.49 1.18 1.27 1.27 1.17 1.18 Net realized and unrealized gain (loss) . 0.16 0.48 (0.19) 0.52 (1.20) 0.25 Dividends and distributions to preferred shareholders from: Net investment income ............... (0.04) (0.11) (0.24) (0.35) (0.21) (0.23) Net realized gain ................... -- (0.03) (0.01) -- -- -- -------- --------- --------- --------- --------- --------- Net increase (decrease) from investment operations .............................. 0.61 1.52 0.83 1.44 (0.24) 1.20 -------- --------- --------- --------- --------- --------- Dividends and distributions to common shareholders from: Net investment income ................... (0.39) (0.81) (0.77) (0.77) (0.77) (0.77) Net realized gain ....................... -- (0.14) (0.02) -- -- -- -------- --------- --------- --------- --------- --------- Total dividends and distributions .......... (0.39) (0.95) (0.79) (0.77) (0.77) (0.77) -------- --------- --------- --------- --------- --------- Capital change with respect to issuance of preferred shares ..................... -- -- 0.01 (0.06) -- -- -------- --------- --------- --------- --------- --------- Net asset value, end of period(2) .......... $ 17.56 $ 17.34 $ 16.77 $ 16.72 $ 16.11 $ 17.12 ======== ========= ========= ========= ========= ========= Market price, end of period(2) ............. $ 16.98 $ 16.44 $ 15.90 $ 15.63 $ 13.88 $ 15.94 ======== ========= ========= ========= ========= ========= TOTAL INVESTMENT RETURN(3) ................. 5.70% 9.56% 7.06% 18.68% (8.40)% 9.77% ======== ========= ========= ========= ========= ========= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(4) Expenses after fees paid indirectly ........ 1.03%(5) 1.05% 1.08% 1.11% 0.98% 0.91% Expenses before fees paid indirectly ....... 1.04%(5) 1.06% 1.09% 1.11% 0.98% 0.91% Net investment income before preferred share dividends ......................... 5.59%(5) 6.91% 7.57% 7.74% 7.01% 6.96% Preferred share dividends .................. 0.43%(5) 0.64% 1.45% 2.14% 1.25% 1.36% Net investment income available to common shareholders ..................... 5.16%(5) 6.27% 6.12% 5.60% 5.76% 5.60% SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ...................... $181,302 $ 177,861 $ 176,424 $ 170,286 $ 174,070 $ 175,760 Portfolio turnover ......................... 9% 33% 5% 0% 0% 0% Net assets of common shareholders, end of period (000) ..................... $182,766 $ 180,498 $ 174,487 $ 173,974 $ 167,672 $ 178,134 Preferred shares outstanding (000) ......... $104,550 $ 104,550 $ 104,550 $ 104,550 $ 78,000 $ 78,000 Asset coverage per preferred share, end of period ........................... $ 68,706 $ 68,161 $ 66,735 $ 66,629 $ 78,765 $ 82,111 </TABLE> ---------- (1) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (2) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (3) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (4) Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders. (5) Annualized. The information above represents the unaudited 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 CALIFORNIA MUNICIPAL 2018 TERM TRUST ------------------------------------------------ <TABLE> <CAPTION> FOR THE PERIOD SIX MONTHS ENDED OCTOBER 30, 2001(1) JUNE 30, 2003 YEAR ENDED THROUGH (UNAUDITED) DECEMBER 31, 2002 DECEMBER 31, 2001(2),(3) ------------------ ------------------- -------------------------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> Net asset value, beginning of period(4) ................. $ 14.59 $ 13.63 $ 14.33 -------- -------- -------- Investment operations: Net investment income ................................ 0.52 1.03 0.09 Net realized and unrealized gain (loss) .............. (0.01) 0.78 (0.57) Dividends to preferred shareholders from net investment income ......................... (0.04) (0.11) (0.01) -------- -------- -------- Net increase (decrease) from investment operations ........................................... 0.47 1.70 (0.49) -------- -------- -------- Dividends to common shareholders from net investment income ................................ (0.37) (0.74) (0.06) -------- -------- -------- Capital charges with respect to issuance of: Common shares ........................................ -- -- (0.03) Preferred shares ..................................... -- -- (0.12) -------- -------- -------- Total capital charges ................................... -- (0.00)(5) (0.15) -------- -------- -------- Net asset value, end of period(4) ....................... $ 14.69 $ 14.59 $ 13.63 ======== ======== ======== Market price, end of period(4) .......................... $ 14.40 $ 13.40 $ 12.85 ======== ======== ======== TOTAL INVESTMENT RETURN(6) .............................. 10.29% 10.04% (13.94)% ======== ======== ======== RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7) Expenses after fees paid indirectly ..................... 1.02%(8) 0.99% 1.07%(8) Expenses before fees paid indirectly .................... 1.04%(8) 1.03% 1.07%(8) Net investment income before preferred share dividends .. 7.25%(8) 7.33% 3.78%(8) Preferred share dividends ............................... 0.53%(8) 0.81% 0.27%(8) Net investment income available to common shareholders .. 6.72%(8) 6.52% 3.51%(8) SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ......... $93,196 $90,721 $82,906 Portfolio turnover ...................................... 6% 42% 0% Net assets of common shareholders, end of period (000) .. $94,530 $93,844 $87,664 Preferred shares outstanding (000) ...................... $55,525 $55,525 $55,525 Asset coverage per preferred share, end of period ....... $67,565 $67,254 $64,488 </TABLE> ---------- (1) Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. Net asset value immediately after the closing of the public offering was $14.30. (2) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (3) Calculated using the average shares outstanding method. (4) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (5) Less than $0.005. (6) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (7) 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. (8) Annualized. The information above represents the unaudited 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 FLORIDA INSURED MUNICIPAL 2008 TERM TRUST ----------------------------------------------------- <TABLE> <CAPTION> SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 2003 ------------------------------------------------------------------- (UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1) ---------------- -------- --------- --------- --------- --------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> <C> <C> <C> Net asset value, beginning of period(2) .... $ 16.41 $ 16.01 $ 15.84 $ 15.56 $ 16.51 $ 16.35 -------- --------- --------- --------- --------- --------- Investment operations: Net investment income ................... 0.44 1.12 1.25 1.24 1.17 1.18 Net realized and unrealized gain (loss) . 0.43 0.36 (0.04) 0.28 (1.02) 0.08 Dividends and distributions to preferred shareholders from: Net investment income ............... (0.04) (0.11) (0.25) (0.37) (0.24) (0.24) Net realized gain ................... -- (0.04) (0.01) -- -- -- -------- --------- --------- --------- --------- --------- Net increase (decrease) from investment operations .............................. 0.83 1.33 0.95 1.15 (0.09) 1.02 -------- --------- --------- --------- --------- --------- Dividends and distributions to common shareholders from: Net investment income ................... (0.37) (0.75) (0.75) (0.81) (0.86) (0.86) Net realized gain ....................... -- (0.18) (0.04) -- -- -- -------- --------- --------- --------- --------- --------- Total dividends and distributions .......... (0.37) (0.93) (0.79) (0.81) (0.86) (0.86) -------- --------- --------- --------- --------- --------- Capital change with respect to issuance of preferred shares ..................... -- -- 0.01 (0.06) -- -- -------- --------- --------- --------- --------- --------- Net asset value, end of period(2) .......... $ 16.87 $ 16.41 $ 16.01 $ 15.84 $ 15.56 $ 16.51 ======== ========= ========= ========= ========= ========= Market price, end of period(2) ............. $ 16.59 $ 15.91 $ 15.40 $ 14.00 $ 14.13 $ 16.81 ======== ========= ========= ========= ========= ========= TOTAL INVESTMENT RETURN(3) ................. 6.72% 9.61% 15.90% 4.96% (11.12)% 10.32% ======== ========= ========= ========= ========= ========= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(4) Expenses after fees paid indirectly ........ 1.05%(5) 1.05% 1.10% 1.14% 0.99% 0.93% Expenses before fees paid indirectly ....... 1.06%(5) 1.06% 1.12% 1.14% 0.99% 0.93% Net investment income before preferred share dividends ......................... 5.37%(5) 6.90% 7.75% 7.94% 7.25% 7.17% Preferred share dividends .................. 0.43%(5) 0.70% 1.55% 2.39% 1.50% 1.48% Net investment income available to common shareholders ..................... 4.94%(5) 6.20% 6.20% 5.55% 5.75% 5.69% SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ...................... $144,773 $ 141,064 $ 140,004 $ 135,492 $ 140,225 $ 142,817 Portfolio turnover ......................... 5% 52% 7% 0% 3% 0% Net assets of common shareholders, end of period (000) ..................... $146,930 $ 142,920 $ 139,367 $ 137,917 $ 135,459 $ 143,769 Preferred shares outstanding (000) ......... $ 84,150 $ 84,150 $ 84,150 $ 84,150 $ 66,000 $ 66,000 Asset coverage per preferred share, end of period ........................... $ 68,654 $ 67,460 $ 66,406 $ 65,982 $ 76,312 $ 79,460 </TABLE> ---------- (1) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (2) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (3) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (4) Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders. (5) Annualized. The information above represents the unaudited 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 NEW YORK INSURED MUNICIPAL 2008 TERM TRUST ----------------------------------------------------- <TABLE> <CAPTION> SIX MONTHS ENDED YEAR ENDED DECEMBER 31, JUNE 30, 2003 ------------------------------------------------------------------- (UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1) ---------------- -------- --------- --------- --------- --------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> <C> <C> <C> Net asset value, beginning of period(2) .... $ 17.09 $ 16.22 $ 16.17 $ 15.63 $ 16.74 $ 16.53 -------- --------- --------- --------- --------- --------- Investment operations: Net investment income ................... 0.50 1.13 1.25 1.24 1.16 1.16 Net realized and unrealized gain (loss) . 0.25 0.75 (0.17) 0.53 (1.18) 0.15 Dividends and distributions to preferred shareholders from: Net investment income ............... (0.05) (0.11) (0.26) (0.38) (0.23) (0.25) Net realized gain ................... -- (0.03) (0.01) -- -- -- -------- --------- --------- --------- --------- --------- Net increase (decrease) from investment operations .............................. 0.70 1.74 0.81 1.39 (0.25) 1.06 -------- --------- --------- --------- --------- --------- Dividends and distributions to common shareholders from: Net investment income ................... (0.37) (0.75) (0.75) (0.80) (0.86) (0.85) Net realized gain ....................... -- (0.12) (0.02) -- -- -- -------- --------- --------- --------- --------- --------- Total dividends and distributions .......... (0.37) (0.87) (0.77) (0.80) (0.86) (0.85) -------- --------- --------- --------- --------- --------- Capital change with respect to issuance of preferred shares ..................... -- -- 0.01 (0.05) -- -- -------- --------- --------- --------- --------- --------- Net asset value, end of period(2) .......... $ 17.42 $ 17.09 $ 16.22 $ 16.17 $ 15.63 $ 16.74 ======== ========= ========= ========= ========= ========= Market price, end of period(2) ............. $ 16.88 $ 16.22 $ 15.50 $ 14.75 $ 14.69 $ 16.69 ======== ========= ========= ========= ========= ========= TOTAL INVESTMENT RETURN(3) ................. 6.45% 10.47% 10.48% 6.10% (6.96)% 10.76% ======== ========= ========= ========= ========= ========= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(4) Expenses after fees paid indirectly ........ 1.03%(5) 1.04% 1.10% 1.12% 0.99% 0.92% Expenses before fees paid indirectly ....... 1.03%(5) 1.05% 1.10% 1.12% 0.99% 0.92% Net investment income before preferred share dividends ......................... 5.91%(5) 6.75% 7.59% 7.85% 7.13% 7.03% Preferred share dividends .................. 0.55%(5) 0.68% 1.56% 2.40% 1.42% 1.51% Net investment income available to common shareholders ..................... 5.36%(5) 6.07% 6.03% 5.45% 5.71% 5.52% SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ...................... $193,940 $ 187,970 $ 184,600 $ 177,057 $ 183,111 $ 186,451 Portfolio turnover ......................... 4% 31% 9% 0% 0% 0% Net assets of common shareholders, end of period (000) ..................... $196,077 $192,337 $182,611 $182,075 $175,961 $188,394 Preferred shares outstanding (000) ......... $109,550 $ 109,550 $ 109,550 $ 109,550 $ 85,500 $ 85,500 Asset coverage per preferred share, end of period ........................... $ 69,750 $ 68,893 $ 66,674 $ 66,596 $ 76,489 $ 80,121 </TABLE> ---------- (1) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (2) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (3) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (4) Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders. (5) Annualized. The information above represents the unaudited 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 NEW YORK MUNICIPAL 2018 TERM TRUST ---------------------------------------------- <TABLE> <CAPTION> FOR THE PERIOD SIX MONTHS ENDED OCTOBER 30, 2001(1) JUNE 30, 2003 YEAR ENDED THROUGH (UNAUDITED) DECEMBER 31, 2002 DECEMBER 31, 2001(2),(3) ------------------- ------------------- ------------------------- <S> <C> <C> <C> PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period(4) .................. $ 15.11 $ 13.58 $ 14.33 ------- ------- ------- Investment operations: Net investment income ................................. 0.53 1.01 0.09 Net realized and unrealized gain (loss) ............... 0.15 1.37 (0.61) Dividends to preferred shareholders from net investment income ................................... (0.05) (0.11) (0.01) ------- ------- ------- Net increase (decrease) from investment operations ....... 0.63 2.27 (0.53) ------- ------- ------- Dividends to common shareholders from net investment income ................................... (0.37) (0.74) (0.06) ------- ------- ------- Capital charges with respect to issuance of: Common shares ......................................... -- -- (0.03) Preferred shares ...................................... -- -- (0.13) ------- ------- ------- Total capital changes .................................... -- 0.00(5) (0.16) ------- ------- ------- Net asset value, end of period(4) ........................ $ 15.37 $ 15.11 $ 13.58 ======= ======= ======= Market price, end of period(4) ........................... $ 14.97 $ 13.46 $ 13.15 ======= ======= ======= TOTAL INVESTMENT RETURN(6) ............................... 14.12% 7.96% (11.94)% ======= ======= ======= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7) Expenses after fees paid indirectly ...................... 1.13%(8) 1.13% 1.15%(8) Expenses before fees paid indirectly ..................... 1.15%(8) 1.17% 1.15%(8) Net investment income before preferred share dividends ... 6.98%(8) 7.03% 3.73%(8) Preferred share dividends ................................ 0.60%(8) 0.80% 0.26%(8) Net investment income available to common shareholders ... 6.38%(8) 6.23% 3.47%(8) SUPPLEMENTAL DATA: Average net assets of common shareholders (000) .......... $54,698 $52,265 $47,959 Portfolio turnover ....................................... 5% 41% 1% Net assets of common shareholders, end of period (000) ... $55,835 $54,881 $49,353 Preferred shares outstanding (000) ....................... $31,400 $31,400 $31,400 Asset coverage per preferred share, end of period ........ $69,457 $68,702 $64,311 </TABLE> ---------- (1) Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. Net asset value immediately after the closing of the public offering was $14.30. (2) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (3) Calculated using the average shares outstanding method. (4) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (5) Less than $0.005. (6) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (7) 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. (8) Annualized. The information above represents the unaudited 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 PENNSYLVANIA STRATEGIC MUNICIPAL TRUST -------------------------------------------------- <TABLE> <CAPTION> SIX MONTHS FOR THE PERIOD ENDED YEAR ENDED DECEMBER 31, AUGUST 25, 1999(1) JUNE 30, 2003 -------------------------------------- THROUGH (UNAUDITED) 2002 2001(2) 2000(2) DECEMBER 31, 1999(2) ----------- --------- --------- --------- -------------------- PER COMMON SHARE OPERATING PERFORMANCE: <S> <C> <C> <C> <C> <C> Net asset value, beginning of period(3) ........... $ 15.61 $ 14.65 $ 14.62 $ 13.40 $ 14.33 ------- ------- ------- ------- ------- Investment operations: Net investment income .......................... 0.57 1.17 1.17 1.18 0.27 Net realized and unrealized gain (loss) ........ 0.56 0.73 (0.08) 1.29 (0.66) Dividends to preferred shareholders: From net investment income ................... (0.04) (0.11) (0.24) (0.33) (0.06) In excess of net investment income ........... -- -- -- (0.03) -- ------- ------- ------- ------- ------- Net increase (decrease) from investment operations ..................................... 1.09 1.79 0.85 2.11 (0.45) ------- ------- ------- ------- ------- Dividends to common shareholders: From net investment income ..................... (0.42) (0.83) (0.82) (0.82) (0.21) In excess of net investment income ............. -- -- -- (0.06) (0.02) ------- ------- ------- ------- ------- Total dividends ................................... (0.42) (0.83) (0.82) (0.88) (0.23) ------- ------- ------- ------- ------- Capital charges with respect to issuance of: Common shares .................................. -- -- -- -- (0.03) Preferred shares ............................... -- -- -- (0.01) (0.22) ------- ------- ------- ------- ------- Total capital charges ............................. -- -- -- (0.01) (0.25) ------- ------- ------- ------- ------- Net asset value, end of period(3) ................. $ 16.28 $ 15.61 $ 14.65 $ 14.62 $ 13.40 ======= ======= ======= ======= ======= Market price, end of period(3) .................... $ 15.30 $ 14.33 $ 14.03 $ 13.13 $ 13.38 ======= ======= ======= ======= ======= TOTAL INVESTMENT RETURN(4) ........................ 9.86% 8.19% 13.12% 5.08% (9.43)% ======= ======= ======= ======= ======= RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(5) Expenses after expense offsets .................... 1.13%(6) 1.34% 1.11% 1.22% 1.20%(6) Expenses before expense offsets ................... 1.56%(6) 1.75% 1.55% 1.63% 1.61%(6) Net investment income before preferred share dividends ................................ 7.31%(6) 7.69% 7.86% 8.49% 5.63%(6) Preferred share dividends ......................... 0.52%(6) 0.71% 1.63% 2.60% 1.17%(6) Net investment income available to common shareholders ................................... 6.79%(6) 6.98% 6.23% 5.89% 4.46%(6) SUPPLEMENTAL DATA: Average net assets of common shareholders (000) ............................. $31,909 $30,545 $30,122 $27,920 $26,882 Portfolio turnover ................................ 0% 7% 16% 28% 1% Net assets of common shareholders, end of period (000) ............................ $32,815 $31,454 $29,531 $29,469 $26,995 Preferred shares outstanding (000) ................ $17,500 $17,500 $17,500 $17,500 $17,500 Asset coverage per preferred share, end of period .................................. $71,882 $69,939 $67,194 $67,112 $63,571 </TABLE> ---------- (1) Commencement of investment operations. This information includes the initial investment by BlackRock Financial Management, Inc. Net asset value immediately after the closing of the public offering was $14.30. (2) Amounts have been restated to conform to the presentation under the provisions of EITF D-98. (3) Net asset value and market price are published in BARRON'S on Saturday and THE WALL STREET JOURNAL on Monday. (4) Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. (5) Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders. (6) Annualized. The information above represents the unaudited 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. 63

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -------------------------------------------------------------------------------- NOTE 1. ORGANIZATION & ACCOUNTING POLICIES The BlackRock Insured Municipal 2008 Term Trust Inc. ("Municipal Insured 2008"), The BlackRock Insured Municipal Term Trust Inc. ("Insured Municipal"), The BlackRock Municipal Target Term Trust Inc. ("Municipal Target"), The BlackRock California Insured Municipal 2008 Term Trust Inc. ("California Insured 2008") and The BlackRock New York Insured Municipal 2008 Term Trust Inc. ("New York Insured 2008") were organized as Maryland corporations. BlackRock Municipal 2018 Term Trust ("Municipal 2018"), The BlackRock Strategic Municipal Trust ("Municipal Strategic"), BlackRock California Municipal 2018 Term Trust ("California 2018"), BlackRock New York Municipal 2018 Term Trust ("New York 2018") and The BlackRock Pennsylvania Strategic Municipal Trust ("Pennsylvania Strategic") were organized as Delaware statutory trusts. The BlackRock Florida Insured Municipal 2008 Term Trust ("Florida Insured 2008") was organized as a Massachusetts business trust. Municipal Insured 2008, Insured Municipal, Municipal 2018, Municipal Target and Municipal Strategic are registered as diversified closed-end management investment companies under the Investment Company Act of 1940, as amended. California Insured 2008, California 2018, Florida Insured 2008, New York Insured 2008, New York 2018 and Pennsylvania Strategic are registered as non-diversified closed-end management investment companies under the Investment Company Act of 1940, as amended. Municipal Insured 2008, California Insured 2008, Florida Insured 2008 and New York Insured 2008 are herein referred to as the 2008 Trusts. Municipal 2018, California 2018 and New York 2018 are herein referred to as the 2018 Trusts. Municipal Strategic and Pennsylvania Strategic are herein referred to as the Strategic Trusts. The following is a summary of significant accounting policies followed by the Trusts. SECURITIES VALUATION: Municipal securities (including commitments to purchase such securities 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 Directors/Trustees (the "Board"). In determining the value of a particular security, pricing services may use certain information with respect to transactions in such securities, quotations from bond dealers, market transactions in comparable securities and various relationships between securities. Short-term investments may be valued at amortized cost. Any securities or other assets for which such current market quotations are not readily available are valued at fair value as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust's Board. SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost basis. Each Trust also records interest income on an accrual basis and amortizes premium and accretes discount to interest income on securities purchased using the interest method. FINANCIAL FUTURES CONTRACTS: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by "marking-to-market" on a daily basis to reflect the market value of the contract at the end of each day's trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust's basis in the contract. Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly. SEGREGATION: In cases in which the Investment Company Act of 1940, as amended, and the interpretive positions of the Securities and Exchange Commission ("SEC") require that each Trust segregate assets in connection with certain investments (e.g., when issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt 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 to shareholders. For this reason and because substantially all of the gross income of each Trust consists of tax-exempt interest, no Federal income tax provisions are required. DIVIDENDS AND DISTRIBUTIONS: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend date. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 4. ESTIMATES: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. DEFERRED COMPENSATION AND BLACKROCK CLOSED-END SHARE EQUIVALENT INVESTMENT PLAN: Under the revised deferred compensation plan approved by each Trust's Board, non-interested Directors/Trustees may elect to defer receipt of all or a portion of their annual compensation. As of January 1, 2003, the Board elected to require its non-interested members to defer a portion of their annual complex compensation pursuant to the plan. 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 Directors/Trustees. 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 Directors/Trustees in order to match its deferred compensation obligations. 64

RECLASSIFICATION OF CAPITAL ACCOUNTS: In order to present undistributed (distribution in excess of) net investment income ("UNII") and accumulated net realized gain ("Accumulated Gain") more closely to its tax character the following accounts, for each of the Strategic Trusts, were increased (decreased): TRUST UNII ACCUMULATED GAIN ----- -------- ------------------ Municipal Strategic $(1,420) $1,420 Pennsylvania Strategic (6) 6 NOTE 2. AGREEMENTS Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the "Advisor"), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the 2018 Trusts. BlackRock, Inc. is an indirect majority owned subsidiary of The PNCFinancial Services Group, Inc. The investment management agreement on the 2018 Trusts and Strategic Trusts covers both investment advisory and administration services. Each 2008 Trust has an Administration Agreement with Princeton Administrators, L.P. ("Princeton"), an indirect wholly owned affiliate of Merrill Lynch &Co., Inc. Insured Municipal has an Administration Agreement with UBS Global Asset Management (US) Inc. ("UBSGAM") (formerly Brinson Advisors, Inc.), an indirect wholly owned asset management subsidiary of UBS AG. Municipal Target has an Administration Agreement with Prudential Investments LLC ("PI"), an indirect wholly owned subsidiary of Prudential Financial, Inc. Each Trust's investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the 2008 Trusts, Insured Municipal and Municipal Target, 0.40% for the 2018 Trusts and 0.60% for the Strategic Trusts, of the Trust's average weekly managed assets. "Managed assets" means the total assets of the 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 each Trust's respective administrator, other than the 2018 Trusts and Strategic Trusts, is computed weekly and payable monthly based on an annual rate, 0.10% to UBSGAM and Princeton and 0.07% to PI, of the Trust's average weekly managed assets. On May 22, 2003, the Boards of the 2008 Trusts, Insured Municipal and Municipal Target approved the change of each Trust's current administrator to the Advisor. The new administration agreements become effective September 1, 2003, except for Insured Municipal, which becomes effective August 15, 2003. Each Trust's fee structure, as described above, will remain unchanged under the new administration agreements. 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. The Advisor pays occupancy and certain clerical and accounting costs for the 2018 Trusts and the Strategic Trusts. Each Trust's administrator pays occupancy and certain clerical and accounting costs of their respective Trust(s). Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for certain operational support services provided to each Trust. 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. For the six months ended June 30, 2003, the following earning credits were used to offset custody fees: <TABLE> <CAPTION> TRUST EARNING CREDITS TRUST EARNING CREDITS -------- ----------------- -------- -------------------------- <S> <C> <C> <C> Municipal Insured 2008 $ 5,255 California 2018 $4,997 Insured Municipal 1,452 Florida Insured 2008 7,808 Municipal 2018 4,048 New York Insured 2008 7,085 Municipal Target 3,731 New York 2018 4,493 Municipal Strategic 3,690 Pennsylvania Strategic 6,125 California Insured 2008 11,222 </TABLE> NOTE 3. PORTFOLIO SECURITIESPurchases and sales of investment securities, other than short-term investments, for the six months ended June 30, 2003, were as follows: <TABLE> <CAPTION> TRUST PURCHASES SALES TRUST PURCHASES SALES -------- --------------- ----------- ------- ----------- ------- <S> <C> <C> <C> <C> <C> Municipal Insured 2008 $101,980,595 $75,290,000 California 2018 $10,252,212 $ 9,026,655 Insured Municipal 33,077,816 28,854,072 Florida Insured 2008 12,331,982 12,298,801 Municipal 2018 37,455,200 39,009,086 New York Insured 2008 13,266,691 16,726,573 Municipal Target 28,875,764 31,726,765 New York 2018 4,183,350 4,084,762 Municipal Strategic -- 1,039,040 Pennsylvania Strategic -- 2,460,000 California Insured 2008 23,669,102 25,999,800 </TABLE> 65

At June 30, 2003, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows: <TABLE> <CAPTION> TRUST COST APPRECIATION DEPRECIATION NET ------ ------------- -------------- -------------- ----------- <S> <C> <C> <C> <C> Municipal Insured 2008 $696,161,283 $62,812,183 $ 94,228 $62,717,955 Insured Municipal 430,870,825 39,706,282 87,324 39,618,958 Municipal 2018 362,386,931 16,267,601 6,474,306 9,793,295 Municipal Target 748,432,889 54,046,102 -- 54,046,102 Municipal Strategic 162,940,228 17,514,650 6,460,292 11,054,358 California Insured 2008 262,906,033 21,436,207 25,507 21,410,700 California 2018 150,204,040 6,035,017 3,360,286 2,674,731 Florida Insured 2008 211,896,162 16,032,400 -- 16,032,400 New York Insured 2008 274,211,086 27,053,269 101 27,053,168 New York 2018 80,803,824 5,069,618 628,552 4,441,066 Pennsylvania Strategic 43,343,957 4,325,962 78,819 4,247,143 </TABLE> For Federal income tax purposes, the following Trusts had capital loss carryforwards at June 30, 2003. These amounts may be used to offset future realized capital gains, if any: <TABLE> <CAPTION> CAPITAL LOSS CAPITAL LOSS TRUST CARRYFORWARD AMOUNT EXPIRES TRUST CARRYFORWARD AMOUNT EXPIRES ----- -------------------- ------- ----- ------------------- ------- <S> <C> <C> <C> <C> <C> Municipal Strategic $ 760,288 06/10 Pennsylvania Strategic $ 408,700 06/10 1,802,842 06/09 89,327 06/09 --------- 78,019 06/08 $ 498,027 ---------- ========= $2,641,149 ========== </TABLE> 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. Each of the Strategic Trusts has a tax year end of June 30th. Details of open financial futures contracts at June 30, 2003, were as follows: <TABLE> <CAPTION> NUMBER OF EXPIRATION VALUE AT VALUE AT UNREALIZED TRUST CONTRACTS TYPE DATE TRADE DATE JUNE 30, 2003 DEPRECIATION ----- --------- ----------------- ---------- ---------- ------------- ------------ LONG POSITIONS: <S> <C> <C> <C> <C> <C> <C> Insured Municipal 4 5 Yr. U.S. T-Note Sep. '03 $464,388 $460,500 $(3,888) New York Insured 2008 4 5 Yr. U.S. T-Note Sep. '03 464,388 460,500 (3,888) </TABLE> NOTE 4. CAPITAL There are 200 million of $0.01 par value common shares authorized for each of the 2008 Trusts, Insured Municipal and Municipal Target. There are an unlimited number of $0.001 par value common shares authorized for each of the 2018 Trusts and Strategic Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At June 30, 2003, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows: COMMON SHARES COMMON TRUST OUTSTANDING SHARES OWNED --------- --------------------- ------------------------ Municipal Insured 2008 27,207,093 -- Insured Municipal 25,885,639 -- Municipal 2018 15,908,028 8,028 Municipal Target 45,410,639 -- Municipal Strategic 7,242,261 -- California Insured 2008 10,407,093 -- California 2018 6,433,028 8,028 Florida Insured 2008 8,707,093 -- New York Insured 2008 11,257,093 -- New York 2018 3,633,028 8,028 Pennsylvania Strategic 2,015,492 -- As of June 30, 2003, 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. 66

TRUST AND SERIES SHARES TRUST AND SERIES SHARES ------------------------ ---------- -------------------------- ---------- Municipal Insured 2008 Municipal Strategic--W7 2,480 T7 4,660 California Insured 2008 R7 2,060 W7 2,622 T28 2,060 W28 1,560 R28 2,060 California 2018--M7 2,221 Insured Municipal M7 4,216 Florida Insured 2008--R7 3,366 M28 2,600 New York Insured 2008 Municipal 2018 F7 2,672 F28 1,710 W7 2,752 New York 2018--T7 1,256 R7 2,752 Pennsylvania Strategic--W7 700 Municipal Target W7 5,964 F7 3,000 W28 3,000 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 cumulative at a rate which is reset every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the six months ended June 30, 2003, were as follows: <TABLE> <CAPTION> TRUST LOW HIGH TRUST LOW HIGH --------- ---------------- ---------------- --------- ---------------- ---------------- <S> <C> <C> <C> <C> <C> Municipal Insured 2008 0.70% 1.50% California 2018 0.60% 1.09% Insured Municipal 0.60 1.29 Florida Insured 2008 0.80 1.55 Municipal 2018 0.85 1.30 New York Insured 2008 0.72 1.20 Municipal Target 0.70 1.44 New York 2018 0.70 1.25 Municipal Strategic 0.70 1.55 Pennsylvania Strategic 0.65 1.20 California Insured 2008 0.65 1.20 </TABLE> A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred shares would be less than 200%. The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated or unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust's Declaration of Trust/Articles Supplementary are not satisfied. The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares, voting as a separate class, are also entitled to elect two Directors/Trustees for each Trust. In addition, the Investment Company Act of 1940, as amended, requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, (b) change a Trust's sub- classification as a closed-end investment company or change its fundamental investment restrictions and (c) change its business so as to cease to be an investment company. NOTE 5. DIVIDENDS On May 22, 2003, the Boards of Municipal Strategic and Pennsylvania Strategic voted to change each Trust's monthly distribution per common share, effective with the distribution declared on July 1, 2003, to $0.079585 and $0.073965, respectively. Subsequent to June 30, 2003, the Board of each Trust declared dividends from undistributed earnings per common share payable August 1, 2003, to shareholders of record on July 15, 2003. The per share common dividends declared were: <TABLE> <CAPTION> COMMON DIVIDEND COMMON DIVIDEND TRUST PER SHARE TRUST PER SHARE --------- -------------------------------- --------- ------------------------ <S> <C> <C> <C> Municipal Insured 2008 $0.066250 California 2018 $0.061250 Insured Municipal 0.047917 Florida Insured 2008 0.062500 Municipal 2018 0.065000 New York Insured 2008 0.062500 Municipal Target 0.047917 New York 2018 0.061250 Municipal Strategic 0.079585 Pennsylvania Strategic 0.073965 California Insured 2008 0.064375 </TABLE> 67

The dividends declared on preferred shares for the period July 1, 2003 to July 31, 2003, for each of the Trusts were as follows: <TABLE> <CAPTION> DIVIDENDS DIVIDENDS TRUST AND SERIES DECLARED TRUST AND SERIES DECLARED --------------------------- ---------------- --------------------------- ----------------- <S> <C> <C> <C> Municipal Insured 2008 California Insured 2008 T7 $85,418 W7 $47,904 R7 22,186 W28 21,544 T28 79,784 California 2018--M7 30,694 R28 27,645 Florida Insured 2008--R7 43,017 Insured Municipal New York Insured 2008 M7 66,517 F7 31,957 M28 49,322 F28 24,539 Municipal 2018 New York 2018--T7 23,801 W7 45,298 Pennsylvania Strategic--W7 11,606 R7 37,400 Municipal Target W7 106,577 F7 46,740 W28 105,870 Municipal Strategic--W7 43,797 </TABLE> 68

DIVIDEND REINVESTMENT PLANS -------------------------------------------------------------------------------- Pursuant to each Trust's Dividend Reinvestment Plan (the "Plan"), common shareholders of the 2008 Trusts, Insured Municipal and Municipal Target may elect to enroll, while the common shareholders of the 2018 Trusts and Strategic Trusts are automatically enrolled, to have all distributions of dividends and capital gains reinvested by EquiServe Trust Company, N.A. (the "Plan Agent") in the respective Trust's shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan. After a 2008 Trust, Insured Municipal, 2018 Trust and/or Municipal Target declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants' account, by the purchase of outstanding shares on the open market, on the Trust's primary exchange or elsewhere ("open market purchases"). These Trusts will not issue any new shares under the Plan. After a Strategic Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants' account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust ("newly issued shares") or (ii) by open market purchases. If, on the dividend payment date, the NAV is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as "market premium"), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as "market discount"), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases. Participants in the Plan may withdraw from the Plan upon written notice to the Plan Agent and will receive certificates for whole Trust shares and a cash payment for any fraction of a Trust share. 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. All correspondence concerning the Plan should be directed to the Plan Agent at 150 Royall Street, Canton, MA 02021, or by calling (800) 699-1BFM. 69

ADDITIONAL INFORMATION -------------------------------------------------------------------------------- We are required by the Internal Revenue Code to advise you within 60 days of a Trust's tax year-end as to the Federal tax status of dividends paid by the Trusts during such tax year. Accordingly, during the tax year-ended June 30, 2003, all dividends paid by the Strategic Trusts (the only Trusts with June 30th tax year-ends) were federally tax-exempt interest dividends. The Joint Annual Meeting of Shareholders was held on May 22, 2003, to elect a certain number of Directors/Trustees for each of the following Trusts to three-year terms, unless otherwise indicated, expiring in 2006: MUNICIPAL INSURED 2008 ------------------------ Elected the Class I Directors and in accordance with Maryland law elected Robert S. Kapito and Walter F. Mondale, for the remainder of their term, as follows: DIRECTOR VOTES FOR VOTES WITHHELD -------- ---------- -------------- Richard E. Cavanagh 10,084 37 Robert S. Kapito1 25,967,374 265,150 James Clayburn La Force, Jr. 25,947,703 284,821 Walter F. Mondale2 25,859,589 372,935 INSURED MUNICIPAL ------------------- Elected the Class II Directors and in accordance with Maryland law elected Robert S. Kapito, for the remainder of his term, as follows: DIRECTOR VOTES FOR VOTES WITHHELD -------- ---------- -------------- Frank J. Fabozzi 6,025 44 Robert S. Kapito1 24,766,028 187,446 Walter F. Mondale 24,532,259 421,215 Ralph L. Schlosstein 24,778,267 175,207 MUNICIPAL 2018 ---------------- Elected the Class II Trustees as follows: TRUSTEE VOTES FOR VOTES WITHHELD ------- ---------- -------------- Frank J. Fabozzi 5,393 -- Walter F. Mondale 15,493,007 336,401 Ralph L. Schlosstein 15,572,337 257,071 MUNICIPAL TARGET TERM ----------------------- Elected the Class II Directors and in accordance with Maryland law elected Robert S. Kapito, for the remainder of his term, as follows: DIRECTOR VOTES FOR VOTES WITHHELD -------- ---------- -------------- Frank J. Fabozzi 10,528 50 Robert S. Kapito1 42,241,469 287,902 Walter F. Mondale 41,985,359 544,012 Ralph L. Schlosstein 42,234,950 294,421 MUNICIPAL STRATEGIC --------------------- Elected the Class III Trustees as follows: TRUSTEE VOTES FOR VOTES WITHHELD ------- --------- -------------- Andrew F. Brimmer 7,070,337 104,432 Kent Dixon 7,082,132 92,637 Robert S. Kapito 7,082,132 92,637 CALIFORNIA INSURED 2008 ------------------------- Elected the Class I Directors and in accordance with Maryland law elected Robert S. Kapito and Walter F. Mondale, for the remainder of their term, as follows: DIRECTOR VOTES FOR VOTES WITHHELD -------- ---------- -------------- Richard E. Cavanagh 4,022 2 Robert S. Kapito1 9,976,969 66,329 James Clayburn La Force, Jr. 9,978,421 64,877 Walter F. Mondale2 9,935,763 107,535 70

CALIFORNIA 2018 ----------------- Elected the Class II Trustees as follows: TRUSTEE VOTES FOR VOTES WITHHELD ------- --------- -------------- Frank J. Fabozzi 2,170 -- Walter F. Mondale 6,358,823 54,493 Ralph L. Schlosstein 6,385,011 28,305 FLORIDA INSURED 2008 ---------------------- Elected the Class I Trustees as follows: TRUSTEE VOTES FOR VOTES WITHHELD ------- --------- -------------- Richard E. Cavanagh 3,032 12 James Clayburn La Force, Jr. 8,407,062 68,617 NEW YORK INSURED 2008 ----------------------- Elected the Class I Directors and in accordance with Maryland law elected Robert S. Kapito and Walter F. Mondale, for the remainder of their term, as follows: DIRECTOR VOTES FOR VOTES WITHHELD -------- ---------- -------------- Richard E. Cavanagh 4,323 2 Robert S. Kapito1 10,638,552 49,146 James Clayburn La Force, Jr. 10,631,384 56,314 Walter F. Mondale2 10,621,224 66,474 NEW YORK 2018 --------------- Elected the Class II Trustees as follows: TRUSTEE VOTES FOR VOTES WITHHELD ------- --------- -------------- Frank J. Fabozzi 1,079 -- Walter F. Mondale 3,574,820 57,209 Ralph L. Schlosstein 3,587,482 44,547 PENNSYLVANIA STRATEGIC ------------------------ Elected the Class III Trustees as follows: TRUSTEE VOTES FOR VOTES WITHHELD ------- --------- -------------- Andrew F. Brimmer 1,918,787 33,554 Kent Dixon 1,938,734 13,607 Robert S. Kapito 1,939,034 13,307 ---------- (1) Robert S. Kapito's term will expire in 2004. (2) Walter F. Mondale's term will expire in 2005. 71

BLACKROCK CLOSED-END FUNDS DIRECTORS/TRUSTEES Ralph L. Schlosstein, CHAIRMAN Andrew F. Brimmer Richard E. Cavanagh Kent Dixon Frank J. Fabozzi Robert S. Kapito James Clayburn La Force, Jr. Walter F. Mondale OFFICERS Robert S. Kapito, PRESIDENT Henry Gabbay, TREASURER Anne Ackerley, VICE PRESIDENT Kevin M. Klingert, VICE PRESIDENT Richard M. Shea, VICE PRESIDENT/TAX James Kong, ASSISTANT TREASURER Vincent B. Tritto, SECRETARY Brian P. Kindelan, ASSISTANT SECRETARY INVESTMENT ADVISOR BlackRock Advisors, Inc. 100 Bellevue Parkway Wilmington, DE 19809 (800) 227-7BFM SUB-ADVISOR(1) BlackRock Financial Management, Inc. 40 East 52nd Street New York, NY 10022 CUSTODIAN State Street Bank and Trust Company One Heritage Drive North Quincy, MA 02171 TRANSFER AGENT EquiServe Trust Company, N.A. 150 Royall Street Canton, MA 02021 (800) 699-1BFM AUCTION AGENT(1) Bank of New York 100 Church Street, 8th Floor New York, NY 10286 AUCTION AGENT(2) Deutsche Bank Trust Company Americas 60 Wall Street, 27th Floor New York, NY 10005 INDEPENDENT ACCOUNTANTS Deloitte & Touche LLP 200 Berkeley Street Boston, MA 02116 LEGAL COUNSEL Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, NY 10036 LEGAL COUNSEL - INDEPENDENT DIRECTORS/TRUSTEES Debevoise & Plimpton 919 Third Avenue New York, NY 10022 This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change. BlackRockAdvisors, Inc.(3) 100 Bellevue Parkway Wilmington, DE 19809 (800) 227-7BFM Municipal 2018 Strategic Municipal California Municipal 2018 New York Municipal 2018 Pennsylvania Strategic Municipal Princeton Administrators, L.P.(3) P.O. Box 9095 Princeton, NJ 08543-9095 (800) 227-7BFM Insured Municipal 2008 California Insured Municipal 2008 Florida Insured Municipal 2008 New York Insured Municipal 2008 Prudential Investments LLC(3) Gateway Center Three 100 Mulberry Street Newark, NJ 07102-4077 (800) 227-7BFM Municipal Target UBS Global Asset Management (US) Inc.(3) 51 West 52nd Street 21st Floor New York, NY 10019 (800) 227-7BFM Insured Municipal ---------- (1) For the 2018 Trusts only. (2) For the Trusts, except the 2018 Trusts. (3) Provides administrative services for the Trust(s) listed directly below its name. Effective September 1, 2003, BlackRock Advisors, Inc. will provide the administrative services for all the Trusts. The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 227-7BFM.

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 subject to change. BLACKROCK [LOGO]

ITEM 2. CODE OF ETHICS. Not applicable for semi-annual reports. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable for semi-annual reports. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable for semi-annual reports. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable for semi-annual reports. ITEM 6. [RESERVED.] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable for semi-annual reports. ITEM 8. [RESERVED.] ITEM 9. CONTROLS AND PROCEDURES. (a) The Trust's principal executive officer and principal financial officer have evaluated the Trust's disclosure controls and procedures within 90 days of this filing and have concluded that the Trust's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely. (b) The Trust's principal executive officer and principal financial officer are aware of no changes in the Trust's internal control over financial reporting that occurred during the Trust's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting. ITEM 10. EXHIBITS. (a)(1) Code of Ethics - Not applicable for semi-annual reports. (a)(2) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (b) Certification of principal executive officer and principal financial officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) BlackRock New York Municipal 2018 Term Trust By: /s/ Henry Gabbay --------------------------- Name: Henry Gabbay Title: Treasurer Date: 6/27/03 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Robert S. Kapito --------------------------- Name: Robert S. Kapito Title: Principal Executive Officer Date: 6/27/03 By: /s/ Henry Gabbay --------------------------- Name: Henry Gabbay Title: Principal Financial Officer Date: 6/27/03

Exhibit 99.Cert I, Robert Kapito, certify that: 1. I have reviewed this report on Form N-CSR of BlackRock New York Municipal 2018 Term Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 6/27/03 -------------- /s/ Robert Kapito -------------------------- Robert Kapito Principal Executive Officer

Exhibit 99.Cert I, Henry Gabbay, certify that: 1. I have reviewed this report on Form N-CSR of BlackRock New York Municipal 2018 Term Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 6/27/03 -------------- /s/ Henry Gabbay -------------------------- Henry Gabbay Principal Financial Officer


                                                              Exhibit 99.906Cert



                            SECTION 906 CERTIFICATION


Pursuant to 18 U.S.C. ss. 1350, the undersigned officers of BlackRock New York
Municipal 2018 Term Trust (the "Company"), hereby certifies, to the best of
their knowledge, that the Company's Report on Form N-CSR for the period ended
June 30, 2003 (the "Report") fully complies with the requirements of Section
13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that
the information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.


Date: 6/27/03
      ----------------------------



/s/ Robert Kapito
----------------------------------
Name:  Robert Kapito
Title: Principal Executive Officer


/s/ Henry Gabbay
----------------------------------
Name:  Henry Gabbay
Title: Principal Financial Officer