Edgar Filing: BLACKROCK INSURED MUNICIPAL INCOME TRUST

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: 811-21178

BlackRock Insured Municipal Income 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 Insured Municipal Income Trust
40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)

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

Date of fiscal year end: August 31, 2006

Date of reporting period: February 28, 2006

Item 1. Reports to Stockholders.

The Registrant’s semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS

BlackRock
Closed-End Funds
Semi-Annual Report

FEBRUARY 28, 2006 (UNAUDITED)

BlackRock Insured Municipal Income Trust (BYM)

BlackRock Municipal Bond Trust (BBK)

BlackRock Municipal Income Trust II (BLE)

BlackRock California Insured Municipal Income Trust (BCK)

BlackRock California Municipal Bond Trust (BZA)

BlackRock California Municipal Income Trust II (BCL)

BlackRock Florida Insured Municipal Income Trust (BAF)

BlackRock Florida Municipal Bond Trust (BIE)

BlackRock Maryland Municipal Bond Trust (BZM)

BlackRock New Jersey Municipal Bond Trust (BLJ)

BlackRock New York Insured Municipal Income Trust (BSE)

BlackRock New York Municipal Bond Trust (BQH)

BlackRock New York Municipal Income Trust II (BFY)

BlackRock Virginia Municipal Bond Trust (BHV)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS

Letter to Shareholders		1

Trusts’ Summaries		2

Portfolios of Investments		16

Financial Statements

Statements of Assets and Liabilities		47

Statements of Operations		50

Statements of Changes in Net Assets		53

Financial Highlights		59

Notes to Financial Statements		73

Dividend Reinvestment Plans		78

Additional Information		78

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

February 28, 2006

Dear Shareholder:

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

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

The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of February 28, 2006.

			Tax-		Closing
	Current		Equivalent		Market
Trust (Ticker)	Yield¹		Yield¹		Price	NAV

BlackRock Insured Municipal Income Trust (BYM)	5.14	%	7.91	%	$14.23	$15.51

BlackRock Municipal Bond Trust (BBK)	6.04		9.30		17.15	16.37

BlackRock Municipal Income Trust II (BLE)	6.02		9.26		16.69	15.71

BlackRock California Insured Municipal Income Trust (BCK)	4.90		7.54		14.20	15.28

BlackRock California Municipal Bond Trust (BZA)	5.77		8.88		16.56	16.20

BlackRock California Municipal Income Trust II (BCL)	5.31		8.16		14.81	15.63

BlackRock Florida Insured Municipal Income Trust (BAF)	5.00		8.69		13.91	15.19

BlackRock Florida Municipal Bond Trust (BIE)	5.52		6.34		16.90	16.25

BlackRock Maryland Municipal Bond Trust (BZM)	4.98		8.35		17.20	16.06

BlackRock New Jersey Municipal Bond Trust (BLJ)	5.61		8.63		16.82	16.29

BlackRock New York Insured Municipal Income Trust (BSE)	4.89		7.52		14.23	15.35

BlackRock New York Municipal Bond Trust (BQH)	5.55		8.53		16.68	16.08

BlackRock New York Municipal Income Trust II (BFY)	4.95		7.61		14.37	15.41

BlackRock Virginia Municipal Bond Trust (BHV)	4.90		7.54		17.73	16.35

¹Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. Past performance does not guarantee future results.

BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of December 31, 2005, BlackRock and its affiliates managed over $25 billion in municipal bonds, including seven open-end and 38 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

Sincerely,

Laurence D. Fink
Chief Executive Officer
BlackRock Advisors, Inc.

Ralph L. Schlosstein
President
BlackRock Advisors, Inc.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock Insured Municipal Income Trust (BYM)

Trust Information

Symbol on New York Stock Exchange:	BYM

Initial Offering Date:	October 31, 2002

Closing Market Price as of 2/28/06:	$14.23

Net Asset Value as of 2/28/06:	$15.51

Yield on Closing Market Price as of 2/28/06 ($14.23):¹	5.14	%

Current Monthly Distribution per Common Share:²	$0.061

Current Annualized Distribution per Common Share:²	$0.732

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²This distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$14.23	$15.43	(7.78	)%	$15.79	$13.03

NAV	$15.51	$15.61	(0.64	)%	$15.61	$14.96

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Transportation	28	%	28	%

Water & Sewer	21		21

City, County & State	10		13

Education	10		7

Tax Revenue	8		4

Power	7		6

Tobacco	6		5

Hospitals	4		4

Industrial & Pollution Control	3		3

Lease Revenue	3		6

Resource Recovery	—		3

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	92	%	87	%

A	1		4

BBB/Baa	7		7

BB/Ba	—		2

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock Municipal Bond Trust (BBK)

Trust Information

Symbol on New York Stock Exchange:	BBK

Initial Offering Date:	April 30, 2002

Closing Market Price as of 2/28/06:	$17.15

Net Asset Value as of 2/28/06:	$16.37

Yield on Closing Market Price as of 2/28/06 ($17.15):¹	6.04	%

Current Monthly Distribution per Common Share:²	$0.086375

Current Annualized Distribution per Common Share:²	$1.036500

Leverage as of 2/28/06:³	35	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$17.15	$17.18	(0.17	)%	$17.38	$15.17

NAV	$16.37	$16.36	0.06	%	$16.37	$15.72

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Hospitals	20	%	19	%

Industrial & Pollution Control	18		15

City, County & State	15		14

Housing	14		13

Transportation	8		10

Tax Revenue	8		7

Power	4		3

Education	4		3

Water & Sewer	3		3

Lease Revenue	3		10

Tobacco	3		3

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	35	%	36	%

AA/Aa	7		2

A	19		21

BBB/Baa	20		26

BB/Ba	6		4

B	6		5

Not Rated	7		6

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock Municipal Income Trust II (BLE)

Trust Information

Symbol on American Stock Exchange:	BLE

Initial Offering Date:	July 30, 2002

Closing Market Price as of 2/28/06:	$16.69

Net Asset Value as of 2/28/06:	$15.71

Yield on Closing Market Price as of 2/28/06 ($16.69):¹	6.02	%

Current Monthly Distribution per Common Share:²	$0.08375

Current Annualized Distribution per Common Share:²	$1.00500

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$16.69	$15.73	6.10	%	$16.82	$15.00

NAV	$15.71	$15.75	(0.25	)%	$15.75	$15.11

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Hospitals	23	%	22	%

Industrial & Pollution Control	22		17

City, County & State	14		14

Transportation	10		9

Housing	8		7

Tax Revenue	8		8

Water & Sewer	5		4

Power	4		3

Tobacco	4		4

Lease Revenue	1		11

Education	1		1

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	30	%	30	%

AA/Aa	10		7

A	12		18

BBB/Baa	25		23

BB/Ba	4		4

B	4		4

CCC/Caa	2		2

Not Rated⁶	13		12

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 28, 2006 and August 31, 2005, the market value of these securities was $16,077,892 representing 3.1% and $13,031,133 representing 2.3%, respectively, of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock California Insured Municipal Income Trust (BCK)

Trust Information

Symbol on the New York Stock Exchange:	BCK

Initial Offering Date:	October 31, 2002

Closing Market Price as of 2/28/06:	$14.20

Net Asset Value as of 2/28/06:	$15.28

Yield on Closing Market Price as of 2/28/06 ($14.20):¹	4.90	%

Current Monthly Distribution per Common Share:²	$0.058

Current Annualized Distribution per Common Share:²	$0.696

Leverage as of 2/28/06:³	37	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$14.20	$16.08	(11.69	)%	$16.28	$13.04

NAV	$15.28	$15.22	0.39	%	$15.28	$14.54

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Education	31	%	23	%

Water & Sewer	29		33

City, County & State	12		12

Power	10		10

Lease Revenue	9		13

Transportation	5		5

Hospitals	2		2

Housing	2		2

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	98	%	92	%

A	2		8

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock California Municipal Bond Trust (BZA)

Trust Information

Symbol on New York Stock Exchange:	BZA

Initial Offering Date:	April 30, 2002

Closing Market Price as of 2/28/06:	$16.56

Net Asset Value as of 2/28/06:	$16.20

Yield on Closing Market Price as of 2/28/06 ($16.56):¹	5.77	%

Current Monthly Distribution per Common Share:²	$0.079656

Current Annualized Distribution per Common Share:²	$0.955872

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$16.56	$16.33	1.41	%	$16.75	$14.70

NAV	$16.20	$16.19	0.06	%	$16.21	$15.61

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Education	26	%	26	%

Hospitals	21		23

Housing	14		14

Lease Revenue	11		12

City, County & State	9		8

Transportation	8		7

Industrial & Pollution Control	4		3

Tobacco	4		4

Water & Sewer	3		3

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	31	%	28	%

AA/Aa	10		10

A	30		32

BBB/Baa	21		20

B	2		2

Not Rated	6		8⁶

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005, the market value of these securities was $4,431,304 representing 5.3% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock California Municipal Income Trust II (BCL)

Trust Information

Symbol on American Stock Exchange:	BCL

Initial Offering Date:	July 30, 2002

Closing Market Price as of 2/28/06:	$14.81

Net Asset Value as of 2/28/06:	$15.63

Yield on Closing Market Price as of 2/28/06 ($14.81):¹	5.31	%

Current Monthly Distribution per Common Share:²	$0.0655

Current Annualized Distribution per Common Share:²	$0.7860

Leverage as of 2/28/06:³	37	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$14.81	$14.26	3.86	%	$14.81	$13.18

NAV	$15.63	$15.52	0.71	%	$15.63	$14.94

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

City, County & State	22	%	24	%

Lease Revenue	13		13

Transportation	12		12

Hospitals	12		12

Education	12		11

Tobacco	9		9

Water & Sewer	6		4

Housing	5		9

Power	5		4

Industrial & Pollution Control	4		2

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	47	%	40	%

AA/Aa	4		4

A	20		20

BBB/Baa	13		14

B	1		1

Not Rated	15		21⁶

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005, the market value of these securities was $4,280,829 representing 2.2% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock Florida Insured Municipal Income Trust (BAF)

Trust Information

Symbol on New York Stock Exchange:	BAF

Initial Offering Date:	October 31, 2002

Closing Market Price as of 2/28/06:	$13.91

Net Asset Value as of 2/28/06:	$15.19

Yield on Closing Market Price as of 2/28/06 ($13.91):¹	5.00	%

Current Monthly Distribution per Common Share:²	$0.0580

Current Annualized Distribution per Common Share:²	$0.6960

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$13.91	$15.30	(9.08	)%	$15.50	$12.96

NAV	$15.19	$15.26	(0.46	)%	$15.26	$14.73

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Tax Revenue	24	%	24	%

City, County & State	21		21

Education	16		16

Power	12		12

Transportation	9		9

Hospitals	7		7

Water & Sewer	5		5

Tobacco	5		5

Housing	1		1

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	83	%	83	%

AA/Aa	3		3

A	5		4

BBB/Baa	5		6

Not Rated⁶	4		4

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 28, 2006 and August 31, 2005, the market value of these securities was $4,452,642 representing 2.2% and $5,029,809 representing 2.4%, respectively, of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock Florida Municipal Bond Trust (BIE)

Trust Information

Symbol on New York Stock Exchange:	BIE

Initial Offering Date:	April 30, 2002

Closing Market Price as of 2/28/06:	$16.90

Net Asset Value as of 2/28/06:	$16.25

Yield on Closing Market Price as of 2/28/06 ($16.90):¹	5.52	%

Current Monthly Distribution per Common Share:²	$0.077808

Current Annualized Distribution per Common Share:²	$0.933696

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$16.90	$15.95	5.96	%	$17.00	$14.68

NAV	$16.25	$16.31	(0.37	)%	$16.31	$15.83

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Hospitals	27	%	27	%

Tax Revenue	17		17

City, County & State	15		17

Power	10		10

Education	7		7

Water & Sewer	7		7

Housing	7		7

Lease Revenue	4		3

Transportation	4		3

Industrial & Pollution Control	2		2

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	37	%	38	%

AA/Aa	17		17

A	22		22

BBB/Baa	9		8

BB/Ba	2		2

Not Rated⁶	13		13

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 28, 2006 and August 31, 2005, the market value of these securities was $1,691,896 representing 2.2% and $2,831,177 representing 3.4%, respectively, of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock Maryland Municipal Bond Trust (BZM)

Trust Information

Symbol on American Stock Exchange:	BZM

Initial Offering Date:	April 30, 2002

Closing Market Price as of 2/28/06:	$17.20

Net Asset Value as of 2/28/06:	$16.06

Yield on Closing Market Price as of 2/28/06 ($17.20):¹	5.43	%

Current Monthly Distribution per Common Share:²	$0.07135

Current Annualized Distribution per Common Share:²	$0.8562

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$17.20	$15.96	7.77	%	$17.80	$15.60

NAV	$16.06	$16.11	(0.31	)%	$16.11	$15.73

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Education	21	%	21	%

City, County & State	21		18

Hospitals	17		18

Water & Sewer	12		12

Transportation	9		9

Lease Revenue	7		8

Housing	5		5

Power	4		5

Tobacco	4		4

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	38	%	34	%

AA/Aa	8		9

A	30		35

BBB/Baa	14		14

Not Rated	10		8⁶

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005, the market value of these securities was $1,043,280 representing 2.2% of the Trust’s long-term investments.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock New Jersey Municipal Bond Trust (BLJ)

Trust Information

Symbol on American Stock Exchange:	BLJ

Initial Offering Date:	April 30, 2002

Closing Market Price as of 2/28/06:	$16.82

Net Asset Value as of 2/28/06:	$16.29

Yield on Closing Market Price as of 2/28/06 ($16.82):¹	5.61	%

Current Monthly Distribution per Common Share:²	$0.078582

Current Annualized Distribution per Common Share:²	$0.942984

Leverage as of 2/28/06:³	35	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$16.82	$15.98	5.26	%	$17.70	$15.13

NAV	$16.29	$16.26	0.18	%	$16.29	$15.77

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Hospitals	28	%	28	%

Housing	13		8

Transportation	11		11

City, County & State	10		14

Education	9		9

Tobacco	8		8

Tax Revenue	7		7

Industrial & Pollution Control	6		6

Lease Revenue	4		5

Power	4		4

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	30	%	25	%

A	19		23

BBB/Baa	42		43

B	4		4

Not Rated	5		5

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock New York Insured Municipal Income Trust (BSE)

Trust Information

Symbol on New York Stock Exchange:	BSE

Initial Offering Date:	October 31, 2002

Closing Market Price as of 2/28/06:	$14.23

Net Asset Value as of 2/28/06:	$15.35

Yield on Closing Market Price as of 2/28/06 ($14.23):¹	4.89	%

Current Monthly Distribution per Common Share:²	$0.058

Current Annualized Distribution per Common Share:²	$0.696

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$14.23	$15.35	(7.30	)%	$15.76	$13.08

NAV	$15.35	$15.30	0.33	%	$15.35	$14.79

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Transportation	31	%	30	%

Education	31		29

Hospitals	14		17

Tobacco	12		12

Tax Revenue	9		8

Water & Sewer	2		2

Housing	1		1

City, County & State	—		1

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	84	%	80	%

AA/Aa	2		2

A	5		6

BBB/Baa	9		12

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock New York Municipal Bond Trust (BQH)

Trust Information

Symbol on New York Stock Exchange:	BQH

Initial Offering Date:	April 30, 2002

Closing Market Price as of 2/28/06:	$16.68

Net Asset Value as of 2/28/06:	$16.08

Yield on Closing Market Price as of 2/28/06 ($16.68):¹	5.55	%

Current Monthly Distribution per Common Share:²	$0.077099

Current Annualized Distribution per Common Share:²	$0.925188

Leverage as of 2/28/06:³	36	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$16.68	$15.85	5.24	%	$17.00	$15.19

NAV	$16.08	$16.09	(0.06	)%	$16.10	$15.67

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Tobacco	13	%	13	%

Housing	13		13

Transportation	13		12

Education	12		12

Industrial & Pollution Control	10		5

City, County & State	9		10

Water & Sewer	8		8

Tax Revenue	8		9

Hospitals	7		11

Lease Revenue	4		4

Power	3		3

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	39	%	23	%

AA/Aa	19		24

A	18		22

BBB/Baa	16		26

BB/Ba	1		1

B	3		—

CCC/Caa	4		4

Not Rated⁶	—		—

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶As of February 28, 2006 and August 31, 2005, less than 0.5% of long-term investments were held.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock New York Municipal Income Trust II (BFY)

Trust Information

Symbol on American Stock Exchange:	BFY

Initial Offering Date:	July 30, 2002

Closing Market Price as of 2/28/06:	$14.37

Net Asset Value as of 2/28/06:	$15.41

Yield on Closing Market Price as of 2/28/06 ($14.37):¹	4.95	%

Current Monthly Distribution per Common Share:²	$0.05925

Current Annualized Distribution per Common Share:²	$0.71100

Leverage as of 2/28/06:³	37	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$14.37	$14.02	2.50	%	$14.37	$12.79

NAV	$15.41	$15.23	1.18	%	$15.41	$14.82

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Transportation	21	%	21	%

Industrial & Pollution Control	19		11

Education	15		14

Tobacco	12		11

Hospitals	10		12

Housing	9		7

City, County & State	5		11

Tax Revenue	4		5

Water & Sewer	4		7

Power	1		1

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	33	%	21	%

AA/Aa	33		32

A	17		24

BBB/Baa	9		19

BB/Ba	1		1

B	3		—

CCC/Caa	3		3

Not Rated	1		—

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2006

BlackRock Virginia Municipal Bond Trust (BHV)

Trust Information

Symbol on American Stock Exchange:	BHV

Initial Offering Date:	April 30, 2002

Closing Market Price as of 2/28/06:	$17.73

Net Asset Value as of 2/28/06:	$16.35

Yield on Closing Market Price as of 2/28/06 ($17.73):¹	4.90	%

Current Monthly Distribution per Common Share:²	$0.072428

Current Annualized Distribution per Common Share:²	$0.869136

Leverage as of 2/28/06:³	35	%

¹Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

²The distribution is not constant and is subject to change. Past performance does not guarantee future results.

³As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


	2/28/06	8/31/05	Change		High	Low

Market Price	$17.73	$17.30	2.49	%	$18.25	$16.12

NAV	$16.35	$16.34	0.06	%	$16.35	$15.87

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

Sector Breakdown⁴

Sector	February 28, 2006		August 31, 2005

Water & Sewer	18	%	18	%

City, County & State	17		17

Transportation	17		17

Housing	16		16

Hospitals	15		15

Tobacco	5		5

Education	4		5

Industrial & Pollution Control	4		4

Lease Revenue	4		3

Credit Breakdown⁵

Credit Rating	February 28, 2006		August 31, 2005

AAA/Aaa	45	%	45	%

AA/Aa	15		15

A	16		15

BBB/Baa	13		14

Not Rated⁶	11		11

⁴A category may contain multiple industries as defined by the SEC’s Standard Industry Codes.

⁵Using the higher of S&P’s, Moody’s or Fitch’s rating.

⁶The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 28, 2006 and August 31, 2005, the market value of these securities was $1,432,063 representing 3.8% and $2,478,468 representing 6.5%, respectively, of the Trust’s long-term investments.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock Insured Municipal Income Trust (BYM)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—150.8%
		California—38.4%
		California St., GO,
AAA	$ 5,000	5.00%, 2/01/32, MBIA	08/13 @ 100	$	5,236,100
AAA	5,000	5.00%, 3/01/33	03/15 @ 100		5,236,000
AAA	14,000³	Dept. of Wtr. Res., Pwr. Sply. RB, Ser. A, 5.375%, 5/01/12	N/A		15,539,440
		Golden St. Tobacco Sec. Corp. RB,
AAA	10,000	Ser. A, 5.00%, 6/01/35, FGIC	06/15 @ 100		10,466,500
BBB	6,500	Ser. A-1, 6.625%, 6/01/40	06/13 @ 100		7,260,500
BBB	14,500	Ser. A-1, 6.75%, 6/01/39	06/13 @ 100		16,306,700
AAA	12,100	Infrastructure & Econ. Dev. RB, Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC	07/13 @ 100		12,666,401
AAA	7,245	Los Angeles Dept. of Wtr. & Pwr. Sys. RB, 5.00%, 7/01/31, FSA	07/15 @ 100		7,653,690
AAA	17,500	Met. Wtr. Dist. So. California RB, Ser. B-1, 5.00%, 10/01/33, FGIC	10/13 @ 100		18,365,200
AAA	15,000	San Francisco City & Cnty. Pub. Utils. Comm., Wtr. RB, Ser. A, 5.00%, 11/01/31, FSA	11/11 @ 100		15,667,350
AAA	53,000	San Joaquin Hills Transp. Corridor Agcy., Toll Rd. RB, Ser. A, Zero Coupon, 1/15/31, MBIA	No Opt. Call		16,694,470
		Univ. of California RB,
AAA	10,000	Ser. C, 4.75%, 5/15/37, MBIA	05/13 @ 101		10,176,100
AAA	3,330	Ser. G, 4.75%, 5/15/31, MBIA	05/13 @ 101		3,400,097
AAA	10,910	Ser. O, 5.00%, 9/01/28, FGIC	09/10 @ 101		11,418,515

					156,087,063

		District of Columbia—2.5%
BBB	9,500	Tobacco Settlement Fin. Corp. RB, 6.75%, 5/15/40	05/11 @ 101		10,313,675

		Florida—8.1%
AAA	25,520	Miami Dade Cnty. RB, Cap. Apprec. Sub. Proj., Ser. A, Zero Coupon, 10/01/38, MBIA	10/15 @ 30.363		4,824,045
AAA	24,700	Orlando & Orange Cnty., Expwy. Auth., Expwy. RB, Ser. B, 5.00%, 7/01/35, AMBAC	07/13 @ 100		25,775,438
AAA	2,265	Peace River/Manasota Regl. Wtr. Sply. Auth. RB, 5.00%, 10/01/30, FSA	10/15 @ 100		2,401,104

					33,000,587

		Georgia—4.4%
AAA	2,500	Atlanta Arpt. Passenger Fac. RB, Ser. J, 5.00%, 1/01/34, FSA	01/15 @ 100		2,610,450
		Atlanta Wtr. & Wstwtr. RB,
AAA	2,000	5.00%, 11/01/34, FSA	11/14 @ 100		2,092,860
AAA	3,235	5.00%, 11/01/37, FSA	11/14 @ 100		3,373,361
AAA	9,555	Ser. A, 5.00%, 11/01/38, FGIC	05/09 @ 101		9,891,049

					17,967,720

		Illinois—17.9%
AAA	11,550³	Chicago Spec. Transp. RB, 5.25%, 1/01/27, AMBAC	N/A		12,195,876
		Chicago, GO,
AAA	13,000	Ser. A, 5.00%, 1/01/34	05/13 @ 101		13,502,320
AAA	7,000	Ser. A, 5.00%, 1/01/34, MBIA	01/13 @ 100		7,257,530
		Met. Pier & Exposition Auth., Ded. St. Tax RB., McCormick Place Expansion Proj.,
AAA	24,010	Ser. A, 5.00%, 12/15/28, MBIA	06/12 @ 101		25,126,225
AAA	15,000	Ser. B, Zero Coupon, 6/15/28, MBIA	No Opt. Call		5,516,250
		O’Hare Intl. Arpt. RB,
AAA	2,400⁴	Ser. A, 5.00%, 1/01/30, MBIA	01/15 @ 100		2,511,408
AAA	6,180	Ser. A, 5.00%, 1/01/33, FGIC	01/16 @ 100		6,472,932

					72,582,541

		Maine—0.1%
AAA	500	Hlth. & Higher Edl. Fac. Auth. RB, 5.00%, 7/01/29, MBIA	07/15 @ 100		526,630

		Massachusetts—9.5%
AAA	24,000	Tpke. Auth., Met. Hwy. Sys. RB, Ser. A, 5.00%, 1/01/39, AMBAC	01/09 @ 101		24,602,640
AAA	13,000	Wtr. Res. Auth. RB, Ser. B, 5.00%, 8/01/35, MBIA	08/17 @ 100		13,765,310

					38,367,950

		Minnesota—1.3%
AAA	5,000	St. Paul Met. Arpt. Comm. RB, 5.00%, 1/01/35, AMBAC	01/15 @ 100		5,209,750

See Notes to Financial Statements.

BlackRock Insured Municipal Income Trust (BYM) (continued)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		Nevada—7.1%
AAA	$ 6,000	Reno Transp. Proj. RB, 5.125%, 6/01/32, AMBAC	06/12 @ 100	$	6,278,220
		Truckee Meadows Wtr. Auth. RB,
AAA	10,000	Ser. A, 5.00%, 7/01/25, FSA	07/11 @ 100		10,377,800
AAA	6,500	Ser. A, 5.125%, 7/01/30, FSA	07/11 @ 100		6,799,780
AAA	5,000	Ser. A, 5.25%, 7/01/34, FSA	07/11 @ 100		5,245,550

					28,701,350

		New York—8.4%
		New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. RB,
AAA	10,650	Ser. B, 5.00%, 6/15/36, FSA	12/14 @ 100		11,205,823
AAA	7,305	Ser. C, 5.00%, 6/15/35, AMBAC	06/14 @ 100		7,652,499
AAA	10,000	New York City Trust Cultural Recs. RB, American Museum of Natural History Proj.,
		Ser. A, 5.00%, 7/01/44, MBIA	07/14 @ 100		10,442,300
AAA	4,660	Sales Tax Asset Receivable Corp. RB, Ser. A, 5.00%, 10/15/29, AMBAC	10/14 @ 100		4,944,307

					34,244,929

		Ohio—4.6%
AAA	12,280	Air Qual. Dev. Auth. RB, 4.80%, 1/01/34, FGIC	07/15 @ 100		12,547,950
AAA	6,000	Wtr. Dev. Auth., Poll. Ctrl. Facs. RB, Dayton Pwr. & Lt. Proj., Ser. A, 4.80%, 1/01/34, FGIC	07/15 @ 100		6,085,260

					18,633,210

		Pennsylvania—2.7%
BBB+	5,000	Lebanon Cnty. Hlth. Facs. Auth. RB, Good Samaritan Hosp. Proj., 6.00%, 11/15/35	11/12 @ 101		5,391,150
AAA	5,200³	Philadelphia Gas Wks. RB, Ser. 3, 5.125%, 8/01/11, FSA	N/A		5,591,872

					10,983,022

		South Carolina—9.2%
AAA	5,000	Pub. Svc. Auth. RB, Ser. B, 5.50%, 1/01/36, FSA	01/12 @ 100		5,396,950
		Transp. Infrastructure Bank RB,
AAA	12,750	Ser. A, 5.00%, 10/01/33, AMBAC	10/12 @ 100		13,241,385
AAA	5,000	Ser. A, 5.00%, 10/01/33, AMBAC	10/13 @ 100		5,234,000
AAA	12,660	Ser. B, 5.125%, 10/01/26, AMBAC	10/11 @ 100		13,397,825

					37,270,160

		Tennessee—3.9%
		Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. RB,
AAA	11,705	Ser. A, Zero Coupon, 1/01/22, FSA	01/13 @ 59.566		4,986,564
AAA	9,260	Ser. A, Zero Coupon, 1/01/23, FSA	01/13 @ 56.016		3,704,926
AAA	8,500	Ser. A, Zero Coupon, 1/01/24, FSA	01/13 @ 52.749		3,196,085
AAA	6,850	Ser. A, Zero Coupon, 1/01/25, FSA	01/13 @ 49.712		2,425,722
AAA	5,000	Ser. A, Zero Coupon, 1/01/26, FSA	01/13 @ 46.781		1,661,800

					15,975,097

		Texas—21.9%
AAA	10,030	Coppell Indpt. Sch. Dist., GO, Zero Coupon, 8/15/30	No Opt. Call		3,175,297
AAA	2,350	Dallas Area Rapid Trans. RB, 5.00%, 12/01/31, AMBAC	12/11 @ 100		2,429,172
		Harris Cnty.
AAA	7,485	GO, Zero Coupon, 8/15/25, MBIA	No Opt. Call		3,108,221
AAA	10,915	GO, Zero Coupon, 8/15/28, MBIA	No Opt. Call		3,855,069
AAA	5,510	Toll Rd. RB, 5.00%, 8/15/30, FSA	08/12 @ 100		5,725,110
		Harris Cnty. Sports Auth. RB,
AAA	26,890	Ser. A-3, Zero Coupon, 11/15/38, MBIA	11/24 @ 43.826		4,705,750
AAA	27,675	Ser. A-3, Zero Coupon, 11/15/39, MBIA	11/24 @ 41.258		4,551,154
AAA	5,785	Ser. H, Zero Coupon, 11/15/38, MBIA	11/31 @ 64.91		1,008,846
AAA	6,160	Ser. H, Zero Coupon, 11/15/39, MBIA	11/31 @ 60.976		1,009,131
AAA	9,500	Northside Indpt. Sch. Dist., Sch. Bldg. Rmkt., GO, 5.125%, 6/15/29	06/14 @ 100		10,067,910
		San Antonio Wtr. RB,
AAA	9,350	5.125%, 5/15/29, FGIC	05/14 @ 100		9,917,545
AAA	10,000	5.125%, 5/15/34, FGIC	05/14 @ 100		10,564,400
AAA	25,000	Tpke. Auth., Central Sys. RB, Ser. A, 5.00%, 8/15/42, AMBAC	08/12 @ 100		25,734,750
BBB+	3,000	Tyler Cnty. Hlth. Facs. Dev. RB, Mother Frances Hosp. Proj., 6.00%, 7/01/31	07/12 @ 100		3,157,470

					89,009,825

See Notes to Financial Statements.

BlackRock Insured Municipal Income Trust (BYM) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)	Description		Provisions²		Value

		Virginia—1.9%
		Chesterfield Cnty. Indl. Dev. Auth., PCR RB, Elec. & Pwr. Co. Proj.,
A3	$ 3,000	Ser. A, 5.875%, 6/01/17		11/10 @ 102	$	3,278,160
A3	4,000	Ser. B, 5.875%, 6/01/17		11/10 @ 102		4,370,880

						7,649,040

		Washington—8.6%
AAA	9,610	Central Washington Univ., Sys. RB, 5.00%, 5/01/34, FGIC		05/14 @ 100		10,034,666
AAA	3,655	Chelan Cnty. Pub. Util. Dist. 1 RB, Chelan Hydro Sys. Proj., Ser. C, 5.125%, 7/01/33, AMBAC	.	07/12 @ 100		3,822,326
AAA	4,500	Port of Seattle RB, Ser. A, 5.00%, 4/01/31, FGIC		10/11 @ 100		4,656,870
AAA	9,500	Seattle, GO, Ser. F, 5.125%, 12/15/28, MBIA		12/08 @ 100		9,796,020
AAA	6,380	Washington, GO, Ser. A, 5.00%, 7/01/25, FSA		07/11 @ 100		6,655,042

						34,964,924

		West Virginia—0.3%
AAA	1,295	Econ. Dev. Auth. RB, Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA		06/14 @ 100		1,362,793

		Total Long-Term Investments (cost $577,397,890)				612,850,266

		SHORT-TERM INVESTMENTS—4.5%
		Tennessee—2.5%
VMIG1	10,000⁵	Montgomery Cnty. Pub. Bldg. RB, 3.00%, 3/01/06, FRDD		N/A		10,000,000


	Shares
	(000)

		Money Market Fund—2.0%
NR	8,200	AIM Tax Free Investment Co. Cash Reserve Portfolio		N/A		8,200,000

		Total Short-Term Investments (cost $18,200,000)				18,200,000

		Total Investments—155.3% (cost $595,597,890⁶)			$	631,050,266
		Other assets in excess of liabilities—1.1%				4,352,901
		Preferred shares at redemption value, including dividends payable—(56.4)%				(229,020,279)
		Net Assets Applicable to Common Shareholders—100%			$	406,382,888

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³This 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.

⁴Security, or a portion thereof, pledged as collateral with a value of $2,531,408 on 472 short U.S. Treasury Note futures contracts expiring June 2006 and 632 short U.S. Treasury Bond futures contracts expiring June 2006. The value of such contracts on February 28, 2006 was $122,407,000, with an unrealized loss of $420,171.

⁵For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of February 28, 2006.

⁶Cost for Federal income tax purposes is $595,581,575. The net unrealized appreciation on a tax basis is $35,468,691, consisting of $35,512,155 gross unrealized appreciation and $43,464 gross unrealized depreciation.

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 83.2% of the Trust’s managed assets. The Trust had the following insurance concentrations:

AMBAC	—	25.9%
FGIC	—	17.6%
FSA	—	16.9%
MBIA	—	21.4%
Other	—	1.4%

KEY TO ABBREVIATIONS

AMBAC	— American Municipal Bond Assurance Corp.	GO	— General Obligation
FGIC	— Financial Guaranty Insurance Co.	MBIA	— Municipal Bond Insurance Assoc.
FSA	— Financial Security Assurance	PCR	— Pollution Control Revenue
FRDD	— Floating Rate Daily Demand	RB	— Revenue Bond

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock Municipal Bond Trust (BBK)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—144.4%
		Alabama—4.8%
A2	$ 7,500	Huntsville Hlth. Care Auth. RB, Ser. A, 5.75%, 6/01/31	06/11 @ 101	$	7,938,375

		Arizona—0.7%
		San. Luis Fac. Dev. Corp. RB, Regl. Detention Ctr. Proj.,
NR	300	6.25%, 5/01/15	05/10 @ 107		296,115
NR	300	7.00%, 5/01/20	05/10 @ 107		295,479
NR	600	7.25%, 5/01/27	05/10 @ 107		589,746

					1,181,340

		California—7.6%
A-	6,000	Golden St. Tobacco Sec. Corp. RB, Ser. A, 5.00%, 6/01/45	06/15 @ 100		6,152,940
AAA	2,960	Los Angeles Dept. of Wtr. & Pwr. Sys. RB, 5.00%, 7/01/31, FSA	07/15 @ 100		3,126,973
AAA	1,525	Los Angeles Unified Sch. Dist., Election of 2004, Ser. F, 5.00%, 7/01/30	07/16 @ 100		1,619,718
NR	1,585	Val Verde Unified Sch. Dist. Fin. Auth. ST, 6.25%, 10/01/28	10/13 @ 102		1,669,750

					12,569,381

		Colorado—0.8%
Baa2	635	Park Creek Met. Dist. RB, Ppty. Tax, 5.50%, 12/01/37	12/15 @ 101		657,301
AAA	635	Springs Co. Utils. RB, Ser. C, 5.00%, 11/15/45, FSA	11/15 @ 100		659,695

					1,316,996

		District of Columbia—11.0%
A	595	Friendship Pub. Charter Sch., Inc. Proj., RB 5.25%, 6/01/33, ACA	06/14 @ 100		607,322
AAA	6,000	Gallary Place Proj. TA, 5.40%, 7/01/31, FSA	07/12 @ 100		6,402,960
AAA	33,450	Georgetown Univ. RB, Ser. A, Zero Coupon, 4/01/38, MBIA	04/11 @ 20.243		5,259,009
BBB	5,580	Tobacco Settlement Fin. Corp. RB, 6.75%, 5/15/40	05/11 @ 101		6,057,927

					18,327,218

		Florida—20.1%
AAA	3,455	Brd. of Ed. Pub. Ed., Cap. Outlay, GO, Ser. A, 5.00%, 6/01/31	06/14 @ 101		3,651,175
BB+	6,200	Martin Cnty. Indl. Dev. Auth. RB, Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25	03/06 @ 101		6,403,794
BB+	2,810	Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		3,154,647
A+	10,000	Orange Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32	11/12 @ 101		10,706,000
AAA	7,255	Palm Beach Cnty. Hsg. Fin. Auth., Multi-Fam. RB, Indian Trace Apts. Proj., Ser. A,
		5.625%, 1/01/44, FSA	01/12 @ 100		7,481,211
AAA	925	Peace River/Manasota Regl. Wtr. Sply. Auth. RB, 5.00%, 10/01/30, FSA	10/15 @ 100		980,583
NR	1,000	Stevens Plantation Cmnty. Dev. Dist. ST, Ser. A, 7.10%, 5/01/35	05/14 @ 100		1,049,770

					33,427,180

		Georgia—5.0%
AAA	3,000	Atlanta Arpt. Passenger Fac. RB, Ser. J, 5.00%, 1/01/34, FSA	01/15 @ 100		3,132,540
AAA	5,000	Atlanta Wtr. & Wstwtr. RB, 5.00%, 11/01/37, FSA	11/14 @ 100		5,213,850

					8,346,390

		Illinois—21.0%
AAA	23,065	Bolingbrook, GO, Ser. B, Zero Coupon, 1/01/36, FGIC	01/12 @ 23.018		4,101,188
NR	1,150³	Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23	No Opt. Call		1,168,538
		Chicago, GO,
AAA	55⁴	Ser. A, 5.50%, 1/01/11, MBIA	N/A		60,207
AAA	5,825	Ser. A, 5.50%, 1/01/38, MBIA	01/11 @ 101		6,237,002
BBB	6,000	Edl. Facs. Auth., Student Hsg. RB, Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34	05/07 @ 100		6,156,000
		Fin. Auth. RB,
BB+	420	Friendship Vlg, Schaumburg Proj., Ser. A, 5.625%, 2/15/37	02/15 @ 100		423,465
Baa2	525	Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35	06/14 @ 100		524,522
Baa3	425	Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35	06/14 @ 100		424,601
A	6,000	Hlth. Facs. Auth. RB, Lake Forest Hosp. Proj., Ser. A, 5.75%, 7/01/29	07/12 @ 100		6,412,020
		Met. Pier & Exposition Auth., Ded. St. Tax. RB, McCormick Place Expansion Proj.,
AAA	10,000	Ser. A, Zero Coupon, 6/15/35, MBIA	No Opt. Call		2,602,600
AAA	10,000	Ser. A, Zero Coupon, 12/15/36, MBIA	No Opt. Call		2,414,600
AAA	10,000	Ser. A, Zero Coupon, 12/15/37, MBIA	No Opt. Call		2,298,500

See Notes to Financial Statements.

BlackRock Municipal Bond Trust (BBK) (continued)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		Illinois—(continued)
		O’Hare Intl. Arpt. RB,
AAA	$ 1,000	Ser. A, 5.00%, 1/01/29, MBIA	01/15 @ 100	$	1,047,170
AAA	1,000	Ser. A, 5.00%, 1/01/30, MBIA	01/15 @ 100		1,046,420

					34,916,833

		Indiana—1.2%
Aa2	1,985	Multi-Fam. Hsg. RB, Canterbury House Apts. Proj., Ser. 1, 5.90%, 12/01/34	12/11 @ 100		2,074,662

		Kansas—3.2%
A-	5,000	Wichita Arpt. Auth., Arpt. Facs. RB, Cessna Citation Svc. Ctr. Proj., Ser. A, 6.25%, 6/15/32	06/12 @ 101		5,386,450

		Maine—1.1%
AAA	1,800	Hlth. & Higher Edl. Fac. Auth. RB, 5.00%, 7/01/29, MBIA	07/15 @ 100		1,895,868

		Maryland—3.3%
NR	1,250	Baltimore ST, Harborview Lot No. 2 Proj., 6.50%, 7/01/31	07/13 @ 101		1,339,088
NR	3,000	Frederick Cnty. ST, Urbana Cmnty. Dev. Auth., Ser. B, 6.25%, 7/01/30	07/07 @ 102		3,052,710
BBB+	1,040	Hlth. & Higher Edl. Facs. Auth. RB, Medstar Hlth. Proj., 5.50%, 8/15/33	08/14 @ 100		1,082,723

					5,474,521

		Multi-State—7.2%
Baa1	10,500³	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100		11,909,310

		Nevada—0.9%
NR	1,400	Las Vegas Spec. Impvt. Dist. No. 809 RB, Summerlin Area Proj., 5.65%, 6/01/23	06/06 @ 103		1,438,668

		New Jersey—9.7%
		Econ. Dev. Auth.,
BBB	1,500	Cigarette Tax RB, 5.50%, 6/15/31	06/14 @ 100		1,580,610
B	3,000	Continental Airlines, Inc. Proj. RB, 7.20%, 11/15/30	11/10 @ 101		3,033,900
Baa3	7,500	Kapkowski Rd. Landfill Proj. SA, 6.50%, 4/01/28	No Opt. Call		9,015,675
BBB-	1,500	Winchester Proj. RB, Ser. A, 5.80%, 11/01/31	11/14 @ 100		1,563,570
NR	915	Middlesex Cnty. Imprt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37	01/15 @ 100		912,612

					16,106,367

		New York—14.6%
NR	455	Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35	05/15 @ 102		433,201
AAA	1,330	Env. Facs. Corp., St. Clean Wtr. & Drinking Wtr. RB, NYC Mun. Wtr. Proj.,
		Ser. B, 5.00%, 6/15/31	06/12 @ 100		1,390,382
AA-	8,760	Liberty Dev. Corp. Proj. RB, 5.25%, 10/01/35	No Opt. Call		9,937,519
AAA	1,760	Met. Transp. Auth. Svc. Contract RB, Ser. A, 5.00%, 7/01/30, AMBAC	07/12 @ 100		1,836,437
B-	8,100	New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31	08/16 @ 101		8,725,968
AAA	1,885	Sales Tax Asset Receivable Corp. RB, Ser. A, 5.00%, 10/15/29, AMBAC	10/14 @ 100		2,000,004

					24,323,511

		North Carolina—1.9%
NR	2,945	Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth. RB, 5.75%, 8/01/35	08/15 @ 100		3,101,703

		Ohio—3.5%
AAA	4,220	Air Qual. Dev. Auth. RB, 4.80%, 1/01/34, FGIC	07/15 @ 100		4,312,080
NR	1,500	Port Greater Cincinnati Dev. Auth. RB, Cooperative Pub. Pkg. Infrastructure Proj., 6.40%, 2/15/34 .	02/14 @ 102		1,583,265

					5,895,345

		Oklahoma—1.1%
B-	1,725	Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35	No Opt. Call		1,854,427

		Oregon—0.6%
Aa2	990	Multi-Fam. Hsg. RB, Pacific Tower Apts. Proj., Ser. 6, 6.05%, 11/01/34	12/11 @ 100		1,035,896

		Pennsylvania—3.2%
BB-	4,895	Econ. Dev. Fin. Auth. Exempt Facs. RB, Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36	12/09 @ 103		5,237,112

		South Carolina—0.7%
		Jobs Econ. Dev. Auth. Hosp. Facs. RB., Palmetto Hlth. Proj.,
BBB+	890⁴	Ser. C, 7.00%, 8/01/13	N/A		1,069,228
BBB+	110	Ser. C, 7.00%, 8/01/30	08/13 @ 100		128,141

					1,197,369

See Notes to Financial Statements.

BlackRock Municipal Bond Trust (BBK) (continued)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		Texas—15.2%
BBB	$ 880	Brazos River Auth., PCR RB, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38	10/13 @ 101	$	969,998
AAA	940	Dallas Area Rapid Trans. RB, 5.00%, 12/01/31, AMBAC	12/11 @ 100		971,669
AAA	11,690	Harris Cnty. Houston Sports Auth. RB, Ser. G, Zero Coupon, 11/15/41, MBIA	11/31 @ 53.779		1,688,971
Aa2	2,825	Multi-Fam. Hsg. RB, Copperwood Ranch Apts. Proj., Ser. 9, 5.95%, 11/01/35	12/11 @ 100		2,952,859
AAA	60,000	Tpke. Auth., Central Sys. RB., Zero Coupon, 8/15/35, AMBAC	08/12 @ 25.665		11,533,800
BBB+	6,840	Tyler Cnty. Hlth. Facs. Dev. RB, Mother Frances Hosp. Proj., 6.00%, 7/01/31	07/12 @ 100		7,199,032

					25,316,329

		West Virginia—0.3%
AAA	520⁵	Econ. Dev. Auth. RB, Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA	06/14 @ 100		547,222

		Wisconsin—5.7%
		Hlth. & Edl. Facs. Auth. RB,
A-	1,350	Aurora Hlth. Care Proj., 6.40%, 4/15/33	04/13 @ 100		1,498,568
A	7,000	Wheaton Franciscan Svcs. Proj., 5.75%, 8/15/30	02/12 @ 101		7,460,530
AAA	530	Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC	07/15 @ 100		554,910

					9,514,008

		Total Long-Term Investments (cost $222,085,947)			240,332,481


		SHORT-TERM INVESTMENTS—8.9%
		Massachusetts—0.1%
A-1+	100⁶	Hlth. & Edl. Fac. Auth. RB., Harvard Univ. Proj., Ser. GG-1, 3.05%, 3/02/06, FRWD	N/A		100,000


	Shares
	(000)

		Money Market Funds—8.8%
NR	8,300	AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A		8,300,000
NR	6,300	SSgA Tax Free Money Mkt. Fund	N/A		6,300,000

					14,600,000

		Total Short-Term Investments (cost $14,700,000)			14,700,000

		Total Investments—153.3% (cost $236,785,947⁷)		$	255,032,481
		Other assets in excess of liabilities—1.1%			1,902,978
		Preferred shares at redemption value, including dividends payable—(54.4)%			(90,544,746)

		Net Assets Applicable to Common Shareholders—100%		$	166,390,713

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security 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 February 28, 2006, the Trust held 7.9% of its net assets, with a current market value of $13,077,848, in securities restricted as to resale.

⁴This 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.

⁵Security, or a portion thereof, pledged as collateral with a value of $553,722 on 106 short U.S. Treasury Note futures contracts expiring June 2006 and 142 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $43,687,438, with an unrealized loss of $150,122.

⁶For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of February 28, 2006.

⁷Cost for Federal income tax purposes is $236,781,087. The net unrealized appreciation on a tax basis is $18,251,394, consisting of $18,292,099 gross unrealized appreciation and $40,705 gross unrealized depreciation.

KEY TO ABBREVIATIONS

ACA	— American Capital Access	MBIA	— Municipal Bond Insurance Assoc.
AMBAC	— American Municipal Bond Assurance Corp.	PCR	— Pollution Control Revenue
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bonds
FRWD	— Floating Rate Weekly Demand	ST	— Special Tax
FSA	— Financial Security Assurance	TA	— Tax Allocation
GO	— General Obligation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock Municipal Income Trust II (BLE)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—145.2%
			California—6.4%
A	$ 2,250		Agua Caliente Band RB, Cahuilla Indians Proj., 6.00%, 7/01/18	07/13 @ 100	$	2,375,168
AAA	6,390		Los Angeles Dept. of Wtr. & Pwr. Sys. RB, 5.00%, 7/01/31, FSA	07/15 @ 100		6,750,460
A	3,500		Mobilehome Park Fin. Auth. RB, Palomar Estates East & West Proj., Ser. A, 5.25%, 3/15/34, ACA .	03/13 @ 102		3,624,670
NR	4,620		San Francisco City & Cnty. Redev. Agcy. ST, Cmnty. Facs. Dist., Mission Bay South Proj.,
			6.625%, 8/01/27	08/11 @ 101		5,013,947
A+	5,000		Statewide Cmnty. Dev. Auth. RB, Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33	04/13 @ 100		5,290,700

						23,054,945

			Colorado—5.0%
AA	10,000³		Hlth. Facs. Auth. RB, Catholic Hlth. Initiatives Proj., Ser. A, 5.50%, 3/01/32	ETM		10,713,900
AAA	4,000		Northwest Pkwy. Pub. Hwy. Auth. RB, Ser. A, 5.25%, 6/15/41, FSA	06/11 @ 102		4,237,760
Baa2	1,375		Park Creek Met. Dist. RB, Ppty. Tax, 5.50%, 12/01/37	12/15 @ 101		1,423,290
AAA	1,375		Springs Co. Utils. RB, Ser. C, 5.00%, 11/15/45, FSA	11/15 @ 100		1,428,474

						17,803,424

			District of Columbia—6.2%
A	1,265		Friendship Pub. Charter Sch., Inc. Proj. RB, 5.25%, 6/01/33, ACA	06/14 @ 100		1,291,198
			Tobacco Settlement Fin. Corp. RB,
BBB	7,500		6.50%, 5/15/33	No Opt. Call		8,658,975
BBB	11,500		6.75%, 5/15/40	05/11 @ 101		12,484,975

						22,435,148

			Florida—15.0%
NR	515		Fishhawk Cmnty. Dev. Dist. II, Spec. Assmt. RB, Ser. B, 5.00%, 11/01/07	No Opt. Call		513,687
NR	4,780		Lakes by the Bay So. Cmnty. Dev. Dist. RB, Ser. A, 6.25%, 5/01/34	05/14 @ 101		5,100,977
BBB+	2,650		Leesburg Hosp. RB, Leesburg Regl. Med. Ctr. Proj., 5.50%, 7/01/32	07/12 @ 100		2,747,096
NR⁴	3,165		Live Oak Comm. Dev., Dist. No. 1, SA, Ser. A, 6.30%, 5/01/34	05/13 @ 101		3,315,116
BB+	6,230		Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		6,994,109
A+	6,850		Orange Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32	11/12 @ 101		7,333,610
AAA	2,000		Peace River/Manasota Regl. Wtr. Sply. Auth. RB, 5.00%, 10/01/30, FSA	10/15 @ 100		2,120,180
AA-	14,000		Pinellas Cnty. Hlth. Fac. Auth. RB, Baycare Hlth. Sys. Proj., 5.50%, 11/15/33	05/13 @ 100		14,816,620
NR	2,085		Stevens Plantation Cmnty. Dev. Dist., SA, Ser. A, 7.10%, 5/01/35	05/14 @ 100		2,188,770
NR	4,575		Sumter Cnty. Ind. Dev. Auth. RB, No. Sumter Util. Co. LLC Proj., 6.90%, 10/01/34	10/09 @ 100		4,800,319
NR	3,715		Sumter Landing Cmnty. Dev., SA, 6.875%, 5/01/23	05/13 @ 101		4,034,156

						53,964,640

			Georgia—2.6%
AAA	4,000		Atlanta Arpt. Passenger Fac. RB, Ser. J, 5.00%, 1/01/34, FSA	01/15 @ 100		4,176,720
BBB	5,000		Milledgeville-Baldwin Cnty. Dev. Auth. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 5.625%, 9/01/30 .	09/14 @ 101		5,267,900

						9,444,620

			Illinois—17.2%
AAA	4,000		Bolingbrook, GO, Ser. A, 5.375%, 1/01/38, FGIC	01/12 @ 100		4,238,360
NR	2,470⁵		Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23	No Opt. Call		2,509,816
A+	7,500⁶	^.7	Dev. Fin. Auth. Hosp. RB, Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09	N/A		8,104,275
			Fin. Auth. RB,
BB+	910		Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37	02/15 @ 100		917,508
Baa2	1,125		Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35	06/14 @ 100		1,123,976
Baa3	900		Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35	06/14 @ 100		899,154
AA+	1,880		Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43	08/14 @ 100		2,012,258
A	8,000		Hlth. Facs. Auth. RB, Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22	01/13 @ 100		8,431,600
			Met. Pier & Exposition Auth., Ded. St. Tax RB, McCormick Place Expansion Proj.,
AAA	45,190		Ser. A, Zero Coupon, 6/15/33, MBIA	No Opt. Call		12,997,096
AAA	5,000		Ser. A, Zero Coupon, 6/15/40, MBIA	No Opt. Call		1,013,500
			O’Hare Intl. Arpt. RB,
AAA	2,100		Ser. A, 5.00%, 1/01/30, MBIA	01/15 @ 100		2,197,482
AAA	4,290		Ser. C-2, 5.25%, 1/01/30, FSA	01/14 @ 100		4,491,373
AAA	15,000		Sports Facs. Auth., Ded. St. Tax Supported RB, Zero Coupon, 6/15/30, AMBAC	06/15 @ 101		12,981,900

						61,918,298

See Notes to Financial Statements.

BlackRock Municipal Income Trust II (BLE) (continued)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		Indiana—7.5%
AA	$ 5,000	Hlth. Fac. Fin. Auth. RB, Ascension Hlth. Proj., Ser. F, 5.375%, 11/15/25	11/12 @ 101	$	5,281,700
AAA	19,735⁶	Indianapolis Local Pub. Impvt. Bond Bank RB, Wtr. Wks. Proj., Ser. A, 5.25%, 7/01/12, MBIA	N/A		21,492,007

					26,773,707

		Maine—0.4%
AAA	1,500	Hlth. & Higher Edl. Fac. Auth. RB, 5.00%, 7/01/29, MBIA	07/15 @ 100		1,579,890

		Maryland—1.8%
NR	3,000	Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.95%, 7/01/30	07/07 @ 102		3,053,040
		Hlth. & Higher Edl. Facs. Auth. RB,
BBB+	2,240	Medstar Hlth. Proj., 5.50%, 8/15/33	08/14 @ 100		2,332,019
A	1,000	Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32	07/12 @ 100		1,055,650

					6,440,709

		Mississippi—1.7%
BBB	4,950	Lowndes Cnty. Sld. Wst. Disp., PCR RB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22	No Opt. Call		5,987,767

		Missouri—1.8%
NR	6,000	Dept. of Transp. RB, Rt. 370/Missouri Bottom Rd./Taussig Rd. Proj., 7.20%, 5/01/33	05/13 @ 100		6,376,920

		Multi-State—3.7%
		Charter Mac Equity Issuer Trust,
A3	1,000⁵	Ser. A, 5.75%, 4/30/15	No Opt. Call		1,060,610
A3	3,500⁵	Ser. A, 6.00%, 4/30/19	No Opt. Call		3,739,995
Baa1	5,000⁵	Ser. B, 6.00%, 4/30/15	No Opt. Call		5,239,850
NR	3,000⁵	Ser. B, 6.30%, 4/30/19	No Opt. Call		3,207,870

					13,248,325

		Nevada—0.8%
NR	2,830	Henderson Local Impvt. Dist. No. T-14 SA, 5.80%, 3/01/23	09/06 @ 103		2,925,484

		New Jersey—12.4%
		Econ. Dev. Auth.,
BBB	9,000	Cigarette Tax Rev. RB, 5.50%, 6/15/31	06/14 @ 100		9,483,660
BBB	4,000	Cigarette Tax Rev. RB, 5.75%, 6/15/34	06/14 @ 100		4,268,800
B	10,100	Continental Airlines, Inc. Proj. RB, 7.20%, 11/15/30	11/10 @ 101		10,214,130
Baa3	7,475	Kapkowski Rd. Landfill Proj. SA, 6.50%, 4/01/28	No Opt. Call		8,985,623
Baa3	10,000	Kapkowski Rd. Landfill Proj. RB, 6.50%, 4/01/31	No Opt. Call		11,689,400

					44,641,613

		New Mexico—1.3%
Baa1	5,200	Hsg. Auth., Region III RB, Villa Delaware Oso Apts. Proj., Ser. A, 6.00%, 1/01/38	01/13 @ 102		4,825,548

		New York—11.1%
NR	985	Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35	05/15 @ 102		937,809
AAA	2,845	Env. Facs. Corp., St. Clean Wtr. & Drinking Wtr. RB, NYC Mun. Wtr. Proj.,
		Ser. B, 5.00%, 6/15/31	06/12 @ 100		2,974,163
AA-	14,065	Liberty Dev. Corp. Proj. RB, 5.25%, 10/01/35	No Opt. Call		15,955,617
AAA	3,775	Met. Transp. Auth. Svc. Contract RB, Ser. A, 5.00%, 7/01/30, AMBAC	07/12 @ 100		3,938,948
B-	6,700	New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31	08/16 @ 101		7,217,776
Caa2	8,800	Port Auth. of NY & NJ RB, Contl./Eastn. LaGuardia Proj., 9.00%, 12/01/10	03/06 @ 100		8,869,256

					39,893,569

		North Carolina—2.2%
NR	7,500	Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth. RB, 5.75%, 8/01/35	08/15 @ 100		7,899,075

		Ohio—4.0%
AAA	9,140	Air Qual. Dev. Auth. RB, 4.80%, 1/01/34, FGIC	07/15 @ 100		9,339,435
AAA	4,800	Wtr. Dev. Auth., Poll. Ctrl. Facs. RB, Dayton Pwr. & Lt. Proj., Ser. A, 4.80%, 1/01/34, FGIC	07/15 @ 100		4,868,208

					14,207,643

		Oklahoma—1.2%
B-	3,925	Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35	No Opt. Call		4,219,493

		Pennsylvania—6.2%
		Econ. Dev. Fin. Auth. RB,
A3	5,175	Amtrak Proj., Ser. A, 6.375%, 11/01/41	05/11 @ 101		5,561,728
BB-	10,565	Exempt Facs., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36	12/09 @ 103		11,303,388
BBB+	5,000	Monroe Cnty. Hosp. Auth. RB, Hosp. Pocono Med. Ctr. Proj., 6.00%, 1/01/43	01/14 @ 100		5,326,850

					22,191,966

See Notes to Financial Statements.

BlackRock Municipal Income Trust II (BLE) (continued)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		South Carolina—6.6%
		Greenwood Cnty. Hosp. RB, Self Mem. Hosp. Facs. Proj.,
A	$ 3,280	5.50%, 10/01/26	10/11 @ 100	$	3,426,944
A	3,250	5.50%, 10/01/31	10/11 @ 100		3,395,600
		Jobs Econ. Dev. Auth. Hosp. Facs. RB,
AA	3,750	Georgetown Mem. Hosp. Proj., 5.375%, 2/01/30, RAA	08/11 @ 100		3,940,763
BBB+	4,450⁶	Palmetto Hlth. Proj., 6.875%, 8/01/13	N/A		5,310,585
BBB+	550	Palmetto Hlth. Proj., 6.875%, 8/01/27	08/13 @ 100		636,020
BBB+	2,640	Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31	08/13 @ 100		2,876,227
NR	3,864	Lancaster Cnty. Assmt. RB, Edgewater Impvt. Dist., Ser. A, 6.875%, 11/01/35	11/13 @ 101		3,946,149

					23,532,288

		Tennessee—2.6%
AAA	20,405	Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. RB, Ser. A, Zero Coupon, 1/01/21, FSA	01/13 @ 63.44		9,283,051

		Texas—16.4%
BBB	1,650	Brazos River Auth., PCR RB, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38	10/13 @ 101		1,818,746
AAA	2,015	Dallas Area Rapid Trans. RB, 5.00%, 12/01/31, AMBAC	12/11 @ 100		2,082,885
BBB	20,000	Gulf Coast Wst. Disp. Auth., Env. Impvt. RB, Ser. A, 6.10%, 8/01/24	08/12 @ 100		21,204,200
AAA	25,375	Harris Cnty. Houston Sports Auth. RB, Ser. A-3, Zero Coupon, 11/15/36, MBIA	11/24 @ 49.423		5,026,026
		Tpke. Auth., Central Sys. RB,
AAA	73,370	Zero Coupon, 8/15/36, AMBAC	08/12 @ 24.171		13,282,905
AAA	65,000	Zero Coupon, 8/15/37, AMBAC	08/12 @ 22.708		11,057,800
AAA	27,600	Zero Coupon, 8/15/38, AMBAC	08/12 @ 21.384		4,421,520

					58,894,082

		Virginia—6.3%
NR⁴	13,190	Alexandria Redev. & Hsg. Auth. RB, 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34	04/08 @ 103		12,762,776
AAA	9,000	Halifax Cnty. Indl. Dev. Auth., Exempt Fac. RB, Old Dominion Elec. Coop. Proj.,
		5.625%, 6/01/28, AMBAC	06/13 @ 101		9,760,050

					22,522,826

		West Virginia—1.8%
AAA	1,115	Econ. Dev. Auth. RB, Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA	06/14 @ 100		1,173,370
BBB+	5,000	Mason Cnty., PCR RB, Appalachian Pwr. Co. Proj., Ser. L, 5.50%, 10/01/22	10/11 @ 100		5,149,550

					6,322,920

		Wisconsin—3.0%
		Hlth. & Edl. Facs. Auth. RB,
A-	3,930	Aurora Hlth. Care Proj., 6.40%, 4/15/33	04/13 @ 100		4,362,496
A	5,000	Wheaton Franciscan Svcs. Proj., 5.75%, 8/15/25	02/12 @ 101		5,331,650
AAA	1,140	Pub. Pwr., Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC	07/15 @ 100		1,193,580

					10,887,726

		Total Long-Term Investments (cost $483,229,916)			521,275,677


		SHORT-TERM INVESTMENTS—10.8%
		California—0.0%
A-1	75⁸	Hlth. Facs. Fin. Auth. RB, Scripps Hlth. Proj., Ser. B, 2.83%, 3/01/06, MBIA, FRWD	N/A		75,000

		New York—2.8%
A-1+	10,000⁸	Triborough Brdg. & Tunl. Auth. RB, Ser. B2, 3.20%, 3/02/06, FRWD	N/A		10,000,000

See Notes to Financial Statements.

BlackRock Municipal Income Trust II (BLE) (continued)

Shares
(000)	Description		Value

	Money Market Funds—8.0%
17,900	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	17,900,000
10,850	SSgA Tax Free Money Mkt. Fund		10,850,000

			28,750,000

	Total Short-Term Investments (cost $38,825,000)		38,825,000

	Total Investments—156.0% (cost $522,054,916⁹)	$	560,100,677
	Other assets in excess of liabilities—1.3%		4,509,859
	Preferred shares at redemption value, including dividends payable—(57.3)%		(205,632,089)

	Net Assets Applicable to Common Shareholders—100%	$	358,978,447

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security is collateralized by U.S. Treasury obligations.

⁴Security is deemed to be of investment grade quality by the investment advisor.

⁵Security 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 February 28, 2006, the Trust held 4.4% of its net assets, with a current market value of $15,758,141, in securities restricted as to resale.

⁶This 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.

⁷Security, or a portion thereof, pledged as collateral with a value of $2,743,015 on 391 short U.S. Treasury Note futures contracts expiring June 2006 and 527 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $101,791,750, with an unrealized loss of $349,820.

⁸For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of February 28, 2006.

⁹Cost for Federal income tax purposes is $522,003,687. The net unrealized appreciation on a tax basis is $38,096,990, consisting of $38,768,530 gross unrealized appreciation and $671,540 gross unrealized depreciation.

KEY TO ABBREVIATIONS

ACA	— American Capital Access	MBIA	— Municipal Bond Insurance Assoc.
AMBAC	— American Municipal Bond Assurance Corp.	PCR	— Pollution Control Revenue
ETM	— Escrowed to Maturity	RAA	— Radian Asset Assurance
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bonds
FRWD	— Floating Rate Weekly Demand	SA	— Special Assessment
FSA	— Financial Security Assurance	ST	— Special Tax
GO	— General Obligation	TA	— Tax Allocation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock California Insured Municipal Income Trust (BCK)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—153.3%
		California—153.3%
AAA	$ 6,500	Benicia Unified Sch. Dist., GO, Ser. B, Zero Coupon, 8/01/23, MBIA	No Opt. Call	$	3,025,880
AAA	4,000	California St. GO, 5.00%, 6/01/31, AMBAC	12/14 @ 100		4,205,000
		Ceres Unified Sch. Dist., GO,
AAA	3,055	Ser. B, Zero Coupon, 8/01/30, FGIC	08/12 @ 34.887		785,349
AAA	3,180	Ser. B, Zero Coupon, 8/01/31, FGIC	08/12 @ 32.868		771,150
AAA	3,300	Ser. B, Zero Coupon, 8/01/32, FGIC	08/12 @ 30.966		752,994
AAA	3,440	Ser. B, Zero Coupon, 8/01/33, FGIC	08/12 @ 29.174		738,568
AAA	3,575	Ser. B, Zero Coupon, 8/01/34, FGIC	08/12 @ 27.782		728,192
AAA	3,275	Ser. B, Zero Coupon, 8/01/35, FGIC	08/12 @ 26.186		628,767
AAA	6,500³	Dept. of Wtr. Res., Pwr. Sply. RB., Ser. A, 5.25%, 5/01/12	N/A		7,170,085
AAA	2,385	Edl. Facs. Auth. RB, Scripps Coll. Proj., 5.00%, 8/01/31, MBIA	08/11 @ 100		2,475,248
AAA	4,500⁴	Infrastructure & Econ. Dev. RB, Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC	04/12 @ 100		4,743,585
A3	2,600	Kaweah Delta Hlth. Care Dist. RB, 6.00%, 8/01/34	08/12 @ 102		2,825,212
AAA	2,000	Long Beach Unified Sch. Dist., GO, Ser. D, 5.00%, 8/01/31, FSA	08/10 @ 101		2,080,580
		Los Angeles Dept. of Wtr. & Pwr., Wtr. Wks. RB,
AAA	5,000	Ser. A, 5.00%, 7/01/43, FGIC	07/12 @ 100		5,183,400
AAA	5,000	Ser. A, 5.125%, 7/01/41, FGIC	07/11 @ 100		5,199,100
		Los Angeles Unified Sch. Dist. RB,
AAA	4,000	Election 2004, Ser. F, 5.00%, 7/01/30	07/16 @ 100		4,248,440
AAA	5,000	Ser. E, 5.125%, 1/01/27, MBIA	07/12 @ 100		5,325,850
		Los Angeles Wstwtr. Sys. RB,
AAA	5,000	Ser. A, 5.00%, 6/01/27, MBIA	06/13 @ 100		5,250,500
AAA	6,025	Ser. A, 5.00%, 6/01/32, FGIC	06/12 @ 100		6,280,219
AAA	5,000	No. California Pwr. Agcy., Pub. Pwr. RB, Hydroelec. Proj. 1, Ser. A, 5.00%, 7/01/28, MBIA	07/08 @ 101		5,155,400
AAA	2,500³	No. Orange Cnty. Cmnty. Coll. Dist., GO, Ser. A, 5.00%, 8/01/12, MBIA	N/A		2,702,175
AAA	5,000	Pub. Wks. Brd. RB, Dept. of Gen. Svcs., Ser. A, 5.00%, 12/01/27, AMBAC	12/12 @ 100		5,236,100
AAA	5,000	Riverside Unified Sch. Dist., GO, Ser. A, 5.00%, 2/01/27, FGIC	02/12 @ 101		5,255,950
AAA	4,000	San Diego Cmnty. Coll., GO, 5.00%, 5/01/30, FSA	05/15 @ 100		4,225,480
AAA	5,295	San Diego Cnty. Wtr. Auth., COP, Ser. A, 5.00%, 5/01/32, MBIA	05/12 @ 101		5,531,051
AAA	4,805	San Diego Redev. Agcy. TA, Ctr. City Proj., Ser. A, 5.00%, 9/01/28, MBIA	09/11 @ 101		5,015,651
AAA	4,000	San Diego Univ. Fndtn. Aux. Org. RB, Ser. A, 5.00%, 3/01/37, MBIA	03/12 @ 100		4,140,160
AAA	20,000	San Joaquin Hills Transp. Corridor Agcy., Toll Rd. RB, Ser. A, Zero Coupon, 1/15/31, MBIA	No Opt. Call		6,299,800
AAA	6,000	San Jose Fin. Auth. RB, Civic Ctr. Proj., Ser. B, 5.00%, 6/01/37, AMBAC	06/12 @ 100		6,200,940
AAA	11,125	Santa Rosa Wstwtr. RB, Ser. B, Zero Coupon, 9/01/27, AMBAC	No Opt. Call		4,185,559
AAA	3,000	Tustin Unified Sch. Dist., ST, Cmnty. Facs. Dist. 97-1, Ser. A, 5.00%, 9/01/38, FSA	09/12 @ 100		3,104,130
AAA	4,000	Westlands Wtr. Dist., COP, 5.00%, 9/01/34, MBIA	09/12 @ 101		4,169,960

		Total Long-Term Investments (cost $116,761,620)			123,640,475


	Shares
	(000)


		MONEY MARKET FUND—2.7%
NR	2,150	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,150,000)	N/A		2,150,000

		Total Investments—156.0% (cost $118,911,620⁵)		$	125,790,475
		Other assets in excess of liabilities—1.7%			1,331,785
		Preferred shares at redemption value, including dividends payable—(57.7)%			(46,502,681)

		Net Assets Applicable to Common Shareholders—100%		$	80,619,579

See Notes to Financial Statements.

BlackRock California Insured Municipal Income Trust (BCK) (continued)

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

⁴Security, or a portion thereof, pledged as collateral with a value of $860,804 on 101 short U.S. Treasury Note futures contracts expiring June 2006 and 136 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $26,279,281, with an unrealized loss of $90,299.

⁵Cost for Federal income tax purposes is $118,912,138. The net unrealized appreciation on a tax basis is $6,878,337, consisting of $6,878,337 gross unrealized appreciation and $0 gross unrealized depreciation.

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 88.7% of the Trust’s managed assets. The Trust had the following insurance concentrations:

AMBAC	—	19.6%
FGIC	—	20.8%
FSA	—	7.5%
MBIA	—	39.1%
Other	—	1.7%

KEY TO ABBREVIATIONS

AMBAC	— American Municipal Bond Assurance Corp.	MBIA	— Municipal Bond Insurance Assoc.
COP	— Certificate of Participation	RB	— Revenue Bond
FGIC	— Financial Guaranty Insurance Co.	ST	— Special Tax
FSA	— Financial Security Assurance	TA	— Tax Allocation
GO	— General Obligation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock California Municipal Bond Trust (BZA)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—151.9%
		California—142.8%
AAA	$ 5,000	Anaheim Pub. Fin. Auth. RB, Pub. Impvt. Proj., Ser. C, Zero Coupon, 9/01/32, FSA	No Opt. Call	$	1,452,700
A+	1,175	Chula Vista Indl. Dev. RB., 5.00%, 12/01/27	12/15 @ 102		1,213,963
A2	4,000	Edl. Facs. Auth. RB, Univ. of San Diego Proj., Ser. A, 5.25%, 10/01/30	10/12 @ 100		4,215,560
BBB	3,845	Foothill/Eastn. Transp. Corridor Agcy. Toll Road RB, 5.75%, 1/15/40	01/10 @ 101		3,929,167
		Golden St. Tobacco Sec. Corp. RB,
A-	3,000	Ser. A, 5.00%, 6/01/45	06/15 @ 100		3,076,470
BBB	2,000	Ser. A-1, 6.625%, 6/01/40	06/13 @ 100		2,234,000
BBB	1,000	Ser. A-1, 6.75%, 6/01/39	06/13 @ 100		1,124,600
AAA	2,500³	Ser. B, 5.50%, 6/01/13	N/A		2,775,150
AAA	1,300³	Ser. B, 5.625%, 6/01/13	N/A		1,453,296
AAA	3,270	Hlth. Facs. Fin. Auth. RB, Insured Hlth. Facs., Valleycare Proj., Ser. A,
		5.375%, 5/01/27	05/12 @ 100		3,469,208
		Infrastructure & Econ. Dev. RB,
AAA	3,000³	5.25%, 6/01/07, MBIA	N/A		3,100,530
AAA	1,600	Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC	07/13 @ 100		1,674,896
A	3,750	J. David Gladstone Inst. Proj., 5.25%, 10/01/34	10/11 @ 101		3,858,975
AAA	1,600	Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC	07/13 @ 100		3,689,455
A3	1,745	Kaweah Delta Hlth. Care Dist. RB, 6.00%, 8/01/34	08/12 @ 102		1,896,152
		Lathrop Fin. Auth. RB, Wtr. Sply. Proj.,
NR	655	5.90%, 6/01/27	06/13 @ 100		693,363
NR	1,180	6.00%, 6/01/35	06/13 @ 100		1,255,850
		Live Oak Unified Sch. Dist., Cap. Apprec. Election, GO,
AAA	705	Ser. B, Zero Coupon, 8/01/29, XLCA	08/18 @ 55.976		212,508
AAA	795	Ser. B, Zero Coupon, 8/01/30, XLCA	08/18 @ 52.942		226,098
AAA	830	Ser. B, Zero Coupon, 8/01/31, XLCA	08/18 @ 50.064		223,760
AAA	865	Ser. B, Zero Coupon, 8/01/32, XLCA	08/18 @ 47.332		219,935
AAA	905	Ser. B, Zero Coupon, 8/01/33, XLCA	08/18 @ 44.74		216,983
AAA	945	Ser. B, Zero Coupon, 8/01/34, XLCA	08/18 @ 42.283		213,872
		Los Angeles Regl. Arpt. Impvt. RB, Amer. Airlines, Inc. Proj.,
B-	1,000	Ser. B, 7.50%, 12/01/24	12/12 @ 102		1,051,670
B-	680	Ser. C, 7.50%, 12/01/24	12/12 @ 102		715,136
		Multi-Fam. Hsg. RB,
Aa2	2,210	San Lucas Apts. Proj., Ser. 5, 5.95%, 11/01/34	12/11 @ 100		2,310,025
Aa2	2,380	Westgate Courtyard Apts. Proj., Ser. 3, 5.80%, 11/01/34	12/11 @ 100		2,486,029
AAA	2,400³	Orange Cnty. Cmnty. Facs. Dist., ST, Ladera Ranch Proj., Ser. A, 6.00%, 8/15/10	N/A		2,674,176
BBB+	3,000	Palm Springs Mobile Home Park RB, Sahara Mobile Home Park Proj., 5.75%, 5/15/37	05/12 @ 102		3,174,420
BBB	530	Poll. Ctrl. Sld. Wst. RB, Wst. Mgmt., Inc. Proj., Ser. A-2, 5.40%, 4/01/25	04/15 @ 101		559,055
NR	2,500	San Francisco City & Cnty. Redev. Agcy. RB, Cmnty. Facs. Dist., Mission Bay South Proj.,
		6.25%, 8/01/33	08/11 @ 101		2,656,875
AAA	15,000	Santa Ana Unified Sch. Dist., COP, Zero Coupon, 4/01/29, FSA	No Opt. Call		5,180,850
AAA	2,500	Santa Clara Valley Wtr. Dist., Wtr. Util. Sys. RB, Ser. A, 5.125%, 6/01/31, FGIC	06/10 @ 100		2,592,825
		Statewide Cmnty. Dev. Auth. RB,
BBB+	1,500	Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/30	07/15 @ 100		1,557,030
A+	5,000	Kaiser Permanente Proj., Ser. A, 5.50%, 11/01/32	11/12 @ 100		5,275,850
AA-	3,250	Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42	08/12 @ 100		3,422,900
A+	1,500	Torrance Hosp. RB, Torrance Mem. Med. Ctr. Proj., Ser. A, 5.50%, 6/01/31	06/11 @ 101		1,570,785

					77,654,117

		Multi-State—7.3%
Baa1	3,500⁵	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100		3,969,770

		Puerto Rico—1.8%
BBB+	955	Hwy. & Trans. Auth. RB, 5.00%, 7/01/40	07/15 @ 100		980,728

		Total Long-Term Investments (cost $75,823,471)			82,604,615

See Notes to Financial Statements.

BlackRock California Municipal Bond Trust (BZA) (continued)

Shares
(000)	Description		Value

	MONEY MARKET FUND—1.2%
650	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $650,000)	$	650,000

	Total Investments—153.1% (cost $76,473,471⁶)	$	83,254,615
	Other assets in excess of liabilities—2.0%		1,091,599
	Preferred shares at redemption value, including dividends payable—(55.1)%		(29,979,435)

	Net Assets Applicable to Common Shareholders—100%	$	54,366,779

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

⁴Security, or a portion thereof, pledged as collateral with a value of $538,003 on 60 short U.S. Treasury Note futures contracts expiring June 2006 and 81 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $15,634,969, with an unrealized loss of $53,881.

⁵Security 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 February 28, 2006, the Trust held 7.3% of its net assets, with a current market value of $3,969,770, in securities restricted as to resale.

⁶Cost for Federal income tax purposes is $76,466,832. The net unrealized appreciation on a tax basis is $6,787,783, consisting of $6,791,831 gross unrealized appreciation and $4,048 gross unrealized depreciation.

KEY TO ABBREVIATIONS

AMBAC	— American Municipal Bond Assurance Corp.
COP	— Certificate of Participation	MBIA	— Municipal Bond Insurance Assoc.
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bond
FSA	— Financial Security Assurance	ST	— Special Tax
GO	— General Obligation	XLCA	— XL Capital Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock California Municipal Income Trust II (BCL)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value


			LONG-TERM INVESTMENTS—155.6%
			California—152.2%
			Anaheim Pub. Fin. Auth. RB, Pub. Impvt. Proj.,
AAA	$ 15,000		Ser. C, Zero Coupon, 9/01/34, FSA	No Opt. Call	$	3,936,900
AAA	10,000		Ser. C, Zero Coupon, 9/01/36, FSA	No Opt. Call		2,389,400
A	8,000		California, GO, 5.50%, 11/01/33	11/13 @ 100		8,823,520
A+	5,020		Chula Vista Indl. Dev. RB, 5.00%, 12/01/27	12/15 @ 102		5,186,463
AAA	6,000		Corona Norco Unified Sch. Dist., ST, Cmnty. Facs. Dist. No. 98-1,
			5.10%, 9/01/32, AMBAC	09/12 @ 100		6,245,340
AAA	6,000³	^,4	Dept. of Wtr. Res., Pwr. Sply. RB, Ser. A, 5.375%, 5/01/12	N/A		6,659,760
AAA	5,000		East Bay Mun. Util. Dist. Wtr. Sys. RB, Ser. A, 5.00%, 6/01/35, MBIA	06/15 @ 100		5,272,150
			Foothill/Eastn. Transp. Corridor Agcy. Toll Rd. RB,
BBB	6,550		Zero Coupon, 1/15/30	01/10 @ 30.966		1,630,164
AAA	15,470⁵		Ser. A, Zero Coupon, 1/01/26	ETM		6,308,202
AAA	4,890⁵		Ser. A, Zero Coupon, 1/01/30	ETM		1,614,140
			Golden St. Tobacco Sec. Corp. RB,
A-	3,000		Ser. A, 5.00%, 6/01/45	06/15 @ 100		3,076,470
BBB	2,900		Ser. A-1, 6.625%, 6/01/40	06/13 @ 100		3,239,300
BBB	11,100		Ser. A-1, 6.75%, 6/01/39	06/13 @ 100		12,483,060
AAA	5,650³		Ser. B, 5.50%, 6/01/13	N/A		6,271,839
AAA	3,000³		Ser. B, 5.625%, 6/01/13	N/A		3,353,760
AAA	2,500		Hlth. Facs. Fin. Auth. RB, Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC	04/12 @ 100		2,635,325
			Infrastructure & Econ. Dev. RB,
AAA	6,100		Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC	07/13 @ 100		6,385,541
A+	1,735		Kaiser Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31	08/11 @ 102		1,845,276
AAA	5,000		La Quinta Redev. Agcy. TA, Redev. Area No. 1 Proj., 5.125%, 9/01/32, AMBAC	09/12 @ 102		5,283,650
			Los Angeles Dept. of Wtr. & Pwr. RB,
AAA	1,500		Sys. 5.00%, 7/01/35, FSA	07/15 @ 100		1,581,435
AAA	5,500		Wtr. Wks. Ser. A, 5.125%, 7/01/41, FGIC	07/11 @ 100		5,719,010
B-	1,785		Los Angeles Regl. Arpt. Impvt., Corp. Lease RB, Amer. Airlines, Inc. Proj.,
			Ser. C, 7.50%, 12/01/24	12/12 @ 102		1,877,231
AAA	2,000		Los Angeles Unified Sch. Dist., Election of 2004, Ser. F, 5.00%, 7/01/30	07/16 @ 100		2,124,220
A	3,500		Mobilehome Park Fin. Auth. RB, Palomar Estates East & West Proj., Ser. A, 5.25%, 3/15/34, ACA	03/13 @ 102		3,624,670
			Oxnard Impvt. Bond, Dist. No. 1 SA, 1 Rice Ave. Proj.,
NR	1,910		5.625%, 9/02/27	09/06 @ 103		1,949,499
NR	1,905		5.70%, 9/02/32	09/06 @ 103		1,918,735
BBB	1,180		Poll. Ctrl. Sld. Wst. RB, Wst. Mgmt., Inc. Proj., Ser. A-2, 5.40%, 4/01/25	04/15 @ 101		1,244,688
			Poway Unified Sch. Dist., ST, Cmnty. Facs. Dist. No. 6 Proj.,
NR	1,500		5.50%, 9/01/25	09/10 @ 102		1,531,890
NR	1,700		5.60%, 9/01/33	09/10 @ 102		1,736,839
A-	2,470		Rohnert Park Fin. Auth. RB, Rancho Feliz Mobile Home Park Proj., Ser. A, 5.625%, 9/15/28	09/13 @ 100		2,519,252
AAA	5,000		Sacramento City Fin. Auth. RB, Cap. Impvt., Ser. A, 5.00%, 12/01/32, AMBAC	06/11 @ 100		5,361,200
NR	6,000		San Bernardino Cnty., ST Cmnty. Facs., 5.90%, 9/01/33	09/12 @ 102		6,376,380
AAA	8,665		San Diego Unified Sch. Dist., GO, Ser. D, 5.25%, 7/01/23, FGIC	07/12 @ 101		9,489,388
NR	5,000		San Francisco City & Cnty. Redev. Agcy. Cmnty. Facs. Dist. ST, Mission Bay South Proj.,
			6.25%, 8/01/33	08/11 @ 101		5,313,750
AAA	30,000		San Joaquin Hills Transp. Corridor Agcy. RB, Toll Rd. Proj., Ser. A,
			Zero Coupon, 1/15/34, MBIA	No Opt. Call		8,109,300
			Santa Clarita Facs. Dist. ST, Valencia Town Ctr. Proj.,
NR	1,640		5.80%, 11/15/25	11/10 @ 102		1,688,019
NR	1,500		5.85%, 11/15/32	11/10 @ 102		1,544,685
AAA	2,685		Santa Rosa Wstwtr. RB, Ser. B, Zero Coupon, 9/01/25, AMBAC	No Opt. Call		1,119,108
BBB	2,200		So. Tahoe Joint Pwr. Fin. Auth. RB, So. Tahoe Redev. Proj. 1-A, 5.45%, 10/01/33	10/13 @ 100		2,278,540
			Statewide Cmnty. Dev. Auth. RB,
A+	5,000		Kaiser Permanente Proj., Ser. A, 5.50%, 11/01/32	11/12 @ 100		5,275,850
A+	7,000		Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33	04/13 @ 100		7,406,980

See Notes to Financial Statements.

BlackRock California Municipal Income Trust II (BCL) (continued)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		California—(continued)
AA-	$ 8,000	Sutter Hlth. Oblig Corp. Proj., Ser. B, 5.50%, 8/15/34	08/12 @ 100	$	8,415,920
BBB	1,600	Tobacco Sec. Auth. So. California, Tobacco Settlement RB, Ser. A, 5.625%, 6/01/43	06/12 @ 100		1,642,304
NR	2,000	Tustin Unified Sch. Dist., ST, Cmnty. Facs. Dist. 97-1 Proj., Ser. B, 5.60%, 9/01/29	09/12 @ 101		2,032,320
AAA	2,000	Univ. of California RB, Ser. A, 5.00%, 5/15/33, AMBAC	05/13 @ 100		2,086,780
NR	1,170	Val Verde Unified Sch. Dist. Fin. Auth., ST, 6.25%, 10/01/28	10/13 @ 102		1,232,560
NR	2,000³	Vernon Elec. Sys. RB, Malburg Generating Station Proj., 5.50%, 4/01/08	N/A		2,086,780

					189,927,593

		Multi-State—3.4%
		Charter Mac Equity Issuer Trust,
A3	500⁶	Ser. A, 5.75%, 4/30/15	No Opt. Call		530,305
A3	1,000⁶	Ser. A, 6.00%, 4/30/19	No Opt. Call		1,068,570
Baa1	1,500⁶	Ser. B, 6.00%, 4/30/15	No Opt. Call		1,571,955
NR	1,000⁶	Ser. B, 6.30%, 4/30/19	No Opt. Call		1,069,290

					4,240,120

		Total Long-Term Investments (cost $177,871,844)			194,167,713


	Shares
	(000)

		MONEY MARKET FUND—0.3%
NR	350	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $350,000)	N/A		350,000

		Total Investments—155.9% (cost $178,221,844⁷)		$	194,517,713
		Other assets in excess of liabilities—1.8%			2,228,107
		Preferred shares at redemption value, including dividends payable—(57.7)%			(71,982,576)

		Net Assets Applicable to Common Shareholders—100%		$	124,763,244

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

⁴Security, or a portion thereof, pledged as collateral with a value of $1,127,877 on 165 short U.S. Treasury Note futures contracts expiring June 2006 and 220 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $42,685,156, with an unrealized loss of $146,759.

⁵Security is collateralized by U.S. Treasury obligations.

⁶Security 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 February 28, 2006, the Trust held 3.4% of its net assets, with a current market value of $4,240,120, in securities restricted as to resale.

⁷Cost for Federal income tax purposes is $178,203,743. The net unrealized appreciation on a tax basis is $16,313,970, consisting of $16,313,970 gross unrealized appreciation and $0 gross unrealized depreciation.

KEY TO ABBREVIATIONS

ACA	— American Capital Access	MBIA	— Municipal Bond Insurance Assoc.
AMBAC	— American Municipal Bond Assurance Corp.	RB	— Revenue Bonds
ETM	— Escrowed to Maturity	SA	— Special Assessment
FGIC	— Financial Guaranty Insurance Co.	ST	— Special Tax
FSA	— Financial Security Assurance	TA	— Tax Allocation
GO	— General Obligation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock Florida Insured Municipal Income Trust (BAF)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value


		LONG-TERM INVESTMENTS—155.0%
		Florida—147.7%
		Brd. of Ed.,
AAA	$ 9,000	GO, Ser. A, 5.00%, 6/01/27, FSA	06/12 @ 101	$	9,468,090
AAA	8,640³	Lottery RB, Ser. C, 5.00%, 1/01/22, MBIA	01/13 @ 101		9,179,482
		Capital Trust Agcy. Multi-Fam. RB, American Oppty. Proj.,
Baa2	1,000	Ser. A, 5.875%, 6/01/38	06/13 @ 102		975,470
Ba1	990	Ser. C, 7.25%, 6/01/38	06/13 @ 102		959,775
NR	3,885	Colonial Cntry. Club Cmnty. Dev. Dist. RB, 6.40%, 5/01/33	05/13 @ 101		4,153,104
AAA	7,000	Dept. of Transp., GO, 5.00%, 7/01/27, FSA	07/12 @ 101		7,322,700
AAA	8,695	Gainesville Util. Sys. RB, Ser. A, 5.00%, 10/01/33, FSA	10/13 @ 100		9,090,536
A+	8,500	Highlands Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31	11/11 @ 101		9,235,760
AAA	7,580	Hillsborough Cnty. Sch. Brd., COP, Ser. A, 5.00%, 7/01/25, MBIA	07/10 @ 100		7,847,271
AAA	2,865	Jacksonville Cap. Impvt. RB, Ser. A, 5.00%, 10/01/30, AMBAC	10/12 @ 100		2,970,432
		Jacksonville RB,
AAA	8,000	Ser. B, 5.00%, 10/01/26, AMBAC	10/12 @ 100		8,392,400
AAA	9,500	5.00%, 10/01/27, MBIA	10/13 @ 100		10,020,125
AAA	9,500	Transp. 5.00%, 10/01/31, MBIA	10/11 @ 100		9,864,515
AAA	1,480	Julington Creek Plantation Cmnty. Dev., SA, 5.00%, 5/01/29, MBIA	05/12 @ 101		1,552,490
AAA	9,000	Lake Cnty. Sch. Brd., COP, Ser. A, 5.00%, 7/01/28, AMBAC	07/13 @ 100		9,438,030
		Miami Dade Cnty., RB,
AAA	10,000	Ser. A, Zero Coupon, 10/01/39, MBIA	10/15 @ 28.762		1,790,600
AAA	10,000	Ser. A, Zero Coupon, 10/01/40, MBIA	10/15 @ 27.307		1,696,900
AAA	26,935	Ser. B, Zero Coupon, 10/01/31, MBIA	04/08 @ 28.079		6,890,512
		Orange Cnty.,
AAA	7,975	RB, Ser. B, 5.125%, 1/01/32, FGIC	01/13 @ 100		8,427,900
AAA	9,250	RB, 5.125%, 10/01/30, AMBAC	04/12 @ 100		9,785,760
AAA	2,000	Sch. Brd., COP, Ser. A, 5.00%, 8/01/27, MBIA	08/12 @ 100		2,087,900
AAA	4,000	Osceola Cnty. Sch. Brd., COP, Ser. A, 5.25%, 6/01/27, AMBAC	06/12 @ 101		4,291,080
		Palm Bay Util. RB,
AAA	4,015	Zero Coupon, 10/01/28, FGIC	No Opt. Call		1,388,066
AAA	5,570	Zero Coupon, 10/01/31, FGIC	No Opt. Call		1,643,261
AAA	9,200	Palm Beach Cnty. Sch. Brd., COP, Ser. D, 5.00%, 8/01/28, FSA	08/12 @ 100		9,593,852
AA-	5,000	Pinellas Cnty. Hlth. Fac. Auth. RB, Baycare Hlth. Sys. Proj., 5.50%, 11/15/33	05/13 @ 100		5,291,650
AAA	9,500	Pinellas Cnty. Swr. RB, 5.00%, 10/01/32, FSA	10/13 @ 100		9,944,600
AAA	5,000	Polk Cnty. Util. Sys. RB, 5.00%, 10/01/29, FGIC	10/13 @ 100		5,253,850
AAA	825⁴	Port St. Lucie Util. RB, 5.125%, 9/01/11, MBIA	N/A		885,934
AAA	2,945	Sarasota Cnty. Util. Sys. RB, Ser. C, 5.25%, 10/01/22, FGIC	10/12 @ 100		3,171,853
AAA	3,500	St. Petersburg Pub. Util. RB, Ser. A, 5.00%, 10/01/28, FSA	10/09 @ 101		3,625,720
AAA	1,000	Tohopekaliga Wtr. Auth. RB, Ser. B, 5.00%, 10/01/23, FSA	10/13 @ 100		1,059,420
NR⁵	4,145	Vlg. Cmnty. Dev. Dist. Assmt., No. 5, Spl. Assmt. SA, Ser. A, 6.50%, 5/01/33	05/13 @ 101		4,452,642
AAA	13,500	Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. A, 5.00%, 11/01/32, MBIA	11/13 @ 101		14,057,550

					195,809,230

		Puerto Rico—7.3%
BBB	9,405	Children’s Trust Fund Tobacco Settlement RB, 5.625%, 5/15/43	05/12 @ 100		9,712,638

		Total Long-Term Investments (cost $196,337,055)			205,521,868

See Notes to Financial Statements.

BlackRock Florida Insured Municipal Income Trust (BAF) (continued)

Shares
(000)	Description		Value

	MONEY MARKET FUND—0.4%
550	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $550,000)	$	550,000

	Total Investments—155.4% (cost $196,887,055⁶)	$	206,071,868
	Other assets in excess of liabilities—1.9%		2,563,196
	Preferred shares at redemption value, including dividends payable—(57.3)%		(76,005,624)

	Net Assets Applicable to Common Shareholders—100%	$	132,629,440

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security, or a portion thereof, pledged as collateral with a value of $1,070,773 on 141 short U.S. Treasury Note futures contracts expiring June 2006 and 190 short U.S. Treasury bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $36,702,594, with an unrealized loss of $126,222.

⁵Security is deemed to be of investment grade quality by the investment advisor.

⁶Cost for Federal income tax purposes is $196,886,986. The net unrealized appreciation on a tax basis is $9,184,882, consisting of $9,221,862 gross unrealized appreciation and $36,980 gross unrealized depreciation.

AMBAC	—	17.0%
FGIC	—	9.6%
FSA	—	24.3%
MBIA	—	32.0%
Other	—	0.3%

KEY TO ABBREVIATIONS

AMBAC	— American Municipal Bond Assurance Corp.	GO	— General Obligation
COP	— Certificate of Participation	MBIA	— Municipal Bond Insurance Assoc.
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bond
FSA	— Financial Security Assurance	SA	— Special Assessment

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock Florida Municipal Bond Trust (BIE)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value


		LONG-TERM INVESTMENTS—153.6%
		Florida—140.3%
AAA	$ 1,250	Bay Cnty. RB, 5.125%, 9/01/32, AMBAC	09/12 @ 100	$	1,319,488
A	1,000	Boynton Beach Multi-Fam. RB, Clipper Cove Apts. Proj., 5.30%, 1/01/23, ACA	01/13 @ 100		1,031,680
Baa2	1,000	Capital Trust Agcy. Multi-Fam. RB, American Oppty. Proj., Ser. A, 5.875%, 6/01/38	06/13 @ 102		975,470
NR	1,650	Colonial Cntry. Club Cmnty. Dev. Dist. RB, 6.40%, 5/01/33	05/13 @ 101		1,763,866
NR	865	Gateway Svcs. Cmnty. Dev. Dist. SA, Stoneybrook Proj., 5.50%, 7/01/08	No Opt. Call		870,233
AAA	2,100	Greater Orlando Aviation Auth. RB, Orlando Arpt. Facs. Proj., Ser. A, 5.125%, 10/01/32, FSA	10/12 @ 100		2,197,041
A+	4,900	Highlands Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31	11/11 @ 101		5,324,144
BBB+	1,810	Hillsborough Cnty. Ind. Dev. Auth. PCR RB, Tampa Elec. Co. Proj., 5.50%, 10/01/23	10/12 @ 100		1,900,446
AA	3,500	Jacksonville Econ. Dev. Comm. Hlth. Facs. RB, Mayo Clinic Proj., Ser. B, 5.50%, 11/15/36	11/11 @ 101		3,781,785
		JEA RB,
Aa2	5,000³	Elec. Sys., Ser. A, 5.50%, 10/01/07	N/A		5,162,150
AAA	5,425⁴	Wtr. & Swr. Sys., Ser. A, 5.375%, 10/01/30, MBIA	04/07 @ 100		5,529,757
A1	3,000	Lakeland Hosp. Sys. RB, Lakeland Regl. Hlth. Sys. Proj., 5.50%, 11/15/32	11/12 @ 101		3,193,200
NR	920	Madison Cnty. RB First Mtg., Twin Oaks Proj., Ser. A, 6.00%, 7/01/25	07/15 @ 100		950,562
BB+	1,500	Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		1,683,975
		Miami Dade Cnty. RB,
AAA	5,410	Ser. B, Zero Coupon, 10/01/32, MBIA	04/08 @ 26.494		1,304,297
AAA	5,500	Ser. A, Zero Coupon, 10/01/26, MBIA	04/08 @ 37.301		1,866,590
AAA	10,000	Ser. B, Zero Coupon, 10/01/30, MBIA	04/08 @ 29.688		2,707,400
AAA	3,150	Mun. Loan Council RB, Ser. A, 5.125%, 5/01/32, MBIA	05/12 @ 101		3,330,400
		Orange Cnty. Hlth. Facs. Auth. RB,
NR	340	Hlth. Care Orlando Lutheran Proj., 5.375%, 7/01/20	07/15 @ 100		337,311
NR	305	Hlth. Care Orlando Lutheran Proj., 5.70%, 7/01/26	07/15 @ 100		306,867
A	5,000³	Orlando Regl. Hlth. Care Proj., 5.75%, 12/01/12	N/A		5,603,350
AAA	3,350	Orange Cnty. Tourist Dev. RB, 5.125%, 10/01/30, AMBAC	04/12 @ 100		3,544,032
AAA	3,105	Osceola Cnty. Tourist Dev. RB, Ser. A, 5.00%, 10/01/32, FGIC	10/12 @ 100		3,239,105
AAA	3,630	Palm Bay Util. RB, Zero Coupon, 10/01/28, FGIC	No Opt. Call		1,254,964
AAA	3,000	Palm Beach Cnty. Sch. Brd., COP, Ser. C, 5.00%, 8/01/27, FSA	08/12 @ 100		3,131,850
AAA	1,500³	Port St. Lucie Util. RB, 5.125%, 9/01/11, MBIA	N/A		1,610,790
AA-	2,000	So. Broward Hosp. Dist. RB, 5.60%, 5/01/27	05/12 @ 101		2,137,880
NR	1,765	Stevens Plantation Impvt. Proj. RB, 6.375%, 5/01/13	No Opt. Call		1,816,591
NR	2,780	Sumter Cnty. Indl. Dev. Auth. RB, No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32	10/09 @ 100		2,907,963
NR⁵	1,575	Vlg. Cmnty. Dev. Dist. Assmt. RB, No. 5, Spl. Assmt., Ser. A, 6.50%, 5/01/33	05/13 @ 101		1,691,896
		Volusia Cnty. Edl. Fac. Auth. RB, Embry Riddle Aeronautical Proj.,
AA	1,250	5.20%, 10/15/26, RAA	10/13 @ 100		1,324,013
AA	1,610	5.20%, 10/15/33, RAA	10/13 @ 100		1,702,124

					75,501,220

		Multi-State—6.3%
Baa1	3,000⁶	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100		3,402,660

		Puerto Rico—7.0%
BBB+	920	Hwy. & Trans. Auth. RB, 5.00%, 7/01/45	07/15 @ 100		944,784
A-	2,565³	Pub. Bldgs. Auth. Gov’t. Facs. RB, Ser. D, 5.25%, 7/01/12	N/A		2,785,821

					3,730,605

		Total Investments—153.6% (cost $76,584,294⁷)		$	82,634,485
		Other assets in excess of liabilities—1.8%			976,487
		Preferred shares at redemption value, including dividends payable—(55.4)%			(29,790,711)

		Net Assets Applicable to Common Shareholders—100%		$	53,820,261

See Notes to Financial Statements.

BlackRock Florida Municipal Bond Trust (BIE) (continued)

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

⁴Security, or a portion thereof, pledged as collateral with the value of $312,512 on 47 short U.S. Treasury Note futures contracts expiring June 2006 and 64 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $12,309,594, with an unrealized loss of $42,444.

⁵Security is deemed to be investment grade quality by the investment advisor.

⁶Security 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 February 28, 2006, the Trust held 6.3% of its net assets, with a current market value of $3,402,660, in securities restricted as to resale.

⁷Cost for Federal tax purposes is $76,539,795. The net unrealized appreciation on a tax basis is $6,094,690, consisting of $6,102,490 gross unrealized appreciation and $7,800 unrealized depreciation.

KEY TO ABBREVIATIONS

ACA	— American Capital Access	MBIA	— Municipal Bond Insurance Assoc.
AMBAC	— American Municipal Bond Assurance Corp.	PCR	— Pollution Control Revenue
COP	— Certificate of Participation	RAA	— Radian Asset Assurance
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bond
FSA	— Financial Security Assurance	SA	— Special Assessment

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock Maryland Municipal Bond Trust (BZM)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—152.4%
		Maryland—120.6%
NR	$ 500	Annapolis RB, Park Place Proj., Ser. A, 5.35%, 7/01/34	01/15 @ 101	$	505,080
A3	2,870	Anne Arundel Cnty. Econ. Dev. RB, Cmnty. Coll. Proj., 5.25%, 9/01/28	09/12 @ 102		3,079,194
		Baltimore Cnty., GO,
AAA	2,000³	Met. 67th Dist., 5.00%, 6/01/22	06/11 @ 101		2,127,480
AAA	2,000	Met. 68th Dist., 5.00%, 8/01/28	08/12 @ 100		2,107,420
NR	1,000	Baltimore ST, Harborview Lot No. 2 Proj., 6.50%, 7/01/31	07/13 @ 101		1,071,270
		Baltimore Wstwtr. Proj. RB,
AAA	2,000	Ser. A, 5.125%, 7/01/42, FGIC	07/12 @ 100		2,091,560
AAA	3,500	Ser. A, 5.20%, 7/01/32, FGIC	07/12 @ 100		3,732,540
NR	1,000	Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., 6.625%, 7/01/25	07/07 @ 102		1,036,380
		Hlth. & Higher Edl. Facs. Auth. RB,
A	2,000	Brd. of Child Care Proj., 5.375%, 7/01/32	07/12 @ 100		2,133,860
BBB+	1,990	Carroll Cnty. Gen. Hosp. Proj., 6.00%, 7/01/37	07/12 @ 100		2,126,673
AA	2,000	Johns Hopkins Univ. Proj., Ser. B, 5.00%, 7/01/41	07/11 @ 100		2,066,880
A	2,000	Loyola Coll. Issue Proj., 5.00%, 10/01/39	10/09 @ 101		2,052,540
A	2,000	Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32	07/12 @ 100		2,111,300
A+	2,000	Univ. of Maryland Med. Sys. Proj., 5.25%, 7/01/34	07/11 @ 100		2,069,280
		Indl. Dev. Fin. Auth., Econ. Dev. RB,
NR	1,000	Our Lady of Lord Counsel High School Proj., 6.00%, 5/01/35	05/15 @ 100		1,040,330
A+	1,905	Nat. Aquarium Baltimore Fac. Proj., Ser. B, 5.20%, 11/01/26	11/12 @ 100		2,011,185
		Montgomery Cnty. Lease RB, Metrorail Garage Proj.,
AA	500	5.00%, 6/01/23	06/12 @ 100		529,055
AA	1,435	5.00%, 6/01/24	06/12 @ 100		1,515,145
NR	1,500	Prince Georges Cnty. SO, 5.20%, 7/01/34	07/15 @ 100		1,511,595
		St. Mary’s Coll. RB, Academic & Auxil. Fees,
AAA	1,000	Ser. A, 5.00%, 9/01/27, AMBAC	09/12 @ 101		1,057,570
AAA	1,000	Ser. A, 5.00%, 9/01/32, AMBAC	09/12 @ 101		1,051,640
AAA	2,000	Transp. Auth., Arpt. Pkg. RB, Baltimore/Wash. Intl. Arpt. Proj.,
		Ser. B, 5.125%, 3/01/24, AMBAC	03/12 @ 101		2,088,920

					39,116,897

		Multi-State—7.0%
Baa1	2,000⁴	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100		2,268,440

		Puerto Rico—24.8%
BBB	2,000	Children’s Trust Fund Tobacco Settlement RB, 5.50%, 5/15/39	05/12 @ 100		2,063,000
AAA	2,060	Elec. Pwr. Auth. RB, Ser. HH, 5.25%, 7/01/29, FSA	07/10 @ 101		2,212,646
AAA	2,000⁵	Hwy. & Transp. Auth. RB, Ser. D, 5.25%, 7/01/12	N/A		2,178,060
		Pub. Bldgs. Auth., Gov’t. Facs. RB,
A-	1,100⁵	Ser. D, 5.375%, 7/01/12	N/A		1,202,388
BBB	350	Ser. D, 5.375%, 7/01/33	07/12 @ 100		370,828

					8,026,922

		Total Long-Term Investments (cost $46,061,725)			49,412,259


	Shares
	(000)

		MONEY MARKET FUND—0.4%
NR	150	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $150,000)	N/A		150,000

		Total Investments—152.8% (cost $46,211,725⁶)		$	49,562,259
		Other assets in excess of liabilities—2.7%			876,010
		Preferred shares at redemption value, including dividends payable—(55.5)%			(18,007,792)

		Net Assets Applicable to Common Shareholders—100%		$	32,430,477

See Notes to Financial Statements.

BlackRock Maryland Municipal Bond Trust (BZM) (continued)

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security, or a portion thereof, pledged as collateral with a value of $215,248 on 29 short U.S. Treasury Note futures contracts expiring June 2006 and 40 short U.S. Treasury Bond futures contracts expiring June 2006. The value of such contracts on February 28, 2006 was $7,653,031, with an unrealized loss of $26,531.

⁴Security 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 February 28, 2006, the Trust held 7.0% of its net assets, with a current market value of $2,268,440, in securities restricted as to resale.

⁵This 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.

⁶Cost for Federal income tax purposes is $46,206,337. The net unrealized appreciation on a tax basis is $3,355,922, consisting of $3,355,922 gross unrealized appreciation and $0 gross unrealized depreciation.

KEY TO ABBREVIATIONS

AMBAC	— American Municipal Bond Assurance Corp.	RB	— Revenue Bond
FGIC	— Financial Guaranty Insurance Co.	SO	— Special Obligations
FSA	— Financial Security Assurance	ST	— Special Tax
GO	— General Obligation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock New Jersey Municipal Bond Trust (BLJ)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—151.2%
		Multi-State—6.1%
Baa1	$ 2,000 ³	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100	$	2,268,440

		New Jersey—125.8%
		Econ. Dev. Auth.,
BBB	2,000	Cigarette Tax RB, 5.75%, 6/15/34	06/14 @ 100		2,134,400
B	2,335	Continental Airlines, Inc. Proj. RB, 7.00%, 11/15/30	11/10 @ 101		2,339,670
BBB-	2,000	Fellowship Vlg. Proj. RB, Ser. A, 5.50%, 1/01/25	01/08 @ 102		2,015,600
NR	150	First Mtg. Lions Gate Proj. RB, Ser. A, 5.75%, 1/01/25	01/13 @ 102		153,473
NR	265	First Mtg. Lions Gate Proj. RB, Ser. A, 5.875%, 1/01/37	01/13 @ 102		270,019
Baa3	2,250	Kapkowski Rd. Landfill Proj. SA, 6.50%, 4/01/28	No Opt. Call		2,704,702
BBB	1,000	Sld. Wst. Rev., Disp. Wst. Mgmt. Proj. RB, Ser. A, 5.30%, 6/01/15	No Opt. Call		1,059,470
Aaa	1,730	Victoria Hlth. Proj. RB, Ser. A, 5.20%, 12/20/36	12/11 @ 103		1,857,345
BBB-	2,500	Winchester Proj. RB, Ser. A, 5.80%, 11/01/31	11/14 @ 100		2,605,950
		Edl. Facs. Auth. RB,
BBB-	500	Fairleigh Dickinson Univ. Proj., Ser. C, 5.50%, 7/01/23	07/14 @ 100		525,160
BBB-	1,000	Fairleigh Dickinson Univ. Proj., Ser. C, 6.00%, 7/01/20	07/14 @ 100		1,084,360
BBB-	1,000	Fairleigh Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25	07/13 @ 100		1,071,410
BBB+	630	Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33	07/13 @ 100		706,192
AAA	750	Montclair St. Univ. Proj., Ser. F, 5.00%, 7/01/32, FGIC	07/15 @ 100		794,085
AAA	4,000	Garden St. Pres. Trust, Open Space & Farmland Pres. RB, Ser. B, Zero Coupon, 11/01/27, FSA	No Opt. Call		1,496,720
		Hlth. Care Fac. Fin. Auth. RB,
A	2,000	Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25	07/12 @ 100		2,124,880
A+	2,000	Catholic Hlth. East. Proj., Ser. A, 5.375%, 11/15/33	11/12 @ 100		2,103,660
A2	2,000⁴	Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31	07/11 @ 100		2,119,980
Baa1	2,500	So. Jersey Hosp. Proj., 6.00%, 7/01/32	07/12 @ 100		2,656,250
AAA	2,250	Hsg. & Mtg. Fin. Agcy., Multi-Fam. Hsg. RB, Ser. A, 5.65%, 5/01/40, AMBAC	11/07 @ 101.5		2,313,045
NR	2,500	Middlesex Cnty. Imprt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37	01/15 @ 100		2,493,475
		Port Auth. of NY & NJ RB,
AAA	1,500	Ser. 125, 5.00%, 4/15/32, FSA	04/12 @ 101		1,582,350
AAA	2,250	Ser. 126, 5.25%, 5/15/37, FGIC	05/12 @ 101		2,392,493
Caa2	130	Contl./Eastern LaGuardia Proj., 9.125%, 12/01/15	03/06 @ 100		131,022
BBB	4,000	Tobacco Settlement Fin. Corp. RB, 6.125%, 6/01/42	06/12 @ 100		4,200,640
AAA	1,000	Univ. of Med. & Dentistry RB, Ser. A, 5.00%, 12/01/31, AMBAC	12/12 @ 100		1,046,500
		Vineland, GO,
AAA	1,000	5.30%, 5/15/29, MBIA	05/10 @ 101		1,055,030
AAA	1,500	5.375%, 5/15/32, MBIA	05/10 @ 101		1,577,355

					46,615,236

		Puerto Rico—19.3%
A-	2,250	Elec. Pwr. Auth. RB, Ser. 2, 5.25%, 7/01/31	07/12 @ 101		2,371,432
AAA	2,100⁵	Hwy. & Transp. Auth. RB, Ser. D, 5.25%, 7/01/12	N/A		2,286,963
		Pub. Bldgs. Auth., Gov’t. Facs. RB,
A-	1,685⁵	Ser. D, 5.25%, 7/01/12	N/A		1,830,062
BBB	615	Ser. D, 5.25%, 7/01/27	07/12 @ 100		649,821

					7,138,278

		Total Long-Term Investments (cost $52,043,297)			56,021,954

See Notes to Financial Statements.

BlackRock New Jersey Municipal Bond Trust (BLJ) (continued)

Shares
(000)	Description		Value

	MONEY MARKET FUND—1.0%
350	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $350,000)	$	350,000

	Total Investments—152.2% (cost $52,393,297⁶)	$	56,371,954
	Other assets in excess of liabilities—2.4%		899,210
	Preferred shares at redemption value, including dividends payable—(54.6)%		(20,226,729)

	Net Assets Applicable to Common Shareholders—100%	$	37,044,435

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security 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 February 28, 2006, the Trust held 6.1% of its net assets, with a current market value of $2,268,440, in securities restricted as to resale.

⁴Security, or a portion thereof, pledged as collateral with a value of $320,810 on 43 short U.S. Treasury Note futures contracts expiring June 2006 and 57 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $11,086,313, with an unrealized loss of $37,878.

⁶Cost for Federal income tax purposes is $52,373,649. The net unrealized appreciation on a tax basis is $3,998,305, consisting of $3,998,305 gross unrealized appreciation and $0 gross unrealized depreciation.

KEY TO ABBREVIATIONS

AMBAC	— American Municipal Bond Assurance Corp.	MBIA	— Municipal Bond Insurance Assoc.
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bonds
FSA	— Financial Security Assurance	SA	— Special Assessment
GO	— General Obligation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock New York Insured Municipal Income Trust (BSE)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—146.4%
		New York—133.4%
		Dorm. Auth. RB,
AAA	$ 5,000	Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA	07/13 @ 100	$	5,314,750
AAA	7,000	Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, MBIA	02/13 @ 100		7,302,750
AAA	2,500	Insured Fit Student Hsg. Corp. Proj., 5.125%, 7/01/34, FGIC	07/14 @ 100		2,675,450
AAA	3,160	Iona Coll. Proj., 5.00%, 7/01/27, XLCA	07/12 @ 100		3,320,528
Aa3	3,000	Joachim & Ann Residence Proj., 5.25%, 7/01/27	07/12 @ 100		3,107,460
AAA	10,000	Memorial Sloan Kettering Ctr. Proj., Ser. 1, Zero Coupon, 7/01/30, MBIA	No Opt. Call		3,379,000
AAA	5,000	New York & Presbyterian Hosp. Proj., 5.00%, 8/01/32, AMBAC	02/08 @ 101		5,112,250
AAA	7,000	New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC	07/11 @ 100		7,210,560
AAA	2,000	Sch. Dist. Fin. Proj., Ser. A, 5.00%, 4/01/31, MBIA	10/12 @ 100		2,088,720
AAA	3,500	Sch. Dist. Fin. Proj., Ser. D, 5.00%, 10/01/30, MBIA	10/12 @ 100		3,671,675
AAA	7,000	St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC	08/12 @ 100		7,283,710
AAA	2,000³	Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 5.25%, 7/01/31, AMBAC	07/11 @ 101		2,132,000
BBB-	1,000	Herkimer Cnty. Indl. Dev. Agcy., Civic Fac. RB, Coll. Fndtn., Inc. Student Hsg. Proj.,
		6.25%, 8/01/34	08/13 @ 100		1,038,270
		Met. Transp. Auth. RB,
AAA	1,085	Ser. A, 5.00%, 11/15/25, FGIC	11/12 @ 100		1,142,288
AAA	8,470	Ser. A, 5.00%, 11/15/30, FSA	11/12 @ 100		8,876,730
AAA	5,000	Ser. A, 5.25%, 11/15/31, FGIC	11/12 @ 100		5,388,200
AAA	5,000⁴	Ded. Tax Fund, Ser. A, 5.00%, 11/15/11, FGIC	N/A		5,376,250
AAA	2,660	Refdg. Transp., Ser. E, 5.25%, 11/15/31, FGIC	11/12 @ 100		2,848,727
AAA	10,000	Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC	07/12 @ 100		10,434,300
A	2,500	New York City Indl. Dev. Agcy. RB, Lycee Francais De Proj., Ser. A, 5.375%, 6/01/23, ACA	12/12 @ 100		2,590,525
AAA	3,500	New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. RB, Ser. D, 5.00%, 6/15/39, AMBAC	06/15 @ 100		3,674,755
AAA	6,000	New York City Transl. Fin. Auth. RB, Ser. B, 5.00%, 5/01/30, AMBAC	11/11 @ 101		6,279,600
AAA	5,000	New York City Trust Cultural Recs. RB, American Museum of Natural History Proj.,
		Ser. A, 5.00%, 7/01/44, MBIA	07/14 @ 100		5,221,150
BBB	3,320	New York Cntys. Tobacco Trust III RB, 6.00%, 6/01/43	06/13 @ 100		3,484,373
AAA	6,000	Sales Tax Asset Receivable Corp. RB, Ser. A, 5.00%, 10/15/32, AMBAC	10/14 @ 100		6,343,740
AAA	10,000	Triborough Brdg. & Tunl. Auth. RB, Ser. E, 5.00%, 11/15/32, MBIA	11/12 @ 100		10,480,200
AAA	6,000⁴	TSASC, Inc., Tobacco Settlement RB, Ser. 1, 5.75%, 7/15/12	N/A		6,706,140

					132,484,101

		Puerto Rico—13.0%
BBB	7,600	Children’s Trust Fund Tobacco Settlement RB, 5.625%, 5/15/43	05/12 @ 100		7,848,596
A	5,000	Indl. Fin. Auth. RB, Med. & Env. Ctrl. Facs., Polytecnic Univ. Proj., Ser. A, 5.00%, 8/01/32, ACA	08/12 @ 100		5,048,900

					12,897,496

		Total Long-Term Investments (cost $138,089,051)			145,381,597


	Shares
	(000)

		MONEY MARKET FUNDS—8.5%
NR	4,950	AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A		4,950,000
NR	3,550	SSgA Tax Free Money Mkt. Fund	N/A		3,550,000

		Total Short-Term Investments (cost $8,500,000)			8,500,000

		Total Investments—154.9% (cost $146,589,051⁵)		$	153,881,597
		Other assets in excess of liabilities—1.5%			1,459,971
		Preferred shares at redemption value, including dividends payable—(56.4)%			(56,021,087)

		Net Assets Applicable to Common Shareholders—100%		$	99,320,481

See Notes to Financial Statements.

BlackRock New York Insured Municipal Income Trust (BSE) (continued)

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security, or a portion thereof, pledged as collateral with a value of $731,288 on 106 short U.S. Treasury Note futures contracts expiring June 2006 and 142 short U.S. Treasury bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $27,497,375, with an unrealized loss of $94,601.

⁵Cost for Federal income tax purposes is $146,598,987. The net unrealized appreciation on a tax basis is $7,282,610, consisting of $7,282,610 gross unrealized appreciation and $0 gross unrealized depreciation.

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 83.4% of the Trust’s managed assets. The Trust had the following insurance concentrations:

ACA	—	5.0%
AMBAC	—	31.5%
FGIC	—	11.4%
FSA	—	5.8%
MBIA	—	20.9%
XCLA	—	5.8%
Other	—	3.0%

KEY TO ABBREVIATIONS

ACA	— American Capital Access	FSA	— Financial Security Assurance
AMBAC	— American Municipal Bond Assurance Corp.	MBIA	— Municipal Bond Insurance Assoc.
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bonds
		XLCA	— XL Capital Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock New York Municipal Bond Trust (BQH)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—152.7%
		Multi-State—6.5%
Baa1	$ 2,500³	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14@100	$	2,835,550

		New York—114.4%
		Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj.,
NR	200	Ser. A, 7.00%, 5/01/25	05/15 @ 102		193,734
NR	130	Ser. A, 7.00%, 5/01/35	05/15 @ 102		123,772
		Dorm. Auth. RB,
AA-	2,750⁴	City Univ. Proj., Ser. A, 5.25%, 7/01/11	N/A		2,977,755
AAA	2,500	Iona Coll. Proj., 5.125%, 7/01/32, XLCA	07/12 @ 100		2,641,400
BB+	500	Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26	07/08 @ 100		507,475
AAA	2,500	Willow Towers, Inc. Proj., 5.40%, 2/01/34	08/12 @ 101		2,671,600
AA	2,000	Dutchess Cnty. Ind. Dev. Agcy., Civic Facs. RB, Vassar Coll. Proj., 5.35%, 9/01/40	08/11 @ 101		2,145,260
AAA	2,750⁵	Env. Facs. Corp. RB, Mun. Wtr. Proj., Ser. D, 5.125%, 6/15/31	06/12 @ 100		2,915,522
AA-	1,500	Liberty Dev. Corp. Proj. RB, 5.25%, 10/01/35	No Opt. Call		1,701,630
A	3,000	Met. Transp. Auth. Ded. Tax Fund RB, Ser. A, 5.125%, 11/15/31	11/12 @ 100		3,151,470
Aa1	2,980	Mtg. Agcy. RB, Ser. 101, 5.40%, 4/01/32	10/11 @ 100		3,066,480
A2	1,100	New York City Hlth. & Hosp. Corp. RB, Hlth. Sys., Ser. A, 5.375%, 2/15/26	02/12 @ 100		1,145,067
AA	2,500	New York City Hsg. Dev. Corp., Multi-Fam. Hsg. RB, Ser. A, 5.50%, 11/01/34	05/12 @ 100		2,576,075
		New York City Indl. Dev. Agcy. RB,
B-	600	American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25			643,062
B-	1,000	American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31	08/16 @ 101		1,077,280
AAA	2,500	New York City Mun. Wtr. Fin. Auth. RB, Ser. A, 5.25%, 6/15/33, FGIC	06/11 @ 100		2,640,025
A+	3,000	New York City, GO, Ser. D, 5.375%, 6/01/32	06/12 @ 100		3,208,650
BBB	1,445	New York Cntys. Tobacco Trust III RB, 6.00%, 6/01/43	06/13 @ 100		1,516,542
		Port. Auth. of NY & NJ RB,
AAA	2,750	Ser. 126, 5.25%, 5/15/37, FGIC	05/12 @ 101		2,924,157
Caa2	2,600	Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15	03/06 @ 100		2,620,436
A	500	Suffolk Cnty. Indl. Dev. Agcy. RB, Keyspan Port Jefferson Proj., 5.25%, 6/01/27	06/13 @ 100		519,795
AAA	3,000⁴	TSASC, Inc., Tobacco Settlement RB., Ser. 1, 5.75%, 7/15/12	N/A		3,353,070
AAA	5,000⁴	Urban Dev. Corp. RB, Ser. A, 5.25%, 3/15/12	N/A		5,452,250

					49,772,507

		Puerto Rico—31.8%
BBB	3,650	Children’s Trust Fund Tobacco Settlement RB., 5.625%, 5/15/43	05/12 @ 100		3,769,392
A-	2,000	Elec. Pwr. Auth. RB, Ser. 2, 5.25%, 7/01/31	07/12 @ 101		2,107,940
AAA	2,000⁴	Hwy. & Transp. Auth. RB, Ser. D, 5.25%, 7/01/12	N/A		2,178,060
		Pub. Bldgs. Auth. RB, Gov’t. Facs.,
A-	1,980⁴	Ser. D, 5.25%, 7/01/12	N/A		2,150,458
BBB	720	Ser. D, 5.25%, 7/01/27	07/12 @ 100		760,766
		Pub. Impvt. GO,
AAA	925⁴	Ser. A, 5.125%, 7/01/11	N/A		996,040
BBB	1,825	Ser. A, 5.125%, 7/01/31	07/11 @ 100		1,883,619

					13,846,275

		Total Long-Term Investments (cost $61,640,347)			66,454,332

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock New York Municipal Bond Trust (BQH) (continued)

Shares
(000)	Description		Value

	MONEY MARKET FUND—0.4%
200	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $200,000)	$	200,000

	Total Investments—153.1% (cost $61,840,347⁶)	$	66,654,332
	Other assets in excess of liabilities—2.5%		1,069,344
	Preferred shares at redemption value, including dividends payable—(55.6)%		(24,212,071)

	Net Assets Applicable to Common Shareholders—100%	$	43,511,605

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security 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 February 28, 2006, the Trust held 6.5% of its net assets, with a current market value of $2,835,550, in securities restricted as to resale.

⁵Security, or a portion thereof, pledged as collateral with a value of $321,303 on 39 short U.S. Treasury Note futures contracts expiring June 2006 and 54 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $10,315,406, with an unrealized loss of $35,601.

⁶Cost for Federal income tax purposes is $61,833,035. The net unrealized appreciation on a tax basis is $4,821,297, consisting of $4,822,839 gross unrealized appreciation and $1,542 gross unrealized depreciation.

KEY TO ABBREVIATIONS

FGIC	— Financial Guaranty Insurance Co.	XLCA	— XL Capital Assurance
GO	— General Obligation	RB	— Revenue Bonds

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2006

BlackRock New York Municipal Income Trust II (BFY)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—154.8%
		Multi-State—5.6%
		Charter Mac Equity Issuer Trust,
A3	$ 500³	Ser. A, 5.75%, 4/30/15	No Opt. Call	$	530,305
A3	1,000³	Ser. A, 6.00%, 4/30/19	No Opt. Call		1,068,570
Baa1	1,500³	Ser. B, 6.00%, 4/30/15	No Opt. Call		1,571,955
NR	1,000³	Ser. B, 6.30%, 4/30/19	No Opt. Call		1,069,290

					4,240,120

		New York—140.6%
		Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj. RB,
NR	345	Ser. A, 7.00%, 5/01/25	05/15 @ 102		334,191
NR	220	Ser. A, 7.00%, 5/01/35	05/15 @ 102		209,460
Aaa	1,725	Clarence Indl. Dev. Agcy., Civic Fac. RB, Bristol Vlg. Proj., 6.00%, 1/20/44	01/13 @ 102		1,909,109
		Dorm. Auth. RB,
AAA	2,500	Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA	07/13 @ 100		2,657,375
Aa3	2,000	Kateri Residence Proj., 5.00%, 7/01/22	07/13 @ 100		2,073,080
AA	5,000	Memorial Sloan Kettering Ctr. Proj., Ser. 1, 5.00%, 7/01/34	07/13 @ 100		5,166,900
AA	2,000	Mount St. Mary Coll. Proj., 5.00%, 7/01/32, RAA	07/13 @ 100		2,078,160
BB+	750	Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26	07/08 @ 100		761,213
AAA	2,425	New York Univ. Proj., 5.00%, 7/01/31, MBIA	07/11 @ 100		2,520,133
AAA	2,500⁴	St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC	08/12 @ 100		2,601,325
AA	4,000	Dutchess Cnty. Ind. Dev. Agcy., Civic Facs. RB, Vassar Coll. Proj., 5.35%, 9/01/40	08/11 @ 101		4,290,520
A+	5,500	Energy Res. & Dev. Auth., Facs. RB, 4.70%, 6/01/36	03/06 @ 100		5,506,545
BBB	625	Essex Cnty. Indl. Dev. Agcy., Sld. Wst. Disp. RB, Intl. Paper Co. Proj., Ser. A, 5.50%, 10/01/26	10/12 @ 100		641,250
A	3,250	Geneva Indl. Dev. Agcy., Civic Fac. RB, Hobart & Williams Smith Proj., Ser. A, 5.375%, 2/01/33	02/13 @ 100		3,466,840
BBB-	385	Herkimer Cnty. Indl. Dev. Agcy. RB, Civic Fac. Coll. Fndtn., Inc. Student Hsg. Proj.,
		6.25%, 8/01/34	08/13 @ 100		399,734
AA-	5,000	Liberty Dev. Corp. Proj. RB, 5.25%, 10/01/35	No Opt. Call		5,672,100
AAA	3,515	Long Island Pwr. Auth., Elec. Sys. RB, Ser. A, Zero Coupon, 6/01/28, FSA	No Opt. Call		1,303,362
		Met. Transp. Auth. RB,
AAA	2,000	Ser. A, 5.25%, 11/15/31, FGIC	11/12 @ 100		2,155,280
AA-	5,000	Ded. Tax Fund, Ser. A, 5.00%, 11/15/30	11/12 @ 100		5,192,700
AA-	5,000	Svc. Contract, Ser. A, 5.125%, 1/01/29	07/12 @ 100		5,262,900
		New York City Indl. Dev. Agcy. RB,
B-	1,600	American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25	08/16 @ 100		1,714,832
B-	1,500	American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31	08/16 @ 101		1,615,920
AA+	1,000	Eger Harbor Proj., Ser. A, 4.95%, 11/20/32	11/12 @ 101		1,020,510
AA+	1,000	Eger Harbor Proj., Ser. A, 5.875%, 5/20/44	11/12 @ 105		1,126,610
BBB-	1,000	Liberty Interactive Corp. Proj., 5.00%, 9/01/35	09/15 @ 100		1,000,500
A	1,500	Lycee Francais de Proj., Ser. A, 5.375%, 6/01/23, ACA	12/12 @ 100		1,554,315
AA+	5,000	New York City Mun. Wtr. Fin. Auth. RB, Ser. A, 5.125%, 6/15/34	06/12 @ 100		5,249,950
AAA	5,000⁵	New York City Trans. Auth., Met. Transp. Auth., Triborough Brdg. & Tunl. Auth., COP,
		Ser. A, 5.25%, 1/01/10, AMBAC	N/A		5,367,500
AAA	5,000	New York City Trans. Fin. Auth. RB, Ser. B, 5.00%, 11/01/27	11/12 @ 100		5,250,800
A+	5,000⁵	New York City, GO, Ser. B, 5.75%, 12/01/11	N/A		5,558,550
BBB	2,535	New York Cntys. Tobacco Trust III RB, 6.00%, 6/01/43	06/13 @ 100		2,660,508
AAA	3,000	New York Convention Ctr. Dev. RB, 5.00%, 11/15/35, AMBAC	11/15 @ 100		3,172,260
Caa2	3,675	Port Auth. of NY & NJ RB, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15	03/06 @ 100		3,703,885
A	2,500	Suffolk Cnty. Indl. Dev. Agcy. RB, Keyspan Port Jefferson Proj., 5.25%, 6/01/27	06/13 @ 100		2,598,975
		Triborough Brdg. & Tunl. Auth. RB,
AA	850⁵	Ser. A, 5.00%, 1/01/12	N/A		913,401
AA	150	Ser. A, 5.00%, 1/01/32	01/12 @ 100		156,296
AAA	9,000⁵	TSASC, Inc., Tobacco Settlement RB, Ser. 1, 5.75%, 7/15/12	N/A		10,059,210

					106,926,199

See Notes to Financial Statements.

BlackRock New York Municipal Income Trust II (BFY) (continued)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		Puerto Rico—8.6%
BBB	$ 1,400	Children’s Trust Fund Tobacco Settlement RB, 5.625%, 5/15/43	05/12 @ 100	$	1,445,794
		Hwy. & Transp. Auth. RB,
BBB	1,850	5.00%, 7/01/28	07/13 @ 100		1,909,422
AAA	2,000⁵	Ser. D, 5.375%, 7/01/12	N/A		2,192,080
BBB+	1,000	Ser. G, 5.00%, 7/01/42	07/13 @ 100		1,023,330

					6,570,626

		Total Long-Term Investments (cost $111,498,262)			117,736,945


	Shares
	(000)

		MONEY MARKET FUND—2.1%
NR	1,600	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,600,000)	N/A		1,600,000

		Total Investments—156.9% (cost $113,098,262⁶)		$	119,336,945
		Other assets in excess of liabilities—1.8%			1,401,082
		Preferred shares at redemption value, including dividends payable—(58.7)%			(44,668,722)

		Net Assets Applicable to Common Shareholders—100%		$	76,069,305

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security 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 February 28, 2006, the Trust held 5.6% of its net assets, with a current market value of $4,240,120, in securities restricted as to resale.

⁴Security, or a portion thereof, pledged as collateral with a value of $626,818 on 70 short U.S. Treasury Note futures contracts expiring June 2006 and 94 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $18,184,250, with an unrealized loss of $62,365.

⁶Cost for Federal income tax purposes is $113,094,344. The net unrealized appreciation on a tax basis is $6,242,601, consisting of $6,245,243 gross unrealized appreciation and $2,642 gross unrealized depreciation.

KEY TO ABBREVIATIONS

ACA	— American Capital Access	GO	— General Obligation
AMBAC	— American Municipal Bond Assurance Corp.	MBIA	— Municipal Bond Insurance Assoc.
COP	— Certificate of Participation	RAA	— Radian Asset Assurance
FGIC	— Financial Guaranty Insurance Co.	RB	— Revenue Bonds
FSA	— Financial Security Assurance	XLCA	— XL Capital Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS (unaudited) FEBRUARY 28, 2006

BlackRock Virginia Municipal Bond Trust (BHV)

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—151.0%
		Multi-State—6.8%
Baa1	$ 1,500³	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100	$	1,701,330

		Puerto Rico—5.8%
BBB	1,410	Children’s Trust Fund, Tobacco Settlement RB, 5.375%, 5/15/33	05/12 @ 100		1,450,397

		Virginia—138.4%
NR⁴	1,480	Alexandria Redev. & Hsg. Auth. RB, 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34	04/08 @ 103		1,432,063
A	2,150⁵	Arlington Cnty. Ind. Dev. Auth., Hosp. Fac. RB, Virginia Hosp. Ctr., Arlington Hlth. Sys. Proj.,
		5.25%, 7/01/11	N/A		2,334,986
AAA	1,500	Arlington Cnty., Pub. Impvt., GO, 5.00%, 2/01/21	02/11 @ 100		1,571,685
NR	1,500⁶	Celebrate North Cmnty. Dev. Auth., SA, Ser. B, 6.75%, 3/01/34	03/14 @ 102		1,593,825
AAA	1,500⁷	Danville Ind. Dev. Auth., Hosp. RB, Danville Regl. Med. Ctr. Proj., 5.25%, 10/01/28, AMBAC	ETM		1,697,175
NR	990	Dulles Town Ctr. Cmnty. Dev. Auth., SA, Dulles Town Ctr. Proj., 6.25%, 3/01/26	03/08 @ 102		1,022,017
AAA	1,205	Fairfax Cnty. Wtr. Auth. RB, 5.00%, 4/01/27	04/12 @ 100		1,270,070
AA	1,000	Hampton, GO, 5.00%, 4/01/20	04/12 @ 101		1,069,690
A-	1,500	Henrico Cnty. Econ. Dev. Auth. RB, Bon Secours Hlth. Sys., Inc. Proj., Ser. A, 5.60%, 11/15/30 .	11/12 @ 100		1,579,350
AAA	3,000	Hsg. Dev. Auth., Comnwlth. Mtg. RB, Ser. H, 5.375%, 7/01/36, MBIA	07/11 @ 100		3,109,980
BBB	1,300	Isle Wight Cnty. Indl. Dev. Auth., Env. Impvt. RB, Ser. A, 5.70%, 11/01/27	11/13 @ 100		1,349,686
AAA	1,500	Met. Arpts. Auth., Arpt. Sys. RB, Ser. A, 5.25%, 10/01/32, FGIC	10/12 @ 100		1,572,090
AAA	1,500	Norfolk Arpt. Auth. RB., Ser. A, 5.125%, 7/01/31, FGIC	07/11 @ 100		1,558,995
A	5,000	Pocahontas Pkwy. Assoc., Toll Rd. RB, Ser. B, Zero Coupon, 8/15/22, ACA	08/08 @ 45.5		2,016,200
AA+	1,275	Prince William Cnty. RB, 5.00%, 12/01/21	06/12 @ 100		1,347,649
		Res. Auth. RB,
AA	1,000	Infrastructure, Ser. A, 5.00%, 5/01/22	05/11 @ 101		1,054,640
AA	635	Infrastructure, Ser. A, 5.125%, 5/01/27	05/11 @ 101		673,462
AA	1,500⁵	Wtr. & Swr. Sys., Frederick Cnty. San. Auth. Proj., 5.20%, 10/01/10	N/A		1,605,645
AAA	1,250	Richmond Met. Auth., Expwy. RB, 5.25%, 7/15/22, FGIC	No Opt. Call		1,415,837
AAA	3,000	Richmond Pub. Util. RB, 5.00%, 1/15/33, FSA	01/12 @ 100		3,117,180
BBB	500	Tobacco Settlement Fin. Corp. RB, 5.50%, 6/01/26	06/15 @ 100		513,185
		Virginia Coll. Bldg. Auth., Edl. Facs. RB, Washington & Lee Univ. Proj.,
AAA	500	5.25%, 1/01/26, MBIA	No Opt. Call		574,550
AAA	1,000	5.25%, 1/01/31, MBIA	No Opt. Call		1,144,300

					34,624,260

		Total Investments—151.0% (cost $34,956,332⁸)		$	37,775,987
		Other assets in excess of liabilities—3.1%			784,747
		Preferred shares at redemption value, including dividends payable—(54.1)%			(13,530,372)

		Net Assets Applicable to Common Shareholders—100%		$	25,030,362

¹Using the higher of S&P’s, Moody’s or Fitch’s rating.

²Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

³Security 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 February 28, 2006, the Trust held 6.8% of its net assets, with a current market value of $1,701,330, in securities restricted as to resale.

⁴Security is deemed to be of investment grade quality by the investment advisor.

⁶Security, or a portion thereof, pledged as collateral with a value of $315,587 on 26 short U.S. Treasury Note futures contracts expiring June 2006 and 35 short U.S. Treasury Bond futures contracts expiring June 2006. The notional value of such contracts on February 28, 2006 was $6,763,843, with an unrealized loss of $23,047.

⁷Security is collateralized by U.S. Treasury obligations.

⁸Cost for Federal income tax purposes is $34,895,778. The net unrealized appreciation on a tax basis is $2,880,209, consisting of $2,931,846 gross unrealized appreciation and $51,637 gross unrealized depreciation.

KEY TO ABBREVIATIONS

ACA	— American Capital Access	FSA	— Financial Security Assurance
AMBAC	— American Municipal Bond Assurance Corp.	GO	— General Obligation
COP	— Certificate of Participation	MBIA	— Municipal Bond Insurance Assoc.
ETM	— Escrowed to Maturity	RB	— Revenue Bonds
FGIC	— Financial Guaranty Insurance Co.	SA	— Special Assessment

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
February 28, 2006

										California
		Insured								Insured
		Municipal			Municipal		Municipal			Municipal
		Income Trust			Bond Trust		Income Trust II			Income Trust
		(BYM)			(BBK)		(BLE)			(BCK)

Assets
Investments at value¹	$	631,050,266		$	255,032,481	$	560,100,677		$	125,790,475
Cash		545,315			509,160		526,755			506,443
Investments in affiliates		57,303			24,761		51,648			9,157
Receivable from investments sold		—			—		97,850			—
Interest receivable		6,378,480			2,724,235		6,684,832			1,339,797
Receivable from affiliates		72,502			45,301		—			—
Other assets		46,817			24,105		33,985			27,589

		638,150,683			258,360,043		567,495,747			127,673,461


Liabilities
Variation margin payable		538,552			192,321		448,156			115,694
Dividends payable—common shares		1,598,438			878,190		1,914,235			306,018
Investment advisory fee payable		356,790			154,331		362,808			71,396
Deferred Trustees’fees		57,303			24,761		51,648			9,157
Payable to affiliates		24,175			11,552		20,449			4,372
Excise tax payable		72,502			45,301		—			—
Other accrued expenses		99,756			118,128		87,915			44,564

		2,747,516			1,424,584		2,885,211			551,201


Preferred Shares at Redemption Value
$25,000 liquidation value per share, including
dividends payable^2,3		229,020,279			90,544,746		205,632,089			46,502,681


Net Assets Applicable to
Common Shareholders	$	406,382,888		$	166,390,713	$	358,978,447		$	80,619,579


Composition of Net Assets Applicable to
Common Shareholders:
Par value	$	26,204		$	10,167	$	22,857		$	5,276
Paid-in capital in excess of par		371,940,567			144,285,140		324,475,039			74,807,848
Undistributed net investment income		1,100,293			2,886,522		3,921,666			218,883
Accumulated net realized gain (loss) on investments
and futures		(1,716,381	)		1,112,472		(7,137,056	)		(1,200,984	)
Net unrealized appreciation on investments
and futures		35,032,205			18,096,412		37,695,941			6,788,556

Net assets applicable to common shareholders,
February 28, 2006	$	406,382,888		$	166,390,713	$	358,978,447		$	80,619,579


Net asset value per common share⁴		$15.51			$16.37		$15.71			$15.28


¹Investments at cost	$	595,597,890		$	236,785,947	$	522,054,916		$	118,911,620
²Preferred shares outstanding		9,159			3,620		8,222			1,860
³Par value per share		0.001			0.001		0.001			0.001
⁴Common shares outstanding		26,203,900			10,167,170		22,856,544			5,276,156

See Notes to Financial Statements.


							Florida
	California			California			Insured			Florida			Maryland			New Jersey
	Municipal			Municipal			Municipal			Municipal			Municipal			Municipal
	Bond Trust			Income Trust II			Income Trust			Bond Trust			Bond Trust			Bond Trust
	(BZA)			(BCL)			(BAF)			(BIE)			(BZM)			(BLJ)


$	83,254,615		$	194,517,713		$	206,071,868		$	82,634,485		$	49,562,259		$	56,371,954
	517,386			545,643			508,790			83,576			514,159			508,485
	11,711			14,500			15,674			9,767			11,607			12,389
	—			—			—			—			—			—
	996,868			2,581,367			2,873,806			1,280,745			611,503			697,802
	—			—			—			—			—			7,174
	21,053			15,549			29,004			21,034			866			979

	84,801,633			197,674,772			209,499,142			84,029,607			50,700,394			57,598,783



	68,821			187,730			161,575			54,275			33,752			48,703
	267,359			522,998			506,574			257,761			144,118			178,744
	47,384			126,189			117,422			47,078			28,434			32,230
	11,711			14,500			15,674			9,767			11,607			12,389
	3,811			7,514			9,510			3,841			1,382			1,480
	—			—			—			—			—			7,174
	56,333			70,021			53,323			45,913			42,832			46,899

	455,419			928,952			864,078			418,635			262,125			327,619




	29,979,435			71,982,576			76,005,624			29,790,711			18,007,792			20,226,729



$	54,366,779		$	124,763,244		$	132,629,440		$	53,820,261		$	32,430,477		$	37,044,435




$	3,356		$	7,985		$	8,734		$	3,313		$	2,020		$	2,275
	47,541,025			113,257,811			123,914,893			46,908,773			28,572,616			32,184,170
	972,119			442,120			554,292			1,138,964			636,619			754,937

	(876,984	)		(5,093,782	)		(907,070	)		(238,536	)		(104,781	)		162,274

	6,727,263			16,149,110			9,058,591			6,007,747			3,324,003			3,940,779


$	54,366,779		$	124,763,244		$	132,629,440		$	53,820,261		$	32,430,477		$	37,044,435


	$16.20			$15.63			$15.19			$16.25			$16.06			$16.29


$	76,473,471		$	178,221,844		$	196,887,055		$	76,584,294		$	46,211,725		$	52,393,297
	1,199			2,878			3,040			1,191			720			809
	0.001			0.001			0.001			0.001			0.001			0.001
	3,356,422			7,984,696			8,734,048			3,312,785			2,019,870			2,274,620

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (continued)
February 28, 2006

		New York
		Insured		New York			New York			Virginia
		Municipal		Municipal			Municipal			Municipal
		Income Trust		Bond Trust			Income Trust II			Bond Trust
		(BSE)		(BQH)			(BFY)			(BHV)


Assets
Investments at value¹	$	153,881,597	$	66,654,332		$	119,336,945		$	37,775,987
Cash		525,151		523,688			515,144			470,759
Investments in affiliates		9,496		10,749			11,197			9,888
Receivable from investments sold		—		—			—			5,000
Interest receivable		1,538,859		867,518			1,381,884			510,596
Receivable from affiliates		9,635		—			—			—
Other assets		28,122		20,765			8,138			660

		155,992,860		68,077,052			121,253,308			38,772,890


Liabilities
Variation margin payable		121,002		45,556			80,037			29,760
Dividends payable — common shares		375,246		208,647			292,556			110,907
Investment advisory fee payable		87,148		38,048			77,346			21,735
Deferred Trustees’fees		9,497		10,749			11,197			9,888
Payable to affiliates		1,742		2,957			4,174			1,396
Excise tax payable		9,635		—			—			—
Other accrued expenses		47,022		47,419			49,971			38,470

		651,292		353,376			515,281			212,156


Preferred Shares at Redemption Value
$25,000 liquidation value per share, including dividends
payable^2,3		56,021,087		24,212,071			44,668,722			13,530,372


Net Assets Applicable to
Common Shareholders	$	99,320,481	$	43,511,605		$	76,069,305		$	25,030,362


Composition of Net Assets Applicable to
Common Shareholders:
Par value	$	6,470	$	2,706		$	4,938		$	1,531
Paid-in capital in excess of par		91,773,952		38,309,117			70,007,203			21,658,481
Undistributed net investment income		296,304		772,636			217,626			640,936
Accumulated net realized gain (loss) on investments
and futures		45,810		(351,238	)		(336,780	)		(67,194	)
Net unrealized appreciation on investments
and futures		7,197,945		4,778,384			6,176,318			2,796,608

Net assets applicable to common shareholders,
February 28, 2006	$	99,320,481	$	43,511,605		$	76,069,305		$	25,030,362


Net asset value per common share⁴		$15.35		$16.08			$15.41			$16.35


¹Investments at cost	$	146,589,051	$	61,840,347		$	113,098,262		$	34,956,332
²Preferred shares outstanding		2,240		968			1,786			541
³Par value per share		0.001		0.001			0.001			0.001
⁴Common shares outstanding		6,469,766		2,706,216			4,937,652			1,531,266

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (unaudited)
For the six months ended February 28, 2006

											California
		Insured									Insured
		Municipal			Municipal			Municipal			Municipal
		Income Trust			Bond Trust			Income Trust II			Income Trust
		(BYM)			(BBK)			(BLE)			(BCK)


Investment Income
Interest income	$	15,123,614		$	6,862,331		$	15,233,422		$	2,949,826
Income from affiliates		2,798			1,282			2,646			441

Total investment income		15,126,412			6,863,613			15,236,068			2,950,267


Expenses
Investment advisory		1,714,497			817,215			1,521,564			341,694
Transfer agent		7,421			7,421			7,421			7,421
Custodian		52,001			39,882			59,020			20,843
Reports to shareholders		45,121			19,329			39,183			9,774
Directors/Trustees		21,089			10,498			19,564			6,516
Registration		8,198			8,197			6,199			8,198
Independent accountants		21,244			19,673			20,910			19,135
Legal		44,797			18,240			41,093			7,557
Insurance		19,364			7,786			17,139			3,856
Deferred Trustees’fees		2,798			1,282			2,646			441
Auction agent		295,024			119,002			268,447			61,579
Miscellaneous		34,075			18,188			29,719			13,630

Total expenses excluding excise tax		2,265,629			1,086,713			2,032,905			500,644
Excise tax		72,502			45,301			—			—

Total expenses		2,338,131			1,132,014			2,032,905			500,644
Less fees waived by Advisor		(623,453	)		(377,176	)		(414,972	)		(124,252	)
Less fees paid indirectly		(6,751	)		(8,750	)		(7,254	)		(6,182	)
Less expenses reimbursed by affiliates		(72,502	)		(45,301	)		—			—

Net expenses		1,635,425			700,787			1,610,679			370,210

Net investment income		13,490,987			6,162,826			13,625,389			2,580,057


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(3,116,534	)		1,720,780			2,910,922			(139,537	)
Futures		3,960,183			1,420,846			3,298,868			846,615

		843,649			3,141,626			6,209,790			707,078

Net change in unrealized appreciation/depreciation on:
Investments		(5,145,590	)		(3,149,339	)		(7,633,356	)		(725,737	)
Futures		1,238,896			448,289			1,036,200			263,717

		(3,906,694	)		(2,701,050	)		(6,597,156	)		(462,020	)

Net gain (loss)		(3,063,045	)		440,576			(387,366	)		245,058


Dividends from Net Investment Income to
Preferred Shareholders		(3,066,557	)		(1,242,058	)		(2,828,075	)		(603,451	)


Net Increase in Net Assets Applicable to
Common Shareholders Resulting
from Operations	$	7,361,385		$	5,361,344		$	10,409,948		$	2,221,664

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (unaudited) (continued)
For the six months ended February 28, 2006

					California			Florida
		California			Municipal			Insured			Florida
		Municipal			Income			Municipal			Municipal
		Bond Trust			Trust II			Income Trust			Bond Trust
		(BZA)			(BCL)			(BAF)			(BIE)


Investment Income
Interest income	$	2,180,277		$	4,922,500		$	5,014,191		$	2,198,295
Income from affiliates		522			682			775			414

Total investment income		2,180,799			4,923,182			5,014,966			2,198,709


Expenses
Investment advisory		268,701			528,726			564,145			267,460
Transfer agent		7,421			7,421			7,421			7,421
Custodian		13,328			33,849			33,304			11,705
Reports to shareholders		7,108			13,937			16,223			7,421
Directors/Trustees		6,335			7,964			9,050			6,335
Registration		8,194			2,132			8,198			8,194
Independent accountants		18,959			19,405			19,476			18,958
Legal		1,580			15,482			16,242			3,036
Insurance		2,563			5,946			6,366			2,554
Deferred Trustees’fees		522			682			775			414
Auction agent		39,625			95,961			98,441			39,435
Miscellaneous		12,398			15,112			15,815			12,398

Total expenses excluding excise tax		386,734			746,617			795,456			385,331
Excise tax		—			—			—			—

Total expenses		386,734			746,617			795,456			385,331
Less fees waived by Advisor		(124,016	)		(144,198	)		(205,144	)		(123,443	)
Less fees paid indirectly		(5,183	)		(7,072	)		(8,145	)		(3,560	)
Less expenses reimbursed by affiliates		—			—			—			—

Net expenses		257,535			595,347			582,167			258,328

Net investment income		1,923,264			4,327,835			4,432,799			1,940,381


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(90,119	)		(150,482	)		(194,039	)		(30,415	)
Futures		509,916			1,376,473			1,186,612			404,837

		419,797			1,225,991			992,573			374,422

Net change in unrealized appreciation/depreciation on:
Investments		(494,778	)		(1,134,756	)		(2,293,693	)		(707,856	)
Futures		159,054			426,253			373,428			128,241

		(335,724	)		(708,503	)		(1,920,265	)		(579,615	)

Net gain (loss)		84,073			517,488			(927,692	)		(205,193	)


Dividends from Net Investment Income to
Preferred Shareholders		(387,269	)		(863,856	)		(986,428	)		(401,166	)


Net Increase in Net Assets Applicable to
Common Shareholders Resulting
from Operations	$	1,620,068		$	3,981,467		$	2,518,679		$	1,334,022

See Notes to Financial Statements.


							New York
	Maryland			New Jersey			Insured			New York			New York			Virginia
	Municipal			Municipal			Municipal			Municipal			Municipal			Municipal
	Bond Trust			Bond Trust			Income Trust			Bond Trust			Income Trust II			Bond Trust
	(BZM)			(BLJ)			(BSE)			(BQH)			(BFY)			(BHV)


$	1,259,662		$	1,518,312		$	3,674,627		$	1,752,681		$	2,984,703		$	984,335
	555			564			472			512			476			453

	1,260,217			1,518,876			3,675,099			1,753,193			2,985,179			984,788


	161,624			182,649			418,332			216,328			324,719			123,225
	7,421			7,421			7,421			7,421			7,421			7,421
	15,466			14,892			26,507			14,205			23,520			14,259
	5,495			5,647			12,670			6,565			9,774			4,568
	6,154			6,154			6,697			6,335			6,516			6,154
	595			695			8,211			8,194			1,289			438
	18,820			18,848			19,255			18,892			19,097			12,902
	8,290			8,439			8,455			8,672			6,660			7,829
	1,541			1,738			4,718			2,065			3,655			1,174
	555			564			472			512			476			453
	24,813			27,583			73,435			32,515			58,755			19,260
	11,651			11,322			13,139			11,851			13,481			11,419

	262,425			285,952			599,312			333,555			475,363			209,102
	—			7,174			9,635			—			—			—

	262,425			293,126			608,947			333,555			475,363			209,102
	(74,596	)		(84,299	)		(152,121	)		(99,843	)		(88,560	)		(56,873	)
	(7,321	)		(6,747	)		(8,867	)		(6,060	)		(8,906	)		(6,114	)
	—			(7,174	)		(9,635	)		—			—			—

	180,508			194,906			438,324			227,652			377,897			146,115

	1,079,709			1,323,970			3,236,775			1,525,541			2,607,282			838,673



	—			18			(268,366	)		(28,685	)		(30,406	)		12,626
	247,469			358,400			891,946			336,530			591,790			219,535

	247,469			358,418			623,580			307,845			561,384			232,161


	(405,880	)		(409,777	)		(777,666	)		(410,984	)		(173,552	)		(288,409	)
	78,833			111,964			281,114			105,351			188,955			69,638

	(327,047	)		(297,813	)		(496,552	)		(305,633	)		15,403			(218,771	)

	(79,578	)		60,605			127,028			2,212			576,787			13,390


	(244,728	)		(262,157	)		(694,588	)		(308,932	)		(552,718	)		(181,293	)



$	755,403		$	1,122,418		$	2,669,215		$	1,218,821		$	2,631,351		$	670,770

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended February 28, 2006 (unaudited) and for the year ended August 31, 2005


		Insured Municipal Income Trust						Municipal Bond Trust
		(BYM)						(BBK)

		2006			2005			2006			2005

Increase in Net Assets Applicable to
Common Shareholders
Operations:
Net investment income	$	13,490,987		$	26,962,373		$	6,162,826		$	12,271,182
Net realized gain (loss)		843,649			15,009,314			3,141,626			874,223
Net change in unrealized appreciation/
depreciation		(3,906,694	)		12,819,858			(2,701,050	)		12,756,697
Dividends from net investment income to
preferred shareholders		(3,066,557	)		(4,321,472	)		(1,242,058	)		(1,719,239	)

Net increase in net assets applicable to common
shareholders resulting from operations		7,361,385			50,470,073			5,361,344			24,182,863

Dividends from net investment income		(10,038,304	)		(24,518,210	)		(5,263,446	)		(10,495,566	)

Capital Share Transactions:
Reinvestment of common dividends		419,066			423,563			429,604			284,282

Net proceeds from capital share transactions		419,066			423,563			429,604			284,282

Total increase (decrease)		(2,257,853	)		26,375,426			527,502			13,971,579

Net Assets Applicable to Common
Shareholders
Beginning of period		408,640,741			382,265,315			165,863,211			151,891,632

End of period	$	406,382,888		$	408,640,741		$	166,390,713		$	165,863,211

End of period undistributed net investment income	$	1,100,293		$	714,167		$	2,886,522		$	3,229,200

See Notes to Financial Statements.

							California Insured						California Municipal
	Municipal Income Trust II						Municipal Income Trust						Bond Trust
	(BLE)						(BCK)						(BZA)

	2006			2005			2006			2005			2006			2005



$	13,625,389		$	27,426,522		$	2,580,057		$	5,195,140		$	1,923,264		$	3,789,700
	6,209,790			1,457,128			707,078			(1,050,542	)		419,797			752,518
	(6,597,156	)		30,064,319			(462,020	)		7,790,878			(335,724	)		4,289,483
	(2,828,075	)		(3,950,332	)		(603,451	)		(800,568	)		(387,269	)		(508,138	)

	10,409,948			54,997,637			2,221,664			11,134,908			1,620,068			8,323,563

	(11,472,071	)		(22,895,741	)		(1,925,709	)		(4,743,934	)		(1,602,885	)		(3,203,270	)


	1,020,426			148,442			34,661			74,722			84,197			—

	1,020,426			148,442			34,661			74,722			84,197			—

	(41,697	)		32,250,338			330,616			6,465,696			101,380			5,120,293




	359,020,144			326,769,806			80,288,963			73,823,267			54,265,399			49,145,106

$	358,978,447		$	359,020,144		$	80,619,579		$	80,288,963		$	54,366,779		$	54,265,399

$	3,921,666		$	4,596,423		$	218,883		$	167,986		$	972,119		$	1,039,009

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended February 28, 2006 (unaudited) and for the year ended August 31, 2005


		California						Florida Insured
		Municipal Income Trust II						Municipal Income Trust
		(BCL)						(BAF)

		2006			2005			2006			2005

Increase (Decrease) in Net Assets Applicable
to Common Shareholders
Operations
Net investment income	$	4,327,835		$	8,708,704		$	4,432,799		$	8,867,352
Net realized gain (loss)		1,225,991			(1,524,025	)		992,573			(681,521	)
Net change in unrealized appreciation/
depreciation		(708,503	)		15,483,507			(1,920,265	)		9,055,515
Dividends from net investment income to
preferred shareholders		(863,856	)		(1,167,105	)		(986,428	)		(1,374,732	)

Net increase in net assets applicable to common
shareholders resulting from operations		3,981,467			21,501,081			2,518,679			15,866,614

Dividends from net investment income		(3,137,980	)		(7,533,548	)		(3,187,730	)		(7,850,329	)

Capital Share Transactions:
Reinvestment of common dividends		—			—			77,965			149,885

Net proceeds from capital share transactions		—			—			77,965			149,885

Total increase (decrease)		843,487			13,967,533			(591,086	)		8,166,170

Net Assets Applicable to Common
Shareholders
Beginning of period		123,919,757			109,952,224			133,220,526			125,054,356

End of period	$	124,763,244		$	123,919,757		$	132,629,440		$	133,220,526

End of period undistributed net investment income	$	442,120		$	116,121		$	554,292		$	295,651

See Notes to Financial Statements.


	Florida						Maryland						New Jersey
	Municipal Bond Trust						Municipal Bond Trust						Municipal Bond Trust
	(BIE)						(BZM)						(BLJ)

	2006			2005			2006			2005			2006			2005




$	1,940,381		$	3,829,071		$	1,079,709		$	2,160,791		$	1,323,970		$	2,631,055
	374,422			(167,030	)		247,469			15,626			358,418			(117,411	)
	(579,615	)		2,559,463			(327,047	)		1,631,626			(297,813	)		3,499,235

	(401,166	)		(535,210	)		(244,728	)		(332,992	)		(262,157	)		(347,892	)


	1,334,022			5,686,294			755,403			3,475,051			1,122,418			5,664,987

	(1,545,863	)		(3,090,102	)		(864,160	)		(1,725,808	)		(1,071,437	)		(2,140,066	)


	42,600			10,494			47,437			27,820			65,787			18,610

	42,600			10,494			47,437			27,820			65,787			18,610

	(169,241	)		2,606,686			(61,320	)		1,777,063			116,768			3,543,531



	53,989,502			51,382,816			32,491,797			30,714,734			36,927,667			33,384,136

$	53,820,261		$	53,989,502		$	32,430,477		$	32,491,797		$	37,044,435		$	36,927,667

$	1,138,964		$	1,145,612		$	636,619		$	665,798		$	754,937		$	764,561

See Notes to Financial Statements.

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended February 28, 2006 (unaudited) and for the year ended August 31, 2005


		New York Insured						New York
		Municipal Income Trust						Municipal Bond Trust
		(BSE)						(BQH)

		2006			2005			2006			2005

Increase (Decrease) in Net Assets Applicable
to Common Shareholders
Operations:
Net investment income	$	3,236,775		$	6,460,542		$	1,525,541		$	3,039,131
Net realized gain (loss)		623,580			662,348			307,845			(150,481	)
Net change in unrealized appreciation/
depreciation		(496,552	)		6,857,505			(305,633	)		2,723,892
Dividends from net investment income to
preferred shareholders		(694,588	)		(919,843	)		(308,932	)		(410,012	)

Net increase in net assets applicable to common
shareholders resulting from operations		2,669,215			13,060,552			1,218,821			5,202,530

Dividends from net investment income		(2,361,069	)		(5,802,703	)		(1,250,255	)		(2,498,924	)

Capital Share Transactions:
Reinvestment of common dividends		158,867			335,680			82,660			—

Net proceeds from capital share transactions		158,867			335,680			82,660			—

Total increase		467,013			7,593,529			51,226			2,703,606

Net Assets Applicable to
Common Shareholders
Beginning of period		98,853,468			91,259,939			43,460,379			40,756,773

End of period	$	99,320,481		$	98,853,468		$	43,511,605		$	43,460,379

End of period undistributed (distributions in excess of)
net investment income	$	296,304		$	115,186		$	772,636		$	806,282

See Notes to Financial Statements.


	New York						Virginia
	Municipal Income Trust II						Municipal Bond Trust
	(BFY)						(BHV)

	2006			2005			2006			2005




$	2,607,282		$	5,124,510		$	838,673		$	1,676,382
	561,384			800,866			232,161			(109,878	)
	15,403			4,452,913			(218,771	)		1,335,369
	(552,718	)		(723,738	)		(181,293	)		(243,614	)

	2,631,351			9,654,551			670,770			2,658,259

	(1,755,329	)		(4,398,872	)		(664,772	)		(1,325,313	)


	—			34,135			58,574			106,220

	—			34,135			58,574			106,220

	876,022			5,289,814			64,572			1,439,166




	75,193,283			69,903,469			24,965,790			23,526,624

$	76,069,305		$	75,193,283		$	25,030,362		$	24,965,790

$	217,626		$	(81,609	)	$	640,936		$	648,328

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal Income Trust (BYM)


										For the period
	Six Months Ended				Year Ended August 31,					October 31, 2002¹
	February 28, 2006									through
	(unaudited)				2005			2004		August 31, 2003

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.61		$	14.62		$	13.64		$	14.33	²

Investment operations:
Net investment income		0.51			1.03			1.06			0.83
Net realized and unrealized gain (loss)		(0.11	)		1.07			0.94			(0.62	)
Dividends to preferred shareholders from net investment income		(0.12	)		(0.17	)		(0.08	)		(0.07	)

Net increase from investment operations		0.28			1.93			1.92			0.14

Dividends to common shareholders from net investment income		(0.38	)		(0.94	)		(0.94	)		(0.70	)

Capital charges with respect to issuance of:
Common shares		—			—			—			(0.03	)
Preferred shares		—			—			—			(0.10	)

Total capital charges		—			—			—			(0.13	)

Net asset value, end of period	$	15.51		$	15.61		$	14.62		$	13.64

Market price, end of period	$	14.23		$	15.43		$	13.97		$	13.51

TOTAL INVESTMENT RETURN³		(5.25	)%		17.69	%		10.57	%		(5.39	)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.83	%⁵		0.83	%		0.84	%		0.77	%⁵
Expenses after fees waived and before fees paid indirectly		0.83	%⁵		0.83	%		0.84	%		0.79	%⁵
Expenses including excise tax and before fees waived and paid indirectly		1.18	%⁵		1.15	%		1.16	%		1.10	%⁵
Expenses excluding excise tax and before fees waived and paid indirectly		1.14	%⁵		1.15	%		1.16	%		1.10	%⁵
Net investment income after fees waived and paid indirectly and before
preferred share dividends		6.81	%⁵		6.83	%		7.30	%		6.95	%⁵
Preferred share dividends		1.55	%⁵		1.09	%		0.57	%		0.55	%⁵
Net investment income available to common shareholders		5.26	%⁵		5.74	%		6.73	%		6.40	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	399,645		$	394,876		$	380,007		$	372,269
Portfolio turnover		23	%		57	%		57	%		46	%
Net assets of common shareholders, end of period (000)	$	406,383		$	408,641		$	382,265		$	356,438
Preferred shares value outstanding, end of period (000)	$	228,975		$	228,975		$	228,975		$	228,975
Asset coverage per preferred share, end of period	$	69,375		$	69,622		$	66,739		$	63,919

¹Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

²Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

³Total 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.

⁴Ratios 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.

⁵Annualized.

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

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Municipal Bond Trust (BBK)


													For the period
	Six Months Ended				Year Ended August 31,								April 30, 2002¹
	February 28, 2006												through
	(unaudited)				2005			2004			2003		August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	16.36		$	15.00		$	14.12		$	14.76		$	14.33	²

Investment operations:
Net investment income		0.61			1.21			1.25			1.28			0.31
Net realized and unrealized gain (loss)		0.04			1.36			0.74			(0.74	)		0.52
Dividends and distributions to preferred shareholders:
Net investment income		(0.12	)		(0.17	)		(0.08	)		(0.10	)		(0.03	)
Net realized gains		—			—			—			(0.01	)		—

Net increase from investment operations		0.53			2.40			1.91			0.43			0.80

Dividends and distributions to common shareholders:
Net investment income		(0.52	)		(1.04	)		(1.04	)		(1.02	)		(0.25	)
Net realized gains		—			—			—			(0.05	)		—

Total dividends and distributions		(0.52	)		(1.04	)		(1.04	)		(1.07	)		(0.25	)

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			0.01			—			(0.09	)

Total capital charges		—			—			0.01			—			(0.12	)

Net asset value, end of period	$	16.37		$	16.36		$	15.00		$	14.12		$	14.76

Market price, end of period	$	17.15		$	17.18		$	14.61		$	13.66		$	14.90

TOTAL INVESTMENT RETURN³		3.08	%		25.75	%		14.87	%		(1.20	)%		1.07	%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.87	%⁵		0.87	%		0.89	%		0.91	%		0.90	%⁵
Expenses after fees waived and before fees paid indirectly		0.88	%⁵		0.88	%		0.90	%		0.92	%		0.91	%⁵
Expenses including excise tax and before fees waived
and paid indirectly		1.40	%⁵		1.35	%		1.37	%		1.41	%		1.32	%⁵
Expenses excluding excise tax and before fees waived
and paid indirectly		1.34	%⁵		1.35	%		1.37	%		1.41	%		1.32	%⁵
Net investment income after fees waived and paid indirectly
and before preferred share dividends		7.62	%⁵		7.73	%		8.28	%		8.66	%		6.35	%⁵
Preferred share dividends		1.54	%⁵		1.08	%		0.55	%		0.67	%		0.53	%⁵
Net investment income available to common shareholders		6.08	%⁵		6.65	%		7.73	%		7.99	%		5.82	%⁵

SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	163,035		$	158,814		$	152,200		$	148,670		$	144,196
Portfolio turnover		42	%		70	%		65	%		21	%		22	%
Net assets of common shareholders, end of period (000)	$	166,391		$	165,863		$	151,892		$	142,951		$	149,253
Preferred shares value outstanding, end of period (000)	$	90,500		$	90,500		$	90,500		$	90,500		$	90,500
Asset coverage per preferred share, end of period	$	70,977		$	70,824		$	66,963		$	64,491		$	66,233

¹Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

²Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

⁴Ratios 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.

⁵Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust II (BLE)

													For the period
	Six Months Ended			Year Ended August 31,									July 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.75		$	14.34		$	13.28		$	14.40		$	14.33	²

Investment operations:
Net investment income		0.59			1.20			1.20			1.14			0.03
Net realized and unrealized gain (loss)		(0.01	)		1.38			0.95			(1.06	)		0.07
Dividends to preferred shareholders from net
investment income		(0.12	)		(0.17	)		(0.09	)		(0.10	)		—

Net increase (decrease) from investment operations		0.46			2.41			2.06			(0.02	)		0.10

Dividends to common shareholders from net investment
income		(0.50	)		(1.00	)		(1.00	)		(1.00	)		—

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			(0.10	)		—

Total capital charges		—			—			—			(0.10	)		(0.03	)

Net asset value, end of period	$	15.71		$	15.75		$	14.34		$	13.28		$	14.40

Market price, end of period	$	16.69		$	15.73		$	13.92		$	13.11		$	15.00

TOTAL INVESTMENT RETURN³		9.59	%		20.95	%		14.15	%		(6.00	)%		0.00	%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.92	%⁵		0.93	%		0.95	%		0.92	%		0.65	%^5,6
Expenses after fees waived and before fees paid indirectly		0.93	%⁵		0.93	%		0.95	%		0.93	%		0.65	%^5,6
Expenses before fees waived and paid indirectly		1.16	%⁵		1.17	%		1.20	%		1.17	%		0.80	%^5,6
Net investment income after fees waived and paid indirectly
and before preferred share dividends		7.80	%⁵		8.00	%		8.37	%		8.15	%		2.82	%^5,6
Preferred share dividends		1.62	%⁵		1.15	%		0.61	%		0.69	%		—	%^5,6
Net investment income available to common shareholders		6.18	%⁵		6.85	%		7.76	%		7.46	%		2.82	%^5,6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	352,331		$	342,827		$	325,680		$	318,014		$	307,165
Portfolio turnover		31	%		49	%		64	%		118	%		—	%
Net assets of common shareholders, end of period (000)	$	358,978		$	359,020		$	326,770		$	302,337		$	323,483
Preferred shares value outstanding, end of period (000)	$	205,550		$	205,550		$	205,550		$	205,550		$	—
Asset coverage per preferred share, end of period	$	68,671		$	68,672		$	64,747		$	61,774		$	—


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.
⁶	These annualized ratios are not indicative of future expense ratios, due to the short operating history of the Trust.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock California Insured Municipal Income Trust (BCK

										For the period
	Six Months Ended			Year Ended August 31,						October 31, 2002¹
	February 28, 2006									through
	(unaudited)			2005			2004			August 31, 2003

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.22		$	14.01		$	13.09		$	14.33	²

Investment operations:
Net investment income		0.48			0.99			1.02			0.79
Net realized and unrealized gain (loss)		0.05			1.27			0.89			(1.15	)
Dividends to preferred shareholders from net investment income		(0.11	)		(0.15	)		(0.08	)		(0.06	)

Net increase (decrease) from investment operations		0.42			2.11			1.83			(0.42	)

Dividends to common shareholders:
Net investment income		(0.36	)		(0.90	)		(0.90	)		(0.67	)
Net realized gains		—			—			(0.01	)		—

Total dividends and distributions		(0.36	)		(0.90	)		(0.91	)		(0.67	)

Capital charges with respect to issuance of:
Common shares		—			—			—			(0.03	)
Preferred shares		—			—			—			(0.12	)

Total capital charges		—			—			—			(0.15	)

Net asset value, end of period	$	15.28		$	15.22		$	14.01		$	13.09

Market price, end of period	$	14.20		$	16.08		$	14.00		$	13.01

TOTAL INVESTMENT RETURN³		(9.39	)%		22.24	%		14.97	%		(8.98	)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.95	%⁵		0.97	%		0.99	%		0.92	%⁵
Expenses after fees waived and before fees paid indirectly		0.96	%⁵		0.98	%		0.99	%		0.96	%⁵
Expenses before fees waived and paid indirectly		1.28	%⁵		1.30	%		1.32	%		1.27	%⁵
Net investment income after fees waived and paid indirectly and before
preferred share dividends		6.60	%⁵		6.72	%		7.26	%		6.69	%⁵
Preferred share dividends		1.54	%⁵		1.04	%		0.54	%		0.50	%⁵
Net investment income available to common shareholders		5.06	%⁵		5.68	%		6.72	%		6.19	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	78,782		$	77,283		$	73,679		$	74,302
Portfolio turnover		12	%		16	%		4	%		41	%
Net assets of common shareholders, end of period (000)	$	80,620		$	80,289		$	73,823		$	68,910
Preferred shares value outstanding, end of period (000)	$	46,500		$	46,500		$	46,500		$	46,500
Asset coverage per preferred share, end of period	$	68,345		$	68,170		$	64,691		$	62,052


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock California Municipal Bond Trust (BZA)

													For the period
	Six Months Ended			Year Ended August 31,									April 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	16.19		$	14.67		$	13.71		$	14.87		$	14.33	²

Investment operations:
Net investment income		0.58			1.13			1.15			1.18			0.28
Net realized and unrealized gain (loss)		0.03			1.50			0.92			(1.21	)		0.63
Dividends and distributions to preferred shareholders:
Net investment income		(0.12	)		(0.15	)		(0.07	)		(0.09	)		(0.02	)
Net realized gains		—			—			(0.01	)		(0.01	)		—

Net increase (decrease) from investment operations		0.49			2.48			1.99			(0.13	)		0.89

Dividends and distributions to common shareholders:
Net investment income		(0.48	)		(0.96	)		(0.96	)		(0.94	)		(0.23	)
Net realized gains		—			—			(0.07	)		(0.08	)		—

Total dividends and distributions		(0.48	)		(0.96	)		(1.03	)		(1.02	)		(0.23	)

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			(0.01	)		(0.09	)

Total capital charges		—			—			—			(0.01	)		(0.12	)

Net asset value, end of period	$	16.20		$	16.19		$	14.67		$	13.71		$	14.87

Market price, end of period	$	16.56		$	16.33		$	13.90		$	13.15		$	14.58

TOTAL INVESTMENT RETURN³		4.49	%		25.31	%		13.80	%		(2.92	)%		(1.23	)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.97	%⁵		1.00	%		1.06	%		1.06	%		1.12	%⁵
Expenses after fees waived and before fees paid indirectly		0.99	%⁵		1.03	%		1.07	%		1.06	%		1.12	%⁵
Expenses before fees waived and paid indirectly		1.46	%⁵		1.50	%		1.55	%		1.54	%		1.53	%⁵
Net investment income after fees waived and paid
indirectly and before preferred share dividends		7.26	%⁵		7.30	%		7.87	%		7.99	%		5.75	%⁵
Preferred share dividends		1.46	%⁵		0.98	%		0.49	%		0.58	%		0.49	%⁵
Net investment income available to common shareholders		5.80	%⁵		6.32	%		7.38	%		7.41	%		5.26	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	53,388		$	51,898		$	48,928		$	49,107		$	47,390
Portfolio turnover		6	%		22	%		24	%		22	%		18	%
Net assets of common shareholders, end of period (000)	$	54,367		$	54,265		$	49,145		$	45,940		$	49,834
Preferred shares value outstanding, end of period (000)	$	29,975		$	29,975		$	29,975		$	29,975		$	29,975
Asset coverage per preferred share, end of period	$	70,347		$	70,263		$	65,990		$	63,318		$	66,569


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust II (BCL)

													For the period
	Six Months Ended			Year Ended August 31,									July 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.52		$	13.77		$	12.76		$	14.42		$	14.33	²

Investment operations:
Net investment income		0.54			1.09			1.09			1.02			0.02
Net realized and unrealized gain (loss)		0.07			1.75			0.97			(1.51	)		0.10
Dividends to preferred shareholders from net
investment income		(0.11	)		(0.15	)		(0.08	)		(0.09	)		—

Net increase (decrease) from investment operations		0.50			2.69			1.98			(0.58	)		0.12

Dividends to common shareholders from net investment
income		(0.39	)		(0.94	)		(0.97	)		(0.97	)		—

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			(0.11	)		—

Total capital charges		—			—			—			(0.11	)		(0.03	)

Net asset value, end of period	$	15.63		$	15.52		$	13.77		$	12.76		$	14.42

Market price, end of period	$	14.81		$	14.26		$	13.71		$	13.01		$	15.01

TOTAL INVESTMENT RETURN³		6.79	%		11.09	%		13.21	%		(6.94	)%		0.07	%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.98	%⁵		1.01	%		1.05	%		0.97	%		1.05	%^5,6
Expenses after fees waived and before fees paid indirectly		1.00	%⁵		1.02	%		1.05	%		0.99	%		1.05	%^5,6
Expenses before fees waived and paid indirectly		1.24	%⁵		1.26	%		1.30	%		1.23	%		1.20	%^5,6
Net investment income after fees waived and paid
indirectly and before preferred share dividends		7.16	%⁵		7.46	%		7.97	%		7.38	%		1.35	%^5,6
Preferred share dividends		1.43	%⁵		1.00	%		0.58	%		0.63	%		—	%^5,6
Net investment income available to common shareholders		5.73	%⁵		6.46	%		7.39	%		6.75	%		1.35	%^5,6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	121,907		$	116,754		$	109,252		$	110,286		$	105,895
Portfolio turnover		11	%		21	%		19	%		85	%		—	%
Net assets of common shareholders, end of period (000)	$	124,763		$	123,920		$	109,952		$	101,738		$	112,576
Preferred shares value outstanding, end of period (000)	$	71,950		$	71,950		$	71,950		$	71,950		$	—
Asset coverage per preferred share, end of period	$	68,362		$	68,063		$	63,209		$	60,353		$	—


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.
⁶	These annualized ratios are not indicative of future expense ratios, due to the short operating history of the Trust.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Florida Insured Municipal Income Trust (BAF)

										For the period
	Six Months Ended			Year Ended August 31,						October 31, 2002¹
	February 28, 2006									through
	(unaudited)			2005			2004			August 31, 2003

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.26		$	14.34		$	13.74		$	14.33	²

Investment operations:
Net investment income		0.50			1.02			1.02			0.75
Net realized and unrealized gain (loss)		(0.10	)		0.96			0.64			(0.47	)
Dividends and distributions to preferred shareholders:
Net investment income		(0.11	)		(0.16	)		(0.07	)		(0.06	)
Net realized gains		—			—			(0.01	)		—

Net increase from investment operations		0.29			1.82			1.58			0.22

Dividends and distributions to common shareholders:
Net investment income		(0.36	)		(0.90	)		(0.90	)		(0.67	)
Net realized gains		—			—			(0.08	)		—

Total dividends and distributions		(0.36	)		(0.90	)		(0.98	)		(0.67	)

Capital charges with respect to issuance of:
Common shares		—			—			—			(0.03	)
Preferred shares		—			—			—			(0.11	)

Total capital charges		—			—			—			(0.14	)

Net asset value, end of period	$	15.19		$	15.26		$	14.34		$	13.74

Market price, end of period	$	13.91		$	15.30		$	14.14		$	13.20

TOTAL INVESTMENT RETURN³		(6.68	)%		15.03	%		14.82	%		(7.78	)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.90	%⁵		0.89	%		0.91	%		0.83	%⁵
Expenses after fees waived and before fees paid indirectly		0.91	%⁵		0.90	%		0.93	%		0.87	%⁵
Expenses before fees waived and paid indirectly		1.23	%⁵		1.22	%		1.25	%		1.17	%⁵
Net investment income after fees waived and paid indirectly and before
preferred share dividends		6.83	%⁵		6.85	%		7.13	%		6.39	%⁵
Preferred share dividends		1.52	%⁵		1.06	%		0.52	%		0.54	%⁵
Net investment income available to common shareholders		5.31	%⁵		5.79	%		6.61	%		5.85	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	130,844		$	129,413		$	125,315		$	124,543
Portfolio turnover		7	%		2	%		2	%		50	%
Net assets of common shareholders, end of period (000)	$	132,629		$	133,221		$	125,054		$	119,778
Preferred shares value outstanding, end of period (000)	$	76,000		$	76,000		$	76,000		$	76,000
Asset coverage per preferred share, end of period	$	68,630		$	68,826		$	66,137		$	64,404


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Bond Trust (BIE)

													For the period
	Six Months Ended			Year Ended August 31,									April 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	16.31		$	15.53		$	14.52		$	14.90		$	14.33	²

Investment operations:
Net investment income		0.59			1.16			1.16			1.14			0.26
Net realized and unrealized gain (loss)		(0.06	)		0.71			0.88			(0.43	)		0.68
Dividends and distributions to preferred shareholders:
Net investment income		(0.12	)		(0.16	)		(0.08	)		(0.09	)		(0.02	)
Net realized gains		—			—			—			(0.01	)		—

Net increase from investment operations		0.41			1.71			1.96			0.61			0.92

Dividends and distributions to common shareholders:
Net investment income		(0.47	)		(0.93	)		(0.93	)		(0.92	)		(0.23	)
Net realized gains		—			—			(0.02	)		(0.06	)		—

Total dividends and distributions		(0.47	)		(0.93	)		(0.95	)		(0.98	)		(0.23	)

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			(0.01	)		(0.09	)

Total capital charges		—			—			—			(0.01	)		(0.12	)

Net asset value, end of period	$	16.25		$	16.31		$	15.53		$	14.52		$	14.90

Market price, end of period	$	16.90		$	15.95		$	14.17		$	13.55		$	14.92

TOTAL INVESTMENT RETURN³		9.09	%		19.59	%		11.82	%		(2.90	)%		1.03	%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.98	%⁵		1.00	%		1.02	%		1.05	%		1.12	%⁵
Expenses after fees waived and before fees paid indirectly		0.99	%⁵		1.02	%		1.03	%		1.05	%		1.12	%⁵
Expenses before fees waived and paid indirectly		1.46	%⁵		1.49	%		1.50	%		1.53	%		1.54	%⁵
Net investment income after fees waived and paid indirectly
and before preferred share dividends		7.35	%⁵		7.24	%		7.62	%		7.54	%		5.36	%⁵
Preferred share dividends		1.52	%⁵		1.01	%		0.53	%		0.59	%		0.49	%⁵
Net investment income available to common shareholders		5.83	%⁵		6.23	%		7.09	%		6.95	%		4.87	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	53,202		$	52,870		$	50,422		$	49,915		$	46,792
Portfolio turnover		4	%		2	%		10	%		19	%		—	%
Net assets of common shareholders, end of period (000)	$	53,820		$	53,990		$	51,383		$	48,042		$	49,284
Preferred shares value outstanding, end of period (000)	$	29,775		$	29,775		$	29,775		$	29,775		$	29,775
Asset coverage per preferred share, end of period	$	70,202		$	70,343		$	68,147		$	65,340		$	66,383


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Maryland Municipal Bond Trust (BZM)

													For the period
	Six Months Ended			Year Ended August 31,									April 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	16.11		$	15.24		$	14.36		$	14.76		$	14.33	²

Investment operations:
Net investment income		0.54			1.07			1.06			1.07			0.25
Net realized and unrealized gain (loss)		(0.04	)		0.83			0.76			(0.45	)		0.53
Dividends and distributions to preferred shareholders:
Net investment income		(0.12	)		(0.17	)		(0.08	)		(0.10	)		(0.03	)
Net realized gains		—			—			—			(0.01	)		—

Net increase from investment operations		0.38			1.73			1.74			0.51			0.75

Dividends and distributions to common shareholders:
Net investment income		(0.43	)		(0.86	)		(0.86	)		(0.84	)		(0.21	)
Net realized gains		—			—			—			(0.04	)		—

Total dividends and distributions		(0.43	)		(0.86	)		(0.86	)		(0.88	)		(0.21	)

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.02	)
Preferred shares		—			—			—			(0.03	)		(0.09	)

Total capital charges		—			—			—			(0.03	)		(0.11	)

Net asset value, end of period	$	16.06		$	16.11		$	15.24		$	14.36		$	14.76

Market price, end of period	$	17.20		$	15.96		$	14.99		$	13.90		$	14.95

TOTAL INVESTMENT RETURN³		10.68	%		12.53	%		14.31	%		(1.32	)%		1.10	%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		1.13	%⁵		1.11	%		1.18	%		1.15	%		1.12	%⁵
Expenses after fees waived and before fees paid indirectly		1.18	%⁵		1.13	%		1.19	%		1.15	%		1.12	%⁵
Expenses before fees waived and paid indirectly		1.65	%⁵		1.60	%		1.67	%		1.63	%		1.54	%⁵
Net investment income after fees waived and paid
indirectly and before preferred share dividends		6.77	%⁵		6.82	%		7.05	%		7.18	%		5.30	%⁵
Preferred share dividends		1.54	%⁵		1.05	%		0.54	%		0.64	%		0.54	%⁵
Net investment income available to common shareholders		5.23	%⁵		5.77	%		6.51	%		6.54	%		4.76	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	32,143		$	31,676		$	30,350		$	30,069		$	28,153
Portfolio turnover		—	%		4	%		12	%		14	%		1	%
Net assets of common shareholders, end of period (000)	$	32,430		$	32,492		$	30,715		$	28,923		$	29,705
Preferred shares value outstanding, end of period (000)	$	18,000		$	18,000		$	18,000		$	18,000		$	18,000
Asset coverage per preferred share, end of period	$	70,053		$	70,138		$	67,662		$	65,172		$	66,259


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Bond Trust (BLJ)

													For the period
	Six Months Ended			Year Ended August 31,									April 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	16.26		$	14.71		$	13.77		$	14.58		$	14.33	²

Investment operations:
Net investment income		0.59			1.16			1.16			1.15			0.25
Net realized and unrealized gain (loss)		0.03			1.48			0.84			(0.85	)		0.37
Dividends and distributions to preferred shareholders:
Net investment income		(0.12	)		(0.15	)		(0.07	)		(0.09	)		(0.02	)
Net realized gains		—			—			—			(0.01	)		—

Net increase from investment operations		0.50			2.49			1.93			0.20			0.60

Dividends and distributions to common shareholders:
Net investment income		(0.47	)		(0.94	)		(0.94	)		(0.93	)		(0.23	)
Net realized gains		—			—			(0.05	)		(0.06	)		—

Total dividends and distributions		(0.47	)		(0.94	)		(0.99	)		(0.99	)		(0.23	)

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			(0.02	)		(0.09	)

Total capital charges		—			—			—			(0.02	)		(0.12	)

Net asset value, end of period	$	16.29		$	16.26		$	14.71		$	13.77		$	14.58

Market price, end of period	$	16.82		$	15.98		$	13.91		$	13.64		$	14.65

TOTAL INVESTMENT RETURN³		8.40	%		22.22	%		9.32	%		(0.10	)%		(0.75	)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		1.08	%⁵		1.08	%		1.14	%		1.14	%		1.15	%⁵
Expenses after fees waived and before fees paid indirectly		1.12	%⁵		1.10	%		1.15	%		1.14	%		1.15	%⁵
Expenses including excise tax and before fees waived
and paid indirectly		1.62	%⁵		1.57	%		1.63	%		1.62	%		1.57	%⁵
Expenses excluding excise tax and before fees waived
and paid indirectly		1.58	%⁵		1.57	%		1.63	%		1.62	%		1.57	%⁵
Net investment income after fees waived and paid
indirectly and before preferred share dividends		7.33	%⁵		7.44	%		7.93	%		7.94	%		5.29	%⁵
Preferred share dividends		1.45	%⁵		0.98	%		0.49	%		0.60	%		0.45	%⁵
Net investment income available to common shareholders		5.88	%⁵		6.46	%		7.44	%		7.34	%		4.84	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	36,440		$	35,375		$	33,214		$	32,652		$	31,611
Portfolio turnover		—	%		12	%		20	%		20	%		17	%
Net assets of common shareholders, end of period (000)	$	37,044		$	36,928		$	33,384		$	31,226		$	32,981
Preferred shares value outstanding, end of period (000)	$	20,225		$	20,225		$	20,225		$	20,225		$	20,225
Asset coverage per preferred share, end of period	$	70,793		$	70,649		$	66,266		$	63,602		$	65,771


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

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

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New York Insured Municipal Income Trust (BSE)

										For the period
	Six Months Ended			Year Ended August 31,						October 31, 2002¹
	February 28, 2006									through
	(unaudited)			2005			2004			August 31, 2003

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.30		$	14.18		$	13.45		$	14.33	²

Investment operations:
Net investment income		0.50			1.00			1.01			0.75
Net realized and unrealized gain (loss)		0.02			1.16			0.69			(0.75	)
Dividends to preferred shareholders from net investment income		(0.11	)		(0.14	)		(0.07	)		(0.07	)

Net increase (decrease) from investment operations		0.41			2.02			1.63			(0.07	)

Dividends to common shareholders from net investment income		(0.36	)		(0.90	)		(0.90	)		(0.67	)

Capital charges with respect to issuance of:
Common shares		—			—			—			(0.03	)
Preferred shares		—			—			—			(0.11	)

Total capital charges		—			—			—			(0.14	)

Net asset value, end of period	$	15.35		$	15.30		$	14.18		$	13.45

Market price, end of period	$	14.23		$	15.35		$	14.08		$	13.28

TOTAL INVESTMENT RETURN³		(4.87	)%		15.92	%		13.04	%		(7.13	)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.91	%⁵		0.92	%		0.93	%		0.87	%⁵
Expenses after fees waived and before fees paid indirectly		0.93	%⁵		0.93	%		0.95	%		0.91	%⁵
Expenses including excise tax and before fees waived and paid indirectly		1.26	%⁵		1.25	%		1.27	%		1.22	%⁵
Expenses excluding excise tax and before fees waived and paid indirectly		1.24	%⁵		1.25	%		1.27	%		1.22	%⁵
Net investment income after fees waived and paid indirectly and before
preferred share dividends		6.70	%⁵		6.77	%		7.14	%		6.35	%⁵
Preferred share dividends		1.44	%⁵		0.96	%		0.52	%		0.55	%⁵
Net investment income available to common shareholders		5.26	%⁵		5.81	%		6.62	%		5.80	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	97,381		$	95,400		$	91,808		$	90,967
Portfolio turnover		6	%		21	%		11	%		80	%
Net assets of common shareholders, end of period (000)	$	99,320		$	98,853		$	91,260		$	86,431
Preferred shares value outstanding, end of period (000)	$	56,000		$	56,000		$	56,000		$	56,000
Asset coverage per preferred share, end of period	$	69,349		$	69,138		$	65,744		$	63,587


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Bond Trust (BQH)

													For the period
	Six Months Ended			Year Ended August 31,									April 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	16.09		$	15.09		$	14.15		$	14.83		$	14.33	²

Investment operations:
Net investment income		0.56			1.13			1.13			1.12			0.25
Net realized and unrealized gain (loss)		—	³		0.95			0.81			(0.71	)		0.62
Dividends and distributions to preferred shareholders:
Net investment income		(0.11	)		(0.15	)		(0.07	)		(0.09	)		(0.02	)
Net realized gains		—			—			—			(0.01	)		—

Net increase from investment operations		0.45			1.93			1.87			0.31			0.85

Dividends and distributions to common shareholders:
Net investment income		(0.46	)		(0.93	)		(0.93	)		(0.92	)		(0.23	)
Net realized gains		—			—			—			(0.06	)		—

Total dividends and distributions		(0.46	)		(0.93	)		(0.93	)		(0.98	)		(0.23	)

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			(0.01	)		(0.09	)

Total capital charges		—			—			—			(0.01	)		(0.12	)

Net asset value, end of period	$	16.08		$	16.09		$	15.09		$	14.15		$	14.83

Market price, end of period	$	16.68		$	15.85		$	13.97		$	13.35		$	14.50

TOTAL INVESTMENT RETURN⁴		8.36	%		20.83	%		11.83	%		(1.26	)%		(1.78	)%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁵
Expenses after fees waived and paid indirectly		1.07	%⁶		1.06	%		1.11	%		1.12	%		1.12	%⁶
Expenses after fees waived and before fees paid indirectly		1.10	%⁶		1.08	%		1.12	%		1.12	%		1.12	%⁶
Expenses before fees waived and paid indirectly		1.57	%⁶		1.56	%		1.60	%		1.60	%		1.54	%⁶
Net investment income after fees waived and paid
indirectly and before preferred share dividends		7.17	%⁶		7.20	%		7.57	%		7.57	%		5.24	%⁶
Preferred share dividends		1.45	%⁶		0.97	%		0.48	%		0.62	%		0.50	%⁶
Net investment income available to common shareholders		5.72	%⁶		6.23	%		7.09	%		6.95	%		4.74	%⁶
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	42,914		$	42,217		$	40,396		$	40,072		$	38,183
Portfolio turnover		10	%		3	%		16	%		7	%		15	%
Net assets of common shareholders, end of period (000)	$	43,512		$	43,460		$	40,757		$	38,207		$	40,062
Preferred shares value outstanding, end of period (000)	$	24,200		$	24,200		$	24,200		$	24,200		$	24,200
Asset coverage per preferred share, end of period	$	69,962		$	69,899		$	67,108		$	64,473		$	66,390


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Amounted to less than $0.01 per common share outstanding.
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 common shareholders.
⁶	Annualized.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust II (BFY)

													For the period
	Six Months Ended			Year Ended August 31,									July 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	15.23		$	14.16		$	13.36		$	14.47		$	14.33	²

Investment operations:
Net investment income		0.53			1.04			1.04			0.98			0.02
Net realized and unrealized gain (loss)		0.12			1.07			0.79			(0.94	)		0.15
Dividends to preferred shareholders from net
investment income		(0.11	)		(0.15	)		(0.08	)		(0.10	)		—

Net increase (decrease) from investment operations		0.54			1.96			1.75			(0.06	)		0.17

Dividends to common shareholders from net
investment income		(0.36	)		(0.89	)		(0.95	)		(0.94	)		—

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.03	)
Preferred shares		—			—			—			(0.11	)		—

Total capital charges		—			—			—			(0.11	)		(0.03	)

Net asset value, end of period	$	15.41		$	15.23		$	14.16		$	13.36		$	14.47

Market price, end of period	$	14.37		$	14.02		$	13.70		$	13.12		$	15.10

TOTAL INVESTMENT RETURN³		5.20	%		8.91	%		11.82	%		(6.93	)%		0.67	%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		1.02	%⁵		1.04	%		1.07	%		1.00	%		1.43	%^5,6
Expenses after fees waived and before fees paid indirectly		1.05	%⁵		1.05	%		1.08	%		1.03	%		1.43	%^5,6
Expenses before fees waived and paid indirectly		1.29	%⁵		1.30	%		1.32	%		1.27	%		1.58	%^5,6
Net investment income after fees waived and paid
indirectly and before preferred share dividends		7.07	%⁵		7.04	%		7.36	%		6.95	%		1.77	%^5,6
Preferred share dividends		1.50	%⁵		0.99	%		0.59	%		0.68	%		—	%^5,6
Net investment income available to common shareholders		5.57	%⁵		6.05	%		6.77	%		6.27	%		1.77	%^5,6
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	74,408		$	72,767		$	70,018		$	69,863		$	64,673
Portfolio turnover		15	%		27	%		14	%		40	%		—	%
Net assets of common shareholders, end of period (000)	$	76,069		$	75,193		$	69,903		$	65,953		$	70,276
Preferred shares value outstanding, end of period (000)	$	44,650		$	44,650		$	44,650		$	44,650		$	—
Asset coverage per preferred share, end of period	$	67,602		$	67,113		$	64,144		$	61,930		$	—


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.
⁶	These annualized ratios are not indicative of future expense ratios, due to the short operating history of the Trust.

See Notes to Financial Statements.

FINANCIAL HIGHLIGHTS

BlackRock Virginia Municipal Bond Trust (BHV)

													For the period
	Six Months Ended			Year Ended August 31,									April 30, 2002¹
	February 28, 2006												through
	(unaudited)			2005			2004			2003			August 31, 2002

PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period	$	16.34		$	15.47		$	14.46		$	14.90		$	14.33	²

Investment operations:
Net investment income		0.54			1.10			1.09			1.09			0.27
Net realized and unrealized gain (loss)		0.02			0.80			0.86			(0.44	)		0.65
Dividends and distributions to preferred shareholders:
Net investment income		(0.12	)		(0.16	)		(0.07	)		(0.08	)		(0.03	)
Net realized gains		—			—			—			(0.02	)		—

Net increase from investment operations		0.44			1.74			1.88			0.55			0.89

Dividends and distributions to common shareholders:
Net investment income		(0.43	)		(0.87	)		(0.87	)		(0.85	)		(0.21	)
Net realized gains		—			—			—			(0.10	)		—

Total dividends and distributions		(0.43	)		(0.87	)		(0.87	)		(0.95	)		(0.21	)

Capital charges with respect to issuance of:
Common shares		—			—			—			—			(0.02	)
Preferred shares		—			—			—			(0.04	)		(0.09	)

Total capital charges		—			—			—			(0.04	)		(0.11	)

Net asset value, end of period	$	16.35		$	16.34		$	15.47		$	14.46		$	14.90

Market price, end of period	$	17.73		$	17.30		$	15.34		$	14.40		$	15.20

TOTAL INVESTMENT RETURN³		5.22	%		19.07	%		12.79	%		0.94	%		2.81	%

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		1.19	%⁵		1.18	%		1.25	%		1.17	%		1.12	%⁵
Expenses after fees waived and before fees paid indirectly		1.24	%⁵		1.20	%		1.26	%		1.17	%		1.12	%⁵
Expenses before fees waived and paid indirectly		1.71	%⁵		1.67	%		1.73	%		1.64	%		1.54	%⁵
Net investment income after fees waived and paid
indirectly and before preferred share dividends		6.85	%⁵		6.90	%		7.15	%		7.23	%		5.70	%⁵
Preferred share dividends		1.48	%⁵		1.00	%		0.47	%		0.53	%		0.54	%⁵
Net investment income available to common shareholders		5.37	%⁵		5.90	%		6.68	%		6.70	%		5.16	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	24,705		$	24,303		$	23,273		$	22,896		$	21,321
Portfolio turnover		3	%		5	%		14	%		18	%		8	%
Net assets of common shareholders, end of period (000)	$	25,030		$	24,966		$	23,527		$	21,944		$	22,545
Preferred shares value outstanding, end of period (000)	$	13,525		$	13,525		$	13,525		$	13,525		$	13,525
Asset coverage per preferred share, end of period	$	71,277		$	71,158		$	68,490		$	65,562		$	66,674


¹	Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
²	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
³	Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
⁴	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
⁵	Annualized.

See Notes to Financial Statements.

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1. Organization & Accounting Policies

BlackRock Insured Municipal Income Trust (“Insured Municipal”), BlackRock California Insured Municipal Income Trust (“California Insured”), BlackRock Florida Insured Municipal Income Trust (“Florida Insured”), BlackRock New York Insured Municipal Income Trust (“New York Insured”) (collectively, the “Insured Trusts”), BlackRock Municipal Bond Trust (“Municipal Bond”), BlackRock California Municipal Bond Trust (“California Bond”), BlackRock Florida Municipal Bond Trust (“Florida Bond”), BlackRock Maryland Municipal Bond Trust (“Maryland Bond”), BlackRock New Jersey Municipal Bond Trust (“New Jersey Bond”), BlackRock New York Municipal Bond Trust (“New York Bond”), BlackRock Virginia Municipal Bond Trust (“Virginia Bond”) (collectively, the “Bond Trusts”), BlackRock Municipal Income Trust II (“Municipal Income II”), BlackRock California Municipal Income Trust II (“California Income II”) and BlackRock New York Municipal Income Trust II (“New York Income II”) (collectively, the “Income II Trusts”) (all, collectively, the “Trusts”) are organized as Delaware statutory trusts. Insured Municipal, Municipal Bond and Municipal Income II are registered as diversified closed-end management investment companies under the Investment Company Act of 1940 (the “1940 Act”), as amended. California Insured, California Bond, California Income II, Florida Insured, Florida Bond, Maryland Bond, New Jersey Bond, New York Insured, New York Bond, New York Income II and Virginia Bond are registered as non-diversified closed-end management investment companies under the 1940 Act.

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

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

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

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

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

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

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

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

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

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

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

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

Note 2. Agreements

Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to each Trust. BlackRock, Inc. is an indirect majority owned subsidiary of The PNC Financial Services Group, Inc. The investment management agreement covers both investment advisory and administration services.

Each Trust’s investment advisory fee paid to the Advisor is computed weekly, accrued daily and payable monthly based on an annual rate, 0.55% for the Insured Trusts and Income II Trusts and 0.65% for the Bond Trusts, of each Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses of each Trust. With respect to the Insured Trusts the waiver, as a percentage of managed assets, is as follows: 0.20% for the first 5 years of each Trust’s operations, 0.15% in year 6, 0.10% in year 7, and 0.05% in year 8. With respect to the Bond Trusts the waiver, as a percentage of managed assets, is as follows: 0.30% for the first 5 years of each Trust’s operations, 0.25% in year 6, 0.20% in year 7, 0.15% in year 8, 0.10% in year 9 and 0.05% in year 10. With respect to the Income II Trusts the waiver, as a percentage of managed assets, is as follows: 0.15% for the first 5 years of each Trust’s operations, 0.10% in year 6 through year 7, 0.05% in year 8 through year 10.

Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which includes reimbursements to the Advisor for cost of employees that provide pricing, secondary market support, and compliance services to each Trust. For the six months ended February 28, 2006, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statement of Operations:

Trust	Amount	Trust	Amount

Insured Municipal	$12,109	Florida Bond	$1,539
Municipal Bond	4,778	Maryland Bond	970
Municipal Income II	10,245	New Jersey Bond	644
California Insured	2,407	New York Insured	1,736
California Bond	1,539	New York Bond	992
California Income II	3,530	New York Income II	2,259
Florida Insured	4,051	Virginia Bond	738

Pursuant to the terms of each Trust’s custody agreement, each Trust received earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees.

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments inclusive of money market fund shares and U.S. government securities, for the six months ended February 28, 2006, were as follows:

Trust	Purchases	Sales	Trust	Purchases	Sales

Insured Municipal	$140,887,391	$159,331,453	Florida Bond	$3,778,029	$3,177,431
Municipal Bond	103,560,909	115,853,061	Maryland Bond	1,500,000	—
Municipal Income II	171,456,100	204,143,693	New Jersey Bond	—	10,000
California Insured	15,051,635	16,387,024	New York Insured	8,299,609	14,349,421
California Bond	4,962,706	5,447,990	New York Bond	6,340,348	6,578,881
California Income II	22,613,594	21,423,016	New York Income II	17,160,630	18,199,686
Florida Insured	15,800,461	14,530,342	Virginia Bond	993,600	1,020,000

There were no purchases or sales of U.S. government securities.

Note 4. Income Tax Information

The tax character of distributions paid during the year ended August 31, 2005, were as follows:

	Year ended August 31, 2005

	Tax-exempt	Ordinary	Long-term	Total
Distributions Paid From:	Income	Income	Capital Gains	Distributions

Insured Municipal	$28,839,682	$ —	$ —	$28,839,682
Municipal Bond	12,214,805	—	—	12,214,805
Municipal Income II	26,846,073	—	—	26,846,073
California Insured	5,544,502	—	—	5,544,502
California Bond	3,711,408	—	—	3,711,408
California Income II	8,700,653	—	—	8,700,653
Florida Insured	9,225,061	—	—	9,225,061
Florida Bond	3,625,312	—	—	3,625,312
Maryland Bond	2,058,800	—	—	2,058,800
New Jersey Bond	2,487,958	—	—	2,487,958
New York Insured	6,722,546	—	—	6,722,546
New York Bond	2,908,936	—	—	2,908,936
New York Income II	5,122,610	—	—	5,122,610
Virginia Bond	1,568,927	—	—	1,568,927

For Federal income tax purposes, the following Trusts had capital loss carryforwards as of their last respective tax year-end (the Bond Trusts have a tax year-end of October 31st and the Income II Trusts have a tax year-end of June 30th). These amounts may be used to offset future realized capital gains, if any:

	Capital Loss				Capital Loss
Trust	Carryforward Amount		Expires	Trust	Carryforward Amount		Expires

Insured Municipal	$	100,796	2012	Florida Bond	$	215,418	2012


Municipal Income II	$	1,338,302	2011	Maryland Bond	$	91,148	2012

		5,200,107	2012
		9,809,683	2013	New York Insured	$	103	2012

	$	16,348,092				140,352	2013

					$	140,455


California Insured	$	8,282	2012	New York Bond	$	273,288	2012

		1,496,942	2013

	$	1,505,224		New York Income II	$	722,685	2012

						564,985	2013


California Bond	$	789,872	2012		$	1,287,670


California Income II	$	1,454,313	2011	Virginia Bond	$	55,382	2012

		1,163,822	2012
		3,357,448	2013

	$	5,975,583

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

Note 5. Capital

There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. Each Trust may classify or reclassify any unissued common shares into one or more series of Auction Market Preferred Shares (“preferred shares”). At February 28, 2006, there were no shares owned by affiliates of the Advisor and the shares outstanding of each Trust were as follows:

	Common		Common
	Shares		Shares
Trust	Outstanding	Trust	Outstanding

Insured Municipal	26,203,900	Florida Bond	3,312,785
Municipal Bond	10,167,170	Maryland Bond	2,019,870
Municipal Income II	22,856,544	New Jersey Bond	2,274,620
California Insured	5,276,156	New York Insured	6,469,766
California Bond	3,356,422	New York Bond	2,706,216
California Income II	7,984,696	New York Income II	4,937,652
Florida Insured	8,734,048	Virginia Bond	1,531,266

During the six months ended February 28, 2006, Insured Municipal, Municipal Bond, Municipal Income II, California Insured, California Bond, Florida Insured, Florida Bond, Maryland Bond, New Jersey Bond, New York Insured, New York Income II and Virginia Bond issued additional shares under their dividend reinvestment plans of 27,142, 26,578, 65,932, 2,293, 5,272, 5,166, 2,653, 2,966, 4,103, 10,476, 5,225 and 3,559, respectively. During the year ended August 31, 2005, Insured Municipal, Municipal Bond, Municipal Income II, California Insured, Florida Insured, Florida Bond, Maryland Bond, New Jersey Bond, New York Insured, New York Income II and Virginia Bond issued additional shares under their dividend reinvestment plans of 27,424, 17,537, 9,540, 5,078, 10,058, 649, 1,750, 1,151, 22,751, 2,384 and 6,691, respectively.

As of February 28, 2006, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

Trust	Series	Shares	Trust	Series	Shares

Insured Municipal	M7	3,053	California Income II	T7	1,439
	R7	3,053		R7	1,439
	F7	3,053	Florida Insured	M7	3,040
Municipal Bond	T7	1,810	Florida Bond	W7	1,191
	R7	1,810	Maryland Bond	R7	720
Municipal Income II	M7	2,055	New Jersey Bond	M7	809
	T7	2,056	New York Insured	R7	2,240
	W7	2,055	New York Bond	T7	968
	R7	2,056	New York Income II	W7	1,786
California Insured	F7	1,860	Virginia Bond	R7	541
California Bond	F7	1,199

Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. The dividend ranges and average on the preferred shares for each of the Trusts for the six months ended February 28, 2006, were as follows:

Trust	Series	Low		High		Average		Trust	Series	Low		High		Average

Insured Municipal	M7	1.48	%	3.70	%	2.35	%	California Income II	T7	1.90	%	3.50	%	2.49	%
	R7	1.15		3.38		2.27			R7	1.81		3.00		2.39
	F7	1.51		3.70		2.35		Florida Insured	M7	1.25		2.89		2.28
Municipal Bond	T7	1.20		3.19		2.29		Florida Bond	W7	1.00		3.25		2.29
	R7	1.48		3.38		2.37		Maryland Bond	R7	1.25		3.38		2.26
Municipal Income II	M7	2.34		3.60		2.80		New Jersey Bond	M7	1.20		3.70		2.15
	T7	2.25		3.55		2.81		New York Insured	R7	1.00		3.20		2.04
	W7	2.19		3.35		2.78		New York Bond	T7	1.00		2.90		2.07
	R7	2.00		3.55		2.79		New York Income II	W7	1.97		2.85		2.51
California Insured	F7	1.18		3.70		2.21		Virginia Bond	R7	1.48		3.38		2.27
California Bond	F7	1.10		3.70		2.16

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

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

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

Note 6. Dividends

Subsequent to February 28, 2006, the Board of each Trust declared dividends from undistributed earnings per common share payable April 3, 2006, to shareholders of record on March 5, 2006. The per share common dividends declared were as follows:

	Common Dividend		Common Dividend
Trust	Per Share	Trust	Per Share

Insured Municipal	$0.061000	Florida Bond	$0.077808
Municipal Bond	0.086375	Maryland Bond	0.071350
Municipal Income II	0.083750	New Jersey Bond	0.078582
California Insured	0.058000	New York Insured	0.058000
California Bond	0.079656	New York Bond	0.077099
California Income II	0.065500	New York Income II	0.059250
Florida Insured	0.058000	Virginia Bond	0.072428

The dividends declared on preferred shares for the period March 1, 2006 to March 31, 2006, for each of the Trusts were as follows:

		Dividends			Dividends
Trust	Series	Declared	Trust	Series	Declared

Insured Municipal	M7	169,625	California Income II	T7	95,895
	R7	206,230		R7	98,629
	F7	167,579	Florida Insured	M7	168,051
Municipal Bond	T7	129,451	Florida Bond	W7	84,454
	R7	132,836	Maryland Bond	R7	53,050
Municipal Income II	M7	118,409	New Jersey Bond	M7	42,788
	T7	145,688	New York Insured	R7	140,157
	W7	144,508	New York Bond	T7	59,968
	R7	145,853	New York Income II	W7	113,482
California Insured	F7	99,175	Virginia Bond	R7	39,185
California Bond	F7	68,067

Note 7. Concentration Risk

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

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

DIVIDEND REINVESTMENT PLANS

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who do not 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 Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open-market purchases”). If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases.

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

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

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

ADDITIONAL INFORMATION

BlackRock, Inc. and Merrill Lynch & Co., Inc. (“Merrill Lynch’’) announced on February 15, 2006 that they had reached an agreement to merge Merrill Lynch’s investment management business, Merrill Lynch Investment Managers, with BlackRock, Inc. to create a new independent company. Merrill Lynch will have a 49.8% economic interest and a 45% voting interest in the combined company and The PNC Financial Services Group, Inc. (“PNC’’), which currently holds a majority interest in BlackRock, Inc., will have approximately a 34% economic and voting interest. The new company will operate under the BlackRock name and be governed by a board of directors with a majority of independent members. Each of Merrill Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock’s board in order to assure its independence. Completion of the transaction is subject to various regulatory approvals, client consents, approval by BlackRock, Inc. shareholders and customary conditions. In the event it is determined that the transaction would constitute an assignment of the investment management agreement between the Trusts and BlackRock Advisors, Inc. and the sub-investment advisory agreement by and among the Trusts, BlackRock Advisors, Inc. and BlackRock Financial Management, Inc., the agreements would automatically terminate upon closing of the merger and new agreements would need to be approved by the board of trustees and shareholders of the Trusts. BlackRock, Inc. believes, and is discussing its views with the staff of the Securities and Exchange Commission, that completion of the transaction should not cause an assignment of these agreements.

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

During the period, there were no material changes in the Trusts’ investment objectives or policies or to their charters or by-laws that have not been approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Kevin M. Klingert—Director of the Advisor and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

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BlackRock Closed-End Funds

Trustees	Transfer Agent
Ralph L. Schlosstein, Chairman	Computershare Trust Company, N.A.
Andrew F. Brimmer, Lead Trustee	250 Royall Street
Richard E. Cavanagh	Canton, MA 02021
Kent Dixon	(800)\ 699-1BFM
Frank J. Fabozzi	Auction Agent²
Kathleen F. Feldstein	Bank of New York
R. Glenn Hubbard	101 Barclay Street, 7 West
Robert S. Kapito	New York, NY 10286
James Clayburn La Force, Jr.¹	Auction Agent³
Walter F. Mondale¹	Deutsche Bank Trust Company Americas
Officers	60 Wall Street, 8th Floor
Robert S. Kapito, President	New York, NY 10286
Henry Gabbay, Treasurer	Independent Registered Public Accounting Firm
Bartholomew Battista, Chief Compliance Officer	Deloitte & Touche LLP
Anne Ackerley, Vice President	200 Berkeley Street
Kevin M. Klingert, Vice President	Boston, MA 02116
James Kong, Assistant Treasurer	Legal Counsel
Vincent B. Tritto, Secretary	Skadden, Arps, Slate, Meagher & Flom LLP
Brian P. Kindelan, Assistant Secretary	4 Times Square
Investment Advisor	New York, NY 10036
BlackRock Advisors, Inc.	Legal Counsel – Independent Trustees
100 Bellevue Parkway	Debevoise & Plimpton LLP
Wilmington, DE 19809	919 Third Avenue
(800) 227-7BFM	New York, NY 10022
Sub-Advisor
BlackRock Financial Management, Inc.	This report is for shareholder information. This is not a prospec-
40 East 52nd Street	tus intended for use in the purchase or sale of Trust shares.
New York, NY 10022	Statements and other information contained in this report are as
Accounting Agent and Custodian	dated and are subject to change.
State Street Bank and Trust Company
2 Avenue De Lafayette	BlackRock Closed-End Funds
Boston, MA 02111	c/o BlackRock Advisors, Inc.
	100 Bellevue Parkway
	Wilmington, DE 19809
¹Retired from the Board of Trustees on February 23, 2006.	(800) 227-7BFM
²For the Insured Trusts and Bond Trusts.
³For the Income II Trusts.

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

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

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

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

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

CEF-ANN-1

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. Schedule of Investments.
The Registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable because no such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable because no applicable matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the 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 Insured Municipal Income Trust

By:	/s/ Henry Gabbay

Name: Henry Gabbay
Title: Treasurer
Date: May 5, 2006

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

By:	/s/ Robert S. Kapito

Name: Robert S. Kapito
Title: Principal Executive
Officer Date: May 5, 2006

By:	/s/ Henry Gabbay

Name: Henry Gabbay
Title: Principal Financial Officer
Date: May 5, 2006