Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST II

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:	811-21126

BlackRock Municipal Income Trust II

(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 Municipal Income Trust II

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, 2005

Date of reporting period:	August 31, 2005

Item 1. Reports to Shareholders.

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


FIXED INCOME		LIQUIDITY		EQUITIES		ALTERNATIVES		BLACKROCK SOLUTIONS



	BlackRock
	Closed-End Funds
	Annual Report

	August 31, 2005





	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		44

Statements of Operations		47

Statements of Changes in Net Assets		50

Financial Highlights		56

Notes to Financial Statements		70

Report of Independent Registered Public Accounting Firm		76

Dividend Reinvestment Plans		77

Board Review of Investment Management Agreements		77

Additional Information		80

Directors/Trustees Information		84

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

August 31, 2005

Dear Shareholder:

We are pleased to report that during the annual period, the Trusts provided monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ audited financial statements and a listing of the 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 August 31, 2005.



Trust (Ticker)	Current Yield¹			Tax- Equivalent Yield²			Closing Market Price		NAV

BlackRock Insured Municipal Income Trust (BYM)		6.08	%		9.35	%	$	15.43	$	15.61

BlackRock Municipal Bond Trust (BBK)		6.03			9.28			17.18		16.36

BlackRock Municipal Income Trust II (BLE)		6.39			9.83			15.73		15.75

BlackRock California Insured Municipal Income Trust (BCK)		5.60			8.62			16.08		15.22

BlackRock California Municipal Bond Trust (BZA)		5.85			9.00			16.33		16.19

BlackRock California Municipal Income Trust II (BCL)		5.51			8.48			14.26		15.52

BlackRock Florida Insured Municipal Income Trust (BAF)		5.88			9.05			15.30		15.26

BlackRock Florida Municipal Bond Trust (BIE)		5.85			9.00			15.95		16.31

BlackRock Maryland Municipal Bond Trust (BZM)		5.36			8.25			15.96		16.11

BlackRock New Jersey Municipal Bond Trust (BLJ)		5.90			9.08			15.98		16.26

BlackRock New York Insured Municipal Income Trust (BSE)		5.86			9.02			15.35		15.30

BlackRock New York Municipal Bond Trust (BQH)		5.84			8.98			15.85		16.09

BlackRock New York Municipal Income Trust II (BFY)		5.07			7.80			14.02		15.23

BlackRock Virginia Municipal Bond Trust (BHV)		5.02			7.72			17.30		16.34


¹	Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share.
²	Tax-equivalent yield assumes the maximum Federal tax rate of 35%.

BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of June 30, 2005, BlackRock managed over $26 billion in municipal bonds, including seven open-end and 37 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		Ralph L. Schlosstein
Chief Executive Officer		President
BlackRock Advisors, Inc.		BlackRock Advisors, Inc.

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	15.43

Net Asset Value as of 8/31/05:		$	15.61

Yield on Closing Market Price as of 8/31/05 ($15.43):^1,2			6.08	%

Current Monthly Distribution per Common Share:²		$	0.078125

Current Annualized Distribution per Common Share:²		$	0.937500

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	A change in the distribution rate was declared on October 3, 2005 and effective October 14, 2005. The Monthly Distribution per Common Share was decreased to $0.0610. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.
³	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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



	8/31/05		8/31/04		Change			High		Low

Market Price	$	15.43	$	13.97		10.45	%	$	15.67	$	13.46

NAV	$	15.61	$	14.62		6.77	%	$	15.61	$	14.60

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Transportation		28	%		23	%

Water & Sewer		21			32

City, County & State		13			5

Education		7			7

Lease Revenue		6			5

Power		6			5

Tobacco		5			10

Hospitals		4			5

Tax Revenue		4			5

Industrial & Pollution Control		3			3

Resource Recovery		3			—

Credit Breakdown⁴(unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		87	%		82	%

A		4			4

BBB/Baa		7			14

BB/Ba		2			—


⁴	Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	17.18

Net Asset Value as of 8/31/05:		$	16.36

Yield on Closing Market Price as of 8/31/05 ($17.18):¹			6.03	%

Current Monthly Distribution per Common Share:²		$	0.086375

Current Annualized Distribution per Common Share:²		$	1.036500

Leverage as of 8/31/05:³			35	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05		8/31/04		Change		High		Low

Market Price	$	17.18	$	14.61		17.59%	$	17.61	$	14.10

NAV	$	16.36	$	15.00		9.07%	$	16.36	$	14.97

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Hospitals		19	%		20	%

Industrial & Pollution Control		15			13

City, County & State		14			17

Housing		13			9

Lease Revenue		10			6

Transportation		10			9

Tax Revenue		7			6

Tobacco		3			5

Water & Sewer		3			5

Education		3			2

Power		3			3

Other		—			5


Credit Breakdown⁴ (unaudited)

Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		36	%		29	%

AA/Aa		2			—

A		21			28

BBB/Baa		26			30

BB/Ba		4			1

B		5			4

Not Rated		6			8	⁵


4	Using the higher of S&P’s, Moody’s or Fitch’s rating.
5	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2004, the market value of these securities was $5,679,867 representing 2.5% of the Trust’s long-term investments.

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	15.73

Net Asset Value as of 8/31/05:		$	15.75

Yield on Closing Market Price as of 8/31/05 ($15.73):¹			6.39	%

Current Monthly Distribution per Common Share:²		$	0.08375

Current Annualized Distribution per Common Share:²		$	1.00500

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05		8/31/04		Change		High		Low

Market Price	$	15.73	$	13.92		13.00%	$	15.73	$	13.66

NAV	$	15.75	$	14.34		9.83%	$	15.75	$	14.31

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


Sector Breakdown

Sector	August 31, 2005			August 31, 2004

Hospitals		22	%		23	%

Industrial & Pollution Control		17			18

Lease Revenue		11			6

City, County & State		14			20

Transportation		9			8

Tax Revenue		8			4

Housing		7			8

Water & Sewer		4			5

Tobacco		4			5

Power		3			2

Education		1			1


Credit Breakdown⁴ (unaudited)

Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		30	%		23	%

AA/Aa		7			7

A		18			20

BBB/Baa		23			29

BB/Ba		4			1

B		4			2

CCC/Caa		2			4

Not Rated⁵		12			14


⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005 and August 31, 2004, the market value of these securities was $13,031,133 representing 2.3% and $13,739,067 representing 2.7%, respectively, of the Trust’s long-term investments.

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	16.08

Net Asset Value as of 8/31/05:		$	15.22

Yield on Closing Market Price as of 8/31/05 ($16.08):^1,2			5.60	%

Current Monthly Distribution per Common Share:²		$	0.075

Current Annualized Distribution per Common Share:²		$	0.900

Leverage as of 8/31/05:³			37	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	A change in the distribution rate was declared on October 3, 2005 and effective October 14, 2005. The Monthly Distribution per Common Share was decreased to $0.0580. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.
³	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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



	8/31/05		8/31/04		Change		High		Low

Market Price	$	16.08	$	14.00		14.86%	$	16.10	$	13.45

NAV	$	15.22	$	14.01		8.64%	$	15.24	$	13.98

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Water & Sewer		33	%		30	%

Education		23			23

Lease Revenue		13			9

City, County & State		12			11

Power		10			10

Transportation		5			4

Hospitals		2			—

Housing		2			2

Tobacco		—			11

Credit Breakdown⁴ (unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		92	%		81	%

A		8			8

BBB/Baa		—			11


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

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	16.33

Net Asset Value as of 8/31/05:		$	16.19

Yield on Closing Market Price as of 8/31/05 ($16.33):¹			5.85	%

Current Monthly Distribution per Common Share:²		$	0.079656

Current Annualized Distribution per Common Share:²		$	0.955872

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05		8/31/04		Change		High		Low

Market Price	$	16.33	$	13.90		17.48%	$	16.33	$	13.71

NAV	$	16.19	$	14.67		10.36%	$	16.19	$	14.65

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

Sector Breakdown


Sector	August 31, 2005			August 31, 2004

Education		26	%		24	%

Hospitals		23			18

Housing		14			13

Lease Revenue		12			7

City, County & State		8			12

Transportation		7			5

Tobacco		4			11

Water & Sewer		3			3

Industrial & Pollution Control		3			2

Other		—			5

Credit Breakdown⁴ (unaudited)


Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		28	%		22	%

AA/Aa		10			4

A		32			31

BBB/Baa		20			26

B		2			1

CCC/Caa		—			1

Not Rated⁵		8			15


⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005 and August 31, 2004, the market value of these securities was $4,431,304 representing 5.3% and $8,834,282 representing 11.6%, respectively, of the Trust’s long-term investments.


TRUST SUMMARIES
AUGUST 31, 2005

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 8/31/05:		$	14.26

Net Asset Value as of 8/31/05:		$	15.52

Yield on Closing Market Price as of 8/31/05 ($14.26):¹			5.51	%

Current Monthly Distribution per Common Share:²		$	0.0655

Current Annualized Distribution per Common Share:²		$	0.7860

Leverage as of 8/31/05:³			37	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:


	8/31/05		8/31/04		Change			High		Low

Market Price	$	14.26	$	13.71		4.01	%	$	14.73	$	13.47

NAV	$	15.52	$	13.77		12.71	%	$	15.52	$	13.77

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

City, County & State		24	%		25	%

Lease Revenue		13			10

Transportation		12			10

Hospitals		12			13

Education		11			11

Housing		9			10

Tobacco		9			11

Power		4			5

Water & Sewer		4			4

Industrial & Pollution Control		2			1

Credit Breakdown⁴(unaudited)


Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		40	%		33	%

AA/Aa		4			5

A		20			25

BBB/Baa		14			15

B		1			—

CCC/Caa		—			1

Not Rated⁵		21			21



⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005 and August 31, 2004, the market value of these securities was $4,280,829 representing 2.2% and $4,211,315 representing 2.4%, respectively, of the Trust’s long-term investments.


TRUST SUMMARIES
AUGUST 31, 2005

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 8/31/05:		$	15.30

Net Asset Value as of 8/31/05:		$	15.26

Yield on Closing Market Price as of 8/31/05 ($15.30):^1,2			5.88	%

Current Monthly Distribution per Common Share:²		$	0.075

Current Annualized Distribution per Common Share:²		$	0.900

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	A change in the distribution rate was declared on October 3, 2005 and effective October 14, 2005. The Monthly Distribution per Common Share was decreased to $0.0580. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.
³	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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



	8/31/05		8/31/04		Change			High		Low

Market Price	$	15.30	$	14.14		8.20	%	$	15.49	$	13.46

NAV	$	15.26	$	14.34		6.42	%	$	15.26	$	14.32

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Tax Revenue		24	%		22	%

City, County & State		21			21

Education		16			16

Power		12			12

Transportation		9			9

Hospitals		7			7

Water & Sewer		5			8

Tobacco		5			4

Housing		1			1

Credit Breakdown⁴(unaudited)

Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		83	%		82	%

AA/Aa		3			3

A		4			5

BBB/Baa		6			5

Not Rated⁵		4			5



⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005 and August 31, 2004, the market value of these securities was $5,029,809 representing 2.4% and $9,959,662 representing 5.0%, respectively, of the Trust’s long-term investments.


TRUST SUMMARIES
AUGUST 31, 2005

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 8/31/05:		$	15.95

Net Asset Value as of 8/31/05:		$	16.31

Yield on Closing Market Price as of 8/31/05 ($15.95):¹			5.85	%

Current Monthly Distribution per Common Share:²		$	0.077808

Current Annualized Distribution per Common Share:²		$	0.933696

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:


	8/31/05		8/31/04		Change			High		Low

Market Price	$	15.95	$	14.17		12.56	%	$	16.55	$	14.09

NAV	$	16.31	$	15.53		5.02	%	$	16.32	$	15.48

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Hospitals		27	%		27	%

City, County & State		17			15

Tax Revenue		17			16

Power		10			10

Education		7			7

Housing		7			3

Water & Sewer		7			7

Transportation		3			4

Lease Revenue		3			5

Industrial & Pollution Control		2			2

Other		—			4

Credit Breakdown⁴(unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		38	%		38	%

AA/Aa		17			17

A		22			23

BBB/Baa		8			8

BB/Ba		2			2

Not Rated		13⁵			12



⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The 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 $2,831,177 representing 3.4% of the Trust’s long-term investments.

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	15.96

Net Asset Value as of 8/31/05:		$	16.11

Yield on Closing Market Price as of 8/31/05 ($15.96):¹			5.36	%

Current Monthly Distribution per Common Share:²		$	0.07135

Current Annualized Distribution per Common Share:²		$	0.85620

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05		8/31/04		Change		High		Low

Market Price	$	15.96	$	14.99	6.47	%	$	16.95	$	14.32

NAV	$	16.11	$	15.24	5.71	%	$	16.11	$	15.22

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Education		21	%		20	%

Hospitals		18			17

City, County & State		18			17

Water & Sewer		12			12

Transportation		9			10

Lease Revenue		8			8

Housing		5			3

Power		5			4

Tobacco		4			4

Other		—			5

Credit Breakdown⁴(unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		34	%		35	%

AA/Aa		9			8

A		35			37

BBB/Baa		14			16

Not Rated⁵		8			4


⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005 and August 31, 2004, the market value of these securities was $1,043,280 representing 2.2% and $1,044,840 representing 2.2%, respectively, of the Trust’s long-term investments.

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	15.98

Net Asset Value as of 8/31/05:		$	16.26

Yield on Closing Market Price as of 8/31/05 ($15.98):¹			5.90	%

Current Monthly Distribution per Common Share:²		$	0.078582

Current Annualized Distribution per Common Share:²		$	0.942984

Leverage as of 8/31/05:³			35	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05		8/31/04		Change		High		Low

Market Price	$	15.98	$	13.91	14.88	%	$	16.27	$	13.90

NAV	$	16.26	$	14.71	10.54	%	$	16.26	$	14.70

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Hospitals		28	%		29	%

City, County & State		14			10

Transportation		11			15

Education		9			8

Tobacco		8			11

Housing		8			5

Tax Revenue		7			2

Industrial & Pollution Control		6			6

Lease Revenue		5			5

Power		4			5

Other		—			4

Credit Breakdown⁴(unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		25	%		25	%

A		23			29

BBB/Baa		43			43

B		4			3

Not Rated		5			—


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

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	15.35

Net Asset Value as of 8/31/05:		$	15.30

Yield on Closing Market Price as of 8/31/05 ($15.35):^1,2			5.86	%

Current Monthly Distribution per Common Share:²		$	0.075

Current Annualized Distribution per Common Share:²		$	0.900

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	A change in the distribution rate was declared on October 3, 2005 and effective October 14, 2005. The Monthly Distribution per Common Share was decreased to $0.0580. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect this new distribution rate.
³	As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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



	8/31/05		8/31/04		Change		High		Low

Market Price	$	15.35	$	14.08	9.02	%	$	15.85	$	13.56

NAV	$	15.30	$	14.18	7.90	%	$	15.32	$	14.17

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Transportation		30	%		33	%

Education		29			33

Hospitals		17			14

Tobacco		12			10

Tax Revenue		8			9

Water & Sewer		2			—

City, County & State		1			—

Housing		1			1

Credit Breakdown⁴(unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		80	%		82	%

AA/Aa		2			2

A		6			5

BBB/Baa		12			11


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

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	15.85

Net Asset Value as of 8/31/05:		$	16.09

Yield on Closing Market Price as of 8/31/05 ($15.85):¹			5.84	%

Current Monthly Distribution per Common Share:²		$	0.077099

Current Annualized Distribution per Common Share:²		$	0.925188

Leverage as of 8/31/05:³			36	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05			8/31/04			Change			High		Low

Market Price		$	15.85		$	13.97		13.46	%	$	15.85	$	13.71

NAV		$	16.09		$	15.09		6.63	%	$	16.09	$	15.07

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Housing		13	%		9	%

Tobacco		13			11

Education		12			12

Transportation		12			16

Hospitals		11			11

City, County & State		10			10

Tax Revenue		9			8

Water & Sewer		8			8

Industrial & Pollution Control		5			5

Lease Revenue		4			2

Power		3			3

Other		—			5

Credit Breakdown⁴ (unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		23	%		22	%

AA/Aa		24			25

A		22			32

BBB/Baa		26			16

BB/Ba		1			1

CCC/Caa		4			4


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

TRUST SUMMARIES

AUGUST 31, 2005

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 8/31/05:		$	14.02

Net Asset Value as of 8/31/05:		$	15.23

Yield on Closing Market Price as of 8/31/05 ($14.02):¹			5.07	%

Current Monthly Distribution per Common Share:²		$	0.05925

Current Annualized Distribution per Common Share:²		$	0.71100

Leverage as of 8/31/05:³			37	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05			8/31/04			Change			High		Low

Market Price		$	14.02		$	13.70		2.34	%	$	14.64	$	13.42

NAV		$	15.23		$	14.16		7.56	%	$	15.23	$	14.14

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Transportation		21	%		20	%

Education		14			19

Hospitals		12			9

Tobacco		11			10

Industrial & Pollution Control		11			14

City, County & State		11			6

Housing		7			7

Water & Sewer		7			5

Tax Revenue		5			9

Power		1			1

Credit Breakdown⁴ (unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		21	%		16	%

AA/Aa		32			43

A		24			20

BBB/Baa		19			17

BB/Ba		1			1

CCC/Caa		3			3


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

TRUST SUMMARIES
AUGUST 31, 2005

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 8/31/05:		$	17.30

Net Asset Value as of 8/31/05:		$	16.34

Yield on Closing Market Price as of 8/31/05 ($17.30):¹			5.02	%

Current Monthly Distribution per Common Share:²		$	0.072428

Current Annualized Distribution per Common Share:²		$	0.869136

Leverage as of 8/31/05:³			35	%


¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
²	The distribution is not constant and is subject to change.
³	As a percentage of managed assets (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:



	8/31/05			8/31/04			Change			High		Low

Market Price		$	17.30		$	15.34		12.78	%	$	17.58	$	15.48

NAV		$	16.34		$	15.47		5.62	%	$	16.35	$	15.45

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

Sector Breakdown



Sector	August 31, 2005			August 31, 2004

Water & Sewer		18	%		18	%

City, County & State		17			17

Transportation		17			17

Housing		16			13

Hospitals		15			15

Education		5			4

Tobacco		5			4

Industrial & Pollution Control		4			3

Lease Revenue		3			4

Other		—			5

Credit Breakdown⁴ (unaudited)



Credit Rating	August 31, 2005			August 31, 2004

AAA/Aaa		45	%		46	%

AA/Aa		15			16

A		15			15

BBB/Baa		14			12

Not Rated⁵		11			11


⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of August 31, 2005 and August 31, 2004, the market value of these securities was $2,478,468 representing 6.5% and $2,545,242 representing 7.0%, respectively, of the Trust’s long-term investments.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock Insured Municipal Income Trust (BYM)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—156.2%

California—38.5%

California St., GO,

AAA

5,000

5.00%, 2/01/32, MBIA

08/13 @ 100

5,290,600

AAA

5,000

5.00%, 3/01/33

03/15 @ 100

5,298,250

14,000

Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.375%, 5/01/22

05/12 @ 101

15,350,440

Golden St. Tobacco Sec. Corp.,

AAA

20,000

Ser. A, 5.00%, 6/01/35, FGIC

06/15 @ 100

21,217,200

BBB

6,500

Ser. A-1, 6.625%, 6/01/40

06/13 @ 100

7,421,765

BBB

14,500

Ser. A-1, 6.75%, 6/01/39

06/13 @ 100

16,725,315

AAA

12,100

Infrastructure & Econ. Dev. Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC

07/13 @ 100

12,838,221

AAA

17,500

Met. Wtr. Dist. So. California, Ser. B-1, 5.00%, 10/01/33, FGIC

10/13 @ 100

18,597,075

AAA

10,590

Sacramento Cnty. San. Dist. Fin. Auth., Sacramento Regl. Cnty. San., Ser. A, 5.00%, 12/01/35, AMBAC

12/14 @ 100

11,292,541

AAA

15,000

San Francisco City & Cnty. Pub. Utils. Comm., Wtr. Rev., Ser. A, 5.00%, 11/01/31, FSA

11/11 @ 100

15,710,250

AAA

53,000

San Joaquin Hills Transp. Corridor Agcy., Toll Rd. Rev., Ser. A, Zero Coupon, 1/15/31, MBIA

No Opt. Call

15,957,770

AAA

10,910

Univ. of California, Ser. O, 5.00%, 9/01/28, FGIC

09/10 @ 101

11,498,376

157,197,803

District of Columbia—2.6%

BBB

9,500

Tobacco Settlement Fin. Corp., 6.75%, 5/15/40

05/11 @ 101

10,613,685

Florida—14.1%

Miami Dade Cnty.,

AAA

25,000

Bldg. Better Cmntys. Proj., GO, 5.00%, 7/01/35, FGIC

07/15 @ 100

26,781,500

AAA

25,520

Spl. Oblig. Cap. Apprec. Sub. Proj., Ser. A, Zero Coupon, 10/01/38, MBIA

10/15 @ 30.363

4,671,181

AAA

24,700

Orlando & Orange Cnty. Expwy. Auth., Expwy. Rev., Ser. B, 5.00%, 7/01/35, AMBAC

07/13 @ 100

26,105,183

57,557,864

Georgia—8.2%

Atlanta Arpt. Passenger Fac.,

AAA

4,950

Ser. C, 5.00%, 1/01/33, FSA

07/14 @ 100

5,227,843

AAA

2,500

Ser. J, 5.00%, 1/01/34, FSA

01/15 @ 100

2,640,925

Atlanta Wtr. & Wstwtr.,

AAA

2,000

5.00%, 11/01/34, FSA

11/14 @ 100

2,126,700

AAA

3,235

5.00%, 11/01/37, FSA

11/14 @ 100

3,434,858

AAA

9,555

Ser. A, 5.00%, 11/01/38, FGIC

05/09 @ 101

9,876,526

10,000

De Kalb Cnty. Dev. Auth., PCR, General Mtrs. Corp. Proj., 6.00%, 3/15/21

12/12 @ 101

10,044,000

33,350,852

Hawaii—0.5%

AAA

2,065

Honolulu City & Wstwtr., Ser. A, 5.00%, 7/01/35, FGIC

07/15 @ 100

2,191,564

Illinois—15.0%

AAA

11,550

Chicago Spec. Transp., 5.25%, 1/01/27, AMBAC

N/A

12,475,617

Chicago, GO,

AAA

13,000

Ser. A, 5.00%, 1/01/34, FSA

01/14 @ 100

13,676,520

AAA

7,000

Ser. A, 5.00%, 1/01/34, MBIA

01/13 @ 100

7,326,900

Met. Pier & Exposition Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj.,

AAA

18,835

Ser. A, 5.00%, 12/15/28, MBIA

06/12 @ 101

19,862,826

AAA

15,000

Ser. B, Zero Coupon, 6/15/28, MBIA

No Opt. Call

5,407,800

AAA

2,400

⁴

O’Hare Intl. Arpt., Ser. A, 5.00%, 1/01/30, MBIA

01/15 @ 100

2,527,728

61,277,391

Massachusetts—7.9%

Tpke. Auth., Met. Hwy. Sys. Rev.,

AAA

2,195

Ser. A, 5.00%, 1/01/37, MBIA

01/07 @ 102

2,266,776

AAA

24,000

Ser. A, 5.00%, 1/01/39, AMBAC

01/09 @ 101

24,826,560

AAA

5,000

Wtr. Res. Auth., Ser. B, 5.00%, 8/01/35, MBIA

08/17 @ 100

5,376,350

32,469,686

See Notes to Financial Statements.

BlackRock Insured Municipal Income Trust (BYM) (continued)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

Nevada—7.1%

AAA

6,000

Reno Transp. Proj., 5.125%, 6/01/32, AMBAC

06/12 @ 100

6,322,320

Truckee Meadows Wtr. Auth.,

AAA

10,000

Ser. A, 5.00%, 7/01/25, FSA

07/11 @ 100

10,492,900

AAA

6,500

Ser. A, 5.125%, 7/01/30, FSA

07/11 @ 100

6,851,780

AAA

5,000

Ser. A, 5.25%, 7/01/34, FSA

07/11 @ 100

5,286,750

28,953,750

New Jersey—1.3%

AAA

4,935

Newark Hsg. Auth., Port Auth. Port Newark Marine Term. Rental Backed, Redev. Projs., 5.00%, 1/01/37, MBIA

01/14 @ 100

5,205,981

New York—9.0%

New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev.,

AAA

12,650

Ser. B, 5.00%, 6/15/36, FSA

12/14 @ 100

13,459,979

AAA

7,305

Ser. C, 5.00%, 6/15/35, AMBAC

06/14 @ 100

7,751,774

AAA

10,000

New York City Trust Cultural Recs., American Museum of Natural History Proj., Ser. A, 5.00%, 7/01/44, MBIA

07/14 @ 100

10,553,800

AAA

4,660

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC

10/14 @ 100

5,001,578

36,767,131

Ohio—1.5%

AAA

6,000

Wtr. Dev. Auth., Poll. Ctrl. Facs. Rev., Dayton Pwr. & Lt., Ser. A, 4.80%, 1/01/34

07/15 @ 100

6,150,840

Pennsylvania—3.9%

BBB+

5,000

Lebanon Cnty. Hlth. Facs. Auth., Good Samaritan Hosp. Proj., 6.00%, 11/15/35

11/12 @ 101

5,447,350

AAA

5,200

Philadelphia Gas Wks., Ser. 3, 5.125%, 8/01/31, FSA

08/11 @ 100

5,448,976

AAA

4,560

Tpke. Comm., 5.00%, 7/15/11, AMBAC

N/A

5,017,596

15,913,922

South Carolina—9.2%

AAA

5,000

Pub. Svc. Auth., Ser. B, 5.50%, 1/01/36, FSA

01/12 @ 100

5,438,100

Transp. Infrastructure Bank,

AAA

5,000

Ser. A, 5.00%, 10/01/33, AMBAC

10/13 @ 100

5,292,300

AAA

12,750

Ser. A, 5.00%, 10/01/33, AMBAC

10/12 @ 100

13,415,678

AAA

12,660

Ser. B, 5.125%, 10/01/26, AMBAC

10/11 @ 100

13,497,712

37,643,790

Tennessee—3.9%

Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev.,

AAA

11,705

Ser. A, Zero Coupon, 1/01/22, FSA

01/13 @ 59.566

4,916,568

AAA

9,260

Ser. A, Zero Coupon, 1/01/23, FSA

01/13 @ 56.016

3,649,922

AAA

8,500

Ser. A, Zero Coupon, 1/01/24, FSA

01/13 @ 52.749

3,146,020

AAA

6,850

Ser. A, Zero Coupon, 1/01/25, FSA

01/13 @ 49.712

2,387,567

AAA

5,000

Ser. A, Zero Coupon, 1/01/26, FSA

01/13 @ 46.781

1,634,150

15,734,227

Texas—22.7%

BBB-

3,700

Comal Cnty. Hlth. Facs., Hlth. Care Sys., McKenna Mem. Proj., Ser. A, 6.25%, 2/01/32

02/13 @ 100

4,006,804

AAA

10,030

Coppell Indpt. Sch. Dist., GO, Zero Coupon, 8/15/30

No Opt. Call

3,087,635

AAA

2,350

Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC

12/11 @ 100

2,444,212

Harris Cnty. Sports Auth.,

AAA

26,890

Ser. A-3, Zero Coupon, 11/15/38, MBIA

11/24 @ 43.826

4,483,101

AAA

27,675

Ser. A-3, Zero Coupon, 11/15/39, MBIA

11/24 @ 41.258

4,343,591

AAA

5,785

Ser. H, Zero Coupon, 11/15/38, MBIA

11/31 @ 64.91

1,004,102

AAA

6,160

Ser. H, Zero Coupon, 11/15/39, MBIA

11/31 @ 60.976

1,004,388

Harris Cnty., GO,

AAA

7,485

Zero Coupon, 8/15/25, MBIA

No Opt. Call

3,016,305

AAA

10,915

Zero Coupon, 8/15/28, MBIA

No Opt. Call

3,742,972

AAA

5,510

Toll Rd. Rev., 5.00%, 8/15/30, FSA

08/12 @ 100

5,756,022

AAA

9,500

Northside Indpt. Sch. Dist., Sch. Bldg. Rmkt., GO, 5.125%, 6/15/29

06/14 @ 100

10,182,005

San Antonio Wtr.,

AAA

9,350

5.125%, 5/15/29, FGIC

05/14 @ 100

10,008,988

AAA

10,000

5.125%, 5/15/34, FGIC

05/14 @ 100

10,652,200

AAA

25,000

Tpke. Auth., Central Sys. Rev., Ser. A, 5.00%, 8/15/42, AMBAC

08/12 @ 100

25,903,250

BBB+

3,000

Tyler Cnty. Hlth. Facs. Dev., Mother Frances Hosp., 6.00%, 7/01/31

07/12 @ 100

3,187,320

92,822,895

See Notes to Financial Statements.

BlackRock Insured Municipal Income Trust (BYM) (continued)


Rating¹(unaudited)	Principal Amount (000)				Description		Option Call Provisions²(unaudited)	Value

					Virginia—1.9%
					Chesterfield Cnty. Indl. Dev. Auth., PCR, Elec. & Pwr. Co.,
A3		$	3,000		Ser. A, 5.875%, 6/01/17		11/10 @ 102	$	3,340,530
A3			4,000		Ser. B, 5.875%, 6/01/17		11/10 @ 102		4,454,040

									7,794,570

					Washington—8.6%
AAA			9,610		Central Washington Univ. Sys. Rev., 5.00%, 5/01/34, FGIC	.	05/14 @ 100		10,112,507
AAA			3,655		Chelan Cnty. Pub. Util. Dist. 1, Chelan Hydro Sys., Ser. C, 5.125%, 7/01/33, AMBAC		07/12 @ 100		3,849,044
AAA			4,500		Port of Seattle, Ser. A, 5.00%, 4/01/31, FGIC		10/11 @ 100		4,686,075
AAA			9,500		Seattle, GO, Ser. F, 5.125%, 12/15/28, MBIA		12/08 @ 100		9,907,455
AAA			6,380		Washington, GO, Ser. A, 5.00%, 7/01/25, FSA		07/11 @ 100		6,718,140

									35,273,221

					West Virginia—0.3%
AAA			1,295		Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA		06/14 @ 100		1,374,889

					Total Long-Term Investments (cost $597,696,096)				638,294,061

					SHORT-TERM INVESTMENT—0.5%
					Maryland—0.5%
A-1+			2,300	⁵	Hlth. & Higher Edl. Facs. Auth., Ser. D, 2.48%, 9/01/05, FRWD (cost $2,300,000)		N/A		2,300,000

					Total Investments—156.7% (cost $599,996,096⁶)			$	640,594,061
					Liabilities in excess of other assets—(0.7)%				(2,923,241	)
					Preferred shares at redemption value, including dividends payable—(56.0)%				(229,030,079	)

					Net Assets Applicable to Common Shareholders—100%	.		$	408,640,741


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁴	Security, or a portion thereof, pledged as collateral with a value of $2,547,728 on 1,683 short U.S. Treasury Note futures contracts expiring December 2005 and 190 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $211,053,422, with an unrealized loss of $1,659,065.
⁵	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of August 31, 2005.
⁶	Cost for Federal tax purposes is $600,082,644. The net unrealized appreciation on a tax basis is $40,511,417, consisting of $40,511,417 gross unrealized appreciation and $0 unrealized depreciation.

Unaudited Information:

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 84.4% of the Trust’s managed assets. The Trust had the following insurance concentrations:


AMBAC	—	27.9%
FGIC	—	19.9%
FSA	—	18.7%
MBIA	—	17.9%


KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Co.	MBIA	—	Municipal Bond Insurance Assoc.
FRWD	—	Floating Rate Weekly Demand	PCR	—	Pollution Control Revenue
FSA	—	Financial Security Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock Municipal Bond Trust (BBK)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—152.8%

Alabama—10.5%

BBB

9,250

Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., Ser. A, 6.50%, 9/01/25

09/05 @ 102

9,443,325

7,500

Huntsville Hlth. Care Auth., Ser. A, 5.75%, 6/01/31

06/11 @ 101

8,011,200

17,454,525

California—21.6%

Golden St. Tobacco Sec. Corp.,

A-

12,090

Ser. A, 5.00%, 6/01/45

06/15 @ 100

12,585,086

AAA

7,300

Ser. B, 5.50%, 6/01/13

N/A

8,265,717

AAA

4,200

Ser. B, 5.625%, 6/01/13

N/A

4,790,898

B-

8,000

Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. B, 7.50%, 12/01/24

12/12 @ 102

8,470,800

1,585

Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28

10/13 @ 102

1,685,980

35,798,481

District of Columbia—11.1%

595

Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA

06/14 @ 100

615,165

AAA

6,000

Gallary Place Proj., 5.40%, 7/01/31, FSA

07/12 @ 100

6,437,460

AAA

33,450

Georgetown Univ., Ser. A, Zero Coupon, 4/01/38, MBIA

04/11 @ 20.243

5,151,300

BBB

5,580

Tobacco Settlement Fin. Corp., 6.75%, 5/15/40

05/11 @ 101

6,234,143

18,438,068

Florida—19.7%

AAA

3,455

Brd. of Ed. Pub. Ed., Cap. Outlay, GO, Ser. A, 5.00%, 6/01/31

06/14 @ 101

3,699,476

BBB-

6,200

Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25

10/05 @ 102

6,396,540

BB+

2,810

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

11/14 @ 100

3,185,950

A+

10,000

Orange Cnty. Hlth. Facs. Auth., Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32

11/12 @ 101

10,814,200

AAA

7,255

Palm Beach Cnty. Hsg. Fin. Auth., Multi-Fam. Rev., Indian Trace Apts., Ser. A, 5.625%, 1/01/44, FSA

01/12 @ 100

7,541,355

1,000

Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35

05/14 @ 100

1,042,670

32,680,191

Georgia—8.3%

Atlanta Arpt. Passenger Fac.,

AAA

5,000

Ser. C, 5.00%, 1/01/33, FSA

07/14 @ 100

5,280,650

AAA

3,000

Ser. J, 5.00%, 1/01/34, FSA

01/15 @ 100

3,169,110

AAA

5,000

Atlanta Wtr. & Wstwtr., 5.00%, 11/01/37, FSA

11/14 @ 100

5,308,900

13,758,660

Illinois—21.0%

AAA

23,065

Bolingbrook, GO, Ser. B, Zero Coupon, 1/01/36, FGIC

01/12 @ 23.018

3,895,678

1,150

⁴

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

No Opt. Call

1,185,673

AAA

5,880

⁵

Chicago, GO, Ser. A, 5.50%, 1/01/38, MBIA

01/11 @ 101

6,414,022

BBB

6,000

Edl. Facs. Auth., Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34

05/07 @ 100

6,192,060

BB+

420

Fin. Auth. Rev., Friendship Vlg. Proj., Ser. A, 5.625%, 2/15/37

02/15 @ 100

428,345

Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj.,

Baa2

525

Ser. A, 5.125%, 6/01/35

06/14 @ 100

529,557

Baa3

425

Ser. B, 5.375%, 6/01/35

06/14 @ 100

428,647

6,000

Hlth. Facs. Auth., Lake Forest Hosp. Proj., Ser. A, 5.75%, 7/01/29

07/12 @ 100

6,334,860

Met. Pier & Exposition Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj., Ser. A,

AAA

10,000

Zero Coupon, 6/15/35, MBIA

No Opt. Call

2,581,700

AAA

10,000

Zero Coupon, 12/15/36, MBIA

No Opt. Call

2,404,100

AAA

10,000

Zero Coupon, 12/15/37, MBIA

No Opt. Call

2,297,000

O’Hare Intl. Arpt., Ser. A,

AAA

1,000

5.00%, 1/01/29, MBIA

01/15 @ 100

1,055,580

AAA

1,000

5.00%, 1/01/30, MBIA

01/15 @ 100

1,053,220

34,800,442

Indiana—1.3%

Aa2

2,000

Multi-Fam. Hsg., Canterbury House Apts., Ser. 1, 5.90%, 12/01/34

12/11 @ 100

2,112,220

Kansas—3.3%

A-

5,000

Wichita Arpt. Auth., Arpt. Facs. Rev., Cessna Citation Svc. Ctr., Ser. A, 6.25%, 6/15/32

06/12 @ 101

5,441,850

Louisiana—0.7%

Baa1

1,165

Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38

06/13 @ 102

1,204,365

See Notes to Financial Statements.

BlackRock Municipal Bond Trust (BBK) (continued)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

Maryland—3.3%

1,250

Baltimore Spec. Oblig. Rev., Harborview Lot No. 2 Proj., 6.50%, 7/01/31

07/13 @ 101

1,330,475

3,000

Frederick Cnty. Spl. Oblig., Urbana Cmnty. Dev. Auth., Ser. B, 6.25%, 7/01/30

07/07 @ 102

3,045,360

Baa1

1,040

Hlth. & Higher Edl. Facs. Auth. Medstar Hlth. Proj., 5.50%, 8/15/33

08/14 @ 100

1,093,165

5,469,000

Massachusetts—0.6%

AAA

1,000

Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA

01/07 @ 102

1,032,700

Multi-State—7.3%

Baa1

10,500

⁴

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

10/14 @ 100

12,087,390

Nevada—0.9%

1,400

Las Vegas Spec. Impvt. Dist. No. 809, Summerlin Area, 5.65%, 6/01/23

12/05 @ 103

1,434,706

New Jersey—9.6%

Econ. Dev. Auth.,

BBB

1,500

Cigarette Tax Rev., 5.50%, 6/15/31

06/14 @ 100

1,583,490

3,000

Continental Airlines, Inc. Proj., 7.20%, 11/15/30

11/10 @ 101

2,964,510

Baa3

7,500

Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28

No Opt. Call

8,888,250

BBB-

1,500

Winchester Proj., Ser. A, 5.80%, 11/01/31

11/14 @ 100

1,580,025

915

Middlesex Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

01/15 @ 100

922,265

15,938,540

New York—3.2%

AAA

1,330

Env. Facs. Corp., St. Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31

06/12 @ 100

1,400,902

AAA

1,760

Met. Transp. Auth. Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC

07/12 @ 100

1,851,168

AAA

1,885

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC

10/14 @ 100

2,023,171

5,275,241

North Carolina—1.9%

2,945

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth., 5.75%, 8/01/35

08/15 @ 100

3,096,579

Ohio—1.0%

1,500

Port Greater Cincinnati Dev. Auth., Cooperative Pub. Pkg. Infrastructure Proj., 6.40%, 2/15/34

02/14 @ 102

1,603,575

Oklahoma—1.1%

B-

1,725

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

No Opt. Call

1,826,585

Oregon—0.6%

Aa2

995

Multi-Fam. Hsg., Pacific Tower Apts., Ser. 6, 6.05%, 11/01/34

12/11 @ 100

1,052,053

Pennsylvania—3.2%

BB-

4,895

Econ. Dev. Fin. Auth., Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

12/09 @ 103

5,295,313

Puerto Rico—0.5%

BBB-

13,160

Childrens Trust Fund, Ser. A, Zero Coupon, 5/15/50

05/15 @ 11.191

843,293

South Carolina—0.7%

BBB+

1,000

So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj., Ser. C, 7.00%, 8/01/30

08/13 @ 100

1,154,590

Texas—15.7%

BBB

880

Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38

10/13 @ 101

984,271

AAA

940

Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC

12/11 @ 100

977,685

AAA

715

Harlandale Indpt. Sch. Dist., Refdg., GO, 5.00%, 8/15/35

08/15 @ 100

757,500

AAA

11,690

Harris Cnty. Houston Sports Auth., Ser. G, Zero Coupon, 11/15/41, MBIA

11/31 @ 53.779

1,681,022

Aa2

2,840

Multi-Fam. Hsg., Copperwood Ranch Apts., Ser. 9, 5.95%, 11/01/35

12/11 @ 100

3,001,255

AAA

60,000

Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/35, AMBAC

8/12 @ 25.665

11,305,200

BBB+

6,840

Tyler Cnty. Hlth. Facs. Dev., Mother Frances Hosp., 6.00%, 7/01/31

07/12 @ 100

7,267,089

25,974,022

West Virginia—0.3%

AAA

520

Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA

06/14 @ 100

552,079

Wisconsin—5.4%

Hlth. & Edl. Facs. Auth.,

A-

1,350

Aurora Hlth. Care Proj., 6.40%, 4/15/33

04/13 @ 100

1,509,948

7,000

Wheaton Franciscan Svcs., 5.75%, 8/15/30

02/12 @ 101

7,536,970

9,046,918

Total Long-Term Investments (cost $231,975,510)

253,371,386

See Notes to Financial Statements.

BlackRock Municipal Bond Trust (BBK) (continued)


Shares (000)		Description		Value

		MONEY MARKET FUND—0.2%
	400	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $400,000)		$	400,000

		Total Investments—153.0% (cost $232,375,510⁶)		$	253,771,386
		Other assets in excess of liabilities—1.6%			2,613,204
		Preferred shares at redemption value, including dividends payable—(54.6)%	.		(90,521,379	)

		Net Assets Applicable to Common Shareholders—100%	.	$	165,863,211


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁴	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of August 31, 2005, the Trust held 8.0% of its net assets, with a current market value of $13,273,063, in securities restricted as to resale.
⁵	Security, or a portion thereof, pledged as collateral with a value of $2,199,974 on 607 short U.S. Treasury Note futures contracts expiring December 2005 and 78 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $77,237,859, with an unrealized loss of $598,414.
⁶	Cost for Federal tax purposes is $232,371,154. The net unrealized appreciation on a tax basis is $21,400,232, consisting of $21,400,232 gross unrealized appreciation and $0 unrealized depreciation.


KEY TO ABBREVIATIONS
ACA	—	American Capital Access	GO	—	General Obligation
AMBAC	—	American Municipal Bond Assurance Corp.	MBIA	—	Municipal Bond Insurance Assoc.
FGIC	—	Financial Guaranty Insurance Co.	PCR	—	Pollution Control Revenue
FSA	—	Financial Security Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock Municipal Income Trust II (BLE)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—155.1%

California—21.9%

2,250

Agua Caliente Band, Cahuilla Indians Proj., 6.00%, 7/01/18

07/13 @ 100

2,339,550

Golden St. Tobacco Sec. Corp.,

A-

24,850

Ser. A, 5.00%, 6/01/45

06/15 @ 100

25,867,607

AAA

16,850

Ser. B, 5.50%, 6/01/13

N/A

19,079,087

AAA

8,800

Ser. B, 5.625%, 6/01/13

N/A

10,038,072

B-

6,660

Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24

12/12 @ 102

7,042,550

3,500

Mobilehome Park Fin. Auth., Palomar Estates East & West Proj., Ser. A, 5.25%, 3/15/34, ACA

03/13 @ 102

3,676,575

4,620

San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South Proj., 6.625%, 8/01/27

08/11 @ 101

5,073,592

5,000

Statewide Cmnty. Dev. Auth. Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33

04/13 @ 100

5,344,050

78,461,083

Colorado—4.2%

10,000

⁴

Hlth. Facs. Auth., Catholic Hlth. Initiatives Proj., Ser. A, 5.50%, 3/01/32

ETM

10,938,600

AAA

4,000

Northwest Pkwy. Pub. Hwy. Auth., Ser. A, 5.25%, 6/15/41, FSA

06/11 @ 102

4,275,880

15,214,480

District of Columbia—6.4%

1,265

Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA

06/14 @ 100

1,307,871

Tobacco Settlement Fin. Corp.,

BBB

7,500

6.50%, 5/15/33

No Opt. Call

8,887,500

BBB

11,500

6.75%, 5/15/40

05/11 @ 101

12,848,145

23,043,516

Florida—14.8%

1,240

Fishhawk Cmnty. Dev. Dist. II, Spec. Assmt. Rev, Ser. B, 5.00%, 11/01/07

No Opt. Call

1,245,989

4,780

Lakes by the Bay So. Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.25%, 5/01/34

05/14 @ 101

5,154,895

A-

2,650

Leesburg Hosp., Leesburg Regl. Med. Ctr. Proj., 5.50%, 7/01/32

07/12 @ 100

2,781,732

3,165

Live Oak Comm. Dev., Dist. No. 1 Spec. Assmt. Rev., Ser. A, 6.30%, 5/01/34

05/13 @ 101

3,347,177

BB+

6,230

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

11/14 @ 100

7,063,512

A+

6,850

Orange Cnty. Hlth. Facs. Auth., Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32

11/12 @ 101

7,407,727

AA-

14,000

Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys. Proj., 5.50%, 11/15/33

05/13 @ 100

14,966,420

2,085

Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35

05/14 @ 100

2,173,967

4,575

Sumter Cnty. Ind. Dev. Auth., No. Sumter Util. Co. LLC, 6.90%, 10/01/34

10/09 @ 100

4,849,271

3,715

Sumter Landing Cmnty. Dev., Spec. Assmt. Rev., 6.875%, 5/01/23

05/13 @ 101

4,004,399

52,995,089

Georgia—2.6%

AAA

4,000

Atlanta Arpt. Passenger Fac., Ser. J, 5.00%, 1/01/34, FSA

01/15 @ 100

4,225,480

BBB

5,000

Milledgeville-Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 5.625%, 9/01/30

09/14 @ 101

5,237,550

9,463,030

Illinois—17.2%

AAA

4,000

Bolingbrook, GO, Ser. A, 5.375%, 1/01/38, FGIC

01/12 @ 100

4,283,440

2,470

⁵

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

No Opt. Call

2,546,619

A+

7,500

⁶

Dev. Fin. Auth., Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24

11/09 @ 101

7,929,075

BB+

910

Fin. Auth. Rev., Friendship Vlg. Proj., Ser. A, 5.625%, 2/15/37

02/15 @ 100

928,082

Fin. Auth. Student Hsg., MJH Ed. Asst. Living Proj.,

Baa2

1,125

Ser. A, 5.125%, 6/01/35

06/14 @ 100

1,134,765

Baa3

900

Ser. B, 5.375%, 6/01/35

06/14 @ 100

907,722

AA+

1,880

Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43

08/14 @ 100

2,048,862

8,000

Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22

01/13 @ 100

8,545,040

Met. Pier & Exposition Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj., Ser. A,

AAA

45,190

Zero Coupon, 6/15/33, MBIA

No Opt. Call

12,777,473

AAA

5,000

Zero Coupon, 6/15/40, MBIA

No Opt. Call

1,017,850

O’Hare Intl. Arpt.,

AAA

2,100

Ser. A, 5.00%, 1/01/30, MBIA

01/15 @ 100

2,211,762

AAA

4,290

Ser. C-2, 5.25%, 1/01/30, FSA

01/14 @ 100

4,550,660

AAA

15,000

Sports Facs. Auth., Ded. St. Tax Supported Rev., Zero Coupon, 6/15/30, AMBAC

06/15 @ 101

12,809,400

61,690,750

See Notes to Financial Statements.

BlackRock Municipal Income Trust II (BLE) (continued)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

Indiana—8.9%

5,500

Fort Wayne, PCR, Gen. Mtrs. Corp. Proj., 6.20%, 10/15/25

12/12 @ 101

5,566,495

5,000

Hlth. Fac. Fin. Auth., Ascension Hlth., Ser. F, 5.375%, 11/15/25

11/12 @ 101

5,314,250

AAA

19,735

Indianapolis Local Pub. Impvt. Bond Bank, Wtr. Wks. Proj., Ser. A, 5.25%, 7/01/33, MBIA

07/12 @ 100

20,975,542

31,856,287

Louisiana—0.7%

Baa1

2,485

Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38

06/13 @ 102

2,568,968

Maryland—1.8%

3,000

Frederick Cnty. Spl. Oblig., Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.95%, 7/01/30

07/07 @ 102

3,045,660

Hlth. & Higher Edl. Facs. Auth.,

Baa1

2,240

Medstar Hlth. Proj., 5.50%, 8/15/33

08/14 @ 100

2,354,509

1,000

Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32

07/12 @ 100

1,065,970

6,466,139

Massachusetts—0.5%

AAA

1,910

Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA

01/07 @ 102

1,972,457

Mississippi—1.7%

BBB

4,950

Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22

No Opt. Call

6,183,045

Missouri—1.8%

6,000

Dept. of Transp., Rt. 370/Missouri Bottom Rd./Taussig Rd. Proj., 7.20%, 5/01/33

05/13 @ 100

6,451,500

Multi-State—3.7%

Charter Mac Equity Issuer Trust,

1,000

⁵

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

No Opt. Call

1,074,300

3,500

⁵

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

No Opt. Call

3,749,725

Baa1

5,000

⁵

Ser. B, 6.00%, 4/30/15

No Opt. Call

5,304,000

3,000

⁵

Ser. B, 6.30%, 4/30/19

No Opt. Call

3,255,120

13,383,145

Nevada—0.8%

2,925

Henderson Local Impvt. Dist. No. T-14, 5.80%, 3/01/23

03/06 @ 103

3,025,649

New Jersey—12.3%

Econ. Dev. Auth.,

Cigarette Tax Rev.,

BBB

9,000

5.50%, 6/15/31

06/14 @ 100

9,500,940

BBB

4,000

5.75%, 6/15/34

06/14 @ 100

4,293,840

10,100

Continental Airlines, Inc. Proj., 7.20%, 11/15/30

11/10 @ 101

9,980,517

Kapkowski Rd. Landfill Proj.,

Baa3

7,475

6.50%, 4/01/28

No Opt. Call

8,858,623

Baa3

10,000

6.50%, 4/01/31

No Opt. Call

11,614,100

44,248,020

New Mexico—1.4%

Baa1

5,200

Hsg. Auth., Region III, Villa Delaware Oso Apts. Proj., Ser. A, 6.00%, 1/01/38

01/13 @ 102

4,896,684

New York—4.9%

AAA

2,845

Env. Facs. Corp., St. Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31

06/12 @ 100

2,996,667

AAA

3,775

Met. Transp. Auth. Svc. Contract,, Ser. A, 5.00%, 7/01/30, AMBAC

07/12 @ 100

3,970,545

Caa2

8,800

Port Auth. of NY & NJ, Spec. Oblig. Rev., Contl/Eastn. LaGuardia Proj., 9.00%, 12/01/10

10/05 @ 100

8,809,944

AAA

1,805

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC

10/14 @ 100

1,934,455

17,711,611

North Carolina—2.2%

7,500

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth., 5.75%, 8/01/35

08/15 @ 100

7,886,025

Ohio—1.4%

AAA

4,800

Wtr. Dev. Auth., Poll. Ctrl. Facs. Rev., Dayton Pwr. & Lt., Ser. A, 4.80%, 1/01/34

07/15 @ 100

4,920,672

Oklahoma—1.2%

B-

3,925

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

No Opt. Call

4,156,143

Pennsylvania—6.2%

Econ. Dev. Fin. Auth.,

5,175

Amtrak Proj., Ser. A, 6.375%, 11/01/41

05/11 @ 101

5,618,860

BB-

10,565

Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

12/09 @ 103

11,429,005

BBB+

5,000

Monroe Cnty. Hosp. Auth., Hosp. Pocono Med. Ctr. Proj., 6.00%, 1/01/43

01/14 @ 100

5,382,300

22,430,165

See Notes to Financial Statements.

BlackRock Municipal Income Trust II (BLE) (continued)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

Puerto Rico—0.5%

BBB-

28,415

Childrens Trust Fund, Ser. A, Zero Coupon, 5/15/50

05/15 @ 11.191

1,820,833

South Carolina—6.6%

Greenwood Cnty. Hosp., Self Mem. Hosp. Facs. Proj.,

3,280

5.50%, 10/01/26

10/11 @ 100

3,463,089

3,250

5.50%, 10/01/31

10/11 @ 100

3,426,118

3,914

Lancaster Cnty. Assmt., Edgewater Impvt. Dist., Ser. A, 6.875%, 11/01/35

11/13 @ 101

4,091,774

So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev.,

3,750

Georgetown Mem. Hosp., 5.375%, 2/01/30, RAA

08/11 @ 100

3,972,075

Palmetto Hlth. Alliance,

BBB+

2,640

Ser. A, 6.25%, 8/01/31

08/13 @ 100

2,909,201

BBB+

5,000

Ser. C, 6.875%, 8/01/27

08/13 @ 100

5,739,150

23,601,407

Tennessee—2.6%

AAA

20,405

Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/21, FSA

01/13 @ 63.44

9,154,499

Texas—16.7%

BBB

1,650

Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38

10/13 @ 101

1,845,509

AAA

2,015

Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC

12/11 @ 100

2,095,781

BBB

20,000

Gulf Coast Wst. Disp. Auth., Env. Impvt. Rev., Ser. A, 6.10%, 8/01/24

08/12 @ 100

21,474,800

AAA

1,545

Harlandale Indpt. Sch. Dist., Refdg., GO, 5.00%, 8/15/35

08/15 @ 100

1,636,835

AAA

25,375

Harris Cnty. Houston Sports Auth., Ser. A-3, Zero Coupon, 11/15/36, MBIA

11/24 @ 49.423

4,770,754

Tpke. Auth., Central Sys. Rev.,

AAA

73,370

Zero Coupon, 8/15/36, AMBAC

08/12 @ 24.171

13,019,506

AAA

65,000

Zero Coupon, 8/15/37, AMBAC

08/12 @ 22.708

10,838,100

AAA

27,600

Zero Coupon, 8/15/38, AMBAC

08/12 @ 21.384

4,333,752

60,015,037

Virginia—6.4%

NR⁷

13,280

Alexandria Redev. & Hsg. Auth., 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34

04/08 @ 103

13,031,133

AAA

9,000

Halifax Cnty. Indl. Dev. Auth., Exempt Fac. Rev., Old Dominion Elec. Coop. Proj., 5.625%, 6/01/28, AMBAC

06/13 @ 101

9,854,280

22,885,413

West Virginia—1.8%

AAA

1,115

Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA

06/14 @ 100

1,183,784

BBB+

5,000

Mason Cnty., PCR, Refdg. Appalachian Pwr. Co. Proj., Ser. L, 5.50%, 10/01/22

10/11 @ 100

5,206,250

6,390,034

Wisconsin—3.9%

Hlth. & Edl. Facs. Auth.,

A-

3,930

Aurora Hlth. Care Proj., 6.40%, 4/15/33

04/13 @ 100

4,395,626

A-

4,000

Synergy Hlth., Inc., 6.00%, 11/15/32

08/13 @ 100

4,335,720

5,000

Wheaton Franciscan Svcs., 5.75%, 8/15/25

02/12 @ 101

5,398,100

14,129,446

Total Long-Term Investments (cost $511,342,015)

557,021,127

SHORT-TERM INVESTMENTS—0.5%

California—0.0%

A-1

⁸

Hlth. Facs. Fin. Auth., Scripps Hlth. Proj., Ser. B, 2.16%, 9/07/05, FRWD, MBIA

N/A

75,000

See Notes to Financial Statements.

BlackRock Municipal Income Trust II (BLE) (continued)


Shares (000)		Description		Value

		Money Market Fund—0.5%
	1,550	AIM Tax Free Investment Co. Cash Reserve Portfolio		$	1,550,000

		Total Short-Term Investments (cost $1,625,000)			1,625,000

		Total Investments—155.6% (cost $512,967,015⁹)	.	$	558,646,127
		Other assets in excess of liabilities—1.7%			5,979,055
		Preferred shares at redemption value, including dividends payable—(57.3)%			(205,605,038	)

		Net Assets Applicable to Common Shareholders—100%		$	359,020,144


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁴	Security is collateralized by U.S. Treasury obligations.
⁵	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of August 31, 2005, the Trust held 4.4% of its net assets, with a current market value of $15,929,764, in securities restricted as to resale.
⁶	Security, or a portion thereof, pledged as collateral with a value of $2,684,615 on 1,406 short U.S. Treasury Note futures contracts expiring December 2005 and 166 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $177,175,031, with an unrealized loss of $1,386,015.
⁷	Security is deemed to be of investment grade quality by the investment advisor.
⁸	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of August 31, 2005.
⁹	Cost for Federal tax purposes is $512,926,690. The net unrealized appreciation on a tax basis is $45,719,437, consisting of $46,056,218 gross unrealized appreciation and $336,781 unrealized depreciation.


KEY TO ABBREVIATIONS
ACA	—	American Capital Access	FSA	—	Financial Security Assurance
AMBAC	—	American Municipal Bond Assurance Corp.	GO	—	General Obligation
ETM	—	Escrowed to Maturity	MBIA	—	Municipal Bond Insurance Assoc.
FGIC	—	Financial Guaranty Insurance Co.	PCR	—	Pollution Control Revenue
FRWD	—	Floating Rate Weekly Demand	RAA	—	Radian Asset Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock California Insured Municipal Income Trust (BCK)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—156.2%

California—156.2%

AAA

6,500

Benicia Unified Sch. Dist., GO, Ser. B, Zero Coupon, 8/01/23, MBIA

No Opt. Call

2,930,330

AAA

4,000

California St., 5.00%, 6/01/31, AMBAC

12/14 @ 100

4,252,080

Ceres Unified Sch. Dist. GO,

AAA

3,055

Ser. B, Zero Coupon, 8/01/30, FGIC

08/12 @ 34.887

767,172

AAA

3,180

Ser. B, Zero Coupon, 8/01/31, FGIC

08/12 @ 32.868

751,339

AAA

3,300

Ser. B, Zero Coupon, 8/01/32, FGIC

08/12 @ 30.966

734,085

AAA

3,440

Ser. B, Zero Coupon, 8/01/33, FGIC

08/12 @ 29.174

720,439

AAA

3,575

Ser. B, Zero Coupon, 8/01/34, FGIC

08/12 @ 27.782

712,998

AAA

3,275

Ser. B, Zero Coupon, 8/01/35, FGIC

08/12 @ 26.186

615,634

6,500

Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.25%, 5/01/20

05/12 @ 101

7,107,750

AAA

2,385

Edl. Facs. Auth., Scripps Coll. Proj., 5.00%, 8/01/31, MBIA

08/11 @ 100

2,506,635

AAA

5,000

Golden St. Tobacco Sec. Corp., Ser. A, 5.00%, 6/01/35, FGIC

06/15 @ 100

5,304,300

AAA

4,500

Infrastructure & Econ. Dev. Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC

04/12 @ 100

4,792,590

2,600

Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34

08/12 @ 102

2,854,306

AAA

2,000

Long Beach Unified Sch. Dist., GO, Ser. D, 5.00%, 8/01/31, FSA

08/10 @ 101

2,102,000

Los Angeles Dept. of Wtr. & Pwr., Wtr. Wks. Rev.,

AAA

5,000

Ser. A, 5.00%, 7/01/43, FGIC

07/12 @ 100

5,225,700

AAA

5,000

Ser. A, 5.125%, 7/01/41, FGIC

07/11 @ 100

5,246,800

AAA

5,000

Los Angeles Unified Sch. Dist., GO, Ser. E, 5.125%, 1/01/27, MBIA

07/12 @ 100

5,372,700

Los Angeles Wstwtr. Sys.,

AAA

5,000

Ser. A, 5.00%, 6/01/27, MBIA

06/13 @ 100

5,326,150

AAA

6,025

Ser. A, 5.00%, 6/01/32, FGIC

06/12 @ 100

6,348,241

AAA

5,000

No. California Pwr. Agcy., Pub. Pwr. Rev., Hydroelec. Proj. 1, Ser. A, 5.00%, 7/01/28, MBIA

07/08 @ 101

5,233,800

AAA

2,500

⁴

No. Orange Cnty. Cmnty. Coll. Dist., GO, Ser. A, 5.00%, 8/01/12, MBIA

N/A

2,764,000

AAA

5,000

Pub. Wks. Brd., Dept. of Gen. Svcs., Ser. A, 5.00%, 12/01/27, AMBAC

12/12 @ 100

5,259,800

AAA

5,000

Riverside Unified Sch. Dist., GO, Ser. A, 5.00%, 2/01/27, FGIC

02/12 @ 101

5,314,150

AAA

4,390

Sacramento Cnty. San. Dist. Fin. Auth., Sacramento Regl. Cnty. San., Ser. A, 5.00%, 12/01/35, AMBAC

12/14 @ 100

4,681,233

AAA

5,295

San Diego Cnty. Wtr. Auth., COP, Ser. A, 5.00%, 5/01/32, MBIA

05/12 @ 101

5,576,588

AAA

4,805

San Diego Redev. Agcy., Ctr. City Proj., Ser. A, 5.00%, 9/01/28, MBIA

09/11 @ 101

5,075,377

AAA

4,000

San Diego Univ. Fndtn. Aux. Org., Ser. A, 5.00%, 3/01/37, MBIA

03/12 @ 100

4,184,640

AAA

20,000

San Joaquin Hills Transp. Corridor Agcy., Toll Rd. Rev., Ser. A, Zero Coupon, 1/15/31, MBIA

No Opt. Call

6,021,800

AAA

6,000

San Jose Fin. Auth., Civic Ctr. Proj., Ser. B, 5.00%, 6/01/37, AMBAC

06/12 @ 100

6,285,900

AAA

11,125

Santa Rosa Wstwtr., Ser. B, Zero Coupon, 9/01/27, AMBAC

No Opt. Call

4,040,600

AAA

3,000

Tustin Unified Sch. Dist., Spec. Tax Rev., Cmnty. Facs. Dist. 97-1, Ser. A, 5.00%, 9/01/38, FSA

09/12 @ 100

3,138,450

AAA

4,000

Westlands Wtr. Dist., COP, 5.00%, 9/01/34, MBIA

09/12 @ 101

4,220,760

Total Long-Term Investments (cost $117,863,755)

125,468,347

Shares

(000)

MONEY MARKET FUND—0.2%

150

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $150,000)

N/A

150,000

Total Investments—156.4% (cost $118,013,755⁵)

125,618,347

Other assets in excess of liabilities—1.5%

1,178,643

Preferred shares at redemption value, including dividends payable—(57.9)%

(46,508,027

)

Net Assets Applicable to Common Shareholders—100%

80,288,963


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security, or a portion thereof, pledged as collateral with a value of $869,516 on 359 short U.S. Treasury Note futures contracts expiring December 2005 and 38 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $44,721,234, with an unrealized loss of $354,016.
⁴	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁵	Cost for Federal tax purposes is $118,014,273. The net unrealized appreciation on a tax basis is $7,604,074, consisting of $7,604,074 gross unrealized appreciation and $0 unrealized depreciation.

Unaudited Information:

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 92.2% of the Trust’s managed assets. Trust’s managed assets. The Trust had the following insurance concentrations:


AMBAC	—	23.5%
FGIC	—	25.2%
FSA	—	4.2%
MBIA	—	39.3%


KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.	FSA	—	Financial Security Assurance
COP	—	Certificate of Participation	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Co.	MBIA	—	Municipal Bond Insurance Assoc.

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock California Municipal Bond Trust (BZA)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—153.8%

California—146.4%

AAA

5,000

Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, Zero Coupon, 9/01/32, FSA

No Opt. Call

1,386,500

4,000

Edl. Facs. Auth., Univ. of San Diego Proj., Ser. A, 5.25%, 10/01/30

10/12 @ 100

4,264,560

BBB

3,845

Foothill/Eastn. Transp. Corridor Agcy., Toll Rd. Rev., 5.75%, 1/15/40

01/10 @ 101

3,945,393

Golden St. Tobacco Sec. Corp.,

A-

3,870

Ser. A, 5.00%, 6/01/45

06/15 @ 100

4,028,477

BBB

2,000

Ser. A-1, 6.625%, 6/01/40

06/13 @ 100

2,283,620

BBB

1,000

Ser. A-1, 6.75%, 6/01/39

06/13 @ 100

1,153,470

AAA

2,500

Ser. B, 5.50%, 6/01/13

N/A

2,830,725

AAA

1,300

Ser. B, 5.625%, 6/01/13

N/A

1,482,897

Hlth. Facs. Fin. Auth.,

1,770

Cedars Sinai Med. Ctr. Proj., 5.00%, 11/15/34

11/15 @ 100

1,834,269

3,270

Insured Hlth. Facs. Valleycare, Ser. A, 5.375%, 5/01/27

05/12 @ 100

3,508,448

AAA

3,000

Infrastructure & Econ. Dev., 5.25%, 6/01/07, MBIA

N/A

3,155,310

AAA

1,600

Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC

07/13 @ 100

1,697,616

3,750

J. David Gladstone Inst. Proj., 5.25%, 10/01/34

10/11 @ 101

3,913,950

AAA

3,500

⁴

Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC

04/12 @ 100

3,727,570

1,745

Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34

08/12 @ 102

1,915,678

Lathrop Fin. Auth., Wtr. Sply. Proj.,

NR⁵

655

5.90%, 6/01/27

06/13 @ 100

668,624

NR⁵

1,180

6.00%, 6/01/35

06/13 @ 100

1,215,152

Live Oak Unified Sch. Dist., Cap. Apprec. Election, GO,

AAA

705

Ser. B, Zero Coupon, 8/01/29, XLCA

08/18 @ 55.976

206,579

AAA

795

Ser. B, Zero Coupon, 8/01/30, XLCA

08/18 @ 52.942

219,213

AAA

830

Ser. B, Zero Coupon, 8/01/31, XLCA

08/18 @ 50.064

215,883

AAA

865

Ser. B, Zero Coupon, 8/01/32, XLCA

08/18 @ 47.332

212,444

AAA

905

Ser. B, Zero Coupon, 8/01/33, XLCA

08/18 @ 44.74

209,833

AAA

945

Ser. B, Zero Coupon, 8/01/34, XLCA

08/18 @ 42.283

207,069

Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj.,

B-

1,000

Ser. B, 7.50%, 12/01/24

12/12 @ 102

1,058,850

B-

680

Ser. C, 7.50%, 12/01/24

12/12 @ 102

719,059

Multi-Fam. Hsg.,

Aa2

2,225

San Lucas Apts., Ser. 5, 5.95%, 11/01/34

12/11 @ 100

2,351,336

Aa2

2,395

Westgate Courtyard Apts., Ser. 3, 5.80%, 11/01/34

12/11 @ 100

2,529,168

NR⁵

2,400

Orange Cnty. Cmnty. Facs. Dist., Spl. Tax Rev., Ladera Ranch Proj., Ser. A, 6.00%, 8/15/32

08/10 @ 101

2,547,528

BBB

3,000

Palm Springs Mobile Home Park, Sahara Mobile Home Park Proj., 5.75%, 5/15/37

05/12 @ 102

3,211,350

BBB

530

Poll. Ctrl. Sld. Wst., Wst. Mgmt., Inc. Proj., Ser. A-2, 5.40%, 4/01/25

04/15 @ 101

550,760

2,500

San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South Proj., 6.25%, 8/01/33

08/11 @ 101

2,684,525

AAA

15,000

Santa Ana Unified Sch. Dist., COP, Zero Coupon, 4/01/29, FSA

No Opt. Call

4,972,350

AAA

2,500

Santa Clara Valley Wtr. Dist., Wtr. Util. Sys. Rev., Ser. A, 5.125%, 6/01/31, FGIC

06/10 @ 100

2,617,900

Statewide Cmnty. Dev. Auth.,

BBB+

1,500

Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/30

07/15 @ 100

1,582,305

A+

5,000

Kaiser Permanente Proj., Ser. A, 5.50%, 11/01/32

11/12 @ 100

5,327,750

AA-

3,250

Sutter Hlth., Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42

08/12 @ 100

3,459,853

A+

1,500

Torrance Hosp. Rev., Torrance Mem. Med. Ctr. Proj., Ser. A, 5.50%, 6/01/31

06/11 @ 101

1,585,335

79,481,349

See Notes to Financial Statements.

BlackRock California Municipal Bond Trust (BZA) (continued)


Rating¹(unaudited)	Principal Amount (000)			Description	Option Call Provisions²(unaudited)	Value

				Multi-State—7.4%
Baa1	$	3,500	⁶	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100	$	4,029,130

				Total Investments—153.8% (cost $76,234,557⁷)		$	83,510,479
				Other assets in excess of liabilities—1.4%			734,771
				Preferred shares at redemption value, including dividends payable—(55.2)%			(29,979,851	)

				Net Assets Applicable to Common Shareholders—100%		$	54,265,399



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁴	Security, or a portion thereof, pledged as collateral with a value of $543,448 on 216 short U.S. Treasury Note futures contracts expiring December 2005 and 26 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $27,277,688, with an unrealized loss of $212,935.
⁵	Security is deemed to be of investment grade quality by the investment advisor.
⁶	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of August 31, 2005, the Trust held 7.4% of its net assets, with a current market value of $4,029,130, in securities restricted as to resale.
⁷	Cost for Federal tax purposes is $76,229,144. The net unrealized appreciation on a tax basis is $7,281,335, consisting of $7,281,335 gross unrealized appreciation and $0 unrealized depreciation.



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.	XLCA	—	XL Capital Assurance
FSA	—	Financial Security Assurance

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock California Municipal Income Trust II (BCL)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—156.4%

California—152.9%

Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C,

AAA

15,000

Zero Coupon, 9/01/34, FSA

No Opt. Call

3,771,600

AAA

10,000

Zero Coupon, 9/01/36, FSA

No Opt. Call

2,285,900

8,000

⁴

California, GO, 5.50%, 11/01/33

11/13 @ 100

8,927,600

AAA

6,000

⁴

Corona Norco Unified Sch. Dist., Spec. Tax Rev., Cmnty. Facs. Dist. No. 98-1, 5.10%, 9/01/32, AMBAC

09/12 @ 100

6,312,840

6,000

Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, 5.375%, 5/01/21

05/12 @ 101

6,589,860

Foothill/Eastn. Transp. Corridor Agcy. Toll Rd. Rev.,

BBB

6,550

Zero Coupon, 1/15/30

01/10 @ 30.966

1,569,314

AAA

15,470

⁴

Ser. A, Zero Coupon, 1/01/26

ETM

6,484,869

AAA

4,890

⁴

Ser. A, Zero Coupon, 1/01/30

ETM

1,658,688

Golden St. Tobacco Sec. Corp.,

A-

3,700

Ser. A, 5.00%, 6/01/45

06/15 @ 100

3,851,515

BBB

2,900

Ser. A-1, 6.625%, 6/01/40

06/13 @ 100

3,311,249

BBB

11,100

Ser. A-1, 6.75%, 6/01/39

06/13 @ 100

12,803,517

AAA

5,650

⁵

Ser. B, 5.50%, 6/01/13

N/A

6,397,438

AAA

3,000

⁵

Ser. B, 5.625%, 6/01/13

N/A

3,422,070

Infrastructure & Econ. Dev.,

AAA

6,100

Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC

07/13 @ 100

6,472,161

A+

1,735

Kaiser Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31

08/11 @ 102

1,862,609

AAA

2,500

Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC

04/12 @ 100

2,662,550

AAA

5,000

La Quinta Redev. Agcy. Tax Allocation, Redev. Proj. Area No. 1, 5.125%, 9/01/32, AMBAC

09/12 @ 102

5,350,900

Lathrop Fin. Auth., Wtr. Sply. Proj.,

NR⁶

1,490

5.90%, 6/01/27

06/13 @ 100

1,520,992

NR⁶

2,680

6.00%, 6/01/35

06/13 @ 100

2,759,837

AAA

5,500

Los Angeles Dept. of Wtr. & Pwr., Wtr. Wks. Rev., Ser. A, 5.125%, 7/01/41, FGIC

07/11 @ 100

5,771,480

B-

1,785

Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24

12/12 @ 102

1,887,530

3,500

Mobilehome Park Fin. Auth., Palomar Estates East & West Proj., Ser. A, 5.25%, 3/15/34, ACA

03/13 @ 102

3,676,575

Oxnard Impvt. Bond, Dist. No. 1 Spec. Assmt., 1 Rice Ave.,

1,910

5.625%, 9/02/27

03/06 @ 103

1,938,383

1,905

5.70%, 9/02/32

03/06 @ 103

1,933,461

BBB

1,180

Poll. Ctrl. Sld. Wst., Wst. Mgmt., Inc. Proj., Ser. A-2, 5.40%, 4/01/25

04/15 @ 101

1,226,221

Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6 Proj.,

1,500

5.50%, 9/01/25

09/10 @ 102

1,516,740

1,700

5.60%, 9/01/33

09/10 @ 102

1,723,239

BBB

2,470

Rohnert Park Fin. Auth., Rancho Feliz Mobile Home Park Proj., Ser. A, 5.625%, 9/15/28

09/13 @ 100

2,497,763

AAA

5,000

⁵

Sacramento City Fin. Auth., Cap. Impvt., Ser. A, 5.00%, 6/01/11, AMBAC

N/A

5,478,950

6,000

San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33

09/12 @ 102

6,096,060

AAA

8,665

San Diego Unified Sch. Dist., GO, Ser. D, 5.25%, 7/01/23, FGIC

07/12 @ 101

9,646,138

5,000

San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South Proj., 6.25%, 8/01/33

08/11 @ 101

5,369,050

AAA

30,000

San Joaquin Hills Transp. Corridor Agcy., Toll Rd. Rev. Proj., Ser. A, Zero Coupon, 1/15/34, MBIA

No Opt. Call

7,665,300

8,000

San Jose Multi-Fam. Hsg., Helzer Courts Apts. Proj., Ser. A, 6.40%, 12/01/41

12/09 @ 102

7,899,040

Santa Clarita Facs. Dist., Valencia Town Ctr. Proj.,

1,640

5.80%, 11/15/25

11/10 @ 102

1,680,574

1,500

5.85%, 11/15/32

11/10 @ 102

1,544,145

AAA

2,685

Santa Rosa Wstwtr., Ser. B, Zero Coupon, 9/01/25, AMBAC

No Opt. Call

1,086,163

BBB

2,200

So. Tahoe Joint Pwr. Fin. Auth., So. Tahoe Redev. Proj. 1-A, 5.45%, 10/01/33

10/13 @ 100

2,306,656

Statewide Cmnty. Dev. Auth.,

A+

5,000

Kaiser Permanente Proj., Ser. A, 5.50%, 11/01/32

11/12 @ 100

5,327,750

7,000

Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33

04/13 @ 100

7,481,670

AA-

8,000

Sutter Hlth. Oblig Corp. Proj., Ser. B, 5.50%, 8/15/34

08/12 @ 100

8,506,480

BBB

1,600

Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43

06/12 @ 100

1,673,072

2,000

Tustin Unified Sch. Dist., Spec. Tax Rev., Cmnty. Facs. Dist. 97-1 Proj., Ser. B, 5.60%, 9/01/29

09/12 @ 101

2,049,760

AAA

2,000

Univ. of California, Ser. A, 5.00%, 5/15/33, AMBAC

05/13 @ 100

2,120,300

1,170

Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28

10/13 @ 102

1,244,541

2,000

⁵

Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/08

N/A

2,130,880

189,493,430

See Notes to Financial Statements.

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

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

Multi-State—3.5%

Charter Mac Equity Issuer Trust,

500

⁷

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

No Opt. Call

537,150

1,000

⁷

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

No Opt. Call

1,071,350

Baa1

1,500

⁷

Ser. B, 6.00%, 4/30/15

No Opt. Call

1,591,200

1,000

⁷

Ser. B, 6.30%, 4/30/19

No Opt. Call

1,085,040

4,284,740

Total Long-Term Investments (cost $176,347,542)

193,778,170

SHORT-TERM INVESTMENT—0.2%

California—0.2%

A-1+

300

⁸

Econ. Recovery, Ser. C-5, 2.26%, 9/01/05, FRDD (cost $300,000)

N/A

300,000

Total Investments—156.6% (cost $176,647,542⁹)

Other assets in excess of liabilities—1.5%

194,078,170

Preferred shares at redemption value, including dividends payable—(58.1)%

1,806,669

Net Assets Applicable to Common Shareholders—100%

(71,965,082

)

123,919,757



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security, or a portion thereof, pledged as collateral with a value of $1,116,227 on 581 short U.S. Treasury Note futures contracts expiring December 2005 and 58 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $71,963,203, with an unrealized loss of $573,015.
⁴	Security is collateralized by U.S. Treasury obligations.
⁵	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁶	Security is deemed to be of investment grade quality by the investment advisor.
⁷	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of August 31, 2005, the Trust held 3.5% of its net assets, with a current market value of $4,284,740, in securities restricted as to resale.
⁸	For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of August 31, 2005.
⁹	Cost for Federal tax purposes is $176,633,406. The net unrealized appreciation on a tax basis is $17,444,764, consisting of $17,565,724 gross unrealized appreciation and $120,960 unrealized depreciation.



KEY TO ABBREVIATIONS

ACA	—	American Capital Access	FRDD	—	Floating Rate Daily Demand
AMBAC	—	American Municipal Bond Assurance Corp.	FSA	—	Financial Security Assurance
ETM	—	Escrowed to Maturity	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Co.	MBIA	—	Municipal Bond Insurance Assoc.

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock Florida Insured Municipal Income Trust (BAF)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—155.0%

Florida—147.6%

Brd. of Ed.,

AAA

9,000

GO, Ser. A, 5.00%, 6/01/27, FSA

06/12 @ 101

9,580,860

AAA

8,640

Lottery Rev., Ser. C, 5.00%, 1/01/22, MBIA

01/13 @ 101

9,299,059

Capital Trust Agcy. Multi-Fam., American Oppty. Proj.,

Baa1

1,000

Ser. A, 5.875%, 6/01/38

06/13 @ 102

1,003,130

Baa3

990

Ser. C, 7.25%, 6/01/38

06/13 @ 102

984,931

3,885

Colonial Cntry. Club Cmnty. Dev. Dist., 6.40%, 5/01/33

05/13 @ 101

4,159,359

AAA

7,000

Dept. of Transp., GO, 5.00%, 7/01/27, FSA

07/12 @ 101

7,455,980

AAA

8,695

Gainesville Util. Sys., Ser. A, 5.00%, 10/01/33, FSA

10/13 @ 100

9,209,396

A+

8,500

Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31

11/11 @ 101

9,338,015

AAA

7,580

Hillsborough Cnty. Sch. Brd., COP, Ser. A, 5.00%, 7/01/25, MBIA

07/10 @ 100

8,004,859

AAA

2,865

Jacksonville Cap. Impvt., Ser. A, 5.00%, 10/01/30, AMBAC

10/12 @ 100

3,025,383

Jacksonville,

AAA

8,000

Excise Tax, Ser. B, 5.00%, 10/01/26, AMBAC

10/12 @ 100

8,493,200

AAA

9,500

Sales Tax, 5.00%, 10/01/27, MBIA

10/13 @ 100

10,142,675

AAA

9,500

Transp., 5.00%, 10/01/31, MBIA

10/11 @ 100

9,949,825

AAA

1,480

Julington Creek Plantation Cmnty. Dev., Assmt. Rev., 5.00%, 5/01/29, MBIA

05/12 @ 101

1,568,652

AAA

9,000

Lake Cnty. Sch. Brd., COP, Ser. A, 5.00%, 7/01/28, AMBAC

07/13 @ 100

9,542,880

Miami Dade Cnty., Spec. Oblig. Rev.,

AAA

10,000

Ser. A, Zero Coupon, 10/01/39, MBIA

10/15 @ 28.762

1,733,900

AAA

10,000

Ser. A, Zero Coupon, 10/01/40, MBIA

10/15 @ 27.307

1,659,200

AAA

26,935

Ser. B, Zero Coupon, 10/01/31, MBIA

04/08 @ 28.079

6,683,112

AAA

2,000

Orange Cnty. Sch. Brd., COP, Ser. A, 5.00%, 8/01/27, MBIA

08/12 @ 100

2,110,880

AAA

9,250

Orange Cnty. Tourist Dev., Tax Rev., 5.125%, 10/01/30, AMBAC

04/12 @ 100

9,829,235

AAA

7,975

Orange Cnty., Sales Tax, Ser. B, 5.125%, 1/01/32, FGIC

01/13 @ 100

8,518,098

AAA

4,000

Osceola Cnty. Sch. Brd., COP, Ser. A, 5.25%, 6/01/27, AMBAC

06/12 @ 101

4,342,840

Palm Bay Util.,

AAA

4,015

Zero Coupon, 10/01/28, FGIC

No Opt. Call

1,359,399

AAA

5,570

Zero Coupon, 10/01/31, FGIC

No Opt. Call

1,601,041

AAA

9,200

Palm Beach Cnty. Sch. Brd., COP, Ser. D, 5.00%, 8/01/28, FSA

08/12 @ 100

9,693,028

AA-

5,000

Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys. Proj., 5.50%, 11/15/33

05/13 @ 100

5,345,150

AAA

9,500

Pinellas Cnty. Swr., 5.00%, 10/01/32, FSA

10/13 @ 100

10,068,670

AAA

5,000

Polk Cnty. Util. Sys., 5.00%, 10/01/29, FGIC

10/13 @ 100

5,316,950

AAA

825

⁴

Port St. Lucie Util., 5.125%, 9/01/11, MBIA

N/A

905,710

AAA

2,945

Sarasota Cnty. Util. Sys., Ser. C, 5.25%, 10/01/22, FGIC

10/12 @ 100

3,215,115

AAA

3,500

St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA

10/09 @ 101

3,659,075

AAA

1,000

Tohopekaliga Wtr. Auth., Ser. B, 5.00%, 10/01/23, FSA

10/13 @ 100

1,073,350

NR⁵

4,635

Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.50%, 5/01/33

05/13 @ 101

5,029,809

AAA

12,000

Vlg. Ctr. Cmnty. Dev. Dist., Ser. A, 5.00%, 11/01/32, MBIA

11/13 @ 101

12,750,720

196,653,486

Puerto Rico—7.4%

BBB

9,405

Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43

05/12 @ 100

9,821,171

Total Long-Term Investments (cost $194,996,151)

206,474,657

See Notes to Financial Statements.

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


Shares (000)	Description	Value

	MONEY MARKET FUND—0.3%
400	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $400,000)	$	400,000

	Total Investments—155.3% (cost $195,396,151⁶)	$	206,874,657
	Other assets in excess of liabilities—1.8%		2,356,197
	Preferred shares at redemption value, including dividends payable—(57.1)%		(76,010,328	)

	Net Assets Applicable to Common Shareholders—100%	$	133,220,526



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security, or a portion thereof, pledged as collateral with a value of $1,084,613 on 507 short U.S. Treasury Note futures contracts expiring December 2005 and 62 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $64,141,547, with an unrealized loss of $499,650.
⁴	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁵	Security is deemed to be of investment grade quality by the investment advisor.
⁶	Cost for Federal tax purposes is $195,396,082. The net unrealized appreciation on a tax basis is $11,478,575, consisting of $11,478,575 gross unrealized appreciation and $0 unrealized depreciation.

Unaudited Information:

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 82.7% of the Trust’s managed assets. The Trust had the following insurance concentrations:


AMBAC	—	17.1%
FGIC	—	9.7%
FSA	—	24.6%
MBIA	—	31.3%



KEY TO ABBREVIATIONS

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

AUGUST 31, 2005

BlackRock Florida Municipal Bond Trust (BIE)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—153.0%

Florida—141.3%

AAA

1,250

Bay Cnty., Sales Tax Rev., 5.125%, 9/01/32, AMBAC

09/12 @ 100

1,333,400

1,000

Boynton Beach Multi-Fam., Clipper Cove Apts. Proj., 5.30%, 1/01/23, ACA

01/13 @ 100

1,046,180

Baa1

1,000

Capital Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 6/01/38

06/13 @ 102

1,003,130

1,650

Colonial Cntry. Club Cmnty. Dev. Dist., 6.40%, 5/01/33

05/13 @ 101

1,766,523

1,055

Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08

No Opt. Call

1,073,990

AAA

2,100

Greater Orlando Aviation Auth., Orlando Arpt. Facs. Proj., Ser. A, 5.125%, 10/01/32, FSA

10/12 @ 100

2,225,601

A+

4,900

Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31

11/11 @ 101

5,383,091

BBB+

1,810

Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23

10/12 @ 100

1,926,383

3,500

Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic Proj., Ser. B, 5.50%, 11/15/36

11/11 @ 101

3,840,865

JEA,

Aa2

5,000

Elec. Sys. Rev., Ser. A, 5.50%, 10/01/07

N/A

5,261,250

AAA

5,425

⁴

Wtr. & Swr. Sys., Ser. A, 5.375%, 10/01/30, MBIA

04/07 @ 100

5,588,075

3,000

Lakeland Hosp. Sys., Lakeland Regl. Hlth. Sys. Proj., 5.50%, 11/15/32

11/12 @ 101

3,225,210

NR⁵

920

Madison Cnty. Elec. Pwr. Generation Fac., First Mtg. Twin Oaks Proj., 6.00%, 7/01/25

07/15 @ 100

921,260

BB+

1,500

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

11/14 @ 100

1,700,685

Miami Dade Cnty.,

AAA

5,410

Ser. B, Zero Coupon, 10/01/32, MBIA

04/08 @ 26.494

1,266,211

Spec. Oblig. Rev.,

AAA

5,500

Ser. A, Zero Coupon, 10/01/26, MBIA

04/08 @ 37.301

1,836,835

AAA

10,000

Ser. B, Zero Coupon, 10/01/30, MBIA

04/08 @ 29.688

2,631,500

AAA

3,150

Mun. Loan Council, Ser. A, 5.125%, 5/01/32, MBIA

05/12 @ 101

3,365,901

Orange Cnty. Hlth. Facs. Auth.,

5,000

Orlando Regl. Hlth. Care Proj., 5.75%, 12/01/32

12/12 @ 100

5,452,900

Refdg. Hlth. Care Orlando Lutheran Proj.,

340

5.375%, 7/01/20

07/15 @ 100

342,353

305

5.70%, 7/01/26

07/15 @ 100

308,791

AAA

3,350

Orange Cnty. Tourist Dev., Tax Rev., 5.125%, 10/01/30, AMBAC

04/12 @ 100

3,559,777

AAA

3,105

Osceola Cnty. Tourist Dev., Tax Rev., Ser. A, 5.00%, 10/01/32, FGIC

10/12 @ 100

3,271,024

AAA

3,630

Palm Bay Util., Zero Coupon, 10/01/28, FGIC

No Opt. Call

1,229,045

AAA

3,000

Palm Beach Cnty. Sch. Brd., COP, Ser. C, 5.00%, 8/01/27, FSA

08/12 @ 100

3,166,320

AAA

1,500

Port St. Lucie Util., 5.125%, 9/01/11, MBIA

N/A

1,646,745

AA-

2,000

So. Broward Hosp. Dist., 5.60%, 5/01/27

05/12 @ 101

2,165,200

1,765

Stevens Plantation Impvt. Proj., 6.375%, 5/01/13

No Opt. Call

1,836,253

2,780

Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32

10/09 @ 100

2,936,570

NR⁵

1,760

Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.50%, 5/01/33

05/13 @ 101

1,909,917

Volusia Cnty Edl. Fac. Auth., Embry Riddle Aeronautical Proj.,

1,250

5.20%, 10/15/26, RAA

10/13 @ 100

1,341,313

1,610

5.20%, 10/15/33, RAA

10/13 @ 100

1,721,879

76,284,177

See Notes to Financial Statements.

BlackRock Florida Municipal Bond Trust (BIE)


Rating¹(unaudited)	Principal Amount (000)				Description	Option Call Provisions² (unaudited)	Value

					Multi-State—6.4%
Baa1		$	3,000	⁶	Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52	10/14 @ 100	$	3,453,540

					Puerto Rico—5.3%
A-			2,565	³	Pub. Bldgs. Auth., Gov’t. Facs., Ser. D, 5.25%, 7/01/12	N/A		2,843,302

					Total Investments—153.0% (cost $75,822,972⁷)		$	82,581,019
					Other assets in excess of liabilities—2.2%			1,197,179
					Preferred shares at redemption value, including dividends payable—(55.2)%			(29,788,696	)

					Net Assets Applicable to Common Shareholders—100%		$	53,989,502


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁴	Security, or a portion thereof, pledged as collateral with a value of $315,737 on 173 short U.S. Treasury Note futures contracts expiring December 2005 and 26 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $22,458,328, with an unrealized loss of $170,685.
⁵	Security is deemed to be of investment grade quality by the investment advisor.
⁶	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of August 31, 2005, the Trust held 6.4% of its net assets, with a current market value of $3,453,540, in securities restricted as to resale.
⁷	Cost for Federal tax purposes is $75,784,403. The net unrealized appreciation on a tax basis is $6,796,616, consisting of $6,796,616 gross unrealized appreciation and $0 unrealized depreciation.



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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS
AUGUST 31, 2005

BlackRock Maryland Municipal Bond Trust (BZM)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—148.7%

Maryland—116.8%

500

Annapolis Spl. Oblig., Park Place Proj., Ser. A, 5.35%, 7/01/34

01/15 @ 101

511,350

2,870

Anne Arundel Cnty. Econ. Dev. Cmnty. Coll. Proj., 5.25%, 9/01/28

09/12 @ 102

3,113,778

Baltimore Cnty., GO,

AAA

2,000

Met 67th Dist., 5.00%, 6/01/22

06/11 @ 101

2,151,520

AAA

2,000

Met 68th Dist., 5.00%, 8/01/28

08/12 @ 100

2,128,200

1,000

Baltimore Spec. Oblig. Rev., Harborview Lot No. 2 Proj., 6.50%, 7/01/31

07/13 @ 101

1,064,380

Baltimore Wstwtr. Proj.,

AAA

2,000

Ser. A, 5.125%, 7/01/42, FGIC

07/12 @ 100

2,114,680

AAA

3,500

Ser. A, 5.20%, 7/01/32, FGIC

07/12 @ 100

3,774,295

NR⁴

1,000

Frederick Cnty., Urbana Cmnty. Dev. Auth., 6.625%, 7/01/25

07/07 @ 102

1,043,280

Hlth. & Higher Edl. Facs. Auth.,

2,000

Brd. of Child Care Proj., 5.375%, 7/01/32

07/12 @ 100

2,157,640

BBB+

1,990

Carroll Cnty. Gen. Hosp. Proj., 6.00%, 7/01/37

07/12 @ 100

2,148,922

2,000

Johns Hopkins Univ. Proj., Ser. B, 5.00%, 7/01/41

07/11 @ 100

2,086,980

2,000

Loyola Coll. Issue Proj., 5.00%, 10/01/39

10/09 @ 101

2,070,460

2,000

Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32

07/12 @ 100

2,131,940

2,000

Univ. of Maryland Med. Sys. Proj., 5.25%, 7/01/34

07/11 @ 100

2,086,320

1,000

Indl. Dev. Fin. Auth., 6.00%, 5/01/35

05/15 @ 100

1,033,190

A+

1,905

Econ. Dev. Rev., Nat. Aquarium Baltimore Fac. Proj., Ser. B, 5.20%, 11/01/26

11/12 @ 100

2,036,102

Montgomery Cnty. Lease, Metrorail Garage Proj.,

500

5.00%, 6/01/23

06/12 @ 100

535,950

1,435

5.00%, 6/01/24

06/12 @ 100

1,534,646

St. Mary’s Coll., Academic & Auxil. Fees, Ser. A,

AAA

1,000

5.00%, 9/01/27, AMBAC

09/12 @ 101

1,070,530

AAA

1,000

5.00%, 9/01/32, AMBAC

09/12 @ 101

1,062,860

AAA

2,000

Transp. Auth., Arpt. Pkg. Rev., Baltimore/Wash Intl. Arpt., Ser. B, 5.125%, 3/01/24, AMBAC

03/12 @ 101

2,110,020

37,967,043

Multi-State—7.1%

Baa1

2,000

⁵

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

10/14 @ 100

2,302,360

Puerto Rico—24.8%

BBB

2,000

Children’s Trust Fund, Tobacco Settlement Rev., 5.50%, 5/15/39

05/12 @ 100

2,085,980

AAA

2,060

Elec. Pwr. Auth., Ser. HH, 5.25%, 7/01/29, FSA

07/10 @ 101

2,236,892

2,000

Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38

07/12 @ 100

2,119,640

Pub. Bldgs. Auth., Gov’t. Facs.,

A-

1,100

⁶

Ser. D, 5.375%, 7/01/12

N/A

1,227,644

BBB

350

Ser. D, 5.375%, 7/01/33

07/12 @ 100

376,292

8,046,448

Total Long-Term Investments (cost $44,559,437)

48,315,851

Shares
(000)

MONEY MARKET FUND—4.1%

1,350

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,350,000)

N/A

1,350,000

Total Investments—152.8% (cost $45,909,437⁷)

49,665,851

Other assets in excess of liabilities—2.6%

833,284

Preferred shares at redemption value, including dividends payable—(55.4)%

(18,007,338

)

Net Assets Applicable to Common Shareholders—100%

32,491,797


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security, or a portion thereof, pledged as collateral with a value of $217,652 on 107 short U.S. Treasury Note futures contracts expiring December 2005 and 16 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $13,880,859, with an unrealized loss of $105,364.
⁴	Security is deemed to be of investment grade quality by the investment advisor.
⁵	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of August 31, 2005, the Trust held 7.1% of its net assets, with a current market value of $2,302,360, in securities restricted as to resale.
⁶	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁷	Cost for Federal tax purposes is $45,904,941. The net unrealized appreciation on a tax basis is $3,760,910, consisting of $3,760,910 gross unrealized appreciation and $0 unrealized depreciation.



KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.	FSA	—	Financial Security Assurance
FGIC	—	Financial Guaranty Insurance Co.	GO	—	General Obligation

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS
AUGUST 31, 2005

BlackRock New Jersey Municipal Bond Trust (BLJ)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—152.8%

Multi-State—6.2%

Baa1

2,000

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

10/14 @ 100

2,302,360

New Jersey—127.2%

Econ. Dev. Auth.,

BBB

2,000

Cigarette Tax Rev., 5.75%, 6/15/34

06/14 @ 100

2,146,920

2,335

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

11/10 @ 101

2,266,958

BBB-

2,000

Fellowship Vlg. Proj., Ser. A, 5.50%, 1/01/25

01/08 @ 102

2,024,740

First Mtg. Lions Gate Proj.,

150

Ser. A, 5.75%, 1/01/25

01/13 @ 102

155,084

265

Ser. A, 5.875%, 1/01/37

01/13 @ 102

272,595

Baa3

2,250

Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28

No Opt. Call

2,666,475

BBB

1,000

Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15

No Opt. Call

1,065,860

Aaa

1,740

Victoria Hlth. Proj., Ser. A, 5.20%, 12/20/36

12/11 @ 103

1,887,517

BBB-

2,500

Winchester Proj., Ser. A, 5.80%, 11/01/31

11/14 @ 100

2,633,375

Edl. Facs. Auth.,

Fairleigh Dickinson Univ. Proj.,

BBB-

500

Ser. C, 5.50%, 7/01/23

07/14 @ 100

532,285

BBB-

1,000

Ser. C, 6.00%, 7/01/20

07/14 @ 100

1,098,960

BBB-

1,000

Ser. D, 6.00%, 7/01/25

07/13 @ 100

1,085,530

BBB+

630

Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33

07/13 @ 100

716,234

AAA

750

Montclair St. Univ. Proj., Ser. F, 5.00%, 7/01/32, FGIC

07/15 @ 100

800,318

AAA

4,000

Garden St. Pres. Trust, Open Space & Farmland Pres., Ser. B, Zero Coupon, 11/01/27, FSA

No Opt. Call

1,482,840

Hlth. Care Fac. Fin. Auth.,

2,000

Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25

07/12 @ 100

2,152,560

A+

2,000

Catholic Hlth. East. Proj., Ser. A, 5.375%, 11/15/33

11/12 @ 100

2,124,040

2,000

⁴

Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31

07/11 @ 100

2,141,400

Baa1

2,500

So. Jersey Hosp. Proj., 6.00%, 7/01/32

07/12 @ 100

2,683,025

AAA

2,250

Hsg. & Mtg. Fin. Agcy., Multi-Fam. Hsg. Rev., Ser. A, 5.65%, 5/01/40, AMBAC

11/07 @ 101.5

2,332,575

2,500

Middlesex Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

01/15 @ 100

2,519,850

Port Auth. of NY & NJ,

AAA

1,500

Ser. 125, 5.00%, 4/15/32, FSA

04/12 @ 101

1,593,345

AAA

2,250

Ser. 126, 5.25%, 5/15/37, FGIC

05/12 @ 101

2,406,195

Caa2

130

Contl./Eastern LaGuardia Proj., 9.125%, 12/01/15

10/05 @ 100

130,191

BBB

4,000

Tobacco Settlement Fin. Corp., 6.125%, 6/01/42

06/12 @ 100

4,315,720

AAA

1,000

Univ. of Med. & Dentistry, Ser. A, 5.00%, 12/01/31, AMBAC

12/12 @ 100

1,057,080

Vineland, GO,

AAA

1,000

5.30%, 5/15/29, MBIA

05/10 @ 101

1,065,120

AAA

1,500

5.375%, 5/15/32, MBIA

05/10 @ 101

1,591,860

46,948,652

See Notes to Financial Statements.

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


Rating¹(unaudited)	Principal Amount (000)				Description	Option Call Provisions² (unaudited)	Value

					Puerto Rico—19.4%
A-		$	2,250		Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31	07/12 @ 101	$	2,407,027
A			2,100		Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38	07/12 @ 100		2,225,622
					Pub. Bldgs. Auth., Gov’t. Facs.,
A-			1,685	⁵	Ser. D, 5.25%, 7/01/12	N/A		1,867,823
BBB			615		Ser. D, 5.25%, 7/01/27	07/12 @ 100		657,798

								7,158,270

					Total Investments—152.8% (cost $52,020,848⁶)		$	56,409,282
					Other assets in excess of liabilities—2.0%			746,134
					Preferred shares at redemption value, including dividends payable—(54.8)%			(20,227,749	)

					Net Assets Applicable to Common Shareholders—100%		$	36,927,667


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security is 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 August 31, 2005, the Trust held 6.2% of its net assets, with a current market value of $2,302,360, in securities restricted as to resale.
⁴	Security, or a portion thereof, pledged as collateral with a value of $324,023 on 152 short U.S. Treasury Note futures contracts expiring December 2005 and 18 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $19,160,438, with an unrealized loss of $149,842.
⁵	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁶	Cost for Federal tax purposes is $52,004,142. The net unrealized appreciation on a tax basis is $4,405,140, consisting of $4,405,140 gross unrealized appreciation and $0 unrealized depreciation.



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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS
AUGUST 31, 2005

BlackRock New York Insured Municipal Income Trust (BSE)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—154.2%

New York—141.0%

Dorm. Auth.,

AAA

5,000

Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA

07/13 @ 100

5,343,050

AAA

7,000

Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, MBIA

02/13 @ 100

7,357,420

AAA

2,500

Insured Fit Student Hsg. Corp. Proj., 5.125%, 7/01/34, FGIC

07/14 @ 100

2,691,750

AAA

3,160

Iona Coll. Proj., 5.00%, 7/01/27, XLCA

07/12 @ 100

3,352,602

Aa3

3,000

Joachim & Ann Residence Proj., 5.25%, 7/01/27

07/12 @ 100

3,143,220

AAA

10,000

Memorial Sloan Kettering Ctr. Proj., Ser. 1, Zero Coupon, 7/01/30, MBIA

No Opt. Call

3,203,100

AAA

5,000

Montefiore Hosp. Proj., 5.00%, 8/01/33, FGIC

02/15 @ 100

5,323,900

AAA

5,000

New York & Presbyterian Hosp. Proj., 5.00%, 8/01/32, AMBAC

02/08 @ 101

5,135,550

AAA

7,000

New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC

07/11 @ 100

7,278,740

Sch. Dist. Fin. Proj.,

AAA

2,000

Ser. A, 5.00%, 4/01/31, MBIA

10/12 @ 100

2,104,420

AAA

3,500

Ser. D, 5.00%, 10/01/30, MBIA

10/12 @ 100

3,698,135

AAA

7,000

St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC

08/12 @ 100

7,336,560

AAA

2,000

Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 5.25%, 7/01/31, AMBAC

07/11 @ 101

2,143,340

BBB-

1,000

Herkimer Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Coll. Fndtn., Inc. Student Hsg. Proj., 6.25%, 8/01/34

08/13 @ 100

1,049,440

Met. Transp. Auth.,

AAA

1,085

Ser. A, 5.00%, 11/15/25, FSA

11/12 @ 100

1,155,655

AAA

8,470

Ser. A, 5.00%, 11/15/30, FSA

11/12 @ 100

8,929,328

AAA

5,000

Ser. A, 5.25%, 11/15/31, FGIC

11/12 @ 100

5,383,750

AAA

5,000

⁴

Ded. Tax Fund, Ser. A, 5.00%, 11/15/11, FGIC

N/A

5,489,900

AAA

2,660

Refdg. Transp., Ser. E, 5.25%, 11/15/31, FGIC

11/12 @ 100

2,864,155

AAA

10,000

Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC

07/12 @ 100

10,518,000

2,500

New York City Indl. Dev. Agcy. Lycee Francais De Proj., Ser. A, 5.375%, 6/01/23, ACA

12/12 @ 100

2,617,925

AAA

3,500

New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev., Ser. D, 5.00%, 6/15/39, AMBAC

06/15 @ 100

3,728,165

AAA

6,000

New York City Transl. Fin. Auth., Ser. B, 5.00%, 5/01/30, AMBAC

11/11 @ 101

6,323,940

AAA

5,000

New York City Trust Cultural Recs., American Museum of Natural History Proj., Ser. A, 5.00%, 7/01/44, MBIA

07/14 @ 100

5,276,900

A+

1,000

New York City, GO, Ser. O, 5.00%, 6/01/30

06/15 @ 100

1,055,140

BBB

3,320

New York Cntys. Tobacco Trust III, 6.00%, 6/01/43

06/13 @ 100

3,570,494

AAA

6,000

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC

10/14 @ 100

6,430,320

AAA

10,000

Triborough Brdg. & Tunl. Auth., Ser. E, 5.00%, 11/15/32, MBIA

11/12 @ 100

10,555,100

BBB

6,000

TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32

07/12 @ 100

6,346,980

139,406,979

Puerto Rico—13.2%

BBB

7,600

Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43

05/12 @ 100

7,936,300

5,000

Indl. Fin. Auth., Med. & Env. Ctrl. Facs., Polytecnic Univ. Proj., Ser. A, 5.00%, 8/01/32, ACA

08/12 @ 100

5,099,150

13,035,450

Total Long-Term Investments (cost $144,372,217)

152,442,429

See Notes to Financial Statements.


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


Shares (000)		Description	Value

		MONEY MARKET FUND—1.2%
	1,100	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,100,000)	$	1,100,000

		Total Investments—155.4% (cost $145,472,217⁵)	$	153,542,429
		Other assets in excess of liabilities—1.3%		1,326,226
		Preferred shares at redemption value, including dividends payable—(56.7)%.		(56,015,187	)

		Net Assets Applicable to Common Shareholders—100%	$	98,853,468



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security, or a portion thereof, pledged as collateral with a value of $736,573 on 381 short U.S. Treasury Note futures contracts expiring December 2005 and 46 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $48,131,203, with an unrealized loss of $375,715.
⁴	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁵	Cost for Federal tax purposes is $145,482,154. The net unrealized appreciation on a tax basis is $8,060,275, consisting of $8,060,275 gross unrealized appreciation and $0 unrealized depreciation.
Unaudited Information:


ACA	— 5.0%
AMBAC	— 31.9%
FGIC	— 15.0%
FSA	— 5.8%
MBIA	— 21.0%
XLCA	— 5.7%


KEY TO ABBREVIATIONS

ACA	—	American Capital Access	GO	—	General Obligation
AMBAC	—	American Municipal Bond Assurance Corp.	MBIA	—	Municipal Bond Insurance Assoc.
FGIC	—	Financial Guaranty Insurance Co.	XLCA	—	XL Capital Assurance
FSA	—	Financial Security Assurance

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS
AUGUST 31, 2005

BlackRock New York Municipal Bond Trust (BQH)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—154.4%

Multi-State—6.6%

Baa1

2,500

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

10/14 @ 100

2,877,950

New York—115.7%

Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A,

200

7.00%, 5/01/25

05/15 @ 102

199,868

130

7.00%, 5/01/35

05/15 @ 102

128,216

Dorm. Auth.,

AA-

2,465

⁴

City Univ. Proj., Ser. A, 5.25%, 7/01/11

N/A

2,722,987

AA-

285

⁴

City Univ. Proj., Ser. A, 5.25%, 7/01/11

N/A

314,828

AAA

2,500

Iona Coll. Proj., 5.125%, 7/01/32, XLCA

07/12 @ 100

2,655,550

Baa2

3,000

Lenox Hill Hosp. Oblig. Grp. Proj., 5.50%, 7/01/30

07/11 @ 101

3,140,220

BB+

500

Mt. Sinai New York Univ. Hlth. Proj., 5.50%, 7/01/26

07/08 @ 100

510,385

AAA

2,500

Willow Towers, Inc. Proj., 5.40%, 2/01/34

08/12 @ 101

2,698,375

2,000

Dutchess Cnty. Ind. Dev. Agcy., Civic Facs. Rev., Vassar Coll. Proj., 5.35%, 9/01/40

08/11 @ 101

2,170,740

AAA

2,750

⁵

Env. Facs. Corp., Mun. Wtr. Proj., Ser. D, 5.125%, 6/15/31

06/12 @ 100

2,930,180

3,000

Met. Transp. Auth., Ded. Tax Fund, Ser. A, 5.125%, 11/15/31

11/12 @ 100

3,197,370

Aa1

2,980

Mtg. Agcy., Ser. 101, 5.40%, 4/01/32

10/11 @ 100

3,054,143

1,100

New York City Hlth. & Hosp. Corp., Hlth. Sys., Ser. A, 5.375%, 2/15/26

02/12 @ 100

1,157,046

2,500

New York City Hsg. Dev. Corp., Multi-Fam. Hsg. Rev., Ser. A, 5.50%, 11/01/34

05/12 @ 100

2,597,050

AAA

2,500

New York City Mun. Wtr. Fin. Auth., Ser. A, 5.25%, 6/15/33, FGIC

06/11 @ 100

2,655,600

A+

3,000

New York City, GO, Ser. D, 5.375%, 6/01/32

06/12 @ 100

3,246,810

BBB

1,445

New York Cntys. Tobacco Trust III, 6.00%, 6/01/43

06/13 @ 100

1,554,025

Port Auth. of NY & NJ,

AAA

2,750

Ser. 126, 5.25%, 5/15/37, FGIC

05/12 @ 101

2,940,905

Caa2

2,600

Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15

10/05 @ 100

2,603,822

AAA

500

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC

10/14 @ 100

535,860

500

Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27

06/13 @ 100

526,240

BBB

3,000

TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32

07/12 @ 100

3,173,490

5,000

⁴

Urban Dev. Corp., Ser. A, 5.25%, 3/15/12

N/A

5,561,900

50,275,610

Puerto Rico—32.1%

BBB

3,650

Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43

05/12 @ 100

3,811,512

A-

2,000

Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31

07/12 @ 101

2,139,580

2,000

Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38

07/12 @ 100

2,119,640

Pub. Bldgs. Auth., Gov’t. Facs.,

A-

1,980

⁴

Ser. D, 5.25%, 7/01/12

N/A

2,194,830

BBB

720

Ser. D, 5.25%, 7/01/27

07/12 @ 100

770,105

Pub. Impvt., GO,

AAA

925

⁴

Ser. A, 5.125%, 7/01/11

N/A

1,018,305

BBB

1,825

Ser. A, 5.125%, 7/01/31

07/11 @ 100

1,906,450

13,960,422

Total Investments—154.4% (cost $61,889,013⁶)

67,113,982

Other assets in excess of liabilities—1.3%

548,048

Preferred shares at redemption value, including dividends payable—(55.7)%

(24,201,651)

Net Assets Applicable to Common Shareholders—100%

43,460,379



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security is 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 August 31, 2005, the Trust held 6.6% of its net assets, with a current market value of $2,877,950, in securities restricted as to resale.
⁴	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁵	Security, or a portion thereof, pledged as collateral with a value of $322,902 on 143 short U.S. Treasury Note futures contracts expiring December 2005 and 20 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $18,387,797, with an unrealized loss of $140,952.
⁶	Cost for Federal tax purposes is $61,882,080. The net unrealized appreciation on a tax basis is $5,231,902, consisting of $5,231,902 gross unrealized appreciation and $0 unrealized depreciation.


KEY TO ABBREVIATIONS

AMBAC	—	American Municipal Bond Assurance Corp.	GO	—	General Obligation
FGIC	—	Financial Guaranty Insurance Co.	XLCA	—	XL Capital Assurance

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS
AUGUST 31, 2005

BlackRock New York Municipal Income Trust II (BFY)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—158.2%

Multi-State—5.7%

Charter Mac Equity Issuer Trust,

500

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

No Opt. Call

537,150

1,000

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

No Opt. Call

1,071,350

Baa1

1,500

Ser. B, 6.00%, 4/30/15

No Opt. Call

1,591,200

Baa1

1,000

Ser. B, 6.30%, 4/30/19

No Opt. Call

1,085,040

4,284,740

New York—137.7%

Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A,

345

7.00%, 5/01/25

05/15 @ 102

344,772

220

7.00%, 5/01/35

05/15 @ 102

216,982

Aaa

1,730

Clarence Indl. Dev. Agcy., Civic Fac. Rev., Bristol Vlg. Proj., 6.00%, 1/20/44

01/13 @ 102

1,897,204

Dorm. Auth.,

AAA

2,500

Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA

07/13 @ 100

2,671,525

Aa3

2,000

Kateri Residence Proj., 5.00%, 7/01/22

07/13 @ 100

2,100,140

5,000

Memorial Sloan Kettering Ctr. Proj., Ser. 1, 5.00%, 7/01/34

07/13 @ 100

5,213,150

2,000

Mount St. Mary Coll. Proj., 5.00%, 7/01/32, RAA

07/13 @ 100

2,092,020

BB+

750

Mt. Sinai New York Univ. Hlth. Proj., 5.50%, 7/01/26

07/08 @ 100

765,578

AAA

2,425

New York Univ. Proj., 5.00%, 7/01/31, MBIA

07/11 @ 100

2,538,126

2,000

Rochester Gen. Hosp. Proj., 5.00%, 12/01/35, RAA

12/15 @ 100

2,104,660

AAA

2,500

⁴

St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC

08/12 @ 100

2,620,200

4,000

Dutchess Cnty. Ind. Dev. Agcy., Civic Facs. Rev., Vassar Coll. Proj., 5.35%, 9/01/40

08/11 @ 101

4,341,480

A+

5,500

Energy Res. & Dev. Auth., Facs. Rev., 4.70%, 6/01/36

10/05 @ 100

5,502,530

BBB

625

Essex Cnty. Indl. Dev. Agcy., Sld. Wst. Disp. Rev., Intl. Paper Co. Proj., Ser. A, 5.50%, 10/01/26

10/12 @ 100

648,288

3,250

Geneva Indl. Dev. Agcy., Civic Fac. Rev., Hobart & Williams Smith Proj., Ser. A, 5.375%, 2/01/33

02/13 @ 100

3,507,822

BBB-

385

Herkimer Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Coll. Fndtn., Inc. Student Hsg. Proj., 6.25%, 8/01/34

08/13 @ 100

404,034

AAA

3,515

Long Island Pwr. Auth., Elec. Sys. Rev., Ser. A, Zero Coupon, 6/01/28, FSA

No Opt. Call

1,272,289

Met. Transp. Auth.,

AAA

2,000

Ser. A, 5.25%, 11/15/31, FGIC

11/12 @ 100

2,153,500

AA-

5,000

Ded. Tax Fund, Ser. A, 5.00%, 11/15/30

11/12 @ 100

5,264,800

AA-

5,000

Svc. Contract Rev., Ser. A, 5.125%, 1/01/29

07/12 @ 100

5,341,800

New York City Indl. Dev. Agcy.,

Eger Harbor Proj.,

AA+

1,000

Ser. A, 4.95%, 11/20/32

11/12 @ 101

1,051,020

AA+

1,000

Ser. A, 5.875%, 5/20/44

11/12 @ 105

1,142,920

BBB-

1,000

Liberty Interactive Corp. Proj., 5.00%, 9/01/35

09/15 @ 100

1,023,500

1,500

Lycee Francais De Proj., Ser. A, 5.375%, 6/01/23, ACA

12/12 @ 100

1,570,755

AA+

5,000

New York City Mun. Wtr. Fin. Auth., Ser. A, 5.125%, 6/15/34

06/12 @ 100

5,309,300

AA+

2,500

Wtr. & Swr. Sys. Rev., Ser. D, 5.00%, 6/15/38

06/15 @ 100

2,658,825

AAA

5,000

⁵

New York City Trans. Auth., Met. Transp. Auth., Triborough Brdg. & Tunl. Auth., COP, Ser. A, 5.25%, 1/01/10, AMBAC

N/A

5,477,150

AAA

5,000

New York City Trans. Fin. Auth., Ser. B, 5.00%, 11/01/27

11/12 @ 100

5,308,100

New York City, GO,

A+

2,280

⁵

Ser. B, 5.75%, 12/01/11

N/A

2,593,774

A+

2,720

Ser. B, 5.75%, 12/01/22

12/11 @ 100

3,048,712

A+

2,500

Ser. O, 5.00%, 6/01/30

06/15 @ 100

2,637,850

BBB

2,535

New York Cntys. Tobacco Trust III, 6.00%, 6/01/43

06/13 @ 100

2,726,266

Caa2

3,675

Port Auth. of NY & NJ Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15

10/05 @ 100

3,680,402

AAA

1,000

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC

10/14 @ 100

1,071,720

2,500

Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27

06/13 @ 100

2,631,200

Triborough Brdg. & Tunl. Auth.,

850

⁵

Ser. A, 5.00%, 1/01/12

N/A

933,300

150

Ser. A, 5.00%, 1/01/32

01/12 @ 100

159,069

BBB

9,000

TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32

07/12 @ 100

9,520,470

103,545,233

See Notes to Financial Statements.

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


Rating¹ (unaudited)	Principal Amount (000)			Description	Option Call Provisions² (unaudited)	Value

				Puerto Rico—14.8%
BBB		$	1,400	Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12 @ 100	$	1,461,950
				Hwy. & Transp. Auth.,
A-			1,850	5.00%, 7/01/28	07/13 @ 100		1,940,132
A			2,000	Ser. D, 5.375%, 7/01/36	07/12 @ 100		2,149,020
A			1,000	Ser. G, 5.00%, 7/01/42	07/13 @ 100		1,045,330
BBB			4,315	Pub. Impvt., GO, Ser. A, 5.00%, 7/01/34	07/14 @ 100		4,531,268

							11,127,700

				Total Investments—158.2% (cost $112,545,439⁶)		$	118,957,673
				Other assets in excess of liabilities—1.2%			905,310
				Preferred shares at redemption value, including dividends payable—(59.4)%			(44,669,700	)

				Net Assets Applicable to Common Shareholders—100%		$	75,193,283



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security is 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 August 31, 2005, the Trust held 5.7% of its net assets, with a current market value of $4,284,740, in securities restricted as to resale.
⁴	Security, or a portion thereof, pledged as collateral with a value of $631,348 on 255 short U.S. Treasury Note futures contracts expiring December 2005 and 34 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $32,592,984, with an unrealized loss of $251,319.
⁵	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
⁶	Cost for Federal tax purposes is $112,542,304. The net unrealized appreciation on a tax basis is $6,415,369, consisting of $6,415,369 gross unrealized appreciation and $0 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.	XLCA	—	XL Capital Assurance
FSA	—	Financial Security Assurance

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS
AUGUST 31, 2005

BlackRock Virginia Municipal Bond Trust (BHV)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—152.3%

Multi-State—6.9%

Baa1

1,500

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

10/14 @ 100

1,726,770

Puerto Rico—6.0%

BBB

1,420

Children’s Trust Fund, Tobacco Settlement Rev., 5.375%, 5/15/33

05/12 @ 100

1,483,389

Virginia—139.4%

NR⁴

1,480

Alexandria Redev. & Hsg. Auth., 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34

04/08 @ 103

1,452,265

2,150

Arlington Cnty. Ind. Dev. Auth., Hosp. Fac. Rev., Virginia Hosp. Ctr., Arlington Hlth. Sys. Proj., 5.25%, 7/01/31

07/11 @ 101

2,261,735

AAA

1,500

⁵

Arlington Cnty., Pub. Impvt., GO, 5.00%, 2/01/21

02/11 @ 100

1,590,885

1,500

Celebrate North Cmnty. Dev. Auth., Spl. Assmt. Rev., Ser. B, 6.75%, 3/01/34

03/14 @ 102

1,573,320

AAA

1,500

⁶

Danville Ind. Dev. Auth., Hosp. Rev., Danville Regl. Med. Ctr. Proj., 5.25%, 10/01/28, AMBAC

ETM

1,735,440

NR⁴

995

Dulles Town Ctr. Cmnty. Dev. Auth., Spl. Assmt. Tax, Dulles Town Ctr. Proj., 6.25%, 3/01/26

03/08 @ 102

1,026,203

AAA

1,205

Fairfax Cnty. Wtr. Auth. Rev., Unrefunded, 5.00%, 4/01/27

04/12 @ 100

1,284,723

1,000

Hampton, GO, 5.00%, 4/01/20

04/12 @ 101

1,082,430

A-

1,500

Henrico Cnty. Econ. Dev. Auth., Bon Secours Hlth. Sys., Inc. Proj., Ser. A, 5.60%, 11/15/30

11/12 @ 100

1,595,580

AAA

3,000

Hsg. Dev. Auth., Comnwlth. Mtg. Rev., Ser. H, 5.375%, 7/01/36, MBIA

07/11 @ 100

3,121,980

BBB

1,300

Isle Wight Cnty. Indl. Dev. Auth., Env. Impvt. Rev., Ser. A, 5.70%, 11/01/27

11/13 @ 100

1,368,224

AAA

1,500

Met. Arpts. Auth., Arpt. Sys. Rev., Ser. A, 5.25%, 10/01/32, FGIC

10/12 @ 100

1,586,970

AAA

1,500

Norfolk Arpt. Auth., Ser. A, 5.125%, 7/01/31, FGIC

07/11 @ 100

1,569,315

5,000

Pocahontas Pkwy. Assoc., Toll Rd. Rev., Ser. B, Zero Coupon, 8/15/22, ACA

08/08 @ 45.5

1,967,650

AA+

1,275

Prince William Cnty., COP, 5.00%, 12/01/21

06/12 @ 100

1,365,104

Res. Auth.,

Infrastructure Rev.,

1,000

Ser. A, 5.00%, 5/01/22

05/11 @ 101

1,071,730

635

Ser. A, 5.125%, 5/01/27

05/11 @ 101

680,866

1,500

Wtr. & Swr. Sys. Rev., Frederick Cnty. San. Auth. Proj., 5.20%, 10/01/28

10/10 @ 100

1,596,675

AAA

1,250

Richmond Met. Auth., Expwy. Rev., 5.25%, 7/15/22, FGIC

No Opt. Call

1,458,488

AAA

3,000

Richmond Pub. Util., 5.00%, 1/15/33, FSA

01/12 @ 100

3,137,670

BBB

500

Tobacco Settlement Fin. Corp., 5.50%, 6/01/26

06/15 @ 100

520,770

Virginia Coll. Bldg. Auth., Edl. Facs. Rev., Washington & Lee Univ. Proj.,

AAA

500

5.25%, 1/01/26, MBIA

No Opt. Call

585,200

AAA

1,000

5.25%, 1/01/31, MBIA

No Opt. Call

1,170,360

34,803,583

Total Investments—152.3% (cost $34,905,678⁷)

38,013,742

Other assets in excess of liabilities—1.9%

482,562

Preferred shares at redemption value, including dividends payable—(54.2)%

(13,530,514)

Net Assets Applicable to Common Shareholders—100%

24,965,790



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security is 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 August 31, 2005, the Trust held 6.9% of its net assets, with a current market value of $1,726,770, in securities restricted as to resale.
⁴	Security is deemed to be of investment grade quality by the investment advisor.
⁵	Security, or a portion thereof, pledged as collateral with a value of $319,427 on 94 short U.S. Treasury Note futures contracts expiring December 2005 and 12 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on August 31, 2005 was $11,951,719, with an unrealized loss of $92,684.
⁶	Security is collateralized by U.S. Treasury obligations.
⁷	Cost for Federal tax purposes is $34,853,489. The net unrealized appreciation on a tax basis is $3,160,253, consisting of $3,160,253 gross unrealized appreciation and $0 unrealized depreciation.


KEY TO ABBREVIATIONS

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

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

August 31, 2005


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

Assets
Investments at value¹	$	640,594,061		$	253,771,386		$	558,646,127		$	125,618,347
Cash		103,386			500,286			538,144			526,633
Receivable from investments sold		—			1,266,667			6,411,206			—
Interest receivable		6,307,410			2,967,707			6,854,712			1,326,085
Other assets		88,834			40,147			69,841			24,773

		647,093,691			258,546,193			572,520,030			127,495,838


Liabilities
Payable for investments purchased		6,150,780			744,375			4,920,624			—
Variation margin payable		838,531			302,281			700,406			178,906
Dividends payable — common shares		2,045,060			875,894			1,908,714			395,540
Investment advisory fee payable		188,408			85,810			190,661			37,447
Deferred Trustees’fees		40,457			19,119			37,083			7,649
Payable to affiliates		12,066			6,774			10,204			1,965
Other accrued expenses		147,569			127,350			127,156			77,341

		9,422,871			2,161,603			7,894,848			698,848


Preferred Shares at Redemption Value
$25,000 liquidation value per share, including dividends payable^{2, 3}		229,030,079			90,521,379			205,605,038			46,508,027


Net Assets Applicable to Common Shareholders	$	408,640,741		$	165,863,211		$	359,020,144		$	80,288,963


Composition of Net Assets Applicable to Common Shareholders:
Par value	$	26,177		$	10,141		$	22,791		$	5,274
Paid-in capital in excess of par		371,521,528			143,855,562			323,454,679			74,773,189
Undistributed net investment income		714,167			3,229,200			4,596,423			167,986
Accumulated net realized loss		(2,560,030	)		(2,029,154	)		(13,346,846	)		(1,908,062	)
Net unrealized appreciation		38,938,899			20,797,462			44,293,097			7,250,576

Net assets applicable to common shareholders, August 31, 2005	$	408,640,741		$	165,863,211		$	359,020,144		$	80,288,963


Net asset value per common share⁴	$	15.61		$	16.36		$	15.75		$	15.22


¹ Investments at cost	$	599,996,096		$	232,375,510		$	512,967,015		$	118,013,755
² Preferred shares outstanding		9,159			3,620			8,222			1,860
³ Par value per share		0.001			0.001			0.001			0.001
⁴ Common shares outstanding		26,176,758			10,140,592			22,790,612			5,273,863

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)

$	83,510,479		$	194,078,170		$	206,874,657		$	82,581,019		$	49,665,851		$	56,409,282
	231,369			176,821			532,739			200,499			501,100			374,959
	—			—			—			136,375			—			—
	964,825			2,601,327			2,859,921			1,279,776			587,193			691,085
	21,991			23,544			33,801			20,633			12,146			13,270

	84,728,664			196,879,862			210,301,118			84,218,302			50,766,290			57,488,596


	—			—			—			—			—			—
	107,594			289,594			252,531			86,094			53,250			75,719
	266,939			522,998			654,666			257,555			143,906			178,422
	24,894			66,036			61,874			24,779			14,951			16,937
	9,844			11,686			12,215			8,463			9,525			10,321
	2,272			3,984			5,459			2,303			412			835
	71,871			100,725			83,519			60,910			45,111			50,946

	483,414			995,023			1,070,264			440,104			267,155			333,180


	29,979,851			71,965,082			76,010,328			29,788,696			18,007,338			20,227,749


$	54,265,399		$	123,919,757		$	133,220,526		$	53,989,502		$	32,491,797		$	36,927,667


$	3,351		$	7,985		$	8,729		$	3,310		$	2,017		$	2,271
	47,456,833			113,257,811			123,836,933			46,866,176			28,525,182			32,118,387
	1,039,009			116,121			295,651			1,145,612			665,798			764,561
	(1,296,781	)		(6,319,773	)		(1,899,643	)		(612,958	)		(352,250	)		(196,144	)
	7,062,987			16,857,613			10,978,856			6,587,362			3,651,050			4,238,592


$	54,265,399		$	123,919,757		$	133,220,526		$	53,989,502		$	32,491,797		$	36,927,667


$	16.19		$	15.52		$	15.26		$	16.31		$	16.11		$	16.26


$	76,234,557		$	176,647,542		$	195,396,151		$	75,822,972		$	45,909,437		$	52,020,848
	1,199			2,878			3,040			1,191			720			809
	0.001			0.001			0.001			0.001			0.001			0.001
	3,351,150			7,984,696			8,728,882			3,310,132			2,016,904			2,270,517

STATEMENTS OF ASSETS AND LIABILITIES (continued)

August 31, 2005


	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	$	153,542,429		$	67,113,982		$	118,957,673		$	38,013,742
Cash		545,543			25,863			115,406			171,575
Interest receivable		1,555,911			863,709			1,325,324			511,901
Other assets		26,543			20,020			15,824			10,309

		155,670,426			68,023,574			120,414,227			38,707,527

Liabilities
Variation margin payable		189,781			71,187			126,969			46,813
Dividends payable — common shares		484,447			208,245			292,555			110,648
Investment advisory fee payable		45,860			20,050			40,537			11,390
Deferred Trustees’ fees		7,942			8,700			8,691			8,312
Payable to affiliates		—			1,965			1,915			658
Other accrued expenses		73,741			51,397			80,577			33,402

		801,771			361,544			551,244			211,223

Preferred Shares at Redemption Value
$25,000 liquidation value per share, including dividends payable^{2, 3}		56,015,187			24,201,651			44,669,700			13,530,514

Net Assets Applicable to Common Shareholders	$	98,853,468		$	43,460,379		$	75,193,283		$	24,965,790

Composition of Net Assets Applicable to Common Shareholders:
Par value	$	6,459		$	2,701		$	4,938		$	1,528
Paid-in capital in excess of par		91,615,096			38,226,462			70,007,203			21,599,910
Undistributed (distributions in excess of) net investment income		115,186			806,282			(81,609	)		648,328
Accumulated net realized loss		(577,770	)		(659,083	)		(898,164	)		(299,355	)
Net unrealized appreciation		7,694,497			5,084,017			6,160,915			3,015,379

Net assets applicable to common shareholders, August 31, 2005	$	98,853,468		$	43,460,379		$	75,193,283		$	24,965,790


Net asset value per common share⁴	$	15.30		$	16.09		$	15.23		$	16.34


¹ Investments at cost	$	145,472,217		$	61,889,013		$	112,545,439		$	34,905,678
² Preferred shares outstanding		2,240			968			1,786			541
³ Par value per share		0.001			0.001			0.001			0.001
⁴ Common shares outstanding		6,459,290			2,700,991			4,937,652			1,527,707

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS

For the year ended August 31, 2005


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

Investment Income
Interest income	$	30,220,416		$	13,656,684		$	30,614,601		$	5,943,832

Expenses
Investment advisory		3,431,180			1,620,542			3,016,071			680,806
Transfer agent		14,965			14,965			14,965			14,965
Custodian		110,712			74,310			121,236			42,666
Reports to shareholders		90,991			38,978			79,015			19,710
Directors/Trustees		54,385			21,170			45,260			13,140
Registration		23,082			18,890			12,501			22,164
Independent accountants		40,727			35,770			38,690			35,770
Legal		50,754			22,982			45,334			16,244
Insurance		44,442			17,607			38,995			8,803
Auction agent		592,241			239,977			547,436			123,279
Miscellaneous		72,502			38,185			63,147			30,112

Total expenses		4,525,981			2,143,376			4,022,650			1,007,659
Less fees waived by Advisor		(1,247,702	)		(747,942	)		(822,565	)		(247,566	)
Less fees paid indirectly		(20,236	)		(9,932	)		(12,006	)		(11,401	)

Net expenses		3,258,043			1,385,502			3,188,079			748,692

Net investment income		26,962,373			12,271,182			27,426,522			5,195,140

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		17,821,043			1,873,803			3,792,726			(445,616	)
Futures		(2,811,729	)		(999,580	)		(2,335,598	)		(604,926	)

		15,009,314			874,223			1,457,128			(1,050,542	)


Net change in unrealized appreciation/depreciation on:
Investments		13,164,626			12,881,498			30,353,057			7,864,680
Futures		(344,768	)		(124,801	)		(288,738	)		(73,802	)

		12,819,858			12,756,697			30,064,319			7,790,878

Net gain		27,829,172			13,630,920			31,521,447			6,740,336

Dividends from Net Investment Income to Preferred Shareholders		(4,321,472	)		(1,719,239	)		(3,950,332	)		(800,568	)

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	50,470,073		$	24,182,863		$	54,997,637		$	11,134,908

See Notes to Financial Statements.

STATEMENTS OF OPERATIONS (continued)
For the year ended August 31, 2005


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

Investment Income
Interest income	$	4,307,229		$	9,887,921		$	10,024,848		$	4,358,816


Expenses
Investment advisory		532,175			1,037,873			1,129,771			537,195
Transfer agent		14,965			14,965			14,965			14,965
Custodian		26,985			77,194			53,908			27,658
Reports to shareholders		14,334			28,105			32,715			14,965
Directors/Trustees		12,775			16,060			18,250			12,775
Registration		20,728			4,300			22,165			20,793
Independent accountants		34,084			35,040			36,500			34,076
Legal		10,318			20,055			21,793			12,832
Insurance		5,774			13,406			14,610			5,851
Auction agent		80,023			194,397			197,519			79,523
Miscellaneous		25,548			31,584			35,205			25,559

Total expenses		777,709			1,472,979			1,577,401			786,192
Less fees waived by Advisor		(245,619	)		(283,056	)		(410,826	)		(247,936	)
Less fees paid indirectly		(14,561	)		(10,706	)		(9,079	)		(8,511	)

Net expenses		517,529			1,179,217			1,157,496			529,745

Net investment income		3,789,700			8,708,704			8,867,352			3,829,071


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		1,111,825			(539,019	)		156,877			112,039
Futures		(359,307	)		(985,006	)		(838,398	)		(279,069	)

		752,518			(1,524,025	)		(681,521	)		(167,030	)


Net change in unrealized appreciation/depreciation on:
Investments		4,333,748			15,602,935			9,159,198			2,595,163
Futures		(44,265	)		(119,428	)		(103,683	)		(35,700	)

		4,289,483			15,483,507			9,055,515			2,559,463

Net gain		5,042,001			13,959,482			8,373,994			2,392,433

Dividends from Net Investment Income to Preferred Shareholders		(508,138	)		(1,167,105	)		(1,374,732	)		(535,210	)


Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	8,323,563		$	21,501,081		$	15,866,614		$	5,686,294

See Notes to Financial Statements.


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


$	2,512,861		$	3,011,488		$	7,339,192		$	3,487,292		$	5,883,367		$	1,962,462


	322,892			361,402			832,700			431,709			645,796			245,884
	14,965			14,965			14,965			14,965			14,965			14,965
	21,919			25,979			42,627			23,191			40,356			22,580
	11,081			11,388			25,550			13,239			19,710			9,213
	12,410			12,410			13,505			12,775			13,140			12,410
	1,201			1,402			22,217			20,728			2,599			883
	33,741			33,788			35,770			33,919			34,427			22,995
	11,371			11,464			15,457			11,672			14,823			11,298
	3,510			3,923			10,746			4,681			8,343			2,673
	50,038			55,622			147,011			65,569			119,272			38,840
	23,974			23,384			29,228			24,266			29,796			23,269

	507,102			555,727			1,189,776			656,714			943,227			405,010
	(149,027	)		(166,801	)		(302,800	)		(199,250	)		(176,126	)		(113,485	)
	(6,005	)		(8,493	)		(8,326	)		(9,303	)		(8,244	)		(5,445	)

	352,070			380,433			878,650			448,161			758,857			286,080

	2,160,791			2,631,055			6,460,542			3,039,131			5,124,510			1,676,382


	(68,268	)		136,664			1,293,154			81,296			1,216,402			45,525
	83,894			(254,075	)		(630,806	)		(231,777	)		(415,536	)		(155,403	)

	15,626			(117,411	)		662,348			(150,481	)		800,866			(109,878	)


	1,653,587			3,530,506			6,935,708			2,753,507			4,504,984			1,354,569
	(21,961	)		(31,271	)		(78,203	)		(29,615	)		(52,071	)		(19,200	)

	1,631,626			3,499,235			6,857,505			2,723,892			4,452,913			1,335,369

	1,647,252			3,381,824			7,519,853			2,573,411			5,253,779			1,225,491


	(332,992	)		(347,892	)		(919,843	)		(410,012	)		(723,738	)		(243,614	)


$	3,475,051		$	5,664,987		$	13,060,552		$	5,202,530		$	9,654,551		$	2,658,259

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended August 31, 2005 and 2004


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

	2005			2004			2005			2004

Increase in Net Assets Applicable to Common Shareholders

Operations:
Net investment income	$	26,962,373		$	27,748,279		$	12,271,182		$	12,608,952
Net realized gain (loss)		15,009,314			(13,455,750	)		874,223			(1,870,747	)
Net change in unrealized appreciation		12,819,858			37,888,538			12,756,697			9,408,728
Dividends and distributions to preferred shareholders from:
Net investment income		(4,321,472	)		(2,158,934	)		(1,719,239	)		(841,788	)
Net realized gains		—			—			—			—

Net increase in net assets applicable to common shareholders resulting from operations		50,470,073			50,022,133			24,182,863			19,305,145


Dividends and Distributions to Common Shareholders from:
Net investment income		(24,518,210	)		(24,514,999	)		(10,495,566	)		(10,492,542	)
Net realized gain		—			—			—			—

Total dividends and distributions		(24,518,210	)		(24,514,999	)		(10,495,566	)		(10,492,542	)


Capital Share Transactions:
Net proceeds from the underwriters’over-allotment option exercised		—			—			—			—
Underwriting discounts and unused (additional) offering costs relating to the issuance of preferred shares		—			(2,051	)		—			128,162
Reinvestment of common dividends		423,563			322,573			284,282			—

Net proceeds from capital share transactions		423,563			320,522			284,282			128,162

Total increase		26,375,426			25,827,656			13,971,579			8,940,765


Net Assets Applicable to Common Shareholders:
Beginning of year		382,265,315			356,437,659			151,891,632			142,950,867

End of year	$	408,640,741		$	382,265,315		$	165,863,211		$	151,891,632

End of year undistributed net investment income	$	714,167		$	2,666,265		$	3,229,200		$	3,173,022

See Notes to Financial Statements.




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

2005			2004			2005			2004			2005			2004


$	27,426,522		$	27,275,595		$	5,195,140		$	5,347,245		$	3,789,700		$	3,850,978
	1,457,128			(7,324,788	)		(1,050,542	)		(858,180	)		752,518			(1,931,210	)
	30,064,319			29,272,430			7,790,878			5,570,494			4,289,483			4,972,095


	(3,950,332	)		(1,987,241	)		(800,568	)		(397,111	)		(508,138	)		(241,570	)
	—			—			—			(5,802	)		—			(18,799	)


	54,997,637			47,235,996			11,134,908			9,656,646			8,323,563			6,631,494



	(22,895,741	)		(22,894,966	)		(4,743,934	)		(4,740,793	)		(3,203,270	)		(3,203,268	)
	—			—			—			(67,945	)		—			(223,187	)

	(22,895,741	)		(22,894,966	)		(4,743,934	)		(4,808,738	)		(3,203,270	)		(3,426,455	)


	—			(9,000	)		—			—			—			—

	—			—			—			—			—			—
	148,442			101,150			74,722			65,451			—			—

	148,442			92,150			74,722			65,451			—			—

	32,250,338			24,433,180			6,465,696			4,913,359			5,120,293			3,205,039



	326,769,806			302,336,626			73,823,267			68,909,907			49,145,106			45,940,067

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

$	4,596,423		$	4,022,926		$	167,986		$	518,007		$	1,039,009		$	964,579

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the years ended August 31, 2005 and 2004


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

	2005			2004			2005			2004


Increase in Net Assets Applicable to Common Shareholders

Operations:
Net investment income	$	8,708,704		$	8,709,910		$	8,867,352		$	8,930,146
Net realized gain (loss)		(1,524,025	)		(1,707,439	)		(681,521	)		(1,131,981	)
Net change in unrealized appreciation		15,483,507			9,498,500			9,055,515			6,692,461
Dividends and Distributions to Preferred
Shareholders from:
Net investment income		(1,167,105	)		(636,870	)		(1,374,732	)		(648,710	)
Net realized gains		—			—			—			(61,378	)

Net increase in net assets applicable to common shareholders resulting from operations		21,501,081			15,864,101			15,866,614			13,780,538


Dividends and Distributions to Common Shareholders from:
Net investment income		(7,533,548	)		(7,782,748	)		(7,850,329	)		(7,846,940	)
Net realized gain		—			—			—			(657,399	)

Total dividends and distributions		(7,533,548	)		(7,782,748	)		(7,850,329	)		(8,504,339	)


Capital Share Transactions:
Net proceeds from the underwriters’ over-allotment option exercised		—			(4,500	)		—			—
Reinvestment of common dividends		—			137,224			149,885			—

Net proceeds from capital share transactions		—			132,724			149,885			—

Total increase		13,967,533			8,214,077			8,166,170			5,276,199

Net Assets Applicable to Common Shareholders:
Beginning of year		109,952,224			101,738,147			125,054,356			119,778,157

End of year	$	123,919,757		$	109,952,224		$	133,220,526		$	125,054,356

End of year undistributed net investment income	$	116,121		$	108,070		$	295,651		$	653,360

See Notes to Financial Statements.


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

2005			2004			2005			2004			2005			2004


$	3,829,071		$	3,841,844		$	2,160,791		$	2,140,119		$	2,631,055		$	2,634,283
	(167,030	)		(770,346	)		15,626			(375,659	)		(117,411	)		(78,747	)
	2,559,463			3,708,985			1,631,626			1,899,235			3,499,235			2,002,739


	(535,210	)		(268,790	)		(332,992	)		(162,726	)		(347,892	)		(164,119	)
	—			(6,733	)		—			—			—			(9,757	)


	5,686,294			6,504,960			3,475,051			3,500,969			5,664,987			4,384,399



	(3,090,102	)		(3,090,049	)		(1,725,808	)		(1,724,926	)		(2,140,066	)		(2,139,974	)
	—			(74,132	)		—			—			—			(111,653	)

	(3,090,102	)		(3,164,181	)		(1,725,808	)		(1,724,926	)		(2,140,066	)		(2,251,627	)



	—			—			—			—			—			—
	10,494			—			27,820			16,038			18,610			25,241

	10,494			—			27,820			16,038			18,610			25,241

	2,606,686			3,340,779			1,777,063			1,792,081			3,543,531			2,158,013



	51,382,816			48,042,037			30,714,734			28,922,653			33,384,136			31,226,123

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

$	1,145,612		$	941,896		$	665,798		$	563,807		$	764,561		$	621,465

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the years ended August 31, 2005 and 2004


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

	2005			2004			2005			2004

Net Increase in Net Assets Applicable to Common Shareholders

Operations:
Net investment income	$	6,460,542		$	6,554,060		$	3,039,131		$	3,057,394
Net realized gain (loss)		662,348			(1,182,079	)		(150,481	)		(366,905	)
Net change in unrealized appreciation		6,857,505			5,560,936			2,723,892			2,552,152
Dividends from net investment income to preferred shareholders		(919,843	)		(480,323	)		(410,012	)		(194,186	)

Net increase in net assets applicable to common shareholders resulting from operations		13,060,552			10,452,594			5,202,530			5,048,455

Dividends from net investment income to Common Shareholders		(5,802,703	)		(5,792,278	)		(2,498,924	)		(2,498,922	)


Capital Share Transactions:
Net proceeds from the underwriters’ over-allotment option exercised		—			—			—			—
Reinvestment of common dividends		335,680			168,608			—			—

Net proceeds from capital share transactions		335,680			168,608			—			—

Total increase		7,593,529			4,828,924			2,703,606			2,549,533


Net Assets Applicable to Common Shareholders:
Beginning of year		91,259,939			86,431,015			40,756,773			38,207,240

End of year	$	98,853,468		$	91,259,939		$	43,460,379		$	40,756,773

End of year undistributed (distributions in excess of) net investment income	$	115,186		$	377,190		$	806,282		$	676,087

See Notes to Financial Statements.


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

2005			2004			2005			2004


$	5,124,510		$	5,153,888		$	1,676,382		$	1,664,339
	800,866			(976,345	)		(109,878	)		(277,156	)
	4,452,913			4,849,996			1,335,369			1,565,169

	(723,738	)		(410,703	)		(243,614	)		(109,756	)


	9,654,551			8,616,836			2,658,259			2,842,596


	(4,398,872	)		(4,663,823	)		(1,325,313	)		(1,320,868	)



	—			(2,250	)		—			—
	34,135			—			106,220			61,031

	34,135			(2,250	)		106,220			61,031

	5,289,814			3,950,763			1,439,166			1,582,759



	69,903,469			65,952,706			23,526,624			21,943,865

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


$	(81,609	)	$	(83,509	)	$	648,328		$	540,947

FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal Income Trust (BYM)


							For the period October 31, 2002¹through August 31, 2003
	Year Ended August 31,

	2005			2004

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

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

Net increase from investment operations		1.93			1.92			0.14

Dividends to common shareholders from net investment income		(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	$	15.61		$	14.62		$	13.64

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

TOTAL INVESTMENT RETURN³		17.69	%		10.57	%		(5.39	)%


RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.83	%		0.84	%		0.77	%⁵
Expenses after fees waived and before fees paid indirectly		0.83	%		0.84	%		0.79	%⁵
Expenses before fees waived and paid indirectly		1.15	%		1.16	%		1.10	%⁵
Net investment income after fees waived and paid indirectly and before preferred share dividends		6.83	%		7.30	%		6.95	%⁵
Preferred share dividends		1.09	%		0.57	%		0.55	%⁵
Net investment income available to common shareholders		5.74	%		6.73	%		6.40	%⁵

SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	394,876		$	380,007		$	372,269
Portfolio turnover		57	%		57	%		46	%
Net assets of common shareholders, end of period (000)	$	408,641		$	382,265		$	356,438
Preferred shares value outstanding, end of period (000)	$	228,975		$	228,975		$	228,975
Asset coverage per preferred share, end of period	$	69,622		$	66,739		$	63,919



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 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 April 30, 2002¹through August 31, 2002
	Year Ended August 31,

	2005			2004			2003

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

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

Net increase from investment operations		2.40			1.91			0.43			0.80

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

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

Capital changes 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	$	16.36		$	15.00		$	14.12		$	14.76

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

TOTAL INVESTMENT RETURN³		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	%		0.89	%		0.91	%		0.90	%⁵
Expenses after fees waived and before fees paid indirectly		0.88	%		0.90	%		0.92	%		0.91	%⁵
Expenses before fees waived and paid indirectly		1.35	%		1.37	%		1.41	%		1.32	%⁵
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.73	%		8.28	%		8.66	%		6.35	%⁵
Preferred share dividends		1.08	%		0.55	%		0.67	%		0.53	%⁵
Net investment income available to common shareholders		6.65	%		7.73	%		7.99	%		5.82	%⁵

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



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 Municipal Income Trust II (BLE)


										For the period July 30, 2002¹through August 31, 2002
	Year Ended August 31,

	2005			2004			2003

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

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

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

Dividends to common shareholders from net investment income		(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	$	15.75		$	14.34		$	13.28		$	14.40

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

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


RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.93	%		0.95	%		0.92	%		0.65	%^5,6
Expenses after fees waived and before fees paid indirectly		0.93	%		0.95	%		0.93	%		0.65	%^5,6
Expenses before fees waived and paid indirectly		1.17	%		1.20	%		1.17	%		0.80	%^5,6
Net investment income after fees waived and paid indirectly and before preferred share dividends		8.00	%		8.37	%		8.15	%		2.82	%^5,6
Preferred share dividends		1.15	%		0.61	%		0.69	%		—	%^5,6
Net investment income available to common shareholders		6.85	%		7.76	%		7.46	%		2.82	%^5,6

SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	342,827		$	325,680		$	318,014		$	307,165
Portfolio turnover		49	%		64	%		118	%		—	%
Net assets of common shareholders, end of period (000)	$	359,020		$	326,770		$	302,337		$	323,483
Preferred shares value outstanding, end of period (000)	$	205,550		$	205,550		$	205,550		$	—
Asset coverage per preferred share, end of period	$	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 October 31, 2002¹ through August 31, 2003
	Year Ended August 31,

	2005			2004

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

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

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

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

Total dividends and distributions		(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	$	15.22		$	14.01		$	13.09

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

TOTAL INVESTMENT RETURN³		22.24	%		14.97	%		(8.98	) %

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


	Year Ended August 31,									For the period April 30, 2002¹through August 31, 2002

	2005			2004			2003

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

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

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

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

Total dividends and distributions		(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	$	16.19		$	14.67		$	13.71		$	14.87

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

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


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


	Year Ended August 31,									For the period July 30, 2002¹ through August 31, 2002

	2005			2004			2003

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

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

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

Dividends to common shareholders from net investment income		(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	$	15.52		$	13.77		$	12.76		$	14.42

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

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

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


	Year Ended August 31,						For the period October 31, 2002¹through August 31, 2003

	2005			2004

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

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

Net increase from investment operations		1.82			1.58			0.22

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

Total dividends and distributions		(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	$	15.26		$	14.34		$	13.74

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

TOTAL INVESTMENT RETURN³		15.03	%		14.82	%		(7.78	) %

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


	Year Ended August 31,									For the period April 30, 2002¹through August 31, 2002

	2005			2004			2003

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

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

Net increase from investment operations		1.71			1.96			0.61			0.92

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

Total dividends and distributions		(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	$	16.31		$	15.53		$	14.52		$	14.90

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

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

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


	Year Ended August 31,									For the period April 30, 2002¹through August 31, 2002

	2005			2004			2003

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

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

Net increase from investment operations		1.73			1.74			0.51			0.75

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

Total dividends and distributions		(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	$	16.11		$	15.24		$	14.36		$	14.76

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

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


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

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 New Jersey Municipal Bond Trust (BLJ)


	Year Ended August 31,									For the period April 30, 2002¹through August 31, 2002

	2005			2004			2003

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

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

Net increase from investment operations		2.49			1.93			0.20			0.60

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

Total dividends and distributions		(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	$	16.26		$	14.71		$	13.77		$	14.58

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

TOTAL INVESTMENT RETURN³		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	%		1.14	%		1.14	%		1.15	%⁵
Expenses after fees waived and before fees paid indirectly		1.10	%		1.15	%		1.14	%		1.15	%⁵
Expenses before fees waived and paid indirectly		1.57	%		1.63	%		1.62	%		1.57	%⁵
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.44	%		7.93	%		7.94	%		5.29	%⁵
Preferred share dividends		0.98	%		0.49	%		0.60	%		0.45	%⁵
Net investment income available to common shareholders		6.46	%		7.44	%		7.34	%		4.84	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	35,375		$	33,214		$	32,652		$	31,611
Portfolio turnover		12	%		20	%		20	%		17	%
Net assets of common shareholders, end of period (000)	$	36,928		$	33,384		$	31,226		$	32,981
Preferred shares value outstanding, end of period (000)	$	20,225		$	20,225		$	20,225		$	20,225
Asset coverage per preferred share, end of period	$	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)



	Year Ended August 31,						For the period October 31, 2002¹
							through
	2005			2004			August 31, 2003

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

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

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

Dividends to common shareholders from net investment income		(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	$	15.30		$	14.18		$	13.45

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

TOTAL INVESTMENT RETURN³		15.92	%		13.04	%		(7.13	)%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		0.92	%		0.93	%		0.87	%⁵
Expenses after fees waived and before fees paid indirectly		0.93	%		0.95	%		0.91	%⁵
Expenses before fees waived and paid indirectly		1.25	%		1.27	%		1.22	%⁵
Net investment income after fees waived and paid indirectly and before preferred share dividends		6.77	%		7.14	%		6.35	%⁵
Preferred share dividends		0.96	%		0.52	%		0.55	%⁵
Net investment income available to common shareholders		5.81	%		6.62	%		5.80	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	95,400		$	91,808		$	90,967
Portfolio turnover		21	%		11	%		80	%
Net assets of common shareholders, end of period (000)	$	98,853		$	91,260		$	86,431
Preferred shares value outstanding, end of period (000)	$	56,000		$	56,000		$	56,000
Asset coverage per preferred share, end of period	$	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 April 30, 2002¹ through August 31, 2002
	Year Ended August 31,

	2005			2004			2003

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

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

Net increase from investment operations		1.93			1.87			0.31			0.85

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

Total dividends and distributions		(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	$	16.09		$	15.09		$	14.15		$	14.83

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

TOTAL INVESTMENT RETURN³		20.83	%		11.83	%		(1.26	)%		(1.78	)%


RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁴

Expenses after fees waived and paid indirectly		1.06	%		1.11	%		1.12	%		1.12	%⁵
Expenses after fees waived and before fees paid indirectly		1.08	%		1.12	%		1.12	%		1.12	%⁵
Expenses before fees waived and paid indirectly		1.56	%		1.60	%		1.60	%		1.54	%⁵
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.20	%		7.57	%		7.57	%		5.24	%⁵
Preferred share dividends		0.97	%		0.48	%		0.62	%		0.50	%⁵
Net investment income available to common shareholders		6.23	%		7.09	%		6.95	%		4.74	%⁵
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	42,217		$	40,396		$	40,072		$	38,183
Portfolio turnover		3	%		16	%		7	%		15	%
Net assets of common shareholders, end of period (000)	$	43,460		$	40,757		$	38,207		$	40,062
Preferred shares value outstanding, end of period (000)	$	24,200		$	24,200		$	24,200		$	24,200
Asset coverage per preferred share, end of period	$	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	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 Income Trust II (BFY)


										For the period July 30, 2002¹ through August 31, 2002
	Year Ended August 31,
	2005			2004			2003

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

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

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

Dividends to common shareholders from net investment income		(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	$	15.23		$	14.16		$	13.36		$	14.47


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


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


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

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 Virginia Municipal Bond Trust (BHV)


	Year Ended August 31,									For the period April 30, 2002¹through August 31, 2002
	Year Ended August 31,

	2005			2004			2003

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

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

Net increase from investment operations		1.74			1.88			0.55			0.89

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

Total dividends and distributions		(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	$	16.34		$	15.47		$	14.46		$	14.90

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

TOTAL INVESTMENT RETURN³		19.07	%		12.79	%		0.94	%		2.81	%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁴
Expenses after fees waived and paid indirectly		1.18	%		1.25	%		1.17	%		1.12	%⁵
Expenses after fees waived and before fees paid indirectly		1.20	%		1.26	%		1.17	%		1.12	%⁵
Expenses before fees waived and paid indirectly		1.67	%		1.73	%		1.64	%		1.54	%⁵
Net investment income after fees waived and paid indirectly and before preferred share dividends		6.90	%		7.15	%		7.23	%		5.70	%⁵
Preferred share dividends		1.00	%		0.47	%		0.53	%		0.54	%⁵
Net investment income available to common shareholders		5.90	%		6.68	%		6.70	%		5.16	%⁵

SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	24,303		$	23,273		$	22,896		$	21,321
Portfolio turnover		5	%		14	%		18	%		8	%
Net assets of common shareholders, end of period (000)	$	24,966		$	23,527		$	21,944		$	22,545
Preferred shares value outstanding, end of period (000)	$	13,525		$	13,525		$	13,525		$	13,525
Asset coverage per preferred share, end of period	$	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

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, 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 Investment Company Act of 1940, as amended.

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 (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 and ratified by the relevant 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 Investment Company Act of 1940 (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 4.

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

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“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. 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.

Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”) and accumulated net realized gain (“Accumulated Gain”) more closely to its tax character, the following accounts for each Trust were increased (decreased):


Trust	UNII			Accumulated Gain

Insured Municipal	$	(74,789	)		$	74,789
Municipal Bond		(199	)			199
Municipal Income II		(6,952	)			6,952
California Insured		(660	)			660
California Bond		(3,862	)			3,862
Florida Bond		(43	)			43
New Jersey Bond		(1	)			1
Virginia Bond		(74	)			74

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, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which may include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support, and compliance services to each Trust. For the year ended August 31, 2005, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statements of Operations:


Trust	Amount		Trust	Amount

Insured Municipal	$	24,419	Florida Bond	$	3,103
Municipal Bond		9,636	Maryland Bond		1,956
Municipal Income II		20,659	New Jersey Bond		1,299
California Insured		4,855	New York Insured		3,500
California Bond		3,103	New York Bond		2,000
California Income II		7,118	New York Income II		4,555
Florida Insured		8,169	Virginia Bond		1,489

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 year ended August 31, 2005, were as follows:


Trust	Purchases		Sales		Trust	Purchases		Sales

Insured Municipal		358,755,075		345,275,767	Florida Bond		1,547,522		2,628,733
Municipal Bond		176,790,006		168,994,806	Maryland Bond		1,750,000		3,242,539
Municipal Income II		271,132,676		264,609,192	New Jersey Bond		7,162,942		6,657,717
California Insured		18,888,670		20,535,498	New York Insured		30,604,305		32,221,835
California Bond		19,192,054		17,349,577	New York Bond		1,846,841		1,712,382
California Income II		40,175,070		38,717,920	New York Income II		30,604,205		31,198,188
Florida Insured		3,285,900		5,191,934	Virginia Bond		1,964,269		1,951,722

There were no purchases or sales of U.S. government securities.

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:


Trust	Capital Loss Carryforward Amount			Expires		Trust		Capital Loss Carryforward Amount			Expires

Insured Municipal		$	5,849,709		2012		Florida Bond		$	758,206		2012

Municipal Bond		$	338,279		2011		Maryland Bond		$	4,564		2011
			3,044,444		2012					577,920		2012

		$	3,382,723						$	582,484

Municipal Income II			1,338,302		2011		New Jersey Bond		$	327,635		2012

			5,200,107		2012
			9,809,683		2013		New York Insured		$	103		2012

		$	16,348,092

							New York Bond		$	142,736		2011
California Insured		$	8,282		2012					634,713		2012

									$	777,449

California Bond		$	2,491,829		2012

							New York Income II		$	722,685		2012
										564,985		2013

California Income II			1,454,313		2011
									$	1,287,670

			1,163,822		2012
			3,357,448		2013		Virginia Bond		$	48,573		2011

		$	5,975,583							331,975		2012

									$	380,548

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 4. Distributions to Shareholders

The tax character of distributions paid during the years ended August 31, 2005 and August 31, 2004, were as follows:


	Year ended August 31, 2005

Distributions Paid From:	Tax-exempt Income		Ordinary Income		Long-term Capital Gains		Total 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


	Year ended August 31, 2004

Distributions Paid From:	Tax-exempt Income		Ordinary Income		Long-term Capital Gains		Total Distributions

Insured Municipal	$	26,673,933	$	—	$	—	$	26,673,933
Municipal Bond		11,334,330		—		—		11,334,330
Municipal Income II		24,882,207		—		—		24,882,207
California Insured		5,137,946		73,705		—		5,211,651
California Bond		3,444,704		233,112		9,008		3,686,824
California Income II		8,419,618		—		—		8,419,618
Florida Insured		8,495,387		719,040		—		9,214,427
Florida Bond		3,358,938		80,766		—		3,439,704
Maryland Bond		1,887,652		—		—		1,887,652
New Jersey Bond		2,304,183		121,320		—		2,425,503
New York Insured		6,272,601		—		—		6,272,601
New York Bond		2,693,108		—		—		2,693,108
New York Income II		5,074,526		—		—		5,074,526
Virginia Bond		1,430,624		—		—		1,430,624

As of August 31, 2005, the components of distributable earnings on a tax basis were as follows:


Trust	Undistributed Tax-exempt Income		Undistributed Ordinary Income		Undistributed Long-term Gains		Unrealized Net Appreciation

Insured Municipal	$	2,843,570	$	—	$	—	$	40,470,959
Municipal Bond		4,141,235		—		—		21,381,113
Municipal Income II		6,556,933		—		—		45,682,354
California Insured		579,720		—		—		7,596,425
California Bond		1,315,230		—		—		7,271,491
California Income II		651,751		—		—		17,433,078
Florida Insured		972,791		—		—		11,466,360
Florida Bond		1,386,757		—		—		6,788,153
Maryland Bond		822,069		—		—		3,751,385
New Jersey Bond		939,346		—		—		4,394,819
New York Insured		622,299		—		—		8,052,333
New York Bond		1,017,946		—		—		5,223,202
New York Income II		236,203		—		—		6,406,678
Virginia Bond		720,613		—		—		3,151,940

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 August 31, 2005, there were no shares owned by affiliates of the Advisor and the shares outstanding of each Trust were as follows:


Trust	Common Shares Outstanding	Trust	Common Shares Outstanding

Insured Municipal	26,176,758	Florida Bond	3,310,132
Municipal Bond	10,140,592	Maryland Bond	2,016,904
Municipal Income II	22,790,612	New Jersey Bond	2,270,517
California Insured	5,273,863	New York Insured	6,459,290
California Bond	3,351,150	New York Bond	2,700,991
California Income II	7,984,696	New York Income II	4,937,652
Florida Insured	8,728,882	Virginia Bond	1,527,707

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 August 31, 2005, 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

3,053

California Income II

1,439

3,053

1,439

3,053

Florida Insured

3,040

Municipal Bond

1,810

Florida Bond

1,191

1,810

Maryland Bond

720

Municipal Income II

2,055

New Jersey Bond

809

2,056

New York Insured

2,240

2,055

New York Bond

968

2,056

New York Income II

1,786

California Insured

1,860

Virginia Bond

541

California Bond

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 year ended August 31, 2005, were as follows:


Trust	Series	Low		High		Average		Trust	Series	Low		High		Average

Insured Municipal	M7	1.15	%	2.76	%	1.92	%	California Income II	T7	0.75	%	2.67	%	1.65	%
	R7	0.95		2.75		1.86			R7	1.00		2.60		1.63
	F7	1.10		2.81		1.93		Florida Insured	M7	0.85		2.86		1.83
Municipal Bond	T7	0.80		2.76		1.89		Florida Bond	W7	0.38		2.81		1.81
	R7	1.18		2.81		1.94		Maryland Bond	R7	1.10		2.75		1.86
Municipal Income II	M7	1.20		2.75		1.93		New Jersey Bond	M7	0.68		2.76		1.75
	T7	1.20		2.85		1.93		New York Insured	R7	0.75		2.75		1.65
	W7	0.75		2.75		1.94		New York Bond	T7	1.00		2.81		1.72
	R7	1.10		2.80		1.95		New York Income II	W7	0.65		2.80		1.63
California Insured	F7	0.70		2.81		1.75		Virginia Bond	R7	0.65		2.55		1.81
California Bond	F7	0.74		2.81		1.71

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 Investment Company Act of 1940, as amended, requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, (b) change a Trust’s 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 August 31, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable October 3, 2005, to shareholders of record on September 15, 2005. The per share common dividends declared were as follows:


Trust	Common Dividend Per Share			Trust	Common Dividend Per Share

Insured Municipal		$	0.078125	Florida Bond		$	0.077808
Municipal Bond			0.086375	Maryland Bond			0.071350
Municipal Income II			0.083750	New Jersey Bond			0.078582
California Insured			0.075000	New York Insured			0.075000
California Bond			0.079656	New York Bond			0.077099
California Income II			0.065500	New York Income II			0.059250
Florida Insured			0.075000	Virginia Bond			0.072428

The dividends declared on preferred shares for the period September 1, 2005 to September 30, 2005, for each of the Trusts were as follows:

Trust

Series

Dividends
Declared

Trust

Series

Dividends
Declared

Insured Municipal

143,033

California Income II

62,107

182,356

73,965

173,990

Florida Insured

147,227

Municipal Bond

84,455

Florida Bond

57,680

108,709

Maryland Bond

41,566

Municipal Income II

99,688

New Jersey Bond

34,706

100,765

New York Insured

124,186

95,660

New York Bond

42,892

128,952

New York Income II

77,245

California Insured

102,207

Virginia Bond

32,693

California Bond

63,247

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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of:


	BlackRock Insured Municipal Income Trust
	BlackRock Municipal Bond Trust
	BlackRock Municipal Income Trust II
	BlackRock California Insured Municipal Income Trust
	BlackRock California Municipal Bond Trust
	BlackRock California Municipal Income Trust II
	BlackRock Florida Insured Municipal Income Trust
	BlackRock Florida Municipal Bond Trust
	BlackRock Maryland Municipal Bond Trust
	BlackRock New Jersey Municipal Bond Trust
	BlackRock New York Insured Municipal Income Trust
	BlackRock New York Municipal Bond Trust
	BlackRock New York Municipal Income Trust II
	BlackRock Virginia Municipal Bond Trust
	(collectively the “Trusts”)

We have audited the accompanying statement of assets and liabilities of the Trusts, including the portfolio of investments, as of August 31, 2005, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to provide reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform audits of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosure in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures include confirmation of the securities owned as of August 31, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other audit procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material aspects, the financial position of each of the Trusts as of August 31, 2005, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

(DELOITTE & TOUCHE LLP)

Boston, Massachusetts
October 24, 2005

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 EquiServe 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 at 250 Royall Street, Canton, MA 02021, or by calling (800) 699-1BFM.

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENTS

At a meeting held on May 26, 2005, the board of trustees (the “Board” or the “Trustees”) of each trust (each a “Trust”), including the independent trustees (the “Independent Trustees”), unanimously approved the continuance of an Investment Management Agreement between each Trust and BlackRock Advisors, Inc. (the “Advisor”). For each Investment Management Agreement, the Boards also approved a related Sub-Investment Advisory Agreement, when applicable, among each respective Trust, the Advisor and BlackRock Financial Management, Inc. (the “Sub-Advisor”). The Investment Management Agreements and the Sub-Investment Advisory Agreements sometimes are referred to herein collectively as the “Agreements”. The Advisor and the Sub-Advisor sometimes are referred to herein collectively as “BlackRock”.

Information Received by the Boards

To assist each Board in its evaluation of the Agreements, the Independent Trustees received information from BlackRock on or about April 27, 2005 which detailed, among other things: the organization, business lines and capabilities of BlackRock, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., the PNC Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to BlackRock, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, as well as each Trust’s performance compared to its Peers. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Boards under the 1940 Act as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the boards in voting on advisory agreements.

Prior to the Board meeting, the Independent Trustees reviewed a preliminary binder of information, and, in consultation with independent counsel, submitted a memorandum on May 12, 2005, to BlackRock setting forth certain questions and requests for additional information.

BlackRock responded to these questions in writing on May 24, 2005 and May 25, 2005. The Independent Trustees reviewed these responses with independent counsel on May 25, 2005.

At the Board meeting on May 26, 2005, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after reviewing the written materials, the Independent Trustees met in executive session with their legal counsel to review the Boards’ duties in reviewing the Agreements and to consider the renewal of the Agreements. With this background, the Boards considered each Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission statements relating to the renewal of the Agreements.

Matters Considered by the Boards

In connection with their deliberations, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by BlackRock; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of BlackRock’s services, the Boards reviewed information concerning the types of services that BlackRock provides and is expected to provide to each Trust, narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards further noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of BlackRock’s investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock.

In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, BlackRock provides each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respective Trust. In addition to investment management services, BlackRock and its affiliates provide each Trust with a wide range of services, including: preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust web sites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). In addition, in evaluating the administrative services, the Boards considered, in particular, BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations in light of the new Securities and Exchange Commission regulations governing compliance. The Boards noted BlackRock’s focus on compliance and its compliance systems. The Independent Trustees noted that BlackRock’s commitment to supporting the secondary market for the common shares of its closed-end funds is particularly noteworthy.

The Investment Performance of the Trusts. As previously noted, the Boards received myriad performance information regarding each Trust and its Peers. Among other things, the Boards received materials reflecting each Trust’s historic performance and each Trust’s performance compared to its Peers. More specifically, each Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual peers as well as the Peers’ average performance).

The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted the quality of information provided by BlackRock throughout the year with respect to the performance of the Trusts. The Boards considered this information in connection with its deliberations as to whether the level of management services provided to each Trust, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreement should be renewed.

Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s current management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

The Boards also compared the management fees charged to the Trusts by BlackRock to the management fees BlackRock charges other types of clients (such as open-end investment companies and institutional separately managed accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards

also noted that BlackRock provides the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by BlackRock in managing and operating the Trusts. For instance, BlackRock and its affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new Securities and Exchange Commission regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

The Boards considered this information in connection with its deliberations as to whether the fees paid by each Trust under its Agreements, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreements should be renewed.

Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses. In this regard, the methods of allocation used appeared reasonable but the Boards noted the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results.

In evaluating the reasonableness of BlackRock’s compensation, the Boards also considered any other revenues paid to BlackRock, including partial reimbursements paid to BlackRock for certain non-investment advisory services. The Boards noted that these payments were less than BlackRock’s costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that BlackRock and its affiliates are expected to receive that are attributable to their management of the Trusts.

In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trust’s fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its own investment objectives. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trust’s complex. The Boards concluded that breakpoints were not warranted at this time.

Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits BlackRock or its affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to BlackRock and its affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to BlackRock and its affiliates as a result of potentially stronger relationships with members of the broker-dealer community, increased name recognition of BlackRock and its affiliates, enhanced sales of other investment funds and products sponsored by BlackRock and its affiliates and increased assets under management which may increase the benefits realized by BlackRock from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

Miscellaneous. During the Boards’ deliberations in connection with the Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of BlackRock and its affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by BlackRock, without regard to whether BlackRock ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion

The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including a majority of Independent Trustees, determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that the renewal of each Agreement should be approved.

ADDITIONAL INFORMATION (Unaudited)

We are required by the Internal Revenue Code to advise you within 60 days of a Trust’s tax year-end as to the Federal tax status of dividends paid by the Trusts during such tax year. Accordingly, during the tax year ended September 30, 2005, all dividends paid by the Insured Trusts (the only Trusts with September 30th tax year-ends) were federally tax-exempt interest dividends.

The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise indicated, expiring in 2008:


Insured Municipal
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	25,238,259		270,555

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	25,236,633		272,181
Kent Dixon	25,250,959		257,855
Robert S. Kapito	25,261,260		247,554

Municipal Bond
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	9,509,900		160,506

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	9,503,952		166,454
Kent Dixon	9,516,512		153,894
Robert S. Kapito	9,516,815		153,591

Municipal Income II
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	21,512,173		279,160

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	21,511,746		279,587
Kent Dixon	21,543,058		248,275
Robert S. Kapito	21,530,970		260,363

California Insured
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	5,027,090		22,262

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	5,014,490		34,862
Kent Dixon	5,026,090		23,262
Robert S. Kapito	5,024,290		25,062

California Bond
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	3,093,647		11,331

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	3,083,097		21,881
Kent Dixon	3,093,547		11,431
Robert S. Kapito	3,094,547		10,431


California Income II
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	7,513,984		35,896

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	7,511,452		38,428
Kent Dixon	7,514,344		35,536
Robert S. Kapito	7,515,684		34,196

Florida Insured
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	8,493,948		108,346

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	8,487,420		114,874
Kent Dixon	8,495,027		107,267
Robert S. Kapito	8,487,495		114,799

Florida Bond
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	2,896,576		23,281

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	2,894,409		25,448
Kent Dixon	2,894,726		25,131
Robert S. Kapito	2,901,576		18,281

Maryland Bond
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	1,992,223		16,073

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	1,993,523		14,773
Kent Dixon	1,995,556		12,740
Robert S. Kapito	1,995,556		12,740

New Jersey Bond
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	2,141,281		48,744

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	2,141,085		48,940
Kent Dixon	2,143,385		46,640
Robert S. Kapito	2,143,385		46,640


New York Insured
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	6,125,657		128,567

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	6,124,380		129,844
Kent Dixon	6,123,377		130,847
Robert S. Kapito	6,123,757		130,467

New York Bond
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	2,304,703		25,470

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	2,303,703		26,470
Kent Dixon	2,305,261		24,912
Robert S. Kapito	2,304,703		25,470

New York Income II
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	4,655,924		50,441

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	4,652,974		53,391
Kent Dixon	4,653,324		53,041
Robert S. Kapito	4,653,924		52,441

Virginia Bond
Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	1,173,896		20,070

Elected the Class III Trustees as follows:

Trustee	Votes For	Votes Withheld

Andrew F. Brimmer	1,175,845		18,121
Kent Dixon	1,178,442		15,524
Robert S. Kapito	1,174,102		19,864



¹	Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which she was elected.

The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Trustees allowed on its respective Board to 11:


	Votes For		Votes Against		Votes Withheld

Insured Municipal		24,741,476		572,169		195,169
Municipal Bond		9,331,987		247,806		90,613
Municipal Income II		21,192,518		403,594		195,221
California Insured		4,900,186		91,470		57,696
California Bond		3,005,857		74,027		25,094
California Income II		7,428,164		80,757		40,958
Florida Insured		8,293,263		174,040		134,991
Florida Bond		2,816,968		58,628		44,261
Maryland Bond		1,940,402		29,794		38,100
New Jersey Bond		2,107,913		61,912		20,200
New York Insured		6,048,404		139,354		66,466
New York Bond		2,297,560		24,040		8,573
New York Income II		4,620,675		65,739		19,951
Virginia Bond		1,160,168		12,966		20,832

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

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

DIRECTORS/TRUSTEES INFORMATION (Unaudited)

Name, address, age

Current positions held with the Trusts

Term of office and length of time served

Principal occupations during the past five years

Number of portfolios overseen within the fund complex¹

Other Directorships held outside the fund complex¹

Events or transactions by reason of which the Trustee is an interested person as defined in Section 2(a) (19) of the 1940 Act

Interested Directors/Trustees²

Ralph L. Schlosstein BlackRock, Inc. 40 East 52nd Street New York, NY10022 Age: 54

Chairman of the Board³

3 years⁴/ since inception

Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles.

Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education of The Public Theater in New York City and the James Baird Foundation. Formerly, a director of Pulte Corporation, the nation’s largest home- builder, a Trustee of Denison University and a member of Fannie Mae’s Advisory Council.

Director and President of the Advisor

Robert S. Kapito BlackRock, Inc. 40 East 52nd Street New York, NY 10022
Age: 48

President and Trustee

3 years⁴/ since August 22, 2002

Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group. Responsible for the portfolio man- agement of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.

Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.

Director and Vice Chairman of the Advisor

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)

Name, address, age

Current positions held with the Trusts

Term of office and length of time served

Principal occupations during the past five years

Number of portfolios overseen within the fund complex¹

Other Directorships held outside the fund complex

Independent Trustees

Andrew F. Brimmer P.O. Box 4546
New York, NY 10163-4546
Age: 78

Lead Trustee Audit Committee Chairman⁵

3 years⁴/ since inception

President of Brimmer & Company, Inc., a Washington, D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts – Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Former Chairman, District of Columbia Financial Control Board.

Director of CarrAmerica Realty Corporation and Borg-Warner Automotive. Formerly Director of Airborne Express, BankAmerica Corporation (Bank of America), BellSouth Corporation, College Retirement Equities Fund (Trustee), Commodity Exchange, Inc. (Public Governor), Connecticut Mutual Life Insurance Company, E.I. du Pont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines).

Richard E. Cavanagh P.O. Box 4546
New York, NY 10163-4546
Age: 58

Trustee Audit Committee Member

3 years⁴/ since inception

President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Co- author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions).

Trustee: Aircraft Finance Trust (AFT) and Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.

Kent Dixon P.O. Box 4546 New York, NY
10163-4546
Age: 67

Trustee Audit Committee Member⁵

3 years⁴/ since inception

Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.

Former Director of ISFA (the owner of INVEST, a national securities broker- age service designed for banks and thrift institutions).

Frank J. Fabozzi P.O. Box 4546 New York, NY
10163-4546
Age: 57

Trustee Audit Committee Member⁵

3 years⁴/ since inception

Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Frederick Frank Adjunct Professor of Finance at the School of Management at Yale University. Author and editor of sev- eral books on fixed income portfolio man- agement. Visiting Professor of Finance and Accounting at the Sloan School of Management, Massachusetts Institute of Technology from 1986 to August 1992.

Director, Guardian Mutual Funds Group (18 portfolios).

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)

Name, address, age

Current positions held with the Trusts

Term of office and length of time served

Principal occupations during the past five years

Number of portfolios overseen within the fund complex¹

Other Directorships held outside the fund complex

Independent Trustees (continued)

Kathleen F. Feldstein P.O. Box 4546 New York, NY
10163-4546
Age: 63

Trustee

3 years⁴/ since January 19, 2005

President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.

Director of BellSouth Inc. and Knight Ridder, Inc.; Trustee of the Museum of Fine Arts, Boston, and of the Committee for Economic Development; Corporation Member, Partners HealthCare and Sherrill House; Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.

R. Glenn Hubbard P.O. Box 4546 New York, NY
10163-4546
Age: 46

Trustee

3 years⁴/ since November 16, 2004

Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Co-director of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting professor at the John F. Kennedy School of Government at Harvard and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. Treasury Department for Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under the President of the United States 2001–2003.

Director of ADP, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. Advisory boards of the Congressional Budget Office, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.

James Clayburn La Force, Jr. P.O. Box 4546 New York, NY
10163-4546
Age: 76

Trustee

3 years⁴/ since inception

Dean Emeritus of the John E. Anderson Graduate School of Management, University of California since July 1, 1993. Acting Dean of the School of Business, Hong Kong University of Science and Technology 1990-1993. From 1978 to September 1993, Dean of the John E. Anderson Graduate School of Management, University of California.

Director of Payden & Rygel Investment Trust, Metzler- Payden Investment Trust, Advisors Series Trust, Arena Pharmaceuticals, Inc. and CancerVax Corporation. Former director of First Nationwide Bank, Eli Lilly & Company, National Intergroup, Rockwell International, Cyprus Mines, Getty Oil Company, The Timken Company, Jacobs Engineering Group, and Motor Cargo Industries.

Walter F. Mondale P.O. Box 4546 New York, NY
10163-4546
Age: 77

Trustee

3 years⁴/ since inception⁶

Senior Counsel, Dorsey & Whitney, LLP, a law firm (January 2004-present); Partner, Dorsey & Whitney, LLP, (December 1996- December 2003, September 1987-August 1993). Formerly U.S. Ambassador to Japan (1993-1996). Formerly Vice President of the United States, U.S. Senator and Attorney General of the State of Minnesota. 1984 Democratic Nominee for President of the United States.

Chairman of Panasonic Foundation’s Board of Directors and Director of United Health Foundation. Member of the Hubert H. Humphrey Institute of Public Affairs Advisory Board, The Mike and Maureen Mans- field Foundation and the Dean’s Board of Visitors of the Medical School at the University of Minnesota.


¹	The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.
²	Interested Director/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.
³	Director/Trustee since inception; appointed Chairman of the Board on August 22, 2002.
⁴	The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.
⁵	The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, each of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.
⁶	Except during the periods October 31, 2002 through November 11, 2002 for all of the Trusts.

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BlackRock Closed-End Funds


Trustees	Transfer Agent
Ralph L. Schlosstein, Chairman	EquiServe Trust Company, N.A.
Andrew F. Brimmer	c/o Computershare Investor Services
Richard E. Cavanagh	250 Royall Street
Kent Dixon	Canton, MA 02021
Frank J. Fabozzi	(800) 699-1BFM
Kathleen F. Feldstein
R. Glenn Hubbard	Auction Agent¹
Robert S. Kapito	Bank of New York
James Clayburn La Force, Jr.	101 Barclay Street, 7 West
Walter F. Mondale	New York, NY 10286

Officers	Auction Agent²
Robert S. Kapito, President	Deutsche Bank Trust Company Americas
Henry Gabbay, Treasurer	60 Wall Street, 8th Floor
Bartholomew Battista, Chief Compliance Officer	New York, NY 10286
Anne Ackerley, Vice President
Kevin M. Klingert, Vice President	Independent Registered Public Accounting Firm
James Kong, Assistant Treasurer	Deloitte & Touche LLP
Vincent B. Tritto, Secretary	200 Berkeley Street
Brian P. Kindelan, Assistant Secretary	Boston, MA 02116

Investment Advisor	Legal Counsel
BlackRock Advisors, Inc.	Skadden, Arps, Slate, Meagher & Flom LLP
100 Bellevue Parkway	Four Times Square
Wilmington, DE 19809	New York, NY 10036
(800) 227-7BFM
	Legal Counsel – Independent Trustees
Sub-Advisor¹	Debevoise & Plimpton LLP
BlackRock Financial Management, Inc.	919 Third Avenue
40 East 52nd Street	New York, NY 10022
New York, NY 10022
Accounting Agent and Custodian State Street Bank and Trust Company 225 Franklin Street	This report is for shareholder information. This is not a prospec tus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are dated and are subject to change.
Boston, MA 02110	BlackRock Closed-End Funds
	c/o BlackRock Advisors, Inc.
	100 Bellevue Parkway
	Wilmington, DE 19809
	(800) 227-7BFM


¹	For the Insured Trusts and Bond Trusts.
²	For 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)669-1BFM.

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, 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.

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) Not applicable.

(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. Audit Committee Financial Expert.
The Registrant's Board of Trustees has determined that it has three audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer, Mr. Kent Dixon and Mr. Frank Fabozzi. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $35,748 for the fiscal year ended August 31, 2005 and $30,400 for the fiscal year ended August 31, 2004.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not

reported above in Item 4(a) were $4,537 for the fiscal year ended August 31, 2005 and $3,300 for the fiscal year ended August 31, 2004. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $5,636 for the fiscal year ended August 31, 2005 and $12,000 for the fiscal year ended August 31, 2004. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d) All Other Fees. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c).

(e) Audit Committee Pre-Approval Policies and Procedures.

(1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Trust's independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Trust to be provided by the Independent Auditor to any Covered Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Trust.

In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the

Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.

Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

The Audit Committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.

(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Trust's accountant for services rendered to the Trust, the Advisor (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant that directly impacted the Trust for each of the last two fiscal years were $10,172 for the fiscal year ended August 31, 2005 and $15,300 for the fiscal year ended August 31, 2004.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.
The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The Audit Committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank Fabozzi.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, BlackRock Advisors, Inc. (the "Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.

Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.
Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.

Item 11. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers 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 principle executive and principle 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 Registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics attached as EX-99.CODE ETH.

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.

(a) (3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

Proxy Voting Policies attached as EX-99.PROXYPOL.

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 Municipal Income Trust II

By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer
Date: October 28, 2005

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: October 28, 2005

By:: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Principal Financial Officer
Date: October 28, 2005