FORM N-Q
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Investment Company Act file number:
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811-06721 |
| BlackRock Insured Municipal 2008 Term Trust, Inc. | |
| (Exact name of registrant as specified in charter) | |
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| Registrant's telephone number, including area code: | 888-825-2257 | |
| Date of fiscal year end: December 31, 2005 | ||
| Date of reporting period: | September 30, 2005 | |
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER 30, 2005
BlackRock Insured Municipal 2008 Term Trust (BRM)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS-135.2% | |||||||||||||
| Alabama—2.1% | |||||||||||||
| AAA | $ 2,410 | Auburn Univ., 5.00%, 4/01/09, AMBAC | No Opt. Call | $ 2,550,479 | |||||||||
| AAA | 6,555 | Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.25%, 1/01/09, FSA | No Opt. Call | 6,760,827 | |||||||||
| 9,311,306 | |||||||||||||
| Alaska—0.9% | |||||||||||||
| AAA | 4,000 | Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA | No Opt. Call | 4,068,320 | |||||||||
| Arizona—2.1% | |||||||||||||
| AAA | 4,000 | Chandler, GO, Zero Coupon, 7/01/08, FGIC | No Opt. Call | 3,648,160 | |||||||||
| AAA | 1,000 | Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC | No Opt. Call | 1,035,970 | |||||||||
| AAA | 4,200 | Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC | 07/08 @ 101 | 4,332,720 | |||||||||
| 9,016,850 | |||||||||||||
| California—2.3% | |||||||||||||
| Dept. of Wtr. Res. Pwr. Sply. Rev., | |||||||||||||
| AAA | 5,000 | Ser. A, 3.125%, 5/01/08, FSA | No Opt. Call | 5,014,050 | |||||||||
| AAA | 5,000 | Ser. A, 3.375%, 5/01/09, MBIA | No Opt. Call | 5,041,000 | |||||||||
| 10,055,050 | |||||||||||||
| Colorado—2.5% | |||||||||||||
| AAA | 2,000 | E-470 Pub. Hwy. Auth., Ser. B, Zero Coupon, 9/01/11, MBIA | No Opt. Call | 1,593,940 | |||||||||
| AAA | 1,000 | El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC | No Opt. Call | 998,780 | |||||||||
| AAA | 6,965 | Regl. Transp. Dist., COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA | 06/07 @ 101 | 7,241,719 | |||||||||
| AAA | 1,000 | Thornton, COP, 3.25%, 12/01/08, AMBAC | No Opt. Call | 1,000,270 | |||||||||
| 10,834,709 | |||||||||||||
| Delaware—0.2% | |||||||||||||
| AAA | 650 | Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA | No Opt. Call | 650,176 | |||||||||
| District of Columbia—3.1% | |||||||||||||
| Dist. of Columbia, GO, | |||||||||||||
| AAA | 195 | 3 | Ser. B, 5.50%, 6/01/09, FSA | ETM | 210,908 | ||||||||
| AAA | 2,605 | Ser. B, 5.50%, 6/01/09, FSA | No Opt. Call | 2,798,864 | |||||||||
| AAA | 10,000 | Ser. B-1, 5.50%, 6/01/08, AMBAC | No Opt. Call | 10,585,900 | |||||||||
| 13,595,672 | |||||||||||||
| Florida—4.7% | |||||||||||||
| AAA | 2,280 | Broward Cnty. Sch. Brd., COP, Ser. B, 4.25%, 7/01/09, FSA | No Opt. Call | 2,361,191 | |||||||||
| AAA | 13,890 | Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA | No Opt. Call | 14,763,820 | |||||||||
| AAA | 1,300 | Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA | No Opt. Call | 1,373,437 | |||||||||
| AAA | 2,080 | Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA | No Opt. Call | 2,219,609 | |||||||||
| 20,718,057 | |||||||||||||
| Georgia—5.9% | |||||||||||||
| AAA | 5,000 | Georgia, GO, Ser. E, 5.25%, 2/01/10 | No Opt. Call | 5,402,050 | |||||||||
| AAA | 20,000 | Monroe Cnty., PCR, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC | No Opt. Call | 20,432,000 | |||||||||
| 25,834,050 | |||||||||||||
| Hawaii—3.8% | |||||||||||||
| Hawaii, GO, | |||||||||||||
| AAA | 6,510 | Ser. CY, 4.00%, 2/01/09, FSA | No Opt. Call | 6,668,518 | |||||||||
| AAA | 8,045 | Ser. CZ, 3.25%, 7/01/09, FSA | No Opt. Call | 8,053,206 | |||||||||
| AAA | 1,880 | Honolulu City & Cnty., Ser. A, 5.00%, 3/01/09, MBIA | No Opt. Call | 1,987,066 | |||||||||
| 16,708,790 | |||||||||||||
| Illinois—14.4% | |||||||||||||
| AAA | 2,930 | Chicago, Ser. A, 5.00%, 1/01/09, AMBAC | No Opt. Call | 3,085,349 | |||||||||
| Chicago Park Dist., Pkg. Rev., GO, | |||||||||||||
| AAA | 3,290 | Ser. A, 3.00%, 1/01/08, FGIC | No Opt. Call | 3,276,511 | |||||||||
| AAA | 1,750 | Ser. A, 3.50%, 1/01/09, FGIC | No Opt. Call | 1,762,757 | |||||||||
| AAA | 1,000 | Ser. C, 3.00%, 1/01/09, AMBAC | No Opt. Call | 990,210 | |||||||||
| AAA | 3,105 | 3 | Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA | ETM | 2,989,618 | ||||||||
1
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Illinois—(continued) | |||||||||||||
| Cook Cnty. High Sch., | |||||||||||||
| AAA | $ 2,000 | Arlington Heights Proj., 4.50%, 12/01/08, FSA | No Opt. Call | $ 2,074,940 | |||||||||
| AAA | 1,175 | 3 | J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC | ETM | 1,019,724 | ||||||||
| AAA | 4,805 | J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC | No Opt. Call | 4,153,010 | |||||||||
| AAA | 13,000 | Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC | No Opt. Call | 12,909,130 | |||||||||
| AAA | 8,985 | Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08 | No Opt. Call | 8,098,450 | |||||||||
| Illinois, GO, Ser. 1, MBIA, | |||||||||||||
| AAA | 6,750 | 3.50%, 7/01/08 | No Opt. Call | 6,814,867 | |||||||||
| AAA | 5,000 | Ser. 1, 3.75%, 7/01/09 | No Opt. Call | 5,088,950 | |||||||||
| AAA | 1,455 | Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA | No Opt. Call | 1,476,694 | |||||||||
| Met. Pier & Expo. Auth. Ded. St. Tax Rev., McCormick Place Expansion Proj., FGIC, | |||||||||||||
| AAA | 8,385 | 3 | Zero Coupon, 6/15/08 | ETM | 7,687,368 | ||||||||
| AAA | 215 | Zero Coupon, 6/15/08 | No Opt. Call | 196,695 | |||||||||
| AAA | 1,570 | 3 | Ser. A, Zero Coupon, 6/15/08 | ETM | 1,439,376 | ||||||||
| 63,063,649 | |||||||||||||
| Kansas—0.2% | |||||||||||||
| AAA | 1,000 | Dev. Fin. Auth. Pub. Wtr. Sply., 4.00%, 4/01/09, AMBAC | No Opt. Call | 1,024,880 | |||||||||
| Kentucky—0.8% | |||||||||||||
| AAA | 3,890 | Owensboro Elec. Lt. & Pwr., Ser. B, Zero Coupon, 1/01/09, AMBAC | No Opt. Call | 3,472,097 | |||||||||
| Louisiana—1.3% | |||||||||||||
| AAA | 5,770 | Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA | No Opt. Call | 5,781,540 | |||||||||
| Michigan—4.8% | |||||||||||||
| AAA | 6,315 | Detroit City Sch. Dist., GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC | No Opt. Call | 6,481,969 | |||||||||
| AAA | 1,665 | 3 | Detroit, GO, 3.50%, 4/01/09, MBIA | ETM | 1,683,015 | ||||||||
| AAA | 3,000 | Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA | No Opt. Call | 3,088,500 | |||||||||
| AAA | 2,535 | Washtenaw Cmnty. Coll., 4.00%, 4/01/09, MBIA | No Opt. Call | 2,600,606 | |||||||||
| AAA | 2,695 | West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC | No Opt. Call | 2,721,142 | |||||||||
| AAA | 2,000 | Western Twnshps. Util. Auth. Swr. Disp. Sys., 5.00%, 1/01/09, FGIC | No Opt. Call | 2,112,360 | |||||||||
| AAA | 2,160 | Wyandotte Elec., 6.25%, 10/01/08, MBIA | No Opt. Call | 2,249,078 | |||||||||
| 20,936,670 | |||||||||||||
| Mississippi—0.5% | |||||||||||||
| AAA | 2,175 | De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA | No Opt. Call | 2,174,260 | |||||||||
| Nevada—3.1% | |||||||||||||
| AAA | 6,270 | Clark Cnty. Sch. Dist., Ser. A, 4.00%, 6/01/09, FGIC | No Opt. Call | 6,428,443 | |||||||||
| Dept. of Bus. & Ind. Las Vegas Monorail Proj., AMBAC, | |||||||||||||
| AAA | 2,085 | Zero Coupon, 1/01/09 | No Opt. Call | 1,849,207 | |||||||||
| AAA | 3,585 | Zero Coupon, 1/01/10 | No Opt. Call | 3,051,194 | |||||||||
| AAA | 2,245 | Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09, FGIC | No Opt. Call | 2,349,415 | |||||||||
| 13,678,259 | |||||||||||||
| New Jersey—1.2% | |||||||||||||
| AAA | 1,220 | Econ. Dev. Auth., Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA | No Opt. Call | 1,270,911 | |||||||||
| Monmouth Cnty. Impvt. Auth. Gov't. Loan, | |||||||||||||
| AAA | 1,220 | 3.10%, 4/15/09, AMBAC | No Opt. Call | 1,215,547 | |||||||||
| AAA | 1,000 | 5.00%, 12/01/08, FSA | No Opt. Call | 1,056,350 | |||||||||
| AAA | 1,750 | Transp. Trust Fund Auth. Transp. Sys., Ser. C, 5.25%, 12/15/08, AMBAC | No Opt. Call | 1,857,485 | |||||||||
| 5,400,293 | |||||||||||||
| New Mexico—1.1% | |||||||||||||
| AAA | 2,030 | Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA | No Opt. Call | 2,046,423 | |||||||||
| AAA | 2,600 | Fin. Auth. Pub. Impvt. Proj., Ser. A, 3.80%, 6/01/08, MBIA | No Opt. Call | 2,641,990 | |||||||||
| 4,688,413 | |||||||||||||
| New York—13.2% | |||||||||||||
| Env. Fac. Corp., PCR, Ser. D, | |||||||||||||
| AAA | 1,030 | 6.50%, 5/15/07 | 01/05 @ 102 | 1,044,904 | |||||||||
| AAA | 80 | 6.50%, 11/15/07 | 01/05 @ 102 | 81,158 | |||||||||
| AAA | 2,000 | Erie Cnty. Pub. Impvt., Ser. A, 4.50%, 3/15/09, FGIC | No Opt. Call | 2,083,460 | |||||||||
| New York, MBIA, | |||||||||||||
| AAA | 1,450 | 3 | Ser. E, 6.125%, 8/01/06 | ETM | 1,488,367 | ||||||||
| AAA | 3,550 | Ser. E, 6.125%, 8/01/06 | No Opt. Call | 3,644,536 | |||||||||
| AAA | 15,915 | GO, Ser. F, 5.25%, 9/15/09 | 09/08 @ 101 | 16,964,912 | |||||||||
2
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| New York—(continued) | |||||||||||||
| AAA | $ 4,250 | New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs., Ser. A, 3.50%, 2/15/09, AMBAC | No Opt. Call | $ 4,279,410 | |||||||||
| New York City, GO, MBIA, | |||||||||||||
| AAA | 15,500 | Ser. E, 6.20%, 8/01/07 | No Opt. Call | 16,355,445 | |||||||||
| AAA | 5,000 | 4 | Ser. G, 5.75%, 2/01/06 | N/A | 5,121,650 | ||||||||
| AAA | 4,000 | Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA | No Opt. Call | 3,977,240 | |||||||||
| AAA | 2,715 | Thruway Auth. Svc. Contract Rev., Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA | 01/05 @ 102 | 2,761,264 | |||||||||
| 57,802,346 | |||||||||||||
| North Carolina—8.1% | |||||||||||||
| Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, | |||||||||||||
| AAA | 13,500 | 6.125%, 1/01/09, FGIC | No Opt. Call | 14,700,555 | |||||||||
| AAA | 5,000 | 7.00%, 1/01/08, CAPMAC | No Opt. Call | 5,411,550 | |||||||||
| AAA | 14,675 | Ser. B, 7.25%, 1/01/07, CAPMAC | No Opt. Call | 15,436,192 | |||||||||
| 35,548,297 | |||||||||||||
| Ohio—0.5% | |||||||||||||
| AAA | 2,000 | Bldg. Auth., Worker's Comp. Facs., Ser. A, 5.00%, 4/01/09, FGIC | No Opt. Call | 2,117,260 | |||||||||
| Oregon—2.0% | |||||||||||||
| Dept. of Admin. Svcs., FSA, | |||||||||||||
| AAA | 2,905 | COP, 5.00%, 11/01/08 | No Opt. Call | 3,064,630 | |||||||||
| AAA | 2,255 | Lottery Rev., Ser. C, 3.125%, 4/01/09 | No Opt. Call | 2,248,708 | |||||||||
| AAA | 1,285 | Lane Cnty. Sch. Dist. No. 4, 3.00%, 1/01/09, FSA | No Opt. Call | 1,278,678 | |||||||||
| AAA | 2,000 | Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA | No Opt. Call | 2,032,780 | |||||||||
| 8,624,796 | |||||||||||||
| Pennsylvania—11.5% | |||||||||||||
| AAA | 1,460 | Bensalem Twnshp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC | No Opt. Call | 1,462,073 | |||||||||
| AAA | 1,500 | Bristol Twnshp. Sch. Dist., 4.25%, 2/15/09, FGIC | No Opt. Call | 1,549,275 | |||||||||
| Dauphin Cnty. Gen. Auth., HAPSCO-Western PA Hosp. Proj., MBIA, | |||||||||||||
| AAA | 5,275 | Ser. A, 6.25%, 7/01/08 | 01/05 @ 100 | 5,306,334 | |||||||||
| AAA | 2,725 | 3 | Ser. B, 6.25%, 7/01/08 | ETM | 2,853,865 | ||||||||
| Dept. of Gen. Svcs., COP, FSA | |||||||||||||
| AAA | 2,075 | 4.50%, 5/01/08 | No Opt. Call | 2,145,737 | |||||||||
| AAA | 2,120 | 4.50%, 11/01/08 | No Opt. Call | 2,205,669 | |||||||||
| AAA | 2,165 | 4.50%, 5/01/09 | No Opt. Call | 2,258,506 | |||||||||
| AAA | 2,220 | 4.50%, 11/01/09 | No Opt. Call | 2,328,447 | |||||||||
| AAA | 3,500 | Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp. Proj., Ser. A, 6.00%, 6/01/06, MBIA | No Opt. Call | 3,569,790 | |||||||||
| AAA | 16,250 | Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC | No Opt. Call | 16,256,825 | |||||||||
| AAA | 3,175 | Philadelphia, GO, 4.10%, 9/15/08, FSA | No Opt. Call | 3,262,725 | |||||||||
| AAA | 3,125 | Pittsburgh Pub. Pkg. Auth. Pkg. Rev., 3.25%, 12/01/08, AMBAC | No Opt. Call | 3,133,313 | |||||||||
| AAA | 3,955 | West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA | 07/07 @ 100 | 3,991,505 | |||||||||
| 50,324,064 | |||||||||||||
| South Carolina—0.9% | |||||||||||||
| AAA | 2,020 | Chester Cnty. Sch. Dist., 3.25%, 2/01/09, FSA | No Opt. Call | 2,025,636 | |||||||||
| AAA | 1,705 | Lexington Cnty. Sch. Dist. 1, COP, 3.50%, 3/01/09, AMBAC | No Opt. Call | 1,723,550 | |||||||||
| 3,749,186 | |||||||||||||
| Tennesee—0.3% | |||||||||||||
| AAA | 1,000 | Clarksville Wtr. Swr. & Gas Rev., 4.30%, 2/01/09, FSA | No Opt. Call | 1,034,050 | |||||||||
| Texas—24.4% | |||||||||||||
| AAA | 5,380 | Austin Pub. Impvt., GO, 3.50%, 9/01/08, FSA | No Opt. Call | 5,424,331 | |||||||||
| Austin Util. Sys., | |||||||||||||
| AAA | 5,000 | 6.625%, 11/15/08, AMBAC | No Opt. Call | 5,493,750 | |||||||||
| AAA | 11,515 | Ser. A, Zero Coupon, 11/15/08, MBIA | No Opt. Call | 10,343,003 | |||||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 11/15/09, AMBAC | No Opt. Call | 4,321,300 | |||||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 11/15/09, MBIA | No Opt. Call | 4,321,300 | |||||||||
| Coppell Indpt. Sch. Dist., MBIA, | |||||||||||||
| AAA | 1,430 | 3 | 6.10%, 8/15/09 | ETM | 1,571,255 | ||||||||
| AAA | 620 | 6.10%, 8/15/09 | 02/05 @ 100 | 626,969 | |||||||||
| AAA | 2,500 | Dallas Wtr. Wks. & Swr. Sys., 3.50%, 4/01/09, FSA | No Opt. Call | 2,519,625 | |||||||||
| AAA | 4,390 | Houston Indpt. Sch. Dist., Zero Coupon, 8/15/09, AMBAC | No Opt. Call | 3,830,846 | |||||||||
| AAA | 2,000 | Houston Pub. Impvt., Ser. A-1, 5.00%, 3/01/09, MBIA | No Opt. Call | 2,109,940 | |||||||||
3
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Texas—(continued) | |||||||||||||
| Lower Colorado River Auth., | |||||||||||||
| AAA | $ 2,010 | 3.50%, 5/15/09, MBIA | No Opt. Call | $ 2,026,261 | |||||||||
| AAA | 2,690 | 5.25%, 5/15/09, FSA | No Opt. Call | 2,870,876 | |||||||||
| AAA | 1,650 | Lubbock Cnty., 3.50%, 2/15/09, FGIC | No Opt. Call | 1,661,418 | |||||||||
| Mun. Pwr. Agcy., AMBAC, | ETM | 978,873 | |||||||||||
| AAA | 1,075 | 3 | Zero Coupon, 9/01/08 | ETM | 978,873 | ||||||||
| AAA | 13,925 | Zero Coupon, 9/01/08 | No Opt. Call | 12,600,454 | |||||||||
| AAA | 1,155 | 3 | Zero Coupon, 9/01/09 | ETM | 1,012,508 | ||||||||
| AAA | 15,020 | Zero Coupon, 9/01/09 | No Opt. Call | 13,086,325 | |||||||||
| AAA | 1,500 | North Texas Tollway Auth., Ser. C, 5.00%, 1/01/09, FSA | No Opt. Call | 1,581,900 | |||||||||
| Pub. Fin. Auth., | |||||||||||||
| AAA | 2,270 | 3.50%, 2/01/09, FGIC | No Opt. Call | 2,286,957 | |||||||||
| AAA | 5,900 | Ser. B, 6.25%, 2/01/09, AMBAC | No Opt. Call | 6,441,148 | |||||||||
| AAA | 6,000 | 3 | San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/10, FGIC | ETM | 5,132,820 | ||||||||
| St. Pub. Fin. Auth. Bldg. Rev., Gen Svcs. Comm. Projs., AMBAC, | |||||||||||||
| AAA | 2,250 | 4 | 5.50%, 2/01/08 | N/A | 2,395,125 | ||||||||
| AAA | 750 | 5.50%, 2/01/09 | 02/08 @ 101 | 795,067 | |||||||||
| AAA | 9,050 | Tarrant Regl. Wtr. Dist. Impvt., 3.50%, 3/01/09, FSA | No Opt. Call | 9,119,323 | |||||||||
| AAA | 1,825 | Williamson Cnty., GO, Ser. B, 5.00%, 2/15/09, FSA | No Opt. Call | 1,927,036 | |||||||||
| AAA | 2,275 | Ysleta Indpt. Sch. Dist., GO, Zero Coupon, 8/15/08 | No Opt. Call | 2,059,421 | |||||||||
| 106,537,831 | |||||||||||||
| Utah—3.3% | |||||||||||||
| Intermountain Pwr. Agcy. Sply., Ser. B, MBIA, | |||||||||||||
| AAA | 2,215 | 3 | 6.00%, 7/01/07 | ETM | 2,329,737 | ||||||||
| AAA | 1,285 | 6.00%, 7/01/07 | No Opt. Call | 1,349,995 | |||||||||
| AAA | 10,300 | 4 | Utah, GO, Ser. F, 5.00%, 7/01/07 | N/A | 10,660,191 | ||||||||
| 14,339,923 | |||||||||||||
| Washington—10.7% | |||||||||||||
| AAA | 1,250 | Clark Cnty. Pub. Util. Dist. No. 1 Rev., 5.00%, 1/01/09, MBIA | No Opt. Call | 1,318,250 | |||||||||
| Hlth. Care Fac. Auth. Catholic Hlth. Initiatives Proj., Ser. A, MBIA, | |||||||||||||
| AAA | 1,010 | 5.30%, 12/01/08 | No Opt. Call | 1,069,711 | |||||||||
| AAA | 1,000 | 5.40%, 12/01/10 | 06/10 @ 101 | 1,084,930 | |||||||||
| AAA | 3,060 | King Cnty. Pub. Transp. Sales Tax, GO, 3.50%, 12/01/08, FSA | No Opt. Call | 3,086,347 | |||||||||
| AAA | 12,850 | King Cnty., GO, Ser. D, 5.55%, 12/01/08, MBIA | 12/07 @ 102 | 13,733,052 | |||||||||
| AAA | 2,045 | Motor Vehicle Fuel Tax, GO, 4.00%, 7/01/09, MBIA | No Opt. Call | 2,097,782 | |||||||||
| Pub. Pwr. Sply., | |||||||||||||
| AAA | 11,000 | Ser. A, 5.80%, 7/01/07, FSA | No Opt. Call | 11,492,690 | |||||||||
| AAA | 5,550 | Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA | No Opt. Call | 5,244,750 | |||||||||
| AAA | 2,000 | Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA | No Opt. Call | 1,819,180 | |||||||||
| AAA | 5,710 | Seattle Impvt. Ltd. Tax, 4.00%, 7/01/08, FSA | No Opt. Call | 5,834,706 | |||||||||
| 46,781,398 | |||||||||||||
| West Virginia—1.5% | |||||||||||||
| AAA | 1,550 | Econ. Dev. Auth. Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA | No Opt. Call | 1,592,656 | |||||||||
| Higher Ed. Policy Comm. Rev. St. Coll. Fac. Proj., Ser. A, MBIA, | |||||||||||||
| AAA | 2,455 | 5.00%, 4/01/09 | No Opt. Call | 2,594,788 | |||||||||
| AAA | 2,135 | 5.00%, 4/01/09 | No Opt. Call | 2,256,567 | |||||||||
| 6,444,011 | |||||||||||||
| Wisconsin—3.2% | |||||||||||||
| Wisconsin, GO, | |||||||||||||
| AAA | 7,705 | Ser. A, 4.00%, 5/01/09, FGIC | No Opt. Call | 7,903,481 | |||||||||
| AAA | 6,080 | Ser. C, 4.00%, 5/01/09, MBIA | No Opt. Call | 6,236,621 | |||||||||
| 14,140,102 | |||||||||||||
| Wyoming—0.6% | |||||||||||||
| AAA | 1,270 | Albany Cnty. Impvts. Statutory Trust, COP, 3.75%, 1/15/09, MBIA | No Opt. Call | 1,291,133 | |||||||||
| AAA | 1,395 | Albany Cnty. Impvts. Statutory Trust, COP, 3.75%, 7/15/09, MBIA | No Opt. Call | 1,419,064 | |||||||||
| 2,710,197 | |||||||||||||
| Total Long-Term Investments (cost $571,040,268) | 591,166,502 | ||||||||||||
4
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| SHORT-TERM INVESTMENTS—25.7% | |||||||||||||
| Florida—2.1% | |||||||||||||
| A-1+ | 9,155 | 5 | Pinellas Cnty. Hlth. Fac. Auth., 2.83%, 10/03/05, AMBAC, FRDD | N/A | $ 9,155,000 | ||||||||
| Illinois—1.5% | |||||||||||||
| A-1+ | 6,600 | 5 | Joliet Regl. Port Dist. Marine Term. Rev., Exxon Corp. Proj., 2.65%, 10/03/05, FRDD | N/A | 6,600,000 | ||||||||
| Kansas—0.8% | |||||||||||||
| A-1+ | 3,455 | 5 | Dept. Transp. Hwy., Ser. B-1, 2.31%, 10/03/05, FRDD | N/A | 3,455,000 | ||||||||
| Louisiana—0.4% | |||||||||||||
| A-1+ | 1,600 | 5 | East Baton Rouge Parish Poll. Ctrl. Rev., Exxon Proj., 2.79%, 10/03/05, FRDD | N/A | 1,600,000 | ||||||||
| Maryland—0.4% | |||||||||||||
| VMIG1 | 2,000 | 5 | Cmnty. Dev. Admin. Multi-Fam. Hsg., Avalon Lea Apts. Proj., 2.75%, 10/05/05, FRWD | N/A | 2,000,000 | ||||||||
| Massachusetts—4.1% | |||||||||||||
| St. Hlth. & Edl Fac. Auth. Rev., Harvard Univ. Proj., FRWD, | |||||||||||||
| A-1+ | 12,000 | 5 | Ser. BB, 2.61%, 10/06/05 | N/A | 12,000,000 | ||||||||
| A-1+ | $5,750 | 5 | Ser. R, 2.61%, 10/06/05 | N/A | 5,750,000 | ||||||||
| 17,750,000 | |||||||||||||
| Michigan—0.3% | |||||||||||||
| Detroit Swr. Disp. Rev., | |||||||||||||
| A-1+ | 995 | 5 | Ser. A, 2.78%, 10/05/05, MBIA, FRWD | N/A | 997,296 | ||||||||
| A-1+ | 490 | 5 | Rev., Ser. C-1, 2.78%, 10/06/05, FSA, FRWD | N/A | 490,000 | ||||||||
| 1,487,296 | |||||||||||||
| New Jersey—0.2% | |||||||||||||
| A-1+ | 1,055 | 5 | Edl. Fac. Auth., Princeton Univ. Proj., Ser. B, 2.68%, 10/03/05, FRDD | N/A | 1,055,000 | ||||||||
| New York—3.1% | |||||||||||||
| A-1+ | 1,700 | 5 | Jay Str. Dev. Corp. Cts. Fac. Lease Rev., Ser. A-2, 2.31%, 10/03/05, FRDD | N/A | 1,700,000 | ||||||||
| A-1+ | 5,000 | 5 | New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev., Ser. C, 2.33%, 10/03/05, FRDD | N/A | 5,000,000 | ||||||||
| A-1+ | 7,000 | 5 | New York City, GO, Ser. H-7, 2.79%, 10/03/05, FRDD | N/A | 7,000,000 | ||||||||
| 13,700,000 | |||||||||||||
| North Carolina—4.1% | |||||||||||||
| A-1+ | 7,540 | 5 | Buncombe Cnty. Met. Swr. Dist. Swr. Sys. Rev., 2.75%, 10/06/05, XLCA, FRWD | N/A | 7,540,000 | ||||||||
| A-1+ | 10,550 | 5 | Mecklenburg Cnty., Ser. C, 2.73%, 10/06/05, FRWD | N/A | 10,550,000 | ||||||||
| 18,090,000 | |||||||||||||
| Ohio—4.1% | |||||||||||||
| VMIG1 | 7,000 | 5 | Hamilton Cnty. Hosp. Facs., Ser. A, 2.75%, 10/05/05, FRWD | N/A | 7,000,000 | ||||||||
| A-1+ | 500 | 5 | Kent St. Univ. Rev., 2.79%, 10/05/05, MBIA, FRWD | N/A | 500,000 | ||||||||
| VMIG1 | 10,605 | 5 | Univ. of Akron, 2.75%, 10/06/05, FGIC, FRWD | N/A | 10,605,000 | ||||||||
| 18,105,000 | |||||||||||||
| Pennsylvania—1.9% | |||||||||||||
| VMIG1 | 4,200 | 5 | Higher Ed. Facs. Auth. St. Sys. Higher Ed. Proj., Ser. A, 2.76%, 10/06/05, MBIA, FRWD | N/A | 4,200,000 | ||||||||
| VMIG1 | 3,995 | 5 | Higher Ed. Facs. Auth. St. Sys. Higher Ed. Proj., Ser. A, 2.76%, 10/06/05, MBIA, FRWD | N/A | 3,995,000 | ||||||||
| 8,195,000 | |||||||||||||
| Puerto Rico—0.6% | |||||||||||||
| A-1 | 2,500 | 5 | Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.72%, 10/05/05, AMBAC, FRWD | N/A | 2,500,000 | ||||||||
| Tennesee—0.1% | |||||||||||||
| VMIG1 | 275 | 5 | Clarksville Pub. Bldg. Auth., 2.82%, 10/03/05, FRDD | N/A | 275,000 | ||||||||
| Washington—0.6% | |||||||||||||
| A-1+ | 2,500 | 5 | Snohomish Cnty. Pub Util. Dist. No.001 Generation Sys. Rev., | ||||||||||
| Ser. A-1, 2.74%, 10/05/05, FSA, FRWD | N/A | 2,500,000 | |||||||||||
5
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Shares | |||||||||||||
| (000) | Description | Value | |||||||||||
| MONEY MARKET FUND—1.4% | |||||||||||||
| 6,000 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ 6,000,000 | |||||||||||
| Total Short-Term Investments (cost $112,467,296) | 112,467,296 | ||||||||||||
| Total Investments—160.9% (cost $683,507,5646) | $ 703,633,798 | ||||||||||||
| Other assets in excess of liabilities—1.1% | 4,936,948 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(62.0)% | $(271,121,339) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 437,449,407 | ||||||||||||
| 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 security is collateralized by U.S. Treasury obligations. | ||
| 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 | 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 September 30, 2005. | ||
| 6 | Cost for Federal tax purposes is $682,850,577. The net unrealized appreciation on a tax basis is $20,783,221, consisting of $21,656,760 gross unrealized appreciation and $873,539 unrealized depreciation. | ||
| The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 85.6% of the Trust's managed assets. The Trust has the following insurance concentrations: | |||
| AMBAC | – 21.7% |
| CAPMAC | – 3.0% |
| FGIC | – 13.5% |
| FSA | – 17.1% |
| MBIA | – 29.2% |
| XLCA | – 1.1% |
KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corp. | FRWD | — | Floating Rate Weekly Demand | |||||
| CAPMAC | — | Capital Markets Assurance Co. | FSA | — | Financial Security Assurance | |||||
| COP | — | Certificate of Participation | GO | — | General Obligation | |||||
| ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Assoc. | |||||
| FGIC | — | Financial Guaranty Insurance Co. | PCR | — | Pollution Control Revenue | |||||
| FRDD | — | Floating Rate Daily Demand | XLCA | — | XL Capital Assurance | |||||
6
Item 2. 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-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it 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 quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) BlackRock Insured Municipal 2008 Term Trust, Inc.
By: /s/ Henry GabbayPursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: /s/ Robert S. Kapito