FORM N-Q
Investment Company Act file number:__811-06721______
_______BlackRock Insured Municipal 2008 Term Trust, Inc._______
(Exact name of registrant as specified in charter)
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100
Bellevue Parkway, Wilmington, DE
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19809
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Registrant's telephone number, including area code:_888-825-2257
Date of fiscal year end:___December 31, 2006
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
MARCH
31, 2006 (unaudited)
BlackRock Insured Municipal 2008 Term Trust (BRM)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—132.4% | |||||||||||||
| Alabama—2.2% | |||||||||||||
| AAA | $ 2,410 | Auburn Univ. RB, 5.00%, 4/01/09, AMBAC | No Opt. Call | $ 2,501,339 | |||||||||
| AAA | 6,555 | Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.25%, 1/01/09, FSA | No Opt. Call | 6,656,340 | |||||||||
| 9,157,679 | |||||||||||||
| Alaska—0.9% | |||||||||||||
| AAA | 4,000 | Anchorage GO, Ser. B, 3.75%, 7/01/09, MBIA | No Opt. Call | 4,007,080 | |||||||||
| Arizona—2.1% | |||||||||||||
| AAA | 4,000 | Chandler GO, Zero Coupon, 7/01/08, FGIC | No Opt. Call | 3,670,240 | |||||||||
| AAA | 1,000 | Phoenix Str. & Hwy. RB, 4.25%, 7/01/09, FGIC | No Opt. Call | 1,018,120 | |||||||||
| AAA | 4,200 | Pima Cnty. Str. & Hwy. RB, 4.125%, 7/01/09, FGIC | 07/08 @ 101 | 4,260,228 | |||||||||
| 8,948,588 | |||||||||||||
| California—2.3% | |||||||||||||
| Dept. of Wtr. Res. Pwr. Sply. RB, | |||||||||||||
| AAA | 5,000 | Ser. A, 3.125%, 5/01/08, FSA | No Opt. Call | 4,944,000 | |||||||||
| AAA | 5,000 | Ser. A, 3.375%, 5/01/09, MBIA | No Opt. Call | 4,966,050 | |||||||||
| 9,910,050 | |||||||||||||
| Colorado—2.5% | |||||||||||||
| AAA | 2,000 | E-470 Pub. Hwy. Auth. RB, Ser. B, Zero Coupon, 9/01/11, MBIA | No Opt. Call | 1,605,180 | |||||||||
| AAA | 1,000 | El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC | No Opt. Call | 983,980 | |||||||||
| AAA | 6,965 | Regl. Transp. Dist. COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA | 06/07 @ 101 | 7,148,110 | |||||||||
| AAA | 1,000 | Thornton COP, 3.25%, 12/01/08, AMBAC | No Opt. Call | 984,870 | |||||||||
| 10,722,140 | |||||||||||||
| Delaware—0.2% | |||||||||||||
| AAA | 650 | Delaware River & Bay Auth. RB, 3.25%, 1/01/09, MBIA | No Opt. Call | 639,639 | |||||||||
| District of Columbia—3.1% | |||||||||||||
| Dist. of Columbia GO, | |||||||||||||
| AAA | 195 | 3 | Ser. B, 5.50%, 6/01/09, FSA | ETM | 205,770 | ||||||||
| AAA | 2,605 | Ser. B, 5.50%, 6/01/09, FSA | No Opt. Call | 2,740,929 | |||||||||
| AAA | 10,000 | Ser. B-1, 5.50%, 6/01/08, AMBAC | No Opt. Call | 10,373,300 | |||||||||
| 13,319,999 | |||||||||||||
| Florida—4.8% | |||||||||||||
| AAA | 2,280 | Broward Cnty. Sch. Brd. COP, Ser. B, 4.25%, 7/01/09, FSA | No Opt. Call | 2,310,187 | |||||||||
| AAA | 13,890 | Dept. of Env. Protection Presvtn. RB, Ser. B, 5.00%, 7/01/09, MBIA | No Opt. Call | 14,452,823 | |||||||||
| AAA | 1,300 | Palm Beach RB, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA | No Opt. Call | 1,344,928 | |||||||||
| AAA | 2,080 | Tampa Wtr. & Swr. RB, 5.50%, 10/01/08, FSA | No Opt. Call | 2,171,749 | |||||||||
| 20,279,687 | |||||||||||||
| Georgia—6.0% | |||||||||||||
| AAA | 5,000 | Georgia GO, Ser. E, 5.25%, 2/01/10 | No Opt. Call | 5,291,900 | |||||||||
| AAA | 20,000 | Monroe Cnty. PCRB, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC | No Opt. Call | 20,154,200 | |||||||||
| 25,446,100 | |||||||||||||
| Hawaii—5.0% | |||||||||||||
| Hawaii GO, | |||||||||||||
| AAA | 6,510 | Ser. CY, 4.00%, 2/01/09, FSA | No Opt. Call | 6,566,832 | |||||||||
| AAA | 8,045 | Ser. CZ, 3.25%, 7/01/09, FSA | No Opt. Call | 7,896,167 | |||||||||
| Honolulu City & Cnty. GO, | |||||||||||||
| AAA | 1,880 | Ser. A, 5.00%, 3/01/09, MBIA | No Opt. Call | 1,948,263 | |||||||||
| AAA | 4,750 | Ser. E, 4.00%, 7/01/08, FGIC | No Opt. Call | 4,789,283 | |||||||||
| 21,200,545 | |||||||||||||
1
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Illinois—13.3% | |||||||||||||
| Chicago Park Dist., Pkg. Rev. GO, | |||||||||||||
| AAA | $ 1,750 | Ser. A, 3.50%, 1/01/09, FGIC | No Opt. Call | $ 1,735,370 | |||||||||
| AAA | 1,000 | Ser. C, 3.00%, 1/01/09, AMBAC | No Opt. Call | 972,790 | |||||||||
| AAA | 3,105 | 3 | Chicago Pub. Bldg. RB, Ser. A, Zero Coupon, 1/01/07, MBIA | ETM | 3,022,003 | ||||||||
| Cook Cnty. High Sch. GO, | |||||||||||||
| AAA | 2,000 | Arlington Heights Proj., 4.50%, 12/01/08, FSA | No Opt. Call | 2,041,040 | |||||||||
| AAA | 1,175 | 3 | J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC | ETM | 1,022,109 | ||||||||
| AAA | 4,805 | J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC | No Opt. Call | 4,166,319 | |||||||||
| AAA | 13,000 | Dev. Fin. Auth., Gas Sply. RB, 3.05%, 2/01/33, AMBAC | No Opt. Call | 12,733,370 | |||||||||
| AAA | 8,985 | Du Page Cnty. Forest Presvtn. Dist. GO, Zero Coupon, 11/01/08 | No Opt. Call | 8,127,022 | |||||||||
| Illinois GO, | |||||||||||||
| AAA | 6,750 | Ser. 1, 3.50%, 7/01/08, MBIA | No Opt. Call | 6,728,130 | |||||||||
| AAA | 5,000 | Ser. 1, 3.75%, 7/01/09, MBIA | No Opt. Call | 5,007,350 | |||||||||
| AAA | 1,455 | Kane & Du Page Cntys. Sch. Dist. GO, Ser. A, 3.75%, 1/01/09, FSA | No Opt. Call | 1,456,062 | |||||||||
| Met. Pier & Expo. Auth. Ded. St. Tax RB, McCormick Place Expansion Proj., | |||||||||||||
| AAA | 8,385 | 3 | Zero Coupon, 6/15/08, FGIC | ETM | 7,733,486 | ||||||||
| AAA | 215 | Zero Coupon, 6/15/08, FGIC | No Opt. Call | 197,996 | |||||||||
| AAA | 1,570 | 3 | Ser. A, Zero Coupon, 6/15/08, FGIC | ETM | 1,448,011 | ||||||||
| 56,391,058 | |||||||||||||
| Kansas—0.2% | |||||||||||||
| AAA | 1,000 | Dev. Fin. Auth. Pub. Wtr. Sply. RB, 4.00%, 4/01/09, AMBAC | No Opt. Call | 1,009,260 | |||||||||
| Kentucky—0.8% | |||||||||||||
| AAA | 3,890 | Owensboro Elec. Lt. & Pwr. RB, Ser. B, Zero Coupon, 1/01/09, AMBAC | No Opt. Call | 3,494,815 | |||||||||
| Louisiana—1.3% | |||||||||||||
| AAA | 5,770 | Pub. Facs. Auth. RB, Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA | No Opt. Call | 5,693,374 | |||||||||
| Michigan—4.9% | |||||||||||||
| AAA | 6,315 | Detroit City Sch. Dist. GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC | No Opt. Call | 6,374,866 | |||||||||
| AAA | 1,665 | 3 | Detroit GO, 3.50%, 4/01/09, MBIA | ETM | 1,656,592 | ||||||||
| AAA | 3,000 | Michigan Trunk Line RB, Ser. A, 4.125%, 11/01/08, FSA | No Opt. Call | 3,039,780 | |||||||||
| AAA | 2,535 | Washtenaw Cmnty. Coll. GO, 4.00%, 4/01/09, MBIA | No Opt. Call | 2,562,758 | |||||||||
| AAA | 2,695 | West Ottawa Pub. Sch. Dist. GO, Ser. B, 3.50%, 5/01/09, FGIC | No Opt. Call | 2,686,403 | |||||||||
| AAA | 2,000 | Western Twnshps. Util. Auth. Swr. Disp. Sys. GO, 5.00%, 1/01/09, FGIC | No Opt. Call | 2,071,780 | |||||||||
| AAA | 2,160 | Wyandotte Elec. RB, 6.25%, 10/01/08, MBIA | No Opt. Call | 2,234,218 | |||||||||
| 20,626,397 | |||||||||||||
| Mississippi—0.5% | |||||||||||||
| AAA | 2,175 | De Soto Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA | No Opt. Call | 2,140,222 | |||||||||
| Nevada—2.6% | |||||||||||||
| AAA | 6,270 | Clark Cnty. Sch. Dist. GO, Ser. A, 4.00%, 6/01/09, FGIC | No Opt. Call | 6,323,421 | |||||||||
| Dept. of Bus. & Ind. RB, Las Vegas Monorail Proj., | |||||||||||||
| AAA | 2,085 | Zero Coupon, 1/01/09, AMBAC | No Opt. Call | 1,855,671 | |||||||||
| AAA | 3,585 | Zero Coupon, 1/01/10, AMBAC | No Opt. Call | 3,055,531 | |||||||||
| 11,234,623 | |||||||||||||
| New Jersey—1.2% | |||||||||||||
| AAA | 1,220 | Econ. Dev. Auth. RB, Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA | No Opt. Call | 1,248,682 | |||||||||
| Monmouth Cnty. Impvt. Auth. Gov’t. Loan RB, | |||||||||||||
| AAA | 1,220 | 3.10%, 4/15/09, AMBAC | No Opt. Call | 1,192,233 | |||||||||
| AAA | 1,000 | 5.00%, 12/01/08, FSA | No Opt. Call | 1,034,590 | |||||||||
| AAA | 1,750 | Transp. Trust Fund Auth. Transp. Sys. RB, Ser. C, 5.25%, 12/15/08, AMBAC | No Opt. Call | 1,820,227 | |||||||||
| 5,295,732 | |||||||||||||
| New Mexico—1.1% | |||||||||||||
| AAA | 2,030 | Farmington Util. Sys. RB, Ser. A, 3.50%, 5/15/09, FSA | No Opt. Call | 2,020,479 | |||||||||
| AAA | 2,600 | Fin. Auth. Pub. Impvt. Proj. RB, Ser. A, 3.80%, 6/01/08, MBIA | No Opt. Call | 2,608,996 | |||||||||
| 4,629,475 | |||||||||||||
2
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | |||||||||||||
| Rating1 | (000) | Description | |||||||||||
| New York—11.9% | |||||||||||||
| AAA | $ 2,000 | Erie Cnty. Pub. Impvt. GO, Ser. A, 4.50%, 3/15/09, FGIC | No Opt. Call | $ 2,045,900 | |||||||||
| AAA | 15,500 | New York City GO, Ser. E, 6.20%, 8/01/07, MBIA | No Opt. Call | 16,006,695 | |||||||||
| AAA | 4,250 | New York City Hlth. & Hosp. Corp. Hlth. Sys. Svcs. RB, Ser. A, 3.50%, 2/15/09, AMBAC | No Opt. Call | 4,229,260 | |||||||||
| New York GO, | |||||||||||||
| AAA | 1,450 | 3 | Ser. E, 6.125%, 8/01/06, MBIA | ETM | 1,462,659 | ||||||||
| AAA | 3,550 | Ser. E, 6.125%, 8/01/06, MBIA | No Opt. Call | 3,580,636 | |||||||||
| AAA | 15,915 | Ser. F, 5.25%, 9/15/09, MBIA | 09/08 @ 101 | 16,662,050 | |||||||||
| AAA | 4,000 | Port Auth. of NY & NJ RB, Ser. 129, 2.875%, 11/01/08, FSA | No Opt. Call | 3,907,200 | |||||||||
| AAA | 2,715 | Thruway Auth. Svc. Contract RB, Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA | 05/06 @ 101 | 2,745,245 | |||||||||
| 50,639,645 | |||||||||||||
| North Carolina—8.2% | |||||||||||||
| Eastn. Mun. Pwr. Agcy. Sys. RB, | |||||||||||||
| AAA | 13,500 | Ser. B, 6.125%, 1/01/09, FGIC | No Opt. Call | 14,358,870 | |||||||||
| AAA | 5,000 | Ser. B, 7.00%, 1/01/08, CAPMAC | No Opt. Call | 5,290,650 | |||||||||
| AAA | 14,675 | 4 | Ser. B, 7.25%, 1/01/07, CAPMAC | N/A | 15,070,785 | ||||||||
| 34,720,305 | |||||||||||||
| Ohio—0.5% | |||||||||||||
| AAA | 2,000 | Bldg. Auth. RB, Worker’s Comp. Facs., Ser. A, 5.00%, 4/01/09, FGIC | No Opt. Call | 2,078,100 | |||||||||
| Oregon—2.0% | |||||||||||||
| AAA | 2,905 | Dept. of Admin. Svcs. COP, 5.00%, 11/01/08, FSA | No Opt. Call | 3,005,426 | |||||||||
| AAA | 2,255 | Dept. of Admin. Svcs., Lottery RB, Ser. C, 3.125%, 4/01/09, FSA | No Opt. Call | 2,210,216 | |||||||||
| AAA | 1,285 | Lane Cnty. Sch. Dist. No. 4 GO, 3.00%, 1/01/09, FSA | No Opt. Call | 1,255,586 | |||||||||
| AAA | 2,000 | Washington & Clackamas Cntys. Sch. Dist. GO, 3.75%, 6/15/08, MBIA | No Opt. Call | 2,004,100 | |||||||||
| 8,475,328 | |||||||||||||
| Pennsylvania—11.7% | |||||||||||||
| AAA | 1,460 | Bensalem Twnshp. Sch. Dist. GO, 3.25%, 8/15/09, FGIC | No Opt. Call | 1,432,771 | |||||||||
| AAA | 1,500 | Bristol Twnshp. Sch. Dist. GO, 4.25%, 2/15/09, FGIC | No Opt. Call | 1,525,815 | |||||||||
| Dauphin Cnty. Gen. Auth. RB, HAPSCO-Western PA Hosp. Proj., | |||||||||||||
| AAA | 5,275 | Ser. A, 6.25%, 7/01/08, MBIA | 05/06 @ 100 | 5,283,387 | |||||||||
| AAA | 2,725 | 3 | Ser. B, 6.25%, 7/01/08, MBIA | ETM | 2,803,534 | ||||||||
| Dept. of Gen. Svcs. COP, | |||||||||||||
| AAA | 2,075 | 4.50%, 5/01/08, FSA | No Opt. Call | 2,109,839 | |||||||||
| AAA | 2,120 | 4.50%, 11/01/08, FSA | No Opt. Call | 2,167,467 | |||||||||
| AAA | 2,165 | 4.50%, 5/01/09, FSA | No Opt. Call | 2,220,511 | |||||||||
| AAA | 2,220 | 4.50%, 11/01/09, FSA | No Opt. Call | 2,281,849 | |||||||||
| AAA | 3,500 | Indiana Cnty. Indl. Dev. Auth. PCRB, Elec. & Gas Corp. Proj., Ser. A, 6.00%, 6/01/06, MBIA | No Opt. Call | 3,512,880 | |||||||||
| AAA | 16,250 | Lehigh Cnty. Indl. Dev. Auth. PCRB, 3.125%, 11/01/08, AMBAC | No Opt. Call | 15,984,800 | |||||||||
| AAA | 3,175 | Philadelphia GO, 4.10%, 9/15/08, FSA | No Opt. Call | 3,213,259 | |||||||||
| AAA | 3,125 | Pittsburgh Pub. Pkg. Auth. Pkg. RB, 3.25%, 12/01/08, AMBAC | No Opt. Call | 3,086,844 | |||||||||
| AAA | 3,955 | West Chester Area Sch. Dist. GO, Ser. AA, 3.65%, 1/15/09, MBIA | 07/07 @ 100 | 3,959,232 | |||||||||
| 49,582,188 | |||||||||||||
| South Carolina—0.9% | |||||||||||||
| AAA | 2,020 | Chester Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA | No Opt. Call | 1,991,599 | |||||||||
| AAA | 1,705 | Lexington Cnty. Sch. Dist. 1 COP, 3.50%, 3/01/09, AMBAC | No Opt. Call | 1,699,834 | |||||||||
| 3,691,433 | |||||||||||||
| Tennessee—0.2% | |||||||||||||
| AAA | 1,000 | Clarksville Wtr. Swr. & Gas RB, 4.30%, 2/01/09, FSA | No Opt. Call | 1,018,310 | |||||||||
| Texas—24.4% | |||||||||||||
| AAA | 5,380 | Austin Pub. Impvt. GO, 3.50%, 9/01/08, FSA | No Opt. Call | 5,365,151 | |||||||||
| Austin Util. Sys. RB, | |||||||||||||
| AAA | 5,000 | 6.625%, 11/15/08, AMBAC | No Opt. Call | 5,356,700 | |||||||||
| AAA | 11,515 | Ser. A, Zero Coupon, 11/15/08, MBIA | No Opt. Call | 10,407,602 | |||||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 11/15/09, AMBAC | No Opt. Call | 4,341,350 | |||||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 11/15/09, MBIA | No Opt. Call | 4,341,350 | |||||||||
| Coppell Indpt. Sch. Dist. GO, | |||||||||||||
| AAA | 1,430 | 3 | 6.10%, 8/15/09, MBIA | ETM | 1,531,845 | ||||||||
| AAA | 620 | 6.10%, 8/15/09, MBIA | 08/06 @ 100 | 625,506 | |||||||||
| AAA | 2,500 | Dallas Wtr. Wks. & Swr. Sys. RB, 3.50%, 4/01/09, FSA | No Opt. Call | 2,488,775 | |||||||||
| AAA | 4,390 | Houston Indpt. Sch. Dist. GO, Zero Coupon, 8/15/09, AMBAC | No Opt. Call | 3,850,425 | |||||||||
3
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Texas—(cont’d) | |||||||||||||
| Lower Colorado River Auth. RB, | |||||||||||||
| AAA | $ 2,010 | 3.50%, 5/15/09, MBIA | No Opt. Call | $ 2,000,573 | |||||||||
| AAA | 2,690 | 5.25%, 5/15/09, FSA | No Opt. Call | 2,814,574 | |||||||||
| AAA | 1,650 | Lubbock Cnty. GO, 3.50%, 2/15/09, FGIC | No Opt. Call | 1,642,839 | |||||||||
| Mun. Pwr. Agcy. RB, | |||||||||||||
| AAA | 1,075 | 3 | Zero Coupon, 9/01/08, AMBAC | ETM | 983,786 | ||||||||
| AAA | 13,925 | Zero Coupon, 9/01/08, AMBAC | No Opt. Call | 12,716,449 | |||||||||
| AAA | 1,155 | 3 | Zero Coupon, 9/01/09, AMBAC | ETM | 1,014,333 | ||||||||
| AAA | 15,020 | Zero Coupon, 9/01/09, AMBAC | No Opt. Call | 13,190,714 | |||||||||
| AAA | 1,500 | North Texas Tollway Auth. RB, Ser. C, 5.00%, 1/01/09, FSA | No Opt. Call | 1,551,840 | |||||||||
| Pub. Fin. Auth. Bldg. RB, Gen Svcs. Comm. Projs., | |||||||||||||
| AAA | 2,250 | 4 | 5.50%, 2/01/08, AMBAC | N/A | 2,346,930 | ||||||||
| AAA | 750 | 5.50%, 2/01/09, AMBAC | 02/08 @ 101 | 781,230 | |||||||||
| Pub. Fin. Auth. RB, | |||||||||||||
| AAA | 2,270 | 3.50%, 2/01/09, FGIC | No Opt. Call | 2,260,262 | |||||||||
| AAA | 5,900 | Ser. B, 6.25%, 2/01/09, AMBAC | No Opt. Call | 6,297,660 | |||||||||
| AAA | 6,000 | 3 | San Antonio Elec. & Gas RB, Ser. B, Zero Coupon, 2/01/10, FGIC | ETM | 5,157,120 | ||||||||
| AAA | 9,050 | Tarrant Regl. Wtr. Dist. Impvt. RB, 3.50%, 3/01/09, FSA | No Opt. Call | 9,010,180 | |||||||||
| AAA | 1,825 | Williamson Cnty. GO, Ser. B, 5.00%, 2/15/09, FSA | No Opt. Call | 1,890,773 | |||||||||
| AAA | 2,275 | Ysleta Indpt. Sch. Dist. GO, Zero Coupon, 8/15/08 | No Opt. Call | 2,074,299 | |||||||||
| 104,042,266 | |||||||||||||
| Utah—3.3% | |||||||||||||
| Intermountain Pwr. Agcy. Sply. RB, | |||||||||||||
| AAA | 2,215 | 3 | Ser. B, 6.00%, 7/01/07, MBIA | ETM | 2,280,055 | ||||||||
| AAA | 1,285 | Ser. B, 6.00%, 7/01/07, MBIA | No Opt. Call | 1,322,586 | |||||||||
| AAA | 10,300 | 4 | Utah GO, Ser. F, 5.00%, 7/01/07 | N/A | 10,478,911 | ||||||||
| 14,081,552 | |||||||||||||
| Washington—10.8% | |||||||||||||
| AAA | 1,250 | Clark Cnty. Pub. Util. Dist. No. 1 RB, 5.00%, 1/01/09, MBIA | No Opt. Call | 1,293,200 | |||||||||
| Hlth. Care Fac. Auth. RB, Catholic Hlth. Initiatives Proj., | |||||||||||||
| AAA | 1,010 | Ser. A, 5.30%, 12/01/08, MBIA | No Opt. Call | 1,049,683 | |||||||||
| AAA | 1,000 | Ser. A, 5.40%, 12/01/10, MBIA | 06/10 @ 101 | 1,063,240 | |||||||||
| AAA | 12,850 | King Cnty. GO, Ser. D, 5.55%, 12/01/08, MBIA | 12/07 @ 102 | 13,465,258 | |||||||||
| AAA | 3,060 | King Cnty. Pub. Transp. Sales Tax GO, 3.50%, 12/01/08, FSA | No Opt. Call | 3,049,902 | |||||||||
| AAA | 2,045 | Motor Vehicle Fuel Tax GO, 4.00%, 7/01/09, MBIA | No Opt. Call | 2,064,100 | |||||||||
| Pub. Pwr. Sply. RB, | |||||||||||||
| AAA | 11,000 | Ser. A, 5.80%, 7/01/07, FSA | No Opt. Call | 11,287,320 | |||||||||
| AAA | 5,550 | Nuclear Proj. No. 3, Zero Coupon, 7/01/07 | No Opt. Call | 5,305,467 | |||||||||
| AAA | 2,000 | Nuclear Proj. No. 3, Zero Coupon, 7/01/08 | No Opt. Call | 1,831,100 | |||||||||
| AAA | 5,710 | Seattle Impvt. Ltd. Tax GO, 4.00%, 7/01/08, FSA | No Opt. Call | 5,754,767 | |||||||||
| 46,164,037 | |||||||||||||
| West Virginia—1.5% | |||||||||||||
| AAA | 1,550 | Econ. Dev. Auth. RB, Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA | No Opt. Call | 1,569,049 | |||||||||
| Higher Ed. Policy Comm. RB, | |||||||||||||
| AAA | 2,455 | St. Coll. Fac. Proj., Ser. A, 5.00%, 4/01/09, MBIA | No Opt. Call | 2,547,333 | |||||||||
| AAA | 2,135 | Univ. Facs. Proj., Ser. A, 5.00%, 4/01/09, MBIA | No Opt. Call | 2,215,297 | |||||||||
| 6,331,679 | |||||||||||||
| Wisconsin—1.4% | |||||||||||||
| AAA | 6,080 | Wisconsin, GO, Ser. C, 4.00%, 5/01/09, MBIA | No Opt. Call | 6,134,112 | |||||||||
| Wyoming—0.6% | |||||||||||||
| Albany Cnty. Impvts. Statutory Trust COP, | |||||||||||||
| AAA | 1,270 | 3.75%, 1/15/09, MBIA | No Opt. Call | 1,272,934 | |||||||||
| AAA | 1,395 | 3.75%, 7/15/09, MBIA | No Opt. Call | 1,396,646 | |||||||||
| 2,669,580 | |||||||||||||
| Total Long-Term Investments (cost $553,117,061) | 563,774,998 | ||||||||||||
4
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | |||||||||||||
| Amount | |||||||||||||
| Rating1 | (000) | Description | Value | ||||||||||
| SHORT-TERM INVESTMENTS—30.3% | |||||||||||||
| Connecticut—1.6% | |||||||||||||
| A-1+ | $ 6,700 | 5 | St. Hlth. & Edl. RB, Quinnipac Univ. Proj., Ser. F, 3.16%, 4/03/06, RAA, FRDD | $ 6,700,000 | |||||||||
| Florida—2.2% | |||||||||||||
| A-1+ | 9,155 | 5 | Pinellas Cnty. Hlth. Fac. Auth. RB, 3.18%, 4/03/06, AMBAC, FRDD | 9,155,000 | |||||||||
| Illinois—1.6% | |||||||||||||
| A-1+ | 6,600 | 5 | Joliet Regl. Port Dist. Marine Term. RB, Exxon Corp. Proj., 3.02%, 4/03/06, FRDD | 6,600,000 | |||||||||
| Kansas—0.8% | |||||||||||||
| A-1+ | 3,455 | 5 | Dept. Transp. Hwy. RB, Ser. B-1, 3.03%, 4/03/06, FRDD | 3,455,000 | |||||||||
| Louisiana—0.3% | |||||||||||||
| A-1+ | 1,400 | 5 | East Baton Rouge Parish Poll. Ctrl. RB, Exxon Proj., 3.12%, 4/03/06, FRDD | 1,400,000 | |||||||||
| Maryland—0.5% | |||||||||||||
| VMIG1 | 2,000 | 5 | Cmnty. Dev. Admin. Multi-Fam. Hsg. RB, Avalon Lea Apts. Proj., 3.14%, 4/05/06, FRWD | 2,000,000 | |||||||||
| Massachusetts—3.7% | |||||||||||||
| Hlth. & Edl. Fac. Auth. RB, Harvard Univ. Proj., | |||||||||||||
| A-1+ | 12,000 | 5 | Ser. BB, 3.02%, 4/06/06, FRWD | 12,000,000 | |||||||||
| A-1+ | 3,950 | 5 | Ser. R, 2.92%, 4/03/06, FRDD | 3,950,000 | |||||||||
| 15,950,000 | |||||||||||||
| Michigan—0.4% | |||||||||||||
| Detroit Swr. Disp. RB, | |||||||||||||
| A-1+ | 995 | 5 | Ser. A, 3.17%, 4/05/06, MBIA, FRWD | 997,296 | |||||||||
| A-1+ | 490 | 5 | Ser. C-1, 3.17%, 4/06/06, FSA, FRWD | 490,000 | |||||||||
| 1,487,296 | |||||||||||||
| Missouri—3.5% | |||||||||||||
| A-1+ | 10,000 | 5 | St. Hlth. & Edl. Fac. RB, SSM Hlth. Care Proj., Ser. C-1, 3.15%, 4/03/06, FSA, FRDD | 10,000,000 | |||||||||
| A-1+ | 5,100 | 5 | St. Hlth. & Edl. Fac. RB, Med. Research Facs. Stowers Inst. Proj., 3.22%, 4/06/06, MBIA, FRWD | 5,100,000 | |||||||||
| 15,100,000 | |||||||||||||
| New Jersey—0.2% | |||||||||||||
| A-1+ | 1,055 | 5 | Edl. Fac. Auth. RB, Princeton Univ. Proj., Ser. B, 2.85%, 4/03/06, FRWD | 1,055,000 | |||||||||
| New York—2.4% | |||||||||||||
| A-1+ | 1,700 | 5 | Jay Str. Dev. Corp. Cts. Fac. Lease RB, Ser. A-2, 3.12%, 4/03/06, FRDD | 1,700,000 | |||||||||
| A-1+ | 6,775 | 5 | New York City GO, Ser. H-7, 3.13%, 4/03/06, FRDD | 6,775,000 | |||||||||
| A-1+ | 1,900 | 5 | New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. RB, Ser. C, 3.01%, 4/03/06, FRDD | 1,900,000 | |||||||||
| 10,375,000 | |||||||||||||
| North Carolina—4.2% | |||||||||||||
| A-1+ | 7,540 | 5 | Buncombe Cnty. Met. Swr. Dist. Swr. Sys. RB, 3.17%, 4/06/06, XLCA, FRWD | 7,540,000 | |||||||||
| A-1+ | 10,550 | 5 | Mecklenburg Cnty., GO, Ser. C, 3.18%, 4/06/06, FRWD | 10,550,000 | |||||||||
| 18,090,000 | |||||||||||||
| Ohio—4.3% | |||||||||||||
| VMIG1 | 7,000 | 5 | Hamilton Cnty. Hosp. Facs. RB, Ser. A, 3.19%, 4/05/06, FRWD | 7,000,000 | |||||||||
| A-1+ | 500 | 5 | Kent St. Univ. RB, 3.17%, 4/05/06, MBIA, FRWD | 500,000 | |||||||||
| VMIG1 | 10,605 | 5 | Univ. of Akron RB, 3.17%, 4/06/06, FGIC, FRWD | 10,605,000 | |||||||||
| 18,105,000 | |||||||||||||
| Pennsylvania—1.9% | |||||||||||||
| VMIG1 | 8,195 | 5 | Higher Ed. Facs. Auth. RB, St. Sys. Higher Ed. Proj., Ser. A, 3.15%, 4/06/06, MBIA, FRWD | 8,195,000 | |||||||||
| 8,195,000 | |||||||||||||
| Puerto Rico—0.6% | |||||||||||||
| A-1 | 2,500 | 5 | Hwy. & Transp. Auth. Transp. RB, Ser. A, 3.13%, 4/05/06, AMBAC, FRWD | 2,500,000 | |||||||||
| Tennessee—0.1% | |||||||||||||
| VMIG1 | 270 | 5 | Clarksville Pub. Bldg. Auth. RB, 3.17%, 4/03/06, FRDD | 270,000 | |||||||||
| Washington—0.6% | |||||||||||||
| A-1+ | 2,500 | 5 | Snohomish Cnty. Pub Util. Dist. No.001 Generation Sys. RB, Ser. A-1, 3.17%, 4/05/06, FSA, FRWD | 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 $128,937,296) | 128,937,296 | ||||||||||||
| Total Investments—162.7% (cost $682,054,3576) | $ 692,712,294 | ||||||||||||
| Other assets in excess of liabilities—1.0% | 4,218,252 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(63.7)% | (271,163,038) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 425,767,508 | ||||||||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s ratings. | ||
| 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 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 March 31, 2006. | ||
| 6 | Cost for Federal income tax purposes is $681,670,553. The net unrealized appreciation on a tax basis is $11,041,741, consisting of $13,874,238 gross unrealized appreciation and $2,832,497 gross unrealized depreciation. | ||
| The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 87.8% of the Trust’s managed assets. The Trust had the following insurance concentrations: | |||
| AMBAC | — | 21.4% |
| CAPMAC | — | 3.0% |
| FGIC | — | 12.8% |
| FSA | — | 18.5% |
| MBIA | — | 29.2% |
| RAA | — | 1.0% |
| XLCA | — | 1.1% |
| Other | — | 0.8% |
| AMBAC | — | American Municipal Bond Assurance Corp. | GO | — | General Obligation | ||||||
| CAPMAC | — | Capital Markets Assurance Co. | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| COP | — | Certificate of Participation | PCRB | — | Pollution Control Revenue Bond | ||||||
| ETM | — | Escrowed to Maturity | RAA | — | Radian Asset Assurance | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | RB | — | Revenue Bond | ||||||
| FRDD | — | Floating Rate Daily Demand | ST | — | Special Tax | ||||||
| FRWD | — | Floating Rate Weekly Demand | XLCA | — | XL Capital Assurance | ||||||
| FSA | — | Financial Security 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 its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the 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 Gabbay____________________________________Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By:___/s/ Robert S. Kapito___________________________________