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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06721

Name of Fund: The BlackRock Insured Municipal 2008 Term Trust, Inc. (BRM)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, The BlackRock Insured Municipal 2008 Term Trust, Inc., 800 Scudders Mill Road, Plainsboro,
            NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2008

Date of reporting period: 01/01/2008 – 03/31/2008

Item 1 – Schedule of Investments


BlackRock Insured Municipal 2008 Term Trust Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000)            Value
Alabama - 1.6%   Birmingham-Jefferson Civic Center Authority, Alabama,          
       Special Tax Refunding Bonds, Series A, 4.25%, 1/01/09 (a) $        6,555   $         6,674,432
Arizona - 1.0%   Chandler, Arizona, GO, CABS, Refunding, 6.50%, 7/01/08 (b)(c)   4,000     3,977,240
California - 1.2%   California State Department of Water Resources, Power          
       Supply Revenue Bonds, Series A, 3.125%, 5/01/08 (a)   5,000     5,005,600
Colorado - 2.2%   El Paso County, Colorado, COP (Detention Facilities Project),          
       Series B, 3.20%, 12/01/08 (d)   1,000     1,008,820
    Regional Transportation District, Colorado, COP (Transit Vehicles          
       Project), Series A, 5%, 6/01/08 (e)   6,965     6,995,994
    Thornton, Colorado, COP, 3.25%, 12/01/08 (d)   1,000     1,006,960
              9,011,774
Delaware - 0.2%   Delaware River and Bay Authority Revenue Bonds, 3.25%,          
       1/01/09 (e)   650     655,375
District of Columbia -   District of Columbia, GO, Refunding, Series B-1,          
2.4%      5.50%, 6/01/08 (d)   10,000     10,052,900
Florida - 0.8%   Palm Beach, Florida, Revenue Refunding Bonds (Beach          
       Restoration Project), Series A, 5%, 1/01/09 (a)   1,300     1,330,719
    Tampa, Florida, Water and Sewer Revenue Refunding Bonds,          
       5.50%, 10/01/08 (a)   2,080     2,118,022
              3,448,741
Georgia - 4.9%   Monroe County, Georgia, Development Authority, PCR,          
       Refunding (Georgia Power Company - Scherer Plant          
       Project), 4.20%, 1/01/12 (d)   20,000     20,254,800
Hawaii - 1.2%   Honolulu, Hawaii, City and County GO, Refunding, Series E,          
       4%, 7/01/08 (b)   4,750     4,774,843
Illinois - 7.4%   Chicago, Illinois, Board of Education, GO, VRDN, Series C-1,          
       1.25%, 3/01/31 (a)(f)   1,200     1,200,000
    Cook County, Illinois, School District Number 025 (Arlington          
       Heights), GO, Refunding, 4.50%, 12/01/08 (a)   2,000     2,035,580
    Du Page County, Illinois, Forest Preserve District, GO,          
       5.90%, 11/01/08 (c)   8,985     8,871,340
    Illinois State, GO, First Series, 3.50%, 7/01/08 (e)   6,750     6,778,283
    Kane and Du Page Counties, Illinois, Community Unit School          
       District 303 (Saint Charles), GO, Series A, 3.75%, 1/01/09 (a)   1,455     1,476,010
    Metropolitan Pier and Exposition Authority, Illinois, Dedicated          
       State Tax Revenue Bonds (McCormick Place Expansion          
       Project), CABS, Series A, 6.549%, 6/15/08 (b)(c)   215     214,045
    Metropolitan Pier and Exposition Authority, Illinois, Dedicated          
       State Tax Revenue Bonds (McCormick Place Expansion          
       Project), CABS, Series A, 6.549%, 6/15/08 (b)(c)(g)   9,955     9,912,392
              30,487,650
 Portfolio Abbreviations          
To simplify the listings of BlackRock Insured Municipal 2008 Term Trust Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below.
CABS   Capital Appreciation Bonds   GO   General Obligation Bonds
COP   Certificates of Participation   IDA   Industrial Development Authority
EDA   Economic Development Authority   PCR   Pollution Control Revenue Bonds
        VRDN   Variable Rate Demand Notes

1


BlackRock Insured Municipal 2008 Term Trust Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000)            Value
Kentucky - 0.9%   Owensboro, Kentucky, Electric, Light and Power Revenue Bonds,          
       Series B, 6.75%, 1/01/09 (c)(d) $        3,890   $         3,825,543
Michigan - 0.9%   Michigan State Trunk Line Revenue Bonds, Series A, 4.125%,          
       11/01/08 (a)   3,000     3,040,440
    Wyandotte, Michigan, Electric Revenue Refunding Bonds, 6.25%,          
       10/01/08 (e)   765     780,055
              3,820,495
Nevada - 0.5%   Director for the State of Nevada, Department of Business and          
       Industry Revenue Bonds (Las Vegas Monorail Company), CABS,          
       5.12%, 1/01/09 (c)(d)   2,085     1,994,719
New Jersey - 0.7%   Monmouth County, New Jersey, Improvement Authority,          
       Governmental Loan Revenue Refunding Bonds, 5%,          
       12/01/08 (a)   1,000     1,021,760
    New Jersey State Transportation Trust Fund Authority,          
       Transportation System Revenue Refunding Bonds, Series C,          
       5.25%, 12/15/08 (d)   1,750     1,791,720
              2,813,480
New Mexico - 0.6%   New Mexico Finance Authority, Public Project Revolving Fund          
       Revenue Bonds, Series A, 3.80%, 6/01/08 (e)   2,445     2,452,824
New York - 1.0%   Port Authority of New York and New Jersey, Consolidated          
       Revenue Refunding Bonds, 129th Series, 2.875%, 11/01/08 (a)   4,000     4,027,120
North Carolina - 3.3%   North Carolina Eastern Municipal Power Agency, Power System          
    Revenue Refunding Bonds, Series B, 6.125%, 1/01/09 (b)   13,500     13,799,700
Oregon - 1.5%   Lane County, Oregon, School District Number 4J (Eugene), GO,          
       Advance Refunding, 3%, 1/01/09 (a)   1,285     1,296,604
    Oregon State Department of Administrative Services, COP,          
       Refunding, Series A, 5%, 11/01/08 (a)   2,905     2,958,655
    Washington and Clackamas Counties, Oregon, School District          
       No. 23J (Tigard-Tualatin), GO, 3.75%, 6/15/08 (e)   2,000     2,008,040
              6,263,299
Pennsylvania - 6.7%   Dauphin County, Pennsylvania, General Authority, Hospital          
       Revenue Refunding Bonds (Hapsco Group - Western          
    Pennsylvania Hospital Project), Series B, 6.25%, 7/01/08 (e)(g)   965     975,769
    Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania          
       Power and Light Utilities Corporation Project), 3.125%,          
       11/01/08 (d)   16,250     16,314,838
    Pennsylvania State Department of General Services, COP,          
       Refunding, 4.50%, 5/01/08 (a)   2,075     2,079,607
    Pennsylvania State Department of General Services, COP,          
       Refunding, 4.50%, 11/01/08 (a)   2,120     2,153,030
    Philadelphia, Pennsylvania, GO, Series 2001, 4.10%, 9/15/08 (a)   3,175     3,207,512
    Pittsburgh, Pennsylvania, Public Parking Authority, Parking          
       Revenue Refunding Bonds, 3.25%, 12/01/08 (d)   3,125     3,145,094
              27,875,850
Texas - 9.8%   Austin, Texas, Combined Utility System, Revenue Refunding          
       Bonds, 6.625%, 11/15/08 (d)   5,000     5,133,600

2


BlackRock Insured Municipal 2008 Term Trust Inc.
Schedule of Investments as of March 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000)            Value
    Austin, Texas, Combined Utility System, Revenue Refunding          
       Bonds, CABS, Series A, 6.85%, 11/15/08 (c)(e) $       11,515   $        11,358,626
    Austin, Texas, GO, 3.50%, 9/01/08 (a)   5,380     5,417,929
    North Texas Thruway Authority, Dallas North Thruway System,          
       Revenue Refunding Bonds, Series C, 5%, 1/01/09 (a)(g)   1,500     1,536,120
    Texas Municipal Power Agency, Revenue Refunding Bonds,          
       6.798%, 9/01/08 (c)(d)(g)   1,115     1,105,422
    Texas Municipal Power Agency, Revenue Refunding Bonds,          
       6.80%, 9/01/08 (c)(d)   13,885     13,759,896
    Ysleta, Texas, Independent School District, GO, CABS,          
       Refunding, 6.70%, 8/15/08 (c)   2,275     2,256,777
              40,568,370
Washington - 6.3%   Clark County, Washington, Public Utility District Number 001,          
       Electric Revenue Refunding Bonds, 5%, 1/01/09 (e)   1,250     1,276,413
    King County, Washington, GO, Series D, 5.55%, 12/01/08 (e)   12,850     13,143,366
    King County, Washington, Public Transportation Sales Tax, GO,          
       Refunding, 3.50%, 12/01/08 (a)   3,060     3,094,272
    Seattle, Washington, Limited Tax, GO, Refunding, 4%,          
       7/01/08 (a)   5,710     5,741,576
    Washington State Public Power Supply System, Revenue          
       Refunding Bonds, Nuclear Project Number 3, CABS, Series A,          
       6.49%, 7/01/08 (c)(h)   2,000     1,989,200
    Washington State Health Care Facilities Authority Revenue          
       Bonds (Catholic Health Initiatives), Series A, 5.30%,          
       12/01/08 (e)   1,010     1,030,846
              26,275,673
West Virginia - 0.4%   West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile          
       and Public Safety Facilities), Series A, 4.25%, 6/01/08 (e)   1,550     1,555,348
    Total Municipal Bonds (Cost - $226,572,192) - 55.5%         229,615,776
    Short-Term Securities          
    Fannie Mae, 3.04%, 10/20/08   57,835     56,861,444
    Fannie Mae, 3.05%, 11/03/08   41,500     40,753,000
    Freddie Mac, 3.20%, 10/27/08   66,697     65,473,407
    U.S. Treasury Notes, 4.875%, 10/31/08   19,364     19,752,790
    Total Short-Term Securities (Cost - $182,754,517) - 44.2%         182,840,641
    Total Investments (Cost - $409,326,709*) - 99.7%         412,456,417
    Other Assets Less Liabilities - 0.3%         1,040,826
    Net Assets - 100.0%       $ 413,497,243

*         The cost and unrealized appreciation (depreciation) of investments as of March 31, 2008, as computed for federal income tax purposes, were as follows:

Aggregate cost   $      409,404,945
Gross unrealized appreciation   $ 3,146,480
Gross unrealized depreciation     (16,772)
Net unrealized appreciation   $ 3,129,708

(a)     

FSA Insured.

 

(b)

FGIC Insured.

3


BlackRock Insured Municipal 2008 Term Trust Inc.
Schedule of Investments as of March 31, 2008 (Unaudited)
(c)     

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.

 

(d)

AMBAC Insured.

 
(e)

MBIA Insured.

 
(f)

Variable rate security. Rate shown is interest rate as of report date.

 
(g)

Security is collateralized by Municipal or U.S. Treasury Obligations.

 
(h)

Bond Investors Guaranty.
 

 

4


BlackRock Insured Municipal 2008 Term Trust Inc.

  		•

    Effective January 1, 2008, the BlackRock Insured Municipal 2008 Term Trust Inc. (the “Trust”) adopted FASB Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
     
       

  • Level 1 – price quotations in active markets/exchanges for identical securities
     
       

  • Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market–corroborated inputs)
     
       

  • Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

    The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

    The following table summarizes the inputs used as of March 31, 2008 in determining the fair valuation of the Trust’s investments:

        Valuation     Investments in  
      Inputs     Securities  
      Level 1     0  
      Level 2   $ 412,456,417  
      Level 3     0  
      Total   $ 412,456,417  

     

    5

    Item 2 – Controls and Procedures

    2(a) –    The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

    2(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) 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

    Certifications – Attached hereto

    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.

    The BlackRock Insured Municipal 2008 Term Trust, Inc. 
     
    By: /s/ Donald C. Burke  
      Donald C. Burke
      Chief Executive Officer of
      The BlackRock Insured Municipal 2008 Term sTrust, Inc.
     
    Date: May 22, 2008

    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/ Donald C. Burke  
      Donald C. Burke
      Chief Executive Officer (principal executive officer) of 
      The BlackRock Insured Municipal 2008 Term sTrust, Inc.
     
    Date: May 22, 2008

    By: /s/ Neal J. Andrews  
      Neal J. Andrews
      Chief Financial Officer (principal financial officer) of 
      The BlackRock Insured Municipal 2008 Term Trust, Inc.
       
    Date: May 22, 2008