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______
_______BlackRock Insured Municipal 2008 Term Trust, Inc._______
(Exact name of registrant as specified in charter)
Robert S. Kapito, President
BlackRock Insured Municipal 2008 Term Trust, Inc.
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:___December 31, 2006
Date of reporting period:__September 30, 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
SEPTEMBER
30, 2006 (unaudited)
BlackRock Insured Municipal 2008 Term Trust (BRM)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| LONG-TERM INVESTMENTS—107.5% | ||||||||||
| Alabama—1.6% | ||||||||||
| AAA | $ 6,555 | Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.25%, 1/01/09, FSA | No Opt. Call | $ 6,648,474 | ||||||
| Arizona—2.1% | ||||||||||
| AAA | 4,000 | Chandler GO, Zero Coupon, 7/01/08, FGIC | No Opt. Call | 3,758,360 | ||||||
| AAA | 1,000 | Phoenix Str. & Hwy. RB, 4.25%, 7/01/09, FGIC | No Opt. Call | 1,018,610 | ||||||
| AAA | 4,200 | Pima Cnty. Str. & Hwy. RB, 4.125%, 7/01/09, FGIC | 07/08 @ 101 | 4,264,554 | ||||||
| 9,041,524 | ||||||||||
| California—2.4% | ||||||||||
| Dept. of Wtr. Res. Pwr. Sply. RB, | ||||||||||
| AAA | 5,000 | Ser. A, 3.125%, 5/01/08, FSA | No Opt. Call | 4,971,450 | ||||||
| AAA | 5,000 | Ser. A, 3.375%, 5/01/09, MBIA | No Opt. Call | 4,994,400 | ||||||
| 9,965,850 | ||||||||||
| Colorado—2.5% | ||||||||||
| AAA | 2,000 | E-470 Pub. Hwy. Auth. RB, Ser. B, Zero Coupon, 9/01/11, MBIA | No Opt. Call | 1,650,640 | ||||||
| AAA | 1,000 | El Paso Cnty. COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC | No Opt. Call | 990,380 | ||||||
| AAA | 6,965 | Regl. Transp. Dist. COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA | 06/07 @ 101 | 7,101,514 | ||||||
| AAA | 1,000 | Thornton COP, 3.25%, 12/01/08, AMBAC | No Opt. Call | 991,120 | ||||||
| 10,733,654 | ||||||||||
| Delaware—0.2% | ||||||||||
| AAA | 650 | Delaware River & Bay Auth. RB, 3.25%, 1/01/09, MBIA | No Opt. Call | 644,222 | ||||||
| District of Columbia—3.1% | ||||||||||
| Dist. of Columbia GO, | ||||||||||
| AAA | 195 | 3 | Ser. B, 5.50%, 6/01/09, FSA | ETM | 204,707 | |||||
| AAA | 2,605 | Ser. B, 5.50%, 6/01/09, FSA | No Opt. Call | 2,729,936 | ||||||
| AAA | 10,000 | Ser. B-1, 5.50%, 6/01/08, AMBAC | No Opt. Call | 10,307,600 | ||||||
| 13,242,243 | ||||||||||
| Florida—1.4% | ||||||||||
| AAA | 2,280 | Broward Cnty. Sch. Brd. COP, Ser. B, 4.25%, 7/01/09, FSA | No Opt. Call | 2,317,073 | ||||||
| AAA | 1,300 | Palm Beach RB, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA | No Opt. Call | 1,341,054 | ||||||
| AAA | 2,080 | Tampa Wtr. & Swr. RB, 5.50%, 10/01/08, FSA | No Opt. Call | 2,158,541 | ||||||
| 5,816,668 | ||||||||||
| Georgia—6.0% | ||||||||||
| AAA | 5,000 | Georgia GO, Ser. E, 5.25%, 2/01/10 | No Opt. Call | 5,275,350 | ||||||
| AAA | 20,000 | Monroe Cnty. PCRB, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC | No Opt. Call | 20,097,400 | ||||||
| 25,372,750 | ||||||||||
| Hawaii—2.7% | ||||||||||
| AAA | 6,510 | Hawaii GO, Ser. CY, 4.00%, 2/01/09, FSA | No Opt. Call | 6,577,444 | ||||||
| AAA | 4,750 | Honolulu City & Cnty. GO, Ser. E, 4.00%, 7/01/08, FGIC | No Opt. Call | 4,785,577 | ||||||
| 11,363,021 | ||||||||||
| Illinois—11.7% | ||||||||||
| AAA | 3,105 | 3 | Chicago Pub. Bldg. RB, Ser. A, Zero Coupon, 1/01/07, MBIA | ETM | 3,078,452 | |||||
| Cook Cnty. High Sch. GO, | ||||||||||
| AAA | 2,000 | Arlington Heights Proj., 4.50%, 12/01/08, FSA | No Opt. Call | 2,040,320 | ||||||
| AAA | 1,175 | 3 | J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC | ETM | 1,047,501 | |||||
| AAA | 4,805 | J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC | No Opt. Call | 4,269,050 | ||||||
| AAA | 13,000 | Dev. Fin. Auth., Gas Sply. RB, 3.05%, 2/01/33, AMBAC | No Opt. Call | 12,869,090 | ||||||
| AAA | 8,985 | Du Page Cnty. Forest Presvtn. Dist. GO, Zero Coupon, 11/01/08 | No Opt. Call | 8,343,830 | ||||||
| AAA | 6,750 | Illinois GO, Ser. 1, 3.50%, 7/01/08, MBIA | No Opt. Call | 6,747,503 | ||||||
| AAA | 1,455 | Kane & Du Page Cntys. Sch. Dist. GO, Ser. A, 3.75%, 1/01/09, FSA | No Opt. Call | 1,460,224 | ||||||
1
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| Illinois—(cont’d) | ||||||||||
| Met. Pier & Expo. Auth. Ded. St. Tax RB, McCormick Place Expansion Proj., | ||||||||||
| AAA | $ 8,385 | 3 | Zero Coupon, 6/15/08, FGIC | ETM | $ 7,893,639 | |||||
| AAA | 215 | Zero Coupon, 6/15/08, FGIC | No Opt. Call | 202,231 | ||||||
| AAA | 1,570 | 3 | Zero Coupon, Ser. A, 6/15/08, FGIC | ETM | 1,477,998 | |||||
| 49,429,838 | ||||||||||
| Kansas—0.2% | ||||||||||
| AAA | 1,000 | Dev. Fin. Auth. Pub. Wtr. Sply. RB, 4.00%, 4/01/09, AMBAC | No Opt. Call | 1,011,110 | ||||||
| Kentucky—0.8% | ||||||||||
| AAA | 3,890 | Owensboro Elec. Lt. & Pwr. RB, Ser. B, Zero Coupon, 1/01/09, AMBAC | No Opt. Call | 3,571,292 | ||||||
| Michigan—4.1% | ||||||||||
| AAA | 6,315 | Detroit City Sch. Dist. GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC | No Opt. Call | 6,381,118 | ||||||
| AAA | 1,665 | 3 | Detroit GO, 3.50%, 4/01/09, MBIA | ETM | 1,662,236 | |||||
| AAA | 3,000 | Trunk Line RB, Ser. A, 4.125%, 11/01/08, FSA | No Opt. Call | 3,035,940 | ||||||
| AAA | 2,695 | West Ottawa Pub. Sch. Dist. GO, Ser. B, 3.50%, 5/01/09, FGIC | No Opt. Call | 2,694,300 | ||||||
| AAA | 2,000 | Western Twnshps. Util. Auth. Swr. Disp. Sys. GO, 5.00%, 1/01/09, FGIC | No Opt. Call | 2,063,600 | ||||||
| AAA | 1,485 | Wyandotte Elec. RB, 6.25%, 10/01/08, MBIA | No Opt. Call | 1,523,684 | ||||||
| 17,360,878 | ||||||||||
| Mississippi—0.5% | ||||||||||
| AAA | 2,175 | De Soto Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA | No Opt. Call | 2,152,880 | ||||||
| Nevada—1.2% | ||||||||||
| Dept. of Bus. & Ind. RB, Las Vegas Monorail Proj., | ||||||||||
| AAA | 2,085 | Zero Coupon, 1/01/09, AMBAC | No Opt. Call | 1,901,583 | ||||||
| AAA | 3,585 | Zero Coupon, 1/01/10, AMBAC | No Opt. Call | 3,137,054 | ||||||
| 5,038,637 | ||||||||||
| New Jersey—0.7% | ||||||||||
| AAA | 1,000 | Monmouth Cnty. Impvt. Auth. Gov’t. Loan RB, 5.00%, 12/01/08, FSA | No Opt. Call | 1,030,460 | ||||||
| AAA | 1,750 | Transp. Trust Fund Auth. Transp. Sys. RB, Ser. C, 5.25%, 12/15/08, AMBAC | No Opt. Call | 1,813,385 | ||||||
| 2,843,845 | ||||||||||
| New Mexico—0.6% | ||||||||||
| AAA | 2,455 | Fin. Auth. Pub. Impvt. Proj. RB, Ser. A, 3.80%, 6/01/08, MBIA | No Opt. Call | 2,466,293 | ||||||
| New York—9.3% | ||||||||||
| AAA | 15,500 | New York City GO, Ser. E, 6.20%, 8/01/07, MBIA | No Opt. Call | 15,844,100 | ||||||
| AAA | 15,915 | New York GO, Ser. F, 5.25%, 9/15/09, MBIA | 09/08 @ 101 | 16,583,271 | ||||||
| AAA | 4,000 | Port Auth. of NY & NJ RB, Ser. 129, 2.875%, 11/01/08, FSA | No Opt. Call | 3,923,800 | ||||||
| AAA | 2,715 | Thruway Auth. Svc. Contract RB, Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA | 10/06 @ 101 | 2,726,050 | ||||||
| 39,077,221 | ||||||||||
| North Carolina—8.1% | ||||||||||
| Eastn. Mun. Pwr. Agcy. Sys. RB, | ||||||||||
| AAA | 13,500 | Ser. B, 6.125%, 1/01/09, FGIC | No Opt. Call | 14,238,855 | ||||||
| AAA | 5,000 | Ser. B, 7.00%, 1/01/08, CAPMAC | No Opt. Call | 5,212,300 | ||||||
| AAA | 14,675 | 4 | Ser. B, 7.25%, 1/01/07, CAPMAC | N/A | 14,804,874 | |||||
| 34,256,029 | ||||||||||
| Oregon—1.5% | ||||||||||
| AAA | 2,905 | Dept. of Admin. Svcs. COP, 5.00%, 11/01/08, FSA | No Opt. Call | 2,989,042 | ||||||
| AAA | 1,285 | Lane Cnty. Sch. Dist. No. 4 GO, 3.00%, 1/01/09, FSA | No Opt. Call | 1,264,491 | ||||||
| AAA | 2,000 | Washington & Clackamas Cntys. Sch. Dist. GO, 3.75%, 6/15/08, MBIA | No Opt. Call | 2,007,440 | ||||||
| 6,260,973 | ||||||||||
| Pennsylvania—10.0% | ||||||||||
| AAA | 1,500 | Bristol Twnshp. Sch. Dist. GO, 4.25%, 2/15/09, FGIC | No Opt. Call | 1,524,915 | ||||||
| Dauphin Cnty. Gen. Auth. RB, HAPSCO-Western PA Hosp. Proj., | ||||||||||
| AAA | 3,570 | Ser. A, 6.25%, 7/01/08, MBIA | 10/06 @ 100 | 3,573,713 | ||||||
| AAA | 1,870 | 3 | Ser. B, 6.25%, 7/01/08, MBIA | ETM | 1,925,296 | |||||
| Dept. of Gen. Svcs. COP, | ||||||||||
| AAA | 2,075 | 4.50%, 5/01/08, FSA | No Opt. Call | 2,105,523 | ||||||
| AAA | 2,120 | 4.50%, 11/01/08, FSA | No Opt. Call | 2,160,746 | ||||||
| AAA | 2,165 | 4.50%, 5/01/09, FSA | No Opt. Call | 2,217,285 | ||||||
| AAA | 2,220 | 4.50%, 11/01/09, FSA | No Opt. Call | 2,282,826 | ||||||
2
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| Pennsylvania—(cont’d) | ||||||||||
| AAA | $ 16,250 | Lehigh Cnty. Indl. Dev. Auth. PCRB, 3.125%, 11/01/08, AMBAC | No Opt. Call | $ 16,041,837 | ||||||
| AAA | 3,175 | Philadelphia GO, 4.10%, 9/15/08, FSA | No Opt. Call | 3,209,893 | ||||||
| AAA | 3,125 | Pittsburgh Pub. Pkg. Auth. Pkg. RB, 3.25%, 12/01/08, AMBAC | No Opt. Call | 3,100,063 | ||||||
| AAA | 3,955 | West Chester Area Sch. Dist. GO, Ser. AA, 3.65%, 1/15/09, MBIA | 07/07 @ 100 | 3,960,893 | ||||||
| 42,102,990 | ||||||||||
| South Carolina—0.5% | ||||||||||
| AAA | 2,020 | Chester Cnty. Sch. Dist. GO, 3.25%, 2/01/09, FSA | No Opt. Call | 2,002,749 | ||||||
| Tennessee—0.2% | ||||||||||
| AAA | 1,000 | Clarksville Wtr. Swr. & Gas RB, 4.30%, 2/01/09, FSA | No Opt. Call | 1,017,450 | ||||||
| Texas—20.2% | ||||||||||
| AAA | 5,380 | Austin Pub. Impvt. GO, 3.50%, 9/01/08, FSA | No Opt. Call | 5,377,902 | ||||||
| Austin Util. Sys. RB, | ||||||||||
| AAA | 5,000 | 6.625%, 11/15/08, AMBAC | No Opt. Call | 5,313,350 | ||||||
| AAA | 11,515 | Ser. A, Zero Coupon, 11/15/08, MBIA | No Opt. Call | 10,674,060 | ||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 11/15/09, AMBAC | No Opt. Call | 4,451,050 | ||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 11/15/09, MBIA | No Opt. Call | 4,451,050 | ||||||
| Coppell Indpt. Sch. Dist. GO, | ||||||||||
| AAA | 1,430 | 3 | 6.10%, 8/15/09, MBIA | ETM | 1,524,380 | |||||
| AAA | 620 | 6.10%, 8/15/09, MBIA | 02/07 @ 100 | 625,549 | ||||||
| AAA | 4,390 | Houston Indpt. Sch. Dist. GO, Zero Coupon, 8/15/09, AMBAC | No Opt. Call | 3,944,678 | ||||||
| Mun. Pwr. Agcy. RB, | ||||||||||
| AAA | 1,075 | 3 | Zero Coupon, 9/01/08, AMBAC | ETM | 1,003,867 | |||||
| AAA | 13,925 | Zero Coupon, 9/01/08, AMBAC | No Opt. Call | 12,996,202 | ||||||
| AAA | 1,155 | 3 | Zero Coupon, 9/01/09, AMBAC | ETM | 1,038,183 | |||||
| AAA | 15,020 | Zero Coupon, 9/01/09, AMBAC | No Opt. Call | 13,504,782 | ||||||
| AAA | 1,500 | North Texas Tollway Auth. RB, Ser. C, 5.00%, 1/01/09, FSA | No Opt. Call | 1,546,065 | ||||||
| Pub. Fin. Auth. Bldg. RB, Gen Svcs. Comm. Projs., | ||||||||||
| AAA | 2,250 | 4 | 5.50%, 2/01/08, AMBAC | N/A | 2,328,548 | |||||
| AAA | 750 | 5.50%, 2/01/09, AMBAC | 02/08 @ 101 | 775,883 | ||||||
| Pub. Fin. Auth. RB, | ||||||||||
| AAA | 2,270 | 3.50%, 2/01/09, FGIC | No Opt. Call | 2,266,913 | ||||||
| AAA | 5,900 | Ser. B, 6.25%, 2/01/09, AMBAC | No Opt. Call | 6,244,029 | ||||||
| AAA | 6,000 | 3 | San Antonio Elec. & Gas RB, Ser. B, Zero Coupon, 2/01/10, FGIC | ETM | 5,299,320 | |||||
| AAA | 2,275 | Ysleta Indpt. Sch. Dist. GO, Zero Coupon, 8/15/08, PSF | No Opt. Call | 2,127,057 | ||||||
| 85,492,868 | ||||||||||
| Utah—3.3% | ||||||||||
| Intermountain Pwr. Agcy. Sply. RB, | ||||||||||
| AAA | 2,215 | 3 | Ser. B, 6.00%, 7/01/07, MBIA | ETM | 2,255,535 | |||||
| AAA | 1,285 | Ser. B, 6.00%, 7/01/07, MBIA | No Opt. Call | 1,307,757 | ||||||
| AAA | 10,300 | 4 | Utah GO, Ser. F, 5.00%, 7/01/07 | N/A | 10,413,815 | |||||
| 13,977,107 | ||||||||||
| Washington—10.4% | ||||||||||
| AAA | 1,250 | Clark Cnty. Pub. Util. Dist. No. 1 RB, 5.00%, 1/01/09, MBIA | No Opt. Call | 1,288,388 | ||||||
| Hlth. Care Fac. Auth. RB, Catholic Hlth. Initiatives Proj., | ||||||||||
| AAA | 1,010 | Ser. A, 5.30%, 12/01/08, MBIA | No Opt. Call | 1,044,875 | ||||||
| AAA | 1,000 | Ser. A, 5.40%, 12/01/10, MBIA | 06/10 @ 101 | 1,064,120 | ||||||
| AAA | 12,850 | King Cnty. GO, Ser. D, 5.55%, 12/01/08, MBIA | 12/07 @ 102 | 13,362,458 | ||||||
| AAA | 3,060 | King Cnty. Pub. Transp. Sales Tax GO, 3.50%, 12/01/08, FSA | No Opt. Call | 3,058,623 | ||||||
| Pub. Pwr. Sply. RB, | ||||||||||
| AAA | 11,000 | Ser. A, 5.80%, 7/01/07, FSA | No Opt. Call | 11,182,160 | ||||||
| AAA | 5,550 | Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA | No Opt. Call | 5,404,645 | ||||||
| AAA | 2,000 | Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA | No Opt. Call | 1,875,320 | ||||||
3
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| Washington—(cont’d) | ||||||||||
| AAA | $ 5,710 | Seattle Impvt. Ltd. Tax GO, 4.00%, 7/01/08, FSA | No Opt. Call | $ 5,755,680 | ||||||
| 44,036,269 | ||||||||||
| West Virginia—0.4% | ||||||||||
| AAA | 1,550 | Econ. Dev. Auth. RB, Correctional Juvenile & Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA | No Opt. Call | 1,567,267 | ||||||
| Wisconsin—1.5% | ||||||||||
| AAA | 6,080 | Wisconsin GO, Ser. C, 4.00%, 5/01/09, MBIA | No Opt. Call | 6,148,096 | ||||||
| Wyoming—0.3% | ||||||||||
| AAA | 1,270 | Albany Cnty. Impvts. Statutory Trust COP, 3.75%, 1/15/09, MBIA | No Opt. Call | 1,275,194 | ||||||
| Total Long-Term Investments (cost $443,318,858) | 453,917,392 | |||||||||
| SHORT-TERM INVESTMENTS—24.9% | ||||||||||
| Delaware—3.5% | ||||||||||
| A-1+ | 15,000 | 5 | Econ. Dev. Auth. RB, Hosp. Billing Proj., Ser. B, 3.80%, 10/04/06, FRWD | N/A | 15,000,000 | |||||
| Florida—2.2% | ||||||||||
| A-1+ | 9,155 | 5 | Pinellas Cnty. Hlth. Fac. Auth. RB, All Children’s Hosp. Proj., 3.78%, 10/02/06, | |||||||
| AMBAC, FRDD | N/A | 9,155,000 | ||||||||
| Kentucky—2.6% | ||||||||||
| A-1+ | 11,000 | 5 | Pub. Energy Auth. RB, Ser. A, 3.86%, 10/02/06, FRDD | N/A | 11,000,000 | |||||
| Massachusetts—5.8% | ||||||||||
| Hlth. & Edl. Fac. Auth. RB, | ||||||||||
| A-1+ | 15,000 | 5 | Harvard Univ. Proj., Ser. BB, 3.73%, 10/05/06, FRWD | N/A | 15,000,000 | |||||
| A-1+ | 9,300 | 5 | Partners Healthcare Sys. Proj., 3.70%, 10/05/06, FRWD | N/A | 9,300,000 | |||||
| 24,300,000 | ||||||||||
| Missouri—0.7% | ||||||||||
| A-1+ | 3,000 | 5 | Hlth. & Edl. Fac. RB, SSM Hlth. Care Proj., Ser. C-1, 3.85%, 10/02/06, FSA, FRDD | N/A | 3,000,000 | |||||
| New Jersey—0.2% | ||||||||||
| A-1+ | 1,015 | 5 | Edl. Facs. Auth. RB, Princeton Univ. Proj., Ser. B, 3.62%, 10/02/06, FRDD | N/A | 1,015,000 | |||||
| New York—0.6% | ||||||||||
| A-1+ | 2,400 | 5 | Triborough Brdg. & Tunl. Auth. RB, Ser. B-2, 3.74%, 10/05/06, FRWD | N/A | 2,400,000 | |||||
| Tennessee—0.1% | ||||||||||
| VMIG1 | 245 | 5 | Clarksville Pub. Bldg. Auth. RB, 3.85%, 10/02/06, FRDD | N/A | 245,000 | |||||
| Money Market Funds—9.2% | ||||||||||
| NR | 21,100 | AIM Tax Free Cash Reserve Portfolio | N/A | 21,100,000 | ||||||
| NR | 17,800 | SSgA Tax Free Money Mkt. Fund | N/A | 17,800,000 | ||||||
| 38,900,000 | ||||||||||
| Total Short-Term Investments (cost $105,015,000) | 105,015,000 | |||||||||
| Total Investments —132.4% (cost $548,333,8586) | $558,932,392 | |||||||||
| Other assets in excess of liabilities (including $28,701,123 in cash) —7.4% | 31,282,089 | |||||||||
| Preferred shares at redemption value, including dividends payable —(39.8)% | (168,053,037 | ) | ||||||||
| Net Assets Applicable to Common Shareholders—100% | $422,161,444 | |||||||||
| 1 | Using the highest of Standard & Poor’s, Moody’s Investors Services 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 Municipal or 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, 2006. |
| 6 | Cost for Federal income tax purposes is $547,885,795. The net unrealized appreciation on a tax basis is $11,046,597, consisting of $12,101,472 gross unrealized appreciation and $1,054,875 gross unrealized depreciation. |
4
BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)
| The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 82.3% of the Trust’s managed assets. |
| AMBAC | — | 23.3% | ||
| CAPMAC | — | 3.5% | ||
| FGIC | — | 10.8% | ||
| FSA | — | 15.4% | ||
| MBIA | — | 22.3% | ||
| PSF | — | 0.4% | ||
| Other | — | 6.6% |
| KEY TO ABBREVIATIONS | |||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | FSA | — | Financial Security Assurance | ||
| CAPMAC | — | Capital Markets Assurance Co. | GO | — | General Obligation | ||
| COP | — | Certificate of Participation | MBIA | — | Municipal Bond Insurance Assoc. | ||
| ETM | — | Escrowed to Maturity | PCRB | — | Pollution Control Revenue Bond | ||
| FGIC | — | Financial Guaranty Insurance Co. | PSF | — | Public School Fund Guaranteed | ||
| FRDD | — | Floating Rate Daily Demand | RB | — | Revenue Bond | ||
| FRWD | — | Floating Rate Weekly Demand | ST | — | Special Tax | ||
5
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/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006
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
_____________________________________________________________________
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: November 29, 2006
By: /s/ Donald C. Burke
_____________________________________________________________________
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: November 29, 2006