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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      

BlackRock Insured Municipal 2008 Term Trust, Inc. 
(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 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, 2007
Date of reporting period:    March 31, 2007

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)
 MARCH 31, 2007

 

BlackRock Insured Municipal 2008 Term Trust (BRM)

 

(Percentages shown are based on Net Assets)

Principal                
Amount       Option Call        
(000)     Description Provisions1     Value   
      LONG-TERM INVESTMENTS—99.1%          
      Alabama—1.6%          
$ 6,555     Birmingham Jefferson Civic Ctr. Auth. ST, Ser. A, 4.25%, 1/01/09, FSA No Opt. Call   $ 6,625,335   
      Arizona—1.9%          
4,000     Chandler, Ad Valorem Ppty. Tax GO, Zero Coupon, 7/01/08, FGIC No Opt. Call     3,819,040   
4,200     Pima Cnty., Hwy. Impvts. Misc. RB, 4.125%, 7/01/09, FGIC 07/08@ 101     4,248,930   
              8,067,970   
      California—1.2%          
5,000     Dept. of Wtr. Recs., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, Ser. A, 3.125%, 5/01/08, FSA No Opt. Call     4,978,200   
      Colorado—2.6%          
1,000     City of Thornton, Pub. Impvts. Lease Approp. COP, 3.25%, 12/01/08, AMBAC No Opt. Call     992,590   
1,000     Cnty. of El Paso, Correctional Fac. Impvts. Lease Approp. COP, Detention Fac. Proj., Ser.          
         B, 3.20%, 12/01/08, AMBAC No Opt. Call     991,750   
2,000     E-470 Pub. Hwy. Auth., Hwy. Tolls RB, Ser. B, Zero Coupon, 9/01/11, MBIA No Opt. Call     1,687,620   
6,965     Regl. Transp. Dist., Trans. Impvts. Lease Approp. COP, Trans. Vehicles Proj., Ser. A,          
         5.00%, 6/01/08, MBIA 06/07@ 101     7,048,859   
              10,720,819   
      Delaware—0.2%          
650     Delaware River & Bay Auth., Pub. Impvt. Port, Arpt. & Marina RB, 3.25%, 1/01/09, MBIA No Opt. Call     645,710   
      District of Columbia—3.1%          
      Dist. of Columbia, Ad Valorem Ppty. Tax GO,          
195 2      Ser. B, 5.50%, 6/01/09, FSA ETM     202,531   
2,605        Ser. B, 5.50%, 6/01/09, FSA No Opt. Call     2,705,058   
10,000        Ser. B-1, 5.50%, 6/01/08, AMBAC No Opt. Call     10,209,400   
              13,116,989   
      Florida—1.4%          
2,280     Broward Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP, Ser. B, 4.25%, 7/01/09, FSA No Opt. Call     2,308,728   
2,080     City of Tampa, Wtr. RB, Wtr. & Swr. Proj., 5.50%, 10/01/08, FSA No Opt. Call     2,137,304   
1,300     Town of Palm Beach, Misc. RB, Beach Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA No Opt. Call     1,330,576   
              5,776,608   
      Georgia—6.1%          
5,000     Georgia GO, Ser. E, 5.25%, 2/01/10 No Opt. Call     5,224,400   
20,000     Monroe Cnty. Dev. Auth., Indl. PCRB, Georgia Pwr. Co. Plant Scherer Proj., 4.20%,          
         1/01/12, AMBAC No Opt. Call     20,159,600   
              25,384,000   
      Hawaii—2.7%          
4,750     City & Cnty. of Honolulu, Ad Valorem Ppty. Tax GO, Ser. E, 4.00%, 7/01/08, FGIC No Opt. Call     4,772,278   
6,510     Hawaii GO, Ser. CY, 4.00%, 2/01/09, FSA No Opt. Call     6,555,635   
              11,327,913   
      Illinois—11.2%          
      Cook Cnty. High Sch. Dist. No. 201, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO,          
1,175 2      J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC ETM     1,064,338   
4,805        J. Sterling Morton Twnshp. Proj., Zero Coupon, 12/01/09, FGIC No Opt. Call     4,346,747   
2,000     Cook Cnty. Sch. Dist. No. 25, Ad Valorem Ppty. Tax GO, Arlington Heights Proj., 4.50%,          
         12/01/08, FSA No Opt. Call     2,028,180   
13,000     Dev. Fin. Auth., Gas Sply. RB, 3.05%, 2/01/33, AMBAC No Opt. Call     12,911,470   
8,985     Du Page Cnty. Forest Presvtn. Dist., Pub. Impvts. Ad Valorem Ppty. Tax GO, Zero          
         Coupon, 11/01/08 No Opt. Call     8,471,777   
6,750     Illinois, Pub. Impvts. GO, Ser. 1, 3.50%, 7/01/08, MBIA No Opt. Call     6,740,752   
1,455     Kane & Du Page Cntys. Cmnty. Unit Sch. Dist. No. 303, Sch. Impvts. Ad Valorem Ppty.          
         Tax GO, Ser. A, 3.75%, 1/01/09, FSA No Opt. Call     1,458,376   
      Met. Pier & Expo. Auth.,          
8,385 2    Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08,          
         FGIC ETM     8,016,815   
215      Pub. Impvts. Misc. Tax RB, McCormick Place Expansion Proj., Zero Coupon, 6/15/08,          
         FGIC No Opt. Call     205,635   

1

 

 

BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)

 

(Percentages shown are based on Net Assets)

Principal                
Amount       Option Call        
(000)     Description Provisions1     Value   
      Illinois—(cont'd)          
$1,570 2      Student Loans Lease Abatement RB, McCormick Place Expansion Proj., Ser. A, Zero          
         Coupon, 6/15/08, FGIC ETM   $ 1,501,061   
              46,745,151   
      Kansas—0.2%          
1,000     Dev. Fin. Auth., Wtr. Util. Impvts. Wtr. RB, 4.00%, 4/01/09, AMBAC No Opt. Call     1,007,850   
      Kentucky—0.9%          
3,890     Owensboro, Elec., Pwr. & Lt. Impvts. RB, Ser. B, Zero Coupon, 1/01/09, AMBAC No Opt. Call     3,643,607   
      Michigan—3.0%          
6,315     Detroit City Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Sch. Bldg. & Site Impvt.          
         Proj., Ser. A, 4.00%, 5/01/09, FGIC No Opt. Call     6,361,352   
1,665 2   Detroit, Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 4/01/09, MBIA ETM     1,657,674   
3,000     Michigan, Hwy. Impvts. Misc. RB, Trunk Line Proj., Ser. A, 4.125%, 11/01/08, FSA No Opt. Call     3,024,000   
1,485     Wyandotte, Elec., Pwr. & Lt. RB, 6.25%, 10/01/08, MBIA No Opt. Call     1,516,319   
              12,559,345   
      Mississippi—0.5%          
2,175     De Soto Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 3.25%, 2/01/09, FSA No Opt. Call     2,157,317   
      Nevada—1.2%          
      Director of the St. of Nevada Dept. of Bus. & Ind., Trans. Impvts. RB, Las Vegas Monorail          
         Proj.,          
2,085        Zero Coupon, 1/01/09, AMBAC No Opt. Call     1,952,206   
3,585        Zero Coupon, 1/01/10, AMBAC No Opt. Call     3,228,615   
              5,180,821   
      New Jersey—0.7%          
1,000     Monmouth Cnty. Impvt. Auth., Misc. RB, Gov't Loan Proj., 5.00%, 12/01/08, FSA No Opt. Call     1,022,760   
1,750     Transp. Trust Fund Auth., Trans. Impvts. RB, Ser. C, 5.25%, 12/15/08, AMBAC No Opt. Call     1,797,337   
              2,820,097   
      New Mexico—0.6%          
2,455     Fin. Auth., Pub. Impvt. Misc. RB, Ser. A, 3.80%, 6/01/08, MBIA No Opt. Call     2,460,475   
      New York—9.3%          
15,500     City of New York, Ad Valorem Ppty. Tax GO, Ser. E, 6.20%, 8/01/07, MBIA No Opt. Call     15,628,185   
15,915     New York GO, Ser. F, 5.25%, 9/15/09, MBIA 09/08@ 101     16,430,965   
4,000     Port Auth. of New York & New Jersey, Port, Arpt. & Marina RB, Ser. 129, 2.875%,          
         11/01/08, FSA No Opt. Call     3,941,680   
2,715     Thruway Auth., Misc. RB, Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA 04/07@ 100     2,718,855   
              38,719,685   
      North Carolina—4.6%          
      Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,          
13,500        Ser. B, 6.125%, 1/01/09, FGIC No Opt. Call     14,066,055   
5,000        Ser. B, 7.00%, 1/01/08, CAPMAC No Opt. Call     5,121,350   
              19,187,405   
      Oregon—1.5%          
2,905     Dept. of Admin. Svcs., Lease Approp. COP, 5.00%, 11/01/08, FSA No Opt. Call     2,965,250   
1,285     Lane Cnty. Sch. Dist. No. 4-J, Ad Valorem Ppty. Tax GO, Eugene Proj., 3.00%, 1/01/09,          
         FSA No Opt. Call     1,267,665   
2,000     Washington & Clackamas Cntys. Sch. Dist. No. 23-J, Sch. Impvts. Ad Valorem Ppty. Tax          
         GO, Tigard Proj., 3.75%, 6/15/08, MBIA No Opt. Call     2,003,680   
              6,236,595   
      Pennsylvania—8.2%          
3,175     City of Philadelphia, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.10%, 9/15/08, FSA No Opt. Call     3,195,955   
      Dauphin Cnty. Gen. Auth., Hlth., Hosp. & Nursing Home RB, Western Pennsylvania Hosp.          
         Proj.,          
3,570        Ser. A, 6.25%, 7/01/08, MBIA 04/07@ 100     3,576,747   
1,870 2      Ser. B, 6.25%, 7/01/08, MBIA ETM     1,899,191   
      Dept. of Gen. Svcs., Lease Approp. COP,          
2,075        4.50%, 5/01/08, FSA No Opt. Call     2,093,343   
2,120        4.50%, 11/01/08, FSA No Opt. Call     2,147,136   
2,165        4.50%, 5/01/09, FSA No Opt. Call     2,201,156   

2

 

 

BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)

 

(Percentages shown are based on Net Assets)

Principal                
Amount       Option Call        
(000)     Description  Provisions1     Value   
      Pennsylvania—(cont'd)           
$16,250     Lehigh Cnty. Indl. Dev. Auth., Indl. PCRB, PPL Electric Util. Corp. Proj., 3.125%,           
         11/01/08, AMBAC  No Opt. Call   $ 16,093,512   
3,125     Pittsburgh Pub. Pkg. Auth., Auto Pkg. RB, 3.25%, 12/01/08, AMBAC  No Opt. Call     3,102,844   
              34,309,884   
      Tennessee—0.2%           
1,000     Clarksville, Wtr. RB, 4.30%, 2/01/09, FSA  No Opt. Call     1,012,640   
      Texas—20.2%           
      City of Austin,           
5,000        Elec., Pwr. & Lt. RB, 6.625%, 11/15/08, AMBAC  No Opt. Call     5,229,950   
5,000        Elec., Pwr. & Lt. RB, Ser. A, Zero Coupon, 11/15/09, AMBAC  No Opt. Call     4,528,400   
5,380        Pub. Impvts. Ad Valorem Ppty. Tax GO, 3.50%, 9/01/08, FSA  No Opt. Call     5,371,015   
11,515        Wtr. RB, Ser. A, Zero Coupon, 11/15/08, MBIA  No Opt. Call     10,836,076   
5,000        Wtr. RB, Ser. A, Zero Coupon, 11/15/09, MBIA  No Opt. Call     4,528,400   
6,000 2   City of San Antonio, Elec., Pwr. & Lt. RB, Ser. B, Zero Coupon, 2/01/10, FGIC  ETM     5,398,440   
1,430 2   Coppell Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, 6.10%, 8/15/09, MBIA  ETM     1,509,608   
4,390     Houston Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/09, AMBAC  No Opt. Call     4,013,601   
      Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB,           
1,075 2      Zero Coupon, 9/01/08, AMBAC  ETM     1,019,777   
13,925        Zero Coupon, 9/01/08, AMBAC  No Opt. Call     13,208,420   
1,155 2      Zero Coupon, 9/01/09, AMBAC  ETM     1,056,213   
15,020        Zero Coupon, 9/01/09, AMBAC  No Opt. Call     13,712,509   
1,500     North Texas Tollway Auth., Hwy. Tolls RB, Ser. C, 5.00%, 1/01/09, FSA  No Opt. Call     1,534,515   
      Pub. Fin. Auth.,           
5,900        Lease Approp. RB, Ser. B, 6.25%, 2/01/09, AMBAC  No Opt. Call     6,168,627   
2,250 3      Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/08, AMBAC  N/A     2,306,250   
750        Lease RB, Gen. Svcs. Comm. Projs., 5.50%, 2/01/09, AMBAC  02/08@ 101     768,375   
1,000        Misc. RB, 3.50%, 2/01/09, FGIC  No Opt. Call     997,850   
2,275     Ysleta Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/08, PSF  No Opt. Call     2,161,273   
              84,349,299   
      Utah—3.3%           
      Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB,           
2,215 2      Ser. B, 6.00%, 7/01/07, MBIA  ETM     2,227,736   
1,285        Ser. B, 6.00%, 7/01/07, MBIA  No Opt. Call     1,292,428   
10,300 3   Utah, Hwy. Impvts. Ad Valorem Ppty. Tax GO, Ser. F, 5.00%, 7/01/07  N/A     10,334,196   
              13,854,360   
      Washington—10.5%           
5,710     City of Seattle, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 7/01/08, FSA  No Opt. Call     5,735,410   
1,250     Clark Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, 5.00%, 1/01/09, MBIA  No Opt. Call     1,279,188   
      Cnty. of King,           
3,060        Ad Valorem Ppty. Tax GO, 3.50%, 12/01/08, FSA  No Opt. Call     3,054,002   
12,850        Recreational Fac. Impvts. Ad Valorem Ppty. Tax GO, Ser. D, 5.55%, 12/01/08, MBIA  12/07@ 102     13,232,801   
      Energy Northwest, Elec., Pwr. & Lt. RB,           
11,000        Ser. A, 5.80%, 7/01/07, FSA  No Opt. Call     11,056,980   
5,550 2      Pub. Pwr. No. 3 Proj., Zero Coupon, 7/01/07  ETM     5,498,274   
2,000        Pub. Pwr. No. 3 Proj., Zero Coupon, 7/01/08  No Opt. Call     1,909,280   
         Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. Initiatives           
         Proj.,           
1,010        Ser. A, 5.30%, 12/01/08, MBIA  No Opt. Call     1,035,876   
1,000        Ser. A, 5.40%, 12/01/10, MBIA  06/10@ 101     1,056,020   
              43,857,831   
      West Virginia—0.4%           
1,550     Econ. Dev. Auth., Correctional Fac. Impvts. Lease Approp. RB, Correctional Juvenile &           
         Pub. Proj., Ser. A, 4.25%, 6/01/08, MBIA  No Opt. Call     1,561,191   
      Wisconsin—1.5%           
6,080     Wisconsin, Pub. Impvts. Misc. GO, Ser. C, 4.00%, 5/01/09, MBIA  No Opt. Call     6,128,275   
      Wyoming—0.3%           
1,270     Albany Cnty. Impvts. Stat. Trust, Pub. Impvts. Lease Abatement COP, 3.75%, 1/15/09,           
         MBIA  No Opt. Call     1,271,473   
      Total Long-Term Investments (cost $405,819,143)        413,706,845   

3

 

 

BlackRock Insured Municipal 2008 Term Trust (BRM) (continued)

 

(Percentages shown are based on Net Assets)

Principal      
       
Amount      
Option Call 
       
(000)     Description 
Provisions1 
    Value  
      SHORT-TERM INVESTMENTS—3.7% 
       
      Florida—2.4% 
       
$10,000 4   Sarasota Cnty. Pub. Hosp. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, Sarasota Mem. 
       
         Hosp. Proj., Ser. A, 3.80%, 4/02/07, AMBAC, FRDD 
N/A 
  $ 10,000,000  
      Missouri—0.7% 
       
3,000 4   Hlth. & Edl. Facs. Auth., Univ. & Coll. Impvts. RB, St. Louis Univ. Proj., Ser. A, 3.75%, 
       
     4/02/07, MBIA, FRDD  N/A      3,000,000  
                 
Shares      
       
(000)      
       
      Money Market Fund—0.6% 
       
2,300     AIM Tax Free Cash Res. Portfolio - Institutional Class, 3.45%  N/A      2,300,000  
      Total Short-Term Investments (cost $15,300,000) 
    15,300,000  
      Total Investments —102.8% (cost $421,119,1435) 
  $ 429,006,845  
      Other assets in excess of liabilities —16.6% 
    69,411,831  
      Preferred shares at redemption value, including dividends payable —(19.4)% 
    (81,009,825 ) 
      Net Assets Applicable to Common Shareholders—100% 
  $ 417,408,851  

  _________________
1 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
 
2 Security is collateralized by Municipal or U.S. Treasury obligations.
 
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 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, 2007.
 
5 Cost for federal income tax purposes is $420,631,862. The net unrealized appreciation on a tax basis is $8,374,983, consisting of $9,007,930 gross unrealized appreciation and $632,947 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 80.5% of the Trust's managed assets.
 
AMBAC  — 27.3%
CAPMAC  — 1.0%
FGIC  — 15.0%
FSA  — 16.7%
MBIA  — 19.6%
PSF  — 0.4%
Other  — 0.5%

KEY TO ABBREVIATIONS 
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    PSF  — Public School Fund Guaranteed 
FGIC  — Financial Guaranty Insurance Co.    RB  — Revenue Bond 
FRDD  — Floating Rate Daily Demand    ST  — Special Tax 
FSA  — Financial Security Assurance       

4

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: May 25, 2007 

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: May 25, 2007

 

By:   /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: May 25, 2007