34238

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, 2004
____________________________________________
   
Date of reporting period:      March 31 , 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)
MARCH 31, 2005

BlackRock Insured Municipal 2008 Term Trust (BRM)

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2 Value      
    LONG-TERM INVESTMENTS—136.1%    
      Alabama—2.1%    
AAA $ 2,410   Auburn Univ., 5.00%, 4/01/09, AMBAC No Opt. Call $ 2,566,578  
AAA 6,555   Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.25%, 1/01/09, FSA No Opt. Call 6,795,437  
          9,362,015  
      Alaska—0.9%    
AAA 4,000   Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA No Opt. Call 4,076,880  
      Arizona—2.0%    
AAA 4,000   Chandler, GO, Zero Coupon, 7/01/08, FGIC No Opt. Call 3,595,360  
AAA 1,000   Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC No Opt. Call 1,039,660  
AAA 4,200   Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC 07/08 @ 101 4,345,950  
          8,980,970  
      California—2.3%    
      Dept. of Wtr. Res. Pwr. Sply. Rev., Ser. A,    
AAA 5,000       3.125%, 5/01/08, FSA No Opt. Call 5,031,300  
AAA 5,000       3.375%, 5/01/09, MBIA No Opt. Call 5,054,050  
          10,085,350  
      Colorado—2.4%    
AAA 2,000   E-470 Pub. Hwy. Auth., Ser. B, Zero Coupon, 9/01/11, MBIA No Opt. Call 1,535,380  
AAA 1,000   El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC No Opt. Call 1,001,340  
AAA 6,965   Regl. Transp. Dist., COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA 06/07 @ 101 7,329,200  
AAA 1,000   Thornton, COP, 3.25%, 12/01/08, AMBAC No Opt. Call 1,003,060  
          10,868,980  
      Delaware—0.1%    
AAA 650   Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA No Opt. Call 651,345  
      District of Columbia—3.1%    
      Dist. of Columbia, GO,    
AAA 195 3     Ser. B, 5.50%, 6/01/09, FSA ETM 212,392  
AAA 2,605       Ser. B, 5.50%, 6/01/09, FSA No Opt. Call 2,827,832  
AAA 10,000       Ser. B-1, 5.50%, 6/01/08, AMBAC No Opt. Call 10,712,600  
          13,752,824  
      Florida—4.7%    
AAA 2,280   Broward Cnty. Sch. Brd., COP, Ser. B, 4.25%, 7/01/09, FSA No Opt. Call 2,370,425  
AAA 13,890   Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA No Opt. Call 14,867,300  
AAA 1,300   Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA No Opt. Call 1,383,668  
AAA 2,080   Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA No Opt. Call 2,246,733  
          20,868,126  
      Georgia—5.9%    
AAA 5,000   Georgia, GO, Ser. E, 5.25%, 2/01/10 No Opt. Call 5,438,100  
AAA 20,000   Monroe Cnty. PCR, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC No Opt. Call 20,551,800  
          25,989,900  
      Hawaii—3.8%    
      Hawaii, GO, FSA,    
AAA 6,510       Ser. CY, 4.00%, 2/01/09 No Opt. Call 6,702,826  
AAA 8,045       Ser. CZ, 3.25%, 7/01/09 No Opt. Call 8,054,252  
AAA 1,880   Honolulu City & Cnty., Ser. A, 5.00%, 3/01/09, MBIA No Opt. Call 2,005,396  
          16,762,474  
      Illinois—14.2%    
AAA 2,930   Chicago, Ser. A, 5.00%, 1/01/09, AMBAC No Opt. Call 3,113,242  
      Chicago Park Dist., Pkg. Rev., GO,    
AAA 3,290       Ser. A, 3.00%, 1/01/08, FGIC No Opt. Call 3,284,769  
AAA 1,750       Ser. A, 3.50%, 1/01/09, FGIC No Opt. Call 1,767,692  
AAA 1,000       Ser. C, 3.00%, 1/01/09, AMBAC No Opt. Call 992,630  
AAA 3,105 3 Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA ETM 2,950,837  

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, 4.50%, 12/01/08, FSA No Opt. Call $ 2,091,760  
AAA 1,175 3     J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC ETM 999,737  
AAA 4,805       J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC No Opt. Call 4,041,822  
AAA 13,000   Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC No Opt. Call 12,959,440  
AAA 8,985   Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08 No Opt. Call 7,934,833  
      Illinois, GO, Ser. 1, MBIA,    
AAA 6,750       3.50%, 7/01/08 No Opt. Call 6,838,628  
AAA 5,000       3.75%, 7/01/09 No Opt. Call 5,096,100  
AAA 1,455   Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA No Opt. Call 1,482,427  
      Met. Pier & Expo. Auth. Ded. St. Tax Rev., McCormick Place Expansion Proj., FGIC,    
AAA 8,385 3     Zero Coupon, 6/15/08 ETM 7,576,351  
AAA 215       Zero Coupon, 6/15/08 No Opt. Call 192,988  
AAA 1,570 3     Ser. A, Zero Coupon, 6/15/08 ETM 1,418,589  
          62,741,845  
      Kansas—0.2%    
AAA 1,000   Dev. Fin. Auth., Pub. Wtr. Sply. Proj., 4.00%, 4/01/09, AMBAC No Opt. Call 1,028,220  
      Kentucky—0.8%    
AAA 3,890   Owensboro Elec. Lt. & Pwr., Ser. B, Zero Coupon, 1/01/09, AMBAC No Opt. Call 3,412,969  
      Louisiana—1.3%    
AAA 5,770   Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA No Opt. Call 5,800,639  
      Massachusetts—0.1%    
AAA 355   Hsg. Fin. Agcy., Hsg. Projs., Ser. A, 5.95%, 10/01/08, AMBAC 05/05 @ 101 355,777  
      Michigan—6.4%    
AAA 1,665 3 Detroit, GO, 3.50%, 4/01/09, MBIA ETM 1,685,430  
AAA 6,315   Detroit City Sch. Dist., GO, Sch. Bldg. & Site Impvt. Proj., Ser. A, 4.00%, 5/01/09, FGIC No Opt. Call 6,511,207  
      Lake Orion Cmnty. Sch. Dist., AMBAC,    
AAA 3,290 4     6.60%, 5/01/05 N/A 3,333,329  
AAA 3,285 4     6.70%, 5/01/05 N/A 3,328,494  
AAA 3,000   Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA No Opt. Call 3,103,170  
AAA 2,535   Washtenaw Cmnty. Coll., 4.00%, 4/01/09, MBIA No Opt. Call 2,612,292  
AAA 2,695   West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC No Opt. Call 2,727,663  
AAA 2,000   Western Twnshps. Util. Auth. Swr. Disp. Sys., 5.00%, 1/01/09, FGIC No Opt. Call 2,130,900  
AAA 2,800   Wyandotte Elec., 6.25%, 10/01/08, MBIA No Opt. Call 2,965,508  
          28,397,993  
      Mississippi—0.5%    
AAA 2,175   De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA No Opt. Call 2,180,372  
      Nevada—3.1%    
AAA 6,270   Clark Cnty. Sch. Dist., Ser. A, 4.00%, 6/01/09, FGIC No Opt. Call 6,456,156  
      Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,    
AAA 2,085       Zero Coupon, 1/01/09 No Opt. Call 1,803,316  
AAA 3,585       Zero Coupon, 1/01/10 No Opt. Call 2,957,733  
AAA 2,245   Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09, FGIC No Opt. Call 2,370,810  
          13,588,015  
      New Jersey—1.2%    
AAA 1,220   Econ. Dev. Auth., Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA No Opt. Call 1,279,695  
      Monmouth Cnty. Impvt. Auth. Gov’t. Loan,    
AAA 1,220       3.10%, 4/15/09, AMBAC No Opt. Call 1,216,791  
AAA 1,000       5.00%, 12/01/08, FSA No Opt. Call 1,066,930  
AAA 1,750   Transp. Trust Fund Auth., Transp. Sys. Proj., Ser. C, 5.25%, 12/15/08, AMBAC No Opt. Call 1,880,305  
          5,443,721  
      New Mexico—1.1%    
AAA 2,030   Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA No Opt. Call 2,050,889  
AAA 2,600   Fin. Auth., Pub. Impvt. Proj., Ser. A, 3.80%, 6/01/08, MBIA No Opt. Call 2,654,236  
          4,705,125  

2

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

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2 Value      
    New York—13.2%    
      Env. Fac. Corp., PCR, Ser. D,    
AAA $ 1,030       6.50%, 5/15/07 05/05 @ 102 $ 1,056,111  
AAA 80       6.50%, 11/15/07 05/05 @ 102 82,028  
AAA 2,000   Erie Cnty., Pub. Impvt. Proj., Ser. A, 4.50%, 3/15/09, FGIC No Opt. Call 2,094,080  
      New York, MBIA,    
AAA 1,450 3     Ser. E, 6.125%, 8/01/06 ETM 1,516,917  
AAA 3,550       Ser. E, 6.125%, 8/01/06 No Opt. Call 3,710,034  
AAA 15,915       GO, Ser. F, 5.25%, 9/15/09 09/08 @ 101 17,075,681  
      New York City, GO, MBIA,    
AAA 15,500       Ser. E, 6.20%, 8/01/07 No Opt. Call 16,621,890  
AAA 2,890 4     Ser. G, 5.75%, 2/01/06 N/A 3,009,530  
AAA 2,110       Ser. G, 5.75%, 2/01/08 02/06 @ 101.5 2,197,270  
AAA 4,250   New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs. Proj., Ser. A, 3.50%, 2/15/09, AMBAC No Opt. Call 4,289,695  
AAA 4,000   Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA No Opt. Call 3,985,800  
AAA 2,715   Thruway Auth. Svc. Contract Rev., Local Hwy. & Brdg. Proj., Ser. A, 5.40%, 1/01/09, MBIA 05/05 @ 102 2,779,698  
          58,418,734  
      North Carolina—8.2%    
      Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B,    
AAA 13,500       6.125%, 1/01/09, FGIC No Opt. Call 14,890,365  
AAA 5,000       7.00%, 1/01/08, CAPMAC No Opt. Call 5,507,950  
AAA 14,675       7.25%, 1/01/07, CAPMAC No Opt. Call 15,780,174  
          36,178,489  
      Ohio—0.5%    
AAA 2,000   Bldg. Auth. Workers Comp. Facs., Ser. A, 5.00%, 4/01/09, FGIC No Opt. Call 2,135,340  
      Oregon—1.9%    
      Dept. of Admin. Svcs., FSA,    
AAA 2,905       COP, 5.00%, 11/01/08 No Opt. Call 3,090,223  
AAA 2,255       Lottery Rev., Ser. C, 3.125%, 4/01/09 No Opt. Call 2,250,377  
AAA 1,285   Lane Cnty. Sch. Dist. No. 4, 3.00%, 1/01/09, FSA No Opt. Call 1,279,115  
AAA 2,000   Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA No Opt. Call 2,042,240  
          8,661,955  
      Pennsylvania—12.0%    
AAA 1,460   Bensalem Twnshp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC No Opt. Call 1,461,139  
AAA 1,500   Bristol Twnshp. Sch. Dist., 4.25%, 2/15/09, FGIC No Opt. Call 1,560,600  
      Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., MBIA,    
AAA 6,910       Ser. A, 6.25%, 7/01/08 05/05 @ 100 6,939,160  
AAA 3,530 3     Ser. B, 6.25%, 7/01/08 ETM 3,714,866  
      Dept. of Gen. Svcs., COP, FSA,    
AAA 2,075       4.50%, 5/01/08 No Opt. Call 2,162,565  
AAA 2,120       4.50%, 11/01/08 No Opt. Call 2,219,598  
AAA 2,165       4.50%, 5/01/09 No Opt. Call 2,273,293  
AAA 2,220       4.50%, 11/01/09 No Opt. Call 2,334,086  
AAA 3,500   Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp. Proj., Ser. A, 6.00%, 6/01/06, MBIA No Opt. Call 3,629,570  
AAA 16,250   Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC No Opt. Call 16,290,788  
AAA 3,175   Philadelphia, GO, 4.10%, 9/15/08, FSA No Opt. Call 3,283,172  
AAA 3,125   Pittsburgh Pub. Pkg. Auth. Pkg. Rev., 3.25%, 12/01/08, AMBAC No Opt. Call 3,141,000  
AAA 3,955   West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA 07/07 @ 100 4,008,432  
          53,018,269  
      South Carolina—0.8%    
AAA 2,020   Chester Cnty. Sch. Dist., 3.25%, 2/01/09, FSA No Opt. Call 2,032,241  
AAA 1,705   Lexington Cnty. Sch. Dist. 1, COP, 3.50%, 3/01/09, AMBAC No Opt. Call 1,731,121  
          3,763,362  
      Tennessee—0.2%    
AAA 1,000   Clarksville Wtr., Swr. & Gas Rev., 4.30%, 2/01/09, FSA No Opt. Call 1,041,800  

3

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

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2 Value      
    Texas—23.9%    
      Austin Util. Sys.,    
AAA $ 11,515       Ser. A, Zero Coupon, 11/15/08, MBIA No Opt. Call $ 10,173,387  
AAA 5,000       Ser. A, Zero Coupon, 11/15/09, AMBAC No Opt. Call 4,233,800  
AAA 5,000       Ser. A, Zero Coupon, 11/15/09, MBIA No Opt. Call 4,233,800  
AAA 5,000       6.625%, 11/15/08, AMBAC No Opt. Call 5,570,400  
AAA 5,380   Austin Pub. Impvt.,, GO, 3.50%, 9/01/08, FSA No Opt. Call 5,452,415  
      Coppell Indpt. Sch. Dist., MBIA,    
AAA 1,430 3     6.10%, 8/15/09 ETM 1,587,085  
AAA 620       6.10%, 8/15/09 08/05 @ 10 628,147  
AAA 2,500   Dallas Wtr. Wks. & Swr. Sys., 3.50%, 4/01/09, FSA No Opt. Call 2,525,075  
AAA 2,000   Houston Pub. Impvt., Ser. A-1, 5.00%, 3/01/09, MBIA No Opt. Call 2,130,360  
AAA 4,390   Houston Indpt. Sch. Dist., Zero Coupon, 8/15/09, AMBAC No Opt. Call 3,755,777  
      Lower Colorado River Auth.,    
AAA 2,010       3.50%, 5/15/09, MBIA No Opt. Call 2,030,683  
AAA 2,690       5.25%, 5/15/09, FSA No Opt. Call 2,897,534  
AAA 1,650   Lubbock Cnty., 3.50%, 2/15/09, FGIC No Opt. Call 1,667,193  
      Mun. Pwr. Agcy., AMBAC,    
AAA 980 3     Zero Coupon, 9/01/08 ETM 879,570  
AAA 14,020       Zero Coupon, 9/01/08 No Opt. Call 12,482,567  
AAA 1,045 3     Zero Coupon, 9/01/09 ETM 899,201  
AAA 15,130       Zero Coupon, 9/01/09 No Opt. Call 12,901,351  
AAA 1,500   North Texas Tollway Auth., Ser. C, 5.00%, 1/01/09, FSA No Opt. Call 1,595,445  
      Pub. Fin. Auth.,    
AAA 2,270       3.50%, 2/01/09, FGIC No Opt. Call 2,295,878  
AAA 3,000       Ser. A, 5.50%, 2/01/09, AMBAC 02/08 @ 101 3,216,270  
AAA 5,900       Ser. B, 6.25%, 2/01/09, AMBAC No Opt. Call 6,535,548  
AAA 6,000 3 San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/10, FGIC ETM 5,025,000  
AAA 9,050   Tarrant Regl. Wtr. Dist. Impvt., 3.50%, 3/1/09, FSA No Opt. Call 9,155,342  
AAA 1,825   Williamson Cnty., GO, Ser. B, 5.00%, 2/15/09, FSA No Opt. Call 1,942,676  
AAA 2,275   Ysleta Indpt. Sch. Dist., GO, Zero Coupon, 8/15/08 No Opt. Call 2,025,910  
          105,840,414  
      Utah—3.3%    
      Intermountain Pwr. Agcy. Sply., Ser. B, MBIA,    
AAA 2,215 3     6.00%, 7/01/07 ETM 2,366,174  
AAA 1,285       6.00%, 7/01/07 No Opt. Call 1,366,944  
AAA 10,300 4 Utah, GO, Ser. F, 5.00%, 7/01/07 N/A 10,781,113  
          14,514,231  
      Washington—10.6%    
AAA 1,250   Clark Cnty. Pub. Util. Dist. No. 1 Rev., 5.00%, 1/01/09, MBIA No Opt. Call 1,329,538  
      Hlth. Care Fac. Auth., Catholic Hlth. Initiatives Proj., Ser. A, MBIA,    
AAA 1,010       5.30%, 12/01/08 No Opt. Call 1,080,781  
AAA 1,000       5.40%, 12/01/10 06/10 @ 101 1,087,570  
      King Cnty., GO,    
AAA 3,060       Pub. Transp. Sales Tax, 3.50%, 12/01/08, FSA No Opt. Call 3,096,628  
AAA 12,850       Ser. D, 5.55%, 12/01/08, MBIA 12/07 @ 102 13,814,521  
AAA 2,045   Motor Vehicle Fuel Tax, GO, 4.00%, 7/01/09, MBIA No Opt. Call 2,103,569  
      Pub. Pwr. Sply.,    
AAA 11,000       Ser. A, 5.80%, 7/01/07, FSA No Opt. Call 11,654,170  
AAA 5,550       Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA No Opt. Call 5,138,578  
AAA 2,000       Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA No Opt. Call 1,780,600  
AAA 5,710   Seattle Impvt. Ltd. Tax, 4.00%, 7/01/08, FSA No Opt. Call 5,866,968  
          46,952,923  
      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 1,603,134  
      Higher Ed. Policy Comm. Rev., Ser. A, MBIA,    
AAA 2,455       St. Coll. Fac. Proj., 5.00%, 4/01/09 No Opt. Call 2,616,392  
AAA 2,135       Univ. Facs. Proj., 5.00%, 4/01/09 No Opt. Call 2,275,355  
          6,494,881  

4

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

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2 Value      
    Wisconsin—3.2%    
      Wisconsin, GO,    
AAA $ 7,705       Ser. A, 4.00%, 5/01/09, FGIC No Opt. Call $ 7,932,529  
AAA 6,080       Ser. C, 4.00%, 5/01/09, MBIA No Opt. Call 6,259,542  
          14,192,071  
      Wyoming—0.6%    
      Albany Cnty. Impvts. Statutory Trust, COP, MBIA,    
AAA 1,270       3.75%, 1/15/09 No Opt. Call 1,295,527  
AAA 1,395       3.75%, 7/15/09 No Opt. Call 1,420,919  
          2,716,446  
      Total Long-Term Investments (cost $578,804,115)   602,982,455  
      SHORT-TERM INVESTMENTS—24.1%    
      Illinois—1.5%    
A1+ 6,600 5 Joliet Regl. Port Dist. Marine Term. Rev., Exxon Corp. Proj., 2.22%, 4/01/05, FRDD N/A 6,600,000  
      Kansas—1.3%    
A1+ 5,755 5 Dept. Transp. Hwy., Ser. B-1, 2.27%, 4/01/05, FRDD N/A 5,755,000  
      Maryland—0.5%    
VMIG1 2,000 5 Cmnty. Dev. Admin. Multi-Fam. Hsg., Avalon Lea Apts. Proj., 2.22%, 4/06/05, FRWD N/A 2,000,000  
      Michigan—0.3%    
      Detroit, Swr. Disp. Rev.,    
A1+ 995 5     Ser. A, 2.25%, 4/06/05, MBIA, FRWD N/A 997,296  
A1+ 500 5     Ser. C-1, 2.25%, 4/07/05, FSA, FRWD N/A 500,000  
          1,497,296  
      New Jersey—0.3%    
A1+ 1,100 5 St. Edl. Facs. Auth., Princeton Univ. Proj., Ser. B, 2.16%, 4/01/05, FRDD N/A 1,100,000  
      New York—3.6%    
A-1 7,000 5 New York City, GO, Ser. H-7, 2.28%, 4/01/05, FRDD N/A 7,000,000  
A1+ 5,000 5 New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev. Proj., Ser. C, 2.29%, 4/01/05, FRDD N/A 5,000,000  
A1+ 4,000 5 New York City Transl. Fin. Auth., Ser. A-1, 2.27%, 4/06/05, FRWD N/A 4,000,000  
          16,000,000  
      North Carolina—4.1%    
A1+ 7,540 5 Buncombe Cnty. Met. Swr. Dist., Swr. Sys. Rev., 2.28%, 4/07/05, XLCA, FRWD N/A 7,540,000  
A1+ 10,550 5 Mecklenburg Cnty., Ser. C, 2.29%, 4/05/05, FRWD N/A 10,550,000  
          18,090,000  
      Ohio—3.4%    
VMIG1 7,000 5 Hamilton Cnty. Hosp. Facs., Ser. A, 2.29%, 4/04/05, FRWD N/A 7,000,000  
VMIG1 5,000 5 Hamilton Elec. Rev., Ser. B, 2.28%, 4/07/05, FSA, FRWD N/A 5,000,000  
VMIG1 3,105 5 Univ. of Akron, 2.28%, 4/07/05, FGIC, FRWD N/A 3,105,000  
          15,105,000  
      Pennsylvania—0.9%    
VMIG1 3,995 5 Higher Ed. Facs. Auth., St. Sys. Higher Ed. Proj., Ser. A, 2.23%, 4/05/05, MBIA, FRWD N/A 3,995,000  
      Tennessee—5.3%    
      Clarksville Pub. Bldg. Auth., FRDD,    
VMIG1 13,100 5     2.30%, 4/01/05 N/A 13,100,000  
VMIG1 10,400 5     Pooled Fin. Mun. Bond Fund, 2.30%, 4/01/05 N/A 10,400,000  
          23,500,000  
      Washington—0.6%    
A1+ 2,500 5 Snohomish Cnty. Pub. Util. Dist. No. 001, Generation Sys. Rev.,    
          Ser. A-1, 2.29%, 4/06/05, FSA, FRWD N/A 2,500,000  

5

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

           
  Shares        
  (000) Description   Value      
      Money Market Fund—2.3%    
  10,350   AIM Tax Free Investment Co. Cash Reserve Portfolio   $ 10,350,000  
      Total Short-Term Investments (cost $106,492,2966)   106,492,296  
      Total Investments—160.2% (cost $685,296,411)   $ 709,474,751  
      Other assets in excess of liabilities—1.0%   4,576,218  
      Preferred shares at redemption value, including dividends payable—(61.2)%   (271,110,071 )
      Net Assets Applicable to Common Shareholders—100%   $ 442,940,898  

   

1   Using the higher 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   This security is collateralized by U.S. Treasury obligations.  
4   This bond is prefunded. 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.  
6   Cost for Federal income tax purposes is $684,975,289. The net unrealized appreciation on a tax basis is $24,499,462 consisting of $25,311,195 gross unrealized appreciation and $811,733 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 86.2% of the Trust’s managed assets. 
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 officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 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
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: May 27, 2005

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: Principal Executive Officer
Date: May 27, 2005

By:      /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: May 27, 2005