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:      September 30, 2004
____________________________________________

 





Item 1. Schedule of Investments

The registrant's 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)
SEPTEMBER 30, 2004

BlackRock Insured Municipal 2008 Term Trust (BRM)

 
Principal
 
Amount
Option Call
 
Rating1
(000)
Description
Provisions2
Value

        LONG-TERM INVESTMENTS—139.3%        
          Alabama—2.1%        
  AAA   $ 2,410   Auburn Univ., 5.00%, 4/01/09, AMBAC   No Opt. Call   $ 2,640,902  
  AAA   6,555   Birmingham Jefferson Civic Ctr. Auth., Ser. A, 4.25%, 1/01/09, FSA   No Opt. Call   6,967,179  
                 
 
                  9,608,081  
                 
 
          Alaska—0.9%        
  AAA   4,000   Anchorage, GO, Ser. B, 3.75%, 7/01/09, MBIA   No Opt. Call   4,169,640  
                 
 
          Arizona—2.0%        
  AAA   4,000   Chandler, GO, Zero Coupon, 7/01/08, FGIC   No Opt. Call   3,621,040  
  AAA   1,000   Phoenix Str. & Hwy., 4.25%, 7/01/09, FGIC   No Opt. Call   1,067,690  
  AAA   4,200   Pima Cnty. Str. & Hwy., 4.125%, 7/01/09, FGIC   07/08 @ 101   4,449,354  
                 
 
                  9,138,084  
                 
 
          California—2.2%        
          California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,        
  AAA   5,000       3.125%, 5/01/08, FSA   No Opt. Call   5,133,700  
  AAA   5,000       3.375%, 5/01/09, MBIA   No Opt. Call   5,148,800  
                 
 
                  10,282,500  
                 
 
          Colorado—2.4%        
  AAA   2,000   E-470 Pub. Hwy. Auth., Ser. B, Zero Coupon, 9/01/11, MBIA   No Opt. Call   1,541,780  
  AAA   1,000   El Paso Cnty., COP, Detention Fac. Proj., Ser. B, 3.20%, 12/01/08, AMBAC   No Opt. Call   1,028,190  
  AAA   6,965   Regl. Transp. Dist., COP, Transp. Vehicles Proj., Ser. A, 5.00%, 6/01/08, MBIA   06/07 @ 101   7,542,190  
  AAA   1,000   Thornton, COP, 3.25%, 12/01/08, AMBAC   No Opt. Call   1,030,150  
                 
 
                  11,142,310  
                 
 
          Delaware—0.2%        
  AAA   650   Delaware River & Bay Auth., 3.25%, 1/01/09, MBIA   No Opt. Call   665,236  
                 
 
          District of Columbia—3.1%        
          Dist. of Columbia, GO,        
  AAA   195       Ser. B, 5.50%, 6/01/09, FSA   ETM   219,547  
  AAA   2,605       Ser. B, 5.50%, 6/01/09, FSA   No Opt. Call   2,910,280  
  AAA   10,000       Ser. B-1, 5.50%, 6/01/08, AMBAC   No Opt. Call   11,056,200  
                 
 
                  14,186,027  
                 
 
          Florida—4.6%        
  AAA   2,280   Broward Cnty. Sch. Brd., COP, Ser. B, 4.25%, 7/01/09, FSA   No Opt. Call   2,427,014  
  AAA   13,890   Florida Dept. of Env. Protection Presvtn., Ser. B, 5.00%, 7/01/09, MBIA   No Opt. Call   15,264,693  
  AAA   1,300   Palm Beach, Restoration Proj., Ser. A, 5.00%, 1/01/09, FSA   No Opt. Call   1,418,417  
  AAA   2,080   Tampa Wtr. & Swr., 5.50%, 10/01/08, FSA   No Opt. Call   2,317,162  
                 
 
                  21,427,286  
                 
 
          Georgia—5.8%        
  AAA   5,000   Georgia, GO, Ser. E, 5.25%, 2/01/10   No Opt. Call   5,579,650  
  AAA   20,000   Monroe Cnty., PCR, Pwr. Co. Plant Vogtle Proj., 4.20%, 1/01/12, AMBAC   No Opt. Call   21,186,600  
                 
 
                  26,766,250  
                 
 
          Hawaii—3.7%        
          Hawaii, GO, FSA,        
  AAA   6,510       Ser. CY, 4.00%, 2/01/09   No Opt. Call   6,869,287  
  AAA   8,045       Ser. CZ, 3.25%, 7/01/09   No Opt. Call   8,226,737  
  AAA   1,880   Honolulu City and Cnty., Ser. A, 5.00%, 3/01/09, MBIA   No Opt. Call   2,063,450  
                 
 
                  17,159,474  
                 
 
          Illinois—16.9%        
  AAA   14,205   Chicago O’Hare Intl. Arpt., Ser. A, 6.25%, 1/01/08, MBIA   01/05 @ 102   14,633,423  
          Chicago Park Dist., Pkg. Rev., GO,        
  AAA   3,290       Ser. A, 3.00%, 1/01/08, FGIC   No Opt. Call   3,361,426  
  AAA   1,750       Ser. A, 3.50%, 1/01/09, FGIC   No Opt. Call   1,809,167  
  AAA   1,000       Ser. C, 3.00%, 1/01/09, AMBAC   No Opt. Call   1,013,880  
  AAA   2,930   Chicago Proj. & Refunding, Ser. A, 5.00%, 1/01/09, AMBAC   No Opt. Call   3,204,277  
  AAA   3,105   Chicago Pub. Bldg., Ser. A, Zero Coupon, 1/01/07, MBIA   ETM   2,952,638  

1


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

    Principal            
      Amount       Option Call    
  Rating1   (000)   Description   Provisions2   Value  

         
Illinois—16.9% (continued)
 
          Cook Cnty. High Sch.,        
  AAA   $ 2,000       Arlington Heights, 4.50%, 12/01/08, FSA   No Opt. Call   $ 2,155,220  
  AAA   1,175       J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC   ETM   1,005,729  
  AAA   4,805       J. Sterling Morton Twnshp., Zero Coupon, 12/01/09, FGIC   No Opt. Call   4,044,657  
  AAA   8,985   Du Page Cnty. Forest Presvtn. Dist., Zero Coupon, 11/01/08   No Opt. Call   7,954,151  
          Illinois, GO, Ser. 1, MBIA,        
  AAA   6,750       3.50%, 7/01/08   No Opt. Call   7,006,500  
  AAA   5,000       3.75%, 7/01/09   No Opt. Call   5,221,100  
  AAA   13,000   Illinois Dev. Fin. Auth., Gas Sply., 3.05%, 2/01/33, AMBAC   No Opt. Call   13,241,800  
  AAA   1,455   Kane & Du Page Cntys. Sch. Dist., GO, Ser. A, 3.75%, 1/01/09, FSA   No Opt. Call   1,518,700  
          Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place        
              Expansion Proj., FGIC,        
  AAA   8,385       Zero Coupon, 6/15/08   ETM   7,618,946  
  AAA   215       Zero Coupon, 6/15/08   No Opt. Call   193,586  
  AAA   1,570       Ser. A, Zero Coupon, 6/15/08   ETM   1,426,565  
                 
 
                  78,361,765  
                 
 
          Kansas—0.2%        
  AAA   1,000   Kansas Dev. Fin. Auth., Pub. Wtr. Sply., 4.00%, 4/01/09, AMBAC   No Opt. Call   1,054,230  
                 
 
          Kentucky—0.7%        
  AAA   3,890   Owensboro Elec. Lt. & Pwr., Ser. B, Zero Coupon, 1/01/09, AMBAC   No Opt. Call   3,420,983  
                 
 
          Louisiana—1.3%        
  AAA   5,770   Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj., Ser. A, 3.50%, 5/15/09, MBIA   No Opt. Call   5,933,753  
                 
 
          Massachusetts—0.1%        
  AAA   355   Massachusetts Hsg. Fin. Agcy., Hsg. Projs., Ser. A, 5.95%, 10/01/08, AMBAC   11/04 @ 101   357,169  
                 
 
          Michigan—6.3%        
  AAA   1,665   Detroit, GO, 3.50%, 4/01/09, MBIA   ETM   1,729,535  
  AAA   6,315   Detroit City Sch. Dist., GO, Sch. Bldg. & Site Impvt., Ser. A, 4.00%, 5/01/09, FGIC   No Opt. Call   6,669,019  
          Lake Orion, Cmnty. Sch. Dist., AMBAC,        
  AAA   3,290 3     6.60%, 5/01/05   N/A   3,417,422  
  AAA   3,285 3     6.70%, 5/01/05   N/A   3,414,100  
  AAA   3,000   Michigan Trunk Line, Ser. A, 4.125%, 11/01/08, FSA   No Opt. Call   3,180,240  
  AAA   2,535   Washtenaw Cmnty. Coll., 4.00%, 4/01/09, MBIA   No Opt. Call   2,674,653  
  AAA   2,695   West Ottawa Pub. Sch. Dist., GO, Ser. B, 3.50%, 5/01/09, FGIC   No Opt. Call   2,788,436  
  AAA   2,000   Western Twnshps. Util. Auth. Sewage Disp. Sys., 5.00%, 1/01/09, FGIC   No Opt. Call   2,188,060  
  AAA   2,800   Wyandotte Elec., 6.25%, 10/01/08, MBIA   No Opt. Call   3,007,060  
                 
 
                  29,068,525  
                 
 
          Mississippi—0.5%        
  AAA   2,175   De Soto Cnty. Sch. Dist., GO, 3.25%, 2/01/09, FSA   No Opt. Call   2,224,307  
                 
 
          Nevada—3.0%        
  AAA   6,270   Clark Cnty. Sch. Dist., Ser. A, 4.00%, 6/01/09, FGIC   No Opt. Call   6,627,578  
  AAA   2,245   Las Vegas Clark Cnty. Library Dist., 4.75%, 2/01/09, FGIC   No Opt. Call   2,437,284  
          Nevada Dept. of Bus. & Ind., Las Vegas Monorail Proj., AMBAC,        
  AAA   2,085       Zero Coupon, 1/01/09   No Opt. Call   1,807,758  
  AAA   3,585       Zero Coupon, 1/01/10   No Opt. Call   2,963,182  
                 
 
                  13,835,802  
                 
 
          New Jersey—1.2%        
          Monmouth Cnty. Impvt. Auth., Gov’t. Loan,        
  AAA   1,220       3.10%, 4/15/09, AMBAC   No Opt. Call   1,242,265  
  AAA   1,000       5.00%, 12/01/08, FSA   No Opt. Call   1,097,230  
  AAA   1,220   New Jersey Econ. Dev. Auth., Econ. Recovery Fund, Ser. A, 4.50%, 3/15/09, MBIA   No Opt. Call   1,313,037  
  AAA   1,750   New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. C, 5.25%, 12/15/08, AMBAC   No Opt. Call   1,935,308  
                 
 
                  5,587,840  
                 
 
          New Mexico—1.0%        
  AAA   2,030   Farmington Util. Sys., Ser. A, 3.50%, 5/15/09, FSA   No Opt. Call   2,100,969  
  AAA   2,600   New Mexico Fin. Auth., Pub. Proj., Ser. A, 3.80%, 6/01/08, MBIA   No Opt. Call   2,722,876  
                 
 
                  4,823,845  
                 
 

2


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

 
Principal
 
Amount
Option Call
 
Rating1
(000)
Description
Provisions2
Value

        New York—14.7%        
  AAA   $ 2,000   Erie Cnty., Pub. Impvt., Ser. A, 4.50%, 3/15/09, FGIC   No Opt. Call   $ 2,149,900  
  AAA   15,915   New York, GO, Ser. F, 5.25%, 9/15/09, MBIA   09/08 @ 101   17,485,015  
          New York City, GO, MBIA,        
  AAA   5,000       Ser. E, 6.125%, 8/01/06   No Opt. Call   5,383,950  
  AAA   15,500       Ser. E, 6.20%, 8/01/07   No Opt. Call   17,182,525  
  AAA   2,890 3     Ser. G, 5.75%, 2/01/2006   N/A   3,085,104  
  AAA   2,110       Ser. G, 5.75%, 2/01/08   02/06 @ 101.5   2,244,365  
  AAA   4,250   New York City Hlth. & Hosp. Corp., Hlth. Sys. Svcs., Ser. A, 3.50%, 2/15/09, AMBAC   No Opt. Call   4,388,890  
          New York Env. Fac. Corp., PCR, Ser. D,        
  AAA   7,080 3     6.50%, 11/15/04   N/A   7,263,230  
  AAA   1,030       6.50%, 5/15/07   11/04 @ 102   1,056,172  
  AAA   80       6.50%, 11/15/07   11/04 @ 102   82,033  
          New York Thruway Auth. Svc. Contract Rev., Local Highway and Bridge, Ser. A, MBIA,        
  AAA   680 3     5.40%, 1/01/05   N/A   700,135  
  AAA   2,715       5.40%, 1/01/09   01/05 @ 102   2,792,703  
  AAA   4,000   Port Auth. of NY & NJ, Ser. 129, 2.875%, 11/01/08, FSA   No Opt. Call   4,071,360  
                 
 
                  67,885,382  
                 
 
          North Carolina—8.3%        
  AAA   1,000 3 Cumberland Cnty., COP, Civic Ctr. Proj., Ser. A, 6.375%, 12/01/04, AMBAC   N/A   1,028,040  
          No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B,        
  AAA   13,500       6.125%, 1/01/09, FGIC   No Opt. Call   15,375,015  
  AAA   5,000       7.00%, 1/01/08, CAPMAC   No Opt. Call   5,705,650  
  AAA   14,675       7.25%, 1/01/07, CAPMAC   No Opt. Call   16,298,348  
                 
 
                  38,407,053  
                 
 
          Ohio—1.2%        
  AAA   2,410 3 Cleveland, GO, 6.40%, 11/15/04, MBIA   N/A   2,471,961  
          Ohio Bldg. Auth., Ser. A,        
  AAA   1,000 3     Juvenile Correctional Proj., 6.50%, 10/01/04, AMBAC   N/A   1,020,000  
  AAA   2,000       Workers Comp. Facs., 5.00%, 4/01/09, FGIC   No Opt. Call   2,194,280  
                 
 
                  5,686,241  
                 
 
          Oregon—1.9%        
  AAA   1,285   Lane Cnty. Sch. Dist., No. 4, 3.00%, 1/01/09, FSA   No Opt. Call   1,305,933  
          Oregon Dept. of Admin. Svcs., FSA,        
  AAA   2,905       COP, 5.00%, 11/01/08   No Opt. Call   3,183,212  
  AAA   2,255       Lottery Rev., Ser. C, 3.125%, 4/01/09   No Opt. Call   2,301,069  
  AAA   2,000   Washington & Clackamas Cntys. Sch. Dist., GO, 3.75%, 6/15/08, MBIA   No Opt. Call   2,095,580  
                 
 
                  8,885,794  
                 
 
          Pennsylvania—11.7%        
  AAA   1,460   Bensalem Twp. Sch. Dist., GO, 3.25%, 8/15/09, FGIC   No Opt. Call   1,493,828  
  AAA   1,500   Bristol Twnshp. Sch. Dist., 4.25%, 2/15/09, FGIC   No Opt. Call   1,598,865  
          Dauphin Cnty. Gen. Auth., HAPSCO-Western Pennsylvania Hosp. Proj., MBIA,        
  AAA   6,910       Ser. A, 6.25%, 7/01/08   11/04 @ 100   6,937,225  
  AAA   3,530       Ser. B, 6.25%, 7/01/08   ETM   3,828,144  
  AAA   3,500   Indiana Cnty. Indl. Dev. Auth., PCR, Elec. & Gas Corp., Ser. A, 6.00%, 6/01/06, MBIA   No Opt. Call   3,735,655  
  AAA   16,250   Lehigh Cnty. Indl. Dev. Auth., PCR, 3.125%, 11/01/08, AMBAC   No Opt. Call   16,633,175  
          Pennsylvania Dept. of Gen. Svcs., COP, FSA,        
  AAA   2,075       4.50%, 5/01/08   No Opt. Call   2,220,354  
  AAA   2,120       4.50%, 11/01/08   No Opt. Call   2,277,961  
  AAA   2,165       4.50%, 5/01/09   No Opt. Call   2,332,680  
  AAA   2,220       4.50%, 11/01/09   No Opt. Call   2,398,843  
  AAA   3,175   Philadelphia, GO, 4.10%, 9/15/08, FSA   No Opt. Call   3,365,881  
  AAA   3,125   Pittsburgh Pub. Parking Auth., Parking Rev., 3.25%, 12/01/08, AMBAC   No Opt. Call   3,209,250  
  AAA   3,955   West Chester Area Sch. Dist., GO, Ser. AA, 3.65%, 1/15/09, MBIA   07/07 @ 100   4,083,735  
                 
 
                  54,115,596  
                 
 

3


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

Principal
Amount
Option Call
Rating1
(000)
Description
Provisions2
Value

        South Carolina—0.8%        
  AAA   $ 2,020   Chester Cnty. Sch. Dist., 3.25%, 2/01/09, FSA   No Opt. Call   $ 2,074,116  
  AAA   1,705   Lexington Cnty. Sch. Dist. 1, COP, 3.50%, 3/01/09, AMBAC   No Opt. Call   1,769,210  
                 
 
                  3,843,326  
                 
 
          Tennessee—0.2%        
  AAA   1,000   Clarksville Wtr., Swr. & Gas Rev., 4.30%, 2/01/09, FSA   No Opt. Call   1,067,370  
                 
 
          Texas—23.2%        
  AAA   5,380   Austin, GO, Pub. Impvt., 3.50%, 9/01/08, FSA   No Opt. Call   5,585,032  
          Austin Util. Sys.,        
  AAA   11,515       Ser. A, Zero Coupon, 11/15/08, MBIA   No Opt. Call   10,244,205  
  AAA   5,000       Ser. A, Zero Coupon, 11/15/09, AMBAC   No Opt. Call   4,249,150  
  AAA   5,000       Ser. A, Zero Coupon, 11/15/09, MBIA   No Opt. Call   4,249,150  
  AAA   5,000       6.625%, 11/15/08, AMBAC   No Opt. Call   5,756,550  
          Coppell Indpt. Sch. Dist., MBIA,        
  AAA   1,430       6.10%, 8/15/09   ETM   1,641,926  
  AAA   620       6.10%, 8/15/09   02/05 @ 100   629,579  
  AAA   2,500   Dallas Wtrwks. & Swr. Sys., 3.50%, 4/01/09, FSA   No Opt. Call   2,579,825  
  AAA   2,000   Houston, Pub. Impvt., Ser. A-1, 5.00%, 3/01/09, MBIA   No Opt. Call   2,189,060  
  AAA   4,390   Houston Indpt. Sch. Dist., Zero Coupon, 8/15/09, AMBAC   No Opt. Call   3,767,542  
          Lower Colorado River Auth.,        
  AAA   2,010       3.50%, 5/15/09, MBIA   No Opt. Call   2,075,847  
  AAA   2,690       5.25%, 5/15/09, FSA   No Opt. Call   2,980,843  
  AAA   1,650   Lubbock Cnty., 3.50%, 2/15/09, FGIC   No Opt. Call   1,703,245  
  AAA   1,500   North Texas Tollway Auth., Ser. C, 5.00%, 1/01/09, FSA   No Opt. Call   1,637,895  
  AAA   6,000   San Antonio Elec. & Gas, Ser. B, Zero Coupon, 2/01/10, FGIC   ETM   4,972,980  
  AAA   9,050   Tarrant Regl. Wtr. Dist., Impvt., 3.50%, 3/01/09, FSA   No Opt. Call   9,352,632  
          Texas Mun. Pwr. Agcy., AMBAC,        
  AAA   980       Zero Coupon, 9/01/08   ETM   884,244  
  AAA   14,020       Zero Coupon, 9/01/08   No Opt. Call   12,567,528  
  AAA   1,045       Zero Coupon, 9/01/09   ETM   904,729  
  AAA   15,130       Zero Coupon, 9/01/09   No Opt. Call   12,954,155  
          Texas Pub. Fin. Auth.,        
  AAA   2,270       3.50%, 2/01/09, FGIC   No Opt. Call   2,344,479  
  AAA   3,000       Ser. A, 5.50%, 2/01/09, AMBAC   02/08 @ 101   3,303,600  
  AAA   5,900       Ser. B, 6.25%, 2/01/09, AMBAC   No Opt. Call   6,738,803  
  AAA   1,825   Williamson Cnty., GO, Ser. B, 5.00%, 2/15/09, FSA   No Opt. Call   1,995,838  
  AAA   2,275   Ysleta Indpt. Sch. Dist., GO, Zero Coupon, 8/15/08   No Opt. Call   2,039,515  
                 
 
                  107,348,352  
                 
 
          Utah—3.6%        
          Intermountain Pwr. Agcy., Sply., Ser. B, MBIA,        
  AAA   2,215       6.00%, 7/01/07   ETM   2,446,157  
  AAA   1,285       6.00%, 7/01/07   No Opt. Call   1,411,894  
  AAA   1,550 3 Salt Lake Cnty. Mun. Bldg. Auth., Ser. A, 6.05%, 10/01/04, MBIA   N/A   1,565,500  
  AAA   10,300 3 Utah, GO, Ser. F, 5.00%, 7/01/07   N/A   11,102,061  
                 
 
                  16,525,612  
                 
 
          Washington—10.4%        
  AAA   1,250   Clark Cnty. Pub. Util. Dist., No. 1 Elec. Rev., 5.00%, 1/01/09, MBIA   No Opt. Call   1,364,912  
          King Cnty., GO,        
  AAA   3,060       Pub. Transp. Sales Tax, 3.50%, 12/01/08, FSA   No Opt. Call   3,166,366  
  AAA   12,850       Ser. D, 5.55%, 12/01/08, MBIA   12/07 @ 102   14,285,987  
  AAA   5,710   Seattle Impvt. Ltd. Tax, 4.00%, 7/01/08, FSA   No Opt. Call   6,015,828  
          Washington Hlth. Care Fac. Auth., Catholic Hlth. Initiatives, Ser. A, MBIA,        
  AAA   1,010       5.30%, 12/01/08   No Opt. Call   1,112,111  
  AAA   1,000       5.40%, 12/01/10   06/10 @ 101   1,121,930  
  AAA   2,045   Washington Motor Vehicle Fuel Tax, GO, 4.00%, 7/01/09, MBIA   No Opt. Call   2,158,027  
          Washington Pub. Pwr. Sply.,        
  AAA   11,000       Ser. A, 5.80%, 7/01/07, FSA   No Opt. Call   12,028,170  
  AAA   5,550       Nuclear Proj. No. 3, Zero Coupon, 7/01/07, MBIA   No Opt. Call   5,159,724  
  AAA   2,000       Nuclear Proj. No. 3, Zero Coupon, 7/01/08, MBIA   No Opt. Call   1,790,600  
                 
 
                  48,203,655  
                 
 

4


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

Principal
Amount
Option Call
Rating1
(000)
Description
Provisions2
Value

        West Virginia—1.4%        
  AAA   $ 1,550   West Virginia Econ. Dev. Auth., Correctional Juvenile & Pub., Ser. A,        
              4.25%, 6/01/08, MBIA   No Opt. Call   $ 1,644,720  
          West Virginia Higher Ed. Policy Comm. Rev., Ser. A, MBIA,        
  AAA   2,455       State College Fac., 5.00%, 4/01/09   No Opt. Call   2,688,029  
  AAA   2,135       Univ. Facs., 5.00%, 4/01/09   No Opt. Call   2,337,654  
                 
 
                  6,670,403  
                 
 
          Wisconsin—3.1%        
          Wisconsin, GO,        
  AAA   7,705       Ser. A, 4.00%, 5/01/09, FGIC   No Opt. Call   8,123,382  
  AAA   6,080       Ser. C, 4.00%, 5/01/09, MBIA   No Opt. Call   6,410,144  
                 
 
                  14,533,526  
                 
 
          Wyoming—0.6%        
          Albany Cnty. Impvts. Statutory Trust, COP, MBIA,        
  AAA   1,270       3.75%, 1/15/09   No Opt. Call   1,324,001  
  AAA   1,395       3.75%, 7/15/09   No Opt. Call   1,454,636  
                 
 
                  2,778,637  
                 
 
          Total Long-Term Investments (cost $604,629,843)       645,164,054  
                 
 
          SHORT-TERM INVESTMENTS—18.0%        
          Illinois—1.4%        
  A1+   6,600 4 Joliet Regl. Port Dist., Marine Term. Rev., Exxon Corp., 1.61%, 10/01/04, FRDD   N/A   6,600,000  
                 
 
          Kansas—1.0%        
  A1+   4,655 4 Kansas Dept. Transp. Hwy, Ser. B-1, 1.66%, 10/01/04, FRDD   N/A   4,655,000  
                 
 
          Michigan—0.3%        
          Detroit, Sewage Disp. Rev.,        
  A1+   995 4     Ser. A, 1.72%, 10/06/04, MBIA, FRWD   N/A   997,296  
  A1+   500 4     Ser. C-1, 1.72%, 10/07/04, FSA, FRWD   N/A   500,000  
                 
 
                  1,497,296  
                 
 
          New York—1.5%        
  F1+   7,000 4 New York City, GO, Ser. H-7, 1.73%, 10/01/04, FRDD   N/A   7,000,000  
                 
 
          North Carolina—2.3%        
  A1+   10,550 4 Mecklenburg Cnty., Ser. C, 1.70%, 10/07/04, FRWD   N/A   10,550,000  
                 
 
          Ohio—2.8%        
  VMIG1   5,000 4 Hamilton Elec. Rev., Ser. B, 1.71%, 10/07/04, FSA, FRWD   N/A   5,000,000  
  VMIG1   8,105 4 Univ. of Akron, 1.71%, 10/07/04, FGIC, FRWD   N/A   8,105,000  
                 
 
                  13,105,000  
                 
 
          Pennsylvania—2.3%        
          Pennsylvania Higher Edu. Facs. Auth., St. Sys. Higher Edu., Ser. A,        
  VMIG1   10,370 4     1.70%, 10/07/04, MBIA, FRWD  
N/A
  10,370,000  
                 
 
          Tennessee—2.8%        
  VMIG1   13,100 4 Clarksville Pub. Bldg. Auth., 1.76%, 10/01/04, FRDD   N/A   13,100,000  
                 
 
          Puerto Rico—1.2%        
  A-1   3,000 4 Puerto Rico Gov’t. Dev. Bank, 1.58%, 10/06/04, MBIA, FRWD   N/A   3,000,000  
  A-1   2,500 4 Puerto Rico Hwy. & Transp. Auth., Transp. Rev., Ser. A,        
              1.72%, 10/06/04, AMBAC, FRWD   N/A   2,500,000  
                 
 
                  5,500,000  
                 
 

5


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

   
Shares
 
   
(000)
Description
Value
 

      Money Market Fund—2.4%    
    11,200   AIM Tax Free Investment Co. Cash Reserve Portfolio   $ 11,200,000  
           
 
        Total Short-Term Investments (cost $83,577,296)   83,577,296  
           
 
        Total Investments—157.3% (cost $687,207,139)   $ 728,741,350  
        Other assets in excess of liabilities—1.2%   5,620,775  
        Preferred shares at redemption value, including dividends payable—(58.5)%   (271,076,122 )
           
 
        Net Assets Applicable to Common Shareholders—100%   $ 463,286,003  
           
 


 
1   Using the higher of S&P’s, Moody’s or Fitch’s rating.  
2   Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.  
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 as of September 30, 2004. 

The value (market value plus accrued interest) of securities that are covered by insurance, which insures the payment of principal and interest, represent approximately 89.9% of the Trust’s managed assets.


KEY TO ABBREVIATIONS
AMBAC American Municipal Bond Assurance Corporation   FRWD Floating Rate Weekly Demand
CAPMAC  Capital Markets Assurance Company   FSA Financial Security Assurance
COP Certificate of Participation   GO General Obligation
ETM   Escrowed to Maturity   MBIA Municipal Bond Insurance Association
FGIC Financial Guaranty Insurance Company   PCR   Pollution Control Revenue
FRWD Floating Rate Weekly Demand       

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: November 23, 2004

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: November 23, 2004

By:      /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: November 23, 2004