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:               811-07092
                                                                    _____________________________________________________
   
   
BlackRock Florida Insured Municipal 2008 Term Trust
(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 Florida Insured Municipal 2008 Term Trust
 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 Florida Insured Municipal 2008 Term Trust (BRF)

      Principal        
      Amount     Option Call  
    Rating1   (000) Description Provisions2
Value
          LONG-TERM INVESTMENTS—146.6%        
            Florida—128.6%        
    AAA   $ 1,500   Alachua Cnty. Sch. Dist., GO, 4.25%, 1/01/09, FSA   No Opt. Call   $  1,557,165  
            Brd. of Ed.,        
    AAA   8,720       GO, 3.50%, 1/01/09, FSA   No Opt. Call   8,823,506  
    AAA   4,190       Lottery Rev., Ser. A, 5.00%, 7/01/08, FGIC   No Opt. Call   4,445,297  
    AAA   1,765   Collier Cnty. Sch. Brd., COP, Ser. A, 3.50%, 2/15/09, FSA   No Opt. Call   1,781,485  
            Dade Cnty.,        
    AAA   1,000       Aviation Rev., 6.00%, 10/01/08, AMBAC   10/05 @ 102   1,036,400  
    AAA   5,000       GO, Ser. A, Zero Coupon, 2/01/08, MBIA   02/06 @ 92.852   4,533,600  
    AAA   9053       GO, Ser. B, Zero Coupon, 10/01/08, AMBAC   ETM   810,111  
    AAA   1,095       GO, Ser. B, Zero Coupon, 10/01/08, AMBAC   No Opt. Call   973,488  
    AAA   1,515   Delray Beach, Decade of Excellence Prog. Proj., GO, 3.50%, 2/01/09, FSA   No Opt. Call   1,533,362  
            Dept. of Env. Protection Presvtn., Ser. B, FGIC,        
    AAA   5,905       4.00%, 7/01/08   No Opt. Call   6,083,921  
    AAA   6,140       4.00%, 7/01/09   No Opt. Call   6,330,586  
            Div. of Bond Fin. Dept., Gen. Svc. Rev.,        
    AAA   8,000       Dept. of Env. Presvtn., Ser. B, 5.25%, 7/01/10, FSA   07/08 @ 101   8,557,200  
    AAA   2,000       Nat. Res. & Presvtn., Ser. A, 5.00%, 7/01/11, AMBAC   07/07 @ 101   2,100,160  
            Escambia Cnty. Util. Sys., Ser. B, FGIC,        
    AAA   1,595       6.125%, 1/01/09   No Opt. Call   1,754,532  
    AAA   5,235       6.25%, 1/01/12   No Opt. Call   6,010,984  
    AAA   5,060       6.25%, 1/01/13   No Opt. Call   5,862,061  
    AAA   6,000   Greater Orlando Aviation Auth., Orlando Arpt. Facs. Rev. Proj., Ser. C, 3.50%, 10/01/08, MBIA   No Opt. Call   6,082,740  
    AAA   3,000   Hillsborough Cnty. Sch. Dist., Sales Tax Rev., 4.00%, 10/01/09, AMBAC   No Opt. Call   3,092,010  
    AAA   10,000   Hillsborough Cnty. Util., 4.50%, 8/01/08, AMBAC   No Opt. Call   10,451,200  
            Indian River Cnty. Sch. Dist., GO, FSA,        
    AAA   950       3.25%, 4/01/08   No Opt. Call   956,469  
    AAA   1,000       3.25%, 4/01/09   No Opt. Call   1,003,350  
            Indian Trace Cmnty. Dev. Dist., Wtr. Mgmt. Spec. Benefit, Ser. A, MBIA,        
    AAA   3,0004       5.625%, 5/01/05   N/A   3,067,440  
    AAA   2,9104       5.75%, 5/01/05   N/A   2,975,650  
            Jacksonville Beach Utils., AMBAC,        
    AAA   1,100       3.10%, 4/01/09   No Opt. Call   1,097,547  
    AAA   1,155       3.10%, 10/01/09   No Opt. Call   1,147,342  
    AAA   5,895   Jacksonville Excise Tax, 4.25%, 10/01/08, AMBAC   No Opt. Call   6,125,436  
            Jacksonville Sales Tax,        
    AAA   1,155       3.125%, 10/01/08, FGIC   No Opt. Call   1,157,460  
    AAA   1,000       3.375%, 10/01/09, FGIC   No Opt. Call   1,004,760  
    AAA   2,000       4.10%, 10/01/08, AMBAC   No Opt. Call   2,068,320  
    AAA   825   Lake Cnty. Sch. Brd., COP, 3.50%, 7/01/09, AMBAC   No Opt. Call   833,407  
    AAA   2,000   Lakeland Elec. & Wtr., 5.90%, 10/01/08, FSA   No Opt. Call   2,186,600  
    AAA   3,000   Lee Cnty. Arprt., 4.25%, 10/01/09, FSA   No Opt. Call   3,121,800  
            Miami, GO, FGIC,        
    AAA   1,345       5.90%, 12/01/08   No Opt. Call   1,476,097  
    AAA   1,000       6.00%, 12/01/09   No Opt. Call   1,117,420  
            Miami Dade Cnty.,        
    AAA   2,000       Edl. Fac., Ser. A, 4.875%, 4/01/09, AMBAC   No Opt. Call   2,127,600  
    AAA   1,535       Pub. Svc. Tax Rev., Pub. Impvt., 3.40%, 4/01/08, AMBAC   No Opt. Call   1,551,992  
    AAA   1,595       Pub. Svc. Tax Rev., Pub. Impvt., 3.625%, 4/01/09, AMBAC   No Opt. Call   1,622,594  
    AAA   4,775       Sch. Brd., COP, 5.25%, 8/01/11, FSA   08/08 @ 101   5,102,087  
    AAA   1,090   Mun. Loan Council, Ser. C, 3.50%, 11/01/08, MBIA   No Opt. Call   1,106,099  

1

BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)

       
Principal
         
       
Amount
             
    Rating1  
(000)
Description
  Provisions2   Value  
          Florida—(continued)        
            Orange Cnty.,        
    AAA   $ 1,0004       Pub. Svc. Tax Rev., 5.70%, 10/01/05, FGIC   N/A   $  1,035,960  
    AAA   4,895       Sales Tax Rev., Ser. A, 3.25%, 1/01/09, FGIC   No Opt. Call   4,910,272  
    AAA   5,130       Tourist Dev., Tax Rev., Ser. A, 4.00%, 10/01/08, AMBAC   No Opt. Call   5,279,847  
    AAA   5,340       Tourist Dev., Tax Rev., Ser. A, 4.00%, 10/01/09, AMBAC   No Opt. Call   5,492,511  
    AAA   1,0053       Tourist Dev., Tax Rev., Ser. A, 5.85%, 10/01/08, MBIA   ETM   1,099,209  
    AAA   495       Tourist Dev., Tax Rev., Ser. A, 5.85%, 10/01/08, MBIA   No Opt. Call   539,515  
            Orlando Wstwtr. Sys., Ser. A, AMBAC,        
    AAA   1,100       3.25%, 10/01/08   No Opt. Call    1,106,864  
    AAA   1,280       3.50%, 10/01/09   No Opt. Call   1,292,723  
            Osceola Cnty., AMBAC,        
    AAA   1,810       3.75%, 10/01/08   No Opt. Call   1,851,033  
    AAA   1,535       3.875%, 10/01/09   No Opt. Call   1,574,127  
            Osceola Cnty. Gas Tax, FGIC,        
    AAA   640       3.10%, 4/01/08   No Opt. Call   641,632  
    AAA   535       3.30%, 4/01/09   No Opt. Call   537,787  
            Palm Beach Cnty. Sch. Brd., COP, Ser. D, FSA,        
    AAA   1,770       3.00%, 8/01/08   No Opt. Call   1,764,955  
    AAA   850       3.30%, 8/01/09   No Opt. Call   852,015  
    AAA   7,085   Pasco Cnty. Sld. Wst. Disp. & Res. Rec. Sys., 6.00%, 4/01/09, FGIC   05/05 @ 100   7,101,295  
            Polk Cnty. Sch. Brd., COP, Ser. A, FSA,        
    AAA   2,000       3.20%, 1/01/08   No Opt. Call   2,008,280  
    AAA   2,000       3.375%, 1/01/09   No Opt. Call   2,012,880  
    AAA   1,020   Sebring Wtr. & Wstwtr., 3.625%, 1/01/09, FGIC   No Opt. Call   1,036,565  
    AAA   2,000   Seminole Cnty. Wtr. & Swr., 6.00%, 10/01/09, MBIA   No Opt. Call   2,227,120  
            So. Florida Wtr. Mgmt. Dist., AMBAC,        
    AAA   1,250       3.00%, 10/01/08   No Opt. Call   1,247,537  
    AAA   1,000       3.30%, 10/01/09   No Opt. Call   1,001,650  
    AAA   1,025   St. Johns Cnty. Sch. Brd. COP, Ser. A, 3.50%, 7/01/09, MBIA   No Opt. Call   1,035,445  
    AAA   500   St. Petersburg Hlth. Facs. Auth., All Childrens Hosp. Proj., 3.10%, 11/15/08, AMBAC   No Opt. Call   498,975  
    AAA   1,370   Vlg. Ctr. Cmnty. Dev. Dist. Rec., Ser. A, 5.50%, 11/01/08, MBIA   No Opt. Call   1,482,272  
    AAA   2,370   Volusia Cnty., Sales Tax Rev., Ser. B, 4.00%, 10/01/08, MBIA   No Opt. Call   2,443,186  
                    172,742,933  
            Puerto Rico—18.0%        
            Puerto Rico Mun. Fin. Agcy., Ser. A, FSA,        
    AAA   10,000       3.50%, 8/01/08   No Opt. Call   10,156,700  
    AAA   12,000       3.75%, 8/01/09   No Opt. Call   12,298,200  
    AAA   1,500       5.625%, 8/01/10   08/09 @ 101   1,653,000  
                    24,107,900  
            Total Long-Term Investments (cost $191,769,244)       196,850,833  
            SHORT-TERM INVESTMENTS—14.2%        
            Florida—6.6%        
    A1+   6,0005   Highlands Cnty. Hlth. Facs. Auth., Adventist Hlth. Sys. Proj., Ser. B, 2.30%, 4/01/05, FGIC, FRWD   N/A   6,000,000  
    A1+   2,9005   Palm Beach Cnty. Sch. Brd., COP, Ser. B, 2.23%, 4/01/05, AMBAC, FRWD   N/A   2,900,000  
                    8,900,000  
            Puerto Rico—5.2%        
    A-1   6,0005   Gov’t. Dev. Bank, 2.19%, 4/06/05, MBIA, FRWD   N/A   6,000,000  
    A-1   1,0005   Hwy. & Transp. Auth., Transp. Rev., Ser. A, 2.23%, 4/06/05, AMBAC, FRWD   N/A   1,000,000  
                    7,000,000  

2

BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)

       
Shares
       
(000)
Description
Value
          Money Market Fund—2.4%    
        3,200   AIM Tax Free Investment Co. Cash Reserve Portfolio  
$
  3,200,000  
               
 
            Total Short-Term Investments (cost $19,100,000)   19,100,000  
               
 
            Total Investments—160.8% (cost $210,869,2446)  
$
 215,950,833  
            Other assets in excess of liabilities—1.9%   2,550,054  
            Preferred shares at redemption value, including dividends payable—(62.7)%   (84,170,297)  
               
 
            Net Assets Applicable to Common Shareholders—100%  
$
 134,330,590  
               
 

________________________________    
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 $210,839,227. The net unrealized appreciation on a tax basis is $5,111,606 consisting of $5,204,019 gross unrealized appreciation and $92,413 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 100.0% of the Trust’s managed assets.

KEY TO ABBREVIATIONS

AMBAC   —   American Municipal Bond Assurance Corporation   FRWD   —   Floating Rate Weekly Demand
COP   —   Certificate of Participation   FSA   —   Financial Security Assurance
ETM   —   Escrowed to Maturity   GO   —   General Obligation
FGIC   —   Financial Guaranty Insurance Company   MBIA   —   Municipal Bond Insurance Association

3

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 Florida Insured Municipal 2008 Term Trust
______________________________________________________________

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