FORM N-Q
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Investment Company Act file number: |
811-07092 |
| BlackRock Florida Insured Municipal 2008 Term Trust | |
| (Exact name of registrant as specified in charter) | |
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| Registrant's telephone number, including area code: | 888-825-2257 | |
| Date of fiscal year end: December 31, 2005 | ||
| Date of reporting period: | September 30, 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)
SEPTEMBER 30, 2005
BlackRock Florida Insured Municipal 2008 Term Trust (BRF)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—143.2% | |||||||||||||
| Florida—125.1% | |||||||||||||
| AAA | $ 1,500 | Alachua Cnty. Sch. Dist., GO, 4.25%, 1/01/09, FSA | No Opt. Call | $ 1,550,370 | |||||||||
| Brd. of Ed., | |||||||||||||
| AAA | 4,190 | Lottery Rev., Ser. A, 5.00%, 7/01/08, FGIC | No Opt. Call | 4,399,542 | |||||||||
| AAA | 8,720 | GO, 3.50%, 1/01/09, FSA | No Opt. Call | 8,812,955 | |||||||||
| AAA | 1,765 | Collier Cnty. Sch. Brd., COP, Ser. A, 3.50%, 2/15/09, FSA | No Opt. Call | 1,777,214 | |||||||||
| AAA | 1,000 | Dade Cnty. Aviation Rev., 6.00%, 10/01/08, AMBAC | 10/05 @ 102 | 1,024,060 | |||||||||
| Dade Cnty., GO, | |||||||||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 2/01/08, MBIA | 02/06 @ 92.852 | 4,595,800 | |||||||||
| AAA | 905 | 3 | Ser. B, Zero Coupon, 10/01/08, AMBAC | ETM | 821,867 | ||||||||
| AAA | 1,095 | Ser. B, Zero Coupon, 10/01/08, AMBAC | No Opt. Call | 988,588 | |||||||||
| AAA | 1,515 | Delray Beach, Decade of Excellence Prog. Proj., 3.50%, 2/01/09, FSA | No Opt. Call | 1,529,165 | |||||||||
| Dept. of Env. Protection Presvtn., Ser. B, FGIC, | |||||||||||||
| AAA | 5,905 | 4.00%, 7/01/08 | No Opt. Call | 6,046,425 | |||||||||
| AAA | 6,140 | 4.00%, 7/01/09 | No Opt. Call | 6,311,552 | |||||||||
| Div. of Bond Fin. Dept. Gen. Svc. Rev., | |||||||||||||
| AAA | 8,000 | Dept. of Env. Presvtn. Proj., Ser. B, 5.25%, 7/01/10, FSA | 07/08 @ 101 | 8,493,200 | |||||||||
| AAA | 2,000 | Nat. Res. & Presvtn. Proj., Ser. A, 5.00%, 7/01/11, AMBAC | 07/07 @ 101 | 2,082,360 | |||||||||
| Escambia Cnty. Util. Sys., Ser. B, FGIC, | |||||||||||||
| AAA | 1,595 | 6.125%, 1/01/09 | No Opt. Call | 1,691,083 | |||||||||
| AAA | 5,235 | 6.25%, 1/01/12 | No Opt. Call | 6,003,655 | |||||||||
| AAA | 5,060 | 6.25%, 1/01/13 | No Opt. Call | 5,855,128 | |||||||||
| AAA | 6,000 | Greater Orlando Aviation Auth., Orlando Arpt. Facs. Rev. Proj., | |||||||||||
| Ser. C, 3.50%, 10/01/08, MBIA | No Opt. Call | 6,049,200 | |||||||||||
| AAA | 3,000 | Hillsborough Cnty. Sch. Dist. Sales Tax Rev., 4.00%, 10/01/09, AMBAC | No Opt. Call | 3,083,520 | |||||||||
| AAA | 10,000 | Hillsborough Cnty. Util., 4.50%, 8/01/08, AMBAC | No Opt. Call | 10,380,600 | |||||||||
| Indian River Cnty. Sch. Dist., GO, FSA, | |||||||||||||
| AAA | 950 | 3.25%, 4/01/08 | No Opt. Call | 953,838 | |||||||||
| AAA | 1,000 | 3.25%, 4/01/09 | No Opt. Call | 1,001,640 | |||||||||
| Jacksonville Beach Utils., AMBAC, | |||||||||||||
| AAA | 1,100 | 3.10%, 4/01/09 | No Opt. Call | 1,096,392 | |||||||||
| AAA | 1,155 | 3.10%, 10/01/09 | No Opt. Call | 1,148,567 | |||||||||
| AAA | 5,895 | Jacksonville Excise Tax, 4.25%, 10/01/08, AMBAC | No Opt. Call | 6,081,989 | |||||||||
| Jacksonville Sales Tax, | |||||||||||||
| AAA | 1,155 | 3.125%, 10/01/08, FGIC | No Opt. Call | 1,154,838 | |||||||||
| AAA | 1,000 | 3.375%, 10/01/09, FGIC | No Opt. Call | 1,004,640 | |||||||||
| AAA | 2,000 | 4.10%, 10/01/08, AMBAC | No Opt. Call | 2,054,940 | |||||||||
| AAA | 825 | Lake Cnty. Sch. Brd., COP, 3.50%, 7/01/09, AMBAC | No Opt. Call | 832,755 | |||||||||
| AAA | 2,000 | Lakeland Elec. & Wtr., 5.90%, 10/01/08, FSA | No Opt. Call | 2,156,900 | |||||||||
| AAA | 3,000 | Lee Cnty. Arprt., 4.25%, 10/01/09, FSA | No Opt. Call | 3,102,300 | |||||||||
| AAA | 2,000 | Miami Dade Cnty. Edl. Fac., Ser. A, 4.875%, 4/01/09, AMBAC | No Opt. Call | 2,109,760 | |||||||||
| Miami Dade Cnty. Pub. Svc. Tax Rev. Pub. Impvt., AMBAC, | |||||||||||||
| AAA | 1,535 | 3.40%, 4/01/08 | No Opt. Call | 1,546,681 | |||||||||
| AAA | 1,595 | 3.625%, 4/01/09 | No Opt. Call | 1,617,202 | |||||||||
| AAA | 4,775 | Miami Dade Cnty. Sch. Brd., 5.25%, 8/01/11, FSA | 08/08 @ 101 | 5,072,578 | |||||||||
| Miami, GO, FGIC, | |||||||||||||
| AAA | 1,345 | 5.90%, 12/01/08 | No Opt. Call | 1,456,057 | |||||||||
| AAA | 1,000 | 6.00%, 12/01/09 | No Opt. Call | 1,106,040 | |||||||||
| AAA | 1,090 | Mun. Loan Council, Ser. C, 3.50%, 11/01/08, MBIA | No Opt. Call | 1,101,707 | |||||||||
1
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| Florida—(continued) | |||||||||||||
| AAA | $ 1,000 | 4 | Orange Cnty. Pub. Svc. Tax Rev., 5.70%, 10/01/05, FGIC | N/A | $ 1,020,000 | ||||||||
| AAA | 4,895 | Orange Cnty. Sales Tax Rev., Ser. A, 3.25%, 1/01/09, FGIC | No Opt. Call | 4,909,783 | |||||||||
| Orange Cnty. Tourist Dev. Tax Rev., Ser. A, | |||||||||||||
| AAA | 5,340 | 4.00%, 10/01/09, AMBAC | No Opt. Call | 5,478,626 | |||||||||
| AAA | 1,005 | 3 | 5.85%, 10/01/08, MBIA | ETM | 1,083,310 | ||||||||
| AAA | 495 | 5.85%, 10/01/08, MBIA | No Opt. Call | 532,397 | |||||||||
| AAA | 5,130 | 4.00%, 10/01/08, AMBAC | No Opt. Call | 5,249,016 | |||||||||
| Orlando Wstwtr. Sys., Ser. A, AMBAC, | |||||||||||||
| AAA | 1,100 | 3.25%, 10/01/08 | No Opt. Call | 1,103,740 | |||||||||
| AAA | 1,280 | 3.50%, 10/01/09 | No Opt. Call | 1,291,878 | |||||||||
| Osceola Cnty., AMBAC, | |||||||||||||
| AAA | 1,810 | 3.75%, 10/01/08 | No Opt. Call | 1,841,784 | |||||||||
| AAA | 1,535 | 3.875%, 10/01/09 | No Opt. Call | 1,570,612 | |||||||||
| Osceola Cnty. Gas Tax, FGIC, | |||||||||||||
| AAA | 640 | 3.10%, 4/01/08 | No Opt. Call | 640,301 | |||||||||
| AAA | 535 | 3.30%, 4/01/09 | No Opt. Call | 536,749 | |||||||||
| Palm Beach Cnty. Sch. Brd., COP, Ser. D, FSA, | |||||||||||||
| AAA | 1,770 | 3.00%, 8/01/08 | No Opt. Call | 1,764,725 | |||||||||
| AAA | 850 | 3.30%, 8/01/09 | No Opt. Call | 852,099 | |||||||||
| AAA | 7,085 | Pasco Cnty. Sld. Wst. Disp. & Res. Rec. Sys., 6.00%, 4/01/09, FGIC | 01/05 @ 100 | 7,104,059 | |||||||||
| Polk Cnty. Sch. Brd., COP, Ser. A, FSA, | |||||||||||||
| AAA | 2,000 | 3.20%, 1/01/08 | No Opt. Call | 2,003,800 | |||||||||
| AAA | 2,000 | 3.375%, 1/01/09 | No Opt. Call | 2,011,840 | |||||||||
| AAA | 1,020 | Sebring Wtr. & Wstwtr., 3.625%, 1/01/09, FGIC | No Opt. Call | 1,034,770 | |||||||||
| AAA | 2,000 | Seminole Cnty. Wtr. & Swr., 6.00%, 10/01/09, MBIA | No Opt. Call | 2,204,200 | |||||||||
| So. Florida Wtr. Mgmt. Dist., AMBAC, | |||||||||||||
| AAA | 1,250 | 3.00%, 10/01/08 | No Opt. Call | 1,245,400 | |||||||||
| AAA | 1,000 | 3.30%, 10/01/09 | No Opt. Call | 1,001,850 | |||||||||
| AAA | 1,025 | St. Johns Cnty. Sch. Brd., COP, Ser. A, 3.50%, 7/01/09, MBIA | No Opt. Call | 1,034,635 | |||||||||
| AAA | 500 | St. Petersburg Hlth. Facs. Auth., All Children's Hosp. Proj., 3.10%, 11/15/08, AMBAC | No Opt. Call | 498,080 | |||||||||
| AAA | 1,370 | Vlg. Ctr. Cmnty. Dev. Dist. Rec., Ser. A, 5.50%, 11/01/08, MBIA | No Opt. Call | 1,464,366 | |||||||||
| AAA | 2,370 | Volusia Cnty. Sales Tax Rev., Ser. B, 4.00%, 10/01/08, MBIA | No Opt. Call | 2,428,397 | |||||||||
| 166,001,525 | |||||||||||||
| Puerto Rico—18.1% | |||||||||||||
| Mun. Fin. Agcy., Ser. A, FSA, | |||||||||||||
| AAA | 10,000 | 3.50%, 8/01/08 | No Opt. Call | 10,112,400 | |||||||||
| AAA | 12,000 | 3.75%, 8/01/09 | No Opt. Call | 12,243,960 | |||||||||
| AAA | 1,500 | 5.625%, 8/01/10 | 08/09 @ 101 | 1,640,265 | |||||||||
| 23,996,625 | |||||||||||||
| Total Long-Term Investments (cost $185,822,061) | 189,998,150 | ||||||||||||
| SHORT-TERM INVESTMENTS—18.7% | |||||||||||||
| Florida—13.4% | |||||||||||||
| A-1+ | 6,000 | 5 | Highlands Cnty. Hlth. Facs. Auth., Adventist Hlth. Sys. Proj., | ||||||||||
| Ser. B, 2.75%, 10/06/05, FGIC, FRWD | N/A | 6,000,000 | |||||||||||
| A-1+ | 300 | 5 | Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 2.80%, 10/03/05, FRDD | N/A | 300,000 | ||||||||
| F1+ | 1,655 | 5 | Orange Cnty. Sch. Brd., COP, Ser. B, 2.80%, 10/03/05, AMBAC, FRDD | N/A | 1,655,000 | ||||||||
| A-1 | 6,000 | 5 | Orlando & Orange Cnty. Expwy. Auth. Rev., Ser. D, 2.76%, 10/06/05, FSA, FRWD | N/A | 6,000,000 | ||||||||
| A-1+ | 2,900 | 5 | Palm Beach Cnty. Sch. Brd., COP, Ser. B, 2.75%, 10/06/05, AMBAC, FRWD | N/A | 2,900,000 | ||||||||
| A-1+ | 1,000 | 5 | Pinellas Cnty. Hlth. Fac. Auth., 2.83%, 10/03/05, AMBAC, FRDD | N/A | 1,000,000 | ||||||||
| 17,855,000 | |||||||||||||
| Puerto Rico—5.3% | |||||||||||||
| A-1 | 6,000 | 5 | Gov't. Dev. Bank, 2.48%, 10/05/05, MBIA, FRWD | N/A | 6,000,000 | ||||||||
| A-1 | 1,000 | 5 | Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.72%, 10/05/05, AMBAC, FRWD | N/A | 1,000,000 | ||||||||
| 7,000,000 | |||||||||||||
2
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)
| Description | Value | ||||||||||||
| Total Short-Term Investments (cost $24,855,000) | $ 24,855,000 | ||||||||||||
| Total Investments—161.9% (cost $210,677,0616) | $214,853,150 | ||||||||||||
| Other assets in excess of liabilities—1.5% | 1,956,795 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(63.4)% | (84,155,328) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $132,654,617 | ||||||||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 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 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, 2005. | ||
| 6 | Cost for Federal tax purposes is $210,654,044. The net unrealized appreciation on a tax basis is $4,199,106, consisting of $4,231,166 gross unrealized appreciation and $32,060 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 100.2% of the Trust’s managed assets. The Trust has the following insurance concentrations: | |||
| AMBAC | – 28.4% |
| FGIC | – 26.3% |
| FSA | – 33.1% |
| MBIA | – 12.4% |
| KEY TO ABBREVIATIONS | |||||||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | FRWD | — | Floating Rate Weekly Demand | ||||||
| COP | — | Certificate of Participation | FSA | — | Financial Security Assurance | ||||||
| ETM | — | Escrowed to Maturity | GO | — | General Obligation | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| FRDD | — | Floating Rate Daily Demand | |||||||||
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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 it principle executive and principle 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 Florida Insured Municipal 2008 Term Trust
By: /s/ Henry GabbayPursuant 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