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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:   811-07092      

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, 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 Florida Insured Municipal 2008 Term Trust (BRF)

 

(Percentages shown are based on Net Assets)

Principal 
 
 
 
Amount 
 
Option Call 
 
 
(000) 
   
Description 
Provisions1 
   
Value 
 
      LONG-TERM INVESTMENTS—81.4%           
      Florida—80.2%           
$ 1,500      Alachua Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 4.25%, 1/01/09, FSA  No Opt. Call    $ 1,516,350   
4,190      Brd. of Ed., Sch. Impvts. Misc. RB, Ser. A, 5.00%, 7/01/08, FGIC  No Opt. Call      4,260,979   
      City of Jacksonville,           
2,000         Pub. Impvts. Sales Tax RB, 4.10%, 10/01/08, AMBAC  No Opt. Call      2,013,920   
1,155         Sales Tax RB, 3.125%, 10/01/08, FGIC  No Opt. Call      1,144,882   
5,895         Sales Tax RB, 4.25%, 10/01/08, AMBAC  No Opt. Call      5,948,821   
2,000      City of Lakeland, Elec., Pwr. & Lt. RB, 5.90%, 10/01/08, FSA  No Opt. Call      2,065,340   
      City of Orlando, Swr. RB,           
1,100         Ser. A, 3.25%, 10/01/08, AMBAC  No Opt. Call      1,094,093   
1,280         Ser. A, 3.50%, 10/01/09, AMBAC  No Opt. Call      1,276,967   
10,000      Cnty. of Hillsborough, Wtr. RB, 4.50%, 8/01/08, AMBAC  No Opt. Call      10,113,300   
      Cnty. of Miami-Dade,           
5,000         Misc. Taxes RB, Ser. A, Zero Coupon, 2/01/08, MBIA  04/07 @ 99.176      4,833,550   
9052        Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/08, AMBAC  ETM      856,365   
1,095         Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/08, AMBAC  No Opt. Call      1,036,001   
1,535         Pub. Svc. Tax Pub. Impvt. RB, 3.40%, 4/01/08, AMBAC  No Opt. Call      1,531,577   
      Cnty. of Orange,           
5,130         Misc. Taxes RB, Ser. A, 4.00%, 10/01/08, AMBAC  No Opt. Call      5,159,754   
1,0052        Sales Tax RB, Ser. A, 5.85%, 10/01/08, MBIA  ETM      1,037,642   
495         Sales Tax RB, Ser. A, 5.85%, 10/01/08, MBIA  No Opt. Call      511,003   
      Cnty. of Osceola,           
640         Fuel Sales Tax RB, 3.10%, 4/01/08, FGIC  No Opt. Call      635,770   
1,810         Trans. Impvts. Sales Tax RB, 3.75%, 10/01/08, AMBAC  No Opt. Call      1,813,403   
2,000      Cnty. of Seminole, Wtr. RB, 6.00%, 10/01/09, MBIA  No Opt. Call      2,087,400   
5,905      Dept. of Env. Protection, Recreational Fac. Impvts. Sales Tax RB, Ser. B, 4.00%, 7/01/08,           
         FGIC  No Opt. Call      5,931,986   
      Div. of Bd. Fin.,           
8,000         Recreational Fac. Impvts. Misc. Taxes RB, Dept. of Env. Presvtn. Proj., Ser. B, 5.25%,           
         7/01/10, FSA  07/08 @ 101      8,229,360   
2,000         Recreational Fac. Impvts. Sales Tax RB, Nat. Res. & Presvtn. Proj., Ser. A, 5.00%,           
         7/01/11, AMBAC  07/07 @ 101      2,026,200   
1,095      Escambia Cnty. Utils. Auth., Mult. Util. RB, Ser. B, 6.125%, 1/01/09, FGIC  No Opt. Call      1,125,638   
6,000      Greater Orlando Aviation Auth., Port, Arpt. & Marina RB, Orlando Arpt. Facs. Proj., Ser.           
         C, 3.50%, 10/01/08, MBIA  No Opt. Call      5,982,600   
3,000      Hillsborough Cnty. Sch. Brd., Sales Tax RB, 4.00%, 10/01/09, AMBAC  No Opt. Call      3,027,030   
950      Indian River Cnty. Sch. Dist., Ad Valorem Ppty. Tax GO, 3.25%, 4/01/08, FSA  No Opt. Call      946,571   
3,000      Lee Cnty., Port, Arpt. & Marina RB, 4.25%, 10/01/09, FSA  No Opt. Call      3,039,090   
      Miami, Ad Valorem Ppty. Tax GO,           
1,345         5.90%, 12/01/08, FGIC  No Opt. Call      1,394,483   
1,000         6.00%, 12/01/09, FGIC  No Opt. Call      1,059,720   
2,000      Miami-Dade Cnty. Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Univ. of Miami Proj., Ser.           
         A, 4.875%, 4/01/09, AMBAC  No Opt. Call      2,047,300   
4,775      Miami-Dade Cnty. Sch. Brd., Lease Approp. COP, 5.25%, 8/01/11, FSA  08/08 @ 101      4,916,483   
1,090      Mun. Loan Council, Pub. Impvts. Misc. RB, Ser. C, 3.50%, 11/01/08, MBIA  No Opt. Call      1,087,482   
4,935      Pasco Cnty., Rec. Recovery RB, 6.00%, 4/01/09, FGIC  04/07 @ 100      4,944,130   
2,000      Polk Cnty. Sch. Brd., Sch. Impvts. Lease Approp. COP, Ser. A, 3.20%, 1/01/08, FSA  No Opt. Call      1,992,360   
500      St. Petersburg Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, All Children’s Hosp.           
         Proj., 3.10%, 11/15/08, AMBAC  No Opt. Call      493,900   
2,530      Tpke. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. B, 5.50%, 7/01/08, MBIA  No Opt. Call      2,588,215   
1,370      Vlg. Ctr. Cmnty. Dev. Dist., Recreational RB, Ser. A, 5.50%, 11/01/08, MBIA  No Opt. Call      1,409,305   
2,370      Volusia Cnty., Sales Tax RB, Ser. B, 4.00%, 10/01/08, MBIA  No Opt. Call      2,383,059   
              103,562,029   
      Puerto Rico—1.2%           
1,500      Mun. Fin. Agcy., Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, Ser. A, 5.625%, 8/01/10,           
         FSA  08/09 @ 101      1,581,540   
      Total Long-Term Investments (cost $103,912,977)        105,143,569   

1

 

 

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

 

(Percentages shown are based on Net Assets)

Principal     
   
Amount     
   
(000)   
Description 
 
Value 
 
    SHORT-TERM INVESTMENTS—19.8% 
   
    Florida—3.3% 
   
$ 4,2503   Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. 
   
   
   Ctr. Proj., 3.75%, 4/02/07, FRDD 
$
 4,250,000   
Shares     
   
(000)     
   
    Money Market Funds—16.5% 
   
15,850    AIM Tax Free Cash Res. Portfolio - Institutional Class, 3.45% 
15,850,000   
5,400    SSgA Tax Free Money Mkt. Fund - Class A, 3.06% 
5,400,000   
    Total Short-Term Investments (cost $25,500,000) 
25,500,000   
    Total Investments —101.2% (cost $129,412,9774) 
$
 130,643,569   
    Liabilities in excess of other assets —(1.2)% 
(1,515,898)   
    Net Assets Applicable to Common Shareholders—100% 
$
 129,127,671   

  _________________
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 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. 
 
4 Cost for federal income tax purposes is $129,409,273. The net unrealized appreciation on a tax basis is $1,234,296, consisting of $1,333,064 gross unrealized appreciation and $98,768 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 99.2% of the Trust’s managed assets. 
   
   
AMBAC 
— 30.7% 
FGIC 
— 15.7% 
FSA 
— 19.1% 
MBIA 
— 17.2% 
Other 
— 16.5% 

KEY TO ABBREVIATIONS 


AMBAC  — American Municipal Bond Assurance Corp.  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.  RB  — Revenue Bond 
FRDD  — Floating Rate Daily Demand     
       
       
       
       

2

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 Florida Insured Municipal 2008 Term Trust     

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