FORM N-Q
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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100
Bellevue Parkway, Wilmington, DE
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19809
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Registrant's telephone number, including area code:_888-825-2257
Date of fiscal year end:___December 31, 2006
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
MARCH 31, 2006
(unaudited)
BlackRock Florida Insured Municipal 2008 Term Trust (BRF)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Description | Value | ||||||||||||
| LONG-TERM INVESTMENTS—139.5% | |||||||||||||
| Florida—121.2% | |||||||||||||
| AAA | $ 1,500 | Alachua Cnty. Sch. Dist. GO, 4.25%, 1/01/09, FSA | No Opt. Call | $ 1,522,800 | |||||||||
| AAA | 8,720 | Brd. of Ed. GO, 3.50%, 1/01/09, FSA | No Opt. Call | 8,683,638 | |||||||||
| AAA | 4,190 | Brd. of Ed. Lottery RB, Ser. A, 5.00%, 7/01/08, FGIC | No Opt. Call | 4,312,138 | |||||||||
| AAA | 1,765 | Collier Cnty. Sch. Brd. COP, Ser. A, 3.50%, 2/15/09, FSA | No Opt. Call | 1,750,245 | |||||||||
| Dade Cnty. RB, | |||||||||||||
| AAA | 5,000 | Ser. A, Zero Coupon, 2/01/08, MBIA | 05/06 @ 94.177 | 4,668,500 | |||||||||
| AAA | 905 | 3 | Ser. B, Zero Coupon, 10/01/08, AMBAC | ETM | 825,677 | ||||||||
| AAA | 1,095 | Ser. B, Zero Coupon, 10/01/08, AMBAC | No Opt. Call | 993,669 | |||||||||
| AAA | 1,515 | Delray Beach GO, Decade of Excellence Prog. Proj., 3.50%, 2/01/09, FSA | No Opt. Call | 1,508,501 | |||||||||
| Dept. of Env. Protection Presvtn. RB, | |||||||||||||
| AAA | 5,905 | Ser. B, 4.00%, 7/01/08, FGIC | No Opt. Call | 5,951,295 | |||||||||
| AAA | 6,140 | Ser. B, 4.00%, 7/01/09, FGIC | No Opt. Call | 6,202,935 | |||||||||
| Div. of Bond Fin. Dept. Gen. Svc. RB, | |||||||||||||
| AAA | 8,000 | Dept. of Env. Presvtn. Proj., Ser. B, 5.25%, 7/01/10, FSA | 07/08 @ 101 | 8,337,280 | |||||||||
| AAA | 2,000 | Nat. Res. & Presvtn. Proj., Ser. A, 5.00%, 7/01/11, AMBAC | 07/07 @ 101 | 2,052,400 | |||||||||
| Escambia Cnty. Util. Sys. RB, | |||||||||||||
| AAA | 1,595 | Ser. B, 6.125%, 1/01/09, FGIC | No Opt. Call | 1,655,738 | |||||||||
| AAA | 5,235 | Ser. B, 6.25%, 1/01/12, FGIC | No Opt. Call | 5,853,201 | |||||||||
| AAA | 5,060 | Ser. B, 6.25%, 1/01/13, FGIC | No Opt. Call | 5,716,788 | |||||||||
| AAA | 6,000 | Greater Orlando Aviation Auth. RB, Orlando Arpt. Facs. Proj., Ser. C, 3.50%, 10/01/08, MBIA | No Opt. Call | 5,985,840 | |||||||||
| AAA | 3,000 | Hillsborough Cnty. Sch. Dist. Sales Tax RB, 4.00%, 10/01/09, AMBAC | No Opt. Call | 3,033,120 | |||||||||
| AAA | 10,000 | Hillsborough Cnty. Util. RB, 4.50%, 8/01/08, AMBAC | No Opt. Call | 10,191,600 | |||||||||
| Indian River Cnty. Sch. Dist. GO, | |||||||||||||
| AAA | 950 | 3.25%, 4/01/08, FSA | No Opt. Call | 940,082 | |||||||||
| AAA | 1,000 | 3.25%, 4/01/09, FSA | No Opt. Call | 984,510 | |||||||||
| AAA | 1,100 | Jacksonville Beach Utils. RB, 3.10%, 4/01/09, AMBAC | No Opt. Call | 1,075,525 | |||||||||
| AAA | 5,895 | Jacksonville Excise Tax RB, 4.25%, 10/01/08, AMBAC | No Opt. Call | 5,981,185 | |||||||||
| Jacksonville Sales Tax RB, | |||||||||||||
| AAA | 1,155 | 3.125%, 10/01/08, FGIC | No Opt. Call | 1,134,753 | |||||||||
| AAA | 1,000 | 3.375%, 10/01/09, FGIC | No Opt. Call | 986,980 | |||||||||
| AAA | 2,000 | 4.10%, 10/01/08, AMBAC | No Opt. Call | 2,022,180 | |||||||||
| AAA | 825 | Lake Cnty. Sch. Brd. COP, 3.50%, 7/01/09, AMBAC | No Opt. Call | 819,728 | |||||||||
| AAA | 2,000 | Lakeland Elec. & Wtr. RB, 5.90%, 10/01/08, FSA | No Opt. Call | 2,107,100 | |||||||||
| AAA | 3,000 | Lee Cnty. Arprt. RB, 4.25%, 10/01/09, FSA | No Opt. Call | 3,056,490 | |||||||||
| AAA | 2,000 | Miami Dade Cnty. Edl. Fac. RB, Ser. A, 4.875%, 4/01/09, AMBAC | No Opt. Call | 2,068,200 | |||||||||
| Miami Dade Cnty. Pub. Svc. Tax RB, Pub. Impvt. Proj., | |||||||||||||
| AAA | 1,535 | 3.40%, 4/01/08, AMBAC | No Opt. Call | 1,525,468 | |||||||||
| AAA | 1,595 | 3.625%, 4/01/09, AMBAC | No Opt. Call | 1,593,421 | |||||||||
| AAA | 4,775 | Miami Dade Cnty. Sch. Brd. COP, 5.25%, 8/01/11, FSA | 08/08 @ 101 | 4,977,508 | |||||||||
| Miami GO, | |||||||||||||
| AAA | 1,345 | 5.90%, 12/01/08, FGIC | No Opt. Call | 1,421,557 | |||||||||
| AAA | 1,000 | 6.00%, 12/01/09, FGIC | No Opt. Call | 1,079,330 | |||||||||
| AAA | 1,090 | Mun. Loan Council RB, Ser. C, 3.50%, 11/01/08, MBIA | No Opt. Call | 1,085,204 | |||||||||
| AAA | 4,895 | Orange Cnty. Sales Tax RB, Ser. A, 3.25%, 1/01/09, FGIC | No Opt. Call | 4,818,834 | |||||||||
| Orange Cnty. Tourist Dev. Tax RB, | |||||||||||||
| AAA | 5,130 | Ser. A, 4.00%, 10/01/08, AMBAC | No Opt. Call | 5,168,680 | |||||||||
| AAA | 1,005 | 3 | Ser. A, 5.85%, 10/01/08, MBIA | ETM | 1,059,099 | ||||||||
| AAA | 495 | Ser. A, 5.85%, 10/01/08, MBIA | No Opt. Call | 520,324 | |||||||||
| AAA | 5,340 | Ser. A, 4.00%, 10/01/09, AMBAC | No Opt. Call | 5,390,196 | |||||||||
| Orlando Wstwtr. Sys. RB, | |||||||||||||
| AAA | 1,100 | Ser. A, 3.25%, 10/01/08, AMBAC | No Opt. Call | 1,085,491 | |||||||||
| AAA | 1,280 | Ser. A, 3.50%, 10/01/09, AMBAC | No Opt. Call | 1,273,344 | |||||||||
1
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Description | Value | ||||||||||||
| Florida—(cont’d) | |||||||||||||
| Osceola Cnty. Gas Tax RB, | |||||||||||||
| AAA | $ 640 | 3.10%, 4/01/08, FGIC | No Opt. Call | $ 630,605 | |||||||||
| AAA | 535 | 3.30%, 4/01/09, FGIC | No Opt. Call | 527,531 | |||||||||
| Osceola Cnty. RB, | |||||||||||||
| AAA | 1,810 | 3.75%, 10/01/08, AMBAC | No Opt. Call | 1,815,122 | |||||||||
| AAA | 1,535 | 3.875%, 10/01/09, AMBAC | No Opt. Call | 1,545,714 | |||||||||
| AAA | 850 | Palm Beach Cnty. Sch. Brd. COP, Ser. D, 3.30%, 8/01/09, FSA | No Opt. Call | 834,326 | |||||||||
| AAA | 7,085 | Pasco Cnty. Sld. Wst. Disp. & Res. Rec. Sys. RB, 6.00%, 4/01/09, FGIC | 05/06 @ 100 | 7,093,714 | |||||||||
| Polk Cnty. Sch. Brd. COP, | |||||||||||||
| AAA | 2,000 | Ser. A, 3.20%, 1/01/08, FSA | No Opt. Call | 1,979,160 | |||||||||
| AAA | 2,000 | Ser. A, 3.375%, 1/01/09, FSA | No Opt. Call | 1,976,860 | |||||||||
| AAA | 1,020 | Sebring Wtr. & Wstwtr. RB, 3.625%, 1/01/09, FGIC | No Opt. Call | 1,019,031 | |||||||||
| AAA | 2,000 | Seminole Cnty. Wtr. & Swr. RB, 6.00%, 10/01/09, MBIA | No Opt. Call | 2,151,980 | |||||||||
| AAA | 1,000 | So. Florida Wtr. Mgmt. Dist. RB, 3.30%, 10/01/09, AMBAC | No Opt. Call | 983,080 | |||||||||
| AAA | 500 | St. Petersburg Hlth. Facs. Auth. RB, All Children’s Hosp. Proj., 3.10%, 11/15/08, AMBAC | No Opt. Call | 488,895 | |||||||||
| AAA | 1,370 | Vlg. Ctr. Cmnty. Dev. Dist. Rec. RB, Ser. A, 5.50%, 11/01/08, MBIA | No Opt. Call | 1,432,335 | |||||||||
| AAA | 2,370 | Volusia Cnty. Sales Tax RB, Ser. B, 4.00%, 10/01/08, MBIA | No Opt. Call | 2,390,690 | |||||||||
| 156,289,597 | |||||||||||||
| Puerto Rico—18.3% | |||||||||||||
| AAA | 1,500 | Mun. Fin. Agcy. GO, Ser. A, 5.625%, 8/01/10, FSA | 08/09 @ 101 | 1,608,045 | |||||||||
| Mun. Fin. Agcy. RB, | |||||||||||||
| AAA | 10,000 | Ser. A, 3.50%, 8/01/08, FSA | No Opt. Call | 9,975,300 | |||||||||
| AAA | 12,000 | Ser. A, 3.75%, 8/01/09, FSA | No Opt. Call | 12,033,000 | |||||||||
| 23,616,345 | |||||||||||||
| Total Long-Term Investments (cost $178,583,356) | 179,905,942 | ||||||||||||
| SHORT-TERM INVESTMENTS—23.8% | |||||||||||||
| Florida—16.0% | |||||||||||||
| A-1+ | 4,700 | 4 | Highlands Cnty. Hlth. Facs. Auth. RB, Adventist Hlth. Sys. Proj., Ser. B, 3.18%, 4/06/06, | ||||||||||
| FGIC, FRWD | N/A | 4,700,000 | |||||||||||
| A-1+ | 4,410 | 4 | Jacksonville Hlth. Facs. Hosp. RB, Variable Baptist Med. Ctr. Proj., 3.14%, 4/03/06, FRDD | N/A | 4,410,000 | ||||||||
| VMIGI | 1,655 | 4 | Orange Cnty. Sch. Brd. COP, Ser. B, 3.15%, 4/03/06, AMBAC, FRDD | N/A | 1,655,000 | ||||||||
| A-1 | 6,000 | 4 | Orlando & Orange Cnty. Expwy. Auth. RB, Ser. D, 3.15%, 4/06/06, FSA, FRWD | N/A | 6,000,000 | ||||||||
| A-1+ | 2,900 | 4 | Palm Beach Cnty. Sch. Brd. COP, Ser. B, 3.14%, 4/06/06, AMBAC, FRWD | N/A | 2,900,000 | ||||||||
| A-1+ | 1,000 | 4 | Pinellas Cnty. Hlth. Fac. Auth. RB, 3.18%, 4/03/06, AMBAC, FRDD | N/A | 1,000,000 | ||||||||
| 20,665,000 | |||||||||||||
| Puerto Rico—5.5% | |||||||||||||
| A-1 | 6,000 | 4 | Gov’t. Dev. Bank RB, 2.96%, 4/05/06, MBIA, FRWD | N/A | 6,000,000 | ||||||||
| A-1 | 1,000 | 4 | Hwy. & Transp. Auth. Transp. RB, Ser. A, 3.13%, 4/05/06, AMBAC, FRWD | N/A | 1,000,000 | ||||||||
| 7,000,000 | |||||||||||||
2
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)
| Shares | |||||||||||||
| Description | Value | ||||||||||||
| Money Market Fund—2.3% | |||||||||||||
| 3,000 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ 3,000,000 | |||||||||||
| Total Short-Term Investments (cost $30,665,000) | 30,665,000 | ||||||||||||
| Total Investments—163.3% (cost $209,248,3565) | $210,570,942 | ||||||||||||
| Other assets in excess of liabilities—2.0% | 2,529,436 | ||||||||||||
| Preferred shares at redemption value, including dividends payable—(65.3)% | (84,156,228) | ||||||||||||
| Net Assets Applicable to Common Shareholders—100% | $128,944,150 | ||||||||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service 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 | Security is collateralized by U.S. Treasury obligations. | ||
| 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 is rate as of March 31, 2006. | ||
| 5 | Cost for Federal income tax purposes is $209,219,772. The net unrealized appreciation on a tax basis is $1,351,170, consisting of $2,176,489 gross unrealized appreciation and $825,319 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 97.9% of the Trust’s managed assets. |
| AMBAC | — 26.9% | |
| FGIC | — 25.3% | |
| FSA | — 32.3% | |
| MBIA | — 12.0% | |
| Other | — 1.4% |
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 | RB | — | Revenue Bond | |||||
3
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/ Henry Gabbay____________________________________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___________________________________