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
Name of Fund: The BlackRock Florida Insured Municipal 2008 Term Trust (BRF)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, The BlackRock Florida Insured Municipal 2008 Term Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 12/31/2008
Date of reporting period: 07/01/2008 09/30/2008
Item 1 Schedule of Investments
BlackRock Florida Insured Municipal 2008 Term Trust | |||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
Par | |||||||
Municipal Bonds | (000) | Value | |||||
Florida - 47.8% | Collier County, Florida, Health Facilities Authority, Hospital Revenue | ||||||
Refunding Bonds (Cleveland Clinic Health Systems), VRDN, Series C-1, 4.25%, | |||||||
1/01/35 (a)(b) | $ 350 | $ 350,000 | |||||
Dade County, Florida, Special Obligation Revenue Refunding Bonds, CABS, | |||||||
Series B, 5.695%, 10/01/08 (c)(d) | 1,095 | 1,094,912 | |||||
Dade County, Florida, Special Obligation Revenue Refunding Bonds, CABS, | |||||||
Series B, 5.695%, 10/01/08 (c)(d)(e) | 905 | 904,928 | |||||
Florida Municipal Loan Council Revenue Bonds, Series C, 3.50%, | |||||||
11/01/08 (f) | 1,090 | 1,090,698 | |||||
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue | |||||||
Refunding Bonds, Series C, 3.50%, 10/01/08 (f) | 6,000 | 6,000,120 | |||||
Jacksonville, Florida, Excise Taxes Revenue Refunding Bonds, Series A, 4.25%, | |||||||
10/01/08 (c) | 5,895 | 5,895,236 | |||||
Jacksonville, Florida, Sales Tax Revenue Bonds, 4.10%, 10/01/08 (c) | 2,000 | 2,000,100 | |||||
Jacksonville, Florida, Sales Tax Revenue Refunding Bonds, 3.125%, | |||||||
10/01/08 (g) | 1,155 | 1,155,023 | |||||
Lakeland, Florida, Electric and Water Revenue Refunding Bonds, First Lien, | |||||||
Series B, 5.90%, 10/01/08 (h) | 2,000 | 2,000,200 | |||||
Miami, Florida, GO, Refunding, 5.90%, 12/01/08 (g) | 1,345 | 1,351,765 | |||||
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds | |||||||
(Orlando Regional Healthcare), VRDN, 4.30%, 10/01/15 (a)(b) | 700 | 700,000 | |||||
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds | |||||||
(Orlando Regional Healthcare), VRDN, Series A-1, 9%, 10/01/41 (a)(b)(h) | 11,780 | 11,780,000 | |||||
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds | |||||||
(Orlando Regional Healthcare), VRDN, Series A-2, 4.25%, 10/01/41 (a)(b)(h) | 2,570 | 2,570,000 | |||||
Orange County, Florida, Tourist Development Tax, Revenue Refunding Bonds, | |||||||
Series A, 4%, 10/01/08 (c) | 5,130 | 5,130,154 | |||||
Orange County, Florida, Tourist Development Tax, Revenue Refunding Bonds, | |||||||
Series A, 5.85%, 10/01/08 (e)(f) | 1,005 | 1,005,070 | |||||
Orange County, Florida, Tourist Development Tax, Revenue Refunding Bonds, | |||||||
Series A, 5.85%, 10/01/08 (f) | 495 | 495,040 | |||||
Orlando, Florida, Waste Water System, Revenue Refunding Bonds, Series A, | |||||||
3.25%, 10/01/08 (c) | 1,100 | 1,100,033 | |||||
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue | |||||||
Refunding Bonds, VRDN, Series C-1, 6.50%, 7/01/25 (a)(b)(h) | 2,500 | 2,500,000 | |||||
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue | |||||||
Refunding Bonds, VRDN, Series C-2, 6.50%, 7/01/25 (a)(b)(h) | 2,450 | 2,450,000 | |||||
Osceola County, Florida, Infrastructure Sales Surplus Tax Revenue Bonds, | |||||||
3.75%, 10/01/08 (c) | 1,810 | 1,810,036 | |||||
Palm Beach County, Florida, School Board, COP, VRDN, Series B, 8.05%, | |||||||
8/01/27 (a)(b)(h) | 7,000 | 7,000,000 | |||||
Portfolio Abbreviations |
. | To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below. | |||
CABS | Capital Appreciation Bonds | GO | General Obligation Bonds | |
COP | Certificates of Participation | VRDN | Variable Rate Demand Notes |
1
BlackRock Florida Insured Municipal 2008 Term Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
Saint Petersburg, Florida, Health Facilities Authority, Revenue Refunding | ||||||
Bonds (All Children's Hospital), 3.10%, 11/15/08 (c) | $ 500 | $ 500,300 | ||||
Village Center Community Development District, Florida, Recreational | ||||||
Revenue Refunding Bonds, Series A, 5.50%, 11/01/08 (f) | 1,370 | 1,372,685 | ||||
Volusia County, Florida, Sales Tax Revenue Refunding Bonds, Subordinate | ||||||
Lien, Series B, 4%, 10/01/08 (f) | 2,370 | 2,370,071 | ||||
Total Municipal Bonds (Cost - $62,604,649) - 47.8% | 62,626,371 | |||||
Short-Term Securities | Shares | |||||
CMA Florida Municipal Money Fund, 4.60% (i)(j) | 16,700,000 | 16,700,000 | ||||
Par | ||||||
(000) | ||||||
U.S. Government Obligations U.S. Treasury Notes, 3.375%, 11/15/08 (k) |
$ 50,200 | 50,360,791 | ||||
Total Short-Term Securities | ||||||
(Cost - $66,916,403) - 51.2% | 67,060,791 | |||||
Total Investments (Cost - $129,521,052*) - 99.0% | 129,687,162 | |||||
Other Assets Less Liabilities - 1.0% | 1,299,649 | |||||
Net Assets - 100.0% | $ 130,986,811 |
* |
The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows: |
|
Aggregate cost | $ | 129,521,052 | |
Gross unrealized appreciation | $ | 172,967 | |
Gross unrealized depreciation | $ | (6,857) | |
Net unrealized appreciation | $ | 166,110 |
(a) |
Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
(b) |
Security may have a maturity of more than one year at the time of issuance, but has variable rate and demand features that qualify it as a short-term security. |
(c) |
AMBAC Insured. |
(d) |
Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase. |
(e) |
Security is collateralized by Municipal or U.S. Treasury obligations. |
(f) |
MBIA Insured. |
(g) |
FGIC Insured. |
(h) |
FSA Insured. |
(i) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Affiliate | Net Activity | Income |
CMA Florida Municipal Money Fund | 16,700,000 | $ 46,622 |
(j) |
Represents the current yield as of report date. |
|
(k) |
Rate shown is the yield to maturity as of the date of purchase. |
|
2
BlackRock Florida Insured Municipal 2008 Term Trust
Schedule of Investments September 30, 2008 (Unaudited)
Effective January 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
Level 1 - price quotations in active markets/exchanges for identical securities
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs)
Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust's policy regarding valuation of investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its semi-annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Trust's investments:
Valuation | Investments in | ||||
Inputs | Securities | ||||
Level 1 | $ | 16,700,000 | |||
Level 2 | 112,987,162 | ||||
Level 3 | - | ||||
Total | $ | 129,687,162 |
3
Item 2 Controls and Procedures
2(a) | The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. | |||
2(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. | |||
Item 3 | Exhibits | |||
Certifications Attached hereto | ||||
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. | ||||
The BlackRock Florida Insured Municipal 2008 Term Trust | ||||
By: | /s/ Donald C. Burke | |||
Donald C. Burke | ||||
Chief Executive Officer of | ||||
The BlackRock Florida Insured Municipal 2008 Term Trust | ||||
Date: November 24, 2008 | ||||
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/ Donald C. Burke | |||
Donald C. Burke | ||||
Chief Executive Officer (principal executive officer) of | ||||
The BlackRock Florida Insured Municipal 2008 Term Trust | ||||
Date: November 24, 2008 | ||||
By: | /s/ Neal J. Andrews | |||
Neal J. Andrews | ||||
Chief Financial Officer (principal financial officer) of | ||||
The BlackRock Florida Insured Municipal 2008 Term Trust | ||||
Date: November 24, 2008 |