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: | September 30, 2004 ____________________________________________ |
Item 1. Schedule of Investments
The registrant's 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, 2004
BlackRock Florida Insured Municipal 2008 Term Trust (BRF)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| LONG-TERM INVESTMENTS—144.00% | ||||||||||
| Florida—126.3% | ||||||||||
| AAA | $ 1,500 | Alachua Cnty. Sch. Dist., GO, 4.25%, 1/01/09, FSA | No Opt. Call | $ 1,591,845 | ||||||
| AAA | 1,765 | Collier Cnty. Sch. Brd., COP, Ser. A, 3.50%, 2/15/09, FSA | No Opt. Call | 1,816,079 | ||||||
| Dade Cnty., | ||||||||||
| AAA | 1,000 | Aviation Rev., 6.00%, 10/01/08, AMBAC | 10/05 @ 102 | 1,058,270 | ||||||
| AAA | 5,000 | GO, Ser. A, Zero Coupon, 2/01/08, MBIA | 02/06 @ 92.852 | 4,505,500 | ||||||
| AAA | 905 | GO, Ser. B, Zero Coupon, 10/01/08, AMBAC | ETM | 814,781 | ||||||
| AAA | 1,095 | GO, Ser. B, Zero Coupon, 10/01/08, AMBAC | No Opt. Call | 980,813 | ||||||
| AAA | 1,515 | Delray Beach, Decade of Excellence Prog., GO, 3.50%, 2/01/09, FSA | No Opt. Call | 1,563,450 | ||||||
| Escambia Cnty. Util. Sys., Ser. B, FGIC, | ||||||||||
| AAA | 1,595 | 6.125%, 1/01/09 | No Opt. Call | 1,804,870 | ||||||
| AAA | 5,235 | 6.25%, 1/01/12 | No Opt. Call | 6,200,544 | ||||||
| AAA | 5,060 | 6.25%, 1/01/13 | No Opt. Call | 6,021,855 | ||||||
| Florida Brd. of Ed., | ||||||||||
| AAA | 8,720 | GO, 3.50%, 1/01/09, FSA | No Opt. Call | 8,993,546 | ||||||
| AAA | 4,190 | Lottery Rev., Ser. A, 5.00%, 7/01/08, FGIC | No Opt. Call | 4,572,505 | ||||||
| Florida Dept. of Env. Protection Presvtn., Ser. B, FGIC, | ||||||||||
| AAA | 5,905 | 4.00%, 7/01/08 | No Opt. Call | 6,234,263 | ||||||
| AAA | 6,140 | 4.00%, 7/01/09 | No Opt. Call | 6,476,533 | ||||||
| Florida Div. of Bond Fin. Dept., Gen. Svc. Rev., | ||||||||||
| AAA | 2,000 | Nat. Res. & Presvtn., Ser. A, 5.00%, 7/01/11, AMBAC | 07/07 @ 101 | 2,133,680 | ||||||
| AAA | 8,000 | Dept. of Env. Presvtn., Ser. B, 5.25%, 7/01/10, FSA | 07/08 @ 101 | 8,765,920 | ||||||
| AAA | 1,090 | Florida Mun. Loan Council, Ser. C, 3.50%, 11/01/08, MBIA | No Opt. Call | 1,129,720 | ||||||
| AAA | 6,000 | Greater Orlando Aviation Auth., Orlando Arpt. Facs. Rev., Ser. C, 3.50%, 10/01/08, MBIA | No Opt. Call | 6,226,440 | ||||||
| AAA | 3,000 | Hillsborough Cnty. Sch. Dist., Sales Tax Rev., 4.00%, 10/01/09, AMBAC | No Opt. Call | 3,165,630 | ||||||
| AAA | 10,000 | Hillsborough Cnty. Util., 4.50%, 8/01/08, AMBAC | No Opt. Call | 10,750,900 | ||||||
| Indian River Cnty. Sch. Dist., GO, FSA, | ||||||||||
| AAA | 950 | 3.25%, 4/01/08 | No Opt. Call | 977,512 | ||||||
| AAA | 1,000 | 3.25%, 4/01/09 | No Opt. Call | 1,022,700 | ||||||
| Indian Trace Cmnty. Dev. Dist., Wtr. Mgmt. Spec. Benefit, Ser. A, MBIA, | ||||||||||
| AAA | 3,000 | 5.625%, 5/01/08 | 05/05 @ 102 | 3,123,840 | ||||||
| AAA | 2,910 | 5.75%, 5/01/09 | 05/05 @ 102 | 3,032,191 | ||||||
| Jacksonville Beach Utils., AMBAC, | ||||||||||
| AAA | 1,100 | 3.10%, 4/01/09 | No Opt. Call | 1,118,040 | ||||||
| AAA | 1,155 | 3.10%, 10/01/09 | No Opt. Call | 1,170,662 | ||||||
| AAA | 5,895 | Jacksonville Excise Tax, 4.25%, 10/01/08, AMBAC | No Opt. Call | 6,288,963 | ||||||
| Jacksonville Sales Tax, | ||||||||||
| AAA | 1,155 | 3.125%, 10/01/08, FGIC | No Opt. Call | 1,183,124 | ||||||
| AAA | 1,000 | 3.375%, 10/01/09, FGIC | No Opt. Call | 1,026,290 | ||||||
| AAA | 2,000 | 4.10%, 10/01/08, AMBAC | No Opt. Call | 2,122,320 | ||||||
| AAA | 825 | Lake Cnty. Sch. Brd., COP, 3.50%, 7/01/09, AMBAC | No Opt. Call | 850,888 | ||||||
| AAA | 2,000 | Lakeland Elec. & Wtr., 5.90%, 10/01/08, FSA | No Opt. Call | 2,258,260 | ||||||
| AAA | 3,000 | Lee Cnty. Arprt., 4.25%, 10/01/09, FSA | No Opt. Call | 3,207,570 | ||||||
| Miami, GO, FGIC, | ||||||||||
| AAA | 1,345 | 5.90%, 12/01/08 | No Opt. Call | 1,521,558 | ||||||
| AAA | 1,000 | 6.00%, 12/01/09 | No Opt. Call | 1,149,780 | ||||||
| Miami Dade Cnty., | ||||||||||
| AAA | 2,000 | Edl. Fac., Ser. A, 4.875%, 4/01/09, AMBAC | No Opt. Call | 2,182,000 | ||||||
| AAA | 1,535 | Pub. Svc. Tax Rev., Pub. Impvt., 3.40%, 4/01/08, AMBAC | No Opt. Call | 1,587,113 | ||||||
| AAA | 1,595 | Pub. Svc. Tax Rev., Pub. Impvt., 3.625%, 4/01/09, AMBAC | No Opt. Call | 1,656,360 | ||||||
| AAA | 4,775 | Sch. Brd., COP, 5.25%, 8/01/11, FSA | 08/08 @ 101 | 5,237,172 | ||||||
1
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| Florida—(continued) | ||||||||||
| Orange Cnty., | ||||||||||
| AAA | $ 1,0003 | Pub. Svc. Tax Rev., 5.70%, 10/01/05, FGIC | N/A | $ 1,060,570 | ||||||
| AAA | 4,89 | 5 | Sales Tax Rev., Ser. A, 3.25%, 1/01/09, FGIC | No Opt. Call | 4,999,851 | |||||
| AAA | 5,130 | Tourist Dev., Tax Rev., Ser. A, 4.00%, 10/01/08, AMBAC | No Opt. Call | 5,414,407 | ||||||
| AAA | 5,340 | Tourist Dev., Tax Rev., Ser. A, 4.00%, 10/01/09, AMBAC | No Opt. Call | 5,622,112 | ||||||
| AAA | 1,005 | Tourist Dev., Tax Rev., Ser. A, 5.85%, 10/01/08, MBIA | ETM | 1,138,183 | ||||||
| AAA | 495 | Tourist Dev., Tax Rev., Ser. A, 5.85%, 10/01/08, MBIA | No Opt. Call | 556,979 | ||||||
| Orlando Wstwtr. Sys., Ser. A, AMBAC, | ||||||||||
| AAA | 1,100 | 3.25%, 10/01/08 | No Opt. Call | 1,131,977 | ||||||
| AAA | 1,280 | 3.50%, 10/01/09 | No Opt. Call | 1,321,050 | ||||||
| Osceola Cnty., AMBAC, | ||||||||||
| AAA | 1,810 | 3.75%, 10/01/08 | No Opt. Call | 1,896,790 | ||||||
| AAA | 1,535 | 3.875%, 10/01/09 | No Opt. Call | 1,610,875 | ||||||
| Osceola Cnty. Gas Tax, FGIC, | ||||||||||
| AAA | 640 | 3.10%, 4/01/08 | No Opt. Call | 655,341 | ||||||
| AAA | 535 | 3.30%, 4/01/09 | No Opt. Call | 548,273 | ||||||
| Palm Beach Cnty. Sch. Brd., COP, Ser. D, FSA, | ||||||||||
| AAA | 1,770 | 3.00%, 8/01/08 | No Opt. Call | 1,804,621 | ||||||
| AAA | 850 | 3.30%, 8/01/09 | No Opt. Call | 869,508 | ||||||
| AAA | 7,085 | Pasco Cnty. Sld. Wst. Disp. & Res. Rec. Sys., 6.00%, 4/01/09, FGIC | 11/04 @ 100 | 7,105,972 | ||||||
| Polk Cnty. Sch. Brd., COP, Ser. A, FSA, | ||||||||||
| AAA | 2,000 | 3.20%, 1/01/08 | No Opt. Call | 2,048,900 | ||||||
| AAA | 2,000 | 3.375%, 1/01/09 | No Opt. Call | 2,050,360 | ||||||
| AAA | 1,020 | Sebring Wtr. & Wstwtr., 3.625%, 1/01/09, FGIC | No Opt. Call | 1,057,077 | ||||||
| AAA | 2,000 | Seminole Cnty. Wtr. & Swr., 6.00%, 10/01/09, MBIA | No Opt. Call | 2,295,560 | ||||||
| So. Florida Wtr. Mgmt. Dist., AMBAC, | ||||||||||
| AAA | 1,250 | 3.00%, 10/01/08 | No Opt. Call | 1,274,537 | ||||||
| AAA | 1,000 | 3.30%, 10/01/09 | No Opt. Call | 1,022,820 | ||||||
| AAA | 1,025 | St. Johns Cnty. Sch. Brd. COP, Ser. A, 3.50%, 7/01/09, MBIA | No Opt. Call | 1,057,164 | ||||||
| AAA | 500 | St. Petersburg Hlth. Facs. Auth., All Childrens Hosp., 3.10%, 11/15/08, AMBAC | No Opt. Call | 508,665 | ||||||
| AAA | 1,370 | Vlg. Ctr. Cmnty. Dev. Dist. Rec., Ser. A, 5.50%, 11/01/08, MBIA | No Opt. Call | 1,525,331 | ||||||
| AAA | 2,370 | Volusia Cnty., Sales Tax Rev., Ser. B, 4.00%, 10/01/08, MBIA | No Opt. Call | 2,506,014 | ||||||
| 176,606,424 | ||||||||||
| Puerto Rico—17.70% | ||||||||||
| Puerto Rico Mun. Fin. Agcy., Ser. A, FSA, | ||||||||||
| AAA | 10,000 | 3.50%, 8/01/08 | No Opt. Call | 10,406,600 | ||||||
| AAA | 12,000 | 3.75%, 8/01/09 | No Opt. Call | 12,578,520 | ||||||
| AAA | 1,500 | 5.625%, 8/01/10 | 08/09 @ 101 | 1,696,725 | ||||||
| 24,681,845 | ||||||||||
| Total Long-Term Investments (cost $191,791,395) | 201,288,269 | |||||||||
| SHORT-TERM INVESTMENTS—14.4% | ||||||||||
| Florida—6.3% | ||||||||||
| A-1+ | 6,0004 | Highlands Cnty. Hlth. Facs. Auth.,
Adventist Hlth. Sys., Ser. B, 1.70%, 10/07/04, MBIA, FRWD |
N/A | 6,000,000 | ||||||
| A-1+ | 2,9004 | Palm Beach Cnty. Florida Sch. Brd., COP, Ser. B, 1.72%, 10/01/04, AMBAC, FRWD | N/A | 2,900,000 | ||||||
| 8,900,000 | ||||||||||
| Puerto Rico—4.3% | ||||||||||
| A-1 | 6,0004 | Puerto Rico Gov’t. Dev. Bank, 1.59%, 10/06/04, MBIA, FRWD | N/A | 6,000,000 | ||||||
2
BlackRock Florida Insured Municipal 2008 Term Trust (BRF) (continued)
| Shares | ||||||||||
| (000) | Description | Value | ||||||||
| MONEY MARKET FUND —3.8% | ||||||||||
| 5,300 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ 5,300,000 | ||||||||
| Total Short-Term Investments (cost $20,200,000) | 20,200,000 | |||||||||
| Total Investments—158.4% (cost $211,991,395) | $221,488,269 | |||||||||
| Other assets in excess of liabilities—1.8% | 2,483,336 | |||||||||
| Preferred shares at redemption value, including dividends payable—(60.2%) | (84,166,123) | |||||||||
| Net Assets Applicable to Common Shareholders—100% | $139,805,482 | |||||||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. | ||
| 2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. | ||
| 3 | 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. | ||
| 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 as of September 30, 2004. | ||
The value (market value plus accrued interest) of securities that are covered by insurance, which insures the payment of principal and interest, represent approximately 97.7% of the Trust’s managed assets.
KEY TO ABBREVIATIONS
| AMBAC | — | American Municipal Bond Assurance Corporation | FSA | — | Financial Security Assurance | COP | — | Certificate of Participation | GO | — | General Obligation | ||||||||||
| ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Association | ||||||||||||||||
| FGIC | — | Financial Guaranty Insurance Company | |||||||||||||||||||
3
(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: November 23, 2004
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: November 23, 2004
By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: November 23, 2004