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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 811-06721

Name of Fund: The BlackRock Insured Municipal 2008 Term Trust Inc. (BRM)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, The BlackRock Insured Municipal 2008 Term Trust Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s 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 Insured Municipal 2008 Term Trust
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000)      Value
California - 7.0%   East Bay Municipal Utility District, California, Water System Revenue        
    Refunding Bonds, VRDN, Sub-Series B, 8.30%, 6/01/25 (a)(b)(c) $ 14,840     $ 14,840,000
    Southern California Public Power Authority, Revenue Refunding Bonds        
    (Power Transmission Project), VRDN, Sub-Series B, 8.40%,        
    7/01/23 (a)(b)(c)   13,985     13,985,000
              28,825,000
Colorado - 0.5%   El Paso County, Colorado, COP (Detention Facilities Project),        
    Series B, 3.20%, 12/01/08 (d)   1,000     1,001,240
    Thornton, Colorado, COP, 3.25%, 12/01/08 (d) 1,000     1,000,610
              2,001,850
Delaware - 0.2%   Delaware River and Bay Authority Revenue Bonds, 3.25%, 1/01/09 (e) 650     651,176
District of Columbia - 2.6%   District of Columbia, GO, VRDN, Series D-1, 8.05%, 6/01/26 (a)(b)(c)
10,675
   
10,675,000
Florida - 5.1%   Broward County, Florida, School Board, COP, VRDN, 7.25%,        
    7/01/21 (a)(b)(c)   5,000     5,000,000
    Orange County, Florida, Health Facilities Authority, Hospital Revenue        
    Bonds (Orlando Regional Healthcare), VRDN, Series A-1,        
    9%, 10/01/41 (a)(b)(c)   100     100,000
    Palm Beach County, Florida, School Board, COP, VRDN, Series B, 8.05%,        
    8/01/27 (a)(b)(c)   12,405     12,405,000
    Palm Beach, Florida, Revenue Refunding Bonds (Beach Restoration        
    Project), Series A, 5%, 1/01/09 (c)   1,300     1,309,022
    Tampa, Florida, Water and Sewer Revenue Refunding Bonds, 5.50%,        
    10/01/08 (c)   2,080     2,080,187
              20,894,209
Georgia - 4.8%   Monroe County, Georgia, Development Authority, PCR, Refunding        
    (Georgia Power Company - Scherer Plant Project), 4.20%, 1/01/12 (d) 20,000     20,002,000
Illinois - 3.0%   Cook County, Illinois, School District Number 025 (Arlington Heights),        
    GO, Refunding, 4.50%, 12/01/08 (c)   2,000     2,007,380
    Du Page County, Illinois, Forest Preserve District,        
    GO, 5.90%, 11/01/08 (f)   8,985     8,963,436
    Kane and Du Page Counties, Illinois, Community Unit School District        
    303 (Saint Charles), GO, Series A, 3.75%, 1/01/09 (c) 1,455     1,460,296
              12,431,112
Kentucky - 0.9%   Owensboro, Kentucky, Electric, Light and Power Revenue Bonds, Series        
    B, 6.75%, 1/01/09 (d)(f)   3,890     3,861,603
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 PCR Pollution Control Revenue Bonds
  IDA Industrial Development Authority VRDN Variable Rate Demand Notes

1

BlackRock Insured Municipal 2008 Term Trust          
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000)     Value
Michigan - 0.9%   Michigan State Trunk Line Revenue Bonds, Series A, 4.125%,        
    11/01/08 (c)   $ 3,000     $ 3,004,650
    Wyandotte, Michigan, Electric Revenue Refunding Bonds, 6.25%,        
    10/01/08 (e)   765     765,069
              3,769,719
New Jersey - 0.7%   Monmouth County, New Jersey, Improvement Authority, Governmental        
    Loan Revenue Refunding Bonds, 5%, 12/01/08 (c)   1,000     1,004,440
    New Jersey State Transportation Trust Fund Authority, Transportation        
    System Revenue Refunding Bonds, Series C, 5.25%,          
    12/15/08 (d)   1,750     1,759,572
              2,764,012
New York - 2.9%   Metropolitan Transportation Authority, New York, Dedicated Tax Fund,        
    Revenue Refunding Bonds, VRDN, Series B, 6.50%,          
    11/01/22 (a)(b)(c)   6,000     6,000,000
    New York State Dormitory Authority, Mental Health Services Revenue        
    Bonds, VRDN, Sub-Series D-2B, 6.40%, 2/15/31 (a)(b)(c) 2,000     2,000,000
    Port Authority of New York and New Jersey, Consolidated Revenue        
    Refunding Bonds, 129th Series, 2.875%, 11/01/08 (c) 4,000     4,001,760
              12,001,760
North Carolina - 3.2%   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care        
    System Revenue Bonds (Carolinas Healthcare System), VRDN, Series J,        
    7.25%, 1/15/46 (a)(b)(c)   13,040     13,040,000
Oregon - 1.0%   Lane County, Oregon, School District Number 4J (Eugene), GO,        
    Advance Refunding, 3%, 1/01/09 (c)   1,285     1,287,531
    Oregon State Department of Administrative Services, COP, Refunding,        
    Series A, 5%, 11/01/08 (c)   2,905     2,911,391
              4,198,922
Pennsylvania - 5.2%   Lehigh County, Pennsylvania, IDA, PCR, Refunding (Pennsylvania Power        
    and Light Utilities Corporation Project), 3.125%, 11/01/08 (c) 16,250     16,253,250
    Pennsylvania State Department of General Services, COP, Refunding,        
    4.50%, 11/01/08 (c)   2,120     2,123,668
    Pittsburgh, Pennsylvania, Public Parking Authority, Parking Revenue        
    Refunding Bonds, 3.25%, 12/01/08 (d)   3,125     3,124,969
              21,501,887
Texas - 4.4%   Austin, Texas, Combined Utility System, Revenue Refunding Bonds,        
    6.625%, 11/15/08 (d)   5,000     5,023,500
    Austin, Texas, Combined Utility System, Revenue Refunding Bonds,        
    CABS, Series A, 6.85%, 11/15/08 (e)(f)   11,515     11,473,316
    North Texas Tollway Authority, Dallas North Tollway System, Revenue        
    Refunding Bonds, Series C, 5%, 1/01/09 (c)(g)   1,500     1,509,840
              18,006,656
Washington - 4.5%   Clark County, Washington, Public Utility District Number 001, Electric        
    Revenue Refunding Bonds, 5%, 1/01/09 (e)   1,250     1,257,400
    King County, Washington, GO, Series D, 5.55%, 12/01/08 (e) 12,850     12,913,093

2

BlackRock Insured Municipal 2008 Term Trust          
Schedule of Investments September 30, 2008 (Unaudited) (Percentages shown are based on Net Assets)
      Par      
  Municipal Bonds   (000)      Value
  King County, Washington, Public Transportation Sales Tax, GO,          
  Refunding, 3.50%, 12/01/08 (c)   $ 3,060     $ 3,066,120
  Seattle, Washington, GO, Series F, 5.125%, 12/15/08 (h)   250     251,083
  Washington State Health Care Facilities Authority Revenue Bonds          
  (Catholic Health Initiatives), Series A, 5.30%, 12/01/08 (e)   1,010     1,014,474
            18,502,170
  Total Long-Term Investments          
  (Cost - $192,798,001) - 46.9%         193,127,076
  Short-Term Securities   Shares      
  Merrill Lynch Institutional Tax-Exempt Fund, 5.29% (i)(j)   32,700,000     32,700,000
      Par      
  U.S. Government Obligations (k)   (000)      
  Fannie Mae Discount Notes, 3.04%, 10/20/08   $ 57,835     57,743,429
  Fannie Mae Discount Notes, 3.05%, 11/03/08   41,500     41,385,875
  Freddie Mac Discount Notes, 3.20%, 10/27/08   66,697     66,544,783
  U.S. Treasury Notes, 4.875%, 10/31/08   19,364     19,427,533
  Total Short-Term Securities          
  (Cost - $217,782,097) - 52.8%         217,801,620
  Total Investments (Cost - $410,580,098*) - 99.7%         410,928,696
  Other Assets Less Liabilities - 0.3%         1,083,634
  Net Assets Applicable to Common Shares - 100.0%         $ 412,012,330

  *     

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   $ 410,871,309  
  Gross unrealized appreciation   $ 94,298  
  Gross unrealized depreciation   (36,911)  
  Net unrealized appreciation   $ 57,387  

(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)     

FSA Insured.
(d)     

AMBAC Insured.
(e)     

MBIA Insured.
(f)     

Represents a zero-coupon bond. Rate shown reflects the effective yield at time of purchase.
(g)     

Security is collateralized by Municipal or U.S. Treasury Obligations.
(h)     

U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.
(i)     

Represents the current yield as of report date.
(j)     

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
    Merrill Lynch Institutional Tax-Exempt Fund      32,700,000 $ 77,475
     
  (k) The interest rates shown reflect the discount rates at the time of purchase.

 

3

BlackRock 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   $ 32,700,000  
  Level 2     378,228,696  
  Level 3     -  
  Total   $ 410,928,696  

4

Item 2 – Controls and Procedures

2(a) –   The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s 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 registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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
     
    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 Insured Municipal 2008 Term Trust Inc.
     
    By: /s/ Donald C. Burke  
      Donald C. Burke  
      Chief Executive Officer of  
      The BlackRock Insured Municipal 2008 Term Trust Inc.
       
    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 Insured Municipal 2008 Term Trust Inc.
       
    Date: November 24, 2008
         
    By: /s/ Neal J. Andrews  
      Neal J. Andrews  
      Chief Financial Officer (principal financial officer) of  
      The BlackRock Insured Municipal 2008 Term Trust Inc.
         
    Date: November 24, 2008