BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
N-30D, 1999-08-25
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- --------------------------------------------------------------------------------
             THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
                       SEMI-ANNUAL REPORT TO SHAREHOLDERS
                          REPORT OF INVESTMENT ADVISER
- --------------------------------------------------------------------------------

                                                                   July 31, 1999
Dear Shareholder:

     Since the Trust's last report, interest rates rose sharply as U.S. economic
growth remained strong, labor markets tightened and international  markets began
to recover. In light of these factors, the Federal Reserve's Federal Open Market
Committee increased short-term interest rates by 25 basis points in June, citing
a concern that inflation might start to accelerate.

     In tandem with the Fed's  recent  rate  tightening,  BlackRock  has taken a
defensive interest rate stance. With the Treasury curve currently pricing in the
possibility  of another Fed  tightening  by year-end,  we believe that  interest
rates will trade in a relatively  narrow range until the economy  shows signs of
slowing.

     This report  contains  comments  from your Trust's  managers  regarding the
markets  and  portfolio  in  addition  to  the  Trust's  semi-annual   financial
statements  and a detailed  portfolio  listing.  We thank you for your continued
investment in the Trust.


Sincerely,

/s/Laurence D. Fink                                      /s/Ralph L. Schlosstein
- -------------------                                      -----------------------
Laurence D. Fink                                         Ralph L. Schlosstein
Chairman                                                 President


                                        1

<PAGE>

                                                                   July 31, 1999


Dear Shareholder:

     We are pleased to present the semi-annual  report for The BlackRock Florida
Insured Municipal 2008 Term Trust ("the Trust") for the six months ended June 30
1999. We would like to take this  opportunity  to review the Trust's stock price
and net asset  value  (NAV)  performance,  summarize  developments  in the fixed
income markets and discuss recent portfolio management activity.

     The Trust is a non-diversified  actively managed closed-end bond fund whose
shares  are traded on the New York Stock  Exchange  under the symbol  "BRF." The
Trust's  investment  objective  is to  manage  a  portfolio  of  municipal  debt
securities  that  will  return  $15 per share (an  amount  equal to the  Trust's
initial public offering price) to investors on or about December 31, 2008, while
providing high current income exempt from regular federal income tax and Florida
intangible  personal  property tax. The Trust seeks to achieve this objective by
investing in high credit quality ("AAA" or insured to "AAA") Florida  tax-exempt
general   obligation  and  revenue  bonds  issued  by  city,  county  and  state
municipalities.

     The table below  summarizes  the changes in the Trust's stock price and net
asset value over the past six months:

<TABLE>
<CAPTION>
                                 6/30/99      12/31/98       CHANGE          HIGH           LOW
                                 --------------------------------------------------------------
<S>                             <C>           <C>            <C>            <C>           <C>
STOCK PRICE                     $15.6875      $16.8125       (6.69%)        $16.875       $15.25
- ------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV)           $15.86        $16.51         (3.94%)        $16.65        $15.85
- ------------------------------------------------------------------------------------------------
</TABLE>


THE FIXED INCOME MARKETS

     The past six months have witnessed  continued  rapid  expansion of the U.S.
economy.  GDP growth for the second  quarter of 1999 is  estimated  at an annual
rate of 3.5%-4%,  far exceeding  the  historical  non-inflationary  level of 2%.
While  BlackRock  believes that growth may slow down in the second half of 1999,
we anticipate  GDP to remain above 3% for the year. In spite of strong  domestic
economic growth,  inflationary  forces continue to remain contained;  still, the
Federal  Reserve chose to raise its target for the federal funds rate from 4.75%
to 5.00% at its June meeting. The Fed cited an easing of financial strain, tight
labor markets and a firming of foreign economies in the release accompanying the
move. The Fed dropped its tightening bias to a neutral bias, which should reduce
the  likelihood  of  another  hike  at the  August  24th  meeting.  However,  an
additional  25-50 basis points of  tightening  by year end is  possible,  as the
combination  of a very strong  domestic  economy and an  improving  situation in
Europe and Japan may allow for tighter monetary policy.

     U.S. Treasury securities  dramatically  reversed their fourth quarter gains
in the  first  half of 1999.  The  yield of the  10-Year  Treasury  posted a net
decline of 118 basis points (1.18%), beginning 1999 at 4.65% and closing on June
30, 1999 at 5.78%.  Strong  economic  numbers led the Federal Reserve to adopt a
tightening bias on May 18, 1999 and ultimately raised interest rates by 25 basis
points  on June 30,  1999.  The  Federal  Reserve  eased  rates by 0.75% in 1998
because of the  global  financial  crisis  but cited in their June 1999  meeting
"Since  then much of the  financial  strain has eased,  foreign  economies  have
firmed and economic  activity in the U.S. has moved forward at a brisk pace." We
anticipate Treasuries will trade in a relatively narrow range for the balance of
1999 unless the Fed takes further action.

     Municipal bonds  outperformed  the taxable  domestic bond market during the
past six months,  returning  -0.90% (as measured by the LEHMAN  MUNICIPAL INDEX)
versus the LEHMAN AGGREGATE INDEX'S -1.37% on a pre-tax basis. Municipal


                                        2

<PAGE>

bonds  continue  to appear  attractive  relative  to  Treasuries  on a long-term
historical  basis,  and we believe that reduced  Treasury  supply and  increased
crossover  activity should keep ratios at higher than normal levels.  Supply and
demand  technicals  continue  to improve in the  municipal  market as supply has
declined  23% in the  first  half of 1999 from  last  year.  Much of the drop in
issuance  can be  attributed  to the plunge in refunding  supply,  which is down
nearly 50% versus last year.  Retail  investors  have been adding  municipals to
their  portfolios  at an  aggressive  pace,  which  should  result in the second
consecutive  year of net  positive  cash flows into mutual  funds  after  having
negative  flows during the  previous  four years.  Due to the factors  mentioned
above, we believe  municipals remain a compelling  investment  opportunity going
forward.

     The State of  Florida's  strong  and  stable  financial  position  reflects
prudent financial management combined with a solid and diversifying  economy. In
FY1998, the State's General Fund revenues increased 8.77% over the previous year
to $36 billion  while the  expenditures  increased at 6% for the last year.  The
FY1998 unreserved  General Fund balance increased 23% to $6.08 billion or 17% of
revenues;  this provides strong  bondholder  security.  Florida's stable economy
combined  with rapid  populaton  growth  continues to fuel one of the  country's
strongest job markets.


THE TRUST'S PORTFOLIO AND INVESTMENT STRATEGY

     The Trust's portfolio is actively managed to diversify  exposure to various
sectors,  issuers,  revenue sources and security types.  BlackRock's  investment
strategy  emphasizes  a  relative  value  approach,  which  allows  the Trust to
capitalize  upon  changing  market  conditions  by rotating  municipal  sectors,
credits  and  coupons.  Additionally,  the  Trust  emphasizes  securities  whose
maturity dates match the termination date of the Trust.  Trading activity in the
Trust  remained  low during the period,  as the market  prices of a  significant
portion of the  portfolio's  bonds are currently  above the prices at which they
were bought. A bond sold at a gain would result in the Trust realizing a capital
gain, which may require a taxable distribution. Since one of the Trust's primary
investment  objectives  is  to  pay  out  tax-exempt  income,  we  believe  that
restructuring  the portfolio in a higher interest rate  environment  remains the
most prudent strategy.

     Additionally, the Trust employs leverage to enhance its income by borrowing
at short-term  municipal  rates and  investing  the proceeds in longer  maturity
issues that have higher  yields.  The degree to which the Trust can benefit from
its use of leverage  may affect its ability to pay high monthly  income.  At the
end of the  semi-annual  period,  the Trust's  leverage  amount was 32% of total
assets.  During the past six months,  the Trust's  borrowing costs have remained
favorable.

     The  following  chart  compares  the Trust's  current and December 31, 1998
asset composition:

    -------------------------------------------------------------------------
             THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
    -------------------------------------------------------------------------
    Sector                           June 30, 1999          December 31, 1998
    -------------------------------------------------------------------------
    Education                             21%                      21%
    -------------------------------------------------------------------------
    Tax Revenue                           18%                      18%
    -------------------------------------------------------------------------
    Water &Sewer                          18%                      18%
    -------------------------------------------------------------------------
    Transportation                        14%                      14%
    -------------------------------------------------------------------------
    Hospital                              12%                      12%
    -------------------------------------------------------------------------
    County, City & State                   7%                       7%
    -------------------------------------------------------------------------
    Utility/Power                          5%                       5%
    -------------------------------------------------------------------------
    Resource Recovery                      4%                       4%
    -------------------------------------------------------------------------
    Lease Revenue                          1%                       1%
    -------------------------------------------------------------------------


                                        3

<PAGE>

     We look  forward to managing  the Trust to benefit  from the  opportunities
available in the fixed income markets and to meet its investment objectives.  We
thank you for your investment in the BlackRock  Florida  Insured  Municipal 2008
Term Trust.  Please feel free to contact our marketing  center at (800) 227-7BFM
(7236) if you have specific questions which were not addressed in this report.

Sincerely yours,

/s/Robert S. Kapito                         /s/Kevin M. Klingert
- -------------------                         --------------------
Robert S. Kapito                            Kevin M. Klingert
Vice Chairman and Portfolio Manager         Managing Director and
BlackRock Financial Management, Inc.         Portfolio Manager
                                            BlackRock Financial Management, Inc.

   -----------------------------------------------------------------------------
             THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
   -----------------------------------------------------------------------------
   Symbol on New York Stock Exchange:                                 BRF
   -----------------------------------------------------------------------------
   Initial Offering Date:                                     September 18, 1992
   -----------------------------------------------------------------------------
   Closing Stock Price as of 6/30/99:                               $15.6875
   -----------------------------------------------------------------------------
   Net Asset Value as of 6/30/99:                                   $15.86
   -----------------------------------------------------------------------------
   Yield on Closing Stock Price
     as of 6/30/99 ($15.6875)1:                                       5.50%
   -----------------------------------------------------------------------------
   Current Monthly Distribution per Common Share2:                   $0.07188
   -----------------------------------------------------------------------------
   Current Annualized Distribution per Common Share2:                $0.86256
   -----------------------------------------------------------------------------

- -------------------------
1    Yield on  Closing  Stock  Price  is  calculated  by  dividing  the  current
     annualized distribution per share by the closing stock price per share.
2    Dividend is not constant and is subject to change.


                                        4

<PAGE>

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
PORTFOLIO OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- ----------------------------------------------------------------------------------------------------
           PRINCIPAL                                                        OPTION
            AMOUNT                                                           CALL            VALUE
  RATING*    (000)             DESCRIPTION                                PROVISIONS+      (NOTE 1)
- ---------------------------------------------------------------------------------------------------
<S>        <C>                                                           <C>             <C>
                      LONG-TERM INVESTMENTS--144.7%
  AAA      $ 1,500    Altamonte Springs Wtr. & Swr. Sys. Rev.,
                       6.00%, 10/01/08, FGIC ........................    10/02 at 102    $ 1,590,570
  AAA       10,000++  Brevard Cnty. Sch. Brd., C.O.P., Ser. A,
                       6.375%, 7/01/02, AMBAC .......................         N/A         10,760,500
                      Canaveral Port Auth. Impvt. Rev., FGIC,
  AAA        2,980     6.00%, 6/01/07 ...............................     6/02 at 102      3,143,393
  AAA        3,155     6.00%, 6/01/08 ...............................     6/02 at 102      3,333,289
  AAA        1,000    Dade Cnty. Aviation Rev.,
                       Ser. A, 6.00%, 10/01/08, AMBAC ...............    10/05 at 102      1,075,310
                      Dade Cnty. G.O.,
  AAA        5,000     Ser. A, Zero Coupon, 2/01/08, MBIA ...........    2/06 at 92.852    3,257,550
  AAA        2,000     Ser. B, Zero Coupon, 10/01/08, AMBAC .........     No Opt. Call     1,268,311
  AAA        5,465++  Dade Cnty. Sch. Brd., C.O.P., Ser. A,
                       5.75%, 5/01/04, MBIA .........................         N/A          5,801,753
  AAA        2,500++  Dade Cnty. Sch. Dist. Rev.,
                       6.125%, 8/01/01, FGIC ........................         N/A          2,599,375
  AAA        2,500    Daytona Beach Wtr. & Swr. Rev.,
                       6.00%, 11/15/09, AMBAC .......................    11/02 at 102      2,641,700
                      Duval Cnty. Sch. Dist. G.O., AMBAC,
  AAA        3,015     6.30%, 8/01/06 ...............................     8/02 at 102      3,189,327
  AAA        9,000     6.30%, 8/01/07 ...............................     8/02 at 102      9,507,150
                      Escambia Cnty. Utils. Auth. Sys. Rev., FGIC,
  AAA        2,450++   Ser. A, 6.10%, 1/01/03 .......................         N/A          2,625,347
  AAA        1,595     Ser. B, 6.125%, 1/01/09 ......................     No Opt. Call     1,741,086
  AAA        8,255    Florida St. Brd. of Ed. Wtr. & Swr. Sys. Rev.,
                       Pub. Ed., 6.125%, 6/01/08, FGIC ..............     6/02 at 101      8,621,852
                      Florida St. Div. Bd. Fin. Dept. Rev.,
                      Nat. Res. & Pres., Ser. 2000-A,
  AAA       14,500++   6.25%, 7/01/02, MBIA .........................         N/A         15,424,665
  AAA        2,500++   6.75%, 7/01/01, AMBAC ........................         N/A          2,671,250
  AAA        3,000    Greater Orlando Aviation Auth., Arpt. Fac. Rev.,
                       Ser. D, 6.20%, 10/01/08, AMBAC ...............    10/02 at 102      3,191,520
                      Hillsborough Cnty. Cap. Impvt., FGIC,
  AAA        2,630++     6.25%, 8/01/04 .............................         N/A          2,857,442
  AAA        1,500++     6.60%, 8/01/04 .............................         N/A          1,653,270
  AAA        5,000++  Hillsborough Cnty. Sch. Brd., C.O.P.,
                       5.875%, 7/01/04, MBIA ........................         N/A          5,384,100
  AAA       10,000    Hillsborough Cnty. Tampa Intl. Arpt Aviation Rev.,
                       Ser. A, 5.75%, 10/01/11, AMBAC ...............    10/99 at 104     10,431,800
                      Indian Trace Cmnty. Dev. Dist., Wtr. Mgmt. Spec.
                      Benefit, Ser. A, MBIA,
  AAA        3,000     5.625%, 5/01/08 ..............................    5/05 at 102       3,157,800
  AAA        2,910     5.75%, 5/01/09 ...............................    5/05 at 102       3,032,569
  AAA        4,000    Jacksonville Elec. Auth. Rev.,
                       5.75%, 10/01/12, AMBAC .......................    10/02 at 102      4,158,800
  AAA        5,000    Jacksonville, G.O., Ser. A,
                       5.50%, 10/01/12, AMBAC .......................    10/02 at 102      5,130,400
  AAA        2,000    Lakeland Elec. & Wtr. Rev., Jr. Sub Lien,
                       5.90%, 10/01/08, FSA                               No Opt. Call     2,161,460
                      Lakeland Hosp. Sys. Rev., Regl. Med. Care Ctr.
                      Proj., Ser. B, FGIC,
  AAA        6,605++   6.10%, 11/15/02 ..............................         N/A          7,093,638
  AAA        3,245     6.10%, 11/15/08 ..............................    11/02 at 102      3,450,343
  AAA        1,100    Lakeland Wastewtr. Impvt. Rev.,
                       5.50%, 10/01/08, MBIA ........................    10/02 at 102      1,144,143
  AAA        4,500    Lee Cnty. Arpt. Rev., Ser. A,
                       5.50%, 10/01/10, AMBAC .......................    10/02 at 100      4,559,400
  AAA        4,750    Lee Cnty. G.O., Ser. A, 7.30%, 10/01/07, MBIA .    10/99 at 102      4,888,082
  AAA        1,650++  Lee Cnty. Local Option Gas Tax Rev.,
                       5.50%, 10/01/99, MBIA ........................         N/A          1,658,316
  AAA        1,000    Marion Cnty. Hosp. Dist. Rev.,
                      Munroe Regl. Med. Ctr., 6.20%, 10/01/07, FGIC .    10/02 at 102      1,062,910
  AAA        3,750    Melbourne Wtr. & Swr. Rev., Ser. C,
                       6.25%, 10/01/08, FGIC ........................    10/02 at 102      4,004,363
</TABLE>


                       See Notes to Financial Statements.


                                        5

<PAGE>

<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
           PRINCIPAL                                                        OPTION
            AMOUNT                                                           CALL            VALUE
  RATING*    (000)             DESCRIPTION                                PROVISIONS+      (NOTE 1)
- ---------------------------------------------------------------------------------------------------
<S>        <C>                                                           <C>            <C>
  AAA      $11,000    Miami Beach Hlth. Fac. Auth. Hosp. Rev.,
                      Mt. Sinai Med. Ctr. Proj., 6.25%, 11/15/08, FSA    11/02 at 102   $ 11,746,900
                      Miami, G.O., FGIC,
  AAA        1,345     5.90%, 12/01/08 ..............................     No Opt. Call     1,444,665
  AAA        1,000     6.00%, 12/01/09 ..............................     No Opt. Call     1,082,420
  AAA        1,000    Orange Cnty. Pub. Svc.Tax,
                       5.70%, 10/01/08, FGIC ........................    10/05 at 102      1,060,000
  AAA        1,500    Orange Cnty. Tourist Devel. Tax Rev.,
                       Ser. A, 5.85%, 10/01/08, MBIA ................     No Opt. Call     1,615,560
  AAA        2,000    Osceola Cnty. Trans. Rev.,
                      Osceola Pkwy. Proj.,
                       5.95%, 4/01/08, MBIA .........................     4/02 at 102      2,104,360
  AAA        3,100++  Palm Bay Util. Rev., Ser. B,
                       6.10%, 10/01/02, MBIA ........................         N/A          3,323,603
  AAA        7,085    Pasco Cnty. Solid Waste Disp. & Res. Rec. Sys. Rev.,
                       6.00%, 4/01/09, FGIC .........................     4/02 at 102      7,431,882
  AAA       11,000    Pasco Cnty. Wtr. & Swr. Rev.,
                       Ser. A, 6.00%, 10/01/09, FGIC ................    10/02 at 102     11,609,620
  AAA        1,000++  Seminole Cnty. Sch. Brd., C.O.P.,
                       Ser. A, 5.90%, 7/01/04, MBIA .................         N/A          1,077,920
  AAA        2,000    Seminole Cnty. Wtr. & Swr. Rev.,
                       6.00%, 10/01/09, MBIA ........................    No Opt. Call      2,174,440
                       Tampa Wtr. & Swr. Rev., Ser. A, FGIC,
  AAA        1,405++   6.25%, 10/01/02 ..............................         N/A          1,500,400
  AAA        1,095     6.25%, 10/01/12 ..............................    10/02 at 101      1,154,732
  AAA        4,065    Volusia Cnty. Edl. Fac. Auth. Rev.,
                       Embry-Riddle Aeronautical Univ.,
                       6.50%, 10/15/08, CONNIE LEE ..................    10/02 at 102      4,367,030
                                                                                        ------------
                       TOTAL LONG-TERM INVESTMENTS
                       (COST $186,633,674) ..........................                    199,966,316
                                                                                        ------------
                      SHORT-TERM INVESTMENT**--0.8%
  A-1+       1,100    Long Island Pwr. Auth., Elec. Sys. Rev.,
                       3.40%, 7/01/99, FRDD
                         (cost $1,100,000) ..........................         N/A          1,100,000
                                                                                        ------------
                      TOTAL INVESTMENTS--145.5% (COST $187,733,674) .                    201,066,316
                      Other assets in excess of liabilities--2.2% ...                      3,068,941
                      Liquidation value of preferred stock--(47.7)% .                    (66,000,000)
                                                                                        ------------
                      NET ASSETS APPLICABLE TO COMMON SHAREHOLDEERS--100%               $138,135,257
                                                                                        ============
- -------------------------
  * Rating: Using the higher of Standard & Poor's, Moody's or Fitch's rating.
 ** For  purposes  of  amortized  cost  valuation,  the  maturity  date of these
    instruments  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.
  + Option  call  provisions:  date  (month/year)  and  prices  of the earliest
    optional call or redemption. There may be other call provisions  at  varying
    prices at later dates.
 ++ This bond is prerefunded. See glossary for definition.

- -----------------------------------------------------------------------------------------------------------------------------
                                The following abbreviations are used in portfolio descriptions:

                  AMBAC -- American Municipal Bond Assurance Corporation        FRDD -- Floating Rate Daily Demand**
                 C.O.P. -- Certificate of Participation                          FSA -- Financial Security Assurance
             CONNIE LEE -- College Construction Loan Insurance Association       G.O -- General Obligation Bond
                   FGIC -- Financial Guaranty Insurance Company                 MBIA -- Municipal Bond Insurance Association
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>


                       See Notes to Financial Statements.


                                        6

<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INSURED
MUNICIPAL 2008 TERM TRUST
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------

ASSETS
Investments, at value (cost $187,733,674)
  (Note 1) .....................................................   $201,066,316
Cash ...........................................................         95,206
Interest receivable ............................................      3,178,168
Other assets ...................................................          8,561
                                                                   ------------
                                                                    204,348,251
                                                                   ------------
LIABILITIES
Investment advisory fee payable (Note 2) .......................         60,190
Dividends payable--preferred stock .............................         37,971
Administration fee payable (Note 2) ............................         17,197
Other accrued expenses .........................................         97,636
                                                                   ------------
                                                                        212,994
                                                                   ------------
NET INVESTMENT ASSETS ..........................................   $204,135,257
                                                                   ============
Net investment assets were comprised of:
  Common shares of beneficial interest:
    Par value (Note 4) .........................................   $     87,071
    Paid-in capital in excess of par ...........................    120,907,481
  Preferred shares of beneficial interest
    (Note 4) ...................................................     66,000,000
                                                                   ------------
                                                                    186,994,552
  Undistributed net investment income ..........................      4,020,690
  Accumulated net realized loss ................................       (212,627)
  Net unrealized appreciation ..................................     13,332,642
                                                                   ------------
  Net investment assets, June 30, 1999 .........................   $204,135,257
                                                                   ============

  Net assets applicable to common
    shareholders ...............................................   $138,135,257
                                                                   ============
Net asset value per common share of
  beneficial interest: ($138,135,257 / 8,707,093
  common shares of beneficial interest issued
  and outstanding) .............................................         $15.86
                                                                         ======

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INSURED
MUNICIPAL 2008 TERM TRUST
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------

NET INVESTMENT INCOME
Income
  Interest and discount earned .................................   $  5,786,733
                                                                   ------------
Operating expenses
  Investment advisory ..........................................        364,613
  Administration ...............................................        104,175
  Auction agent ................................................         88,000
  Custodian ....................................................         30,000
  Reports to shareholders ......................................         27,000
  Directors ....................................................         17,000
  Audit ........................................................         15,000
  Transfer agent ...............................................         10,000
  Legal ........................................................          3,500
  Miscellaneous ................................................         23,263
                                                                   ------------
      Total expenses ...........................................        682,551
                                                                   ------------
Net investment income ..........................................      5,104,182
                                                                   ------------

UNREALIZED LOSS ON
INVESTMENTS (NOTE 3)
  Net change in unrealized appreciation
    on investments .............................................     (5,970,809)
                                                                   ------------

NET DECREASE IN NET INVESTMENT
ASSETS RESULTING FROM OPERATIONS ...............................   $   (866,627)
                                                                   ============


                       See Notes to Financial Statements.


                                        7

<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
STATEMENTS OF CHANGES IN NET INVESTMENT ASSETS (UNAUDITED)
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                 Six Months Ended         Year Ended
                                                                     June 30,             December 31,
                                                                       1999                   1998
                                                                 ----------------         ------------
<S>                                                               <C>                     <C>
INCREASE (DECREASE) IN NET INVESTMENT ASSETS
OPERATIONS:
    Net investment income ......................................  $  5,104,182            $ 10,239,315
    Net change in unrealized appreciation on investments .......    (5,970,809)                805,116
                                                                  ------------            ------------
       Net increase (decrease) in net investment assets
         resulting from operations .............................      (866,627)             11,044,431
                                                                  ------------            ------------
DIVIDENDS:
    To common shareholders from net investment income ..........    (3,755,096)             (7,510,220)
    To preferred shareholders from net investment income .......    (1,012,220)             (2,108,430)
                                                                  ------------            ------------
      Total dividends ..........................................    (4,767,316)             (9,618,650)
                                                                  ------------            ------------
        Total increase (decrease) ..............................    (5,633,943)              1,425,781

NET INVESTMENT ASSETS
Beginning of period ............................................   209,769,200             208,343,419
                                                                  ------------            ------------
End of period ..................................................  $204,135,257            $209,769,200
                                                                  ============            ============
</TABLE>


                       See Notes to Financial Statements.


                                        8

<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
FINANCIAL HIGHLIGHTS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                            SIX MONTHS ENDED                  YEAR ENDED DECEMBER 31,
                                                JUNE 30,    ---------------------------------------------------------
                                                  1999        1998         1997       1996         1995        1994
                                                ---------   --------     --------   --------     --------    --------
<S>                                             <C>          <C>         <C>         <C>         <C>          <C>
PER COMMON SHARE OPERATING
  PERFORMANCE:
Net asset value, beginning of the period ....   $ 16.51      $ 16.35     $ 15.78     $ 16.04     $  13.93     $  16.13
                                                -------      -------     -------     --------    --------     --------
  Net investment income .....................      0.59         1.18        1.17        1.16         1.15         1.15
  Net realized and unrealized gain (loss) on
   investments ..............................     (0.69)        0.08        0.52       (0.31)        2.10        (2.27)
                                                -------      -------     -------     --------    --------     --------
Net increase (decrease) from investment
   operations ...............................     (0.10)        1.26        1.69        0.85         3.25        (1.12)
                                                -------      -------     -------     --------    --------     --------
Dividends and distributions:
  Dividends from net investment income to:
    Common shareholders .....................     (0.43)       (0.86)     (0.86)       (0.86)       (0.86)       (0.86)
    Preferred shareholders ..................     (0.12)       (0.24)     (0.26)       (0.25)       (0.28)       (0.22)
  Distributions in excess of net realized gain
    on investments to:
    Common shareholders .....................        --           --         --           --           **           --
    Preferred shareholders ..................        --           --         --           --           **           --
                                                -------      -------     -------     --------    --------     --------
      Total dividends and distributions .....     (0.55)       (1.10)      (1.12)       (1.11)      (1.14)       (1.08)
                                                -------      -------     -------     --------    --------     --------
Net asset value, end of period* .............   $ 15.86      $ 16.51     $ 16.35     $  15.78    $  16.04     $  13.93
                                                =======      =======     =======     ========    ========     ========
Market value, end of period* ................   $ 15.69      $ 16.81     $ 16.06     $  15.13    $  15.00     $  12.13
                                                =======      =======     =======     ========    ========     ========
TOTAL INVESTMENT RETURN+ ....................     (4.17%)      10.32%      12.25%        6.88%      31.26%      (13.27%)
                                                =======      =======     =======     ========    ========     ========
RATIOS TO AVERAGE NET ASSETS
  OF COMMON SHAREHOLDERS:++
Expenses ....................................      0.97%+++     0.93%       0.97%        1.02%       1.02%        1.09%
Net investment income before
  preferred stock dividends .................      7.23%+++     7.17%       7.33%        7.26%       7.55%        7.86%
Preferred stock dividends ...................      1.43%+++     1.48%       1.65%        1.54%       1.84%        1.48%
Net investment income available to
  common shareholders .......................      5.80%+++     5.69%       5.68%        5.72%       5.71%        6.38%

SUPPLEMENTAL DATA:
Average net assets of common shareholders
  (in thousands) ............................   $142,346     $142,817    $138,890    $ 138,644   $ 133,042    $ 127,640
Portfolio turnover ..........................          0%           0%          0%           1%         11%          30%
Net assets of common shareholders, end of
  period (in thousands) .....................   $138,135     $143,769    $142,343    $ 137,394   $ 139,628    $ 121,268
Preferred stock outstanding
  (in thousands) ............................   $ 66,000     $ 66,000    $ 66,000    $  66,000   $  66,000    $  66,000
Asset coverage per share of preferred stock,
  end of period# ............................   $ 77,324     $ 79,458    $ 78,918    $  77,043   $  77,889    $ 141,870
</TABLE>
- -------------------------
   * Net asset value and market value are published in Barron's  each  Saturday,
     The New York Times and The Wall Street Journal each Monday.
  ** Actual amount paid to preferred  shareholders was $0.00344 per common share
     for the fiscal year ended December 31, 1995. For fiscal year ended December
     31, 1995 the actual amount paid to common shareholders was $.001 per common
     share.
  #  A stock split occurred on July 24, 1995 (Note 4).
   + Total investment  return is calculated  assuming a purchase of common stock
     at the  current  market  price on the first  day and a sale at the  current
     market  value  on the  last  day of each  period  reported.  Dividends  and
     distributions,  if any, are assumed for purposes of this  calculation to be
     reinvested at prices obtained under the Trust's dividend reinvestment plan.
     Total  investment  return does not  reflect  brokerage  commissions.  Total
     investment returns for periods of less than one year are not annualized.
  ++ Ratios are  calculated  on the basis of income and expenses  applicable  to
     both the  common and  preferred  shares,  and  preferred  stock  dividends,
     relative to the average net assets of common shareholders.
 +++ Annualized.

The information above represents the unaudited operating  performance data for a
share of common stock outstanding,  total investment  return,  ratios to average
net  assets  and  other  supplemental  data  for  the  periods  indicated.  This
information has been determined based upon financial information provided in the
financial statements and market value data for Trust's shares.


                       See Notes to Financial Statements.


                                        9

<PAGE>

- --------------------------------------------------------------------------------
THE BLACKROCK FLORIDA INSURED
MUNICIPAL 2008 TERM TRUST
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------

NOTE 1.  ORGANIZATION & ACCOUNTING POLICIES

     The BlackRock  Florida Insured  Municipal 2008 Term Trust (the "Trust") was
organ- ized in Massachusetts on August 7, 1992 as a  non-diversified  closed-end
management  investment company.  The Trust's investment objective is to manage a
portfolio of high quality securities that will return $15 per share to investors
on or about December 31, 2008 while providing current income exempt from regular
federal income tax and Florida  intangible  property tax. The ability of issuers
of debt securities  held by the Trust to meet their  obligations may be affected
by  economic  developments  in the state,  a  specific  industry  or region.  No
assurance can be given that the Trust's investment objective will be achieved.

     The following is a summary of significant  accounting  policies followed by
the Trust.

SECURITIES VALUATION:  Municipal securities  (including  commitments to purchase
such  securities  on a  "when-issued"  basis)  are valued on the basis of prices
provided  by  a  pricing  service  which  uses   information   with  respect  to
transactions  in bonds,  quotations  from bond dealers,  market  transactions in
comparable   securities  and  various   relationships   between   securities  in
determining values. Any securities or other assets for which such current market
quotations  are not readily  available are valued at fair value as determined in
good faith under procedures established by and under the general supervision and
responsibility of the Trust's Board of Trustees.

     Short-term  securities  which  mature  in more  than 60 days are  valued at
current market quotations. Short-term securities which mature in 60 days or less
are valued at amortized cost, if their term to maturity from date of purchase is
60 days or less, or by amortizing their value on the 61st day prior to maturity,
if their original term to maturity from date of purchase exceeded 60 days.

SECURITIES  TRANSACTIONS  AND INVESTMENT  INCOME:  Securities  transactions  are
recorded  on the trade  date.  Realized  and  unrealized  gains and  losses  are
calculated  on the  identified  cost basis.  Interest  income is recorded on the
accrual  basis  and the Trust  amortizes  premium  or  accretes  original  issue
discount on securities purchased using the interest method.

FEDERAL  INCOME  TAXES:  It is the  Trust's  intention  to  continue to meet the
requirements  of the Internal  Revenue Code  applicable to regulated  investment
companies  and to distribute  sufficient  net income to  shareholders.  For this
reason and because  substantially  all of the Trust's  gross income  consists of
tax-exempt interest, no Federal income tax provision is required.

DIVIDENDS  AND  DISTRIBUTIONS:   The  Trust  declares  and  pays  dividends  and
distributions to common  shareholders  monthly from net investment  income,  net
realized short-term capital gains and other sources, if necessary. Net long-term
capital  gains,  if any,  in excess  of loss  carryforwards  may be  distributed
annually.  Dividends and  distributions  are recorded on the  ex-dividend  date.
Dividends and distributions to preferred shareholders are accrued and determined
as described in Note 4.

ESTIMATES:  The preparation of financial statements in conformity with generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that  affect the  reported  amounts of assets and  liabilities  and
disclosure of  contingent  assets and  liabilities  at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

NOTE 2.  AGREEMENTS

     The Trust has an Investment  Advisory  Agreement with  BlackRock  Financial
Management,  Inc.  (the  "Adviser"),  a  wholly-owned  corporate  subsidiary  of
BlackRock  Advisors,  Inc.,  which is an indirect  majority-owned  subsidiary of
PNCBank,  N.A., and an Administration  Agreement with Princeton  Administrators,
L.P. (the "Administrator"), an indirect wholly-owned subsidiary of Merrill Lynch
& Co., Inc.

     The  investment  advisory  fee paid to the Adviser is  computed  weekly and
payable  monthly at an annual  rate of 0.35% of the Trust's  average  weekly net
investment  assets.  The  administration  fee paid to the  Administrator is also
computed  weekly and  payable  monthly at an annual rate of 0.10% of the Trust's
average weekly net investment assets.

     Pursuant to the agreements,  the Adviser provides continuous supervision of
the investment  portfolio and pays the compensation of officers of the Trust who
are  affiliated  persons of the Adviser.  The  Administrator  pays occupancy and
certain  clerical and accounting  costs of the Trust.  The Trust bears all other
costs and expenses.


                                       10

<PAGE>

NOTE 3.  PORTFOLIO SECURITIES

     There were no purchases and sales of investment securities,  other than for
short-term investments, during the six months ended June 30, 1999.

     The federal  income tax basis of the Trust's  investments  at June 30, 1999
was  substantially  the  same  as  the  basis  for  financial   reporting,   and
accordingly, gross and net unrealized appreciation was $13,332,642.

     For federal income tax purposes,  the Trust had a capital loss carryforward
at  December  31, 1998 of $212,627  which will expire in 2002.  Accordingly,  no
capital gain distribution is expected to be paid to shareholders until net gains
have been realized in excess of such amount.

NOTE 4.  CAPITAL

     There are 200  million  shares of $.01 par value of benefi-  cial  interest
authorized.  Of the 8,707,093  common shares  outstanding  at June 30, 1999, the
Adviser  owned 7,093  shares.  As of June 30,  1999,  there were 2,640 Series R7
preferred shares outstanding

     The  Trust  may  classify  or  reclassify  any  unissued  common  shares of
beneficial  interest into one or more series of preferred stock. On November 23,
1992, the Trust  reclassified  1,320 shares of beneficial  interest and issued a
series of Auction Market Preferred Stock ("Preferred Stock") as follows:  Series
R7--1,320  shares.  The Preferred  Stock has a liquidation  value of $25,000 per
share plus any accumulated but unpaid  dividends.  On May 16, 1995  shareholders
approved a proposal to split each share of the Trust's Auction Market  Preferred
Stock  into two  shares  and  simultaneously  reduce  each  share's  liquidation
preference from $50,000 to $25,000 plus  accumulated but unpaid  dividends.  The
stock split occurred on July 24, 1995.

     Dividends on Series R7 are cumulative at a rate which is reset every 7 days
based on the results of an auction.  Dividend  rates  ranged from 2.00% to 3.60%
during the period ended June 30, 1999.

     The Trust may not declare  dividends or make other  distributions on shares
of common stock or purchase any such shares if, at the time of the  declaration,
distribution  or  purchase,  asset  coverage  with  respect  to the  outstanding
Preferred Stock would be less than 200%.

     The Preferred  Stock is redeemable at the option of the Trust,  in whole or
in part, on any dividend  payment date at $25,000 per share plus any accumulated
or unpaid dividends whether or not declared. The Preferred Stock is also subject
to  mandatory  redemption  at $25,000 per share plus any  accumulated  or unpaid
dividends,  whether or not  declared  if certain  requirements  relating  to the
composition  of the  assets  and  liabilities  of the  Trust as set forth in the
Articles of Incorporation are not satisfied.

     The holders of Preferred  Stock have voting  rights equal to the holders of
common stock (one vote per share) and will vote  together with holders of shares
of common stock as a single class. However,  holders of Preferred Stock are also
entitled to elect two of the  Trust's  trustees.  In  addition,  the  Investment
Company Act of 1940 requires that along with approval by stockholders that might
otherwise  be  required,  the  approval  of the  holders  of a  majority  of any
outstanding  preferred shares, voting separately as a class would be required to
(a) adopt any plan of  reorganization  that would adversely affect the Preferred
Stock, and (b) take any action requiring a vote of security holders,  including,
among other  things,  changes in the Trust's  subclassification  as a closed-end
investment company or changes in its fundamental investment restrictions.

NOTE 5.  DIVIDENDS

     Subsequent to June 30,1999,  the Board of Trustees of the Trust  declared a
dividend from  undistributed  earnings of $0.07188 per common share payable July
30, 1999 to shareholders of record on July 15, 1999.

     For  the  period  July 1,  1999 to July  31,  1999  dividends  declared  on
Preferred  Stock totalled  $168,349 in aggregate for the  outstanding  Preferred
Stock series.


                                       11

<PAGE>

- --------------------------------------------------------------------------------
             THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
                           DIVIDEND REINVESTMENT PLAN
- --------------------------------------------------------------------------------

     Pursuant  to  the  Trust's   Dividend   Reinvestment   Plan  (the  "Plan"),
shareholders may elect to have all  distributions of dividends and capital gains
reinvested  by State Street Bank and Trust  Company (the "Plan  Agent") in Trust
shares  pursuant to the Plan.  Shareholders  who do not  participate in the Plan
will receive all  distributions  in cash paid by check in United States  dollars
mailed  directly  to the  shareholders  of record  (or if the shares are held in
street or other nominee  name,  then to the nominee) by the transfer  agent,  as
dividend disbursing agent.

     The Plan Agent serves as agent for the  shareholders in  administering  the
Plan.  After the Trust  declares a dividend or determines to make a capital gain
distribution,  the Plan Agent will, as agent for the  participants,  receive the
cash  payment and use it to buy Trust  shares in the open market on the New York
Stock Exchange or elsewhere for the participants'  accounts.  The Trust will not
issue any new shares under the Plan.

     Participants  in the Plan may withdraw from the Plan upon written notice to
the Plan Agent and will receive  certificates  for whole Trust shares and a cash
payment for any fraction of a Trust share.

     The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions  will be paid by the Trust.  However,  each participant will pay a
pro rata  share of  brokerage  commissions  incurred  with  respect  to the Plan
Agent's open market  purchases in connection with the  reinvestment of dividends
and  distributions.  The automatic  reinvestment of dividends and  distributions
will not relieve  participants  of any federal income tax that may be payable on
such dividends or distributions.

     The Trust  reserves the right to amend or terminate  the Plan as applied to
any dividend or  distribution  paid  subsequent to written  notice of the change
sent to all  shareholders  of the Trust at least 90 days  before the record date
for the dividend or distribution.  The Plan also may be amended or terminated by
the Plan Agent upon at least 90 days' written notice to all  shareholders of the
Trust.  All  correspondence  concerning  the Plan should be directed to the Plan
Agent at (800) 699-1BFM. The address is on the front of this report.


                                       12

<PAGE>

- --------------------------------------------------------------------------------
             THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
                             ADDITIONAL INFORMATION
- --------------------------------------------------------------------------------

     YEAR 2000  READINESS  DISCLOSURE.  The Trust is currently in the process of
evaluating its information  technology  infrastructure for Year 2000 compliance.
Substantially  all  of the  Trust's  information  systems  are  supplied  by the
Adviser.  The  Adviser has  advised  the Trust that it is  currently  evaluating
whether such systems are year 2000  compliant and that it expects to incur costs
of up to approximately five hundred thousand dollars to complete such evaluation
and to make any modifications to its systems as may be necessary to achieve Year
2000 compliance.  The Adviser has advised the Trust that it has fully tested its
systems for Year 2000 compliance. The Trust may be required to bear a portion of
such cost  incurred by the Adviser in this  regard.  The Adviser has advised the
Trust that it does not anticipate  any material  disruption in the operations of
the  Trust as a result  of any  failure  by the  Adviser  to  achieve  Year 2000
compliance.  There can be no assurance that the costs will not exceed the amount
referred  to  above or that  the  Trust  will not  experience  a  disruption  in
operations.

     The Adviser  has advised the Trust that it is in the process of  evaluating
the Year 2000 compliance of various  suppliers of the Adviser and the Trust. The
Adviser has advised the Trust that it has  communicated  with such  suppliers to
determine their Year 2000 compliance  status and the extent to which the Adviser
or the Trust could be affected by any supplier's Year 2000 compliance issues. To
date, the Adviser has received responses from all such suppliers with respect to
their Year 2000  compliance,  and there can be no assurance  that the systems of
such suppliers, who are beyond the Trust's control, will be Year 2000 compliant.
In the event that any of the Trust's  significant  suppliers do not successfully
and timely  achieve Year 2000  compliance,  the Trust's  business or  operations
could be adversely affected. The Adviser has advised the Trust that it is in the
process  of  preparing  a  contingency  plan for  Year  2000  compliance  by its
suppliers.  There  can be no  assurance  that  such  contingency  plan  will  be
successful in preventing a disruption of the Trust's operations.

     The  Trust  is  designating  this  disclosure  as its Year  2000  readiness
disclosure  for all  purposes  under the Year  2000  Information  and  Readiness
Disclosure  Act and the  foregoing  information  shall  constitute  a Year  2000
statement for purposes of that Act.

     ANNUAL MEETING OF TRUST  SHAREHOLDERS.  There have been no material changes
in the Trust's investment  objectives or policies that have not been approved by
the  shareholders  or to its charter or by-laws or in the principal risk factors
associated  with  investment  in the  Trust.  There  have been no changes in the
persons who are  primarily  responsible  for the  day-to-day  management  of the
Trust's Portfolio.

     The Annual Meeting of Trust  Shareholders  was held May 19, 1999 to vote on
     the following matters:

     (1) To elect three Directors as follows:
         DIRECTOR                      CLASS            TERM          EXPIRING
         --------                      ------           ----          --------
         Andrew F. Brimmer .........     III           3 years          2002
         Kent Dixon ................     III           3 years          2002
         Laurence D. Fink ..........     III           3 years          2002

         Directors  whose  term of office  continues  beyond  this  meeting  are
         Richard E. Cavanaugh,  James Grosfeld, Frank J. Fabozzi, James Clayburn
         La Force, Jr., Walter F. Mondale and Ralph L. Schlosstein.

     (2) To ratify the selection of Deloitte & Touche LLP as independent  public
         accountants of the Trust for the fiscal year ending December 31, 1999.

         Shareholders  elected the three Directors and ratified the selection of
         Deloitte & Touche LLP. The results of the voting was as follows:

<TABLE>
<CAPTION>
                                                   VOTES FOR        VOTES AGAINST    ABSTENTIONS
                                                   ---------        ------------     -----------
<S>                                                <C>                 <C>             <C>
         Andrew F. Brimmer ......................  7,695,822             --            94,467
         Kent Dixon .............................  7,698,168             --            92,121
         Laurence D. Fink .......................  7,698,880             --            91,409
         Ratification of Deloitte & Touche LLP ..  7,696,662           43,390          50,237
</TABLE>


                                       13

<PAGE>

- --------------------------------------------------------------------------------
             THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
                               INVESTMENT SUMMARY
- --------------------------------------------------------------------------------

THE TRUST'S INVESTMENT OBJECTIVE

The BlackRock Florida Insured Municipal 2008 Term Trust investment  objective is
to provide current income exempt from federal income tax and Florida  intangible
personal  property tax, and to return $15 per share (the initial public offering
price per share) to investors on or about December 31, 2008.

WHO MANAGES THE TRUST?

BlackRock  Financial  Management,   Inc.   ("BlackRock")  is  an  SEC-registered
investment  adviser.  BlackRock and its  affiliates  currently  manage over $141
billion  on behalf of  taxable  and  tax-exempt  clients  worldwide.  Strategies
include  fixed  income,  equity and cash and may  incorporate  both domestic and
international   securities.   Domestic  fixed  income  strategies   utilize  the
government,  mortgage,  corporate and municipal bond sectors.  BlackRock manages
twenty-one  closed-end  funds that are traded on either the New York or American
stock exchanges,  and a $25 billion family of open-end funds.  BlackRock manages
over 470 accounts,  domiciled in the United  States and  overseas.  What Can The
Trust Invest In? The Trust intends to invest at least 80% of its total assets in
Florida municipal  obligations insured as to the timely payment of principal and
interest.  The  Trust  may  invest  up to 20%  in  uninsured  Florida  municipal
obligations  which are rated Aaa by Moody's or AAA by S&P, or are  determined by
the Adviser to be of comparable credit quality  (guaranteed,  escrowed or backed
in trust).

WHAT IS THE ADVISER'S INVESTMENT STRATEGY?

The Adviser will seek to meet the Trust's  investment  objective by managing the
assets of the Trust so as to return the initial  offering  price ($15 per share)
at maturity.  The Adviser will implement a conservative  strategy that will seek
to closely  match the  maturity of the assets of the  portfolio  with the future
return of the initial investment at the end of 2008. At the Trust's termination,
BlackRock expects that the value of the securities which have matured,  combined
with the value of the  securities  that are sold,  if any, will be sufficient to
return the initial offering price to investors. On a continuous basis, the Trust
will seek its objective by actively  managing its portfolio of Florida municipal
obligations  and  retaining a small  amount of income each year.  In addition to
seeking  the return of the initial  offering  price,  the Adviser  also seeks to
provide  current  income exempt from federal  income tax and Florida  intangible
personal tax to investors.  The portfolio  managers will attempt to achieve this
objective  by investing  in  securities  that  provide  competitive  income.  In
addition,  leverage will be used (in an amount up to 35% of the total assets) to
enhance the income of the portfolio.  In order to maintain competitive yields as
the Trust approaches  maturity and depending on market  conditions,  the Adviser
will attempt to purchase  securities with call protection or maturities as close
to the Trust's maturity date as possible. Securities with call protection should
provide the portfolio with some degree of protection  against  reinvestment risk
during times of lower prevailing  interest rates. Since the Trust's primary goal
is to return the initial  offering  price at  maturity,  any cash that the Trust
receives  prior to its  maturity  date will be  reinvested  in  securities  with
maturities  which  coincide  with  the  remaining  term  of  the  Trust.   Since
shorter-term securities typically yield less than longer-term  securities,  this
strategy will likely result in a decline in the Trust's  income over time. It is
important to note that the Trust will be managed so as to preserve the integrity
of the return of the initial offering price. If market conditions,  such as high
interest rate volatility,  force a choice between current income and risking the
return  of the  initial  offering  price,  it is likely  that the  return of the
initial offering price will be emphasized.


                                       14

<PAGE>

HOW ARE THE TRUST'S  SHARES  PURCHASED  AND SOLD?  DOES THE TRUST PAY  DIVIDENDS
REGULARLY?

The  Trust's  shares are traded on the New York Stock  Exchange  which  provides
investors with  liquidity on a daily basis.  Orders to buy or sell shares of the
Trust must be placed through a registered broker or financial advisor. The Trust
pays monthly  dividends which are typically paid on the last business day of the
month. For shares held in the shareholder's name, dividends may be reinvested in
additional shares of the Trust through the Trust's transfer agent,  State Street
Bank and Trust Company. Investors who wish to hold shares in a brokerage account
should check with their financial  advisor to determine  whether their brokerage
firm offers dividend reinvestment services.

LEVERAGE CONSIDERATIONS IN A TERM TRUST

Under current  market  conditions,  leverage  increases the income earned by the
Trust.  The Trust employs leverage  primarily  through the issuance of preferred
stock.  Leverage  permits  the Trust to  borrow  money at  short-term  rates and
reinvest that money in longer-term  assets which typically offer higher interest
rates.  The  difference  between the cost of the  borrowed  funds and the income
earned on the proceeds that are invested in longer term assets is the benefit to
the Trust from  leverage.  In general,  the portfolio is typically  leveraged at
approximately  35% of total  assets.  Leverage  also  increases the duration (or
price  volatility  of the net  assets)  of the  Trust,  which  can  improve  the
performance  of the fund in a  declining  rate  environment,  but can  cause net
assets to decline faster than the market in a rapidly  rising rate  environment.
BlackRock's  portfolio  managers  continuously  monitor and regularly review the
Trust's  use of  leverage  and the Trust may  reduce,  or unwind,  the amount of
leverage  employed  should  BlackRock  consider that reduction to be in the best
interests of the shareholders.

SPECIAL CONSIDERATIONS AND RISK FACTORS RELEVANT TO TERM TRUSTS

The Trust is  intended  to be a  long-term  investment  and is not a  short-term
trading vehicle.

RETURN OF INITIAL  INVESTMENT.  Although the objective of the Trust is to return
its initial offering price upon termination, there can be no assurance that this
objective will be achieved.

DIVIDEND  CONSIDERATIONS.  The income and dividends paid by the Trust are likely
to  decline  to some  extent  over the term of the Trust due to the  anticipated
shortening of the dollar-weighted average maturity of the Trust's assets.

LEVERAGE.  The Trust utilizes  leverage  through the issuance of preferred stock
which involves  special risks.  The Trust's net asset value and market value may
be more volatile due to its use of leverage.

MARKET PRICE OF SHARES.  The shares of closed-end  investment  companies such as
the Trust trade on the New York Stock  Exchange  (NYSE symbol:  BRF) and as such
are subject to supply and demand influences.  As a result, shares may trade at a
discount or a premium to their net asset value.

ILLIQUID  SECURITIES.  The Trust may  invest in  securities  that are  illiquid,
although  under current  market  conditions the Trust expects to do so to only a
limited extent. Investing in these securities involves special risks.

ANTITAKEOVER  PROVISIONS.  Certain antitakeover provisions will make a change in
the Trust's  business or management  more difficult  without the approval of the
Trust's Board of Directors and may have the effect of depriving  shareholders of
an  opportunity  to sell their shares at a premium above the  prevailing  market
price.

MUNICIPAL OBLIGATIONS.  Municipal obligations include debt obligations issued by
states,  cities, and local authorities,  and possessions and certain territories
of the United States to obtain funds for various public purposes,  including the
construction of public  facilities,  the refinancing of outstanding  obligations
and the obtaining of funds for general operating expenses and for loans to other
public  institutions  and  facilities.  The value of municipal  debt  securities
generally  varies  inversely with changes in prevailing  market  interest rates.
Depending  on the amount of call  protection  that the  securities  in the Trust
have, the Trust may be subject to certain  reinvestment risks in environments of
declining interest rates.

ALTERNATIVE  MINIMUM TAX (AMT).  The Trust may invest in  securities  subject to
AMT. The Trust currently holds no securities that are subject to AMT.


                                       15

<PAGE>

- --------------------------------------------------------------------------------
             THE BLACKROCK FLORIDA INSURED MUNICIPAL 2008 TERM TRUST
                                    GLOSSARY
- --------------------------------------------------------------------------------

CLOSED-END FUND:              Investment  vehicle which initially offers a fixed
                              number of shares and  trades on a stock  exchange.
                              The fund invests in a portfolio of  securities  in
                              accordance with its stated  investment  objectives
                              and policies.

DISCOUNT:                     When a fund's net asset value is greater  than its
                              stock  price the fund is said to be  trading  at a
                              discount.

DIVIDEND:                     Income  generated by securities in a portfolio and
                              distributed to shareholders after the deduction of
                              expenses.  This Trust  declares and pays dividends
                              to common shareholders on a monthly basis.

DIVIDEND REINVESTMENT:        Shareholders    may   have   all   dividends   and
                              distributions   of  capital  gains   automatically
                              reinvested into additional shares of a fund.

MARKET PRICE:                 Price  per  share  of a  security  trading  in the
                              secondary  market.  For a closed-end fund, this is
                              the price at which one share of the fund trades on
                              the  stock  exchange.  If you  were to buy or sell
                              shares, you would pay or receive the market price.

NET ASSET VALUE (NAV):        Net asset value is the total  market  value of all
                              securities  and other  assets  held by the  Trust,
                              plus income accrued on its investments,  minus any
                              liabilities including accrued expenses, divided by
                              the total number of outstanding  shares. It is the
                              underlying value of a single share on a given day.
                              Net asset value for the Trust is calculated weekly
                              and  published  in Barron's on  Saturday,  The New
                              York Times and The Wall Street Journal on Monday.

PREMIUM:                      When a fund's  stock price is greater than its net
                              asset  value,  the fund is said to be trading at a
                              premium.

PREREFUNDED BONDS:            These  securities  are   collateralized   by  U.S.
                              Government securities which are held in escrow and
                              are used to pay  principal and interest on the tax
                              exempt  issue and  retire  the bond in full at the
                              date indicated, typically at a premium to par.


                                       16

<PAGE>

- --------------------------------------------------------------------------------
                      BLACKROCK FINANCIAL MANAGEMENT, INC.
                           SUMMARY OF CLOSED-END FUNDS
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
TAXABLE TRUSTS
- ----------------------------------------------------------------------------------------
                                                                      STOCK     MATURITY
PERPETUAL TRUSTS                                                      SYMBOL      DATE
                                                                      ------    --------
<S>                                                                   <C>       <C>
The BlackRock Income Trust Inc.                                       BKT       N/A
The BlackRock North American Government Income Trust Inc.             BNA       N/A
The BlackRock High Yield Trust                                        BHY       N/A

TERM TRUSTS

The BlackRock 1999 Term Trust Inc.                                    BNN       12/99
The BlackRock Target Term Trust Inc.                                  BTT       12/00
The BlackRock 2001 Term Trust Inc.                                    BTM       06/01
The BlackRock Strategic Term Trust Inc.                               BGT       12/02
The BlackRock Investment Quality Term Trust Inc.                      BQT       12/04
The BlackRock Advantage Term Trust Inc.                               BAT       12/05
The BlackRock Broad Investment Grade 2009 Term Trust Inc.             BCT       12/09


TAX-EXEMPT TRUSTS
- ----------------------------------------------------------------------------------------
                                                                      STOCK     MATURITY
PERPETUAL TRUSTS                                                      SYMBOL      DATE
                                                                      ------    --------
The BlackRock Investment Quality Municipal Trust Inc.                 BKN       N/A
The BlackRock California Investment Quality Municipal Trust Inc.      RAA       N/A
The BlackRock Florida Investment Quality Municipal Trust              RFA       N/A
The BlackRock New Jersey Investment Quality Municipal Trust Inc.      RNJ       N/A
The BlackRock New York Investment Quality Municipal Trust Inc.        RNY       N/A

TERM TRUSTS
The BlackRock Municipal Target Term Trust Inc.                        BMN       12/06
The BlackRock Insured Municipal 2008 Term Trust Inc.                  BRM       12/08
The BlackRock California Insured Municipal 2008 Term Trust Inc.       BFC       12/08
The BlackRock Florida Insured Municipal 2008 Term Trust               BRF       12/08
The BlackRock New York Insured Municipal 2008 Term Trust Inc.         BLN       12/08
The BlackRock Insured Municipal Term Trust Inc.                       BMT       12/10
</TABLE>


 IF YOU WOULD LIKE FURTHER INFORMATION PLEASE CALL BLACKROCK AT (800) 227-7BFM
                 (7236) OR CONSULT WITH YOUR FINANCIAL ADVISOR.


                                       17

<PAGE>

- --------------------------------------------------------------------------------
                      BLACKROCK FINANCIAL MANAGEMENT, INC.
                                   AN OVERVIEW
- --------------------------------------------------------------------------------

     BlackRock  Financial  Management,  Inc.  ("BlackRock") is an SEC-registered
investment  adviser.  BlackRock and its  affiliates  currently  manage over $141
billion  on behalf of  taxable  and  tax-exempt  clients  worldwide.  Strategies
include  fixed  income,  equity and cash and may  incorporate  both domestic and
international securities. BlackRock manages twenty-one closed-end funds that are
traded on either the New York or  American  stock  exchanges,  and a $25 billion
family of open-end funds. BlackRock manages over 470 accounts,  domiciled in the
United States and overseas.

     BlackRock's fixed income product was introduced in 1988 by a team of highly
seasoned  fixed  income   professionals.   These   professionals  had  extensive
experience   creating,   analyzing   and  trading  a  variety  of  fixed  income
instruments,  including the most complex structured securities. In fact, several
individuals  at BlackRock  were  responsible  for  developing  many of the major
innovations  in  the  mortgage-backed   and  asset-backed   securities  markets,
including   the  creation  of  the  first  CMO,  the  floating   rate  CMO,  the
senior/subordinated pass-through and the multi-class asset-backed security.

     BlackRock  is unique  among  asset  management  and  advisory  firms in the
emphasis it places on the  development of proprietary  analytical  capabilities.
Over one  quarter  of the  firm's  professionals  is  dedicated  to the  design,
maintenance  and use of these  systems,  which are not  otherwise  available  to
investors. BlackRock's proprietary analytical tools are used for evaluating, and
designing fixed income investment  strategies for client portfolios.  Securities
purchased include mortgages,  corporate bonds,  municipal bonds and a variety of
hedging instruments.

     BlackRock  has  developed  investment  products  that respond to investors'
needs and has been  responsible  for several  major  innovations  in  closed-end
funds. In fact,  BlackRock  introduced the first  closed-end  mortgage fund, the
first taxable and tax-exempt  closed-end funds to offer a finite term, the first
closed-end  fund to  achieve a AAA rating by  Standard  & Poor's,  and the first
closed-end  fund to invest  primarily in North American  Government  securities.
Currently,  BlackRock's closed-end funds have dividend reinvestment plans, which
are designed to provide  ongoing  demand for the stock in the secondary  market.
BlackRock  manages a wide range of  investment  vehicles,  each having  specific
investment objectives and policies.

     In view of our  continued  desire to provide a high level of service to all
our shareholders, BlackRock maintains a toll-free number for your questions. The
number is (800) 227-7BFM (7236).  We encourage you to call us with any questions
that you may have about your BlackRock  funds and we thank you for the continued
trust that you place in our abilities.





                      IF YOU WOULD LIKE FURTHER INFORMATION
           PLEASE DO NOT HESITATE TO CALL BLACKROCK AT (800) 227-7BFM


                                       18

<PAGE>

THE BLACKROCK
FLORIDA INSURED MUNICIPAL 2008
TERM TRUST
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT
JUNE 30, 1999

<PAGE>

- ---------
BlackRock
- ---------

TRUSTEES
Laurence D. Fink, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
James Grosfeld
James Clayburn La Force, Jr.
Walter F. Mondale
Ralph L. Schlosstein

OFFICERS
Ralph L. Schlosstein, President
Keith T. Anderson, Vice President
Michael C. Huebsch, Vice President
Robert S. Kapito, Vice President
Kevin M. Klingert, Vice President
Richard M. Shea, Vice President/Tax
Henry Gabbay, Treasurer
James Kong, Assistant Treasurer
Karen H. Sabath, Secretary

INVESTMENT ADVISER
BlackRock Financial Management, Inc.
345 Park Avenue
New York, NY 10154
(800) 227-7BFM

ADMINISTRATOR
Princeton Administrators, L.P.
P.O. Box 9095
Princeton, NJ 08543-9095
(800) 543-6217

CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
One Heritage Drive
North  Quincy,  MA 02171 (800) 699-1BFM

AUCTION  AGENT
Deutsche Bank
4 Albany Street
New York, NY 10006

INDEPENDENT AUDITORS
Deloitte & Touche LLP Two World
Financial Center New York, NY 10281-1434

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022

     The accompanying  financial statements as of June 30, 1999 were not audited
and accordingly, no opinion is expressed on them.

     This  report  is for  shareholder  information.  This  is not a  prospectus
intended for use in the purchase or sale of any securities.

                          THE BLACKROCK FLORIDA INSURED
                            MUNICIPAL 2008 TERM TRUST
                       c/o Princeton Administrators, L.P.
                                  P.O. Box 9095
                            Princeton, NJ 08543-9095
                                 (800) 543-6217


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