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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 811-07090

Name of Fund: The BlackRock California Insured Municipal 2008 Term Trust, Inc. (BFC)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, The BlackRock California 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: 01/01/2008 – 03/31/2008

Item 1 – Schedule of Investments


BlackRock California Insured Municipal 2008 Term Trust Inc.  
Schedule of Investments as of March 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
    Municipal Bonds   (000)               Value
California - 76.4%   Alameda County, California, COP, Refunding, Series A, 3.80%,          
    12/01/08 (a) $ 2,635             $         2,659,005
    Anaheim, California, Union High School District, GO, 3.50%,          
    8/01/08 (b)   1,060     1,066,254
    California Infrastructure and Economic Development Bank Revenue          
    Bonds (Asian Art Museum Foundation), VRDN, 2.05%, 6/01/34          
    (a)(c)   5,760     5,760,000
    California State Department of Water Resources, Power Supply          
    Revenue Bonds, Series A, 3.125%, 5/01/08 (b)   7,500     7,508,400
    California State Department of Water Resources, Power Supply          
    Revenue Refunding Bonds, VRDN, Sub-Series G-4,          
    1.90%, 5/01/16 (b)(c)   2,385     2,385,000
    California State, GO, 6.25%, 9/01/08 (d)   2,000     2,038,180
    California State, GO, 6.30%, 9/01/08 (a)   15,000     15,289,200
    California State, GO, 5.50%, 4/01/09 (a)   3,000     3,112,860
    California State, GO, Refunding, 5.50%, 2/01/10 (a)   3,000     3,163,560
    California State Public Works Board, Energy Efficiency Revenue          
    Bonds, Series A, 5.625%, 10/01/08 (e)   2,100     2,105,754
    California Transit Finance Authority Revenue Bonds, VRDN, 1.95%,          
    10/01/27 (b)(c)   1,895     1,895,000
    Castaic Lake Water Agency, California, COP, Refunding (Water          
    System Improvement Project), Series A, 7.25%, 8/01/10 (a)   2,600     2,862,340
    Chula Vista, California, COP, 4%, 8/01/08 (a)   1,000     1,006,010
    Clovis, California, Unified School District, Capital Appreciation,          
    GO, Series B, 5.70%, 8/01/08 (d)(f)(g)   5,500     5,463,040
    East Bay Municipal Utility District, California, Water System          
    Revenue Refunding Bonds, VRDN, Sub-Series A, 1.90%,          
    6/01/25 (b)(c)   2,590     2,590,000
    El Paso de Robles, California, Capital Appreciation, GO, Series A,          
    3.83%, 8/01/09 (d)(f)(g)   1,855     1,790,947
    Long Beach, California, Bond Finance Authority, Tax Allocation          
    Revenue Bonds (North Long Beach Redevelopment Projects), Series          
    A, 3.50%, 8/01/08 (e)   1,245     1,249,009
    Los Angeles, California, Unified School District, COP          
    (Multiple Properties Project), Series B, 3%, 10/01/08 (b)(g)   2,660     2,672,768
    Los Angeles County, California, Capital Asset Leasing Corporation,          
    Leasehold Revenue Refunding Bonds, 6%, 12/01/08 (e)   8,090     8,275,180

Portfolio Abbreviations

To simplify the listings of BlackRock California Insured Municipal 2008 Term Trust Inc.'s portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below.

COP Certificates of Participation
GO General Obligation Bonds
VRDN Variable Rate Demand Notes

1


BlackRock California Insured Municipal 2008 Term Trust Inc.  
Schedule of Investments as of March 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
    Municipal Bonds   (000)               Value
    Los Angeles County, California, Metropolitan Transportation          
    Authority, Revenue Refunding Bonds (Special Assessment District          
    A1), Series A, 3.75%, 9/01/08 (e) $           4,405   $ 4,434,513
    M-S-R Public Power Agency, California, Subordinate Lien Revenue          
    Refunding Bonds (San Juan Project), VRDN, Series E,          
    5%, 7/01/22 (a)(c)   450     450,000
    Mount Diablo, California, Unified School District, GO, 3.50%,          
    8/01/08 (b)   1,000     1,005,900
    Orange County, California, Local Transportation Authority, Sales          
    Tax Revenue Bonds, First Senior, 6%, 2/15/09 (a)   1,000     1,036,200
    Pasadena, California, Unified School District, GO (Election of          
    1997), Series C, 3.50%, 11/01/08 (b)(g)   2,495     2,519,576
    Pittsburg, California, Redevelopment Agency, Subordinate Tax          
    Allocation Bonds (Los Medanos Community Development Project),          
    VRDN, Series A, 5%, 9/01/35 (c)(e)   1,250             1,250,000
    Sacramento, California, City Financing Authority Revenue Bonds          
    (City Hall and Redevelopment Projects), Series A, 3.50%,          
    12/01/08 (b)   3,345     3,383,802
    Sacramento, California, Municipal Utility District, Electric Revenue          
    Refunding Bonds, Series C, 5.75%, 11/15/08 (d)(g)   3,750     3,804,112
    Sacramento, California, Municipal Utility District, Electric Revenue          
    Refunding Bonds, Series C, 5.75%, 11/15/09 (a)(g)   2,950     3,097,323
    San Bernardino County, California, Transportation Authority, Sales          
    Tax Revenue Bonds, Series A, 6%, 3/01/10 (d)(g)   2,645     2,778,440
    San Diego County, California, COP, Refunding, 5.625%,          
    9/01/12 (e)   11,000     11,567,490
    San Diego County, California, Regional Transportation Commission,          
    Sales Tax Revenue Bonds, Series A, 6%,          
    4/01/08 (a)(g)   4,030     4,030,000
    San Diego County, California, Regional Transportation Commission,          
    Sales Tax Revenue Bonds, Series A, 6%,          
    4/01/08 (d)(g)   1,285     1,285,000
    San Mateo County, California, Community College District, GO          
    (Election of 2001), Series A, 3.30%, 9/01/08 (d)   1,000     1,006,180
    Santa Ana, California, Unified School District, GO (Election of          
    1999), Series B, 3.64%, 8/01/08 (d)(f)   1,000     992,430
    Stanislaus, California, Waste-to-Energy Financing Agency, Solid          
    Waste Facility Revenue Refunding Bonds (Ogden Martin System Inc.          
    Project), VRDN, 2.65%, 1/01/10 (a)(c)   3,875     3,875,000
    Watereuse Finance Authority, California, Revenue Bonds, VRDN,          
    1.90%, 5/01/28 (b)(c)   2,185     2,185,000
              121,593,473

2


BlackRock California Insured Municipal 2008 Term Trust Inc.  
Schedule of Investments as of March 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
    Municipal Bonds   (000)               Value
Puerto Rico - 9.9%   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series          
    DD, 5%, 7/01/09 (b) $           5,280   $ 5,391,355
    Puerto Rico Electric Power Authority, Power Revenue Bonds, Series          
    DD, 5%, 7/01/10 (b)   6,000     6,120,840
    Puerto Rico Municipal Finance Agency, GO, Series A, 5.625%,          
    8/01/10 (b)   4,000     4,182,280
              15,694,475
    Total Municipal Bonds (Cost - $134,455,615) - 86.3%                137,287,948
    Short-Term Securities          
    Freddie Mac, 2.42%, 11/10/08   21,257     20,943,613
    Total Short-Term Securities (Cost - $20,943,613) - 13.2%         20,943,613
    Total Investments (Cost - $155,399,228*) - 99.5%         158,231,561
    Other Assets Less Liabilities - 0.5%         843,231
    Net Assets - 100.0%       $ 159,074,792

*       

The cost and unrealized appreciation (depreciation) of investments as of March 31, 2008, as computed for federal income tax purposes, were as follows:
 
Aggregate cost   $      155,415,377  
Gross unrealized appreciation   $ 2,833,232  
Gross unrealized depreciation     (899 )
Net unrealized appreciation   $ 2,832,333  

(a)     

MBIA Insured.
(b)

FSA Insured.
(c)

Variable rate security. Rate shown is interest rate as of report date.
(d)

FGIC Insured.
(e)

AMBAC Insured.
(f)

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.
(g)

Security is collateralized by Municipal or U.S. Treasury Obligations.
 

3


BlackRock California Insured Municipal 2008 Term Trust Inc.

  		•

    Effective January 1, 2008, the BlackRock California Insured Municipal 2008 Term Trust Inc. (the “Trust”) adopted FASB 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 assumptions 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 annual report.

    The following table summarizes the inputs used as of March 31, 2008 in determining the fair valuation of the Trust’s investments:

      Valuation   Investments in  
      Inputs   Securities  
        Level 1   0  
      Level 2 $158,231,561  
      Level 3   0  
      Total   $158,231,561  

     


    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 California Insured Municipal 2008 Term Trust, Inc. 
     
    By: /s/ Donald C. Burke  
      Donald C. Burke
      Chief Executive Officer of
      The BlackRock California Insured Municipal 2008 Term Trust, Inc. 
     
    Date: May 22, 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 California Insured Municipal 2008 Term Trust, Inc.
     
    Date: May 22, 2008

     

    By: /s/ Neal J. Andrews  
      Neal J. Andrews
      Chief Financial Officer (principal financial officer) of 
      The BlackRock California Insured Municipal 2008 Term Trust, Inc.
       
    Date: May 22, 2008