SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Amendment No. 21)
Under the Securities and Exchange Act of 1934
BlackRock Insured Municipal 2008 Term Trust, Inc.
(BRM)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
09247k109
(CUSIP Number)
George W. Karpus, President
Karpus Management, Inc. d/b/a
Karpus Investment Management
183 Sullys Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address, and Telephone Number of Person Authorized to Receive Notices
and Communications)
June 09, 2004
(Date of Event which Requires Filing of this Statement)
If the person has previously filed a statement on Schedule 13G to report the
acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1 (b) (3) or (4), check the following box. [ ]
(Page 1 of 5 pages)
There are no exhibits.
ITEM 1 Security and Issuer
Common Stock
Blackrock Insured Municipal 2008 Term Trust, Inc.
Blackrock Financial Management L. P.
345 Park Ave.
31 St. floor
New York, New York 10154
ITEM 2 Identity and Background
a) Karpus Management, Inc. d/b/a Karpus Investment Management
(?KIM?)
George W. Karpus, President, Director and Controlling Stockholder
JoAnn VanDegriff, Vice President and Director
Sophie Karpus, Director
b) 183 Sullys Trail
Pittsford, New York 14534
c) Principal business and occupation - Investment Management for
individuals, pension and profit sharing plans, corporations,
endowments, trust and others, specializing in conservative asset
management (i.e. fixed income investments).
d) None of George W. Karpus, JoAnn Van Degriff, or Sophie Karpus
(?the Principals?) or KIM has been convicted in the past five years of
any criminal proceeding (excluding traffic violations).
e) During the last five years none of the principals or KIM has been a party
to a civil proceeding as a result of which any of them is subject to a
judgment, decree or final order enjoining future violations of or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
f) Each of the Principals is a United States citizen.
KIM is a New York corporation.
ITEM 3 Source and Amount of Funds or Other Considerations
KIM, an independent investment advisor, has accumulated shares of BRM
on behalf of accounts that are managed by KIM (?the Accounts?) under
limited powers of attorney. All funds that have been utilized in making
such purchases are from such Accounts.
ITEM 4 Purpose of Transaction
KIM has purchased Shares for investment purposes. Being primarily a
fixed income manager, with a specialty focus in the closed end fund
sector, the profile of BRM fit the investment guidelines for various
Accounts. Shares have been acquired since September 28, 1998.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 2,604,978 shares, which
represents 9.57 % of the outstanding Shares. Karpus Management, Inc.
owns 7,150 shares purchased on April 10, 2002 at a price of $15.73
per share (900 shares), April 11 at $15.78 (400 shares), April 25 at $15.91,
April 26 at $15.93 (200 shares), April 30 at $15.97 (200 shares), May 1 at
$15.97 (300 shares), May 2 and 3 at $15.96 (850 shares), July 12 at
$16.19 (600 shares), and January 26, 2004 at $17.44 (3500 shares). George
Karpus presently owns 68,100 shares purchased on December 8, 1999 at
$13.63 (6000 shares), December 9 at $13.50 (7000 shares), August 17,
2001 at $15.65 (1,000 shares), August 22 at $15.68 (9,000 shares),
November 13 at $15.90 (5,000 shares), February 11, 2002 at $15.88 (5000
shares), April 18 at $15.83 (1,500 shares), May 21 at $15.97 (5,000
shares), July 11 at $16.20 (10,000 shares), August 12 at $16.43 (5,000
shares), August 13 at $16.41 (5,000 shares), August 14 at $16.44 (7,900
shares), and August 15 at $16.43 (2,100 shares), May 7 and 10 at $ 15.89
(4200 shares), and May 11, 2004 at 15.89 (100 shares) . He sold on
January 17, 2001 at $15.67 (1,800 shares), January 18 at $15.69 (3,700
shares), and January 31 at $15.73 (200 shares). Jo Ann Van Degriff owns
9,000 shares purchased on June 29, 2001 at $15.53 (2000 shares), April
18, 2002 at $15.83 (1,500 shares), May 9 and 10 at $15.90 (1,000 shares),
November 13 at $16.54 (2500 shares), and October 14, 2002 at $16.39
(2000 shares). Sophie Karpus presently owns 200 shares purchased on
September 18 and 19, 2001 at $15.76 per share (250 shares), and February
20, 2003 at $16.72 (500 shares), May 6, 2004 at $16.05 (150 shares) and
sold on December 23, 2002 at $16.48 (100 shares), January 2, 2003 at
$16.51 (100 shares), March 14 at $17.13 (50 shares), March 25 at $16.97
(150 shares), March 26, 27, and 28 at$16.98 (150 shares), April 8 at
$16.89 (100 shares), and April 15 at $16.91(50 shares). None of the other
Principals presently owns shares.
b) KIM has the sole power to
dispose of and to vote all of such Sharesunder limited powers of attorney.
c) The first open market purchase occurred on September 28, 1998 as
previously reported. Open market purchases for the last 60 days for
the Accounts. There have been no dispositions and no acquisitions,
other than by such open market purchases, during such period.
DATE
SHARES
PRICE PER
DATE
SHARES
PRICE PER
SHARE
SHARE
4/2/2004
8000
17.31
5/3/2004
2000
16.16
4/6/2004
-1000
16.99
5/4/2004
15000
16.16
4/7/2004
5000
16.98
5/5/2004
14900
16.11
4/13/2004
-4200
17.00
5/6/2004
16700
16.06
4/14/2004
150
16.86
5/7/2004
1700
15.89
4/16/2004
2500
16.83
5/10/2004
2500
15.89
4/21/2004
7000
16.80
5/11/2004
6800
15.90
4/21/2004
-30025
16.89
5/11/2004
-13400
15.90
4/22/2004
-1200
16.86
5/13/2004
10500
15.85
4/23/2004
5000
16.70
5/14/2004
-850
15.88
4/26/2004
5000
16.61
5/14/2004
2550
15.84
4/26/2004
-525
16.60
5/17/2004
-200
15.91
4/27/2004
10000
16.37
5/26/2004
-4400
16.15
4/27/2004
-1050
16.44
5/26/2004
1400
16.04
4/28/2004
160
16.20
5/27/2004
-1000
16.16
4/29/2004
600
16.11
4/30/2004
6600
16.12
4/30/2004
-3700
16.12
The Accounts have the right to receive all dividends from, any proceeds
from the sale of the Shares. KIM reserves the right to further accumulate
or sell shares. None of the Accounts has an interest in shares constituting
more than 5% of the Shares outstanding.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer.
Except as described above, there are no contracts, arrangements,
understandings or relationships of any kind among the Principals and KIM
and between any of them and any other person with respect to any of BRM
securities.
ITEM 7 Materials to be Filed as Exhibits
Not applicable.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete,
and correct.
Karpus Management, Inc.
June 09, 2004 By:________________________
Date Signature
Dana R. Consler, Vice President
Name/Title