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 811-21179
Name of Fund: BlackRock New York Insured Municipal Income Trust (BSE)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock New York Insured Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 03/01/2008 05/31/2008
Item 1 Schedule of Investments
BlackRock New York Insured Municipal Income Trust | ||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
New York - 134.0% | Herkimer County, New York, IDA, Civic Facility Revenue Bonds | |||||
(Herkimer College Foundation Inc.), 6.25%, 8/01/34 | $ | 1,000 | $ |
1,008,220 | ||
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, | ||||||
Series A, 5%, 2/15/47 (a) | 3,000 | 2,931,000 | ||||
Long Island Power Authority, New York, Electric System Revenue | ||||||
Refunding Bonds, Series F, 4.25%, 5/01/33 (b) | 1,415 | 1,310,290 | ||||
Metropolitan Transportation Authority, New York, Dedicated Tax Fund, | ||||||
Revenue Refunding Bonds, VRDN, Series B, 1.35%, 11/01/22 (c)(d) | 13,950 | 13,950,000 | ||||
Metropolitan Transportation Authority, New York, Revenue Refunding | ||||||
Bonds, Series A, 5.25%, 11/15/31 (a) | 4,250 | 4,295,259 | ||||
Metropolitan Transportation Authority, New York, Revenue Refunding | ||||||
Bonds, Series E, 5.25%, 11/15/31 (a) | 2,660 | 2,691,521 | ||||
Metropolitan Transportation Authority, New York, Service Contract | ||||||
Revenue Refunding Bonds, Series A, 5%, 7/01/30 (e) | 10,000 | 10,173,100 | ||||
Nassau County, New York, Interim Financing Authority, Sales Tax | ||||||
Secured Revenue Refunding Bonds, VRDN, Series A, 1.50%, | ||||||
11/15/22 (c)(d) | 475 | 475,000 | ||||
New York City, New York, City IDA, PILOT Revenue Bonds (Queens | ||||||
Baseball Stadium Project), 5%, 1/01/46 (e) | 3,725 | 3,718,556 | ||||
New York City, New York, City IDA, PILOT Revenue Bonds (Yankee | ||||||
Stadium Project), 4.75%, 3/01/46 (b) | 1,000 | 975,750 | ||||
New York City, New York, City IDA, PILOT Revenue Bonds (Yankee | ||||||
Stadium Project), 5%, 3/01/46 (a) | 650 | 618,157 | ||||
New York City, New York, City Municipal Water Finance Authority, | ||||||
Second General Resolution, Water and Sewer System, Revenue | ||||||
Refunding Bonds, Series A, 4.75%, 6/15/37 (c) | 1,385 | 1,394,169 | ||||
New York City, New York, City Municipal Water Finance Authority, | ||||||
Second General Resolution, Water and Sewer System, Revenue | ||||||
Refunding Bonds, Series DD, 4.75%, 6/15/36 (c) | 2,035 | 2,051,341 | ||||
New York City, New York, City Municipal Water Finance Authority, | ||||||
Water and Sewer System Revenue Bonds, Series A, 4.25%, 6/15/39 (c) | 1,500 | 1,396,560 | ||||
Portfolio Abbreviations | ||||||
To simplify the listings of BlackRock New York Insured Municipal Income Trust's portfolio holdings in the Schedule of | ||||||
Investments, we have abbreviated the names of many of the securities according to the list below. |
GO | General Obligation Bonds | ||
IDA | Industrial Development Authority | ||
PILOT | Payment in Lieu of Taxes | ||
TFABS | Tobacco Flexible Amortization Bonds | ||
VRDN | Variable Rate Demand Notes |
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BlackRock New York Insured Municipal Income Trust | ||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
Municipal Bonds | (000) | Value | ||||
New York City, New York, City Transitional Finance Authority, Future | ||||||
Tax Secured, Revenue Refunding Bonds, Series B, 5%, 11/01/11 (e)(f) | $ |
235 | $ |
255,027 | ||
New York City, New York, City Transitional Finance Authority, Future | ||||||
Tax Secured, Revenue Refunding Bonds, Series B, 5%, 5/01/30 (e) | 5,765 | 5,867,618 | ||||
New York City, New York, IDA, Civic Facility Revenue Bonds (Lycee | ||||||
Francais de New York Project), Series A, 5.375%, 6/01/23 (g) | 2,500 | 2,380,075 | ||||
New York City, New York, Sales Tax Asset Receivable Corporation | ||||||
Revenue Bonds, Series A, 5%, 10/15/32 (e) | 6,000 | 6,174,420 | ||||
New York City, New York, Trust for Cultural Resources Revenue | ||||||
Refunding Bonds (American Museum of Natural History), Series A, 5%, | ||||||
7/01/44 (b) | 4,100 | 4,166,461 | ||||
New York Convention Center Development Corporation, New York, | ||||||
Revenue Bonds (Hotel Unit Fee Secured), 5%, 11/15/44 (e) | 7,175 | 7,188,561 | ||||
New York State Dormitory Authority, Hospital Revenue Bonds (Lutheran | ||||||
Medical Center), 5%, 8/01/31 (b)(h) | 7,000 | 7,060,410 | ||||
New York State Dormitory Authority, Hospital Revenue Refunding Bonds | ||||||
(New York and Presbyterian Hospital), 5%, 8/01/32 (e)(h) | 5,000 | 5,009,150 | ||||
New York State Dormitory Authority, Lease Revenue Bonds (State | ||||||
University Dormitory Facilities), 5%, 7/01/37 (e) | 500 | 513,950 | ||||
New York State Dormitory Authority, Mental Health Services Revenue | ||||||
Bonds, VRDN, Sub-Series D-2A, 1.63%, 2/15/31 (b)(d) | 700 | 700,000 | ||||
New York State Dormitory Authority, Mortgage Hospital Revenue Bonds | ||||||
(Saint Barnabas Hospital), Series A, 5%, 2/01/31 (e)(h) | 6,000 | 6,026,460 | ||||
New York State Dormitory Authority, Non-State Supported Debt, | ||||||
Revenue Refunding Bonds (Mount Sinai School of Medicine of New York | ||||||
University), 5%, 7/01/35 (b) | 2,500 | 2,534,525 | ||||
New York State Dormitory Authority Revenue Bonds (Brooklyn Law | ||||||
School), Series B, 5.125%, 7/01/30 (i) | 5,000 | 5,026,400 | ||||
New York State Dormitory Authority Revenue Bonds (Fashion Institute of | ||||||
Technology Student Housing Corporation), 5.125%, 7/01/14 (a)(f) | 2,500 | 2,743,850 | ||||
New York State Dormitory Authority Revenue Bonds (New York | ||||||
University), Series 2, 5%, 7/01/41 (e) | 7,000 | 7,065,380 | ||||
New York State Dormitory Authority Revenue Bonds (SS Joachim and | ||||||
Anne Residence), 5.25%, 7/01/27 | 3,000 | 3,039,420 | ||||
New York State Dormitory Authority Revenue Bonds (School Districts | ||||||
Financing Program), Series D, 5%, 10/01/30 (b) | 3,500 | 3,532,340 | ||||
New York State Dormitory Authority, Revenue Refunding Bonds (School | ||||||
District Financing Program), Series A, 5%, 4/01/31 (b) | 2,000 | 2,016,920 | ||||
New York State Dormitory Authority, Revenue Refunding Bonds | ||||||
(Winthrop S. Nassau University), Series A, 5.25%, 7/01/31 (e) | 2,000 | 2,037,400 | ||||
New York State, GO, Series A, 4.125%, 3/01/37 (a) | 320 | 286,486 | ||||
New York State Local Government Assistance Corporation, Revenue | ||||||
Refunding Bonds, Sub-Lien, VRDN, Series 4V, 1.50%, 4/01/22 (c)(d) | 500 | 500,000 | ||||
TSASC, Inc., New York, TFABS, Series 1, 5.75%, 7/15/12 (f) | 2,500 | 2,770,725 | ||||
123,884,501 |
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BlackRock New York Insured Municipal Income Trust | |||||||
Schedule of Investments May 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
Par | |||||||
Municipal Bonds | (000) | Value | |||||
Puerto Rico - 15.1% | Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior Lien | ||||||
Revenue Bonds, Series A, 5.125%, 7/01/47 (j) | $ |
1,925 | $ |
1,972,779 | |||
Puerto Rico Commonwealth Highway and Transportation Authority, | |||||||
Highway Revenue Refunding Bonds, Series CC, 5.50%, 7/01/31 (c) | 1,000 | 1,116,460 | |||||
Puerto Rico Commonwealth Highway and Transportation Authority, | |||||||
Highway Revenue Refunding Bonds, Series CC, 5.25%, 7/01/34 (c) | 1,000 | 1,083,730 | |||||
Puerto Rico Commonwealth Highway and Transportation Authority, | |||||||
Highway Revenue Refunding Bonds, Series CC, 5.25%, 7/01/36 (c) | 1,000 | 1,085,240 | |||||
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, | |||||||
Series SS, 5%, 7/01/25 (b) | 1,000 | 1,020,880 | |||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental | |||||||
Control Facilities Revenue Bonds (University Plaza Project), Series A, | |||||||
5%, 7/01/33 (b) | 1,000 | 1,005,460 | |||||
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental | |||||||
Control Facilities, Revenue Refunding Bonds (Polytechnic University), | |||||||
Series A, 5%, 8/01/32 (g) | 4,000 | 3,562,720 | |||||
Puerto Rico Municipal Finance Agency, GO, Series A, 5%, 8/01/30 (c) | 1,000 | 1,020,460 | |||||
Puerto Rico Municipal Finance Agency Revenue Bonds, Series A, 5.25%, | |||||||
8/01/20 (c) | 2,000 | 2,113,900 | |||||
13,981,629 | |||||||
Total Municipal Bonds | |||||||
(Cost - $137,340,573) - 149.1% | 137,866,130 | ||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (k) | |||||||
Triborough Bridge and Tunnel Authority, New York, Revenue Refunding | |||||||
Bonds, 5%, 11/15/2032 (b) | 9,400 | 9,485,447 | |||||
Long Island Power Authority, New York, Revenue Refunding Bonds, | |||||||
Series B, 5%, 12/01/35 (c) | 1,000 | 1,032,416 | |||||
Metropolitan Transportation Authority, New York, Revenue Refunding | |||||||
Bonds, Series A, 5%, 11/15/30 (c) | 6,095 | 6,205,933 | |||||
New York City, New York, City Transitional Finance Authority, Building | |||||||
Aid Revenue Bonds, Series S-2, 5%, 1/15/37 (a)(c) | 1,000 | 1,033,300 | |||||
New York State Thruway Authority, General Revenue Refunding Bonds, | |||||||
Series H, 5%, 1/01/37 (a)(c) | 4,000 | 4,127,913 | |||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts | |||||||
(Cost - $21,621,121) - 23.7% | 21,885,009 | ||||||
Short-Term Securities | Shares | ||||||
CMA New York Municipal Money Fund, 1.17% (l)(m) | 299 | 299 | |||||
Total Short-Term Securities | |||||||
(Cost - $299) - 0.0% | 299 | ||||||
Total Investments (Cost - $158,961,993*) - 172.8% | 159,751,438 | ||||||
Other Assets Less Liabilities - 3.3% | 3,086,728 | ||||||
Liability for Trust Certificates, Including Interest Expense and | |||||||
Fees Payable - (15.5%) | (14,344,796) | ||||||
Preferred Shares, at Redemption Value - (60.6%) | (56,039,234) | ||||||
Net Assets Applicable to Common Shares - 100.0% | $ |
92,454,136 |
3
* | The cost and unrealized appreciation (depreciation) of investments as of May 31, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ | 144,867,205 | ||
Gross unrealized appreciation | $ | 1,670,487 | ||
Gross unrealized depreciation | (1,120,836 | ) |
||
Net unrealized appreciation | $ | 549,651 |
(a) | FGIC Insured. |
(b) | MBIA Insured. |
(c) | FSA Insured. |
(d) | Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
(e) | AMBAC Insured. |
(f) | U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(g) | ACA Insured. |
(h) | FHA Insured. |
(i) | XL Capital Insured. |
(j) | Assured Guaranty Insured. |
(k) | Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as a collateral in a financing transaction. |
(l) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Net | Dividend |
||||
Affiliate | Activity | Income | |||
CMA New York Municipal Money Fund | 8 | $ | 5 |
(m) Represents the current yield as of report date.
Forward interest rate swaps outstanding as of May 31, 2008 were as follows:
Notional | |||||
Amount | Unrealized | ||||
(000) | Depreciation |
||||
Pay a fixed rate of 3.984% and receive a floating rate based on | |||||
1-week Securities Industry and Financial Markets Association | |||||
(SIFMA) Municipal Swap Index rate | |||||
Broker, JPMorgan Chase | |||||
Expires June 2028 | $ | 3,000 | $ (74,190) |
4
Item 2 | Controls and Procedures | ||
2(a) | The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a- 3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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. | |||
BlackRock New York Insured Municipal Income Trust | |||
By: | /s/ Donald C. Burke |
||
Donald C. Burke | |||
Chief Executive Officer of | |||
BlackRock New York Insured Municipal Income Trust | |||
Date: July 18, 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 | |||
BlackRock New York Insured Municipal Income Trust | |||
Date: July 18, 2008 | |||
By: | /s/ Neal J. Andrews |
||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
BlackRock New York Insured Municipal Income Trust | |||
Date: July 18, 2008 |