FORM N-Q
Investment Company Act file number: 811-21179
BlackRock New York Insured Municipal Income Trust
(Exact name of registrant as specified in charter)
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2006Item 1. Schedule of Investments.
The Registrants unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2005 (Unaudited)
BlackRock New York Insured Municipal Income Trust (BSE)
Principal | |||||||||||
Amount | Option Call | ||||||||||
Rating1 | (000) | Description | Provisions2 | Value | |||||||
LONG-TERM INVESTMENTS155.4% | |||||||||||
New York134.8% | |||||||||||
Dorm. Auth., | |||||||||||
AAA | $ 5,000 | Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA | 07/13 @ 100 | $ 5,227,850 | |||||||
AAA | 7,000 | Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, MBIA | 02/13 @ 100 | 7,181,510 | |||||||
AAA | 2,500 | Insured Fit Student Hsg. Corp. Proj., 5.125%, 7/01/34, FGIC | 07/14 @ 100 | 2,628,175 | |||||||
AAA | 3,160 | Iona Coll. Proj., 5.00%, 7/01/27, XLCA | 07/12 @ 100 | 3,274,392 | |||||||
Aa3 | 3,000 | Joachim & Ann Residence Proj., 5.25%, 7/01/27 | 07/12 @ 100 | 3,082,020 | |||||||
AAA | 10,000 | Memorial Sloan Kettering Ctr. Proj., Ser. 1, Zero Coupon, 7/01/30, MBIA | No Opt. Call | 3,058,300 | |||||||
AAA | 5,000 | New York & Presbyterian Hosp. Proj., 5.00%, 8/01/32, AMBAC | 02/08 @ 101 | 5,082,150 | |||||||
AAA | 7,000 | New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC | 07/11 @ 100 | 7,139,440 | |||||||
AAA | 2,000 | Sch. Dist. Fin. Proj., Ser. A, 5.00%, 4/01/31, MBIA | 10/12 @ 100 | 2,055,700 | |||||||
AAA | 3,500 | Sch. Dist. Fin. Proj., Ser. D, 5.00%, 10/01/30, MBIA | 10/12 @ 100 | 3,616,130 | |||||||
AAA | 7,000 | 3 | St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC | 08/12 @ 100 | 7,170,660 | ||||||
AAA | 2,000 | Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 5.25%, 7/01/31, AMBAC | 07/11 @ 101 | 2,104,200 | |||||||
BBB- | 1,000 | Herkimer Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Coll. Fndtn., Inc. Student Hsg. Proj., | |||||||||
6.25%, 8/01/34 | 08/13 @ 100 | 1,034,270 | |||||||||
Met. Transp. Auth., | |||||||||||
AAA | 1,085 | Ser. A, 5.00%, 11/15/25, FGIC | 11/12 @ 100 | 1,127,510 | |||||||
AAA | 8,470 | Ser. A, 5.00%, 11/15/30, FSA | 11/12 @ 100 | 8,730,114 | |||||||
AAA | 5,000 | Ser. A, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 5,273,200 | |||||||
AAA | 10,000 | Met. Transp. Auth. Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC | 07/12 @ 100 | 10,292,900 | |||||||
Met. Transp. Auth., | |||||||||||
AAA | 5,000 | 4 | Ded. Tax Fund,, Ser. A, 5.00%, 11/15/11, FGIC | N/A | 5,399,250 | ||||||
AAA | 2,660 | Refdg. Transp., Ser. E, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 2,805,342 | |||||||
A | 2,500 | New York City Indl. Dev., Agcy. Lycee Francais De Proj., Ser. A, 5.375%, 6/01/23, ACA | 12/12 @ 100 | 2,565,075 | |||||||
AAA | 3,500 | New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev., Ser. D, 5.00%, 6/15/39, AMBAC | 06/15 @ 100 | 3,601,535 | |||||||
AAA | 6,000 | New York City Transl. Fin. Auth., Ser. B, 5.00%, 5/01/30, AMBAC | 11/11 @ 101 | 6,183,300 | |||||||
AAA | 5,000 | New York City Trust Cultural Recs., American Museum of Natural History Proj., Ser. A, | |||||||||
5.00%, 7/01/44, MBIA | 07/14 @ 100 | 5,125,950 | |||||||||
BBB | 3,320 | New York Cntys. Tobacco Trust III, 6.00%, 6/01/43 | 06/13 @ 100 | 3,464,188 | |||||||
AAA | 6,000 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 @ 100 | 6,239,160 | |||||||
AAA | 10,000 | Triborough Brdg. & Tunl. Auth., Ser. E, 5.00%, 11/15/32, MBIA | 11/12 @ 100 | 10,319,200 | |||||||
BBB | 6,000 | TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32 | 07/12 @ 100 | 6,134,340 | |||||||
129,915,861 | |||||||||||
Puerto Rico20.6% | |||||||||||
BBB | 7,600 | Childrens Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 @ 100 | 7,715,292 | |||||||
A | 5,000 | Indl. Fin. Auth., Med. & Env. Ctrl. Facs., Polytecnic Univ. Proj., Ser. A, 5.00%, 8/01/32, ACA | 08/12 @ 100 | 5,002,450 | |||||||
AAA | 6,515 | Puerto Rico Comwlth Hwy. & Transp. Auth., Ser. L, 5.25%, 7/01/41 | No Opt. Call | 7,179,400 | |||||||
19,897,142 | |||||||||||
Total Long-Term Investments (cost $145,509,411) | 149,813,003 | ||||||||||
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BlackRock New York Insured Municipal Income Trust (BSE) (continued)
Shares | |||||||||
(000) | Description | Value | |||||||
MONEY MARKET FUNDS0.7% | |||||||||
AIM Tax Free Investment Co. Cash Reserve Portofolio (cost $650,000) | $ 650,000 | ||||||||
Total Investments156.1% (cost $146,159,4115) | $150,463,003 | ||||||||
Other assets in excess of liabilities2.0% | 1,962,220 | ||||||||
Preferred shares at redemption value, including dividends payable(58.1)% | (56,023,481) | ||||||||
Net Assets Applicable to Common Shareholders100% | $ 96,401,742 | ||||||||
1 | Using the higher of Standard & Poors, Moodys Investor Service or Fitch Ratings rating. | ||
2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. | ||
3 | Security, or a portion thereof, pledged as collateral with a value of $717,066 on 122 short U.S. Treasury Note futures contracts expiring December 2005, 90 short U.S. Treasury Note futures contracts expiring March 2006 and 77 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on November 30, 2005 was $31,659,813, with an unrealized gain of $407,142. | ||
4 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. | ||
5 | Cost for Federal tax purposes is $146,169,348. The net unrealized appreciation on a tax basis is $4,293,655, consisting of $4,588,101 gross unrealized appreciation and $294,446 gross unrealized depreciation. | ||
The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 80.9% of the Trusts managed assets. The Trust had the following insurance concentrations: |
ACA | | 5.1% |
AMBAC | | 38.5% |
FGIC | | 9.6% |
FSA | | 5.7% |
MBIA | | 19.4% |
XLCA | | 2.2% |
OTHER | | 0.4% |
KEY TO ABBREVIATIONS
ACA | American Capital Access | FSA | Financial Security Assurance | |
AMBAC | American Municipal Bond Assurance Corp. | MBIA | Municipal Bond Insurance Assoc. | |
FGIC | Financial Guaranty Insurance Co. | XLCA | XL Capital Assurance | |
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Item 2. Controls and Procedures.
(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrants disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrants management , including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.
Separate certifications of the Registrants principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
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.
(Registrant) BlackRock New York Insured Municipal Income Trust
By: /s/ Henry GabbayPursuant 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/ Robert
S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: January 25, 2006
By: /s/ Henry Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: January 25, 2006