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
BlackRock New York Insured Municipal Income Trust
(Exact name of registrant as specified in charter)
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100 Bellevue Parkway, Wilmington, DE
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19809
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| (Address of principal executive offices) | (Zip code) |
| Robert S. Kapito, President |
| BlackRock New York Insured Municipal Income Trust |
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40 East 52nd Street, New York, NY 10022
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| (Name and address of agent for service) |
Registrant’s telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2007
Date of reporting period: November 30, 2006
Item 1. Schedule of Investments.
The Registrant’s 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, 2006 (Unaudited) | ||||||||
| BlackRock New York Insured Municipal Income Trust (BSE) | ||||||||
| (Percentage of Net Assets) | ||||||||
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Provisions2 |
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| LONG-TERM INVESTMENTS—153.3% | ||||||||
| New York—140.3% | ||||||||
| AAA | $ 5,000 | Convention Ctr. Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, | ||||||
| 5.00%, 11/15/44, AMBAC | 11/15 @ 100 | $ |
5,341,050 | |||||
| Dorm. Auth., | ||||||||
| AAA | 7,000 | Hlth., Hosp. & Nursing Home Impvts. RB, Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, | ||||||
| MBIA | 02/13 @ 100 | 7,430,080 | ||||||
| AAA | 10,0003 | Hlth., Hosp. & Nursing Home Impvts. RB, Memorial Sloan Kettering Ctr. Proj., Ser. 1, | ||||||
| Zero Coupon, 7/01/30, MBIA | ETM | 3,911,100 | ||||||
| AAA | 5,000 | Hlth., Hosp. & Nursing Home Impvts. RB, New York Presbyterian Hosp. Proj., 5.00%, | ||||||
| 8/01/32, AMBAC | 02/08 @ 101 | 5,117,900 | ||||||
| AAA | 7,000 | Hlth., Hosp. & Nursing Home RB, St. Barnabas Hosp. Proj., Ser. A, 5.00%, 2/01/31, | ||||||
| AMBAC | 08/12 @ 100 | 7,402,500 | ||||||
| AAA | 2,000 | Hlth., Hosp. & Nusring Home RB, Winthrop South Nassau Univ. Proj., Ser. A, 5.25%, | ||||||
| 7/01/31, AMBAC | 07/11 @ 101 | 2,138,420 | ||||||
| AAA | 2,000 | Sch. Impvts. Ad Valoreum Ppty. Tax RB, Sch. Dist. Fin. Proj., Ser. A, 5.00%, 4/01/31, | ||||||
| MBIA | 10/12 @ 100 | 2,118,020 | ||||||
| AAA | 3,500 | Sch. Impvts. Ad Valoreum Ppty. Tax RB, Sch. Dist. Fin. Proj., Ser. D, 5.00%, 10/01/30, | ||||||
| MBIA | 10/12 @ 100 | 3,706,535 | ||||||
| AAA | 5,000 | Univ. & Coll. Impvts. RB, Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA | 07/13 @ 100 | 5,331,650 | ||||
| AAA | 2,500 | Univ. & Coll. Impvts. RB, Fit Student Hsg. Corp. Proj., 5.125%, 7/01/34, FGIC | 07/14 @ 100 | 2,690,000 | ||||
| AAA | 3,160 | Univ. & Coll. Impvts. RB, Iona Coll. Proj., 5.00%, 7/01/27, XLCA | 07/12 @ 100 | 3,316,673 | ||||
| Aa3 | 3,000 | Univ. & Coll. Impvts. RB, Joachim & Ann Residence Proj., 5.25%, 7/01/27 | 07/12 @ 100 | 3,162,930 | ||||
| AAA | 7,000 | Univ. & Coll. Impvts. RB, New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC | 07/11 @ 100 | 7,272,580 | ||||
| AAA | 500 | Univ. & Coll. Impvts. RB, The New Sch. Proj., 5.00%, 7/01/46, MBIA | 07/16 @ 100 | 536,790 | ||||
| BBB- | 1,000 | Herkimer Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Herkimer Cnty. Coll. | ||||||
| Foundation Proj., 6.25%, 8/01/34 | 08/13 @ 100 | 1,091,970 | ||||||
| Met. Transp. Auth., | ||||||||
| AAA | 10,000 | Misc. RB, Ser. A, 5.00%, 7/01/30, AMBAC | 07/12 @ 100 | 10,547,000 | ||||
| AAA | 5,0004 | Trans. Impvts. RB, Ser. A, 5.00%, 11/15/11, FGIC | N/A | 5,338,600 | ||||
| AAA | 1,085 | Transit RB, Ser. A, 5.00%, 11/15/25, FGIC | 11/12 @ 100 | 1,155,015 | ||||
| AAA | 8,470 | Transit RB, Ser. A, 5.00%, 11/15/30, FSA | 11/12 @ 100 | 8,960,921 | ||||
| AAA | 2,660 | Transit RB, Ser. E, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 2,863,889 | ||||
| AAA | 5,000 | Transit RB, Ser. A, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 5,383,250 | ||||
| New York City Indl. Dev. Agcy., | ||||||||
| A | 2,500 | Private Primary Sch. Lease RB, Lycee Francais De New York Proj., Ser. A, 5.375%, | ||||||
| 6/01/23, ACA | 12/12 @ 100 | 2,642,225 | ||||||
| AAA | 1,000 | Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj., 5.00%, 3/01/36, MBIA | 09/16 @ 100 | 1,080,040 | ||||
| AAA | 3,500 | New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. D, 5.00%, 6/15/39, AMBAC | 06/15 @ 100 | 3,745,595 | ||||
| AAA | 6,000 | New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB, Ser. B, 5.00%, 5/01/30, | ||||||
| AMBAC | 11/11 @ 101 | 6,325,740 | ||||||
| AAA | 5,000 | New York City Trust for Cultural Recs., Recreational RB, American Museum of Natural | ||||||
| History Proj., Ser. A, 5.00%, 7/01/44, MBIA | 07/14 @ 100 | 5,303,050 | ||||||
| BBB | 3,320 | New York Cntys. Tobacco Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43 | 06/13 @ 100 | 3,593,203 | ||||
| AAA | 6,000 | Sales Tax Asset Receivable Corp., Pub. Impvts. Sales Tax RB, Ser. A, 5.00%, 10/15/32, | ||||||
| AMBAC | 10/14 @ 100 | 6,430,920 | ||||||
| AAA | 10,000 | Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB, Ser. E, 5.00%, 11/15/32, MBIA | 11/12 @ 100 | 10,601,500 | ||||
| AAA | 6,0004 | TSASC, Inc., Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, | ||||||
| 7/15/12 | N/A | 6,666,480 | ||||||
| AAA | 725 | Upper Mohawk Valley Regl. Wtr. Fin. Auth., Wtr. Sys. RB, Ser. A, 4.25%, 4/01/31, XCLA | 04/16 @ 100 | 721,694 | ||||
| 141,927,320 | ||||||||
| Puerto Rico—13.0% | ||||||||
| BBB | 7,600 | Children's Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43 | 05/12 @ 100 | 8,017,088 | ||||
1
| BlackRock New York Insured Municipal Income Trust (BSE) (continued) | ||||||||
| (Percentage of Net Assets) | ||||||||
| Principal | ||||||||
| Amount |
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| Rating1 | (000) | |
Provisions2 |
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| Puerto Rico—(cont'd) | ||||||||
| A |
$ 5,000
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Indl. Tourist Edl., Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. RB, Polytecnic Univ. | ||||||
| of Puerto Rico Proj., Ser. A, 5.00%, 8/01/32, ACA |
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$ | 5,126,100 | |||||
| 13,143,188 | ||||||||
| Total Long-Term Investments (cost $145,590,587) | 155,070,508 | |||||||
| SHORT-TERM INVESTMENT—1.0% | ||||||||
| New York—1.0% | ||||||||
| A-1+ | 1,0005 | New York St. Loc. Gov't. Asst. Corp., Misc. Taxes RB, 3.40%, 12/06/06, FSA, FRWD | ||||||
| (cost $1,000,000) | N/A | 1,000,000 | ||||||
| Total Investments —154.3% (cost $146,590,5876) | $ | 156,070,508 | ||||||
| Other assets in excess of liabilities —1.1% | 1,085,315 | |||||||
| Preferred shares at redemption value, including dividends payable —(55.4)% |
(56,038,774)
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| Net Assets Applicable to Common Shareholders—100% | $ | 101,117,049 | ||||||
| 1 | Using the highest of Standard & Poor's, Moody's Investors Service or Fitch's Ratings. |
| 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 is collateralized by Municipal or U.S. Treasury obligations. |
| 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 | For purposes of amortized cost valuation, the maturity date of this instrument 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. Rate shown is rate as of November 30, 2006. |
| 6 | Cost for federal income tax purposes is $146,600,520. The net unrealized appreciation on a tax basis is $9,469,988, consisting of $9,469,988 gross unrealized appreciation and $0 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 84.4% of the Trust's managed assets. | |
| ACA | — |
5.1%
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| AMBAC | — |
35.0%
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| FGIC | — |
11.1%
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| FSA | — |
6.4%
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| MBIA | — |
21.2%
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| XLCA | — |
5.6%
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| KEY TO ABBREVIATIONS | |||||
| ACA | — | American Capital Access | FSA | — | Financial Security Assurance |
| AMBAC | — | American Municipal Bond Assurance Corp, | MBIA | — | Municipal Bond Insurance Assoc, |
| ETM | — | Escrowed to Maturity | RB | — | Revenue Bond |
| FGIC | — | Financial Guaranty Insurance Co, | XLCA | — | XL Capital Assurance |
| FRWD | — | Floating Rate Weekly Demand | |||
2
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 Registrant’s 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 Registrant’s management, including its principal executive and principal 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 Registrant’s 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/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: January 25, 2007 | |
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/ Robert S. Kapito |
| Name: Robert S. Kapito | |
| Title: President and Principal Executive Officer | |
| Date: January 25, 2007 | |
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: January 25, 2007 | |