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)
| 100 Bellevue Parkway, Wilmington, DE | 19809 | |
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Robert S. Kapito, President
BlackRock New York Insured Municipal Income Trust
_______40 East 52nd Street, New
York, NY 10022_______
(Name and address of agent for service)
Date of fiscal year end:___August 31, 2005
Date of reporting period:__May 31, 2005_________________________________
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 |
| MAY 31, 2005 (Unaudited) |
| BlackRock New York Insured Municipal Income Trust (BSE) |
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||||
| LONG-TERM INVESTMENTS—149.8% | ||||||||||
| New York—136.7% | ||||||||||
| Dorm. Auth., | ||||||||||
| AAA | $ 5,000 | Brooklyn Law School Proj., Ser. B, 5.125%, 7/01/30, XLCA | 07/13 @ 100 | $ 5,317,400 | ||||||
| AAA | 7,000 | Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, MBIA | 02/13 @ 100 | 7,316,540 | ||||||
| AAA | 2,500 | Insured Fit Student Hsg. Corp. Proj., 5.125%, 7/01/34, FGIC | 07/14 @ 100 | 2,678,825 | ||||||
| AAA | 3,160 | Iona Coll. Proj., 5.00%, 7/01/27, XLCA | 07/12 @ 100 | 3,337,055 | ||||||
| Aa3 | 3,000 | Joachim & Ann Residence Proj., 5.25%, 7/01/27 | 07/12 @ 100 | 3,129,450 | ||||||
| AAA | 10,000 | Memorial Sloan Kettering Ctr. Proj., Ser. 1, Zero Coupon, 7/01/30, MBIA | No Opt. Call | 3,096,300 | ||||||
| AAA | 5,000 | New York & Presbyterian Hosp. Proj., 5.00%, 8/01/32, AMBAC | 02/08 @ 101 | 5,130,200 | ||||||
| AAA | 7,000 | New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC | 07/11 @ 100 | 7,259,420 | ||||||
| AAA | 2,000 | Sch. Dist. Fin., Ser. A, 5.00%, 4/01/31, MBIA | 10/12 @ 100 | 2,099,900 | ||||||
| AAA | 3,500 | Sch. Dist. Fin., Ser. D, 5.00%, 10/01/30, MBIA | 10/12 @ 100 | 3,677,100 | ||||||
| AAA | 7,000 | 3 | St. Barnabas Proj., Ser. A, 5.00%, 2/01/31, AMBAC | 08/12 @ 100 | 7,298,900 | |||||
| AAA | 2,000 | Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 5.25%, 7/01/31, AMBAC | 07/11 @ 101 | 2,138,180 | ||||||
| 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 | 1,047,350 | ||||||||
| Met. Transp. Auth., | ||||||||||
| AAA | 1,085 | Ser. A, 5.00%, 11/15/25, FGIC | 11/12 @ 100 | 1,152,129 | ||||||
| AAA | 8,470 | Ser. A, 5.00%, 11/15/30, FSA | 11/12 @ 100 | 8,904,934 | ||||||
| AAA | 5,000 | Ser. A, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 5,365,800 | ||||||
| AAA | 5,000 | 4 | Dedicated Tax Fund, Ser. A, 5.00%, 11/15/11, FGIC | N/A | 5,523,750 | |||||
| AAA | 2,660 | Refdg. Transp., Ser. E, 5.25%, 11/15/31, FGIC | 11/12 @ 100 | 2,854,606 | ||||||
| AAA | 10,000 | Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC | 07/12 @ 100 | 10,491,400 | ||||||
| A+ | 1,000 | New York City, Ser. O, 5.00%, 6/01/30 | 06/15 @ 100 | 1,053,890 | ||||||
| A | 2,500 | New York City Indl. Dev. Agcy., Lycee Francais De Proj., Ser. A, 5.375%, 6/01/23, ACA | 12/12 @ 100 | 2,613,575 | ||||||
| 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 | 3,694,985 | ||||||
| AAA | 6,000 | New York City Transl. Fin. Auth., Ser. B, 5.00%, 5/01/30, AMBAC | 11/11 @ 101 | 6,306,660 | ||||||
| AAA | 5,000 | New York City Trust Cultural Resources, American Museum of Natural History Proj., | ||||||||
| Ser. A, 5.00%, 7/01/44, MBIA | 07/14 @ 100 | 5,264,450 | ||||||||
| BBB | 3,320 | New York Cntys. Tobacco Trust III, 6.00%, 6/01/43 | 06/13 @ 100 | 3,432,913 | ||||||
| AAA | 6,000 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 @ 100 | 6,411,420 | ||||||
| AAA | 10,000 | Triborough Brdg. & Tunl. Auth., Ser. E, 5.00%, 11/15/32, MBIA | 11/12 @ 100 | 10,500,500 | ||||||
| BBB | 6,000 | TSASC, Inc., Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32 | 07/12 @ 100 | 6,121,920 | ||||||
| 133,219,552 | ||||||||||
| Puerto Rico—13.1% | ||||||||||
| BBB | 7,600 | Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 @ 100 | 7,644,536 | ||||||
| A | 5,000 | Indl. Fin. Auth., Med. & Env. Ctrl. Facs., Polytecnic Univ. Proj., Ser. A, 5.00%, 8/01/32, ACA | 08/12 @ 100 | 5,093,050 | ||||||
| 12,737,586 | ||||||||||
| Total Long-Term Investments (cost $139,077,145) | 145,957,138 | |||||||||
| SHORT-TERM INVESTMENTS—7.2% | ||||||||||
| Alaska—3.1% | ||||||||||
| A1+ | 3,000 | 5 | Valdez Alaska Marine Term., Refdg. Exxon Pipeline Co. Proj., Ser. A, 2.87%, 6/01/05, FRDD | N/A | 3,000,000 | |||||
| Ohio—1.7% | ||||||||||
| VMIG1 | 1,700 | 5 | Hamilton Cnty. Hosp. Facs. Proj., 3.01%, 6/02/05, FRWD | N/A | 1,700,000 | |||||
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BlackRock New York Insured Municipal Income Trust (BSE) (continued)
| Money Market Fund—2.4% | ||||||
| AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 2,300,000 | ||||
| Total Short-Term Investments (cost $7,000,000) | 7,000,000 | |||||
| Total Investments—157.0% (cost $146,077,1456) | $ | 152,957,138 | ||||
| Other assets in excess of liabilities—0.5% | 473,690 | |||||
| Preferred shares at redemption value, including dividends payable—(57.5)% | (56,007,664) | |||||
| Net Assets Applicable to Common Shareholders—100% | $ | 97,423,164 | ||||
| 1 | Using the higher of S&P’s, Moody’s or Fitch’s 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 | Securities, or a portion thereof, pledged as collateral with a value of $729,890 on 381 short U.S. Treasury Note futures contracts expiring Sept. 2005. The value of such contracts on May 31, 2005 was $43,154,203, with an unrealized loss of $619,488. | ||
| 4 | This bond is prefunded. 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 as of May 31, 2005. | ||
| 6 | Cost for Federal income purposes is $146,087,082. The net unrealized appreciation on a tax basis is $6,870,056 consisting of $6,870,056 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 80.6% of the Trust’s managed assets. | |||
| ACA | — American Capital Access | FRWD | — Floating Rate Weekly Demand | |||
| AMBAC | — American Municipal Bond Assurance Corporation | FSA | — Financial Security Assurance | |||
| FGIC | — Financial Guaranty Insurance Company | MBIA | — Municipal Bond Insurance Association | |||
| FRDD | — Floating Rate Daily Demand | XLCA | — XL Capital Assurance | |||
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Item 2. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.
(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is 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/ Henry Gabbay_____________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: July 22, 2005
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: Principal Executive Officer
Date: July 22, 2005
By: __/s/ Henry Gabbay_____________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 22, 2005