SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Amendment No. 3)
Under the Securities and Exchange Act of 1934
BlackRock New York Insured Municipal 2008 Term Trust, Inc.
(BLN)
(Name of Issuer)
Common Stock
(Title of Class of Securities)
09247L107
(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)
September 9, 2003
(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 New York 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 BLN
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 BLN fit the investment guidelines for various
Accounts. Shares have been acquired since January 11, 1999.
ITEM 5 Interest in Securities of the Issuer
a) As of the date of this Report, KIM owns 906,680 shares, which
represents 8.05% of the outstanding Shares. George Karpus presently
owns 60,865 shares purchased on January 17 & 18, 2001 at $15.06 (6,700
shares), January 29 at $15.25 (5000 shares), January 30 at $15.11 (3,000
shares), February 14 at $15.25 (3,300 shares), April 17, 2002 at $15.42
(1,450 shares), April 18 at $15.40 (550 shares), May 13 at $15.60 (1,100
shares), May 29 at $15.68 (500 shares), June 11 at $15.68 (1,900
shares), July 16 at $15.87 (4,750 shares), August 13 at $15.95 (10,000
shares), August 14 at $16.09 (5,000 shares), August 15 at $16.05
(5,000 shares), October 11 at $16.17 (5,000 shares), May 6, 2003 at
$16.38 (1,100 shares), June 13 at $16.95 (800 shares), June 23 at
$16.90 (250 shares), July 8 & 9 at $16.70 (750 shares), July 16 at
$16.42 (1,150 shares), and August 13 at $16.20 (5,000 shares). He sold on
January 3, 2003 at $16.15 (985 shares), and January 6 at $16.16 (450
shares). JoAnn Van Degriff owns 7,075 shares purchased on July 10 &
11, 2001 at $15.29 (2,000 shares), July 16, 2002 at $15.87 (2,350 shares),
and August 2 at $15.95 (2,900 shares). She sold on January 3, 2003 at
$16.15 (75 shares), January 6 at $16.17 (50 shares), and January 21 at
$16.14 (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 Shares
under limited powers of attorney.
c) The first open market purchase occurred on January 11, 1999 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
7/1/2003
1000
16.82
8/1/2003
1200
16.18
7/2/2003
3500
16.82
8/8/2003
200
16.18
7/7/2003
1000
16.77
8/13/2003
10575
16.2
7/8/2003
3300
16.71
8/15/2003
3200
16.05
7/9/2003
10500
16.71
8/15/2003
-2230
16.05
7/11/2003
3500
16.7
8/20/2003
1300
16.06
7/14/2003
15600
16.7
8/21/2003
5500
16.11
7/15/2003
3800
16.7
8/22/2003
9600
16.1
7/16/2003
8400
16.46
8/25/2003
1200
16.1
7/17/2003
3200
16.42
8/26/2003
2500
16.13
7/22/2003
5400
16.3
8/27/2003
3600
16.11
7/23/2003
5000
16.14
8/28/2003
700
16.11
7/24/2003
1800
16.14
7/25/2003
-1100
16.3
7/28/2003
-900
16.27
7/31/2003
2800
16.05
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 BLN
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.
September 9, 2003 By:________________________
Date Signature
George W. Karpus, President
Name/Title