FORM N-Q
Investment Company Act file number:__811-07094______
_______BlackRock New York Insured Municipal 2008 Term Trust, Inc._______
(Exact name of registrant as specified in charter)
|
100
Bellevue Parkway, Wilmington, DE
|
19809
|
|
|
|
Registrant's telephone number, including area code:_888-825-2257
Date of fiscal year end:___December 31, 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
MARCH
31, 2006 (unaudited)
BlackRock New York Insured Municipal 2008 Term Trust (BLN)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—134.5% | |||||||||||||
| New York—134.5% | |||||||||||||
| Albany Cnty. GO, | |||||||||||||
| AAA | $ 1,515 | 3.50%, 6/01/08, FGIC | No Opt. Call | $ 1,512,455 | |||||||||
| AAA | 2,030 | 3.50%, 6/01/09, FGIC | No Opt. Call | 2,022,733 | |||||||||
| AAA | 1,000 | Bath Central Sch. Dist. GO, 4.00%, 6/15/08, FGIC | No Opt. Call | 1,008,750 | |||||||||
| AAA | 2,250 | Central Square Central Sch. Dist. GO, 3.75%, 5/15/09, FGIC | No Opt. Call | 2,261,767 | |||||||||
| Dorm. Auth. RB, | |||||||||||||
| AAA | 1,070 | Lutheran Medical Proj., 3.00%, 2/01/09, MBIA | No Opt. Call | 1,041,720 | |||||||||
| AAA | 1,625 | Sch. Dist. Fin. Proj., Ser. C, 3.50%, 10/01/08, MBIA | No Opt. Call | 1,621,539 | |||||||||
| AAA | 2,970 | Secured Hosp. Proj., 4.00%, 2/15/09, XLCA | No Opt. Call | 2,995,483 | |||||||||
| AAA | 3,500 | Secured Hosp. Proj., 5.00%, 2/15/10, MBIA | 02/08 @ 101.5 | 3,633,840 | |||||||||
| AAA | 5,000 | Secured Hosp. Proj., 5.125%, 2/15/09, ACA/FSA | 02/08 @ 101.5 | 5,143,600 | |||||||||
| AAA | 1,600 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/07, FGIC | No Opt. Call | 1,633,632 | |||||||||
| AAA | 2,500 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC | No Opt. Call | 2,593,050 | |||||||||
| AAA | 5,000 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, FGIC | No Opt. Call | 5,189,200 | |||||||||
| AAA | 6,000 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE | No Opt. Call | 6,227,040 | |||||||||
| AAA | 5,000 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC | No Opt. Call | 5,272,500 | |||||||||
| AAA | 500 | W.K. Nursing Home Proj., 5.65%, 8/01/09 | 08/06 @ 102 | 513,340 | |||||||||
| AAA | 1,000 | Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 4.125%, 7/01/08, AMBAC | No Opt. Call | 1,009,220 | |||||||||
| AAA | 1,960 | East Greenbush Central Sch. Dist. GO, Ser. C, 4.00%, 6/15/09, FSA | No Opt. Call | 1,985,147 | |||||||||
| Elmira City Sch. Dist. GO, | |||||||||||||
| AAA | 2,125 | 3.25%, 6/15/08, FGIC | No Opt. Call | 2,103,197 | |||||||||
| AAA | 1,500 | 3.25%, 6/15/09, FGIC | No Opt. Call | 1,485,585 | |||||||||
| AAA | 555 | 3 | Erie Cnty. GO, Ser. B, 5.70%, 5/15/06, MBIA | N/A | 556,432 | ||||||||
| Erie Cnty. GO, Pub. Impvt., | |||||||||||||
| AAA | 3,825 | Ser. A, 3.25%, 9/01/09, FGIC | No Opt. Call | 3,751,139 | |||||||||
| AAA | 1,000 | Ser. A, 3.75%, 10/01/08, FGIC | No Opt. Call | 1,002,830 | |||||||||
| AAA | 1,185 | Evans & Brant Central Sch. Dist. GO, Ser. C, 3.75%, 12/15/08, FGIC | No Opt. Call | 1,191,600 | |||||||||
| Facs. Corp. RB, | |||||||||||||
| AAA | 1,630 | Clean Wtr. & Drinking Proj., 3.875%, 4/15/10 | No Opt. Call | 1,645,436 | |||||||||
| AAA | 6,000 | Mun. Wtr. Proj., 4.00%, 6/15/09 | No Opt. Call | 6,075,180 | |||||||||
| Fayetteville-Manlius Central Sch. Dist. GO, | |||||||||||||
| AAA | 1,125 | 3.75%, 6/15/09, FGIC | No Opt. Call | 1,131,019 | |||||||||
| AAA | 1,000 | 4.00%, 6/15/08, FGIC | No Opt. Call | 1,008,750 | |||||||||
| AAA | 1,500 | Hempstead Twnshp. GO, Ser. B, 4.00%, 8/01/09, MBIA | No Opt. Call | 1,519,980 | |||||||||
| Hsg. Fin. Agcy. RB, Hsg. Mtg. Proj., | |||||||||||||
| AAA | 1,305 | Ser. A, 5.80%, 5/01/09, FSA | 05/06 @ 102 | 1,332,392 | |||||||||
| AAA | 4,015 | Ser. A, 5.80%, 11/01/09, FSA | 05/06 @ 102 | 4,128,223 | |||||||||
| AAA | 685 | Hsg. Fin. Agcy. Multi-Fam. Mtg. Hsg. RB, Ser. C, 6.30%, 8/15/08 | 05/06 @ 100 | 686,589 | |||||||||
| AAA | 12,500 | Long Island Pwr. Auth. Elec. Sys. RB, 5.00%, 4/01/08, MBIA | No Opt. Call | 12,828,125 | |||||||||
| Lowville Central Sch. Dist. GO, | |||||||||||||
| AAA | 1,255 | 3.30%, 6/15/08, FGIC | No Opt. Call | 1,244,445 | |||||||||
| AAA | 1,305 | 3.60%, 6/15/09, FGIC | No Opt. Call | 1,306,122 | |||||||||
| Met. Transp. Auth. RB, | |||||||||||||
| AAA | 12,000 | Ser. A, 3.50%, 11/15/09, FSA | No Opt. Call | 11,947,320 | |||||||||
| AAA | 26,075 | 4 | Ser. K, 6.00%, 7/01/08, MBIA | ETM | 27,425,163 | ||||||||
| AAA | 2,500 | 4 | Met. Transp. Auth. RB, Commuter Fac., Ser. A, 6.10%, 7/01/08, MBIA | ETM | 2,634,775 | ||||||||
| AAA | 1,500 | Middletown Sch. Dist. GO, Ser. A, 3.00%, 11/01/09, FSA | No Opt. Call | 1,456,245 | |||||||||
| Monroe Cnty. Pub. Impvt. GO, | |||||||||||||
| AAA | 455 | 4 | 4.00%, 3/01/09, FGIC | ETM | 460,219 | ||||||||
| AAA | 770 | 4.00%, 3/01/09, FGIC | No Opt. Call | 777,977 | |||||||||
| AAA | 2,095 | 4.00%, 3/01/10, FGIC | No Opt. Call | 2,116,076 | |||||||||
| Mt. Sinai Union Free Sch. Dist. GO, | |||||||||||||
| AAA | 935 | 6.00%, 2/15/08, AMBAC | No Opt. Call | 975,682 | |||||||||
| AAA | 930 | 6.10%, 2/15/09, AMBAC | No Opt. Call | 992,105 | |||||||||
| AAA | 1,075 | 6.10%, 2/15/10, AMBAC | No Opt. Call | 1,168,192 | |||||||||
| New Paltz Central Sch. Dist. GO, | |||||||||||||
| AAA | 500 | 3.125%, 6/01/08, FGIC | No Opt. Call | 493,675 | |||||||||
| AAA | 610 | 3.50%, 6/01/09, FGIC | No Opt. Call | 608,719 | |||||||||
1
BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| New York—(cont’d) | |||||||||||||
| New York City GO, | |||||||||||||
| AAA | $ 2,265 | 4.75%, 8/15/09, XLCA | 08/08 @ 101 | $ 2,334,354 | |||||||||
| AAA | 1,000 | Ser. A, 5.20%, 8/01/10, FSA | 08/08 @ 101 | 1,044,040 | |||||||||
| AAA | 12,755 | Ser. C, 5.00%, 8/01/08, FSA | No Opt. Call | 13,125,788 | |||||||||
| AAA | 45 | Ser. C-1, 6.25%, 8/01/10, FSA | 05/06 @ 100 | 45,071 | |||||||||
| AAA | 50 | Ser. C-1, 6.375%, 8/01/08, MBIA | 05/06 @ 100 | 50,082 | |||||||||
| New York City Mun. Wtr. Fin. Auth. RB, | |||||||||||||
| AAA | 11,500 | Ser. A, Zero Coupon, 6/15/09, MBIA | No Opt. Call | 10,177,845 | |||||||||
| AAA | 1,710 | 4 | Ser. A, 6.00%, 6/15/08, FGIC | ETM | 1,796,851 | ||||||||
| AAA | 2,455 | 3 | New York City RB, 4.75%, 8/15/08, XLCA | N/A | 2,542,521 | ||||||||
| New York City RB, Hlth. & Hosp. Corp. Hlth. Sys. Proj., | |||||||||||||
| AAA | 2,810 | Ser. A, 3.75%, 2/15/09, FSA | No Opt. Call | 2,815,198 | |||||||||
| AAA | 2,000 | Ser. A, 5.00%, 2/15/08, AMBAC | No Opt. Call | 2,047,700 | |||||||||
| New York City Transl. Fut. Tax RB, | |||||||||||||
| AAA | 4,220 | 4 | Ser. B, 5.25%, 5/01/11, MBIA | ETM | 4,525,908 | ||||||||
| AAA | 3,580 | 4 | Ser. B, 5.25%, 5/01/11, MBIA | ETM | 3,839,514 | ||||||||
| New York City Transl. Fin. Auth. RB, | |||||||||||||
| AAA | 2,605 | 4 | 4.00%, 5/01/09, MBIA | ETM | 2,636,494 | ||||||||
| AAA | 1,395 | 4.00%, 5/01/09, MBIA | No Opt. Call | 1,409,843 | |||||||||
| AAA | 2,000 | 4 | Ser. C, 5.00%, 8/01/09, FSA | ETM | 2,086,840 | ||||||||
| New York GO, | |||||||||||||
| AAA | 2,000 | 4 | Ser. E, 6.20%, 8/01/08, MBIA | ETM | 2,116,100 | ||||||||
| AAA | 4,895 | Ser. E, 6.20%, 8/01/08, MBIA | No Opt. Call | 5,166,868 | |||||||||
| AAA | 1,040 | Newfane Central Sch. Dist. GO, 3.00%, 6/01/08, FSA | No Opt. Call | 1,021,592 | |||||||||
| AAA | 250 | Pwr. Auth. RB, Ser. CC, 5.125%, 1/01/11, MBIA | No Opt. Call | 265,675 | |||||||||
| So. Seneca Central Sch. Dist. GO, | |||||||||||||
| AAA | 1,185 | 3.20%, 6/15/08, MBIA | No Opt. Call | 1,171,017 | |||||||||
| AAA | 1,045 | 3.375%, 6/15/09, MBIA | No Opt. Call | 1,038,866 | |||||||||
| AAA | 1,030 | Sodus Central Sch. Dist. GO, 4.00%, 6/15/09, FGIC | No Opt. Call | 1,043,215 | |||||||||
| AAA | 1,675 | Suffold Cnty. Wtr. Auth. RB, Ser. C, 5.75%, 6/01/08, AMBAC | 05/06 @ 100 | 1,748,248 | |||||||||
| AAA | 5,000 | Suffolk Cnty. Ind. Dev. Agcy. RB, 6.00%, 2/01/08, FGIC | No Opt. Call | 5,199,650 | |||||||||
| Thruway Auth. RB, | |||||||||||||
| AAA | 4,955 | Ser. A, 3.75%, 3/15/09, MBIA | No Opt. Call | 4,978,239 | |||||||||
| AAA | 2,000 | Hwy. & Brdg. Trust Fund, Ser. A, 3.90%, 4/01/09, FSA | No Opt. Call | 2,015,160 | |||||||||
| AAA | 2,000 | Hwy. & Brdg. Trust Fund, Ser. B, 4.00%, 4/01/09, MBIA | No Opt. Call | 2,020,780 | |||||||||
| AAA | 2,900 | Hwy. & Brdg. Trust Fund, Ser. B, 5.25%, 4/01/11, MBIA | No Opt. Call | 3,100,332 | |||||||||
| AAA | 3,410 | Svc. Contract Local Hwy. & Brdg. Proj., Ser. A, 5.375%, 4/01/09, MBIA | 04/08 @ 101 | 3,556,937 | |||||||||
| AAA | 2,265 | 4 | Triborough Brdg. & Tunl. Auth. RB, Ser. A, 5.125%, 1/01/11, MBIA | ETM | 2,371,115 | ||||||||
| Urban Dev. Corp. RB, Correctional Facs Proj., | |||||||||||||
| AAA | 2,000 | Ser. A, 5.50%, 1/01/09, AMBAC | No Opt. Call | 2,099,220 | |||||||||
| AAA | 5,140 | Ser. B, 5.25%, 1/01/10, AMBAC | 01/09 @ 101 | 5,393,248 | |||||||||
| Total Long-Term Investments (cost $229,014,329) | 234,502,519 | ||||||||||||
| SHORT-TERM INVESTMENTS—26.8% | |||||||||||||
| Alaska—3.3% | |||||||||||||
| A-1+ | 5,800 | 5 | Valdez Marine Term. RB, Exxon Pipeline Co. Proj., Ser. A, 3.02%, 4/03/06, FRDD | N/A | 5,800,000 | ||||||||
| Georgia—1.2% | |||||||||||||
| A-1+ | 2,000 | 5 | Mun. Elec. Auth. RB, Proj. 1, Ser. C, 3.08%, 4/05/06, MBIA, FRWD | N/A | 2,000,000 | ||||||||
| New York—13.5% | |||||||||||||
| A-1+ | 830 | 5 | Local Gov’t Asst. Corp. RB, 3.10%, 4/05/06, FRWD | N/A | 830,000 | ||||||||
| A-1+ | 675 | 5 | Nassau Cnty. Interim Fin. Auth. RB, 3.11%, 4/05/06, FSA, FRWD | N/A | 675,000 | ||||||||
| New York City GO, | |||||||||||||
| A-1+ | 4,700 | 5 | Ser. A-7, 3.13%, 4/03/06, FRDD | N/A | 4,700,000 | ||||||||
| A-1+ | 7,740 | 5 | Ser. H-7, 3.13%, 4/03/06, FRDD | N/A | 7,740,000 | ||||||||
| New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. RB, | |||||||||||||
| A-1+ | 1,100 | 5 | Ser. C, 3.01%, 4/03/06, FRDD | N/A | 1,100,000 | ||||||||
| A-1+ | 100 | 5 | Ser. G, 3.13%, 4/03/06, FGIC, FRDD | N/A | 100,000 | ||||||||
| A-1+ | 8,350 | 5 | New York St. Loc Gov’t. Assist. RB, 3.14%, 4/05/06, FSA, FRWD | N/A | 8,350,000 | ||||||||
| 23,495,000 | |||||||||||||
| Ohio—5.0% | |||||||||||||
| VMIG1 | 3,200 | 5 | Hamilton Cnty. Hosp. Facs. Proj. RB, 3.17%, 4/06/06, FRWD | N/A | 3,200,000 | ||||||||
| VMIG1 | 5,600 | 5 | Univ. of Akron RB, 3.17%, 4/06/06, FGIC, FRWD | N/A | 5,600,000 | ||||||||
| 8,800,000 | |||||||||||||
2
BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)
| Principal | |||||||||||
| Amount | |||||||||||
| Rating1 | (000) | Description | Value | ||||||||
| Puerto Rico—2.5% | |||||||||||
| A-1 | $ 1,800 | 5 | Gov't. Dev. Bank RB, 2.96%, 4/05/06, MBIA, FRWD | $ 1,800,000 | |||||||
| A-1 | 2,500 | 5 | Hwy. & Transp. Auth. Transp. RB, Ser. A, 3.13%, 4/05/06, AMBAC, FRWD | 2,500,000 | |||||||
| 4,300,000 | |||||||||||
| MONEY MARKET FUND—1.3% | |||||||||||
| NR | 2,300 | AIM Tax Free Investment Co. Cash Reserve Portfolio | 2,300,000 | ||||||||
| Total Short-Term Investments (cost $46,695,000) | 46,695,000 | ||||||||||
| Total Investments—161.3% (cost $275,709,3296) | $ 281,197,519 | ||||||||||
| Other assets in excess of liabilities—1.6% | 2,820,889 | ||||||||||
| Preferred shares at redemption value, including dividends payable—(62.9)% | (109,620,455) | ||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 174,397,953 | ||||||||||
| 1 | Using the higher of Standard &Poor’s, Moody’s Investors 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 | 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. | ||
| 4 | Security is collateralized by U.S. Treasury obligations. | ||
| 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 March 31, 2006. | ||
| 6 | Cost for Federal tax purposes is $275,885,103. The net unrealized appreciation on a tax basis is $6,019,416, consisting of $6,559,184 gross unrealized appreciation and $539,768 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 87.9% of the Trust’s managed assets. |
ACA |
— | 1.80% |
|
AMBAC |
— | 8.60% |
|
CONNIE LEE |
— | 2.20% |
|
FGIC |
— | 16.40% |
|
FSA |
— | 18.50% |
|
MBIA |
— | 36.80% |
|
XLCA |
— | 2.80% |
|
Other |
— | 0.80%
|
KEY TO ABBREVIATIONS
| ACA | — | American Capital Access | FRWD | — | Floating Rate Weekly Demand | ||||||
| AMBAC | — | American Municipal Bond Assurance Corp. | FSA | — | Financial Security Assurance | ||||||
| CONNIE LEE | — | College Construction Loan Insurance Assoc. | GO | — | General Obligation | ||||||
| ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Assoc. | ||||||
| FGIC | — | Financial Guaranty Insurance Co. | RB | — | Revenue Bond | ||||||
| FRDD | — | Floating Rate Daily Demand | XLCA | — | XL Capital Assurance | capital assurance | |||||
3
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 2008 Term Trust, Inc.___
By:___/s/ Henry Gabbay____________________________________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___________________________________