UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21179
Name of Fund: BlackRock New York Insured Municipal Income Trust (BSE)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock New
York Insured Municipal Income Trust, 55 East 52nd Street, New York, NY 10055.
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2010
Date of reporting period: 11/30/2009
Item 1 Schedule of Investments
BlackRock New York Insured Municipal Income Trust (BSE) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
New York - 118.7% | ||||
Corporate - 1.9% | New York Liberty Development Corp., RB, Goldman Sachs | |||
Headquarters, 5.25%, 10/01/35 | $ 750 | $ 736,830 | ||
New York State Energy Research & Development Authority, | ||||
RB, Lilco Project, Series A (MBIA), 5.15%, 3/01/16 | 1,000 | 1,003,500 | ||
1,740,330 | ||||
County/City/Special District/School | Erie County Industrial Development Agency, RB, City School | |||
District - 28.0% | District of Buffalo Project, Series A (FSA), 5.75%, 5/01/25 | 1,000 | 1,087,270 | |
Haverstraw-Stony Point Central School District New York, GO | ||||
(FSA), 3.00%, 10/15/26 | 910 | 753,589 | ||
Hudson Yards Infrastructure Corp., RB, Series A (FGIC), | ||||
5.00%, 2/15/47 | 3,000 | 2,730,330 | ||
New York City Industrial Development Agency, RB, CAB, | ||||
Yankee Stadium, PILOT (AGC), 6.47%, 3/01/39 (a) | 1,000 | 173,410 | ||
New York City Industrial Development Agency, RB, Queens | ||||
Baseball Stadium, PILOT (AGC), 6.38%, 1/01/39 | 150 | 165,366 | ||
New York City Industrial Development Agency, RB, Queens | ||||
Baseball Stadium, PILOT (AMBAC), 5.00%, 1/01/46 | 3,225 | 2,876,410 | ||
New York City Industrial Development Agency, RB, Yankee | ||||
Stadium, PILOT (MBIA), 4.75%, 3/01/46 | 1,000 | 854,840 | ||
New York City Transitional Finance Authority, RB, Series S-2 | ||||
(FSA), 5.00%, 1/15/37 | 850 | 858,577 | ||
New York City Transitional Finance Authority, Refunding RB, | ||||
Future Tax Secured, Series B (AMBAC), 5.00%, 5/01/30 | 3,265 | 3,332,357 | ||
New York Convention Center Development Corp., RB, Hotel | ||||
Unit Fee Secured (AMBAC), 5.00%, 11/15/44 | 5,925 | 5,580,639 | ||
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC), | ||||
5.00%, 10/15/32 | 6,000 | 6,187,980 | ||
Trust for Cultural Resources, RB, Carnegie Hall, Series A, | ||||
4.75%, 12/01/39 | 550 | 538,879 | ||
25,139,647 | ||||
Education - 31.6% | Haverstraw-Stony Point Central School District New York, GO | |||
(FSA), 3.00%, 10/15/27 | 140 | 113,792 | ||
Herkimer County Industrial Development Agency New York, | ||||
RB, College Foundation Inc. Student Housing Project, 6.25%, | ||||
8/01/34 | 1,000 | 913,450 | ||
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities
have been abbreviated according to the following list.
ACA | American Capital Access Corp. | ||
AGC | Assured Guaranty Corp. | GO | General Obligation Bonds |
AMBAC | American Municipal Bond Assurance Corp. | MBIA | Municipal Bond Investors |
BHAC | Berkshire Hathaway Assurance Corp. | Assurance (National Public | |
CAB | Capital Appreciation Bonds | Finance Guaranty Corp.) | |
CIFG | CDC IXIS Financial Guaranty | PILOT | Payment in Lieu of Taxes |
FGIC | Financial Guaranty Insurance Co. | RB | Revenue Bonds |
FHA | Federal Housing Administration | VRDN | Variable Rate Demand Notes |
FSA | Financial Security Assurance Inc. |
1
BlackRock New York Insured Municipal Income Trust (BSE) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Madison County Industrial Development Agency New York, | ||||
RB, Colgate University Project, Series A (AMBAC), 5.00%, | ||||
7/01/30 | $ 1,000 | $ 1,025,910 | ||
New York City Industrial Development Agency, RB, Lycee | ||||
Francais de New York Project, Series A (ACA), 5.38%, | ||||
6/01/23 | 2,500 | 2,568,575 | ||
New York City Transitional Finance Authority, RB, Fiscal | ||||
2009, Series S-4 (AGC), 5.50%, 1/15/33 | 1,000 | 1,036,040 | ||
New York State Dormitory Authority, RB, Brooklyn Law | ||||
School, Series B (Syncora), 5.13%, 7/01/30 | 4,000 | 3,932,400 | ||
New York State Dormitory Authority, RB, FIT Student Housing | ||||
Corp. (FGIC), 5.13%, 7/01/14 (b) | 2,500 | 2,884,550 | ||
New York State Dormitory Authority, RB, Mount Sinai School | ||||
of Medicine at NYU (MBIA), 5.00%, 7/01/35 | 3,500 | 3,425,660 | ||
New York State Dormitory Authority, RB, New York | ||||
University, Series 2 (AMBAC), 5.00%, 7/01/41 | 7,000 | 7,012,390 | ||
New York State Dormitory Authority, RB, St. Joachim & Anne | ||||
Residence, 5.25%, 7/01/27 | 3,000 | 3,002,010 | ||
Trust for Cultural Resources, Refunding RB, American | ||||
Museum of Natural History, Series A (MBIA), 5.00%, | ||||
7/01/44 | 2,500 | 2,517,200 | ||
28,431,977 | ||||
Health - 21.0% | New York State Dormitory Authority, RB, Hospital, Mortgage, | |||
Lutheran Medical (MBIA), 5.00%, 8/01/31 | 4,500 | 4,542,975 | ||
New York State Dormitory Authority, RB, Hudson Valley | ||||
Hospital (BHAC), 5.00%, 8/15/36 | 1,750 | 1,796,025 | ||
New York State Dormitory Authority, RB, Mortgage, St. | ||||
Barnabas, Series A (FHA), 5.00%, 2/01/31 | 5,000 | 5,050,650 | ||
New York State Dormitory Authority, RB, New York & | ||||
Presbyterian Hospital (FSA), 5.25%, 2/15/31 | 500 | 513,370 | ||
New York State Dormitory Authority, RB, North Shore-Long | ||||
Island Jewish Health System, Series A, 5.50%, 5/01/37 | 350 | 349,489 | ||
New York State Dormitory Authority, Refunding RB, Hospital, | ||||
New York & Presbyterian Hospital (AMBAC), 5.00%, | ||||
8/01/32 | 3,885 | 3,886,127 | ||
New York State Dormitory Authority, Refunding RB, St. Luke's | ||||
Roosevelt Hospital (FHA), 4.90%, 8/15/31 | 750 | 723,900 | ||
New York State Dormitory Authority, Refunding RB, Winthrop | ||||
University Hospital Association, Series A (AMBAC), 5.25%, | ||||
7/01/31 | 2,000 | 2,028,840 | ||
18,891,376 | ||||
State - 9.5% | New York State Dormitory Authority, RB, Education, Series B, | |||
5.75%, 3/15/36 | 600 | 661,668 | ||
New York State Dormitory Authority, RB, Master Boces | ||||
Program Lease (AGC), 4.75%, 8/15/24 | 250 | 260,248 |
2
BlackRock New York Insured Municipal Income Trust (BSE) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
New York State Dormitory Authority, RB, Mental Health | ||||
Services Facilities Improvement, Series A (FSA), 5.00%, | ||||
2/15/22 | $ 1,000 | $ 1,065,590 | ||
New York State Dormitory Authority, RB, School Districts | ||||
Financing Program, Series D (MBIA), 5.00%, 10/01/30 | 3,500 | 3,528,280 | ||
New York State Dormitory Authority, Refunding RB, School | ||||
Districts, Financing Program, Series A (FSA), 5.00%, | ||||
10/01/35 | 1,000 | 1,011,330 | ||
New York State Dormitory Authority, Refunding RB, School | ||||
Districts Financing Program, Series A (MBIA), 5.00%, | ||||
4/01/31 | 2,000 | 2,011,940 | ||
8,539,056 | ||||
Transportation - 19.5% | Metropolitan Transportation Authority, RB, Series 2008C, | |||
6.50%, 11/15/28 | 750 | 856,598 | ||
Metropolitan Transportation Authority, Refunding RB, | ||||
Series A (AMBAC), 5.00%, 7/01/30 | 4,600 | 4,653,130 | ||
Metropolitan Transportation Authority, Refunding RB, | ||||
Series A (MBIA), 5.25%, 11/15/31 | 4,250 | 4,305,590 | ||
Metropolitan Transportation Authority, Refunding RB, | ||||
Transportation, Series E (MBIA), 5.25%, 11/15/31 | 2,660 | 2,694,792 | ||
New York State Thruway Authority, RB, Series G (FSA), | ||||
5.00%, 1/01/32 | 500 | 503,365 | ||
New York State Thruway Authority, Refunding RB, Series H | ||||
(FSA), 5.00%, 1/01/37 | 4,000 | 4,018,320 | ||
Port Authority of New York & New Jersey, RB, Consolidated, | ||||
161st Series, 4.50%, 10/15/37 | 500 | 475,580 | ||
17,507,375 | ||||
Utilities - 7.2% | Long Island Power Authority, RB, General, Series C (CIFG), | |||
5.25%, 9/01/29 | 1,000 | 1,093,260 | ||
Long Island Power Authority, Refunding RB, General, Series A | ||||
(AGC), 6.00%, 5/01/33 | 2,000 | 2,218,460 | ||
Long Island Power Authority, Refunding RB, General, Series F | ||||
(MBIA), 4.25%, 5/01/33 | 1,415 | 1,275,608 | ||
Long Island Power Authority, Refunding RB, Series A (AGC), | ||||
5.75%, 4/01/39 | 1,690 | 1,842,741 | ||
6,430,069 | ||||
Total Municipal Bonds in New York | 106,679,830 | |||
Puerto Rico - 16.9% | ||||
Education - 4.5% | Puerto Rico Industrial Tourist Educational Medical & | |||
Environmental Control Facilities Financing Authority, RB, | ||||
University Plaza Project, Series A (MBIA), 5.00%, 7/01/33 | 1,000 | 893,110 | ||
Puerto Rico Industrial Tourist Educational Medical & | ||||
Environmental Control Facilities Financing Authority, | ||||
Refunding RB, Polytechnic University Project, Series A (ACA), | ||||
5.00%, 8/01/32 | 4,000 | 3,138,640 | ||
4,031,750 |
3
BlackRock New York Insured Municipal Income Trust (BSE) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Municipal Bonds | (000) | Value | ||
Special Tax - 0.2% | Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, | |||
Series A (MBIA), 5.80%, 8/01/41 (a) | $ 1,500 | $ 228,344 | ||
State - 6.0% | Commonwealth of Puerto Rico, GO, Refunding, Public | |||
Improvement, Series A-4 (FSA), 5.25%, 7/01/30 | 725 | 745,228 | ||
Commonwealth of Puerto Rico, GO, Refunding, | ||||
Sub-Series C-7 (MBIA), 6.00%, 7/01/27 | 1,000 | 1,033,110 | ||
Puerto Rico Highway & Transportation Authority, Refunding | ||||
RB, Series CC (FSA), 5.50%, 7/01/31 | 1,000 | 1,086,340 | ||
Puerto Rico Highway & Transportation Authority, Refunding | ||||
RB, Series CC (FSA), 5.25%, 7/01/32 | 1,000 | 1,039,090 | ||
Puerto Rico Public Buildings Authority, Refunding RB, | ||||
Government Facilities, Series M-3 (MBIA), 6.00%, 7/01/28 | 500 | 515,520 | ||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, | ||||
5.75%, 8/01/37 | 1,000 | 1,011,740 | ||
5,431,028 | ||||
Transportation - 2.5% | Puerto Rico Highway & Transportation Authority, RB, Series Y | |||
(FSA), 6.25%, 7/01/21 | 2,000 | 2,213,920 | ||
Utilities - 3.7% | Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, | |||
Series A (AGC), 5.13%, 7/01/47 | 1,350 | 1,316,750 | ||
Puerto Rico Electric Power Authority, Refunding RB, | ||||
Series VV (MBIA), 5.25%, 7/01/30 | 2,000 | 1,999,900 | ||
3,316,650 | ||||
Total Municipal Bonds in Puerto Rico | 15,221,692 | |||
Total Municipal Bonds - 135.6% | 121,901,522 | |||
Municipal Bonds Transferred to | ||||
New York - 19.8% | Tender Option Bond Trusts (c) | |||
County/City/Special District/ | City of New York, New York, GO, Sub-Series C-3 (AGC), | |||
School District - 1.3% | 5.75%, 8/15/28 | 1,000 | 1,123,790 | |
Transportation - 17.4% | Metropolitan Transportation Authority, Refunding RB, Series | |||
A (FSA), 5.00%, 11/15/30 | 6,080 | 6,128,032 | ||
Triborough Bridge & Tunnel Authority, Refunding RB (MBIA), | ||||
5.00%, 11/15/32 | 9,404 | 9,532,400 | ||
15,660,432 | ||||
Utilities - 1.1% | New York City Municipal Water Finance Authority, RB, | |||
Fiscal 2009, Series A, 5.75%, 6/15/40 | 495 | 542,792 | ||
New York City Municipal Water Finance Authority, RB, | ||||
Series FF-2, 5.50%, 6/15/40 | 405 | 434,101 | ||
976,893 | ||||
Total Municipal Bonds Transferred to | ||||
Tender Option Bond Trusts - 19.8% | 17,761,115 | |||
Total Long-Term Investments | ||||
(Cost - $139,798,059) - 155.4% | 139,662,637 |
4
BlackRock New York Insured Municipal Income Trust (BSE) | ||||
Schedule of Investments November 30, 2009 (Unaudited) | (Percentages shown are based on Net Assets) | |||
Par | ||||
Short-Term Securities | (000) | Value | ||
New York - 0.1% | City of New York, New York, GO, Refunding, VRDN, | |||
Sub-Series H-3 (FSA), 0.24%, 12/01/09 (d) | $ 50 | $ 50,000 | ||
Shares | ||||
Money Market Fund - 0.2% | CMA New York Municipal Money Fund, 0.04% (e)(f) | 211,124 | 211,124 | |
Total Short-Term Securities | ||||
(Cost - $261,124) - 0.3% | 261,124 | |||
Total Investments (Cost - $140,059,183) - 155.7% | 139,923,761 | |||
Other Assets Less Liabilities - 1.0% | 929,226 | |||
Liability for Trust Certificates, Including | ||||
Interest Expense and Fees Payable - (11.6)% | (10,412,825) | |||
Preferred Shares, at Redemption Value - (45.1)% | (40,576,965) | |||
Net Assets Applicable to Common Shares - 100.0% | $ 89,863,197 |
* The cost and unrealized appreciation (depreciation) of investments as of November 30, 2009, as computed for federal
income tax purposes, were as follows:
Aggregate cost | $ 129,771,425 |
Gross unrealized appreciation | $ 2,763,196 |
Gross unrealized depreciation | (3,029,763) |
Net unrealized depreciation | $ (266,567) |
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(b) US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at
the date indicated, typically at a premium to par.
(c) Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the Trust acquired
the residual interest certificates. These securities serve as collateral in a financing transaction.
(d) Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that
qualify it as a short-term security. The rate shown is as of report date and maturity shown is the date the principal owed
can be recovered through demand.
(e) Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, were as follows:
Affiliate | Net Activity | Income | |
CMA New York Municipal Money Fund | $ (3,099,950) | $ 74 |
(f) Represents the current yield as of report date.
5
BlackRock New York Insured Municipal Income Trust (BSE)
Schedule of Investments November 30, 2009 (Unaudited)
Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:
Level 1 - price quotations in active markets/exchanges for identical assets and liabilities
Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in
markets that are not active, inputs other than quoted prices that are observable for the assets or
liabilities (such as interest rates, yield curves, volatilities, prepayments speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs.
Level 3 - unobservable inputs based on the best information available in the circumstances, to the
extent observable inputs are not available (including the Trust's own assumptions used in
determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. For information about the Trust's policy regarding valuation of
investments and other significant accounting policies, please refer to the Trust's most recent financial
statements as contained in its annual report.
The following table summarizes the inputs used as of November 30, 2009 in determining the fair valuation
of the Trust's investments:
Valuation | Investments in |
Inputs | Securities |
Assets | |
Level 1 - Short-Term Securities | $ 211,124 |
Level 2: | |
Long-Term Investments1 | 139,662,637 |
Short-Term Securities | 50,000 |
Total Level 2 | 139,712,637 |
Level 3 | - |
Total | $ 139,923,761 |
1See above Schedule of Investments for values in each state and political subdivision.
6
Item 2 Controls and Procedures
2(a) The registrant's principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
1940 Act)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.
2(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) 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
Certifications Attached hereto
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.
BlackRock New York Insured Municipal Income Trust
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock New York Insured Municipal Income Trust
Date: January 22, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock New York Insured Municipal Income Trust
Date: January 22, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock New York Insured Municipal Income Trust
Date: January 22, 2010