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) | |
|
|
|
|
|
|
|
|
|
| Registrant's telephone number, including area code: | 888-825-2257 | |
| Date of fiscal year end: December 31, 2005 | ||
| Date of reporting period: | September 30, 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 (unaudited)
SEPTEMBER
30, 2005
BlackRock New York Insured Municipal 2008 Term Trust (BLN)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| LONG-TERM INVESTMENTS—138.4% | |||||||||||||
| New York—138.4% | |||||||||||||
| Albany Cnty., GO, | |||||||||||||
| AAA | $ 1,515 | 3.50%, 6/01/08, FGIC | No Opt. Call | $ 1,531,453 | |||||||||
| AAA | 2,030 | 3.50%, 6/01/09, FGIC | No Opt. Call | 2,050,097 | |||||||||
| AAA | 1,000 | Bath Central Sch. Dist., 4.00%, 6/15/08, FGIC | No Opt. Call | 1,025,140 | |||||||||
| AAA | 2,250 | Central Square Central Sch. Dist., 3.75%, 5/15/09, FGIC | No Opt. Call | 2,294,910 | |||||||||
| Dorm. Auth., | |||||||||||||
| AAA | 1,070 | Hosp.Lutheran Medical Proj., 3.00%, 2/01/09, MBIA | No Opt. Call | 1,056,315 | |||||||||
| AAA | 1,625 | Sch. Dist. Fin., Ser. C, 3.50%, 10/01/08, MBIA | No Opt. Call | 1,642,485 | |||||||||
| AAA | 2,970 | Secured Hosp. Proj., 4.00%, 2/15/09, XLCA | No Opt. Call | 3,037,449 | |||||||||
| AAA | 3,500 | Secured Hosp. Proj., 5.00%, 2/15/10, MBIA | 02/08 @ 101.5 | 3,672,725 | |||||||||
| AAA | 5,000 | Secured Hosp. Proj., 5.125%, 2/15/09, FSA | 02/08 @ 101.5 | 5,235,900 | |||||||||
| AAA | 1,600 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/07, AMBAC | No Opt. Call | 1,663,936 | |||||||||
| AAA | 2,500 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC | No Opt. Call | 2,651,225 | |||||||||
| AAA | 5,000 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC | No Opt. Call | 5,302,450 | |||||||||
| AAA | 6,000 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE | No Opt. Call | 6,362,940 | |||||||||
| AAA | 5,000 | St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC | No Opt. Call | 5,392,600 | |||||||||
| AAA | 500 | W.K. Nursing Home Proj., 5.65%, 8/01/09 | 08/06 @ 102 | 519,830 | |||||||||
| AAA | 1,000 | Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 4.125%, 7/01/08, AMBAC | No Opt. Call | 1,024,820 | |||||||||
| AAA | 1,960 | East Greenbush Central Sch. Dist., Ser. C, 4.00%, 6/15/09, FSA | No Opt. Call | 2,016,918 | |||||||||
| AAA | 3,625 | Elmira City Sch. Dist., 3.25%, 6/15/08-6/15/09, FGIC | No Opt. Call | 3,642,115 | |||||||||
| AAA | 830 | Env. Facs. Corp., PCR, Ser. D, 6.60%, 5/15/08 | 01/05 @ 102 | 842,101 | |||||||||
| AAA | 555 | Erie Cnty., GO, Ser. B, 5.70%, 5/15/08, MBIA | 05/05 @ 101 | 562,293 | |||||||||
| Erie Cnty., Pub. Impvt., GO, | |||||||||||||
| AAA | 3,825 | Ser. A, 3.25%, 9/01/09, FGIC | No Opt. Call | 3,830,508 | |||||||||
| AAA | 1,000 | Ser. A, 3.75%, 10/01/08, FGIC | No Opt. Call | 1,017,840 | |||||||||
| AAA | 1,185 | Evans & Brant Central Sch. Dist., Ser. C, 3.75%, 12/15/08, FGIC | No Opt. Call | 1,209,304 | |||||||||
| AAA | 1,630 | Facs. Corp. Clean Wtr. & Drinking Proj., 3.875%, 4/15/10 | No Opt. Call | 1,674,629 | |||||||||
| AAA | 6,000 | Facs. Corp. Mun. Wtr. Proj., 4.00%, 6/15/09 | No Opt. Call | 6,180,540 | |||||||||
| Fayetteville-Manlius Central Sch. Dist., GO, | |||||||||||||
| AAA | 1,125 | 3.75%, 6/15/09, FGIC | No Opt. Call | 1,147,939 | |||||||||
| AAA | 1,000 | 4.00%, 6/15/08, FGIC | No Opt. Call | 1,025,140 | |||||||||
| AAA | 1,500 | Hempstead Twnshp., GO, Ser. B, 4.00%, 8/01/09, MBIA | No Opt. Call | 1,542,255 | |||||||||
| AAA | 1,070 | Highland Central Sch. Dist., GO, 3.50%, 6/15/09, FSA | No Opt. Call | 1,082,562 | |||||||||
| AAA | 5,930 | Hsg. Fin. Agcy. Hsg. Mtg. Proj., Ser. A, 5.80%, 5/01/09-11/01/09, FSA | 05/06 @ 102 | 6,106,307 | |||||||||
| AAA | 900 | Hsg. Fin. Agcy. Multi-Fam. Mtg. Hsg., Ser. C, 6.30%, 8/15/08 | 01/05 @ 100 | 902,484 | |||||||||
| AAA | 12,500 | Long Island Pwr. Auth. Elec. Sys., 5.00%, 4/01/08, MBIA | No Opt. Call | 13,058,500 | |||||||||
| Lowville Central Sch. Dist., GO, | |||||||||||||
| AAA | 1,255 | 3.30%, 6/15/08, FGIC | No Opt. Call | 1,263,986 | |||||||||
| AAA | 1,305 | 3.60%, 6/15/09, FGIC | No Opt. Call | 1,324,836 | |||||||||
| Met. Transp. Auth., | |||||||||||||
| AAA | 12,000 | Ser. A, 3.50%, 11/15/09, FSA | No Opt. Call | 12,123,480 | |||||||||
| AAA | 26,075 | 3 | Ser. K, 6.00%, 7/01/08, MBIA | ETM | 28,115,629 | ||||||||
| AAA | 2,500 | 3 | Commuter Fac. Rev., Ser. A, 6.10%, 7/01/08, MBIA | ETM | 2,702,175 | ||||||||
| AAA | 1,500 | Middletown Sch. Dist., GO, Ser. A, 3.00%, 11/01/09, FSA | No Opt. Call | 1,490,880 | |||||||||
| Monroe Cnty. Pub. Impvt., GO, | |||||||||||||
| AAA | 455 | 3 | 4.00%, 3/01/09, FGIC | ETM | 468,573 | ||||||||
| AAA | 770 | 4.00%, 3/01/09, FGIC | No Opt. Call | 788,211 | |||||||||
| AAA | 2,095 | 4.00%, 3/01/10, FGIC | No Opt. Call | 2,148,569 | |||||||||
| Mt. Sinai Union Free Sch. Dist., | |||||||||||||
| AAA | 935 | 6.00%, 2/15/08, AMBAC | No Opt. Call | 998,000 | |||||||||
| AAA | 930 | 6.10%, 2/15/09, AMBAC | No Opt. Call | 1,014,946 | |||||||||
| AAA | 1,075 | 6.10%, 2/15/10, AMBAC | No Opt. Call | 1,190,756 | |||||||||
| New Paltz Central Sch. Dist., GO, | |||||||||||||
| AAA | 500 | 3.125%, 6/01/08, FGIC | No Opt. Call | 501,320 | |||||||||
| AAA | 610 | 3.50%, 6/01/09, FGIC | No Opt. Call | 617,088 | |||||||||
| AAA | 2,455 | 4 | New York City, 4.75%, 8/15/08, XLCA | No Opt. Call | 2,594,419 | ||||||||
1
BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)
| Principal | |||||||||||||
| Amount | Option Call | ||||||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||||||
| New York—(continued) | |||||||||||||
| New York City Hlth. & Hosp. Corp. Hlth. Sys., | |||||||||||||
| AAA | $ 2,810 | Ser. A, 3.75%, 2/15/09, FSA | No Opt. Call | $ 2,851,616 | |||||||||
| AAA | 2,000 | Ser. A, 5.00%, 2/15/08, AMBAC | No Opt. Call | 2,082,560 | |||||||||
| New York City Mun. Wtr. Fin. Auth., | |||||||||||||
| AAA | 11,500 | Ser. A, Zero Coupon, 6/15/09, MBIA | No Opt. Call | 10,105,395 | |||||||||
| AAA | 1,710 | 3 | Ser. A, 6.00%, 6/15/08, FGIC | ETM | 1,841,756 | ||||||||
| New York City Transl. Fin. Auth., | |||||||||||||
| AAA | 4,000 | Ser. B, 4.00%, 5/01/09, MBIA | No Opt. Call | 4,109,840 | |||||||||
| AAA | 2,000 | 3 | Ser. C, 5.00%, 8/01/09, FSA | ETM | 2,135,900 | ||||||||
| AAA | 3,300 | Ser. C, 5.50%, 2/01/09, FSA | No Opt. Call | 3,539,415 | |||||||||
| New York City Transl. Fut. Tax, | |||||||||||||
| AAA | 4,220 | 3 | Ser. B, 5.25%, 5/01/11, MBIA | ETM | 4,637,864 | ||||||||
| AAA | 3,580 | Ser. B, 5.25%, 5/01/11, MBIA | No Opt. Call | 3,909,718 | |||||||||
| New York City, GO, | |||||||||||||
| AAA | 2,265 | 4.75%, 8/15/09, XLCA | 08/08 @ 101 | 2,373,879 | |||||||||
| AAA | 3,000 | Ser. A, 4.00%, 3/15/09, FSA | No Opt. Call | 3,076,650 | |||||||||
| AAA | 1,000 | Ser. A, 5.20%, 8/01/10, FSA | 08/08 @ 101 | 1,062,100 | |||||||||
| AAA | 12,755 | Ser. C, 5.00%, 8/01/08, FSA | No Opt. Call | 13,379,867 | |||||||||
| AAA | 45 | Ser. C-1, 6.25%, 8/01/10, FSA | 01/05 @ 100 | 45,239 | |||||||||
| AAA | 50 | Ser. C-1, 6.375%, 8/01/08, MBIA | 01/05 @ 100 | 50,270 | |||||||||
| AAA | 6,895 | Ser. E, 6.20%, 8/01/08, MBIA | No Opt. Call | 7,454,391 | |||||||||
| AAA | 1,040 | Newfane Central Sch. Dist., GO, 3.00%, 6/01/08, FSA | No Opt. Call | 1,039,449 | |||||||||
| AAA | 250 | 3 | Pwr. Auth., Ser. CC, 5.125%, 1/01/11, MBIA | ETM | 271,898 | ||||||||
| AAA | 1,185 | So. Seneca Central Sch. Dist., GO, 3.20%, 6/15/08, MBIA | No Opt. Call | 1,190,451 | |||||||||
| AAA | 1,045 | So. Seneca Central Sch. Dist., GO, 3.375%, 6/15/09, MBIA | No Opt. Call | 1,052,743 | |||||||||
| AAA | 1,030 | Sodus Central Sch. Dist., 4.00%, 6/15/09, FGIC | No Opt. Call | 1,059,911 | |||||||||
| AAA | 1,675 | 3 | Suffold Cnty. Wtr. Auth., Ser. C, 5.75%, 6/01/08, AMBAC | ETM | 1,790,776 | ||||||||
| AAA | 5,000 | Suffolk Cnty. Ind. Dev. Agcy., 6.00%, 2/01/08, FGIC | No Opt. Call | 5,325,700 | |||||||||
| AAA | 4,955 | Thruway Auth., Ser. A, 3.75%, 3/15/09, MBIA | No Opt. Call | 5,046,370 | |||||||||
| AAA | 2,000 | Thruway Auth. Hwy. & Brdg. Trust Fund, Ser. A, 3.90%, 4/01/09, FSA | No Opt. Call | 2,047,200 | |||||||||
| AAA | 2,000 | Thruway Auth. Hwy. & Brdg. Trust Fund, Ser. B, 4.00%, 4/01/09, MBIA | No Opt. Call | 2,053,740 | |||||||||
| AAA | 2,900 | Thruway Auth. Hwy. & Brdg. Trust Fund, Ser. B, 5.25%, 4/01/11, MBIA | No Opt. Call | 3,163,523 | |||||||||
| AAA | 3,410 | Thruway Auth. Svc. Contract Rev., Local Hwy. & Brdg., Ser. A, 5.375%, 4/01/09, MBIA | 04/08 @ 101 | 3,622,648 | |||||||||
| AAA | 2,265 | 3 | Triborough Brdg. & Tunl. Auth., Ser. A, 5.125%, 1/01/11, MBIA | ETM | 2,424,252 | ||||||||
| AAA | 2,000 | Urban Dev. Corp. Correctional Facs., Ser. A, 5.50%, 1/01/09, AMBAC | No Opt. Call | 2,144,820 | |||||||||
| AAA | 5,140 | Urban Dev. Corp. Correctional Facs., Ser. B, 5.25%, 1/01/10, AMBAC | 01/09 @ 101 | 5,488,184 | |||||||||
| Total Long-Term Investments (cost $238,311,637) | 248,026,703 | ||||||||||||
| SHORT-TERM INVESTMENTS—21.3% | |||||||||||||
| Alaska—3.3% | |||||||||||||
| A-1+ | 5,800 | 5 | Valdez Marine Term., Exxon Pipeline Co. Proj., Ser. A, 2.70%, 10/03/05, FRWD | N/A | 5,800,000 | ||||||||
| Georgia—1.1% | |||||||||||||
| A-1+ | 2,000 | 5 | Mun. Elec. Auth. Proj. 1, Ser. C, 2.64%, 10/05/05, MBIA, FRWD | N/A | 2,000,000 | ||||||||
| New York—8.6% | |||||||||||||
| A-1+ | 830 | 5 | Local Gov’t Asst. Corp., 2.68%, 10/05/05, FRWD | N/A | 830,000 | ||||||||
| A-1+ | 700 | 5 | Nassau Cnty. Interim Fin. Auth., 2.72%, 10/05/05, FSA, FRWD | N/A | 700,000 | ||||||||
| New York City Mun. Wtr. Fin. Auth. Wtr. & Swr. Sys. Rev., | |||||||||||||
| A-1+ | 1,100 | 5 | Ser. C, 2.33%, 10/03/05, FRDD | N/A | 1,100,000 | ||||||||
| A-1+ | 100 | 5 | Ser. G, 2.79%, 10/03/05, FGIC, FRDD | N/A | 100,000 | ||||||||
| New York City, GO, | |||||||||||||
| A-1+ | 4,700 | 5 | Ser. A-7, 2.79%, 10/03/05, FRDD | N/A | 4,700,000 | ||||||||
| A-1+ | 8,000 | 5 | Ser. H-7, 2.79%, 10/03/05, FRDD | N/A | 8,000,000 | ||||||||
| 15,430,000 | |||||||||||||
| Ohio—4.9% | |||||||||||||
| VMIG1 | 3,200 | 5 | Hamilton Cnty. Hosp. Facs. Proj., 2.75%, 10/06/05, FRWD | N/A | 3,200,000 | ||||||||
| VMIG1 | 5,600 | 5 | Univ. of Akron, 2.75%, 10/06/05, FGIC, FRWD | N/A | 5,600,000 | ||||||||
| 8,800,000 | |||||||||||||
| Puerto Rico—2.4% | |||||||||||||
| A-1 | 1,800 | 5 | Gov’t. Dev. Bank, 2.48%, 10/05/05, MBIA, FRWD | N/A | 1,800,000 | ||||||||
| A-1 | 2,500 | 5 | Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.72%, 10/05/05, AMBAC, FRWD | N/A | 2,500,000 | ||||||||
| 4,300,000 | |||||||||||||
2
BlackRock New York Insured Municipal 2008 Term Trust (BLN) (continued)
| Shares | |||||||||||
| (000) | Description | Value | |||||||||
| Money Market Fund—1.0% | |||||||||||
| 1,750 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ 1,750,000 | |||||||||
| Total Short-Term Investments (cost $38,080,000) | 38,080,000 | ||||||||||
| Total Investments—159.7% (cost $276,391,6376) | $ 286,106,703 | ||||||||||
| Other assets in excess of liabilities—1.5% | 2,766,048 | ||||||||||
| Preferred shares at redemption value, including dividends payable—(61.2)% | (109,642,118) | ||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 179,230,633 | ||||||||||
| 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 | Security is collateralized by 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 September 30, 2005. | ||
| 6 | Cost for Federal tax purposes is $275,885,263. The net unrealized appreciation on a tax basis is $10,221,440, consisting of $10,345,337 gross unrealized appreciation and $123,897 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 87.1% of the Trust’s managed assets. The Trust has the following insurance concentrations: | |||
| AMBAC | – 8.6% |
| CONNIE LEE | – 2.2% |
| FGIC | – 16.4% |
| FSA | – 20.3% |
| MBIA | – 36.8% |
| XLCA | – 2.8% |
| KEY TO ABBREVIATIONS | |||||||||||
| 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. | PCR | — | Pollution Control Revenue | ||||||
| FRDD | — | Floating Rate Daily Demand | XLCA | — | XL Capital Assurance | ||||||
| FRWD | — | Floating Rate Weekly Demand | |||||||||
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 it principle executive and principle 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 GabbayPursuant 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