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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:   811-07094      

BlackRock New York Insured Municipal 2008 Term Trust, Inc. 
(Exact name of registrant as specified in charter) 


100 Bellevue Parkway, Wilmington, DE   19809 
(Address of principal executive offices)  (Zip code) 


Robert S. Kapito, President
BlackRock New York Insured Municipal 2008 Term Trust, Inc. 
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

Registrant’s telephone number, including area code:  888-825-2257               

Date of fiscal year end:       December 31, 2007
Date of reporting period:    March 31, 2007

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)
MARCH 31, 2007

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 


(Percentages shown are based on Net Assets)
Principal               
Amount         
Option Call 
     
(000)          Description  Provisions1     
Value 
      LONG-TERM INVESTMENTS—98.1%         
      New York—98.1%         
$ 1,000      Bath Central Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 6/15/08, FGIC  No Opt. Call    $ 1,005,000 
2,250      Central Square Central Sch. Dist., Ad Valorem Ppty. Tax GO, 3.75%, 5/15/09, FGIC  No Opt. Call      2,257,695 
      City of New York, Ad Valorem Ppty. Tax GO,         
2,455  2      4.75%, 8/15/08, XLCA  N/A      2,515,147 
2,265         4.75%, 8/15/09, XLCA  08/08 @ 101      2,320,492 
1,000         Ser. A, 5.20%, 8/01/10, FSA  08/08 @ 101      1,028,980 
45         Ser. C-1, 6.25%, 8/01/10, FSA  04/07 @ 100      45,092 
50         Ser. C-1, 6.375%, 8/01/08, MBIA  04/07 @ 100      50,100 
2,000  3      Ser. E, 6.20%, 8/01/08, MBIA  ETM      2,067,380 
4,895         Ser. E, 6.20%, 8/01/08, MBIA  No Opt. Call      5,055,850 
1,000      Cnty. of Erie, Pub. Impvt. Ad Valorem Ppty. Tax GO, Ser. A, 3.75%, 10/01/08, FGIC  No Opt. Call      1,002,610 
      Cnty. of Monroe, Pub. Impvt. Ad Valorem Ppty. Tax GO,         
455  3      4.00%, 3/01/09, FGIC  ETM      458,590 
770         4.00%, 3/01/09, FGIC  No Opt. Call      775,929 
      Dorm. Auth.,         
3,500         Hlth., Hosp. & Nursing Home RB, Bronx-Lebanon Hosp. Ctr. Proj., 5.00%, 2/15/10,         
         MBIA  02/08 @ 101.5      3,592,575 
5,000  2      Hlth., Hosp. & Nursing Home RB, Bronx-Lebanon Hosp. Ctr. Proj., 5.125%, 2/15/08,         
         ACA, FSA  N/A      5,137,600 
500         Hlth., Hosp. & Nursing Home RB, W.K. Nursing Home Corp. Proj., 5.65%, 8/01/09  04/07 @ 102      510,745 
1,000         Hlth., Hosp. & Nursing Home RB, Winthrop So. Nassau Univ. Proj., Ser. A, 4.125%,         
         7/01/08, AMBAC  No Opt. Call      1,005,470 
1,600         Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/07, FGIC  No Opt. Call      1,603,648 
2,500         Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, AMBAC  No Opt. Call      2,552,625 
5,000         Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, FGIC  No Opt. Call      5,105,250 
6,000         Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/08, CONNIE LEE  No Opt. Call      6,122,340 
5,000         Misc. RB, St. Univ. Edl. Facs. Proj., Ser. A, 5.50%, 5/15/09, AMBAC  No Opt. Call      5,194,550 
1,960      East Greenbush Central Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. C, 4.00%, 6/15/09,         
         FSA  No Opt. Call      1,977,248 
6,000      Env. Facs. Corp., Swr. RB, Mun. Wtr. Proj., 4.00%, 6/15/09  No Opt. Call      6,055,320 
1,185      Evans-Brant Central Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. C, 3.75%, 12/15/08, FGIC  No Opt. Call      1,188,460 
      Fayetteville-Manlius Central Sch. Dist., Ad Valorem Ppty. Tax GO,         
1,125         3.75%, 6/15/09, FGIC  No Opt. Call      1,128,983 
1,000         4.00%, 6/15/08, FGIC  No Opt. Call      1,005,000 
      Hsg. Fin. Agcy., Local or Gtd. Hsg. RB,         
790         Hsg. Mtg. Proj., Ser. A, 5.80%, 5/01/09, FSA  04/07 @ 102      806,337 
4,015         Hsg. Mtg. Proj., Ser. A, 5.80%, 11/01/09, FSA  04/07 @ 102      4,035,677 
12,500      Long Island Pwr. Auth., Cash Flow Mgmt. Elec., Pwr. & Lt. RB, 5.00%, 4/01/08, MBIA  No Opt. Call      12,669,625 
      Met. Transp. Auth., Trans. RB,         
2,500  3      Ser. A, 6.10%, 7/01/08, MBIA  ETM      2,576,650 
26,075  3      Ser. K, 6.00%, 7/01/08, MBIA  ETM      26,842,909 
      Mt. Sinai Union Free Sch. Dist., Ad Valorem Ppty. Tax GO,         
935         6.00%, 2/15/08, AMBAC  No Opt. Call      954,111 
930         6.10%, 2/15/09, AMBAC  No Opt. Call      971,571 
1,075         6.10%, 2/15/10, AMBAC  No Opt. Call      1,146,821 
      New York City Hlth. & Hosp. Corp., Hlth., Hosp. & Nursing Home RB,         
2,810         Ser. A, 3.75%, 2/15/09, FSA  No Opt. Call      2,815,451 
2,000         Ser. A, 5.00%, 2/15/08, AMBAC  No Opt. Call      2,022,960 
      New York City Mun. Wtr. Fin. Auth., Wtr. RB,         
11,500         Ser. A, Zero Coupon, 6/15/09, MBIA  No Opt. Call      10,607,945 
1,710  3      Ser. A, 6.00%, 6/15/08, FGIC  ETM      1,758,205 
      New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB,         
3,835  3      4.00%, 5/01/09, MBIA  ETM      3,867,789 
165         4.00%, 5/01/09, MBIA  No Opt. Call      166,310 
7,800  3      Ser. B, 5.25%, 5/01/11, MBIA  ETM      8,278,608 
250   3   Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. CC, 5.125%, 1/01/11, MBIA  ETM      263,168 
1,030      Sodus Central Sch. Dist., Ad Valorem Ppty. Tax GO, 4.00%, 6/15/09, FGIC  No Opt. Call      1,039,064 
1,000      St. of New York, Gen. Fund GO, Ser. F, 5.50%, 9/15/08, AMBAC  No Opt. Call      1,027,890 
5,000      Suffolk Cnty. Indl. Dev. Agcy., Swr. RB, 6.00%, 2/01/08, FGIC  No Opt. Call      5,097,700 
1,675  3   Suffolk Cnty. Wtr. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. C, 5.75%, 6/01/08, AMBAC  ETM      1,703,442 

1

BlackRock New York Insured Municipal 2008 Term Trust (BLN)

 

(Percentages shown are based on Net Assets)
 
Principal
              
  
Amount 
      
Option Call 
     
    
(000) 
     Description  Provisions1      Value
        New York—(cont'd)         
        Thruway Auth.,         
  $ 2,000         Hwy. Impvts. Hwy. Tolls RB, Hwy. & Brdg. Trust Fund Proj., Ser. A, 3.90%, 4/01/09,         
           FSA  No Opt. Call      $ 2,012,260 
  3,410         Hwy. Impvts. Misc. RB, Local Hwy. & Brdg. Proj., Ser. A, 5.375%, 4/01/09, MBIA  04/08 @ 101      3,502,002 
  2,000         Hwy. Impvts. Sales Tax RB, Hwy. & Brdg. Trust Fund Proj., Ser. B, 4.00%, 4/01/09,         
           MBIA  No Opt. Call      2,016,100 
  2,900      Hwy. Impvts. Sales Tax RB, Hwy. & Brdg. Trust Fund Proj., Ser. B, 5.25%, 4/01/11,         
        MBIA  No Opt. Call      3,073,565 
  2,265  3   Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB, Ser. A, 5.125%, 1/01/11, MBIA  ETM      2,343,142 
           Urban Dev. Corp., Correctional Facs. Impvts. Lease Approp. RB,         
  2,000         Ser. A, 5.50%, 1/01/09, AMBAC  No Opt. Call      2,064,560 
  5,140         Ser. B, 5.25%, 1/01/10, AMBAC  01/09 @ 101      5,328,124 
        Total Long-Term Investments (cost $166,028,839)        169,754,665 
 
Shares 
             
 
(000)
             
 
    MONEY MARKET FUND—0.7%         
  1,250      AIM Tax Free Cash Res. Portfolio - Institutional Class, 3.45% (cost $1,250,000)  N/A      1,250,000 
        Total Investments —98.8% (cost $167,278,8394)        $ 171,004,665 
        Other assets in excess of liabilities —1.2%        2,146,214 
        Net Assets Applicable to Common Shareholders—100%        $ 173,150,879 

  _________________
1      Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2      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.
3      Security is collateralized by Municipal or U.S. Treasury obligations.
4      Cost for federal income tax purposes is $167,235,575. The net unrealized appreciation on a tax basis is $3,769,090, consisting of $3,771,104 gross unrealized appreciation and $2,014 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 92.5% of the Trust's managed assets.
 

ACA  — 3.0% 
AMBAC  — 12.5% 
CONNIE   
LEE  — 3.6% 
FGIC  — 13.7% 
FSA  — 4.8% 
MBIA  — 51.4% 
XLCA  — 2.8% 
Other  — 0.7% 

KEY TO ABBREVIATIONS 
ACA  — American Capital Access  FSA  — Financial Security Assurance 
AMBAC  — American Municipal Bond Assurance Corp.  GO  — General Obligation 
CONNIE    MBIA  — Municipal Bond Insurance Assoc. 
LEE  — College Construction Loan Insurance Assoc.  RB  — Revenue Bond 
ETM  — Escrowed to Maturity  XLCA  — XL Capital Assurance 
FGIC  — Financial Guaranty Insurance Co.     

2


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/ Donald C. Burke
Name: Donald C. Burke 
Title: Treasurer and Principal Financial Officer 
Date: May 25, 2007 

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: President and Principal Executive Officer
Date: May 25, 2007

 

By:   /s/ Donald C. Burke
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: May 25, 2007