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 811-10337

 

Name of Fund: BlackRock New York Municipal Income Trust (BNY)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock New York Municipal Income Trust, 55 East 52nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2010

 

Date of reporting period: 04/30/2010

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2010 (Unaudited)

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York — 122.8%

 

 

 

 

 

 

 

Corporate — 17.9%

 

 

 

 

 

 

 

Chautauqua County Industrial
Development Agency, RB, NRG
Dunkirk Power Project, 5.88%,
4/01/42

 

$

1,000

 

$

1,016,670

 

Essex County Industrial Development
Agency New York, RB, International
Paper Co. Project, Series A, AMT,
6.63%, 9/01/32

 

 

550

 

 

570,774

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

American Airlines Inc., JFK
International Airport, AMT, 7.63%,
8/01/25

 

 

3,200

 

 

3,244,704

 

American Airlines Inc., JFK
International Airport, AMT, 7.75%,
8/01/31

 

 

4,000

 

 

4,089,560

 

Liberty-IAC/InteractiveCorp, 5.00%,
9/01/35

 

 

1,000

 

 

869,820

 

New York Liberty Development Corp.,
RB, Goldman Sachs Headquarters,
5.25%, 10/01/35

 

 

7,850

 

 

7,882,577

 

Port Authority of New York & New Jersey,
RB, Continental Airlines Inc. and
Eastern Air Lines Inc. Project,
LaGuardia, AMT, 9.13%, 12/01/15

 

 

7,820

 

 

7,832,277

 

Suffolk County Industrial Development
Agency New York, RB, KeySpan, Port
Jefferson, AMT, 5.25%, 6/01/27

 

 

7,000

 

 

6,845,300

 

 

 

 

 

 

 

 

 

 

 

 

32,351,682

 

County/City/Special District/School District — 23.2%

 

 

 

 

 

 

 

Brooklyn Arena Local Development
Corp., RB, Barclays Center Project,
6.38%, 7/15/43

 

 

700

 

 

716,954

 

City of New York New York, GO:

 

 

 

 

 

 

 

Series A-1, 4.75%, 8/15/25

 

 

750

 

 

789,863

 

Series C, 5.38%, 3/15/12 (a)

 

 

6,000

 

 

6,524,400

 

Series D, 5.38%, 6/01/12 (a)

 

 

2,200

 

 

2,411,948

 

Series D, 5.38%, 6/01/32

 

 

4,000

 

 

4,097,600

 

Sub-Series G-1, 6.25%, 12/15/31

 

 

500

 

 

583,340

 

Sub-Series I-1, 5.38%, 4/01/36

 

 

1,750

 

 

1,904,315

 

Hudson Yards Infrastructure Corp., RB,
Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

 

3,675

 

 

3,532,630

 

(NPFGC), 4.50%, 2/15/47

 

 

1,705

 

 

1,576,068

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

County/City/Special District/School District (concluded)

 

 

 

 

 

 

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

Marymount School of New York
Project (ACA), 5.13%, 9/01/21

 

$

750

 

$

762,233

 

Marymount School of New York
Project (ACA), 5.25%, 9/01/31

 

 

1,000

 

 

992,320

 

Queens Baseball Stadium, PILOT
(AGC), 6.38%, 1/01/39

 

 

150

 

 

165,240

 

Queens Baseball Stadium, PILOT
(AMBAC), 5.00%, 1/01/36

 

 

4,900

 

 

4,343,752

 

Queens Baseball Stadium, PILOT
(AMBAC), 5.00%, 1/01/46

 

 

250

 

 

216,638

 

Royal Charter, New York
Presbyterian (AGM), 5.25%,
12/15/32

 

 

1,550

 

 

1,578,132

 

Yankee Stadium, PILOT (NPFGC),
5.00%, 3/01/36

 

 

250

 

 

242,920

 

New York City Transitional Finance
Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series S-3, 5.25%,
1/15/39

 

 

650

 

 

690,053

 

Series S-2 (NPFGC), 4.25%,
1/15/34

 

 

1,700

 

 

1,632,595

 

New York Convention Center
Development Corp., RB, Hotel Unit
Fee Secured (AMBAC), 5.00%,
11/15/44

 

 

8,410

 

 

8,382,331

 

New York State Dormitory Authority, RB,
State University Dormitory Facilities,
Series A, 5.00%, 7/01/39

 

 

750

 

 

788,235

 

 

 

 

 

 

 

 

 

 

 

 

41,931,567

 

Education — 23.6%

 

 

 

 

 

 

 

Albany Industrial Development Agency,
RB, New Covenant Charter School
Project, Series A:

 

 

 

 

 

 

 

7.00%, 5/01/25

 

 

910

 

 

364,009

 

7.00%, 5/01/35

 

 

590

 

 

236,006

 

City of Troy New York, Refunding RB,
Rensselaer Polytechnic, Series A,
5.13%, 9/01/40

 

 

875

 

 

893,611

 

Dutchess County Industrial
Development Agency New York,
Refunding RB, Bard College Civic
Facility, Series A-2, 4.50%, 8/01/36

 

 

7,000

 

 

5,913,110

 

 

    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.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BHAC

Berkshire Hathaway Assurance Corp.

CAB

Capital Appreciation Bonds

CIFG

CDC IXIS Financial Guaranty

ERB

Education Revenue Bonds

FHA

Federal Housing Administration

GO

General Obligation Bonds

HFA

Housing Finance Agency

LRB

Lease Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

PILOT

Payment in Lieu of Taxes

RB

Revenue Bonds

SONYMA

State of New York Mortgage Agency

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2010

1


 

 

 

 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

Education (concluded)

 

 

 

 

 

 

 

Madison County Industrial Development
Agency New York, RB:

 

 

 

 

 

 

 

Colgate University Project, Series B,
5.00%, 7/01/33

 

$

2,000

 

$

2,037,380

 

Commons II LLC, Student Housing,
Series A (CIFG), 5.00%, 6/01/33

 

 

275

 

 

261,613

 

Nassau County Industrial Development
Agency, Refunding RB, New York
Institute Of Technology Project, Series
A, 4.75%, 3/01/26

 

 

1,165

 

 

1,144,578

 

New York City Industrial Development
Agency, Refunding RB, Polytechnic
University Project (ACA), 5.25%,
11/01/37

 

 

2,400

 

 

2,132,544

 

New York Liberty Development Corp.,
RB, National Sports Museum Project,
Series A, 6.13%, 2/15/19 (b)(c)

 

 

1,740

 

 

17

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

5.83%, 7/01/39 (d)

 

 

750

 

 

621,548

 

Mount Sinai School of Medicine,
5.13%, 7/01/39

 

 

2,350

 

 

2,367,789

 

New School University (NPFGC),
5.00%, 7/01/41

 

 

9,000

 

 

9,014,580

 

New York University, Series 2
(AMBAC), 5.00%, 7/01/41

 

 

5,000

 

 

5,032,400

 

Rochester Institute of Technology,
Series A, 6.00%, 7/01/33

 

 

1,000

 

 

1,102,960

 

University of Rochester, Series A,
5.13%, 7/01/39

 

 

850

 

 

887,553

 

Vassar College, 5.00%, 7/01/49

 

 

825

 

 

849,824

 

New York State Dormitory Authority,
Refunding RB:

 

 

 

 

 

 

 

Brooklyn Law School, 5.75%,
7/01/33

 

 

475

 

 

488,590

 

Teachers College, 5.50%, 3/01/39

 

 

450

 

 

471,776

 

Yeshiva University, 5.00%, 9/01/34

 

 

275

 

 

285,370

 

Suffolk County Industrial Development
Agency, Refunding RB, New York
Institute of Technology Project, 5.00%,
3/01/26

 

 

1,000

 

 

1,001,630

 

Trust for Cultural Resources, RB
Series A:

 

 

 

 

 

 

 

Carnegie Hall, 4.75%, 12/01/39

 

 

2,250

 

 

2,256,795

 

Juilliard School, 5.00%, 1/01/39

 

 

2,100

 

 

2,236,605

 

Westchester County Industrial
Development Agency New York, RB,
Windward School Civic Facility
(Radian), 5.25%, 10/01/31

 

 

2,500

 

 

2,430,975

 

Yonkers Industrial Development Agency
New York, RB, Sarah Lawrence
College Project, Series A, 6.00%,
6/01/41

 

 

625

 

 

651,612

 

 

 

 

 

 

 

 

 

 

 

 

42,682,875

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

Health — 7.4%

 

 

 

 

 

 

 

Genesee County Industrial Development
Agency New York, Refunding RB,
United Memorial Medical Center
Project, 5.00%, 12/01/27

 

$

500

 

$

425,965

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Hudson Valley Hospital (BHAC),
5.00%, 8/15/36

 

 

750

 

 

786,345

 

NYU Hospital Center, Series B,
5.63%, 7/01/37

 

 

530

 

 

544,893

 

New York & Presbyterian Hospital
(AGM), 5.25%, 2/15/31

 

 

800

 

 

828,488

 

New York State Association for
Retarded Children, Inc., Series A,
6.00%, 7/01/32

 

 

575

 

 

618,585

 

New York State Association for
Retarded Children, Inc., Series B
(AMBAC), 6.00%, 7/01/32

 

 

200

 

 

213,792

 

North Shore-Long Island Jewish
Health System, 5.50%, 5/01/13 (a)

 

 

2,000

 

 

2,262,840

 

North Shore-Long Island Jewish
Health System, Series A, 5.50%,
5/01/37

 

 

1,775

 

 

1,819,304

 

New York State Dormitory Authority,
Refunding RB:

 

 

 

 

 

 

 

Mount Sinai NYU Health, Series C,
5.50%, 7/01/26

 

 

3,000

 

 

3,001,650

 

North Shore-Long Island Jewish
Health System, Series E, 5.50%,
5/01/33

 

 

1,100

 

 

1,121,109

 

St. Luke’s Roosevelt Hospital (FHA),
4.90%, 8/15/31

 

 

700

 

 

690,116

 

Suffolk County Industrial Development
Agency New York, Refunding RB,
Jeffersons Ferry Project, 5.00%,
11/01/28

 

 

1,175

 

 

1,072,928

 

 

 

 

 

 

 

 

 

 

 

 

13,386,015

 

Housing — 1.9%

 

 

 

 

 

 

 

New York Mortgage Agency, Refunding
RB, Homeowner Mortgage, Series 97,
AMT, 5.50%, 4/01/31

 

 

2,060

 

 

2,067,210

 

New York State HFA, RB, Highland
Avenue Senior Apartments, Series A,
AMT (SONYMA), 5.00%, 2/15/39

 

 

1,500

 

 

1,390,275

 

 

 

 

 

 

 

 

 

 

 

 

3,457,485

 

State — 5.1%

 

 

 

 

 

 

 

New York State Dormitory Authority,
ERB, Series B, 5.75%, 3/15/36

 

 

600

 

 

680,160

 

New York State Dormitory Authority,
LRB, Municipal Health Facilities, Sub-
Series 2-4, 4.75%, 1/15/30

 

 

2,100

 

 

2,117,388

 

New York State Dormitory Authority, RB,
Mental Health Services Facilities
Improvement, Series B (AMBAC),
5.00%, 2/15/35

 

 

4,855

 

 

4,960,353

 

 

 

 

2

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2010


 

 

 

 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

New York State Dormitory Authority,
Refunding RB, School District
Financing Program, Series A (AGM),
5.00%, 10/01/35

 

$

395

 

$

409,260

 

State of New York, GO, Series A, 5.00%,
2/15/39

 

 

975

 

 

1,028,118

 

 

 

 

 

 

 

 

 

 

 

 

9,195,279

 

Tobacco — 8.6%

 

 

 

 

 

 

 

New York Counties Tobacco Trust III, RB,
Tobacco Settlement Pass-Thru, Turbo,
6.00%, 6/01/43

 

 

6,700

 

 

6,293,645

 

Rensselaer Tobacco Asset Securitization
Corp., RB, Asset-Backed, Series A,
5.75%, 6/01/43

 

 

2,500

 

 

2,263,300

 

Rockland Tobacco Asset Securitization
Corp., RB, Asset-Backed, 5.75%,
8/15/43

 

 

5,000

 

 

4,525,500

 

TSASC Inc. New York, RB, Tobacco
Settlement Asset-Backed, Series 1,
5.75%, 7/15/12 (a)

 

 

2,250

 

 

2,491,605

 

 

 

 

 

 

 

 

 

 

 

 

15,574,050

 

Transportation — 21.8%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB
(AGC), 5.00%, 2/15/47

 

 

1,000

 

 

1,002,320

 

Metropolitan Transportation Authority,
RB, Series 2008C, 6.50%, 11/15/28

 

 

1,000

 

 

1,161,290

 

Metropolitan Transportation Authority,
Refunding RB, Series A:

 

 

 

 

 

 

 

5.00%, 11/15/30

 

 

12,000

 

 

12,326,880

 

5.13%, 11/15/31

 

 

8,000

 

 

8,259,280

 

New York City Industrial Development
Agency, RB, Airis JFK I LLC Project,
Series A, AMT, 5.50%, 7/01/28

 

 

9,000

 

 

7,465,770

 

Port Authority of New York & New Jersey,
RB:

 

 

 

 

 

 

 

Consolidated 116th Series, 4.13%,
9/15/32

 

 

500

 

 

485,945

 

Consolidated, 161st Series, 4.50%,
10/15/37

 

 

500

 

 

502,670

 

Special Project, JFK International Air
Terminal, Series 6, AMT (NPFGC),
6.25%, 12/01/13

 

 

1,000

 

 

1,056,630

 

Special Project, JFK International Air
Terminal, Series 6, AMT (NPFGC),
5.75%, 12/01/22

 

 

7,000

 

 

6,992,860

 

 

 

 

 

 

 

 

 

 

 

 

39,253,645

 

Utilities — 13.3%

 

 

 

 

 

 

 

Long Island Power Authority, RB,
General, Series C (CIFG), 5.25%,
9/01/29

 

 

2,000

 

 

2,208,660

 

Long Island Power Authority, Refunding
RB, Series A:

 

 

 

 

 

 

 

6.25%, 4/01/33

 

 

150

 

 

173,277

 

5.75%, 4/01/39

 

 

4,000

 

 

4,376,160

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Second General Resolution
(NPFGC), 4.50%, 6/15/37

 

$

1,520

 

$

1,510,500

 

Series A (NPFGC), 5.00%, 6/15/32

 

 

4,000

 

 

4,036,800

 

Series C, 5.00%, 6/15/32

 

 

6,500

 

 

6,555,510

 

New York City Municipal Water Finance
Authority, Refunding RB, Series D,
5.00%, 6/15/39

 

 

5,000

 

 

5,154,550

 

 

 

 

 

 

 

 

 

 

 

 

24,015,457

 

Total Municipal Bonds in New York

 

 

 

 

 

221,848,055

 

Guam — 0.9%

 

 

 

 

 

 

 

State — 0.6%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A, 7.00%,
11/15/39

 

 

970

 

 

1,035,805

 

Utilities — 0.3%

 

 

 

 

 

 

 

Guam Government Waterworks
Authority, Refunding RB, Water,
5.88%, 7/01/35

 

 

600

 

 

588,582

 

Total Municipal Bonds in Guam

 

 

 

 

 

1,624,387

 

Multi-State — 7.2%

 

 

 

 

 

 

 

Housing — 7.2%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust, 6.80%,
11/30/50 (e)(f)

 

 

5,500

 

 

5,606,645

 

MuniMae TE Bond Subsidiary LLC (e)(f):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

 

5,374

 

 

4,983,552

 

6.80%, 6/30/50

 

 

3,000

 

 

2,460,030

 

 

 

 

 

 

 

 

 

 

 

 

7,443,582

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

13,050,227

 

Puerto Rico — 11.6%

 

 

 

 

 

 

 

County/City/Special District/School District — 0.9%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A (AGM), 5.00%,
8/01/40

 

 

1,000

 

 

1,008,380

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series A (NPFGC),
5.79%, 8/01/41 (g)

 

 

3,500

 

 

552,825

 

 

 

 

 

 

 

 

 

 

 

 

1,561,205

 

Housing — 1.7%

 

 

 

 

 

 

 

Puerto Rico Housing Finance Authority,
Refunding RB, Subordinate, Capital
Fund Modernization, 5.13%,
12/01/27

 

 

3,000

 

 

2,994,690

 

State — 8.1%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO,
Refunding, Public Improvement,
Series C, 6.00%, 7/01/39

 

 

700

 

 

737,240

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2010

3


 

 

 

 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority,
Refunding RB, Government Facilities,
Series D:

 

 

 

 

 

 

 

5.25%, 7/01/12 (a)

 

$

4,400

 

$

4,794,284

 

5.25%, 7/01/36

 

 

1,600

 

 

1,588,624

 

Puerto Rico Public Finance Corp., RB,
Commonwealth Appropriation,
Series E, 5.50%, 2/01/12 (a)

 

 

5,000

 

 

5,392,900

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 5.75%,
8/01/37

 

 

2,000

 

 

2,120,500

 

 

 

 

 

 

 

 

 

 

 

 

14,633,548

 

Utilities — 0.9%

 

 

 

 

 

 

 

Puerto Rico Aqueduct & Sewer Authority,
RB, Senior Lien, Series A, 6.00%,
7/01/38

 

 

1,100

 

 

1,148,202

 

Puerto Rico Electric Power Authority,
Refunding RB, Series VV (NPFGC),
5.25%, 7/01/29

 

 

500

 

 

522,830

 

 

 

 

 

 

 

 

 

 

 

 

1,671,032

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

20,860,475

 

Total Municipal Bonds – 142.5%

 

 

 

 

 

257,383,144

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (h)

 

 

 

 

 

 

 

New York — 12.4%

 

 

 

 

 

 

 

Housing — 11.2%

 

 

 

 

 

 

 

New York Mortgage Agency, RB, 31st
Series A, AMT, 5.30%, 10/01/31

 

 

15,500

 

 

15,540,610

 

New York Mortgage Agency, Refunding
RB, Series 101, AMT, 5.40%,
4/01/32

 

 

4,638

 

 

4,654,943

 

 

 

 

 

 

 

 

 

 

 

 

20,195,553

 

Utilities — 1.2%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series A, 5.75%,
6/15/40

 

 

1,200

 

 

1,357,426

 

Series FF-2, 5.50%, 6/15/40

 

 

810

 

 

900,552

 

 

 

 

 

 

 

 

 

 

 

 

2,257,978

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 12.4%

 

 

 

 

 

22,453,531

 

Total Long-Term Investments
(Cost – $280,062,131) – 154.9%

 

 

 

 

 

279,836,675

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

CMA New York Municipal Money Fund,
0.00% (i)(j)

 

 

2,967,695

 

$

2,967,695

 

Total Short-Term Securities
(Cost – $2,967,695) – 1.7%

 

 

 

 

 

2,967,695

 

Total Investments
(Cost – $283,029,826*) – 156.6%

 

 

 

 

 

282,804,370

 

Other Assets Less Liabilities – 2.0%

 

 

 

 

 

3,729,211

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (6.3)%

 

 

 

 

 

(11,412,861

)

Preferred Shares, at Redemption Value – (52.3)%

 

 

 

 

 

(94,506,857

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

180,613,863

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

271,907,449

 

 

 

Gross unrealized appreciation

 

$

8,900,079

 

Gross unrealized depreciation

 

 

(9,412,839

)

 

 

Net unrealized depreciation

 

$

(512,760

)

 

 

 

 

(a)

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.

 

 

(b)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(c)

Non-income producing security.

 

 

(d)

Represents a step-up bond that pays an initial coupon rate for the first period and a higher coupon rate for the following periods. Rate shown is as of report date.

 

 

(e)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(f)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

 

 

(g)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(h)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(i)

Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at July 31,
2009

 

Net
Activity

 

Shares Held
at April 30,
2010

 

Income

 

CMA New York
Municipal Money
Fund

 

 

3,235,523

 

 

(267,828

)

 

2,967,695

 

$

416

 

 

 

(j)

Represents the current yield as of report date.

 

 

 

4

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2010


 

 

 

 

Schedule of Investments (concluded)

BlackRock New York Municipal Income Trust (BNY)


 

 

 

•

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, repayment 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 methodologies 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 semi-annual report.

 

 

 

 

The following table summarizes the inputs used as of April 30, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

279,836,675

 

 

—

 

$

279,836,675

 

Short-Term
Securities

 

$

2,967,695

 

 

—

 

 

—

 

 

2,967,695

 

Total

 

$

2,967,695

 

$

279,836,675

 

 

—

 

$

282,804,370

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2010

5

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 Municipal Income Trust
   
  By: /s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock New York Municipal Income Trust
   
  Date: June 28, 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 Municipal Income Trust
   
  Date: June 28, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock New York Municipal Income Trust
     
  Date: June 28, 2010