BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

Regulatory Filings • Apr 1, 2005

N-Q 1 c35747_nq.htm

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 ______

_ BlackRock New York Municipal Income Trust _ (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 Municipal Income Trust

_ 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: October 31, 2005

Date of reporting period:__ January 31, 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)

January 31, 2005

BlackRock New York Municipal Income Trust (BNY)

	Principal
	Amount			Option Call
Rating 1	(000)		Description	Provisions 2	Value
			LONG-TERM INVESTMENTS—153.9%
			Multi-State—11.5%
			Charter Mac Equity Issuer Trust,
A3	$ 6,000	3	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100	$ 6,437,100
Baa1	5,500	3	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100	6,049,780
			MuniMae TE Bond Subsidiary, LLC,
A3	6,000	3	Ser. A-1, 6.30%, 6/30/49	06/09 @ 100	6,395,100
Baa1	3,000	3	Ser. B-1, 6.80%, 6/30/50	11/10 @ 100	3,296,250
					22,178,230
			New York—122.4%
AA-	2,000		Madison Cnty. Indl. Dev. Agcy., Civic
Fac. Rev., Colgate Univ. Proj.,
			Ser. B, 5.00%, 7/01/33	07/13 @ 100	2,076,400
			Met. Transp. Auth., Ded. Tax Fund,
Ser. A,
AA-	12,000		5.00%, 11/15/30	11/12 @ 100	12,341,880
A	12,000		5.125%, 11/15/31	11/12 @ 100	12,511,080
			New York City, GO,
AAA	3,290	4	Ser. C, 5.375%, 3/15/12	N/A	3,755,568
A+	2,710		Ser. C, 5.625%, 3/15/28	03/12 @ 100	2,893,684
A+	7,000		Ser. D, 5.375%, 6/01/32	06/12 @ 100	7,418,600
			New York City Ind. Dev. Agcy.,
A	750		Marymount Sch. Proj., 5.125%, 9/01/21,
ACA	09/11 @ 102	778,695
A	2,000		Marymount Sch. Proj., 5.25%, 9/01/31,
ACA	09/11 @ 102	2,066,860
AAA	1,550		Royal Charter Presbyterian Proj.,
5.25%, 12/15/32, FSA	12/11 @ 102	1,659,879
BBB-	14,850		Spec. Arpt. Airis JFK I LLC Proj.,
Ser. A, 5.50%, 7/01/28	07/11 @ 100	14,950,089
A-	6,000		Term. One Grp. Assoc. Proj., 6.00%,
1/01/19	03/05 @ 101	6,076,980
			New York City Mun. Wtr. Fin. Auth.,
AAA	4,000		Ser. A, 5.00%, 6/15/32, FGIC	06/11 @ 100	4,143,040
AA+	6,500		Ser. C, 5.00%, 6/15/32	06/11 @ 100	6,699,615
			New York City Transl. Fin. Auth.,
Ser. C,
AAA	5,940	4	5.00%, 5/01/09	N/A	6,544,752
AA+	3,660		5.00%, 5/01/29	05/09 @ 101	3,775,802
BBB	6,700		New York Cntys. Tobacco Trust III,
6.00%, 6/01/43	06/13 @ 100	6,582,348
			New York Dorm. Auth.,
AA-	15,235	4	City Univ. Proj., Ser. A, 5.25%,
7/01/31	N/A	17,182,490
AA-	1,765		City Univ. Proj., Ser. A, 5.25%,
7/01/31	07/11 @ 100	1,840,931
BBB+	10,780		Lenox Hill Hosp. Oblig. Grp. Proj.,
5.50%, 7/01/30	07/11 @ 101	11,029,449
AAA	9,000		New Sch. Univ. Proj., 5.00%, 7/01/41,
MBIA	07/11 @ 100	9,293,400
AAA	5,000		New York Univ. Proj., Ser. 2, 5.00%,
7/01/41, AMBAC	07/11 @ 100	5,163,000
A-	2,000		No. Shore Long Island Jewish Grp.
Proj., 5.375%, 5/01/23	05/13 @ 100	2,122,120
A-	2,000		No. Shore Long Island Jewish Grp.
Proj., 5.50%, 5/01/33	05/13 @ 100	2,123,600
			New York Mtg. Agcy.,
Aa1	5,950		Ser. 101, 5.40%, 4/01/32	10/11 @ 100	6,082,982
Aaa	15,500		Ser. A, 5.30%, 10/01/31	04/11 @ 100	15,800,390
AA-	6,290	4	New York Urban Dev. Corp., Correctional
Facs., Ser. 6, 5.375%, 1/01/06	N/A	6,595,317
			Port Auth. of NY & NJ,
Caa2	9,250		Spec. Oblig., Contl./Eastn. LaGuardia
Proj., 9.125%, 12/01/15	03/05 @ 100	9,274,420
AAA	9,500		Ser. 124, 5.00%, 8/01/36, FGIC	08/08 @ 101	9,678,030
AAA	13,000	5	Spec. Oblig., JFK Intl. Air Term.
Proj., 6, 5.75%, 12/01/22, MBIA	12/07 @ 102	14,111,630
BBB	2,500		Rensselaer Tobacco Asset Sec. Corp.,
Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43	06/12 @ 100	2,343,025
BBB	5,000		Rockland Tobacco Asset Sec. Corp.,
Tobacco Settlement Rev., 5.75%, 8/15/43	08/12 @ 100	4,686,000
A	7,000		Suffolk Cnty. Indl. Dev. Agcy., Keyspan
Port Jefferson Proj., 5.25%, 6/01/27	06/13 @ 100	7,262,290
BBB	5,000		TSASC, Inc., Tobacco Settlement Rev.,
Ser. 1, 5.75%, 7/15/32	07/12 @ 100	4,898,850
BBB+	8,000		TSASC, Inc., Tobacco Settlement Rev.,
Ser. 1, 6.375%, 7/15/39	07/09 @ 101	8,057,280
AA	2,500		Westchester Cnty. Ind. Dev. Agcy.,
Winward Sch. Civic Fac. Proj., 5.25%, 10/01/31, RAA	10/11 @ 100	2,618,450
BBB	2,000		Westchester Tobacco Asset Sec. Corp.,
Tobacco Settlement Rev., 6.75%, 7/15/29	07/10 @ 101	2,070,540
					236,509,466
			Puerto Rico—18.4%
BBB	4,060		Children’s Trust Fund, Tobacco
Settlement Rev., 5.625%, 5/15/43	05/12 @ 100	3,787,046
			Puerto Rico Pub. Bldgs. Auth., Gov’t
Facs., Ser. D,
A-	4,400	4	5.25%, 7/01/36	N/A	4,932,224
A-	1,600		5.25%, 7/01/36	07/12 @ 100	1,684,112
			Puerto Rico Pub. Fin. Corp., Ser.
E,
Aaa	7,475	4	5.50%, 2/01/12	N/A	8,499,673
BBB+	2,525		5.50%, 8/01/29	02/12 @ 100	2,700,058
Aaa	7,000	4	5.70%, 2/01/10	N/A	7,905,240
Aaa	5,750	4	5.75%, 2/01/07	N/A	6,122,945
					35,631,298

1

BlackRock New York Municipal Income Trust (BNY) (continued)

	Principal — Amount		Option Call
Rating 1	(000)	Description	Provisions 2	Value
		Trust Territories—1.6%
Ba3	$ 2,945	Northern Mariana Islands Commerce,
Ser. A, 6.75%, 10/01/33	10/13 @ 100	$ 3,067,983
		Total Long-Term Investments (cost $282,306,509)		297,386,977
	Shares
	(000)
		Money Market Fund—1.5%
	2,950	AIM Tax Free Investment Co. Cash
Reserve Portfolio (cost $2,950,000)	N/A	2,950,000
		Total Investments—155.4% (cost $285,256,509)		$ 300,336,977
		Other assets in excess of liabilities—1.4%		2,614,428
		Preferred shares at redemption value,
including dividends payable—(56.8%)		(109,761,644)
		Net Assets Applicable to Common
Shareholders—100%		$ 193,189,761

| 1 | Using the higher of Standard &
Poor’s, Moody’s Investors Service or Fitch's rating. |
| --- | --- |
| 2 | Date (month/year) and price of the
earliest call or redemption. There may be other call provisions at varying prices
at later dates. |
| 3 | Security is not registered under
the Securities Act of 1933. These securities may be resold in transactions in accordance
with Rule 144A under that Act, to qualified institutional buyers. As of January
31, 2005, the Trust held 11.5% of its net assets, with a current market value of
$22,178,230, in securities restricted as to resale. |
| 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 | Entire or partial principal amount
pledged as collateral for financial futures contracts. |

KEY TO ABBREVIATIONS — ACA	—	American Capital Access	GO	—	General Obligation
AMBAC	—	American Municipal Bond Assurance Corp.	MBIA	—	Municipal Bond Insurance Assoc.
FGIC	—	Financial Guaranty Insurance Co.	RAA	—	Radian Asset Assurance
FSA	—	Financial Security Assurance

2

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is 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 Municipal Income Trust ___

By: /s/ Henry Gabbay Name: Henry Gabbay Title: Treasurer Date: April 1, 2005

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: Principal Executive Officer Date: April 1, 2005

By: /s/ Henry Gabbay Name: Henry Gabbay Title: Principal Financial Officer Date: April 1, 2005