BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

Regulatory Filings • Jun 28, 2010

N-Q 1 i00276_bny-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

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 52 nd 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

insert

Schedule of Investments April 30, 2010 (Unaudited)
(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)
(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)
(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)
(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 — CMA New York Municipal Money Fund, 0.00% (i)(j)	Value — $ 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 | $ | |
| --- | --- | --- |
| 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 — CMA New York Municipal Money Fund	3,235,523	(267,828	)	2,967,695	Income — $ 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)

•
•	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 Investments 1 | — | $ 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

end

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