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: 10/31/2009

Item 1 – Schedule of Investments

 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York - 122.5%

 

 

 

 

 

 

 

 

 

Corporate - 17.8%

 

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

 

$

550

 

$

558,563

 

 

 

New York City Industrial Development Agency, RB,
American Airlines, JFK International Airport, AMT,
7.63%, 8/01/25

 

 

3,200

 

 

3,076,448

 

 

 

New York City Industrial Development Agency, RB,
American Airlines, JFK International Airport, AMT,
7.75%, 8/01/31

 

 

4,000

 

 

3,861,080

 

 

 

New York City Industrial Development Agency, RB,
Liberty Interactive Corp., 5.00%, 9/01/35

 

 

2,000

 

 

1,363,820

 

 

 

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

 

 

7,850

 

 

7,679,969

 

 

 

Port Authority of New York & New Jersey, RB,
Continental, Eastern Project, LaGuardia, AMT,
9.13%, 12/01/15

 

 

7,820

 

 

7,827,976

 

 

 

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

 

 

7,000

 

 

6,735,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,103,186

 

County/City/Special District/School District - 22.4%

 

City of New York New York, GO, Series A-1, 4.75%,
8/15/25

 

 

750

 

 

771,127

 

 

 

City of New York New York, GO, Series C, 5.38%,
3/15/12 (a)

 

 

6,000

 

 

6,621,360

 

 

 

City of New York New York, GO, Series D, 5.38%,
6/01/12 (a)

 

 

2,200

 

 

2,447,082

 

 

 

City of New York New York, GO, Series D, 5.38%,
6/01/32

 

 

4,000

 

 

4,085,360

 

 

 

City of New York New York, GO, Sub-Series G-1,
6.25%, 12/15/31

 

 

500

 

 

573,735

 

 

 

City of New York New York, GO, Sub-Series I-1,
5.38%, 4/01/36

 

 

1,750

 

 

1,873,375

 

 

Portfolio Abbreviations

To simplify the listings of the portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the following list.

 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

CAB

Capital Appreciation Bonds

CIFG

CDC IXIS Financial Guaranty

FHA

Federal Housing Administration

FSA

Financial Security Assurance Inc.

GO

General Obligation Bonds

HFA

Housing Finance Agency

MBIA

Municipal Bond Investors Assurance (National Public Finance Guaranty Corp.)

PILOT

Payment in Lieu of Taxes

RB

Revenue Bonds

1


 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

 

Hudson Yards Infrastructure Corp., RB, Series A, 5.00%,
2/15/47

 

$

2,500

 

$

2,272,575

 

 

 

Hudson Yards Infrastructure Corp., RB, Series A
(MBIA), 4.50%, 2/15/47

 

 

1,750

 

 

1,466,062

 

 

 

New York City Industrial Development Agency, RB,
Marymount School of NY Project (ACA), 5.13%,
9/01/21

 

 

750

 

 

757,350

 

 

 

New York City Industrial Development Agency, RB,
Marymount School of NY Project (ACA), 5.25%,
9/01/31

 

 

1,500

 

 

1,439,670

 

 

 

New York City Industrial Development Agency, RB,
Queens Baseball Stadium, PILOT (AGC), 6.38%,
1/01/39

 

 

150

 

 

170,808

 

 

 

New York City Industrial Development Agency, RB,
Queens Baseball Stadium, PILOT (AMBAC), 5.00%,
1/01/36

 

 

4,900

 

 

4,454,639

 

 

 

New York City Industrial Development Agency, RB,
Queens Baseball Stadium, PILOT (AMBAC), 5.00%,
1/01/46

 

 

250

 

 

224,350

 

 

 

New York City Industrial Development Agency, RB,
Royal Charter, NY Presbyterian (FSA), 5.25%,
12/15/32

 

 

1,550

 

 

1,572,661

 

 

 

New York City Industrial Development Agency, RB,
Yankee Stadium, PILOT (MBIA), 5.00%, 3/01/36

 

 

250

 

 

230,418

 

 

 

New York City Transitional Finance Authority, RB,
Fiscal 2009, Series S-3, 5.25%, 1/15/39

 

 

650

 

 

674,947

 

 

 

New York City Transitional Finance Authority, RB,
Series S-2 (MBIA), 4.25%, 1/15/34

 

 

1,700

 

 

1,535,304

 

 

 

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

 

 

8,410

 

 

7,845,689

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,016,512

 

Education - 23.2%

 

Albany Industrial Development Agency, RB, New
Covenant Charter School Project, Series A, 7.00%,
5/01/25

 

 

910

 

 

620,256

 

 

 

Albany Industrial Development Agency, RB, New
Covenant Charter School Project, Series A, 7.00%,
5/01/35

 

 

590

 

 

373,836

 

 

 

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

 

 

7,000

 

 

5,845,000

 

 

 

Madison County Industrial Development Agency, New
York, RB, Colgate University Project, Series B,
5.00%, 7/01/33

 

 

2,000

 

 

2,024,580

 

2


 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

 

Madison County Industrial Development Agency, New
York, RB, Commons II LLC, Student Housing,
Series A (CIFG), 5.00%, 6/01/33

 

$

275

 

$

253,869

 

 

 

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

 

 

2,400

 

 

2,059,224

 

 

 

New York City Trust for Cultural Resources, RB,
Juilliard School, Series A, 5.00%, 1/01/39

 

 

2,100

 

 

2,190,888

 

 

 

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

 

 

1,740

 

 

174

 

 

 

New York State Dormitory Authority, RB, 5.83%,
7/01/39 (d)

 

 

750

 

 

595,245

 

 

 

New York State Dormitory Authority, RB, Mount
Sinai School of Medicine, 5.13%, 7/01/39 (e)

 

 

4,250

 

 

4,102,143

 

 

 

New York State Dormitory Authority, RB, Mount
Sinai School of Medicine New York University (MBIA),
5.00%, 7/01/35

 

 

1,000

 

 

950,040

 

 

 

New York State Dormitory Authority, RB, New School
University (MBIA), 5.00%, 7/01/41

 

 

9,000

 

 

8,932,860

 

 

 

New York State Dormitory Authority, RB, New York
University, Series 2 (AMBAC), 5.00%, 7/01/41

 

 

5,000

 

 

5,024,300

 

 

 

New York State Dormitory Authority, RB, Rochester
Institute Technology, Series A, 6.00%, 7/01/33

 

 

1,000

 

 

1,092,360

 

 

 

New York State Dormitory Authority, RB, Teachers
College, 5.50%, 3/01/39

 

 

450

 

 

470,966

 

 

 

New York State Dormitory Authority, RB, University
of Rochester, Series A, 5.13%, 7/01/39

 

 

850

 

 

871,777

 

 

 

New York State Dormitory Authority, RB, Yeshiva
University, 5.00%, 9/01/34

 

 

275

 

 

279,903

 

 

 

New York State Dormitory Authority, RB, Yeshiva
University, 5.00%, 9/01/38

 

 

2,000

 

 

2,027,800

 

 

 

New York State Dormitory Authority, Refunding RB,
Brooklyn Law School, 5.75%, 7/01/33

 

 

475

 

 

486,638

 

 

 

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

 

 

2,500

 

 

2,369,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,570,909

 

Health - 7.2%

 

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

 

 

500

 

 

392,245

 

 

 

New York State Dormitory Authority, RB, FHA, NY &
Presbyterian Hospital (FSA), 5.25%, 2/15/31

 

 

800

 

 

822,768

 

 

 

New York State Dormitory Authority, RB, Hudson
Valley Hospital (FSA), 5.00%, 8/15/36

 

 

750

 

 

777,863

 

3


 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

 

New York State Dormitory Authority, RB, Mount
Sinai NYU Health, Series C, 5.50%, 7/01/26

 

$

3,000

 

$

3,001,380

 

 

 

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

 

 

200

 

 

210,778

 

 

 

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

 

 

575

 

 

597,598

 

 

 

New York State Dormitory Authority, RB, NYU
Hospital Center, Series B, 5.63%, 7/01/37

 

 

530

 

 

514,407

 

 

 

New York State Dormitory Authority, RB, North Shore
Long Island Jewish Group, 5.50%, 5/01/13 (a)

 

 

2,000

 

 

2,284,060

 

 

 

New York State Dormitory Authority, RB, North
Shore Long Island Jewish Group, Series A, 5.50%,
5/01/37

 

 

1,775

 

 

1,793,318

 

 

 

New York State Dormitory Authority, RB, North
Shore Long Island Jewish Group, Series E, 5.50%,
5/01/33

 

 

1,100

 

 

1,114,619

 

 

 

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

 

 

1,175

 

 

1,037,983

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,547,019

 

Housing - 2.1%

 

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

 

 

2,305

 

 

2,312,353

 

 

 

New York State HFA, RB, Highland Ave Senior
Apartments, Series A, AMT, 5.00%, 2/15/39

 

 

1,500

 

 

1,349,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,661,558

 

State - 5.2%

 

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

 

 

600

 

 

662,616

 

 

 

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

 

 

4,855

 

 

4,917,678

 

 

 

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

 

 

2,100

 

 

2,119,761

 

 

 

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

 

 

395

 

 

400,949

 

 

 

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

 

 

975

 

 

1,012,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,113,376

 

Tobacco - 10.3%

 

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

 

 

6,700

 

 

5,982,631

 

 

 

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

 

 

2,500

 

 

2,150,300

 

 

 

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

 

 

5,000

 

 

4,299,200

 

 

 

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

 

 

3,000

 

 

3,377,370

 

4


 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

 

Westchester Tobacco Asset Securitization, New York,
RB, CAB, Plan Principal 2021, 6.75%, 7/15/10 (a)

 

$

2,000

 

$

2,110,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,919,921

 

Transportation - 20.7%

 

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

 

 

750

 

 

850,267

 

 

 

Metropolitan Transportation Authority, RB,
Series A, 5.00%, 11/15/30

 

 

12,000

 

 

12,080,400

 

 

 

Metropolitan Transportation Authority, Refunding
RB, Series A, 5.13%, 11/15/31

 

 

8,000

 

 

8,065,840

 

 

 

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

 

 

10,000

 

 

7,149,700

 

 

 

Port Authority of New York & New Jersey, RB,
Consolidated, 161st Series, 4.50%, 10/15/37 (e)

 

 

1,000

 

 

945,250

 

 

 

Port Authority of New York & New Jersey, RB, Special
Project, JFK International Air Terminal,
Series 6, AMT (MBIA), 5.75%, 12/01/22

 

 

7,000

 

 

7,113,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,205,347

 

Utilities - 13.6%

 

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

 

 

2,000

 

 

2,162,380

 

 

 

Long Island Power Authority, RB, Series A, 6.25%,
4/01/33

 

 

150

 

 

171,453

 

 

 

Long Island Power Authority, RB, Series A, 5.75%,
4/01/39

 

 

4,000

 

 

4,287,560

 

 

 

New York City Municipal Water Finance Authority, RB,
2nd General Resolution (MBIA), 4.50%, 6/15/37

 

 

1,520

 

 

1,432,813

 

 

 

New York City Municipal Water Finance Authority,
RB, Series A (MBIA), 5.00%, 6/15/32

 

 

4,000

 

 

4,028,920

 

 

 

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

 

 

5,000

 

 

5,085,500

 

 

 

New York City Municipal Water Finance Authority,
Refunding RB, Crossover, Series C, 5.00%, 6/15/32

 

 

6,500

 

 

6,553,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,721,731

 

 

 

Total Municipal Bonds in New York

 

 

 

 

 

213,859,559

 

Guam - 1.6%

 

 

 

 

 

 

 

 

 

County/City/Special District/School District - 0.7%

 

Territory of Guam, RB, Section 30, Series A, 5.75%,
12/01/34

 

 

1,140

 

 

1,160,896

 

State - 0.6%

 

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

 

 

970

 

 

1,048,415

 

Utilities - 0.3%

 

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

 

 

600

 

 

570,624

 

 

 

Total Municipal Bonds in Guam

 

 

 

 

 

2,779,935

 

Multi-State - 7.6%

 

 

 

 

 

 

 

 

 

Housing - 7.6%

 

Charter Mac Equity Issuer Trust, 6.80%,
11/30/50 (f)(g)

 

 

5,500

 

 

5,670,665

 

5


 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

 

 

MuniMae TE Bond Subsidiary LLC, 6.30%,
6/30/49 (f)(g)

 

$

6,000

 

$

5,564,880

 

 

 

MuniMae TE Bond Subsidiary LLC, 6.80%,
6/30/50 (f)(g)

 

 

3,000

 

 

2,099,940

 

 

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

13,335,485

 

Puerto Rico - 14.4%

 

 

 

 

 

 

 

 

 

County/City/Special District/School District - 0.3%

 

Puerto Rico Sales Tax Financing Corporation, RB,
CAB, Series A (MBIA), 5.80%, 8/01/41 (h)

 

 

3,500

 

 

536,235

 

Housing - 1.7%

 

Puerto Rico HFA, RB, Subordinate, Capital Fund
Modernization, 5.13%, 12/01/27

 

 

3,000

 

 

2,994,600

 

State - 11.4%

 

Puerto Rico Public Buildings Authority, RB, Government
Facilities, Series D, 5.25%, 7/01/12 (a)

 

 

4,400

 

 

4,842,244

 

 

 

Puerto Rico Public Buildings Authority, RB,
Government Facilities, Series D, 5.25%, 7/01/36

 

 

1,600

 

 

1,481,168

 

 

 

Puerto Rico Public Finance Corp., RB, Commonwealth
Appropriation, Series E, 5.70%, 2/01/10 (a)

 

 

6,000

 

 

6,080,340

 

 

 

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

 

 

5,000

 

 

5,477,500

 

 

 

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

 

 

2,000

 

 

2,069,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,950,452

 

Utilities - 1.0%

 

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

 

 

1,100

 

 

1,129,788

 

 

 

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

 

 

500

 

 

512,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,642,128

 

 

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

25,123,415

 

 

 

Total Municipal Bonds - 146.1%

 

 

 

 

 

255,098,394

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (i)

 

 

 

 

 

 

 

New York - 13.0%

 

 

 

 

 

 

 

 

 

Housing - 13.0%

 

New York City Municipal Water Finance Authority, RB,
Fiscal 2009, Series A, 5.75%, 6/15/40

 

 

1,200

 

 

1,323,106

 

 

 

New York City Municipal Water Finance Authority,
RB, Series FF-2, 5.50%, 6/15/40

 

 

810

 

 

877,774

 

 

 

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

 

 

15,500

 

 

15,528,675

 

 

 

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

 

 

4,918

 

 

4,927,877

 

 

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 13.0%

 

 

 

 

 

22,657,432

 

 

 

Total Long-Term Investments
(Cost - $283,616,821) - 159.1%

 

 

 

 

 

277,755,826

 

6


 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

Schedule of Investments October 31, 2009 (Unaudited)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

 

 

CMA New York Municipal Money
Fund, 0.04% (j)(k)

 

 

3,735,772

 

$

3,735,772

 

 

 

Total Short-Term Securities
(Cost - $3,735,772) - 2.1%

 

 

 

 

 

3,735,772

 

 

 

Total Investments (Cost - $287,352,593*) - 161.2%

 

 

 

 

 

281,491,598

 

 

 

Liabilities in Excess of Other Assets - (0.5)%

 

 

 

 

 

(850,906

)

 

 

Liability for Trust Certificates, Including Interest Expense
and Fees Payable - (6.6)%

 

 

 

 

 

(11,553,418

)

 

 

Preferred Shares, at Redemption Value - (54.1)%

 

 

 

 

 

(94,506,066

)

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shares - 100.0%

 

 

 

 

$

174,581,208

 

 

 

 

 

 

 

 

 

 

 

*

 

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

274,392,731

 

 

 

 

 

Gross unrealized appreciation

 

$

9,095,562

 

 

Gross unrealized depreciation

 

 

(13,546,508

)

 

 

 

 

Net unrealized depreciation

 

$

(4,450,946

)

 

 

 

 

 

 

(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)

 

Non-income producing security.

 

 

 

(c)

 

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

 

 

 

(d)

 

Represents a step-up bond. Rate shown reflects the effective yield at the time of purchase.

 

 

 

(e)

 

When-issued security.

 

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Market Value

 

Unrealized
Appreciation
(Depreciation)

 

 

 

JPMorgan Chase

 

$

4,102,143

 

$

6,078

 

 

Merrill Lynch & Co.

 

$

945,250

 

$

(13,777

)

 

 

Total

 

 

 

 

$

(7,699

)

 

 

 

 

 

 

 

 

 

(f)

 

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.

 

 

 

(g)

 

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.

 

 

 

(h)

 

Represents a zero-coupon bond. Rate shown is as of report date.

 

 

 

(i)

 

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

 

 

 

(j)

 

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

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Net Activity

 

Income

 

 

 

CMA New York Municipal Money Fund

 

$

500,249

 

$

280

 

 

 

 

 

(k)

 

Represents the current yield as of report date.

7


 

BlackRock New York Municipal Income Trust (BNY)

 

Schedule of Investments October 31, 2009 (Unaudited)

 

 

 

•

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, prepayment 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 methodology 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 Trust’s most recent financial statements as contained in its annual report.

 

 

 

The following table summarizes the inputs used as of October 31, 2009 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

Valuation Inputs

 

Investments in
Securities

 

 

 

Assets

 

 

 

Level 1 - Short-Term Investments

 

$

3,735,772

 

Level 2 - Long-Term Investments1

 

 

277,755,826

 

Level 3

 

 

—

 

Total

 

$

281,491,598

 

 

 

 

 

 

 

 

1 See above Schedule of Investments for values in each sector.

 

 

 

 

8

 

 

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: December 18, 2009

 

 

 

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: December 18, 2009

 

 

 

 

By:

/s/ Neal J. Andrews

 

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock New York Municipal Income Trust

 

 

 

 

Date: December 18, 2009