FORM N-Q
Investment Company Act file number: 811-10337
BlackRock New York Municipal Income Trust
(Exact name of registrant as specified in charter)
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: October 31, 2006 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
JANUARY
31, 2006 (unaudited)
| Principal | |||||||
| Amount | Option Call | ||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||
| LONG-TERM INVESTMENTS—154.5% | |||||||
| Multi-State—11.2% | |||||||
| Charter Mac Equity Issuer Trust, | |||||||
| A3 | $ 6,000 | 3 | Ser. A-2, 6.30%, 6/30/49 | 06/09 @ 100 | $ |
6,329,700 | |
| Baa1 | 5,500 | 3 | Ser. B-1, 6.80%, 11/30/50 | 11/10 @ 100 | 5,931,475 | ||
| MuniMae TE Bond Subsidiary, LLC, | |||||||
| A3 | 6,000 | 3 | Ser. A-1, 6.30%, 6/30/49 | 06/09 @ 100 | 6,321,960 | ||
| Baa1 | 3,000 | 3 | Ser. B-1, 6.80%, 6/30/50 | 11/10 @ 100 | 3,256,890 | ||
| 21,840,025 | |||||||
| New York—119.3% | |||||||
| Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., | |||||||
| NR | 910 | Ser. A, 7.00%, 5/01/25 | 05/15 @ 102 | 877,777 | |||
| NR | 590 | Ser. A, 7.00%, 5/01/35 | 05/15 @ 102 | 557,656 | |||
| Dorm. Auth., | |||||||
| AA- | 1,765 | 4 | City Univ. Proj., Ser. A, 5.25%, 7/01/11 | N/A | 1,918,732 | ||
| BB+ | 6,000 | Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26 | 07/08 @ 100 | 8,321,400 | |||
| AAA | 9,000 | New Sch. Univ. Proj., 5.00%, 7/01/41, MBIA | 07/11 @ 100 | 9,191,970 | |||
| AAA | 5,000 | New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC | 07/11 @ 100 | 5,106,650 | |||
| A- | 2,000 | No. Shore Long Island Jewish Grp. Proj., 5.375%, 5/01/23 | 05/13 @ 100 | 2,107,020 | |||
| A- | 2,000 | No. Shore Long Island Jewish Grp. Proj., 5.50%, 5/01/33 | 05/13 @ 100 | 2,113,460 | |||
| AA- | 12,500 | Liberty Dev. Corp. Rev. Proj., 5.25%, 10/01/35 | No Opt. Call | 13,872,250 | |||
| AA- | 2,000 | Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33 | 07/13 @ 100 | 2,067,440 | |||
| Met. Transp. Auth., | |||||||
| AA- | 12,000 | Ded. Tax Fund, Ser. A, 5.00%, 11/15/30 | 11/12 @ 100 | 12,346,560 | |||
| A | 12,000 | Ded. Tax Fund, Ser. A, 5.125%, 11/15/31 | 11/12 @ 100 | 12,483,240 | |||
| Mtg. Agcy., | |||||||
| Aa1 | 5,950 | Ser. 101, 5.40%, 4/01/32 | 10/11 @ 100 | 6,103,986 | |||
| Aaa | 15,500 | Ser. A, 5.30%, 10/01/31 | 04/11 @ 100 | 15,687,085 | |||
| New York City Ind. Dev. Agcy., | |||||||
| B- | 4,000 | American Airlines, JFK Intl. Arpt., 7.75%, 8/01/31 | 08/16 @ 101 | 4,162,560 | |||
| BBB- | 2,000 | Liberty Interactive Corp. Proj., 5.00%, 9/01/35 | 09/15 @ 100 | 1,988,780 | |||
| A | 750 | Marymount Sch. Proj., 5.125%, 9/01/21, ACA | 09/11 @ 102 | 771,540 | |||
| A | 2,000 | Marymount Sch. Proj., 5.25%, 9/01/31, ACA | 09/11 @ 102 | 2,042,520 | |||
| AAA | 1,550 | Royal Charter Presbyterian Proj., 5.25%, 12/15/32, FSA | 12/11 @ 102 | 1,643,078 | |||
| BBB- | 14,850 | Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 | 07/11 @ 100 | 14,812,132 | |||
| New York City Mun. Wtr. Fin. Auth., | |||||||
| AA+ | 5,000 | Ser. D, 5.00%, 6/15/39 | 06/15 @ 100 | 5,154,400 | |||
| AAA | 4,000 | Ser. A, 5.00%, 6/15/32, FGIC | 06/11 @ 100 | 4,121,120 | |||
| AA+ | 6,500 | Ser. C, 5.00%, 6/15/32 | 06/11 @ 100 | 6,671,795 | |||
| New York City Transl. Fin. Auth., | |||||||
| AAA | 1,140 | 4 | 5.00%, 5/01/09 | N/A | 1,208,993 | ||
| AAA | 2,520 | 5.00%, 5/01/29 | 05/09 @ 101 | 2,593,912 | |||
| New York City, GO, | |||||||
| AAA | 3,290 | 4 | Ser. C, 5.375%, 3/15/12 | N/A | 3,606,004 | ||
| A+ | 2,710 | Ser. C, 5.375%, 3/15/28 | 03/12 @ 100 | 2,881,570 | |||
| A+ | 7,000 | Ser. D, 5.375%, 6/01/32 | 06/12 @ 100 | 7,432,460 | |||
| New York Cntys. Tobacco Trust III, | |||||||
| BBB | 40,000 | Zero Coupon, 6/01/38 | 06/15 @ 26.186 | 6,089,600 | |||
| BBB | 6,700 | 6.00%, 6/01/43 | 06/13 @ 100 | 7,018,384 | |||
| Port Auth. of NY & NJ, | |||||||
| AA- | 5,000 | Consolidated 132nd Ser, 5.00%, 9/01/38 | 09/13 @ 101 | 5,161,150 | |||
| Caa2 | 9,250 | Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15 | 03/06 @ 100 | 9,341,297 | |||
| AAA | 13,000 | 5 | Spec. Oblig. JFK Intl. Air Terminal Proj., 5.75%, 12/01/22, MBIA | 12/07 @ 102 | 13,716,300 | ||
| BBB | 2,500 | Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43 | 06/12 @ 100 | 2,555,125 | |||
| BBB | 5,000 | Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 | 08/12 @ 100 | 5,111,000 | |||
| AAA | 7,000 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 @ 100 | 7,295,260 | |||
| A | 7,000 | Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27 | 06/13 @ 100 | 7,235,900 | |||
1
| Principal | |||||||||
| Amount | Option Call | ||||||||
| Rating1 | (000) | Description | Provisions2 | Value | |||||
| New York—(cont’d) | |||||||||
| TSASC, Inc., Tobacco Settlement Rev., | |||||||||
| BBB | $ 5,000 | Ser. 1, 5.75%, 7/15/32 | 07/12 @ 100 | $ |
5,268,600 | ||||
| BBB | 8,000 | Ser. 1, 6.375%, 7/15/39 | 07/09 @ 101 | 8,540,160 | |||||
| AA | 2,500 | Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA | 10/11 @ 100 | 2,590,100 | |||||
| AAA | 2,000 | 4 | Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/10 | N/A | 2,286,360 | ||||
| 231,835,026 | |||||||||
| Puerto Rico—24.0% | |||||||||
| BBB | 4,060 | Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 @ 100 | 4,156,993 | |||||
| Hwy. & Trans. Auth., | |||||||||
| BBB+ | 1,730 | 5.00%, 7/01/30 | 07/15 @ 100 | 1,757,196 | |||||
| BBB+ | 3,475 | 5.00%, 7/01/40 | 07/15 @ 100 | 3,508,638 | |||||
| BBB+ | 3,275 | 5.00%, 7/01/45 | 07/15 @ 100 | 3,306,702 | |||||
| BBB+ | 3,130 | Ser. K, 5.00%, 7/01/35 | 07/15 @ 100 | 3,160,298 | |||||
| Pub. Bldgs. Auth. Gov’t. Facs., | |||||||||
| A- | 4,400 | 4 | Ser. D, 5.25%, 7/01/12 | N/A | 4,783,328 | ||||
| BBB | 1,600 | Ser. D, 5.25%, 7/01/36 | 07/12 @ 100 | 1,645,488 | |||||
| Pub. Fin. Corp., | |||||||||
| Aaa | 7,475 | 4 | Ser. E, 5.50%, 2/01/12 | N/A | 8,188,265 | ||||
| BBB- | 2,525 | Ser. E, 5.50%, 8/01/29 | 02/12 @ 100 | 2,657,714 | |||||
| Aaa | 7,000 | 4 | Ser. E, 5.70%, 2/01/10 | N/A | 7,574,840 | ||||
| Aaa | 5,750 | 4 | Ser. E, 5.75%, 2/01/07 | N/A | 5,894,095 | ||||
| 46,633,557 | |||||||||
| Total Long-Term Investments (cost $288,529,277) | 300,308,608 | ||||||||
| Shares | |||||||||
| (000) | |||||||||
| MONEY MARKET FUND—0.5% | |||||||||
| 900 | AIM Tax Free Investment Co. Cash Reserve Portfolio | N/A | 900,000 | ||||||
| Total Investments—155.0% (cost $289,429,2776) | $ |
301,208,608 | |||||||
| Other assets in excess of liabilities—1.5% | 2,873,496 | ||||||||
| Preferred shares at redemption value, including dividends payable—(56.5)% | (109,785,320 | ) | |||||||
| Net Assets Applicable to Common Shareholders—100% | $ |
194,296,784 | |||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch ratings. |
| 2 | Date (month/year) and price of the earliest optional 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, 2006, the Trust held 11.2% of its net assets, with a current market value of $21,840,025, 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 | Security, or a portion thereof, pledged as collateral with a value of $1,171,151 on 161 short U.S. Treasury Note futures contracts expiring March 2006 and 220 short U.S. Treasury Bond futures contracts expiring March 2006. The value of such contracts on January 31, 2006 was $42,284,063, with an unrealized gain of $18,583. |
| 6 | Cost for Federal income tax purposes is $289,429,533. The net unrealized appreciation on a tax basis is $11,779,075, consisting of $12,132,273 gross unrealized appreciation and $353,198 gross unrealized depreciation. |
| 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 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 Municipal Income Trust
By: /s/ Henry GabbayPursuant 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