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: John M. Perlowski, 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: 07/31/2012

 

Date of reporting period: 10/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments October 31, 2011 (Unaudited)

BlackRock New York Municipal Income Trust (BNY)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York — 132.3%

 

 

 

 

 

 

 

Corporate — 15.7%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

986,410

 

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

 

 

550

 

 

584,155

 

New York City Industrial Development
Agency, RB, American Airlines Inc.,
JFK International Airport, AMT (a):

 

 

 

 

 

 

 

7.63%, 8/01/25

 

 

3,200

 

 

2,959,968

 

7.75%, 8/01/31

 

 

4,000

 

 

3,700,120

 

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

 

 

5,850

 

 

5,945,823

 

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

 

 

7,250

 

 

7,330,475

 

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

 

 

7,000

 

 

7,019,670

 

 

 

 

 

 

 

28,526,621

 

County/City/Special District/School District — 27.9%

 

 

 

 

 

 

 

Amherst Development Corp., RB,
University at Buffalo Foundation
Faculty-Student Housing Corp., Series
A (AGM), 4.63%, 10/01/40

 

 

1,100

 

 

1,088,703

 

Buffalo & Erie County Industrial Land
Development Corp., RB, Buffalo State
College Foundation Housing Corp.,
5.38%, 10/01/41

 

 

140

 

 

145,604

 

City of New York, GO, Series A-1, 5.00%,
8/01/35

 

 

1,000

 

 

1,071,670

 

City of New York New York, GO:

 

 

 

 

 

 

 

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

 

 

750

 

 

811,740

 

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

 

 

5,000

 

 

5,095,900

 

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

 

 

15

 

 

15,449

 

Series D, 5.38%, 6/01/32

 

 

2,485

 

 

2,543,373

 

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

 

 

500

 

 

584,960

 

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

 

 

1,750

 

 

1,918,332

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB,
Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

$

7,425

 

$

7,303,453

 

(AGM), 5.00%, 2/15/47

 

 

1,000

 

 

1,002,690

 

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

 

 

970

 

 

879,518

 

Metropolitan Transportation Authority,
RB, Transportation, Series D, 5.00%,
11/15/34

 

 

800

 

 

828,824

 

Monroe County Industrial Development
Corp., RB, Series A, 5.00%, 7/01/31

 

 

1,900

 

 

1,994,981

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

CAB, Yankee Stadium, PILOT,
6.22%, 3/01/45 (c)

 

 

1,500

 

 

214,545

 

CAB, Yankee Stadium, PILOT (AGC),
6.08%, 3/01/42 (c)

 

 

1,960

 

 

338,923

 

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

 

 

750

 

 

765,795

 

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

 

 

500

 

 

504,305

 

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

 

 

150

 

 

160,328

 

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

 

 

4,900

 

 

4,250,603

 

Queens Baseball Stadium, PILOT
(AMBAC), 5.00%, 1/01/39

 

 

500

 

 

426,830

 

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

 

 

1,550

 

 

1,587,464

 

New York City Transitional Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

650

 

 

693,680

 

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

 

 

1,700

 

 

1,661,648

 

New York Convention Center
Development Corp., RB, Hotel Unit
Fee Secured (AMBAC):

 

 

 

 

 

 

 

5.00%, 11/15/35

 

 

250

 

 

253,735

 

5.00%, 11/15/44

 

 

9,660

 

 

9,747,616

 

 

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

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

FHA

Federal Housing Administration

GO

General Obligation Bonds

HFA

Housing Finance Agency

LRB

Lease Revenue Bonds

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

PILOT

Payment in Lieu of Taxes

Radian

Radian Group, Inc.

RB

Revenue Bonds

SONYMA

State of New York Mortgage Agency

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

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)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project:

 

 

 

 

 

 

 

5.63%, 7/15/47

 

$

2,000

 

$

2,010,900

 

6.38%, 7/15/49

 

 

1,200

 

 

1,245,204

 

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

 

 

750

 

 

787,935

 

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

 

 

395

 

 

412,818

 

Saint Lawrence County Industrial
Development Agency, RB, Clarkson
University Project, 5.38%, 9/01/41

 

 

275

 

 

291,687

 

 

 

 

 

 

 

50,639,213

 

Education — 28.1%

 

 

 

 

 

 

 

Albany Industrial Development Agency,
RB, New Covenant Charter School
Project, Series A (d)(e):

 

 

 

 

 

 

 

7.00%, 5/01/25

 

 

910

 

 

227,536

 

7.00%, 5/01/35

 

 

590

 

 

147,524

 

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

 

 

875

 

 

884,538

 

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

 

 

7,000

 

 

6,348,790

 

Madison County Industrial Development
Agency New York, RB:

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,034,100

 

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

 

 

275

 

 

258,068

 

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

 

 

1,165

 

 

1,191,492

 

New York City Industrial Development
Agency, RB, New York University
Project (BHAC), 5.00%, 7/01/41

 

 

4,500

 

 

4,501,350

 

New York City Trust for Cultural
Resources, Refunding RB, Museum of
Modern Art, Series 1A, 5.00%,
4/01/31

 

 

1,000

 

 

1,071,100

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Convent of the Sacred Heart (AGM),
5.25%, 11/01/24

 

 

155

 

 

168,172

 

Convent of the Sacred Heart (AGM),
5.63%, 11/01/32

 

 

750

 

 

821,933

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

Education (continued)

 

 

 

 

 

 

 

New York State Dormitory Authority, RB
(concluded):

 

 

 

 

 

 

 

Convent of the Sacred Heart (AGM),
5.75%, 11/01/40

 

$

210

 

$

227,409

 

Cornell University, Series A,
5.00%, 7/01/40

 

 

1,000

 

 

1,074,850

 

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

 

 

2,000

 

 

2,039,860

 

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

 

 

7,500

 

 

7,501,875

 

New School University (AGM),
5.50%, 7/01/43

 

 

1,500

 

 

1,592,190

 

New York University, Series 1
(AMBAC), 5.50%, 7/01/40

 

 

1,440

 

 

1,756,166

 

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

 

 

4,000

 

 

4,000,480

 

New York University, Series A
(AMBAC), 5.00%, 7/01/37

 

 

1,000

 

 

1,044,530

 

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

 

 

1,000

 

 

1,101,820

 

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

 

 

850

 

 

894,769

 

University of Rochester, Series A,
5.75%, 7/01/39 (f)

 

 

650

 

 

604,201

 

University of Rochester, Series B,
5.00%, 7/01/39

 

 

500

 

 

512,770

 

New York State Dormitory Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

475

 

 

511,832

 

Skidmore College, Series A,
5.00%, 7/01/27

 

 

190

 

 

205,574

 

Skidmore College, Series A,
5.00%, 7/01/28

 

 

75

 

 

80,586

 

Skidmore College, Series A,
5.25%, 7/01/29

 

 

85

 

 

92,307

 

Teachers College, 5.50%,
3/01/39

 

 

450

 

 

480,713

 

Yeshiva University, 5.00%,
9/01/34

 

 

275

 

 

277,643

 

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

 

 

1,000

 

 

1,009,710

 

Tompkins County Development Corp.,
RB, Ithaca College Project (AGM),
5.50%, 7/01/33

 

 

700

 

 

757,526

 

Trust for Cultural Resources, RB,
Series A:

 

 

 

 

 

 

 

Carnegie Hall, 4.75%,
12/01/39

 

 

2,250

 

 

2,274,007

 

Juilliard School, 5.00%,
1/01/39

 

 

2,100

 

 

2,220,225

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

2


 

 

 

 

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)

 

 

 

 

 

 

 

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

 

$

2,500

 

$

2,445,525

 

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

 

 

625

 

 

661,188

 

 

 

 

 

 

 

51,022,359

 

Health — 10.2%

 

 

 

 

 

 

 

Dutchess County Local Development
Corp., Refunding RB, Health Quest
System Inc., Series A, 5.75%,
7/01/40

 

 

300

 

 

306,957

 

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

 

 

500

 

 

429,405

 

Monroe County Industrial Development
Corp., RB, Unity Hospital of Rochester
Project (FHA), 5.50%, 8/15/40

 

 

1,050

 

 

1,131,407

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

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

 

 

750

 

 

780,503

 

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

 

 

200

 

 

216,026

 

New York University Hospital
Center, Series A, 5.00%,
7/01/36

 

 

3,390

 

 

3,264,197

 

New York University Hospital
Center, Series A, 6.00%,
7/01/40

 

 

500

 

 

521,205

 

New York University Hospital
Center, Series B, 5.63%,
7/01/37

 

 

530

 

 

538,554

 

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

 

 

2,000

 

 

2,153,560

 

North Shore-Long Island
Jewish Health System, Series
A, 5.00%, 5/01/32

 

 

1,750

 

 

1,763,160

 

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

 

 

1,775

 

 

1,826,581

 

Nysarc Inc., Series A, 6.00%,
7/01/32

 

 

575

 

 

619,160

 

New York State Dormitory Authority,
Refunding RB:

 

 

 

 

 

 

 

Mount Sinai Hospital, Series A,
5.00%, 7/01/26

 

 

1,385

 

 

1,424,140

 

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

 

 

1,100

 

 

1,136,828

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

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

 

$

1,175

 

$

1,102,009

 

Westchester County Healthcare Corp.
New York, Refunding RB, Senior Lien,
Series B, 6.00%, 11/01/30

 

 

375

 

 

390,060

 

Westchester County Industrial
Development Agency New York, MRB,
Kendal on Hudson Project, Series A,
6.38%, 1/01/24

 

 

1,000

 

 

998,470

 

 

 

 

 

 

 

18,602,222

 

Housing — 4.9%

 

 

 

 

 

 

 

New York Mortgage Agency, Refunding
RB, AMT:

 

 

 

 

 

 

 

Homeowner Mortgage, Series
97, 5.50%, 4/01/31

 

 

1,905

 

 

1,905,552

 

Series 101, 5.40%, 4/01/32

 

 

4,465

 

 

4,466,027

 

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

 

 

1,500

 

 

1,464,960

 

Yonkers EDC, Refunding RB, Riverview II
(Freddie Mac), 4.50%, 5/01/25

 

 

1,000

 

 

1,015,540

 

 

 

 

 

 

 

8,852,079

 

State — 4.2%

 

 

 

 

 

 

 

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

 

 

600

 

 

678,288

 

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

 

 

1,850

 

 

1,888,739

 

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

 

 

4,855

 

 

4,993,902

 

 

 

 

 

 

 

7,560,929

 

Tobacco — 5.2%

 

 

 

 

 

 

 

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

 

 

3,700

 

 

3,167,311

 

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

 

 

2,500

 

 

2,062,200

 

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

 

 

5,000

 

 

4,122,650

 

 

 

 

 

 

 

9,352,161

 

Transportation — 24.9%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB:

 

 

 

 

 

 

 

(AGC), 5.00%, 2/15/47

 

 

1,000

 

 

1,002,690

 

Series A, 5.75%, 2/15/47

 

 

1,250

 

 

1,323,637

 

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

 

 

1,000

 

 

1,170,750

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

3


 

 

 

 

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 (concluded)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series A, 5.13%, 1/01/29

 

$

820

 

$

837,581

 

Series A, 5.00%, 11/15/30

 

 

12,000

 

 

12,390,240

 

Series A, 5.13%, 11/15/31

 

 

8,000

 

 

8,124,000

 

Transportation, Series F (NPFGC),
5.00%, 11/15/31

 

 

1,000

 

 

1,014,240

 

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

 

 

9,000

 

 

7,765,740

 

Port Authority of New York & New Jersey,
RB:

 

 

 

 

 

 

 

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

 

 

500

 

 

489,355

 

Consolidated, 124th Series,
AMT, 5.00%, 8/01/36

 

 

2,000

 

 

2,000,680

 

JFK International Air Terminal,
6.00%, 12/01/42

 

 

1,000

 

 

1,045,720

 

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

 

 

1,000

 

 

1,045,320

 

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

 

 

7,000

 

 

6,930,140

 

 

 

 

 

 

 

45,140,093

 

Utilities — 11.2%

 

 

 

 

 

 

 

Long Island Power Authority, RB,
General:

 

 

 

 

 

 

 

Series A (AGM), 5.00%, 5/01/36

 

 

500

 

 

524,275

 

Series C (CIFG), 5.25%, 9/01/29

 

 

2,000

 

 

2,218,940

 

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

 

 

4,000

 

 

4,404,840

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Second General Resolution,
Fiscal 2011, Series HH,
5.00%, 6/15/32

 

 

5,300

 

 

5,719,654

 

Series B, 5.00%, 6/15/36

 

 

750

 

 

781,012

 

New York City Municipal Water Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

Second General Resolution,
Fiscal 2011, Series BB,
5.00%, 6/15/31

 

 

1,000

 

 

1,075,300

 

Series D, 5.00%, 6/15/39

 

 

5,000

 

 

5,230,450

 

New York State Environmental Facilities
Corp., RB, Revolving Funds, New York
City Municipal Water, 5.00%,
6/15/36

 

 

350

 

 

375,687

 

 

 

 

 

 

 

20,330,158

 

Total Municipal Bonds in New York

 

 

 

 

 

240,025,835

 

Guam — 0.9%

 

 

 

 

 

 

 

State — 0.6%

 

 

 

 

 

 

 

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

 

 

970

 

 

1,005,114

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Guam (concluded)

 

 

 

 

 

 

 

Utilities — 0.3%

 

 

 

 

 

 

 

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

 

$

600

 

$

592,770

 

Total Municipal Bonds in Guam

 

 

 

 

 

1,597,884

 

Puerto Rico — 10.0%

 

 

 

 

 

 

 

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

 

 

1,017,510

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series A (NPFGC),
5.76%, 8/01/41 (c)

 

 

3,500

 

 

544,985

 

 

 

 

 

 

 

1,562,495

 

Housing — 1.4%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,590,700

 

State — 5.0%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.25%, 7/01/12 (b)

 

 

3,400

 

 

3,510,602

 

5.25%, 7/01/36

 

 

1,600

 

 

1,575,952

 

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

 

 

1,000

 

 

1,012,990

 

Puerto Rico Sales Tax Financing Corp.,
RB:

 

 

 

 

 

 

 

CAB, Series A, 6.40%,
8/01/32 (c)

 

 

1,685

 

 

479,450

 

First Sub-Series A, 5.75%,
8/01/37

 

 

2,000

 

 

2,096,540

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series A (NPFGC),
5.97%, 8/01/43 (c)

 

 

2,500

 

 

339,525

 

 

 

 

 

 

 

9,015,059

 

Transportation — 1.8%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation
Authority, Refunding RB:

 

 

 

 

 

 

 

Series AA-1 (AGM), 4.95%,
7/01/26 (b)

 

 

105

 

 

108,299

 

Series AA-1 (AGM), 4.95%, 7/01/26

 

 

145

 

 

147,858

 

Series CC (AGM), 5.50%, 7/01/30

 

 

2,750

 

 

2,988,947

 

 

 

 

 

 

 

3,245,104

 

Utilities — 0.9%

 

 

 

 

 

 

 

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

 

 

1,100

 

 

1,142,680

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

4


 

 

 

 

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)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

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

 

$

500

 

$

513,925

 

 

 

 

 

 

 

1,656,605

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

18,069,963

 

Total Municipal Bonds – 143.2%

 

 

 

 

 

259,693,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (g)

 

 

 

 

 

 

 

New York — 12.1%

 

 

 

 

 

 

 

Housing — 8.6%

 

 

 

 

 

 

 

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

 

 

15,500

 

 

15,503,410

 

Utilities — 3.5%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,200

 

 

1,351,966

 

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

 

 

810

 

 

892,242

 

New York City Municipal Water Finance
Authority, Refunding RB, Series A,
4.75%, 6/15/30

 

 

4,000

 

 

4,165,880

 

 

 

 

 

 

 

6,410,088

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts –
12.1%

 

 

 

 

 

21,913,498

 

Total Long-Term Investments
(Cost – $279,129,449) – 155.3%

 

 

 

 

 

281,607,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF New York Municipal Money Fund,
0.00% (h)(i)

 

 

2,108,707

 

 

2,108,707

 

Total Short-Term Investments
(Cost – $2,108,707) – 1.1%

 

 

 

 

 

2,108,707

 

Total Investments
(Cost - $281,238,156*) – 156.4%

 

 

 

 

 

283,715,887

 

Other Assets Less Liabilities – 1.8%

 

 

 

 

 

3,261,692

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (6.1)%

 

 

 

 

 

(11,093,809

)

AMPS, at Redemption Value – (52.1)%

 

 

 

 

 

(94,501,771

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

181,381,999

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

269,432,879

 

Gross unrealized appreciation

 

 

 

 

$

9,065,061

 

Gross unrealized depreciation

 

 

 

 

 

(5,871,527

)

Net unrealized appreciation

 

 

 

 

$

3,193,534

 

 

 

(a)

Variable rate security. Rate shown is as of report date.

 

 

(b)

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.

 

 

(c)

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

 

 

(d)

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

 

 

(e)

Non-income producing security.

 

 

(f)

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

 

 

(g)

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

 

 

(h)

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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31,
2011

 

Net
Activity

 

Shares
Held at
October 31,
2011

 

Income

 

BIF New York Municipal Money Fund

 

 

10,549,049

 

 

(8,440,342

)

 

2,108,707

 

$

—

 

 

 

 

(i)

Represents the current yield as of report date.

 

 

 

•

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — unadjusted 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)


 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

5


 

 

 

 

Schedule of Investments (concluded)

BlackRock New York Municipal Income Trust (BNY)


 

 

 

 

•

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)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust’s perceived risk of 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 annual report.

The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

281,607,180

 

 

—

 

$

281,607,180

 

Short-Term
Securities

 

$

2,108,707

 

 

—

 

 

—

 

 

2,108,707

 

Total

 

$

2,108,707

 

$

281,607,180

 

 

—

 

$

283,715,887

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

OCTOBER 31, 2011

6

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 13a-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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock New York Municipal Income Trust
   
  Date: December 21, 2011
   
  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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock New York Municipal Income Trust
   
  Date: December 21, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock New York Municipal Income Trust
     
  Date: December 21, 2011