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: 04/30/2012

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2012 (Unaudited)

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York — 118.8%

 

 

 

 

 

 

 

Corporate — 15.1%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,069,830

 

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

 

 

550

 

 

599,533

 

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

 

 

 

 

 

 

 

7.63%, 8/01/25

 

 

3,200

 

 

3,243,904

 

7.75%, 8/01/31

 

 

4,000

 

 

4,079,960

 

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

 

 

6,350

 

 

6,937,756

 

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

 

 

6,040

 

 

6,105,836

 

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

 

 

7,000

 

 

7,160,090

 

 

 

 

 

 

 

29,196,909

 

County/City/Special District/School District — 26.9%

 

 

 

 

 

 

 

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

 

 

1,100

 

 

1,147,102

 

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

 

 

140

 

 

152,128

 

City of New York New York, GO:

 

 

 

 

 

 

 

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

 

 

750

 

 

842,408

 

Series A-1, 5.00%, 8/01/35

 

 

1,000

 

 

1,119,310

 

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

 

 

2,260

 

 

2,270,080

 

Series D, 5.38%, 6/01/32

 

 

225

 

 

225,902

 

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

 

 

500

 

 

607,335

 

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

 

 

1,750

 

 

1,984,535

 

Hudson New York Yards Infrastructure
Corp., RB, Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

 

5,985

 

 

6,195,732

 

5.75%, 2/15/47

 

 

200

 

 

225,714

 

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

 

 

1,000

 

 

1,045,370

 

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

 

 

1,970

 

 

1,952,762

 

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

 

 

800

 

 

868,840

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

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

 

$

1,900

 

$

2,147,266

 

New York City Industrial Development
Agency, RB:

 

 

 

 

 

 

 

CAB, Yankee Stadium, PILOT,
6.25%, 3/01/45 (e)

 

 

1,500

 

 

265,470

 

CAB, Yankee Stadium, PILOT (AGC),
6.11%, 3/01/42 (e)

 

 

1,960

 

 

412,168

 

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

 

 

750

 

 

766,275

 

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

 

 

500

 

 

508,545

 

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

 

 

150

 

 

168,518

 

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

 

 

3,000

 

 

2,926,620

 

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

 

 

1,550

 

 

1,586,255

 

New York City Transitional Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

650

 

 

714,194

 

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

 

 

1,700

 

 

1,731,144

 

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

 

 

 

 

 

 

 

5.00%, 11/15/35

 

 

250

 

 

259,263

 

5.00%, 11/15/44

 

 

9,660

 

 

9,995,202

 

4.75%, 11/15/45

 

 

500

 

 

506,980

 

New York Liberty Development Corp.,
Refunding RB:

 

 

 

 

 

 

 

4 World Trade Center Project,
5.00%, 11/15/31

 

 

860

 

 

949,904

 

4 World Trade Center Project,
5.75%, 11/15/51

 

 

1,340

 

 

1,521,047

 

7 World Trade Center Project,
Class 2, 5.00%, 9/15/43

 

 

1,670

 

 

1,783,977

 

7 World Trade Center Project,
Class 3, 5.00%, 3/15/44

 

 

2,070

 

 

2,135,019

 

Second Priority, Bank of
America Tower at One
Bryant Park Project, 5.63%,
7/15/47

 

 

2,000

 

 

2,176,260

 

Second Priority, Bank of
America Tower at One
Bryant Park Project, 6.38%,
7/15/49

 

 

1,200

 

 

1,335,996

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2012

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

 

$

750

 

$

816,780

 

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

 

 

395

 

 

427,374

 

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

 

 

275

 

 

306,471

 

 

 

 

 

 

 

52,077,946

 

Education — 22.8%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

7.00%, 5/01/25

 

 

910

 

 

209,291

 

7.00%, 5/01/35

 

 

590

 

 

135,694

 

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

 

 

3,590

 

 

3,865,784

 

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

 

 

7,000

 

 

7,022,330

 

Madison County Industrial Development
Agency New York, RB:

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,046,240

 

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

 

 

275

 

 

278,152

 

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

 

 

1,165

 

 

1,248,647

 

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

 

 

1,000

 

 

1,105,520

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

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

 

 

155

 

 

176,821

 

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

 

 

750

 

 

884,220

 

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

 

 

210

 

 

245,511

 

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

 

 

2,000

 

 

2,151,840

 

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

 

 

1,440

 

 

1,885,982

 

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

 

 

1,000

 

 

1,068,370

 

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

 

 

1,000

 

 

1,163,490

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

Education (concluded)

 

 

 

 

 

 

 

New York State Dormitory Authority, RB
(concluded):

 

 

 

 

 

 

 

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

 

$

850

 

$

927,299

 

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

 

 

650

 

 

652,190

 

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

 

 

500

 

 

525,425

 

New York State Dormitory Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

475

 

 

537,401

 

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

 

 

1,000

 

 

1,114,000

 

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

 

 

1,790

 

 

2,001,739

 

Rockefeller University, Series
B, 4.00%, 7/01/38

 

 

1,835

 

 

1,896,968

 

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

 

 

190

 

 

215,530

 

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

 

 

75

 

 

84,508

 

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

 

 

85

 

 

96,863

 

Teachers College, 5.50%,
3/01/39

 

 

450

 

 

497,934

 

Third General Resolution,
State University Educational
Facilities, Series A, 5.00%,
5/15/29

 

 

2,000

 

 

2,303,360

 

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

 

 

1,000

 

 

1,027,700

 

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

 

 

700

 

 

796,579

 

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

 

 

2,100

 

 

2,302,839

 

Trust for Cultural Resources, Refunding
RB, Series A, Carnegie Hall, 4.75%,
12/01/39

 

 

2,250

 

 

2,368,440

 

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

 

 

2,500

 

 

2,500,875

 

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

 

 

625

 

 

692,500

 

 

 

 

 

 

 

44,030,042

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2012

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)

 

 

 

 

 

 

 

Health — 11.6%

 

 

 

 

 

 

 

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

 

$

300

 

$

326,019

 

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

 

 

500

 

 

469,550

 

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

 

 

1,050

 

 

1,180,620

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

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

 

 

750

 

 

802,755

 

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

 

 

200

 

 

230,218

 

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

 

 

500

 

 

566,095

 

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

 

 

530

 

 

569,575

 

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

 

 

2,000

 

 

2,104,820

 

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

 

 

1,775

 

 

1,976,303

 

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

 

 

575

 

 

659,922

 

New York State Dormitory Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,385

 

 

1,495,661

 

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

 

 

3,390

 

 

3,530,651

 

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

 

 

1,750

 

 

1,911,630

 

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

 

 

1,100

 

 

1,223,321

 

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

 

 

1,175

 

 

1,185,129

 

Westchester County Healthcare Corp.
New York, Refunding RB:

 

 

 

 

 

 

 

Senior Lien, Series A,
Remarketing, 5.00%,
11/01/30

 

 

2,500

 

 

2,627,375

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

Health (concluded)

 

 

 

 

 

 

 

Westchester County Healthcare Corp.
New York, Refunding RB (concluded):

 

 

 

 

 

 

 

Senior Lien, Series B, 6.00%,
11/01/30

 

$

500

 

$

568,390

 

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

 

 

1,000

 

 

1,005,190

 

 

 

 

 

 

 

22,433,224

 

Housing — 4.1%

 

 

 

 

 

 

 

New York Mortgage Agency, Refunding
RB, AMT:

 

 

 

 

 

 

 

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

 

 

1,485

 

 

1,486,099

 

Series 101, 5.40%, 4/01/32

 

 

3,850

 

 

3,852,618

 

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

 

 

1,500

 

 

1,523,505

 

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

 

 

1,000

 

 

1,059,950

 

 

 

 

 

 

 

7,922,172

 

State — 4.6%

 

 

 

 

 

 

 

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

 

 

600

 

 

700,578

 

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

 

 

1,850

 

 

1,979,500

 

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

 

 

2,000

 

 

2,132,620

 

New York State Thruway Authority,
Refunding RB, Series A, 5.00%,
4/01/32

 

 

3,500

 

 

4,006,135

 

 

 

 

 

 

 

8,818,833

 

Tobacco — 1.1%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,177,950

 

Transportation — 23.6%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure
Corp., RB (AGC), 5.00%, 2/15/47

 

 

1,000

 

 

1,045,370

 

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

 

 

1,000

 

 

1,267,620

 

Metropolitan Transportation Authority,
Refunding RB, Series A:

 

 

 

 

 

 

 

5.00%, 11/15/30

 

 

12,000

 

 

12,245,760

 

5.13%, 11/15/31

 

 

5,000

 

 

5,100,300

 

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

 

 

9,000

 

 

8,606,520

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2012

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)

 

 

 

 

 

 

 

New York Liberty Development Corp.,
RB, 1 World Trade Center Port
Authority Construction, 5.00%,
12/15/41

 

$

5,675

 

$

6,200,278

 

Port Authority of New York & New Jersey,
RB:

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,005,640

 

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

 

 

1,000

 

 

1,108,360

 

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

 

 

1,000

 

 

1,036,230

 

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

 

 

7,000

 

 

7,001,050

 

 

 

 

 

 

 

45,617,128

 

Utilities — 9.0%

 

 

 

 

 

 

 

Long Island Power Authority, RB,
General:

 

 

 

 

 

 

 

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

 

 

500

 

 

545,785

 

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

 

 

2,000

 

 

2,329,520

 

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

 

 

4,000

 

 

4,561,880

 

New York City Municipal Water Finance
Authority, RB, Series B, 5.00%,
6/15/36

 

 

750

 

 

823,537

 

New York City Municipal Water Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,133,970

 

Second General Resolution,
Series EE, 4.00%, 6/15/45

 

 

2,310

 

 

2,317,554

 

Series D, 5.00%, 6/15/39

 

 

5,000

 

 

5,397,350

 

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

 

 

350

 

 

390,695

 

 

 

 

 

 

 

17,500,291

 

Total Municipal Bonds in New York

 

 

 

 

 

229,774,495

 

 

 

 

 

 

 

 

 

Puerto Rico — 9.1%

 

 

 

 

 

 

 

Housing — 1.4%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,705,250

 

 

 

 

 

 

 

 

 

Municipal Bonds

 


Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

State — 5.1%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.25%, 7/01/12 (d)

 

$

3,400

 

$

3,428,424

 

5.25%, 7/01/36

 

 

1,600

 

 

1,600,736

 

Puerto Rico Sales Tax Financing Corp.,
RB:

 

 

 

 

 

 

 

CAB, Series A, 6.41%,
8/01/32 (e)

 

 

1,685

 

 

548,838

 

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

 

 

2,000

 

 

2,211,700

 

First Sub-Series A (AGM), 5.00%,
8/01/40

 

 

1,000

 

 

1,051,730

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series A (NPFGC) (e):

 

 

 

 

 

 

 

5.76%, 8/01/41

 

 

3,500

 

 

672,315

 

5.96%, 8/01/43

 

 

2,500

 

 

426,550

 

 

 

 

 

 

 

9,940,293

 

Transportation — 1.7%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation
Authority, Refunding RB (AGM):

 

 

 

 

 

 

 

Series AA-1, 4.95%, 7/01/26

 

 

145

 

 

154,719

 

Series CC, 5.50%, 7/01/30

 

 

2,750

 

 

3,193,383

 

 

 

 

 

 

 

3,348,102

 

Utilities — 0.9%

 

 

 

 

 

 

 

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

 

 

1,100

 

 

1,164,262

 

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

 

 

500

 

 

538,260

 

 

 

 

 

 

 

1,702,522

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

17,696,167

 

Total Municipal Bonds – 127.9%

 

 

 

 

 

247,470,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

New York — 29.9%

 

 

 

 

 

 

 

County/City/Special District/School District — 0.5%

 

 

 

 

 

 

 

New York City Transitional Finance
Authority, RB, Future Tax Secured,
Sub-Series D1, 5.00%, 11/01/38

 

 

825

 

 

920,073

 

Housing — 8.0%

 

 

 

 

 

 

 

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

 

 

15,390

 

 

15,400,311

 

Transportation — 11.8%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure
Corp., RB, Series A, 5.75%, 2/15/47

 

 

1,250

 

 

1,410,588

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2012

4


 

 

 

 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

New York (concluded)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

New York Liberty Development Corp.,
RB, 1 World Trade Center Port
Authority Construction, 5.25%,
12/15/43

 

$

6,495

 

$

7,298,107

 

New York Liberty Development Corp.,
Refunding RB:

 

 

 

 

 

 

 

4 World Trade Center Project,
5.00%, 11/15/44

 

 

5,020

 

 

5,353,278

 

7 World Trade Center Project,
Class 1, 4.00%, 9/15/35 (h)

 

 

4,260

 

 

4,255,996

 

7 World Trade Center Project,
Class 1, 5.00%, 9/15/40

 

 

2,610

 

 

2,902,137

 

Port Authority of New York & New Jersey,
RB, Consolidated 169th Series, AMT,
5.00%, 10/15/26

 

 

1,500

 

 

1,687,545

 

 

 

 

 

 

 

22,907,651

 

Utilities — 9.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,200

 

 

1,420,390

 

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

 

 

810

 

 

925,378

 

New York City Municipal Water Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

Second General Resolution,
Fiscal 2012, Series BB,
AMT, 5.00%, 6/15/44

 

 

3,511

 

 

3,856,786

 

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

 

 

5,310

 

 

6,074,587

 

Series A, 4.75%, 6/15/30

 

 

4,000

 

 

4,373,120

 

Suffolk County Water Authority,
Refunding RB, 3.00%, 6/01/25

 

 

1,996

 

 

2,029,442

 

 

 

 

 

 

 

18,679,703

 

Total Municipal Bonds in New York

 

 

 

 

 

57,907,738

 

 

 

 

 

 

 

 

 

Puerto Rico — 0.9%

 

 

 

 

 

 

 

State — 0.9%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, Series C, 5.25%,
8/01/40

 

 

1,520

 

 

1,663,184

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 30.8%

 

 

 

 

 

59,570,922

 

Total Long-Term Investments
(Cost – $292,747,578) – 158.7%

 

 

 

 

 

307,041,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Par
(000)

 

Value

 

New York — 0.5%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, Refunding RB, VRDN,
Second General Resolution, Series
DD-1 (TD Bank NA SBPA), 0.23%,
5/01/12

 

$

970

 

$

970,000

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

Money Market Funds — 3.5%

 

 

 

 

 

 

 

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

 

 

6,741,809

 

 

6,741,809

 

Total Short-Term Securities
(Cost – $7,711,809) – 4.0%

 

 

 

 

 

7,711,809

 

Total Investments (Cost - $300,459,387*) – 162.7%

 

 

 

 

 

314,753,393

 

Other Assets Less Liabilities – 2.9%

 

 

 

 

 

5,557,495

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (16.7)%

 

 

 

 

 

(32,361,652

)

VMTP Shares, at Liquidation Value – (48.9)%

 

 

 

 

 

(94,500,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

193,449,236

 

 

 

*

As of April 30, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


 

 

 

 

 

Tax cost

 

$

267,391,869

 

Gross unrealized appreciation

 

$

16,246,392

 

Gross unrealized depreciation

 

 

(1,236,583

)

Net unrealized appreciation

 

$

15,009,809

 

 

 

(a)

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

 

 

(b)

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

 

 

(c)

Non-income producing security.

 

 

(d)

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.

 

 

(e)

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

 

 

(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)

When-issued security. Unsettled when-issued transactions were as follows:


 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

JPMorgan Securities

 

$

4,255,996

 

$

67,408

 

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2012

5


 

 

 

 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)

 

 

(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, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
July 31, 2011

 

Net
Activity

 

Shares
Held at
April 30, 2012

 

Income

 

 

BIF New York
Municipal
Money Fund

 

 

10,549,049

 

 

(3,807,240

)

 

6,741,809

 

$

67

 

 

 

(j)

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 rating 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.


 

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

Freddie Mac

Federal Home Loan Mortgage Corporation

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 Financial Guaranty

RB

Revenue Bonds

SBPA

Stand-by Bond Purchase Agreements

SONYMA

State of New York Mortgage Agency

VRDN

Variable Rate Demand Notes

 

 

•

Financial futures contracts sold as of April 30, 2012 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

224

 

10-Year
US
Treasury
Note

 

Chicago
Board
of Trade

 

June
2012

 

$

29,631,000

 

$

(433,551

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. 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)

 

 

 

 

•

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 and derivative financial instruments)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of April 30, 2012 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

307,041,584

 

 

—

 

 

307,041,584

 

Short-Term
Securities

 

$

6,741,809

 

 

970,000

 

 

—

 

 

7,711,809

 

Total

 

$

6,741,809

 

$

308,011,584

 

 

—

 

$

314,753,393

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2012

6


 

 

 

 

Schedule of Investments (concluded)

BlackRock New York Municipal Income Trust (BNY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial
Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(433,551

)

 

—

 

 

—

 

$

(433,551

)

 

 

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

Certain of the Trust’s assets and liabilities are held at carrying amount which approximates fair value. Such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash pledged
as
collateral for
financial
futures
contracts

 

$

296,000

 

 

—

 

 

—

 

$

296,000

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

—

 

$

(32,351,715

)

 

—

 

 

(32,351,715

)

VMTP Shares

 

 

—

 

 

(94,500,000

)

 

—

 

 

(94,500,000

)

Total

 

$

296,000

 

$

(126,851,715

)

 

—

 

$

(126,555,715

)

There were no transfers between levels during the period ended April 30, 2012.

 

 

 

 

 

 

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

APRIL 30, 2012

7

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: June 22, 2012
   
  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: June 22, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock New York Municipal Income Trust
     
  Date: June 22, 2012