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: 07/31/2015

 

Date of reporting period: 10/31/2014

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments October 31, 2014 (Unaudited) BlackRock New York Municipal Income Trust (BNY)
  (Percentages shown are based on Net Assets)
   
Municipal Bonds Par
(000)		   Value  
 

New York — 133.3%

  
Corporate — 13.8%  
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT (a):          
  7.63%, 8/01/25 $  3,200 $ 3,490,624  
  7.75%, 8/01/31   4,000   4,390,160  
City of New York New York Industrial Development Agency, Refunding RB, Transportation Infrastructure Properties LLC, Series A, AMT, 5.00%, 7/01/28   795   869,786  
County of Chautauqua New York Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42   1,000   1,110,810  
County of Essex New York Industrial Development Agency, RB, International Paper Co. Project, Series A, AMT, 6.63%, 9/01/32   550   618,898  
County of Suffolk New York Industrial Development Agency, RB, KeySpan Generation LLC, Port Jefferson, AMT, 5.25%, 6/01/27   6,000   6,030,000  
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35   4,880   5,761,816  
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (b)   1,500   1,544,730  
Port Authority of New York & New Jersey, ARB, Continental Airlines, Inc. & Eastern Air Lines, Inc. Project, LaGuardia, AMT, 9.13%, 12/01/15   3,285   3,339,038  
           
    27,155,862  
 
County/City/Special District/School District — 32.4%  
City of New York New York, GO:          
  Fiscal 2014, Sub-Series D-1, 5.00%, 8/01/31   690   800,662  
  Series A-1, 5.00%, 8/01/35   1,000   1,133,940  
  Series A-1, Fiscal 2009, 4.75%, 8/15/25   750   840,772  
  Series D, 5.38%, 6/01/32   25   25,100  
               
Municipal Bonds Par
(000)		   Value  
 

New York (continued)

  
County/City/Special District/School District (continued)  
City of New York New York, GO (concluded):          
  Sub-Series G-1, 5.00%, 4/01/28 $ 630 $ 730,920  
  Sub-Series G-1, 5.00%, 4/01/29   750   860,880  
  Sub-Series G-1, 6.25%, 12/15/31   500   598,060  
  Sub-Series I-1, 5.38%, 4/01/36   1,750   2,011,660  
City of New York New York, GO, Refunding:          
  Series E, 5.50%, 8/01/25   1,280   1,586,970  
  Series E, 5.00%, 8/01/30   1,000   1,156,230  
  Series I, 5.00%, 8/01/30   1,000   1,150,020  
City of New York New York Convention Center Development Corp., RB, Hotel Unit Fee Secured (AMBAC):          
  5.00%, 11/15/35   250   258,473  
  5.00%, 11/15/44   6,495   6,724,663  
  4.75%, 11/15/45   500   505,040  
City of New York New York Housing Development Corp., RB, Fund Grant Program, New York City Housing Authority Program, Series B1:          
  5.25%, 7/01/32   1,140   1,324,976  
  5.00%, 7/01/33   500   565,605  
City of New York New York Industrial Development Agency, RB, PILOT:          
  CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/42 (c)   1,960   558,992  
  CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/45 (c)   1,500   368,430  
  Queens Baseball Stadium (AGC), 6.38%, 1/01/39   150   174,732  
  Queens Baseball Stadium (AMBAC), 5.00%, 1/01/39   3,000   3,079,710  
  Yankee Stadium Project (NPFGC), 4.75%, 3/01/46   480   490,195  
City of New York New York Industrial Development Agency, Refunding ARB, Transportation Infrastructure Properties LLC, Series A, AMT, 5.00%, 7/01/22   650   721,493  
               


BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     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)  
City of New York New York Transitional Finance Authority, RB, Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 $  2,500 $ 2,782,150  
Hudson Yards Infrastructure Corp., RB, Series A:          
  Senior, Fiscal 2012, 5.75%, 2/15/47   200   230,278  
  5.00%, 2/15/47   5,485   5,863,136  
  (AGC), 5.00%, 2/15/47   1,000   1,070,810  
  (AGM), 5.00%, 2/15/47   1,000   1,070,810  
  (NPFGC), 4.50%, 2/15/47   4,500   4,705,740  
Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.00%, 11/15/34   800   887,296  
New York Liberty Development Corp., Refunding RB:          
  2nd Priority, Bank of America Tower at One Bryant Park Project, Class 2, 5.63%, 7/15/47   2,000   2,270,780  
  2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49   1,200   1,358,532  
  3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b)(d)   480   491,170  
  4 World Trade Center Project, 5.00%, 11/15/31   860   964,344  
  4 World Trade Center Project, 5.00%, 11/15/44   7,655   8,486,639  
  4 World Trade Center Project, 5.75%, 11/15/51   1,340   1,559,318  
  7 World Trade Center Project, Class 1, 4.00%, 9/15/35   1,935   2,091,329  
  7 World Trade Center Project, Class 2, 5.00%, 9/15/43   1,670   1,849,775  
  7 World Trade Center Project, Class 3, 5.00%, 3/15/44   2,070   2,228,314  
           
    63,577,944  
 
Education — 30.6%  
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A (e)(f):          
  7.00%, 5/01/25   910   11,366  
  7.00%, 5/01/35   590   7,369  
               
Municipal Bonds Par
(000)		   Value  
 

New York (continued)

  
Education (continued)  
Amherst Development Corp., Refunding RB, University at Buffalo Foundation Faculty-Student Housing Corp., Series A (AGM), 4.63%, 10/01/40 $  1,100 $ 1,168,607  
Build NYC Resource Corp., RB, Series A:          
  Bronx Charter School for Excellence Project, 5.50%, 4/01/43   900   967,005  
  Bronx Charter School for International Cultures & The Arts Project, 5.00%, 4/15/33   900   911,124  
Build NYC Resource Corp., Refunding RB, City University New York Queens, Series A, 5.00%, 6/01/38   250   284,008  
City of New York New York Trust for Cultural Resources, RB, Juilliard School, Series A, 5.00%, 1/01/39   750   840,780  
City of New York New York Trust for Cultural Resources, Refunding RB:          
  American Museum of National History, Series A, 5.00%, 7/01/37   225   260,872  
  Carnegie Hall, Series A, 4.75%, 12/01/39   2,000   2,115,440  
  Museum of Modern Art, Series 1A, 5.00%, 4/01/31   1,000   1,120,080  
City of Troy New York Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute Project, Series A, 5.13%, 9/01/40   3,135   3,415,363  
City of Yonkers New York Industrial Development Agency, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41   625   690,338  
County of Cattaraugus New York, RB, St. Bonaventure University Project, 5.00%, 5/01/34   170   183,187  
County of Dutchess New York Industrial Development Agency, RB, Bard College Civic Facility, Series A-2, 4.50%, 8/01/36   5,155   5,070,355  
               


BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     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 (continued)  
County of Madison New York Capital Resource Corp., Refunding RB, Colgate University Project, Series A, 4.50%, 7/01/39 $  135 $ 147,332  
County of Madison New York Industrial Development Agency New York, RB, Commons II LLC, Student Housing, Series A (CIFG), 5.00%, 6/01/33   275   286,605  
County of Monroe New York Industrial Development Corp., RB, University of Rochester Project, Series A, 5.00%, 7/01/31   1,900   2,151,294  
County of Monroe New York Industrial Development Corp., Refunding RB, University of Rochester Project, Series A, 5.00%, 7/01/38   320   360,957  
County of Nassau New York Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 4.75%, 3/01/26   1,165   1,231,090  
County of Orange New York Funding Corp., Refunding RB, Mount St. Mary College Project, Series A:          
  5.00%, 7/01/37   360   383,792  
  5.00%, 7/01/42   220   231,570  
County of St. Lawrence New York Industrial Development Agency, RB, Clarkson University Project, 5.38%, 9/01/41   750   841,305  
County of Tompkins New York Development Corp., RB, Ithaca College Project (AGM), 5.50%, 7/01/33   700   789,425  
Geneva Development Corp., Refunding RB, Hobart and William Smith Colleges, 5.25%, 9/01/44   500   569,635  
State of New York Dormitory Authority, ERB, Series B, 5.75%, 3/15/36   600   699,204  
               
Municipal Bonds Par
(000)		   Value  
 

New York (continued)

  
Education (continued)  
State of New York Dormitory Authority, RB:          
  Convent of the Sacred Heart (AGM), 5.25%, 11/01/24 $  155 $ 183,074  
  Convent of the Sacred Heart (AGM), 5.63%, 11/01/32   750   881,445  
  Convent of the Sacred Heart (AGM), 5.75%, 11/01/40   210   242,894  
  Mount Sinai School of Medicine, 5.13%, 7/01/39   2,000   2,223,220  
  New York University, Series 1 (AMBAC), 5.50%, 7/01/40   1,440   1,911,442  
  New York University, Series A (AMBAC), 5.00%, 7/01/37   1,000   1,094,860  
  New York University, Series B, 5.00%, 7/01/37   1,250   1,418,212  
  State University Dormitory Facilities, Series A, 5.00%, 7/01/39   750   830,513  
  State University Dormitory Facilities, Series A, 5.00%, 7/01/41   2,000   2,258,560  
  Teachers College, Series B, 5.00%, 7/01/42   3,225   3,538,567  
  Touro College & University System, Series A, 5.25%, 1/01/34   800   893,760  
  Touro College & University System, Series A, 5.50%, 1/01/39   2,000   2,243,560  
  University of Rochester, Series A, 5.13%, 7/01/39   850   961,290  
  University of Rochester, Series A, 5.75%, 7/01/39   650   752,109  
  University of Rochester, Series B, 5.00%, 7/01/39   500   537,825  
State of New York Dormitory Authority, Refunding RB:          
  3rd General Resolution, State University Educational Facilities Issue, Series A, 5.00%, 5/15/29   2,000   2,339,540  
  Brooklyn Law School, 5.75%, 7/01/33   475   536,997  
  Cornell University, Series A, 5.00%, 7/01/40   1,000   1,143,240  
  Culinary Institute of America, 5.00%, 7/01/42   300   318,606  
  Fordham University, 4.00%, 7/01/30   555   580,724  
               


BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     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 (continued)

  
Education (concluded)  
State of New York Dormitory Authority, Refunding RB (concluded):          
  Fordham University, 5.00%, 7/01/44 $  850 $ 953,759  
  New York University, Series A, 5.00%, 7/01/37   1,790   2,030,880  
  Rochester Institute of Technology, 5.00%, 7/01/42   1,790   1,972,884  
  Rockefeller University, Series B, 4.00%, 7/01/38   775   815,215  
  Skidmore College, Series A, 5.00%, 7/01/28   75   86,516  
  Skidmore College, Series A, 5.25%, 7/01/29   85   99,805  
  State University Dormitory Facilities, Series A, 5.25%, 7/01/30   2,355   2,814,178  
  State University Dormitory Facilities, Series A, 5.25%, 7/01/32   445   529,118  
  Teachers College, 5.50%, 3/01/39   450   503,406  
Town of Hempstead New York Local Development Corp., Refunding RB, Adelphini University Project, 5.00%, 10/01/35   415   471,984  
           
    59,906,286  
 
Health — 15.6%  
County of Dutchess New York Local Development Corp., Refunding RB, Health Quest System, Inc., Series A, 5.75%, 7/01/40   300   335,223  
County of Genesee New York Industrial Development Agency, Refunding RB, United Memorial Medical Center Project, 5.00%, 12/01/27   500   500,250  
County of Monroe New York Industrial Development Corp., RB, Rochester General Hospital Project, Series A, 5.00%, 12/01/32   240   265,682  
County of Monroe New York Industrial Development Corp., Refunding RB, Unity Hospital of Rochester Project (FHA), 5.50%, 8/15/40   1,650   1,945,152  
               
Municipal Bonds Par
(000)		   Value  
 

New York (continued)

  
Health (continued)  
County of Nassau New York Local Economic Assistance Corp., Refunding RB, Winthrop University Hospital Association Project, 5.00%, 7/01/42 $  2,750 $ 2,937,385  
County of Suffolk New York Industrial Development Agency, Refunding RB, Jefferson's Ferry Project, 5.00%, 11/01/28   1,175   1,217,512  
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien:          
  Remarketing, Series A, 5.00%, 11/01/30   3,500   3,853,115  
  Series B, 6.00%, 11/01/30   500   582,700  
County of Westchester New York Local Development Corp., Refunding RB, Kendal On Hudson Project:          
  4.00%, 1/01/23   650   687,278  
  5.00%, 1/01/28   675   730,883  
  5.00%, 1/01/34   1,250   1,348,937  
State of New York Dormitory Authority, RB:          
  Hudson Valley Hospital (BHAC), 5.00%, 8/15/36   750   819,248  
  Mental Health Services Facility, Series B (AMBAC), 5.00%, 2/15/15 (g)   325   329,544  
  New York State Association for Retarded Children, Inc., Series A, 6.00%, 7/01/32   500   582,605  
  New York State Association for Retarded Children, Inc., Series B (AMBAC), 6.00%, 7/01/32   200   230,836  
  New York University Hospitals Center, Series A, 6.00%, 7/01/40   500   575,640  
  New York University Hospitals Center, Series B, 5.63%, 7/01/37   530   579,343  
  North Shore-Long Island Jewish Obligated Group, Series A, 5.50%, 5/01/37   1,775   1,973,143  
  North Shore-Long Island Jewish Obligated Group, Series D, 4.25%, 5/01/39   1,000   1,039,720  
               


BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     4
 
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 (concluded)  
State of New York Dormitory Authority, Refunding RB:          
  Miriam Osborn Memorial Home Association, 5.00%, 7/01/29 $  290 $ 312,057  
  Mount Sinai Hospital, Series A, 5.00%, 7/01/26   1,385   1,586,531  
  New York University Hospitals Center, Series A, 5.00%, 7/01/36   3,390   3,545,533  
  North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/32   1,750   1,943,305  
  North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/41   1,000   1,093,830  
  North Shore-Long Island Jewish Obligated Group, Series E, 5.50%, 5/01/33   1,100   1,231,175  
Suffolk County Economic Development Corp., RB, Series C, 5.00%, 7/01/32   230   259,486  
           
    30,506,113  
 
Housing — 2.0%  
City of New York New York Housing Development Corp., Series 2014-8SPR, Class F, 4.50%, 11/15/24 (b)(d)   925   941,308  
State of New York HFA, RB, M/F Housing, Highland Avenue Senior Apartments, Series A, AMT (SONYMA), 5.00%, 2/15/39   1,500   1,526,490  
State of New York Mortgage Agency, RB, S/F Housing, 49th Series, 4.00%, 10/01/43   1,000   1,023,160  
State of New York Mortgage Agency, Refunding RB, 48th Series, 3.70%, 10/01/38   360   364,932  
           
    3,855,890  
 
State — 12.4%  
City of New York New York Transitional Finance Authority, BARB, Series S-2 (NPFGC), 4.25%, 1/15/34   1,260   1,288,174  
City of New York New York Transitional Finance Authority, RB, Future Tax Secured, 5.00%, 2/01/32   5,000   5,837,500  
               
Municipal Bonds Par
(000)		   Value  
 

New York (continued)

  
State (concluded)  
Sales Tax Asset Receivable Corp., Refunding RB, Series A:          
  5.00%, 10/15/31 $  750 $ 904,793  
  4.00%, 10/15/32   1,000   1,090,900  
State of New York Dormitory Authority, RB:          
  (AMBAC), 5.00%, 2/15/35   1,675   1,692,705  
  General Purpose, Series B, 5.00%, 3/15/42   4,380   4,866,618  
  General Purpose, Series C, 5.00%, 3/15/34   2,185   2,499,902  
  Series A, 5.00%, 3/15/44   360   414,936  
State of New York Dormitory Authority, Refunding RB, School Districts Financing Program, Series A (AGM), 5.00%, 10/01/35   395   439,422  
State of New York Thruway Authority, RB, Transportation, Series A, 5.00%, 3/15/32   320   369,110  
State of New York Thruway Authority, Refunding RB, 2nd General Highway & Bridge Trust, Series A, 5.00%, 4/01/32   3,500   3,972,255  
State of New York Urban Development Corp., RB, State Personal Income Tax, Series C, 5.00%, 3/15/30   885   1,034,423  
           
    24,410,738  
 
Tobacco — 0.3%  
Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 6/01/39 (d)   250   243,132  
Niagara Tobacco Asset Securitization Corp., Refunding RB:          
  5.25%, 5/15/34   250   282,835  
  5.25%, 5/15/40   110   122,382  
           
    648,349  
 
Transportation — 16.5%  
Metropolitan Transportation Authority, RB:          
  Series A-1, 5.25%, 11/15/33   540   627,210  
  Series C, 6.50%, 11/15/28   1,000   1,212,370  
  Series D, 5.25%, 11/15/41   1,000   1,130,960  
  Series E, 5.00%, 11/15/38   4,000   4,461,440  
Metropolitan Transportation Authority, Refunding RB:          
  Series D, 5.25%, 11/15/30   910   1,071,043  
               


BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     5
 
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)

  
Transportation (continued)  
Metropolitan Transportation Authority, Refunding RB (concluded):          
  Series F, 5.00%, 11/15/30 $  2,000 $ 2,311,620  
  Series F (AGM), 4.00%, 11/15/30   1,250   1,314,037  
Port Authority of New York & New Jersey, ARB:          
  Consolidated, 183rd Series, 4.00%, 6/15/44   500   512,440  
  JFK International Air Terminal LLC, Special Project, Series 6, AMT (NPFGC), 5.75%, 12/01/22   6,000   6,037,200  
  JFK International Air Terminal LLC, Special Project, Series 8, AMT (NPFGC), 6.00%, 12/01/42   1,000   1,159,030  
Port Authority of New York & New Jersey, Refunding ARB:          
  178th Series, AMT, 5.00%, 12/01/33   750   844,950  
  179th Series, 5.00%, 12/01/38   575   657,961  
  Consolidated, 146th Series, AMT (AGM), 4.50%, 12/01/34   500   510,860  
  Consolidated, 147th Series, AMT, 4.75%, 4/15/37   1,330   1,369,408  
  Consolidated, 177th Series, AMT, 4.00%, 1/15/43   1,970   2,010,011  
  Consolidated, 178th Series, AMT, 5.00%, 12/01/43   500   551,365  
State of New York Thruway Authority, Refunding RB, General, Series I:          
  5.00%, 1/01/27   1,000   1,162,360  
  5.00%, 1/01/37   2,920   3,258,077  
  5.00%, 1/01/42   280   308,644  
Triborough Bridge & Tunnel Authority, Refunding RB, CAB (c):          
  Sub-Series A, 0.00%, 11/15/32   845   432,953  
               
Municipal Bonds Par
(000)		   Value  
 

New York (continued)

  
Transportation (concluded)  
Triborough Bridge & Tunnel Authority, Refunding RB, CAB (c) (concluded):          
  General, Series B, 0.00%, 11/15/32 $  2,500 $ 1,329,375  
           
    32,273,314  
 
Utilities — 9.7%  
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Series B, 5.00%, 6/15/36   750   796,912  
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System:          
  2nd General Resolution, Series BB, 5.00%, 6/15/31   1,000   1,140,420  
  Series A, 4.75%, 6/15/30   1,500   1,635,675  
City of New York New York Water & Sewer System, Refunding RB, Series D, 5.00%, 6/15/39   5,000   5,124,300  
Long Island Power Authority, RB, General, Electric Systems:          
  Series A (AGM), 5.00%, 5/01/36   500   553,985  
  Series C (CIFG), 5.25%, 9/01/29   2,000   2,459,760  
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39   4,000   4,557,440  
State of New York Environmental Facilities Corp., Refunding RB, Revolving Funds New York City Municipal Water, 2nd General Resolution, Series B, 5.00%, 6/15/36   350   402,532  
               


BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     6
 
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)

  
Utilities (concluded)  
Utility Debt Securitization Authority, Refunding RB, Restructuring, Series E, 5.00%, 12/15/41 $  2,000 $ 2,308,460  
           
    18,979,484  
 
Total Municipal Bonds in New York   261,313,980  
 
       

Puerto Rico — 1.3%

  
Housing — 1.3%  
Puerto Rico Housing Finance Authority, Refunding RB, M/F Housing, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27   2,400   2,568,816  
 
Total Municipal Bonds — 134.6%   263,882,796  
 
 

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (h)

  
 

New York — 26.5%

  
County/City/Special District/School District — 5.4%  
City of New York New York, GO:          
  Sub-Series G-1, 5.00%, 4/01/29   4,370   5,016,061  
  Sub-Series I-1, 5.00%, 3/01/36   1,500   1,714,995  
City of New York New York Transitional Finance Authority, RB, Future Tax Secured, Sub-Series D-1, 5.00%, 11/01/38   825   930,707  
New York Liberty Development Corp., Refunding RB, 7 World Trade Center Project, Class 1, 5.00%, 9/15/40   2,610   2,952,850  
           
    10,614,613  
 
Education — 2.1%  
City of New York New York Trust for Cultural Resources, Refunding RB, Wildlife Conservation Society, Series A, 5.00%, 8/01/33   3,527   4,060,548  
 
               

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (h)

 Par
(000)		   Value  
 

New York (continued)

  
State — 1.9%  
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 $  660 $ 743,262  
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (i)   1,250   1,439,121  
State of New York Dormitory Authority, RB, General Purpose, Series C, 5.00%, 3/15/41   1,500   1,659,030  
           
    3,841,413  
 
Transportation — 5.4%  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43   6,495   7,421,187  
Port Authority of New York & New Jersey, ARB, Consolidated, 169th Series, AMT, 5.00%, 10/15/26   1,500   1,706,925  
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31   1,180   1,370,228  
           
    10,498,340  
 
Utilities — 11.7%  
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40   1,200   1,381,462  
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System:          
  2nd General Resolution, Fiscal 2011, Series HH, 5.00%, 6/15/32   5,310   6,071,189  
  2nd General Resolution, Fiscal 2012, Series BB, 5.00%, 6/15/44   3,511   3,880,049  
  2nd General Resolution, Series FF-2, 5.50%, 6/15/40   810   935,771  
  Series A, 4.75%, 6/15/30   2,500   2,726,125  
               


BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     7
 
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 (h)

 Par
(000)		   Value  
 

New York (concluded)

  
Utilities (concluded)  
Utility Debt Securitization Authority, Refunding RB, 5.00%, 12/15/41 $  6,868 $ 7,927,167  
           
    22,921,763  
 

Total Municipal Bonds Transferred to

Tender Option Bond Trusts – 26.5%

   51,936,677  
 
Total Long-Term Investments
(Cost — $293,487,688) — 161.1%		   315,819,473  
 
       
 
Short-Term Securities Shares      
 
BIF New York Municipal Money Fund, 0.00% (j)(k)   1,201,448   1,201,448  
Total Short-Term Securities
(Cost — $1,201,448) — 0.6%		   1,201,448  
 
               
   
 
      Value  
 
Total Investments
(Cost — $294,689,136*) — 161.7%		 $ 317,020,921  
Other Assets Less Liabilities — 1.0%   2,039,485  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.5%)   (28,466,141)  
VMTP Shares, at Liquidation Value — (48.2%)   (94,500,000)  
           
Net Assets Applicable to Common Shares — 100.0% $ 196,094,265  
           
* As of October 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:  
       
Tax cost $ 266,935,329  
           
Gross unrealized appreciation $ 23,700,874  
Gross unrealized depreciation   (2,075,863)  
           
Net unrealized appreciation $ 21,625,011  
           
               


 

     

Notes to Schedule of Investments

(a) Variable rate security. Rate shown is as of report date.  
(b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.  
(c) Zero-coupon bond.  
(d) When-issued security. Unsettled when-issued transactions were as follows:  
   
 
  Counterparty   Value   Unrealized
Appreciation		  
 
  Goldman Sachs & Co.   $ 491,170 $ 11,170  
  Jefferies Co.   $ 243,132 $ 1,927  
  Merrill Lynch, Pierce, Fenner & Smith Inc.   $ 941,308 $ 16,308  
                     
 
(e) Non-income producing security.  
(f) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.  
(g) U.S. 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.  
(h) Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.  
(i) All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on February 15, 2019 is $661,933.  
                                           

 

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     8
 
Schedule of Investments (continued) BlackRock New York Municipal Income Trust (BNY)
 
   

 

(j) Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2014, 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, 2014		   Net
Activity		   Shares
Held at
October 31, 2014		   Income  
  BIF New York Municipal Money Fund   874,210   327,238   1,201,448   —  
 
(k) Represents the current yield as of report date.  

Portfolio Abbreviations

   
AGC Assured Guarantee Corp.  
AGM Assured Guaranty Municipal Corp.  
AMBAC American Municipal Bond Assurance Corp.  
AMT Alternative Minimum Tax (subject to)  
ARB Airport Revenue Bonds  
BARB Building Aid Revenue Bonds  
BHAC Berkshire Hathaway Assurance Corp.  
CAB Capital Appreciation Bonds  
CIFG CDC IXIS Financial Guaranty  
ERB Education Revenue Bonds  
FHA Federal Housing Administration  
GO General Obligation Bonds  
HFA Housing Finance Agency  
M/F Multi-Family  
NPFGC National Public Finance Guarantee Corp.  
PILOT Payment in Lieu of Taxes  
RB Revenue Bonds  
S/F Single-Family  
SONYMA State of New York Mortgage Agency  

•
Financial futures contracts outstanding as of October 31, 2014 were as follows:		  
 
Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
(215) 10-Year U.S. Treasury Note Chicago Board of Trade December 2014 $ 27,167,266 $ (18,765)  
 
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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.  
                                                                           

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                     9
 
Schedule of Investments (continued) BlackRock New York Municipal Income Trust (BNY)
 
   
   
•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting] purposes. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

 

  
  • Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access  
   
  • 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. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2014:

  
 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments1   — $ 315,819,473   — $ 315,819,473  
  Short-Term Securities $ 1,201,448   —   —   1,201,448  
Total $ 1,201,448 $ 315,819,473   — $ 317,020,921  
     
1 See above Schedule of Investments for values in each sector.  
     
 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
    Interest rate contracts $ (18,765)   —   — $ (18,765)  
   
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.  
                                                                           

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                    10
 
Schedule of Investments (concluded) BlackRock New York Municipal Income Trust (BNY)
 
   

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of October 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  		  
 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
  Cash pledged for financial futures contracts $ 260,000   —   — $ 260,000  
Liabilities:    
  TOB trust certificates   — $ (28,460,581)   —   (28,460,581)  
  VMTP Shares   —   (94,500,000)   —   (94,500,000)  
Total $ 260,000 $ (122,960,581)   — $ (122,700,581)  

There were no transfers between levels during the period ended October 31, 2014.		  
                                   

 

 

BLACKROCK NEW YORK MUNICIPAL INCOME TRUSTOCTOBER 31, 2014                    11
 

 

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 23, 2014

 

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 23, 2014

 

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

 

Date: December 23, 2014