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
 
 
BlackRock New York Municipal Income Trust
(Exact name of registrant as specified in charter)
 
100 Bellevue Parkway, Wilmington, DE 19809
(Address of principal executive offices)  (Zip code)
 
Robert S. Kapito, President
BlackRock New York Municipal Income Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)


Registrant's telephone number, including area code: 888-825-2257
 
   
Date of fiscal year end:  October 31, 2004 
 
   
Date of reporting period: July 31, 2004 
 


Item 1. Schedule of Investments

The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2004

BlackRock New York Municipal Income Trust (BNY)

 
Principal
 
Amount
Option Call
 
Rating1
(000)
Description
Provisions2
Value
        LONG-TERM INVESTMENTS—157.3%        
          New York—124.9%        
  AA-   $ 2,000   Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B,  
     
               5.00%, 7/01/33  
07/13 @ 100
  
$
 1,973,300  
          Met. Transp. Auth., Dedicated Tax Fund, Ser. A,  
   
  AA-   12,000       5.00%, 11/15/30  
11/12 @ 100
   11,743,320  
  A   12,000       5.125%, 11/15/31  
11/12 @ 100
   11,940,360  
          New York City, GO,        
  A   3,290 3     Ser. C, 5.375%, 3/15/12  
N/A
   3,701,381  
  A+   2,710       Ser. C, 5.375%, 3/15/28  
03/12 @ 100
   2,758,130  
  A+   7,000       Ser. D, 5.375%, 6/01/32  
06/12 @ 100
   7,113,680  
          New York City Ind. Dev. Agcy.,  
   
  A   750       Marymount Sch. Proj., 5.125%, 9/01/21, ACA  
09/11 @ 102
   743,558  
  A   2,000       Marymount Sch. Proj., 5.25%, 9/01/31, ACA  
09/11 @ 102
   1,913,860  
  AAA   1,550       Royal Charter Presbyterian, 5.25%, 12/15/32, FSA  
12/11 @ 102
   1,577,822  
  BBB-   14,850       Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28  
07/11 @ 100
   14,276,790  
  A3   6,000       Term. One Grp. Assoc. Proj., 6.00%, 1/01/19  
08/04 @ 102
   6,149,700  
          New York City Mun. Wtr. Fin. Auth.,  
   
  AAA   4,000       Ser. A, 5.00%, 6/15/32, FGIC  
06/11 @ 100
   3,997,040  
  AA+   7,000       Ser. C, 5.00%, 6/15/32  
06/11 @ 100
   6,918,100  
          New York City Transl. Fin. Auth., Ser. C,  
   
  AA+   5,9403       5.00%, 5/01/09  
N/A
   6,534,891  
  AA+   3,660       5.00%, 5/01/29  
05/09 @ 101
   3,629,439  
  BBB   6,700   New York Cntys. Tobacco Trust III, 6.00%, 6/01/43  
06/13 @ 100
   5,936,669  
          New York Dorm. Auth.,  
   
  AA-   15,235 3     City Univ., Ser. A, 5.25%, 7/01/11  
N/A
   17,056,344  
  AA-   1,765       City Univ., Ser. A, 5.25%, 7/01/31  
07/11 @ 100
   1,767,771  
  A3   10,780       Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30  
07/11 @ 101
   11,043,679  
  AAA   9,000       New Sch. Univ., 5.00%, 7/01/41, MBIA  
07/11 @ 100
   8,928,270  
  AAA   5,000       New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC  
07/11 @ 100
   4,951,850  
  A3   2,000       No. Shore Long Island Jewish Grp., 5.375%, 5/01/23  
05/13 @ 100
   2,023,060  
  A3   2,000       No. Shore Long Island Jewish Grp., 5.50%, 5/01/33  
05/13 @ 100
   2,018,040  
          New York Mtg. Agcy.,  
   
  Aa1   5,950       Ser. 101, 5.40%, 4/01/32  
10/11 @ 100
   5,984,629  
  Aaa   15,500       Ser. A, 5.30%, 10/01/31  
04/11 @ 100
   15,559,210  
  AA-   6,290 3 New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06  
     
          Port Auth. of NY & NJ,  
N/A
   6,724,828  
  AAA   9,500       Ser. 124, 5.00%, 8/01/36, FGIC, GO  
08/08 @ 101
   9,121,900  
  AAA   13,000 4     Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA  
12/07 @ 102
   14,107,210  
  Caa2   9,250       Spec. Oblig., Contl/Eastern Proj. LaGuardia, 9.125%, 12/01/15  
08/04 @ 100
   9,355,357  
  BBB   2,500   Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev.,  
     
              Ser. A, 5.75%, 6/01/43  
06/12 @ 100
   2,112,775  
  BBB   5,000   Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43  
08/12 @ 100
   4,225,150  
  A   7,000   Suffolk Cnty. Indl. Dev. Agcy., KeySpan Port Jefferson Proj., 5.25%, 6/01/27  
06/13 @ 100
   6,972,280  
  AAA   3,000   Triborough Brdg. & Tunl. Auth., Ser. A, 5.00%, 1/01/32, MBIA  
01/12 @ 100
   2,986,530  
          TSASC Inc., Tobacco Settlement Rev., Ser. 1,  
   
  BBB   5,000       5.75%, 7/15/32  
07/12 @ 100
   4,466,100  
  BBB+   8,000       6.375%, 7/15/39  
07/09 @ 101
   7,630,000  
  AA   2,500   Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA  
10/11 @ 100
   2,513,000  
  BBB   2,000   Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29  
07/10 @ 101
   1,957,440  
                 
 
                  232,413,463  
                 
 
          Delaware—6.7%        
          Charter Mac Equity Issuer Trust,
  A3   6,000 5     Ser. A-2, 6.30%, 6/30/49   06/09 @ 100   6,492,300  
  Baa1   5,500 5     Ser. B-1, 6.80%, 11/30/50   11/10 @ 100   6,052,365  
                 
 
                  12,544,665  
                 
 

BlackRock New York Municipal Income Trust (BNY) (continued)

 
Principal
 
 
Amount
Option Call
 
 
Rating1
(000)
Description
Provisions2
Value
  
        Maryland—5.2%        
          MuniMae TE Bond Subsidiary, LLC,        
  NR   $6,000 5,6     Ser. A, 6.30%, 6/30/49   06/09 @ 100  
$
6,421,320  
  NR   3,000 5,6     Ser. B, 6.80%, 6/30/50   11/10 @ 100   3,219,720  
                 
 
                  9,641,040  
                 
 
          Puerto Rico—18.9%        
  BBB   4,060   Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43  
05/12 @ 100
   3,400,615  
          Puerto Rico Pub. Bldgs. Auth. Rev., Gov't Facs. Ser. D,  
   
  A-   4,400 3     5.25%, 7/01/12  
N/A
   4,914,888  
  A-   1,600       5.25%, 7/01/36  
07/12 @ 100
   1,614,416  
          Puerto Rico Pub. Fin. Corp., Ser. E,  
   
  BBB+   7,475 3     5.50%, 2/01/12  
N/A
   8,431,725  
  BBB+   2,525       5.50%, 8/01/29  
02/12 @ 100
   2,596,735  
  BBB+   7,000 3     5.70%, 2/01/10  
N/A
   7,874,930  
  BBB+   5,750 3     5.75%, 2/01/07  
N/A
   6,235,013  
             
 
 
             
  35,068,322  
             
 
 
          Trust Territories—1.6%  
 
    
  Ba3   2,945   Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33  
10/13 @ 100
   2,933,515  
             
 
 
          Total Long-Term Investments (cost $285,801,090)  
  292,601,005  
             
 
     
     
   
      Shares         
      (000)         
     
           
          MONEY MARKET FUND—1.9%        
     
3,650
   AIM Tax Free Investment Co. Cash Reserve Portfolio, (cost $3,650,000)   N/A   3,650,000  
                 
 
          Total Investments—159.2% (cost $289,451,090)       296,251,005  
          Liabilities in excess of other assets—(0.2)%       (443,692)  
          Preferred shares at redemption value, including dividends payable—(59.0)%       (109,761,268)  
                 
 
          Net Assets Applicable to Common Shareholders—100%      
$
 186,046,045  
                 
 
   
1   Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch Ratings ratings.  
2   Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates.  
3   This bond is prerefunded. 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.  
4   Entire or partial principal amount pledged as collateral for financial futures contracts.  
5   Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of July 31, 2004, the Trust held 11.9% of its net assets, with a current market value of $22,185,705, in securities restricted as to resale.  
6   Security is deemed to be of investment grade quality by the investment advisor. 
 
 

KEY TO ABBREVIATIONS

AMBAC  —  American Municipal Bond Assurance Corporation GO    —  Financial Security Assurance
COP  —  Certificate of Participation MBIA   —  Municipal Bond Insurance Association
FGIC   Financial Guaranty Insurance Company   RAA — Radian Asset Assurance 

Item 2. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) BlackRock New York Municipal Income Trust
 
 

 

By: /s/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Treasurer  
Date: September 28, 2004  

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/ Robert S. Kapito  
 
 
Name: Robert S. Kapito  
Title: Principal Executive Officer  
Date: September 28, 2004  

 

By: /s/ Henry Gabbay  
 
 
Name: Henry Gabbay  
Title: Principal Financial Officer  
Date: September 28, 2004