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, 2005                         

Date of reporting period:      July 31, 2005                         

Item 1. Schedule of Investments.

The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

 

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2005

BlackRock New York Municipal Income Trust (BNY)

  Principal        
    Amount     Option Call  
Rating1   (000)   Description Provisions2   Value
      LONG-TERM INVESTMENTS—153.4%
 
 
        Multi-State—11.1%
 
 
        Charter Mac Equity Issuer Trust,
 
A3   $6,000 3     Ser. A-2, 6.30%, 6/30/49
06/09 @ 100
  $     6,365,160
Baa1   5,500 3     Ser. B-1, 6.80%, 11/30/50
11/10 @ 100
  5,960,020
        MuniMae TE Bond Subsidiary, LLC,
 
A3   6,000 3     Ser. A-1, 6.30%, 6/30/49
06/09 @ 100
  6,299,520
Baa1   3,000 3     Ser. B-1, 6.80%, 6/30/50
11/10 @ 100
  3,247,560
         
  21,872,260
        New York—124.2%
 
 
        Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A,
 
NR   910       7.00%, 5/01/25
05/15 @ 102
  898,480
NR   590       7.00%, 5/01/35
05/15 @ 102
  573,338
        Dorm. Auth.,
 
AA-   1,765 4     City Univ. Proj., Ser. A, 5.25%, 7/01/11
N/A
  1,940,459
AA   2,540       Insured Rochester Gen. Hosp. Proj., 5.00%, 12/01/25, RAA
12/15 @ 100
  2,669,565
AA   2,000       Insured Rochester Gen. Hosp. Proj., 5.00%, 12/01/35, RAA
12/15 @ 100
  2,081,760
Baa2   10,780       Lenox Hill Hosp. Oblig. Grp. Proj., 5.50%, 7/01/30
07/11 @ 101
  11,193,197
Ba1   6,000       Mount Sinai NYU Health Proj., 5.50%, 7/01/26
07/08 @ 100
  6,085,820
AAA   9,000       New Sch. Univ. Proj., 5.00%, 7/01/41, MBIA
07/11 @ 100
  9,273,330
AAA   5,000       New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC
07/11 @ 100
  5,165,000
A3   2,000       No. Shore Long Island Jewish Grp. Proj., 5.375%, 5/01/23
05/13 @ 100
  2,125,320
A3   2,000       No. Shore Long Island Jewish Grp. Proj., 5.50%, 5/01/33
05/13 @ 100
  2,132,100
AA-   2,000   Madison Cnty. Indl. Dev. Agcy. Civic Fac. Rev., Colgate Univ. Proj.,
 
            Ser. B, 5.00%, 7/01/33
07/13 @ 100
  2,091,600
        Met. Transp. Auth., Ded. Tax Fund, Ser. A,
 
AA-   12,000       5.00%, 11/15/30
11/12 @ 100
  12,489,240
A   12,000       5.125%, 11/15/31
11/12 @ 100
  12,643,320
        Mtg. Agcy.,
 
Aa1   5,950       Ser. 101, 5.40%, 4/01/32
10/11 @ 100
  6,058,647
Aaa   15,500       Ser. A, 5.30%, 10/01/31
04/11 @ 100
  15,741,025
A+   5,000   New York, Ser. O, 5.00%, 6/01/30
06/15 @ 100
  5,220,750
        New York City, GO,
 
AAA   3,290 4     Ser. C, 5.375%, 3/15/12
N/A
  3,676,114
A+   2,710       Ser. C, 5.375%, 3/15/28
03/12 @ 100
  2,911,597
A+   7,000       Ser. D, 5.375%, 6/01/32
06/12 @ 100
  7,513,520
        New York City Ind. Dev. Agcy.,
 
A   750       Marymount Sch. Proj., 5.125%, 9/01/21, ACA
09/11 @ 102
  774,248
A   2,000       Marymount Sch. Proj., 5.25%, 9/01/31, ACA
09/11 @ 102
  2,071,780
AAA   1,550       Royal Charter Presbyterian Proj., 5.25%, 12/15/32, FSA
12/11 @ 102
  1,656,966
BBB-   14,850       Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28
07/11 @ 100
  14,871,532
A3   6,000       Term. One Grp. Assoc. Proj., 6.00%, 1/01/19
05/05 @ 101
  6,078,660
        New York City Mun. Wtr. Fin. Auth.,
 
AAA   4,000       Ser. A, 5.00%, 6/15/32, FGIC
06/11 @ 100
  4,156,240
AAA   10,675       Ser. A, 5.00%, 6/15/35, AMBAC
06/13 @ 100
  11,168,719
AA+   6,500       Ser. C, 5.00%, 6/15/32
06/11 @ 100
  6,733,415
AA+   5,000       Ser. D, 5.00%, 6/15/39
06/15 @ 100
  5,270,550
AAA   3,660       New York City Transl. Fin. Auth., Ser. C, 5.00%, 5/01/29
05/09 @ 101
  3,792,858
BBB   6,700   New York Cntys. Tobacco Trust III, 6.00%, 6/01/43
06/13 @ 100
  7,197,006
        Port Auth. of NY & NJ,
 
AA-   5,000 5     Consolidated 132nd Ser., 5.00%, 9/01/38
09/13 @101
  5,265,000
Caa2   9,250       Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15
07/05 @ 100
  9,274,698
AAA   13,000       Spec. Oblig., JFK Intl. Air Term. 6 Proj., 5.75%, 12/01/22, MBIA
12/07 @ 102
  13,908,700
BBB   2,500   Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev.,
 
            Ser. A, 5.75%, 6/01/43
06/12 @ 100
  2,644,000

1

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

  Principal        
    Amount     Option Call  
Rating1   (000)   Description Provisions2   Value
      New York—(continued)
 
   
BBB   $    5,000   Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43
08/12 @ 100
  $     5,265,200
A   7,000   Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27
06/13 @ 100
  7,300,440
BBB   8,000   TSASC, Inc. Tobacco Settlement Rev., Ser. 1, 6.375%, 7/15/39
07/09 @ 101
  8,499,760
BBB   5,000   TSASC, Inc. Tobacco Settlement Rev., Ser. 1, 5.75%, 7/15/32
07/12 @ 100
  5,283,600
AA-   5,290 4 Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06
N/A
  5,453,884
AA   2,500   Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA  
10/11 @ 100
  2,606,575
BBB   2,000 4 Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/10
N/A
  2,317,780
         
  244,075,793
        Puerto Rico—18.1%
 
 
BBB   4,060   Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43
05/12 @ 100
  4,234,620
        Pub. Bldgs. Auth., Gov’t Facs., Ser. D,
 
BBB   4,400 4     5.25%, 7/01/12
N/A
  4,846,204
BBB   1,600       5.25%, 7/01/36
07/12 @ 100
  1,681,200
        Pub. Fin. Corp., Ser. E,
 
Aaa   7,475 4     5.50%, 2/01/12
N/A
  8,322,964
BBB-   2,525       5.50%, 8/01/29
02/12 @ 100
  2,739,751
Aaa   7,000 4     5.70%, 2/01/10
N/A
  7,702,520
Aaa   5,750 4     5.75%, 2/01/07
N/A
  5,987,993
         
  35,515,252
        Total Long-Term Investments (cost $286,931,245)
  301,463,305
        SHORT-TERM INVESTMENTS—1.4%
 
 
        New York—0.3%
 
 
A1+   600 6 New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev., Ser. G, 2.16%, 8/01/05,
 
            FGIC, FRDD
N/A
  600,000
               
   
         
    Shares    
  
    (000)    
  
   
         
        Money Market Funds—1.1%
 
 
    2,150   AIM Tax Free Investment Co. Cash Reserve Portfolio
N/A
  2,150,000
        Total Short-Term Investments (cost $2,750,000)
  2,750,000
        Total Investments—154.8% (cost $289,681,2457)
  304,213,305
        Other assets in excess of liabilities—1.1%
  2,155,950
        Preferred stock at redemption value, including dividends payable—55.8%
  (109,786,163)
        Net Assets Applicable to Common Shareholders—100%
  $ 196,583,092

1   Using the higher of Standard & Poor’s, Moody’s Investor Service or Fitch Ratings.  
2   Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.  
3   Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of July 31, 2005, the Trust held 11.1% of it nets assets, with a current market value of $21,872,260, in securities restricted as to resale.  
4   This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.  
5   Security, or a portion thereof, pledged as collateral with a value of $1,187,080 on 600 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on July 31, 2005 was $66,590,625, with an unrealized gain of $790,444.  
6   For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted.  
7   Cost for Federal income tax purposes is $289,678,731. The net unrealized appreciation on a tax basis is $14,534,574, consisting of $14,569,659 gross unrealized appreciation and $35,085 gross unrealized depreciation. 

KEY TO ABBREVIATIONS

ACA —   American Capital Access   FSA —   Financial Security Assurance  
AMBAC —   American Municipal Bond Assurance Corp.   GO —   General Obligation  
FGIC —   Financial Guaranty Insurance Co.   MBIA —   Municipal Bond Insurance Assoc.  
FRDD —   Floating Rate Daily Demand   RAA —   Radian Asset Assurance  


2

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

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

(Registrant)          BlackRock New York Municipal Income Trust                                        

By: /s/ Henry Gabbay                                                  
Name: Henry Gabbay
Title: Treasurer
Date: September 28, 2005

     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, 2005

By: /s/ Henry Gabbay                                                  
Name: Henry Gabbay
Title: Principal Financial Officer
Date: September 28, 2005