BlackRock New York Municipal Income Trust

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: 07/31/2017

Date of reporting period: 10/31/2016


Item 1 – Schedule of Investments


Schedule of Investments October 31, 2016 (Unaudited)

  

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

    Value  

New York — 127.8%

                

Corporate — 3.3%

  

 

Build New York City Resource Corp., Refunding RB, Pratt Paper, Inc. Project, AMT, 5.00%, 1/01/35 (a)

   $ 280      $ 314,460   

City of New York New York Industrial Development Agency, Refunding RB, Transportation Infrastructure Properties LLC, Series A, AMT, 5.00%, 7/01/28

     795        870,533   

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

     550        590,381   

County of Onondaga New York Industrial Development Agency, RB, Bristol-Meyers Squibb Co. Project, AMT, 5.75%, 3/01/24

     1,000        1,256,530   

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

     1,655        2,092,913   

Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (a)

     1,500        1,523,130   
    

 

 

 
               6,647,947   

County/City/Special District/School District — 32.2%

  

Brooklyn Arena Local Development Corp., Refunding RB, Barclays Center Project, Series A,
5.00%, 7/15/42

     1,820        2,084,464   

City of New York New York, GO, Refunding:

    

Series E, 5.50%, 8/01/25

     1,280        1,609,907   

Series E, 5.00%, 8/01/30

     1,000        1,177,330   

Series I, 5.00%, 8/01/30

     1,000        1,182,030   

City of New York New York, GO:

    

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

     750        798,143   

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

     1,000        1,158,700   

Series D, 5.38%, 6/01/32

     25        25,100   

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

     15        16,728   

Sub-Series D-1, Fiscal 2014,
5.00%, 8/01/31

     690        818,637   

Sub-Series G-1, 6.25%, 12/15/18 (b)

     485        539,761   

Sub-Series G-1, 5.00%, 4/01/28

     630        742,505   
Municipal Bonds    Par  
(000)
    Value  

New York (continued)

                

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

  

City of New York New York, GO (continued):

    

Sub-Series G-1, 5.00%, 4/01/29

   $ 750      $ 882,653   

Sub-Series I-1, 5.38%, 4/01/19 (b)

     895        989,279   

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

     530        585,094   

City of New York New York Convention Center Development Corp., Refunding RB, Hotel Unit Fee Secured:

    

5.00%, 11/15/40

     2,500        2,921,275   

4.00%, 11/15/45

     440        474,245   

5.00%, 11/15/45

     3,700        4,307,503   

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        766,321   

CAB, Yankee Stadium Project, Series A (AGC), 0.00%, 3/01/45 (c)

     1,500        518,820   

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

     150        165,902   

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

     3,000        3,020,520   

Queens Baseball Stadium (AMBAC),
5.00%, 1/01/46

     175        176,197   

Yankee Stadium Project (NPFGC),
5.00%, 3/01/46

     500        502,810   

Yankee Stadium Project (NPFGC),
4.75%, 3/01/46

     350        351,134   

City of New York New York Industrial Development Agency, Refunding ARB, Transportation Infrastructure Properties LLC, Series A, AMT, 5.00%, 7/01/22

     650        734,058   

City of New York New York Transitional Finance Authority, RB, Fiscal 2012, Sub-Series E-1,
5.00%, 2/01/42

     2,500        2,877,325   

Hudson Yards Infrastructure Corp., RB,
Series A:

    

5.00%, 2/15/47

     5,485        5,550,491   

5.75%, 2/15/47

     200        233,678   

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

     1,000        1,012,510   

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

     1,000        1,012,510   

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

     4,500        4,548,330   
 

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016    1


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

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

  

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

   $ 800      $ 914,192   

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        2,251,840   

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3,
6.38%, 7/15/49

     1,200        1,340,364   

3 World Trade Center Project, Class 2,
5.38%, 11/15/40 (a)

     480        554,472   

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

     860        986,188   

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

     7,655        8,679,775   

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

     1,340        1,571,994   

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

     1,935        2,103,364   

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

     1,670        1,869,699   

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

     2,070        2,301,074   
    

 

 

 
               64,356,922   

Education — 29.0%

    

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

     1,100        1,170,587   

Build New York City Resource Corp., RB, The Chapin School, Ltd. Project:

    

4.00%, 11/01/26

     295        349,209   

5.00%, 11/01/26

     300        382,554   

Build New York City Resource Corp., Refunding RB:

    

City University New York-Queens College Student Residences, LLC Project,
Series A, 5.00%, 6/01/38

     250        293,493   

New York Law School Project, 5.00%, 7/01/41

     400        454,748   
Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

Education (continued)

    

Build New York City Resource Corp., Refunding RB (continued):

    

New York Law School Project, 4.00%, 7/01/45

   $ 735      $ 762,996   

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

     750        811,942   

City of New York New York Trust for Cultural Resources, Refunding RB:

    

American Museum of Natural History, Series A, 5.00%, 7/01/37

     225        261,459   

Carnegie Hall, Series A, 4.75%, 12/01/39

     2,000        2,193,620   

Museum of Modern Art, Series 1A,
5.00%, 10/01/18 (b)

     1,000        1,078,130   

City of Niagara Falls New York, GO, Refunding (BAM), 3.00%, 5/15/37

     400        385,516   

City of Troy New York Capital Resource Corp., Refunding RB, Rensselaer Polytechnic Institute Project:

    

Series A, 5.13%, 9/01/40

     3,135        3,527,596   

Series B, 4.00%, 8/01/35

     470        502,214   

City of Yonkers New York Industrial Development Agency, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/19 (b)

     625        704,238   

County of Cattaraugus New York, RB, St. Bonaventure University Project, 5.00%, 5/01/34

     170        187,874   

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

     2,155        1,859,377   

County of Monroe New York Industrial Development Corp., RB, University of Rochester Project, Series A, 5.00%, 7/01/31

     1,900        2,164,537   

County of Monroe New York Industrial Development Corp., Refunding RB, University of Rochester Project, Series A, 5.00%, 7/01/38

     320        367,565   
 

 

                
2    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016   


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

Education (continued)

    

County of Nassau New York Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 4.75%, 3/01/20 (b)

   $ 1,165      $ 1,303,926   

County of Orange New York Funding Corp., Refunding RB, Mount St. Mary College Project, Series A:

    

5.00%, 7/01/37

     360        397,645   

5.00%, 7/01/42

     220        242,524   

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

     750        872,557   

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

     700        799,869   

Geneva Development Corp., Refunding RB, Hobart and William Smith Colleges, 5.25%, 9/01/44

     500        575,685   

State of New York Dormitory Authority, Refunding RB, Barnard College, Series A, 5.00%, 7/01/33

     530        626,312   

State of New York Dormitory Authority, RB:

    

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

     155        180,040   

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

     750        882,232   

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

     210        243,894   

New York University Mount Sinai School of Medicine, 5.13%, 7/01/19 (b)

     2,000        2,213,180   

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

     1,440        1,973,621   

New York University, Series A (AMBAC),
5.00%, 7/01/17 (b)

     1,000        1,028,470   

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

     1,250        1,458,675   

Series B, 5.75%, 3/15/36

     600        666,102   

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

     750        818,355   
Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

Education (continued)

    

State of New York Dormitory Authority, RB (continued):

    

State University Dormitory Facilities, Series A, 5.00%, 7/01/41

   $ 2,000      $ 2,289,060   

Teachers College, Series B, 5.00%, 7/01/42

     1,625        1,869,855   

Touro College & University System, Series A, 5.25%, 1/01/34

     800        891,680   

Touro College & University System, Series A, 5.50%, 1/01/39

     2,000        2,245,380   

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

     850        935,637   

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

     650        721,753   

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        2,356,180   

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

     475        520,762   

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

     1,000        1,128,030   

Culinary Institute of America, 5.00%, 7/01/42

     300        329,892   

Fordham University, 5.00%, 7/01/44

     850        974,397   

Icahn School of Medicine at Mount Sinai, Series A, 5.00%, 7/01/35

     1,600        1,843,872   

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

     1,790        2,088,823   

Rochester Institute of Technology, 5.00%, 7/01/42

     1,790        2,035,140   

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

     75        86,623   

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

     85        99,126   

St. John’s University, Series A, 5.00%, 7/01/37

     1,000        1,154,070   

St. John’s Univerisity, Series A, 5.00%, 7/01/34

     250        292,265   

State University Dormitory Facilities, Series A, 5.25%, 7/01/30

     2,355        2,825,529   
 

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016    3


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

Education (continued)

    

State of New York Dormitory Authority, Refunding RB (continued):

    

State University Dormitory Facilities, Series A, 5.25%, 7/01/32

   $ 445      $ 526,600   

Teachers College, 5.50%, 3/01/39

     450        491,733   

Town of Hempstead New York Local Development Corp., Refunding RB, Adelphi University Project, 5.00%, 10/01/35

     415        479,097   
    

 

 

 
               57,926,246   

Health — 15.4%

    

County of Dutchess New York Local Development Corp., RB, Health Quest Systems, Inc., Series B:

    

3.00%, 7/01/36

     390        366,144   

4.00%, 7/01/41

     2,585        2,720,506   

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

     300        337,986   

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

     465        465,609   

County of Monroe New York Industrial Development Corp., RB, Rochester General Hospital Project, Series A, 5.00%, 12/01/32

     240        271,058   

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

     1,650        1,910,832   

County of Nassau New York Local Economic Assistance Corp., Refunding RB, Winthrop University Hospital Association Project,
5.00%, 7/01/42

     2,800        3,100,496   

County of Suffolk New York EDC, RB, Catholic Health Services, Series C, 5.00%, 7/01/32

     230        260,109   
Municipal Bonds    Par  
(000)
    Value  

New York (continued)

                

Health (continued)

    

County of Suffolk New York Industrial Development Agency, Refunding RB, Jefferson’s Ferry Project,
5.00%, 11/01/28

   $ 1,175      $ 1,177,491   

County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien:

    

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

     3,130        3,500,592   

Series B, 6.00%, 11/01/20 (b)

     435        517,620   

Series B, 6.00%, 11/01/30

     65        74,092   

County of Westchester New York Local Development Corp., Refunding RB, Kendal On Hudson Project:

    

5.00%, 1/01/28

     675        767,968   

5.00%, 1/01/34

     1,250        1,385,287   

State of New York Dormitory Authority, RB:

    

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

     750        773,542   

New York State Association for Retarded Children, Inc., Series A, 6.00%, 7/01/32

     500        560,125   

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

     200        224,050   

New York University Hospitals Center, Series A, 6.00%, 7/01/20 (b)

     500        588,590   

North Shore-Long Island Jewish Obligated Group, Series D, 4.25%, 5/01/39

     500        535,930   

State of New York Dormitory Authority, Refunding RB:

    

Miriam Osborn Memorial Home Association, 5.00%, 7/01/29

     290        307,925   

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

     1,385        1,554,136   

New York University Hospitals Center, Series A, 5.00%, 7/01/17 (b)

     3,390        3,486,988   

North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/32

     1,750        1,985,340   

North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/41

     1,000        1,121,160   
 

 

                
4    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016   


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

  

Health (continued)

    

State of New York Dormitory Authority, Refunding RB (continued):

    

North Shore-Long Island Jewish Obligated Group, Series A, 5.00%, 5/01/43

   $ 1,430      $ 1,632,803   

North Shore-Long Island Jewish Obligated Group, Series E, 5.50%, 5/01/33

     1,100        1,197,273   
    

 

 

 
               30,823,652   

Housing — 2.3%

    

City of New York New York Housing Development Corp., RB, M/F Housing, Fund Grant Program, New York City Housing Authority Program, Series B1:

    

5.25%, 7/01/32

     1,140        1,327,564   

5.00%, 7/01/33

     500        568,735   

City of New York New York Housing Development Corp., Refunding RB, M/F Housing, 8 Spruce Street, Class F, 4.50%, 2/15/48

     925        973,165   

State of New York HFA, RB, M/F Housing:

    

Affordable Housing, Series D (SONYMA),
3.20%, 11/01/46

     300        292,638   

Highland Avenue Senior Apartments, Series A, AMT (SONYMA), 5.00%, 2/15/39

     1,500        1,505,055   
    

 

 

 
               4,667,157   

State — 11.8%

    

City of New York New York Transitional Finance Authority, BARB, Series S-2 (NPFGC), 4.25%, 1/15/34

     1,015        1,020,887   

City of New York New York Transitional Finance Authority, RB, Future Tax Secured, 5.00%, 2/01/32

     5,000        6,000,050   

MTA Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/51

     3,085        3,436,135   

State of New York Dormitory Authority, RB, General Purpose:

    

Series B, 5.00%, 3/15/42

     4,380        5,018,166   

Series C, 5.00%, 3/15/34

     2,185        2,519,654   
Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

State (continued)

    

State of New York Dormitory Authority, Refunding RB, School Districts Financing Program, Series A (AGM), 5.00%, 10/01/18 (b)

   $ 395      $ 425,936   

State of New York Thruway Authority, Refunding RB, 2nd General Highway & Bridge Trust, Series A, 5.00%, 4/01/32

     2,500        2,909,675   

State of New York Urban Development Corp., RB, State Personal Income Tax, Series C:

    

5.00%, 3/15/30

     885        1,054,168   

5.00%, 3/15/32

     1,000        1,187,180   
    

 

 

 
               23,571,851   

Tobacco — 1.6%

    

Counties of New York Tobacco Trust IV, Refunding RB:

    

Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a)

     1,000        1,049,450   

Tobacco Settlement Pass-Through,
4.00%, 6/01/51

     1,500        1,434,420   

Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, 5.00%, 6/01/45

     130        143,417   

County of Chautauqua New York Tobacco Asset Securitization Corp., Refunding RB, 4.75%, 6/01/39

     150        153,350   

County of Niagara New York Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed:

    

5.25%, 5/15/34

     250        285,705   

5.25%, 5/15/40

     110        124,761   
    

 

 

 
               3,191,103   

Transportation — 23.9%

    

Metropolitan Transportation Authority, RB:

    

Series A-1, 5.25%, 11/15/33

     540        646,850   

Series C, 6.50%, 11/15/28

     255        283,537   

Series D, 5.25%, 11/15/41

     1,000        1,174,700   

Series E, 5.00%, 11/15/38

     4,000        4,658,560   

Metropolitan Transportation Authority, Refunding RB:

    

Green Bonds, Series A-1, 5.25%, 11/15/56

     750        895,163   
 

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016    5


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

Transportation (continued)

    

Metropolitan Transportation Authority, Refunding RB (continued):

    

Series D, 5.25%, 11/15/30

   $ 910      $ 1,101,282   

Series F, 5.00%, 11/15/30

     2,000        2,370,960   

Sub-Series C-1, 5.00%, 11/15/35

     575        678,920   

Refunding RB, Green Bonds, Series A-1, 4.00%, 11/15/46

     315        334,240   

New York Transportation Development Corp., RB, Laguardia Airport Terminal B Redevelopment Project, Series A, AMT, 5.25%, 1/01/50

     4,400        4,867,192   

New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT:

    

5.00%, 8/01/26

     925        1,010,747   

5.00%, 8/01/31

     1,380        1,473,095   

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC, Special Project, AMT (NPFGC):

    

Series 6, 5.75%, 12/01/22

     6,000        6,130,140   

Series 8, 6.00%, 12/01/42

     1,000        1,158,420   

Port Authority of New York & New Jersey, Refunding ARB:

    

178th Series, AMT, 5.00%, 12/01/33

     750        860,003   

179th Series, 5.00%, 12/01/38

     575        680,058   

Consolidated, 146th Series, AMT (AGM), 4.50%, 12/01/34

     500        502,300   

Consolidated, 147th Series, AMT,
4.75%, 4/15/37

     1,330        1,344,417   

Consolidated, 177th Series, AMT,
4.00%, 1/15/43

     640        666,387   

Consolidated, 178th Series, AMT,
5.00%, 12/01/43

     500        566,785   

Consolidated, 189th Series,
5.00%, 5/01/45

     1,150        1,345,891   

State of New York Thruway Authority, RB, Junior Lien, Series A, 5.25%, 1/01/56

     2,185        2,587,674   

State of New York Thruway Authority, Refunding RB:

    

General, Series I, 5.00%, 1/01/27

     1,000        1,170,640   
Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

Transportation (continued)

    

State of New York Thruway Authority, Refunding RB (continued):

    

General, Series I, 5.00%, 1/01/37

   $ 1,760      $ 2,011,398   

General, Series I, 5.00%, 1/01/42

     280        317,643   

General, Series K, 5.00%, 1/01/32

     2,575        3,037,367   

Series J, 5.00%, 1/01/41

     2,000        2,282,440   

Triborough Bridge & Tunnel Authority, RB,
Series B:

    

5.00%, 11/15/40

     350        415,723   

5.00%, 11/15/45

     310        365,211   

Triborough Bridge & Tunnel Authority, Refunding RB:

    

CAB, Sub-Series A, 0.00%, 11/15/32 (c)

     845        514,157   

General, CAB, Series B,
0.00%, 11/15/32 (c)

     1,700        1,064,183   

General, Series A, 5.25%, 11/15/45

     590        709,027   

General, Series A, 5.00%, 11/15/50

     500        577,275   
    

 

 

 
               47,802,385   

Utilities — 8.3%

    

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System:

    

2nd General Resolution, Fiscal 2011, Series BB, 5.00%, 6/15/31

     1,000        1,127,730   

2nd General Resolution, Fiscal 2015, Series HH, 5.00%, 6/15/39

     1,000        1,180,050   

Series A, 4.75%, 6/15/30

     1,215        1,244,549   

Long Island Power Authority, RB, General, Electric Systems:

    

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

     500        566,940   

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

     2,000        2,521,820   

Long Island Power Authority, Refunding RB, Electric System:

    

Series A, 5.75%, 4/01/39

     4,000        4,383,680   

Series B, 5.00%, 9/01/41

     450        523,633   

Series B, 5.00%, 9/01/46

     645        746,974   
 

 

                
6    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016   


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Municipal Bonds   

Par  

(000)

    Value  

New York (continued)

                

Utilities (continued)

    

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

   $ 350      $ 405,720   

Utility Debt Securitization Authority, Refunding RB, Restructuring:

    

3.00%, 12/15/32

     1,000        1,033,000   

Series B, 4.00%, 12/15/35

     370        413,838   

Series E, 5.00%, 12/15/41

     2,000        2,371,600   
    

 

 

 
               16,519,534   
Total Municipal Bonds in New York        255,506,797   
    

Puerto Rico — 2.5%

                

Housing — 1.4%

    

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

     2,605        2,783,104   

Tobacco — 1.1%

    

Children’s Trust Fund Tobacco Settlement, Refunding RB, Asset-Backed, 5.63%, 5/15/43

     2,220        2,209,033   
Total Municipal Bonds in Puerto Rico        4,992,137   
Total Municipal Bonds — 130.3%        260,498,934   
    
   
Municipal Bonds Transferred to
Tender Option Bond Trusts (e)
 

New York — 31.3%

                

County/City/Special District/School District — 6.5%

  

City of New York New York, GO :

    

Sub-Series G-1, 5.00%, 4/01/29

     4,370        5,142,922   

Sub-Series I-1, 5.00%, 3/01/36

     1,500        1,733,475   

City of New York New York Convention Center Development Corp., Refunding RB, Hotel Unit Fee Secured, 5.00%, 11/15/32

     1,200        1,438,140   
Municipal Bonds Transferred to
Tender Option Bond Trusts (e)
  

Par  

(000)

    Value  

New York (continued)

                

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

  

City of New York New York Transitional Finance Authority, RB:

    

Fiscal 2009, Series S-3, 17.38%, 1/15/39 (a)(f)

   $ 660      $ 716,141   

Future Tax Secured, Sub-Series D-1,
5.00%, 11/01/38

     825        962,148   

New York Liberty Development Corp., Refunding RB, 7 World Trade Center Project, Class 1,
5.00%, 9/15/40

     2,610        3,014,080   
    

 

 

 
               13,006,906   

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        4,199,480   

State — 2.6%

    

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (g)

     1,250        1,460,359   

Sales Tax Asset Receivable Corp., Refunding RB, Fiscal 2015, Series A:

    

5.00%, 10/15/31

     750        922,155   

4.00%, 10/15/32

     1,000        1,122,940   

State of New York Dormitory Authority, RB, General Purpose, Series C, 5.00%, 3/15/41

     1,500        1,700,385   
    

 

 

 
               5,205,839   

Transportation — 7.1%

    

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

     6,495        7,579,505   

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

     1,500        1,725,570   

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     1,455        1,741,853   

State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31

     1,180        1,379,479   
 

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016    7


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)
  

Par  

(000)

    Value  

New York (continued)

                

Transportation (continued)

    

Triborough Bridge & Tunnel Authority, Refunding RB, Series A, 5.00%, 11/15/46

   $ 1,500      $ 1,775,940   
    

 

 

 
               14,202,347   

Utilities — 13.0%

    

City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A:

    

5.75%, 6/15/18 (b)

     276        296,826   

5.75%, 6/15/40

     923        992,717   

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        6,157,954   

2nd General Resolution, Fiscal 2012, Series BB, 5.00%, 6/15/44

     3,511        4,081,207   

2nd General Resolution, Series FF-2,
5.50%, 6/15/40

     810        900,607   

Series A, 4.75%, 6/15/17 (b)

     471        482,655   

Series A, 4.75%, 6/15/30

     2,029        2,078,145   

State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, 3.00%, 6/15/35

     509        510,322   

Utility Debt Securitization Authority, Refunding RB:

    

5.00%, 12/15/41

     6,868        8,143,984   

Municipal Bonds Transferred to

Tender Option Bond Trusts (e)

 

Par  

(000)

    Value  

New York (continued)

               

Utilities (continued)

   

Utility Debt Securitization Authority, Refunding RB (continued):

   

Restructuring, 5.00%, 12/15/36

  $ 1,997      $ 2,401,922   
   

 

 

 
              26,046,339   

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 31.3%

            62,660,911   
Total Long-Term Investments
(Cost — $297,136,773) — 161.6%
            323,159,845   
   
   
Short-Term Securities   Shares         

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.44% (h)(i)

    1,285,852        1,285,980   

Total Short-Term Securities

(Cost — $1,285,859) — 0.7%

  

  

    1,285,980   

Total Investments

(Cost — $298,422,632*) — 162.3%

  

  

    324,445,825   
Other Assets Less Liabilities — 1.8%        3,495,377   

Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable — (16.8)%

   

    (33,512,016

VMTP Shares, at Liquidation Value — (47.3)%

  

    (94,500,000
   

 

 

 

Net Assets Applicable to Common Shares100.0%

  

  $ 199,929,186   
   

 

 

 

*   As of October 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

   

Tax cost

    $ 265,061,139   
   

 

 

 

Gross unrealized appreciation

    $ 26,774,264   

Gross unrealized depreciation

      (841,265
   

 

 

 

Net unrealized appreciation

    $ 25,932,999   
   

 

 

 
 

 

                
8    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016   


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

Notes to Schedule of Investments

 

(a)   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.

 

(b)   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.

 

(c)   Zero-coupon bond.

 

(d)   Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

 

(e)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

 

(f)   Variable rate security. Rate as of period end.

 

(g)   All or a portion of security is subject to a recourse agreement. 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.

 

(h)   During the period ended October 31, 2016, investments in issuers considered to be an affiliate of the Trust 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,

2016

    Net
Activity
   

Shares Held
at October 31,

2016

   

Value at

October 31,
2016

    Income     Realized
Gain
 

BlackRock Liquidity Funds, MuniCash, Institutional Class

    214,518        1,071,334        1,285,852      $ 1,285,980      $ 4,881      $ 1   

 

(i)   Current yield as of period end.

 

Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Contracts
Short
    Issue     Expiration     Notional
Value
    Unrealized
Appreciation
 
  (39     10-Year U.S. Treasury Note        December 2016      $ 5,055,375      $ 71,237   
  (26     Long U.S. Treasury Bond        December 2016      $ 4,230,688        159,939   
  (6     Ultra U.S. Treasury Bond        December 2016      $ 1,055,625        55,956   
  Total            $ 287,132   
       

 

 

 

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.

 

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
BAM    Build America Mutual Assurance Co.
BARB    Building Aid Revenue Bonds
BHAC    Berkshire Hathaway Assurance Corp.
CAB    Capital Appreciation Bonds
CIFG    CIFG Assurance North America, Inc.

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016    9


Schedule of Investments (continued)

  

BlackRock New York Municipal Income Trust (BNY)

 

 

EDC    Economic Development Corp.
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
SONYMA    State of New York Mortgage Agency

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation methodologies are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 — unadjusted price quotations 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)

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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation methodologies may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative financial investments 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, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust ‘s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                
Investments:                 

Long-Term Investments1

            $ 323,159,845                   $ 323,159,845   

Short-Term Securities

  $ 1,285,980                               1,285,980   
 

 

 

 

Total

  $ 1,285,980         $ 323,159,845                   $ 324,445,825   
 

 

 

 
                

 

 
Derivative Financial Instruments2                 

Assets:

                

Interest rate contracts

  $ 287,132                             $ 287,132   

 

 

1    See above Schedule of Investments for values in each sector.

2    Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

       

       

 

                
10    BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016   


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 period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

   

     Level 1        Level 2        Level 3      Total  

Assets:

  

Cash

  $ 729                        $ 729   

Cash pledged for futures contracts

    178,250                          178,250   

Liabilities:

                

TOB Trust Certificates

            $ (33,451,687             (33,451,687

VMTP Shares at Liquidation Value

              (94,500,000             (94,500,000
 

 

 

 

Total

  $ 178,979         $ (127,951,687           $ (127,772,708
 

 

 

 

During the period ended October 31, 2016, there were no transfers between levels.

 

                
   BLACKROCK NEW YORK MUNICIPAL INCOME TRUST    OCTOBER 31, 2016    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 20, 2016

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 20, 2016

 

By:       /s/ Neal J. Andrews                        
  Neal J. Andrews
 

Chief Financial Officer (principal financial officer) of

BlackRock New York Municipal Income Trust

Date: December 20, 2016