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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-04-004586.txt : 20040929
<SEC-HEADER>0000930413-04-004586.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929140148
ACCESSION NUMBER:		0000930413-04-004586
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929
EFFECTIVENESS DATE:		20040929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001137390
		IRS NUMBER:				510409117
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10337
		FILM NUMBER:		041052252

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		302-797-2449

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c33553_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




<P align="center">
<FONT face="serif">UNITED STATES </FONT>
<br>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT>
<br>
<FONT face="serif">Washington, D.C. 20549 </FONT>
</P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B>
<br>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="36%" align="left"><font face="serif">Investment Company Act file number: </font></td>
    <td colspan="2" align="left"><font face="serif">811-10337</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td colspan="2" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">BlackRock New York Municipal Income Trust</FONT></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">(Exact name of registrant as specified in charter) </font> </td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">100 Bellevue Parkway, Wilmington, DE</font></td>
    <td align="center"><font size=2 face="sans-serif">19809</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">(Address of principal executive offices)&nbsp;</font></td>
    <td width="51%" align="center"><font size=2 face="sans-serif">(Zip code)</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">Robert S. Kapito, President</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">BlackRock New York Municipal Income Trust</FONT> </font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">40 East 52nd Street, New York, NY 10022</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">(Name and address of agent for service)</font></font></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="sans-serif"><br>
</FONT></P>
<table width="75%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font face="serif">Registrant's telephone number, including area code:</font></td>
    <td width="61%"><font face="serif">888-825-2257</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%"><font face="serif">Date of fiscal year end:</font></td>
    <td colspan="2"><font face="serif">&nbsp;</font><font face="serif">October 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif">Date of reporting period:</font></td>
    <td colspan="2"><font face="serif">July 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P align="left"><FONT face="serif"><BR>
  </FONT>
</P>
<FONT size=2 face="sans-serif">
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_2"></A>

<P>
<B><FONT face="serif">Item 1. Schedule of Investments</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT>
</P>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS (</b><b>unaudited)</b><b><br>JULY
31, 2004</b></font>
<p><font size="3"><b>BlackRock New York Municipal Income Trust (BNY)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td><div align="center"></div></td>
  </tr>
  <tr valign=top>
    <td colspan="12"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="1%">&nbsp;</td>
<td width="4%" align=center></td>
<td width="1%">&nbsp;</td>
<td width="5%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="60%" align=left><font size="2"><b>LONG-TERM
INVESTMENTS&#151;157.3%</b></font></td>
<td width="1%">&nbsp;</td>
<td width="14%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="1%">&nbsp;</td>
<td colspan="2" align=right></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New
York&#151;124.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center><font size="2"><font size="2">AA-</font></font></td>
  <td>&nbsp;</td>
  <td align=right><font size="2">$ 2,000</font></td>
  <td>&nbsp;</td>
  <td align=left><font size="2">Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B,</font></td>
  <td>&nbsp;</td>
  <td align=right><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/33</font></td>
  <td>&nbsp;</td>
  <td align=right><div align="center"><font size="2">07/13 @ 100</font></div></td>
  <td>&nbsp;</td>
  <td width="3%" align=right><div align="left"><font size="2">$</font></div></td>
  <td width="6%" align=right><font size="2"> 1,973,300</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Met.
Transp. Auth., Dedicated Tax Fund, Ser. A,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%,
11/15/30</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">11/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">11,743,320</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.125%,
11/15/31</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">11/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">11,940,360</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York City, GO,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,290</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
C, 5.375%, 3/15/12</font></td>
<td>&nbsp;</td>
<td align=center><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,701,381</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,710</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
C, 5.375%, 3/15/28</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">03/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,758,130</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
D, 5.375%, 6/01/32</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">06/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">7,113,680</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York City Ind. Dev. Agcy.,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Marymount
Sch. Proj., 5.125%, 9/01/21, ACA</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">09/11
  @ 102</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">743,558</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Marymount
Sch. Proj., 5.25%, 9/01/31, ACA</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">09/11
  @ 102</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,913,860</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,550</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Royal
Charter Presbyterian, 5.25%, 12/15/32, FSA</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">12/11
  @ 102</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,577,822</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,850</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Spec.
Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">14,276,790</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Term.
One Grp. Assoc. Proj., 6.00%, 1/01/19</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">08/04
  @ 102</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,149,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York City Mun. Wtr. Fin. Auth.,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A, 5.00%, 6/15/32, FGIC</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">06/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,997,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
C, 5.00%, 6/15/32</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">06/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,918,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York City Transl. Fin. Auth., Ser. C,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,940<sup>3</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%,
5/01/09</font></td>
<td>&nbsp;</td>
<td align=center><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,534,891</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,660</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%,
5/01/29</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">05/09
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,629,439</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York Cntys. Tobacco Trust III, 6.00%, 6/01/43 </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">06/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">5,936,669</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York Dorm. Auth.,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,235</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;City
Univ., Ser. A, 5.25%, 7/01/11</font></td>
<td>&nbsp;</td>
<td align=center><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">17,056,344</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AA-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,765</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;City
Univ., Ser. A, 5.25%, 7/01/31</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,767,771</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,780</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Lenox
Hill Hosp. Oblig. Grp., 5.50%, 7/01/30</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/11
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">11,043,679</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;New
Sch. Univ., 5.00%, 7/01/41, MBIA</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">8,928,270</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;New
York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,951,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;No.
Shore Long Island Jewish Grp., 5.375%, 5/01/23</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">05/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,023,060</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;No.
Shore Long Island Jewish Grp., 5.50%, 5/01/33</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">05/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,018,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New
York Mtg. Agcy.,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">Aa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
101, 5.40%, 4/01/32</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">10/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">5,984,629</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">Aaa</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A, 5.30%, 10/01/31</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">04/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">15,559,210</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,290</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">New
York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06 </font></td>
<td>&nbsp;</td>
<td align=center><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right>&nbsp;</td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Port
Auth. of NY &amp; NJ,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,724,828</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
124, 5.00%, 8/01/36, FGIC, GO</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">08/08
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">9,121,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,000</font></td>
<td><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Spec.
Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">12/07
  @ 102</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">14,107,210</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">Caa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Spec.
Oblig., Contl/Eastern Proj. LaGuardia, 9.125%, 12/01/15</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">08/04
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">9,355,357</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rensselaer
Tobacco Asset Sec. Corp., Tobacco Settlement Rev., </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right>&nbsp;</td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.75%, 6/01/43 </font></td>
  <td>&nbsp;</td>
  <td align=right><div align="center"><font size="2">06/12 @ 100</font></div></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">2,112,775</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rockland
Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">08/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,225,150</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Suffolk
Cnty. Indl. Dev. Agcy., KeySpan Port Jefferson Proj., 5.25%, 6/01/27 </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">06/13
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,972,280</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Triborough
Brdg. &amp; Tunl. Auth., Ser. A, 5.00%, 1/01/32, MBIA </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">01/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,986,530</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">TSASC
Inc., Tobacco Settlement Rev., Ser. 1,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.75%,
7/15/32</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/12
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,466,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.375%,
7/15/39</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/09
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">7,630,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Westchester
Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">10/11
  @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,513,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Westchester
Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29 </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/10
  @ 101</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,957,440</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><hr noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">232,413,463</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Delaware&#151;6.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Charter
Mac Equity Issuer Trust,</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
A-2, 6.30%, 6/30/49</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/09
@ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,492,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,500</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser.
B-1, 6.80%, 11/30/50</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/10
@ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,052,365</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">12,544,665</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><HR noshade size=1></td>

<td>&nbsp;</td></tr>
</table>
<p><p>
<HR noshade size=4><PAGE>

<p><font size="3"><b> BlackRock New York Municipal Income Trust (BNY) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="1%">&nbsp;</td>
    <td width="6%" align=center><div align="center"></div></td>
    <td width="1%"><div align="center"></div></td>
    <td width="9%" align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td width="4%"><div align="center"></div></td>
    <td width="53%" align=left><div align="center"></div></td>
    <td width="1%"><div align="center"></div></td>
    <td width="13%" align=right><div align="center"></div></td>
    <td width="2%"><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;5.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">MuniMae TE Bond Subsidiary, LLC,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$6,000</font></td>
<td><font size="2"><sup>5,6</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.30%, 6/30/49</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/09 @ 100</font></td>
<td>&nbsp;</td>
<td width="1%" align=right><div align="left"><font size="2">$     </font></div></td>

<td width="7%" align=right><font size="2">6,421,320</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2" face="sans-serif">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td><font size="2"> <sup>5,6</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.80%, 6/30/50</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,219,720</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">9,641,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Puerto Rico&#151;18.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,060</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Children's Trust Fund, Tobacco Settlement
Rev., 5.625%, 5/15/43 </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">05/12 @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,400,615</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Puerto Rico Pub. Bldgs. Auth. Rev.,
Gov't Facs. Ser. D,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,400</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/01/12</font></td>
<td>&nbsp;</td>
<td align=center><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,914,888</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 7/01/36</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">07/12 @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,614,416</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Puerto Rico Pub. Fin. Corp., Ser.
E,</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,475</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 2/01/12</font></td>
<td>&nbsp;</td>
<td align=center><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">8,431,725</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,525</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 8/01/29</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">02/12 @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,596,735</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 2/01/10</font></td>
<td>&nbsp;</td>
<td align=center><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">7,874,930</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,750</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 2/01/07</font></td>
<td>&nbsp;</td>
<td align=center><div align="center"><font size="2">N/A</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,235,013</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">35,068,322</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Trust Territories&#151;1.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"><b>&nbsp;</b></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">Ba3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,945</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Northern Mariana Islands Commerce,
Ser. A, 6.75%, 10/01/33 </font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">10/13 @ 100</font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,933,515</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments </b>(cost
$285,801,090)</font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2"></font></div></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">292,601,005</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2"><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center><HR noshade size=1></td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center><div align="center"></div></td>
  <td>&nbsp;</td>
  <td colspan="2">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Shares</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td><td colspan="2">&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center></td>

<td>&nbsp;</td><td colspan="2">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>MONEY MARKET FUND&#151;1.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><div align="center"><font size="2">3,650</font></div></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio, (cost $3,650,000) </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,650,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;159.2%
</b>(cost $289,451,090)</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">296,251,005</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liabilities in excess of other assets&#151;(0.2)%</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">(443,692)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left nowrap><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(59.0)%</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">(109,761,268)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2"><b>Net Assets Applicable to Common Shareholders&#151;100%</b></font></td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><div align="left"><font size="2">$</font></div></td>
  <td align=right><font size="2">186,046,045</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><div align="left">
  <HR noshade size=3>
</div></td>

<td align=right><HR noshade size=3></td>
<td>&nbsp;</td></tr>
</table>
</font>
<hr noshade size=1>
<FONT size=2 face="sans-serif">
<table border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="6" align=left><HR noshade size=1></td>
    <td width="10"><HR noshade size=1></td>
    <td width="93" align=left><HR noshade size=1></td>
    <td width="981" align=left>&nbsp;</td>
    <td width="11">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=left><font size="2">  <font size="2"><sup>1</sup></font></font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=left><font size="2">Using the higher of Standard &amp;
  Poor&#146;s, Moody&#146;s Investors Service or Fitch Ratings ratings.</font></td>

<td>&nbsp;</td></tr>
  <tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=left><font size="2">Date (month/year) and price of the
  earliest call or redemption. There may be other call provisions at varying prices
  at later dates.</font></td>

<td>&nbsp;</td></tr>
  <tr valign=top><td align=left><font size="2"><sup>3</sup></font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=left><font size="2">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.</font></td>

<td>&nbsp;</td></tr>
  <tr valign=top><td align=left><font size="2"><sup>4</sup></font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=left><font size="2">Entire or partial principal amount
  pledged as collateral for financial futures contracts.</font></td>

<td>&nbsp;</td></tr>
  <tr valign=top><td align=left><font size="2"><sup>5</sup></font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=left><font size="2">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.</font></td>

<td>&nbsp;</td></tr>
  <tr valign=top><td align=left><font size="2"><sup>6</sup></font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=left><font size="2">Security is deemed to be of investment
  grade quality by the investment advisor.<font size="2"></font></font></td><td>&nbsp;</td></tr>
</table>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="6">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6"><p align="center"><font size="2" face="sans-serif"><b>KEY TO ABBREVIATIONS</b> </font>          <FONT size=2 face="sans-serif"><FONT face="serif"> </FONT></font></td>
  </tr>
  <tr>
    <td width="8%"><font size=2 face="sans-serif"><font size="2">AMBAC</font></font></td>
    <td width="4%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="43%"><font size=2 face="sans-serif"><font size="2">American Municipal Bond Assurance Corporation</font></font></td>
    <td width="6%"><font size=2 face="sans-serif"><font size=2 face="sans-serif"><font size="2">GO&nbsp;</font></font><font size="2">&nbsp;</font></font></td>
    <td width="3%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="36%"><font size=2 face="sans-serif"><font size="2">Financial Security Assurance</font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">COP</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Certificate of Participation</font></font></td>
    <td><font size=2 face="sans-serif">MBIA<font size="2">&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Municipal Bond Insurance Association</font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">FGIC</font></font></td>
    <td>&nbsp;</td>
    <td><font size=2 face="sans-serif"><font size="2">Financial Guaranty Insurance Company&nbsp;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">RAA</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&#151;</font></font></td>
    <td><font size="2">Radian Asset Assurance</font><font size=2 face="sans-serif">&nbsp;</font></td>
  </tr>
</table>
<p>
  <B><FONT face="serif">Item 2. Controls and Procedures</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
  <FONT face="serif">(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&#146;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. </FONT>
</P>
<P>
  <FONT face="serif">(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. </FONT>
</P>
<P>
  <B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
  <FONT face="serif">(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT>
</P>
<HR noshade align="center" width="100%" size=2>

<page>
<p>
  <A name="page_3"></A>

<P align="center">
  <B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
  <FONT face="serif">     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.
  </FONT>
</P>
</font>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="9%"><font size=2 face="sans-serif"><font face="serif">(Registrant)</font></font></td>
    <td colspan="2"><font size=2 face="sans-serif"><font size=2 face="sans-serif"><font face="serif"><font face="serif"> BlackRock New York Municipal Income Trust </font></font></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="56%"><hr align="left" size="1" noshade></td>
    <td width="35%">&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif"><P>&nbsp;
</P>
</font>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Treasurer</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P><FONT face="serif"> </FONT></P>
<P>
  <FONT face="serif">   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. </FONT>
</P>
</font>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ </FONT><FONT size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Executive Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><FONT size=2 face="sans-serif"><FONT face="serif">September 28, 2004</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;</p>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Financial Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P>&nbsp;
</P>
<HR noshade align="center" width="100%" size=2>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c33553_ex99-cert.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c33517_n-q</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Robert Kapito, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of BlackRock New York Municipal Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="3%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="94%" valign="top"><font face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change 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; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;</td>
</tr>
</TABLE>

<P>&nbsp;</P>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif">  </FONT></P>
<FONT face="serif">
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="53%">&nbsp;</td>
    <td width="47%" align="center">/s/ Robert S. Kapito</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Principal Executive Officer</font></td>
  </tr>
</table>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_6"></A>

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Henry Gabbay, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of BlackRock New York Municipal Income Trust;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="4%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="93%" valign="top"><FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change 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; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>

</TABLE>

<P>&nbsp;</P>
</font>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="23%" align="center">&nbsp;</td>
    <td width="24%" align="center"><font face="serif">/s/ &nbsp;Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Principal Financial Officer</font></td>
  </tr>
</table>
<FONT face="serif">
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>
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