BlackRock New York Municipal Income Quality Trust (the Trust), formerly BlackRock New York Insured Municipal Income Trust, is a perpetual closed-end municipal bond fund. The Trust's investment objective is to provide current income exempt from federal income tax, including the alternative minimum tax, and New York State and New York City personal income taxes. The Trust invests at least 80% of its assets in municipal obligations exempt from federal income taxes (including the alternative minimum tax) and New York State and New York City personal income taxes. The Trust invests primarily in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. BlackRock Advisors, LLC is the Trust's investment advisor. Its sub-advisor is BlackRock Financial Management, Inc.