BlackRock New York Municipal Income Trust (the Trust) is a non-diversified, closed-end management investment company. The Trust’s investment objective is to provide current income exempt from regular federal income taxes, and New York State and New York City personal income taxes. The Trust will invest at least 80% of its total assets in municipal bonds that are of investment-grade quality, or determined by BlackRock, Inc. (BlackRock) to be of equivalent credit quality at the time of purchase. It may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s Investors Service, Standard & Poor’s or Fitch Ratings, or that are unrated but judged to be of comparable quality by BlackRock.
The Trust may invest in certain securities whose potential income return is inversely related to changes in a floating interest rate (inverse floaters). It may also invest in swap agreements. It invests in various sectors, including prerefunded/escrow securities, housing, education, corporate-backed munisipal securities and transportation. The Trust’s investment advisor is BlackRock Advisors, Inc. and its sub-advisor is BlackRock Financial Management, Inc.