UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
Washington,D.C.20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21179
Name of Fund: BlackRock New York Municipal Income Quality Trust (BSE)
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 Quality Trust, 55 East 52nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2011
Date of reporting period: 05/31/2011
Item 1 Schedule of Investments
BlackRock New York Municipal Income Quality Trust (BSE)
Schedule of Investments May 31, 2011 (Unaudited)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York — 120.0% | |||
Corporate — 1.8% | |||
New York Liberty Development Corp., | |||
RB, Goldman Sachs Headquarters, | |||
5.25%, 10/01/35 | $ 1,660 | $ 1,653,094 | |
County/City/Special District/School District — 22.0% | |||
City of New York, New York, GO, Series | |||
L-1, 4.70%, 4/01/29 | 500 | 511,765 | |
Erie County Industrial Development | |||
Agency, RB: | |||
5.25%, 5/01/31 (a) | 200 | 209,116 | |
City School District of Buffalo | |||
Project, Series A (AGM), 5.75%, | |||
5/01/25 | 1,000 | 1,099,640 | |
Haverstraw-Stony Point Central School | |||
District New York, GO (AGM), 3.00%, | |||
10/15/27 | 140 | 120,400 | |
Hudson Yards Infrastructure Corp., RB, | |||
Series A: | |||
(FGIC), 5.00%, 2/15/47 | 250 | 223,300 | |
(NPFGC), 4.50%, 2/15/47 | 250 | 208,275 | |
New York City Industrial Development | |||
Agency, PILOT, RB: | |||
Queens Baseball Stadium, (AGC), | |||
6.38%, 1/01/39 | 150 | 153,285 | |
Queens Baseball Stadium, (AMBAC), | |||
5.00%, 1/01/46 | 250 | 203,843 | |
Yankee Stadium, CAB (AGC), 6.54%, | |||
3/01/39 (b) | 1,000 | 184,710 | |
Yankee Stadium (NPFGC), 4.75%, | |||
3/01/46 | 800 | 682,320 | |
New York City Transitional Finance | |||
Authority, RB, Series S-2 (AGM), | |||
5.00%, 1/15/37 | 850 | 859,078 | |
New York City Transitional Finance | |||
Authority, Refunding RB (AMBAC), | |||
Series B: | |||
Future Tax, 5.00%, 5/01/30 (c) | 5 | 5,149 | |
Future Tax Secured, 5.00%, | |||
5/01/30 | 3,260 | 3,291,361 | |
New York Convention Center | |||
Development Corp., RB, Hotel Unit | |||
Fee Secured (AMBAC), 5.00%, | |||
11/15/44 | 5,175 | 4,925,047 |
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
County/City/Special District/School | |||
District (concluded) | |||
New York State Dormitory Authority, | |||
Refunding RB, School Districts | |||
Financing Program, Series A (AGM), | |||
5.00%, 10/01/35 | $ 1,000 | $ 1,010,940 | |
Sales Tax Asset Receivable Corp., RB, | |||
Series A (AMBAC), 5.00%, 10/15/32 | 6,000 | 6,139,680 | |
19,827,909 | |||
Education — 37.9% | |||
City of Troy New York, Refunding RB, | |||
Rensselaer Polytechnic, Series A, | |||
5.13%, 9/01/40 | 1,175 | 1,159,995 | |
Herkimer County Industrial | |||
Development Agency New York, RB, | |||
College Foundation, Inc. Student | |||
Housing Project, 6.25%, 8/01/34 | 1,000 | 986,650 | |
Madison County Industrial Development | |||
Agency New York, RB, Colgate | |||
University Project, Series A (AMBAC), | |||
5.00%, 7/01/30 | 1,000 | 1,024,790 | |
New York City Industrial Development | |||
Agency, RB, Lycee Francais de New | |||
York Project, Series A (ACA), 5.38%, | |||
6/01/23 | 2,500 | 2,540,425 | |
New York City Transitional Finance | |||
Authority, RB, Fiscal 2009, Series S-4 | |||
(AGC), 5.50%, 1/15/33 | 1,000 | 1,059,240 | |
New York City Trust for Cultural | |||
Resources, Refunding RB, Museum of | |||
Modern Art, Series 1A, 5.00%, | |||
4/01/31 | 700 | 728,266 | |
New York State Dormitory Authority, RB: | |||
Brooklyn Law School, Series B | |||
(Syncora), 5.13%, 7/01/30 | 4,000 | 4,015,880 | |
Convent of the Sacred Heart (AGM), | |||
5.75%, 11/01/40 | 300 | 312,408 | |
Cornell University, Series A, | |||
5.00%, 7/01/40 | 250 | 259,982 | |
FIT Student Housing Corp. (FGIC), | |||
5.13%, 7/01/34 (c) | 2,500 | 2,840,125 | |
Fordham University, Series A, | |||
5.00%, 7/01/28 | 500 | 515,565 |
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2011 | 1 |
BlackRock New York Municipal Income Quality Trust (BSE)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
Education (concluded) | |||
New York State Dormitory Authority, RB | |||
(concluded) : | |||
Mount Sinai School of Medicine at | |||
NYU (NPFGC), 5.00%, 7/01/35 | $ 2,500 | $ 2,458,625 | |
The New School (AGM), 5.50%, | |||
7/01/43 | 1,000 | 1,031,680 | |
New York University, Series 2 | |||
(AMBAC), 5.00%, 7/01/41 | 4,000 | 4,000,240 | |
New York University, Series A | |||
(AMBAC), 5.00%, 7/01/37 | 2,500 | 2,526,000 | |
New York University, Series C, | |||
5.00%, 7/01/38 | 1,000 | 1,013,050 | |
Rockefeller University, Series | |||
A1, 5.00%, 7/01/32 | 500 | 504,120 | |
Saint Joachim & Anne | |||
Residence, 5.25%, 7/01/27 | 3,000 | 3,014,910 | |
State University Dormitory | |||
Facilities, LRB, Series A, 5.00%, | |||
7/01/40 | 600 | 609,612 | |
New York State Dormitory Authority, | |||
Refunding RB: | |||
Rochester Institute of | |||
Technology, 5.00%, 7/01/40 | 550 | 549,978 | |
Skidmore College, Series A, | |||
5.00%, 7/01/27 | 135 | 142,775 | |
Tompkins County Development Corp., | |||
RB, Ithaca College Project (AGM), | |||
5.50%, 7/01/33 | 250 | 261,740 | |
Trust for Cultural Resources, Refunding | |||
RB, American Museum of Natural | |||
History, Series A (NPFGC), 5.00%, | |||
7/01/44 | 2,500 | 2,511,925 | |
34,067,981 | |||
Health — 16.9% | |||
Dutchess County Industrial | |||
Development Agency, RB, Vassar | |||
Brothers Medical Center (AGC), | |||
5.50%, 4/01/30 | 500 | 507,250 | |
Monroe County Industrial Development | |||
Corp., RB, Unity Hospital of Rochester | |||
Project (FHA), 5.50%, 8/15/40 | 325 | 338,393 | |
New York State Dormitory Authority, | |||
MRB: | |||
Hospital, Lutheran Medical | |||
(NPFGC), 5.00%, 8/01/31 | 4,500 | 4,509,675 | |
St. Barnabas, Series A (FHA), | |||
5.00%, 2/01/31 | 5,000 | 5,007,500 | |
New York State Dormitory Authority, RB: | |||
Hudson Valley Hospital (BHAC), | |||
5.00%, 8/15/36 | 1,250 | 1,262,525 | |
NYU Hospital Center, Series A, | |||
6.00%, 7/01/40 | 250 | 254,715 | |
New York & Presbyterian Hospital | |||
(AGM), 5.25%, 2/15/31 | 500 | 512,845 |
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
Health (concluded) | |||
New York State Dormitory Authority, RB | |||
(concluded) : | |||
North Shore - Long Island | |||
Jewish Health System, Series | |||
A, 5.50%, 5/01/37 | $ 350 | $ 350,427 | |
New York State Dormitory Authority, | |||
Refunding RB: | |||
St. Luke's Roosevelt Hospital (FHA), | |||
4.90%, 8/15/31 | 500 | 480,735 | |
Winthrop University Hospital | |||
Association, Series A (AMBAC), | |||
5.25%, 7/01/31 | 2,000 | 1,934,840 | |
15,158,905 | |||
State — 11.0% | |||
New York State Dormitory Authority, | |||
ERB: | |||
Series B, 5.75%, 3/15/36 | 600 | 658,272 | |
Series C, 5.00%, 12/15/31 | 1,500 | 1,560,225 | |
New York State Dormitory Authority, RB: | |||
Mental Health Services Facilities | |||
Improvement, Series A (AGM), | |||
5.00%, 2/15/22 | 1,000 | 1,090,690 | |
School Districts Financing Program, | |||
Series D (NPFGC), 5.00%, | |||
10/01/30 | 3,500 | 3,517,675 | |
New York State Dormitory Authority, | |||
Refunding RB, School Districts | |||
Financing Program, Series A (NPFGC), | |||
5.00%, 4/01/31 | 2,000 | 2,007,800 | |
State of New York, GO, Series A, 4.75%, | |||
2/15/37 | 1,000 | 1,013,140 | |
9,847,802 | |||
Transportation — 22.5% | |||
Hudson Yards Infrastructure Corp., RB: | |||
(AGC), 5.00%, 2/15/47 | 1,250 | 1,168,687 | |
Series A (AGM), 5.00%, 2/15/47 | 2,355 | 2,203,927 | |
Metropolitan Transportation Authority, | |||
RB, Series 2008C, 6.50%, 11/15/28 | 750 | 863,048 | |
Metropolitan Transportation Authority, | |||
Refunding RB: | |||
Series A, 5.13%, 1/01/29 | 1,000 | 1,005,030 | |
Series A (AMBAC), 5.00%, 7/01/30 | 4,600 | 4,612,788 | |
Series A (NPFGC), 5.25%, | |||
11/15/31 | 4,250 | 4,265,810 | |
Series B, 5.00%, 11/15/34 | 540 | 549,677 | |
New York State Thruway Authority, RB, | |||
Series G (AGM), 5.00%, 1/01/32 | 500 | 507,535 | |
New York State Thruway Authority, | |||
Refunding RB, Series H (AGM), | |||
5.00%, 1/01/37 | 4,000 | 4,044,520 | |
Triborough Bridge & Tunnel Authority, | |||
Refunding RB, Series C, 5.00%, | |||
11/15/38 | 1,000 | 1,021,820 | |
20,242,842 |
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2011 | 2 |
BlackRock New York Municipal Income Quality Trust (BSE)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York (concluded) | |||
Utilities — 7.9% | |||
Long Island Power Authority, RB, | |||
General, Series C (CIFG), 5.25%, | |||
9/01/29 | $ 1,000 | $1,074,470 | |
Long Island Power Authority, | |||
Refunding RB: | |||
General, Series A (AGC), 6.00%, | |||
5/01/33 | 2,000 | 2,193,680 | |
General, Series F (NPFGC), 4.25%, | |||
5/01/33 | 1,000 | 926,410 | |
Series A (AGC), 5.75%, 4/01/39 | 1,690 | 1,807,337 | |
New York City Municipal Water Finance | |||
Authority, RB, Series DD, 5.00%, | |||
6/15/32 | 1,100 | 1,138,885 | |
7,140,782 | |||
Total Municipal Bonds in New York | 107,939,315 | ||
Guam — 0.7% | |||
Utilities — 0.7% | |||
Guam Power Authority, Refunding RB, | |||
Series A (AGM), 5.00%, 10/01/37 | 675 | 631,847 | |
Total Municipal Bonds in Guam | 631,847 | ||
Puerto Rico — 14.4% | |||
County/City/Special District/School District — 0.8% | |||
Puerto Rico Sales Tax Financing Corp., | |||
RB, First Sub - Series A (AGM), | |||
5.00%, 8/01/40 | 500 | 484,305 | |
Puerto Rico Sales Tax Financing Corp., | |||
Refunding RB, CAB, Series A | |||
(NPFGC), 5.77%, 8/01/41 (b) | 1,500 | 207,555 | |
691,860 | |||
Education — 4.4% | |||
Puerto Rico Industrial Tourist | |||
Educational Medical & Environmental | |||
Control Facilities Financing Authority, | |||
RB, University Plaza Project, Series A | |||
(NPFGC), 5.00%, 7/01/33 | 1,000 | 890,780 | |
Puerto Rico Industrial Tourist | |||
Educational Medical & Environmental | |||
Control Facilities Financing Authority, | |||
Refunding RB, Polytechnic University | |||
Project, Series A (ACA), 5.00%, | |||
8/01/32 | 3,800 | 3,063,446 | |
3,954,226 | |||
State — 3.1% | |||
Commonwealth of Puerto Rico, GO, | |||
Refunding, Sub-Series C-7 (NPFGC), | |||
6.00%, 7/01/27 | 1,000 | 1,036,060 | |
Puerto Rico Public Buildings Authority, | |||
Refunding RB, Government Facilities, | |||
Series M-3 (NPFGC), 6.00%, 7/01/28 | 500 | 515,360 | |
Puerto Rico Sales Tax Financing Corp., | |||
RB, First Sub - Series A, 5.75%, | |||
8/01/37 | 1,000 | 1,008,460 |
Par | |||
Municipal Bonds | (000) | Value | |
Puerto Rico (concluded) | |||
State (concluded) | |||
Puerto Rico Sales Tax Financing Corp., | |||
Refunding RB, CAB, Series A | |||
(NPFGC), 5.98%, 8/01/43 (b) | $ 2,000 | $ 239,580 | |
2,799,460 | |||
Transportation — 3.7% | |||
Puerto Rico Highway & Transportation | |||
Authority, RB, Series Y (AGM), 6.25%, | |||
7/01/21 | 2,000 | 2,262,420 | |
Puerto Rico Highway & Transportation | |||
Authority, Refunding RB, Series CC | |||
(AGM), 5.50%, 7/01/29 | 1,000 | 1,042,020 | |
3,304,440 | |||
Utilities — 2.4% | |||
Puerto Rico Electric Power Authority, | |||
Refunding RB, Series VV (NPFGC): | |||
5.25%, 7/01/29 | 250 | 244,845 | |
5.25%, 7/01/30 | 2,000 | 1,952,820 | |
2,197,665 | |||
Total Municipal Bonds in Puerto Rico | 12,947,651 | ||
Total Municipal Bonds – 135.1% | 121,518,813 | ||
Municipal Bonds Transferred to | |||
Tender Option Bond Trusts (d) | |||
New York — 19.6% | |||
County/City/Special District/School District — 1.2% | |||
City of New York New York, GO, Sub- | |||
Series C-3 (AGC), 5.75%, 8/15/28 | 1,000 | 1,115,560 | |
Transportation — 17.3% | |||
Metropolitan Transportation Authority, | |||
Refunding RB, Series A (AGM), | |||
5.00%, 11/15/30 | 6,080 | 6,102,679 | |
Triborough Bridge & Tunnel Authority, | |||
Refunding RB (NPFGC), 5.00%, | |||
11/15/32 | 9,404 | 9,461,204 | |
15,563,883 | |||
Utilities — 1.1% | |||
New York City Municipal Water Finance | |||
Authority, RB: | |||
Fiscal 2009, Series A, 5.75%, | |||
6/15/40 | 495 | 539,945 | |
Series FF-2, 5.50%, 6/15/40 | 405 | 431,666 | |
971,611 | |||
Total Municipal Bonds Transferred to | |||
Tender Option Bond Trusts – 19.6% | 17,651,054 | ||
Total Long-Term Investments | |||
(Cost – $138,133,354) – 154.7% | 139,169,867 |
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2011 | 3 |
BlackRock New York Municipal Income Quality Trust (BSE)
Schedule of Investments (continued)
(Percentages shown are based on Net Assets)
Par | ||
Short-Term Securities | (000) | Value |
New York — 0.1% | ||
City of New York New York, GO, | ||
Refunding, VRDN, Sub-Series H-3 | ||
(AGM Insurance, State Street Bank | ||
& Co. SBPA), 0.16%, 6/01/11 (e) | $ 50 | $ 50,000 |
Shares | ||
Money Market Fund — 0.6% | ||
BIF New York Municipal Money Fund, | ||
0.00% (f)(g) | 565,579 | 565,579 |
Total Short-Term Securities | ||
(Cost – $615,579) – 0.7% | 615,579 | |
Total Investments | ||
(Cost – $138,748,933*) – 155.4% | 139,785,446 | |
Other Assets Less Liabilities – 1.3% | 1,130,301 | |
Liability for Trust Certificates, Including Interest | ||
Expense and Fees Payable – (11.6)% | (10,411,084) | |
Preferred Shares, at Redemption Value – (45.1)% | (40,576,695) | |
Net Assets Applicable to Common Shares – 100.0% | $ 89,927,968 |
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2011, as computed for federal income tax purposes, were as
follows:
Aggregate cost | $ 128,444,836 |
Gross unrealized appreciation | $ 2,875,721 |
Gross unrealized depreciation | (1,943,614) |
Net unrealized appreciation | $ 932,107 |
a) When-issued security. Unsettled when-issued transactions were as
follows:
Unrealized | ||
Counterparty | Value | Appreciation |
Citigroup Global Markets | $ 209,116 | $ 32 |
(b) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(c) US 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.
(d) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Trust acquired residual interest certificates.
These securities serve as collateral in a financing transaction.
(e) Variable rate security. Rate shown is as of report date and maturity
shown is the date the principal owed can be recovered through demand.
(f) Investments in companies considered to be an affiliate of the Trust
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:
Shares Held | Shares Held | |||
at August 31, | Net | at May 31, | ||
Affiliate | 2010 | Activity | 2011 | Income |
BIF New York | ||||
Municipal | ||||
Money Fund | 1,077,827 | (512,248) | 565,579 | $ 96 |
(g) Represents the current yield as of report date.
• 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 ratings group indexes,
and/or as defined by Trust management. This definition may not apply
for purposes of this report, which may combine such sector sub-
classifications for reporting ease.
• Financial futures contracts sold as of May 31, 2011 were as follows:
Notional Unrealized | ||||
Contracts | Issue | Exchange | Expiration | Value Depreciation |
30-Year | ||||
U.S. | Chicago | |||
Treasury | Board of | September | ||
37 | Bond | Trade | 2011 | $4,609,031 $(10,188) |
•Fair Value Measurements - Various inputs are used in determining the fair
value of investments and derivative financial instruments. These inputs
are summarized in three broad levels for financial reporting purposes as
follows:
•Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities
•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 inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. For
information about the Trust's policy regarding valuation of investments and
derivative financial instruments and other significant accounting policies, please
refer to the Trust’s most recent financial statements as contained in its semi-
annual report.
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2011 | 4 |
BlackRock New York Municipal Income Quality Trust (BSE)
Schedule of Investments (concluded)
The following tables summarize the inputs used as of May 31, 2011 in
determining the fair valuation of the Trust’s investments and derivative
financial instruments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |
Assets: | |||||
Investments: | |||||
Long-Term | |||||
Investments1 | --- | $ 139,169,867 | --- $ 139,169,867 | ||
Short-Term | |||||
Securities | $ 565,579 | $ 50,000 | --- | $ 615,579 | |
Total | $ 565,579 $ 139,219,867 | --- $ 139,785,446 | |||
1 See above Schedule of Investments for values in each sector. |
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Derivative Financial | ||||
Instruments2: | ||||
Liabilities: | ||||
Interest rate | ||||
contracts | $ (10,188) | --- | --- | $ (10,188) |
2 Derivative financial instruments are financial futures contracts, which are | ||||
valued at the unrealized appreciation/depreciation on the instrument. |
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2011 | 5 |
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
31940 Act3)) areeffective 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 Quality Trust
By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock New York Municipal Income Quality Trust
Date: July 26, 2011
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 Quality Trust
Date: July 26, 2011
By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock New York Municipal Income Quality Trust
Date: July 26, 2011
EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock New York Municipal Income
Quality Trust, certify that:
1. I have reviewed this report on Form N-Q of BlackRock New York Municipal Income Quality Trust;
2. 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;
3. Based on my knowledge, the schedules 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;
4. 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) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a) 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;
b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
c) 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
d) 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
5. 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):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.
Date: July 26, 2011
/S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock New York Municipal Income Quality Trust
EX-99.CERT
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock New York Municipal
Income Quality Trust, certify that:
1. I have reviewed this report on Form N-Q of BlackRock New York Municipal Income Quality
Trust;
2. 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;
3. Based on my knowledge, the schedules 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;
4. 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) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) 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;
b) designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
c) 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
d) 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
5. 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):
a) all significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant's internal control over financial reporting.
Date: July 26, 2011
/S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock New York Municipal Income Quality Trust