UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21179
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: 08/31/2013
Date of reporting period: 05/31/2013
Item 1 | | Schedule of Investments |
Schedule of Investments May 31, 2013 (Unaudited) | BlackRock New York Municipal Income Quality Trust (BSE) | |
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
New York 114.5% |
||||||||
Corporate 1.6% |
||||||||
New York City Industrial Development Agency, Refunding RB, Senior Series A, AMT, |
||||||||
5.00%, 7/01/28 |
$ | 165 | $ | 173,476 | ||||
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, |
||||||||
5.25%, 10/01/35 |
1,160 | 1,348,256 | ||||||
|
|
|||||||
1,521,732 | ||||||||
|
|
|||||||
County/City/Special District/School District 20.1% |
||||||||
City of New York, GO: |
||||||||
Series A-1, 5.00%, 8/01/35 |
200 | 224,310 | ||||||
Sub-Series A-1, 5.00%, 10/01/34 |
330 | 375,731 | ||||||
City of New York, New York, GO: |
||||||||
Refunding, Series J, 5.00%, 8/01/25(a) |
910 | 1,089,670 | ||||||
Sub-Series A-1, 4.00%, 10/01/34 |
175 | 180,710 | ||||||
Sub-Series G-1, 5.00%, 4/01/28 |
1,000 | 1,155,830 | ||||||
Erie County Industrial Development Agency, RB, City School District of Buffalo, Series A: |
||||||||
Project, 5.25%, 5/01/31 |
200 | 226,674 | ||||||
(AGM), 5.75%, 5/01/25 |
1,000 | 1,157,480 | ||||||
Hudson New York Yards Infrastructure Corp., RB, Series A: |
||||||||
5.00%, 2/15/47 |
500 | 522,770 | ||||||
5.75%, 2/15/47 |
1,000 | 1,153,470 | ||||||
(AGC), 5.00%, 2/15/47 |
1,250 | 1,310,900 | ||||||
(AGM), 5.00%, 2/15/47 |
750 | 786,540 | ||||||
(NPFGC), 4.50%, 2/15/47 |
1,250 | 1,273,725 | ||||||
New York City Industrial Development Agency, RB, PILOT: |
||||||||
CAB, Yankee Stadium Project (AGC), 4.97%, 3/01/39(b) |
1,000 | 282,200 | ||||||
Queens Baseball Stadium (AGC), 6.38%, 1/01/39 |
150 | 171,674 | ||||||
Yankee Stadium Project (NPFGC), 4.75%, 3/01/46 |
800 | 810,256 | ||||||
New York Convention Center Development Corp., RB, Hotel Unit Fee Secured (AMBAC): |
||||||||
5.00%, 11/15/44 |
5,175 | 5,454,968 | ||||||
4.75%, 11/15/45 |
500 | 519,470 | ||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project: |
||||||||
5.00%, 11/15/31 |
1,000 | 1,118,270 | ||||||
5.75%, 11/15/51 |
670 | 776,845 | ||||||
New York State Dormitory Authority, Refunding RB, School Districts Financing Program, Series A (AGM), |
||||||||
5.00%, 10/01/35 |
1,000 | 1,081,730 | ||||||
|
|
|||||||
19,673,223 | ||||||||
|
|
|||||||
Education 36.0% |
||||||||
Dutchess County Local Development Corp., RB, Vassar College, Series A, |
||||||||
5.00%, 1/01/49 |
500 | 538,325 | ||||||
Herkimer County Industrial Development Agency, RB, College Foundation, Inc. Student Housing Project, |
||||||||
6.25%, 8/01/34 |
1,000 | 1,002,350 | ||||||
Madison County Capital Resource Corp., Refunding RB, Colgate University Project, Series A, |
||||||||
4.50%, 7/01/39 |
1,600 | 1,727,856 | ||||||
Madison County Industrial Development Agency, RB, Colgate University Project, Series A (AMBAC), |
||||||||
5.00%, 7/01/30 |
1,000 | 1,045,230 | ||||||
Monroe County Industrial Development Corp., RB, University of Rochester Project, Series A, |
||||||||
5.00%, 7/01/31 |
500 | 564,785 | ||||||
New York City Industrial Development Agency, RB, Lycee Francais de New York Project, Series A (ACA), |
||||||||
5.38%, 6/01/23 |
2,195 | 2,242,456 | ||||||
New York City Trust for Cultural Resources, Refunding RB: |
||||||||
American Museum of Natural History, Series A (NPFGC), 5.00%, 7/01/44 |
2,500 | 2,584,325 | ||||||
Museum of Modern Art, Series 1A, 5.00%, 4/01/31 |
700 | 804,279 | ||||||
Wildlife Conservation Society, Series A, 3.25%, 8/01/32 |
440 | 417,578 | ||||||
Wildlife Conservation Society, Series A, 5.00%, 8/01/42 |
410 | 459,975 |
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2013 | 1 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Quality Trust (BSE) | |
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
New York (continued) |
||||||||
Education (concluded) |
||||||||
New York State Dormitory Authority, RB: |
||||||||
Brooklyn Law School, Series B (Syncora), 5.13%, 7/01/13(c) |
$ | 4,000 | $ | 4,016,120 | ||||
Convent of the Sacred Heart (AGM), 5.75%, 11/01/40 |
300 | 344,079 | ||||||
FIT Student Housing Corp. (NPFGC), 5.13%, 7/01/14(c) |
2,500 | 2,630,075 | ||||||
Fordham University, Series A, 5.00%, 7/01/28 |
500 | 567,070 | ||||||
New York University, Series B, 5.00%, 7/01/37 |
500 | 567,070 | ||||||
New York University, Series C, 5.00%, 7/01/38 |
1,000 | 1,108,390 | ||||||
Saint Joachim & Anne Residence, 5.25%, 7/01/27 |
3,000 | 3,000,810 | ||||||
State University Dormitory Facilities, Series A, 5.00%, 7/01/40 |
600 | 654,048 | ||||||
The New School (AGM), 5.50%, 7/01/43 |
350 | 392,403 | ||||||
New York State Dormitory Authority, Refunding RB: |
||||||||
Cornell University, Series A, 5.00%, 7/01/40 |
250 | 280,163 | ||||||
Fordham University, 4.00%, 7/01/29 |
385 | 400,161 | ||||||
Mount Sinai School of Medicine at New York University (NPFGC), 5.00%, 7/01/35 |
2,400 | 2,556,312 | ||||||
New York University, Series A, 5.00%, 7/01/37 |
745 | 844,934 | ||||||
Rochester Institute of Technology, 4.00%, 7/01/32 |
395 | 399,345 | ||||||
Rochester Institute of Technology, 5.00%, 7/01/40 |
550 | 598,108 | ||||||
Rockefeller University, Series B, 4.00%, 7/01/38 |
830 | 852,269 | ||||||
Skidmore College, Series A, 5.00%, 7/01/27 |
135 | 153,213 | ||||||
Teachers College, Series A, 5.00%, 7/01/31 |
525 | 595,424 | ||||||
Orange County Funding Corp., Refunding RB, Mount State Mary College, Series A: |
||||||||
5.00%, 7/01/37 |
180 | 193,874 | ||||||
5.00%, 7/01/42 |
115 | 122,959 | ||||||
Schenectady County Capital Resource Corp., Refunding RB, Union College Project, Series A, |
||||||||
5.00%, 7/01/32 |
940 | 1,064,512 | ||||||
Tompkins County Development Corp., RB, Ithaca College Project (AGM), |
||||||||
5.50%, 7/01/33 |
250 | 283,755 | ||||||
Tompkins County Industrial Development Agency, RB, Civic Facility Cornell University Project, Series A, |
||||||||
5.00%, 7/01/37 |
1,000 | 1,128,110 | ||||||
Troy Capital Resource Corp., Refunding RB, Rensselaer Polytechnic, Series A, |
||||||||
5.13%, 9/01/40 |
1,000 | 1,082,560 | ||||||
|
|
|||||||
35,222,923 | ||||||||
|
|
|||||||
Health 12.9% |
||||||||
Dutchess County Industrial Development Agency, RB, Vassar Brothers Medical Center (AGC), |
||||||||
5.50%, 4/01/30 |
500 | 557,655 | ||||||
Monroe County Industrial Development Corp., Refunding RB: |
||||||||
Rochester General Hospital Project, Series A, 5.00%, 12/01/37 |
850 | 924,341 | ||||||
Unity Hospital of Rochester Project (FHA), 5.50%, 8/15/40 |
325 | 365,280 | ||||||
New York State Dormitory Authority, RB: |
||||||||
Hudson Valley Hospital (BHAC), 5.00%, 8/15/36 |
1,250 | 1,346,887 | ||||||
Mental Health Services (AGM), 5.00%, 8/15/18(c) |
5 | 5,996 | ||||||
Mental Health Services (AGM), 5.00%, 2/15/22 |
995 | 1,156,926 | ||||||
New York University Hospitals Center, Series A, 6.00%, 7/01/40 |
250 | 288,903 | ||||||
North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/37 |
350 | 390,470 | ||||||
North Shore-Long Island Jewish Health System, Series C, 4.25%, 5/01/39 |
185 | 189,692 |
2 | BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2013 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Quality Trust (BSE) | |
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
New York (continued) |
||||||||
Health (concluded) |
||||||||
New York State Dormitory Authority, RB (concluded): |
||||||||
North Shore-Long Island Jewish Health System, Series D, 4.25%, 5/01/39 |
$ | 405 | $ | 416,810 | ||||
St. Barnabas, Series A (FHA) (AMBAC), 5.00%, 2/01/31 |
3,000 | 3,008,970 | ||||||
New York State Dormitory Authority, Refunding RB: |
||||||||
North Shore-Long Island Jewish Health System, Series A, 5.00%, 5/01/32 |
750 | 826,095 | ||||||
North Shore-Long Island Jewish Health System, Series A, 5.25%, 5/01/34 |
1,840 | 2,074,471 | ||||||
NYU Hospitals Center, Series A, 5.00%, 7/01/36 |
500 | 533,195 | ||||||
St. Lukes Roosevelt Hospital (FHA), 4.90%, 8/15/31 |
500 | 529,735 | ||||||
|
|
|||||||
12,615,426 | ||||||||
|
|
|||||||
Housing 1.8% |
||||||||
New York City Housing Development Corp., Refunding RB, Series L-2-A, |
||||||||
4.00%, 5/01/44 |
1,335 | 1,295,724 | ||||||
New York State Mortgage Agency, RB, 49th Series, |
||||||||
4.00%, 10/01/43 |
500 | 495,635 | ||||||
|
|
|||||||
1,791,359 | ||||||||
|
|
|||||||
State 8.2% |
||||||||
New York City Transitional Finance Authority, BARB: |
||||||||
Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/33 |
1,000 | 1,157,000 | ||||||
Series S-2 (AGM), 5.00%, 1/15/37 |
850 | 924,409 | ||||||
New York State Dormitory Authority, ERB: |
||||||||
Series B, 5.75%, 3/15/36 |
600 | 714,438 | ||||||
Series C, 5.00%, 12/15/31 |
1,500 | 1,668,330 | ||||||
New York State Dormitory Authority, RB, General Purpose, Series B, |
||||||||
5.00%, 3/15/42 |
500 | 552,710 | ||||||
New York State Dormitory Authority, Refunding RB, Third General Resolution, State University Educational Facilities Issue, Series A, |
||||||||
5.00%, 5/15/30 |
1,500 | 1,721,355 | ||||||
New York State Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, |
||||||||
3.50%, 3/15/28 |
1,250 | 1,291,325 | ||||||
|
|
|||||||
8,029,567 | ||||||||
|
|
|||||||
Transportation 23.2% |
||||||||
Metropolitan Transportation Authority, RB: |
||||||||
Series 2008C, 6.50%, 11/15/28 |
750 | 928,260 | ||||||
Series A, 5.00%, 11/15/27 |
575 | 656,282 | ||||||
Series D, 5.25%, 11/15/41 |
1,750 | 1,926,680 | ||||||
Series H, 5.00%, 11/15/25 |
1,500 | 1,747,395 | ||||||
Series H, 4.00%, 11/15/34 |
1,160 | 1,140,280 | ||||||
Series H, 5.00%, 11/15/42 |
1,000 | 1,079,710 | ||||||
Metropolitan Transportation Authority, Refunding RB: |
||||||||
Series B, 5.00%, 11/15/34 |
540 | 595,285 | ||||||
Series F, 5.00%, 11/15/30 |
630 | 710,376 | ||||||
Series F (AGM), 4.00%, 11/15/30 |
1,000 | 1,032,610 | ||||||
New York State Thruway Authority, Refunding RB: |
||||||||
General, Series H (AGM), 5.00%, 1/01/37 |
4,000 | 4,380,920 | ||||||
General, Series I, 5.00%, 1/01/24 |
1,000 | 1,185,240 | ||||||
General, Series I, 5.00%, 1/01/37 |
500 | 548,955 | ||||||
Series I, 4.13%, 1/01/42 |
435 | 440,011 | ||||||
Series I, 5.00%, 1/01/42 |
425 | 462,043 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB: |
||||||||
Series A, 5.00%, 11/15/34 |
1,000 | 1,139,720 | ||||||
Series B, 5.00%, 11/15/31 |
90 | 103,841 | ||||||
Series C, 5.00%, 11/15/38 |
1,000 | 1,109,300 | ||||||
Series E (NPFGC), 5.00%, 11/15/32 |
2,660 | 2,668,432 | ||||||
Sub-Series A, 5.00%, 11/15/29 |
675 | 778,498 | ||||||
|
|
|||||||
22,633,838 | ||||||||
|
|
|||||||
Utilities 10.7% |
||||||||
Albany Municipal Water Finance Authority, Refunding RB, Series A, |
||||||||
5.00%, 12/01/33 |
1,000 | 1,121,960 |
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2013 | 3 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Quality Trust (BSE) | |
(Percentages shown are based on Net Assets) |
Municipal Bonds |
Par (000) |
Value | ||||||
New York (concluded) |
||||||||
Utilities (concluded) |
||||||||
Long Island Power Authority, RB, General: |
||||||||
Series A (AGM), 5.00%, 5/01/36 |
$ | 500 | $ | 542,455 | ||||
Series C (CIFG), 5.25%, 9/01/29 |
1,000 | 1,187,970 | ||||||
Long Island Power Authority, Refunding RB, Series A (AGC): |
||||||||
5.75%, 4/01/39 |
1,690 | 1,975,593 | ||||||
6.00%, 5/01/33 |
2,000 | 2,372,240 | ||||||
New York City Municipal Water Finance Authority, Refunding RB: |
||||||||
Series DD, 5.00%, 6/15/32 |
1,100 | 1,243,187 | ||||||
Series FF, 4.00%, 6/15/45 |
400 | 396,424 | ||||||
Series FF, 5.00%, 6/15/45 |
440 | 479,363 | ||||||
New York State Power Authority, Refunding RB, Series A, |
||||||||
5.00%, 11/15/38 |
1,000 | 1,124,530 | ||||||
|
|
|||||||
10,443,722 | ||||||||
|
|
|||||||
Total Municipal Bonds in New York |
111,931,790 | |||||||
|
|
|||||||
Puerto Rico 8.2% |
||||||||
State 3.6% |
||||||||
Commonwealth of Puerto Rico, GO, Refunding, Sub-Series C-7 (NPFGC), |
||||||||
6.00%, 7/01/27 |
700 | 734,888 | ||||||
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series M-3 (NPFGC), |
||||||||
6.00%, 7/01/28 |
500 | 521,035 | ||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A: |
||||||||
5.75%, 8/01/37 |
1,000 | 1,077,750 | ||||||
(AGM), 5.00%, 8/01/40 |
500 | 517,140 | ||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A, (NPFGC)(b): |
||||||||
5.57%, 8/01/41 |
1,500 | 319,080 | ||||||
5.61%, 8/01/43 |
2,000 | 376,940 | ||||||
|
|
|||||||
3,546,833 | ||||||||
|
|
|||||||
Transportation 3.3% |
||||||||
Puerto Rico Highway & Transportation Authority, RB, Series Y (AGM), |
||||||||
6.25%, 7/01/21 |
2,000 | 2,366,240 | ||||||
Puerto Rico Highway & Transportation Authority, Refunding RB, Series CC (AGM), |
||||||||
5.50%, 7/01/29 |
800 | 877,336 | ||||||
|
|
|||||||
3,243,576 | ||||||||
|
|
|||||||
Utilities 1.3% |
||||||||
Puerto Rico Electric Power Authority, Refunding RB, Series VV (NPFGC): |
||||||||
5.25%, 7/01/29 |
250 | 254,345 | ||||||
5.25%, 7/01/30 |
1,000 | 1,012,360 | ||||||
|
|
|||||||
1,266,705 | ||||||||
|
|
|||||||
Total Municipal Bonds in Puerto Rico |
8,057,114 | |||||||
|
|
|||||||
Total Municipal Bonds 122.7% |
119,988,904 | |||||||
|
|
|||||||
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts(d) |
||||||||
New York 38.1% |
||||||||
County/City/Special District/School District 15.3% |
||||||||
City of New York, New York, GO, Sub-Series C-3 (AGC), |
||||||||
5.75%, 8/15/28(e) |
1,000 | 1,210,220 | ||||||
Hudson New York Yards Infrastructure Corp., RB, Series A, |
||||||||
5.75%, 2/15/47 |
1,800 | 2,076,067 | ||||||
New York Liberty Development Corp., Refunding RB, 7 World Trade Center Project, Class 1: |
||||||||
4.00%, 9/15/35 |
3,000 | 3,082,770 | ||||||
5.00%, 9/15/40 |
2,085 | 2,321,418 | ||||||
Sales Tax Asset Receivable Corp., Refunding RB, Series A (AMBAC), |
||||||||
5.00%, 10/15/32 |
5,997 | 6,310,400 | ||||||
|
|
|||||||
15,000,875 | ||||||||
|
|
|||||||
Education 5.7% |
||||||||
New York State Dormitory Authority, LRB, State University Dormitory Facilities, Series A, |
||||||||
5.00%, 7/01/35 |
1,999 | 2,236,971 |
4 | BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2013 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Quality Trust (BSE) | |
(Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts(d) |
Par (000) |
Value | ||||||
New York (concluded) |
||||||||
Education (concluded) |
||||||||
New York State Dormitory Authority, RB, New York University, Series A (AMBAC), |
||||||||
5.00%, 7/01/37 |
$ | 2,499 | $ | 2,727,921 | ||||
New York State Dormitory Authority, Refunding LRB, Series A, |
||||||||
5.00%, 7/01/42 |
440 | 490,965 | ||||||
|
|
|||||||
5,455,857 | ||||||||
|
|
|||||||
Housing 1.4% |
||||||||
New York State Mortgage Agency, Refunding RB, 48th Series, AMT, |
||||||||
3.70%, 10/01/38 |
1,440 | 1,409,069 | ||||||
|
|
|||||||
State 2.8% |
||||||||
New York City Transitional Finance Authority, RB, Future Tax Secured Revenue, |
||||||||
5.00%, 11/01/38 |
2,475 | 2,754,997 | ||||||
|
|
|||||||
Transportation 4.9% |
||||||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority, |
||||||||
5.25%, 12/15/43 |
3,495 | 3,923,747 | ||||||
New York State Thruway Authority, Refunding RB, Series A, |
||||||||
5.00%, 3/15/31 |
800 | 907,192 | ||||||
|
|
|||||||
4,830,939 | ||||||||
|
|
|||||||
Utilities 8.0% |
||||||||
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, |
||||||||
5.75%, 6/15/40 |
495 | 580,506 | ||||||
New York City Municipal Water Finance Authority, Refunding RB: |
||||||||
Second General Resolution, Fiscal 2011, Series HH, 5.00%, 6/15/32 |
2,249 | 2,535,386 | ||||||
Second General Resolution, Fiscal 2012, Series BB, 5.00%, 6/15/44 |
2,011 | 2,202,023 | ||||||
Series FF-2, 5.50%, 6/15/40 |
405 | 472,952 | ||||||
Suffolk County Water Authority, Refunding RB, New York Water System, |
||||||||
3.00%, 6/01/25 |
2,041 | 2,067,888 | ||||||
|
|
|||||||
7,858,755 | ||||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts in New York |
37,310,492 | |||||||
|
|
|||||||
Puerto Rico 3.3% |
||||||||
State 3.3% |
||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C: |
||||||||
5.00%, 8/01/40 |
2,000 | 2,108,120 | ||||||
5.25%, 8/01/40 |
1,010 | 1,081,907 | ||||||
|
|
|||||||
3,190,027 | ||||||||
|
|
|||||||
Total Municipal Bonds in Puerto Rico |
3,190,027 | |||||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts 41.4% |
40,500,519 | |||||||
|
|
|||||||
Total Long-Term Investments |
160,489,423 | |||||||
|
|
|||||||
Short-Term Securities |
Shares | |||||||
Money Market Fund 1.1% |
||||||||
BIF New York Municipal Money Fund, |
||||||||
0.00%(f)(g) |
1,075,150 | 1,075,150 | ||||||
|
|
|||||||
Total Short-Term Securities |
1,075,150 | |||||||
|
|
|||||||
Total Investments (Cost $153,025,162*) 165.2% |
161,564,573 | |||||||
Other Assets Less Liabilities 0.1% |
62,995 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (23.9%) |
(23,342,122 | ) | ||||||
VRDP Shares, at Liquidation Value (41.4%) |
(40,500,000 | ) | ||||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
$ | 97,785,446 | ||||||
|
|
* | As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
Tax cost |
$ | 130,109,864 | ||
|
|
|||
Gross unrealized appreciation |
$ | 9,230,712 | ||
Gross unrealized depreciation |
(1,106,304 | ) | ||
|
|
|||
Net unrealized appreciation |
$ | 8,124,408 | ||
|
|
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2013 | 5 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Quality Trust (BSE) | |
Notes to Schedule of Investments
(a) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty |
Value | Unrealized Depreciation |
||||||
Merrill Lynch, Pierce, Fenner & Smith |
$ | 1,089,670 | $ | (14,751 | ) |
(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 TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
(e) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expires on February 15, 2017, is $529,549. |
(f) | Investments in issuers considered to be an affiliate of the Trust during the period ended May 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
Affiliate |
Shares Held at August 31, 2012 |
Net Activity | Shares Held at May 31, 2013 |
Income | ||||||||||||
BIF New York Municipal Money Fund |
1,020,744 | 54,406 | 1,075,150 | $ | 71 |
(g) | Represents the current yield as of report date. |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | ACA | American Capital Access Holding Ltd. | CIFG | CDC IXIS Financial Guaranty | ||||||
AGC | Assured Guarantee Corp. | ERB | Education Revenue Bonds | |||||||
AGM | Assured Guaranty Municipal Corp. | FHA | Federal Housing Administration | |||||||
AMBAC | American Municipal Bond Assurance Corp. | GO | General Obligation Bonds | |||||||
AMT | Alternative Minimum Tax (subject to) | LRB | Lease Revenue Bonds | |||||||
BARB | Building Aid Revenue Bonds | NPFGC | National Public Finance Guarantee Corp. | |||||||
BHAC | Berkshire Hathaway Assurance Corp. | PILOT | Payment in Lieu of Taxes | |||||||
CAB | Capital Appreciation Bonds | RB | Revenue Bonds | |||||||
Syncora | Syncora Guarantee |
6 | BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2013 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Quality Trust (BSE) |
| Financial futures contracts as of May 31, 2013 were as follows: |
Contracts Sold |
Issue | Exchange | Expiration | Notional Value | Unrealized Appreciation |
|||||||||
(12) |
10-Year US Treasury Note | Chicago Board of Trade | September 2013 | $ | 1,550,625 | $ | 12,484 |
For Trust compliance purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
| Fair Value Measurements Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
| Level 1 unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access |
| Level 2 other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trusts own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trusts policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trusts policy regarding valuation of investments and derivative financial instruments, please refer to the Trusts most recent financial statements as contained in its semi-annual report.
The following tables summarize the Trusts investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Investments: |
||||||||||||||||
Long-Term Investments1 |
| $ | 160,489,423 | | $ | 160,489,423 | ||||||||||
Short-Term Securities |
$ | 1,075,150 | | | 1,075,150 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 1,075,150 | $ | 160,489,423 | | $ | 161,564,573 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
1 See above Schedule of Investments for values in each state. |
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative Financial Instruments2 |
||||||||||||||||
Assets: |
||||||||||||||||
Interest rate contracts |
$ | 12,484 | | | $ | 12,484 |
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, 2013 | 7 |
Schedule of Investments (concluded) | BlackRock New York Municipal Income Quality Trust (BSE) | |
Certain of the Trusts assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: |
||||||||||||||||
Cash pledged for financial futures contracts |
$ | 70,000 | | | $ | 70,000 | ||||||||||
Liabilities: |
||||||||||||||||
TOB trust certificates |
| $ | (23,330,301 | ) | | (23,330,301 | ) | |||||||||
VRDP shares |
| (40,500,000 | ) | | (40,500,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 70,000 | $ | (63,830,301 | ) | | $ | (63,760,301 | ) | |||||||
|
|
|
|
|
|
|
|
There were no transfers between levels during the period ended May 31, 2013.
8 | BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST | MAY 31, 2013 |
Item 2 | | Controls and Procedures | ||
2(a) | | The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. | ||
2(b) | | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 25, 2013
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 25, 2013
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock New York Municipal Income Quality Trust |
Date: July 25, 2013
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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: July 25, 2013 |
/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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.
Date: July 25, 2013 |
/s/ Neal J. Andrews |
Neal J. Andrews |
Chief Financial Officer (principal financial officer) of BlackRock New York Municipal Income Quality Trust |