0001287695-13-000389.txt : 20131028 0001287695-13-000389.hdr.sgml : 20131028 20131028140835 ACCESSION NUMBER: 0001287695-13-000389 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20130831 FILED AS OF DATE: 20131028 DATE AS OF CHANGE: 20131028 EFFECTIVENESS DATE: 20131028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST CENTRAL INDEX KEY: 0001181024 IRS NUMBER: 816105964 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-21179 FILM NUMBER: 131172753 BUSINESS ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 888-825-2257 MAIL ADDRESS: STREET 1: 100 BELLEVUE PARKWAY STREET 2: MUTUAL FUND DEPARTMENT CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK INSURED MUNICIPAL INCOME TRUST DATE OF NAME CHANGE: 20020904 FORMER COMPANY: FORMER CONFORMED NAME: BLACKROCK NEW YORK MUNICIPAL INCOME TRUST III DATE OF NAME CHANGE: 20020816 NSAR-B 1 bsenyminiincome.fil PAGE 1 000 B000000 08/31/2013 000 C000000 0001181024 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 BLK NEW YORK MUNICIPAL INCOME QUALITY TRUST 001 B000000 811-21179 001 C000000 8004417762 002 A000000 100 BELLEVUE PARKWAY 002 B000000 WILMINGTON 002 C000000 DE 002 D010000 19809 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 008 A000001 BLACKROCK ADVISORS, LLC 008 B000001 A 008 C000001 801-47710 008 D010001 WILMINGTON 008 D020001 DE 008 D030001 19809 008 A000002 BLACKROCK FINANCIAL MANAGEMENT, INC. 008 B000002 S 008 C000002 801-48433 008 D010002 NEW YORK 008 D020002 NY 008 D030002 10055 012 A000001 COMPUTERSHARE TRUST COMPANY, N.A. 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ANDREWS TITLE CFO EX-99.77E LEGAL 2 bse77e.htm Unassociated Document
 
 
 


 
NSAR Item 8/31/77E - BlackRock New York Municipal Income Quality Trust ("BSE")
 
 
Curbow Litigation
 
On July 27, 2010, Roy Curbow and other shareholders of BSE filed a purported derivative action in the Supreme Court of the State of New York, New York County. The complaint named BlackRock Advisors, LLC, BlackRock, Inc. and certain of the board members, officers and portfolio managers of BSE as defendants. The complaint alleged, among other things, that the defendants breached fiduciary duties owed to BSE and its common shareholders and committed waste by redeeming BSE's auction preferred shares at their liquidation preference. The complaint sought, among other things, unspecified damages for losses purportedly suffered by BSE as a result of the prior redemptions and injunctive relief preventing BSE from redeeming auction preferred shares at their liquidation preference in the future.  On March 15, 2012, the Supreme Court of the State of New York, New York County, entered an order consolidating the above-referenced derivative action with another derivative case pending in the same court which asserted essentially the same claims.  On the same date, the court also authorized plaintiffs to file an amended consolidated complaint, which they filed on April 16, 2012, asserting substantially the same claims alleged in their original complaints. Defendants filed a motion to dismiss the Consolidated Shareholder Derivative Complaint (the "Consolidated Complaint") on July 20, 2012.   On September 14, 2012, plaintiffs filed  an application to hold the defendants' motion in abeyance and allow plaintiffs to conduct limited discovery before responding to the motion.  After the parties agreed to proceed with limited discovery, plaintiffs advised defendants they would withdraw their action and, on June 10, 2013, the parties filed a stipulation dismissing the Consolidated Complaint without prejudice, subject to approval of the court. The court dismissed the case without prejudice on June 17, 2013.
 
 

 
 

 

856286-NYCSR06A - MSW
 
 
 

EX-99.77B ACCT LTTR 3 muni877b.htm Unassociated Document
 
 
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of BlackRock MuniHoldings New York Quality Fund, Inc., and to the Shareholders and Board of Trustees of BlackRock Maryland Municipal Bond Trust, BlackRock Massachusetts Tax-Exempt Trust (formerly The Massachusetts Health & Education Tax-Exempt Trust), BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust, BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, and BlackRock Virginia Municipal Bond Trust:

In planning and performing our audits of the financial statements of BlackRock MuniHoldings New York Quality Fund, Inc., BlackRock Maryland Municipal Bond Trust, BlackRock Massachusetts Tax-Exempt Trust, BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust, BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, and BlackRock Virginia Municipal Bond Trust (collectively the “Trusts”), as of and for the year ended August 31, 2013, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Trusts’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Trusts is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A trust's internal control over financial reporting is a process designed 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. A trust's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the trust; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the trust are being made only in accordance with authorizations of management and trustees of the trust; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a trust's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Trusts’ annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Trusts’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).  However, we noted no deficiencies in the Trusts’ internal control over financial reporting and their operation, including controls for safeguarding securities that we consider to be a material weakness, as defined above, as of August 31, 2013.

This report is intended solely for the information and use of management and the Board of Directors of BlackRock MuniHoldings New York Quality Fund, Inc., and the Board of Trustees of BlackRock Maryland Municipal Bond Trust, BlackRock Massachusetts Tax-Exempt Trust, BlackRock New Jersey Municipal Bond Trust, BlackRock New York Municipal Bond Trust, BlackRock New York Municipal Income Quality Trust, BlackRock New York Municipal Income Trust II, and BlackRock Virginia Municipal Bond Trust, and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.


/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 25, 2013

 
 
 

EX-99.77O RULE 10F-3 4 nycsrj77o.htm Unassociated Document
 
 
 


 
Participating Funds
 
n U.S. Registered Funds (Name of Fund, Aladdin Ticker):
iShares S&P National Municipal Bond Fund (ISHMUNI),
iShares S&P New York Municipal Bond Fund (ISHNY)
BlackRock Intermediate Municipal Fund of BlackRock Municipal Series Trust (BR-INTMUNI)
BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE)
BlackRock New York Municipal Income Trust II (BFY)
BlackRock New York Municipal Income Trust (BNY)
BlackRock New York Municipal Bond Trust (BQH)
BlackRock New York Municipal Fund of BlackRock Multi-State Municipal Series (BR-NY)
BlackRock New York Municipal Income Quality Trust (BSE)
BlackRock MuniHoldings New York Quality Fund, Inc. (MHN)
BlackRock MuniYield New York Quality Fund, Inc. (MYN)
 
The Offering
 
 
Key Characteristics (Complete ALL Fields)
Date of
Offering Commencement:
05-24-2013
Security Type:
BND/MUNI

Issuer
THE CITY OF NEW YORK GENERAL OBLIGATION BONDS FISCAL 2013 J
Selling Underwriter
Bank of America Merrill Lynch
 
Affiliated Underwriter(s)
 PNC Capital Markets LLC
 Other:       
List of Underwriter(s)
Bank of America Merrill Lynch, Citigroup Global Markets Inc, Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Siebert Brandford Shank & Co., Barclays Capital Inc., M.R. Beal & Company, Fidelity Capital Markets, Goldman,Sachs & Co., Janney Montgomery Scott LLC, Lebenthal & Company LLC, Loop Capital Markets, PNC Capital Markets LLC, Ramirez & Co.,Inc.,Raymond James & Associates,Inc., RBC Capital Markets, Rice Financial Products Company, Roosevelt & Cross,Inc., Southwest Securities,Inc.,Wells Fargo Securities (trade name for Wells Fargo,Bank,N.A.),Blaylock Robert Van,LLC, Cabrera Capital Markets,LLC, Drexel Hamilton,LLC, TD Securities (USA) LLC
 
 
Transaction Details
Date of Purchase
05-24-2013

Purchase Price/Share
(per share / % of par)
$119.046
$120.65
$122.43
$123.78
$121.365
Total Commission, Spread or Profit
0.4169%

1. Aggregate Principal Amount Purchased (a+b)
35,215,000
a.US Registered Funds
(Appendix attached with individual Fund/Client purchase)
25,250,000
b.Other BlackRock Clients
1,100.000
  8,865,000 (PI)
 
2. Aggregate Principal Amount of Offering
 
                 706,815,000
 
Fund Ratio
[Divide Sum of #1 by #2]
Must be less than 0.25
(unless securities are Government Securities)
0.0498



 
 Page  of 2
 
 
 
Rule 10f-3 Report – Definitions
 

 
Legal Requirements
 
 
Offering Type (check ONE)
The securities fall into one of the following transaction types (see Definitions):
 
U.S. Registered Public Offering[Issuer must have 3 years of continuous operations]
 
Eligible Rule 144A Offering[Issuer must have 3 years of continuous operations]
 
Eligible Municipal Securities[Issuer must have 3 years of continuous operations]
 
Eligible Foreign Offering[Issuer must have 3 years of continuous operations]
 
Government Securities Offering
 
Timing and Price (check ONE or BOTH)
 
The securities were purchased before the end of the first day on which any sales were made, at a price that was not more than the price paid by each other purchaser of securities in that offering or in any concurrent offering of the securities; and
 
If the securities are offered for subscription upon exercise of rights, the securities were purchased on or before the fourth day before the day on which the rights offering terminated.
 
Firm Commitment Offering (check ONE)
  YES
  NO
The securities were offered pursuant to an underwriting or similar agreement under which the underwriters were committed to purchase all of the securities being offered, except those purchased by others pursuant to a rights offering, if the underwriters purchased any of the securities.
 
No Benefit to Affiliated Underwriter (check ONE)
  YES
  NO
No affiliated underwriter was a direct or indirect participant in, or benefited directly or indirectly from, the transaction.



Completed by:
Steven DeLaura
Date:
06/5/13
       
Approved by:
Betsy Mathews
Date:
06/5/13
       

 

 
 

 
 
Definitions
 
Term
Definition
Fund Ratio
Number appearing at the bottom of page 1 of 2 of the Rule 10f-3 Report form.  It is the sum of the Funds’ participation in the offering divided by the total amount of the offering.
Eligible Foreign Offering
The securities are sold in a public offering conducted under the laws of a country other than the United States and
(a)the offering is subject to regulation in such country by a “foreign financial regulatory authority,” as defined in Section 2(a)(50) of the Investment Company Act of 1940;
(b)the securities were offered at a fixed price to all purchasers in the offering (except for any rights to purchase securities that are required by law to be granted to existing security holders of the issuer);
(c)financial statements, prepared and audited as required or permitted by the appropriate foreign financial regulatory authority in such country, for the two years prior to the offering, were made available to the public and prospective purchasers in connection with the offering; and
(d)if the issuer is a “domestic issuer,” i.e., other than a foreign government, a national of any foreign country, or a corporation or other organization incorporated or organized under the laws of any foreign country, it (1) has a class of securities registered pursuant to section 12(b) or 12(g) of the Securities Exchange Act of 1934 or is required to file reports pursuant to section 15(d) of that act, and (2) has filed all the material required to be filed pursuant to section 13(a) or 15(d) of that act for a period of at least 12 months immediately preceding the sale of securities (or for such shorter period that the issuer was required to file such material)
Eligible Municipal Securities
The securities are direct obligations of, or obligations guaranteed as to principal or interest by, a State or any political subdivision thereof, or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate instrumentality of one or more States, or any security which is an industrial development bond (as defined in section 103(c)(2) of Title 26) the interest on which is excludable from gross income under certain provisions of the Internal Revenue Code.
(a)with respect to ratings, the securities
(1)have received an investment grade rating from at least one nationally recognized statistical rating organization (“NRSRO”); or
(2)have received one of the three highest ratings from an NRSRO, if the issuer of the municipal securities, or the entity supplying the revenue or other payments from which the issue is to be paid, has been in continuous operation for less than three years, including the operation of any predecessors.
(b) The purchases of municipal securities, if any, were not designated as group sales or otherwise allocated to the account of any prohibited seller (i.e., an affiliated underwriter).
Eligible Rule 144A Offering
The securities are sold in an offering where
(a)the securities are offered or sold in transactions exempt from registration under Section 4(2) of the Securities Act of 1933, Rule 144A thereunder, or Rules 501-508 thereunder;
(b)the securities were sold to persons that the seller and any person acting on behalf of the seller reasonably believe to include qualified institutional buyers, as defined in Rule 144A (“QIBs”); and
(c)the seller and any person acting on behalf of the seller reasonably believe that the securities are eligible for resale to other QIBs pursuant to Rule 144A
Government Securities Offering
The security is issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing
U.S. Registered Public Offering.
The securities offered are registered under the Securities Act of 1933 that are being offered to the public.