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
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2012
Date of reporting period: 05/31/2012
Item 1 – Schedule of Investments
|
|
|
|
Schedule of Investments May 31, 2012 (Unaudited) |
BlackRock New York Municipal Income Quality Trust (BSE) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New York 112.1% |
|
|
|
|
|
|
|
Corporate 1.9% |
|
|
|
|
|
|
|
New York Liberty Development Corp., |
|
$ |
1,660 |
|
$ |
1,864,429 |
|
County/City/Special District/School District 16.8% |
|
|
|
|
|
|
|
City of New York, New York, GO: |
|
|
|
|
|
|
|
5.00%, 4/01/28 |
|
|
1,000 |
|
|
1,173,840 |
|
Series A-1, 5.00%, 8/01/35 |
|
|
200 |
|
|
226,190 |
|
Erie County Industrial Development |
|
|
|
|
|
|
|
5.25%, 5/01/31 |
|
|
200 |
|
|
229,742 |
|
City School District of Buffalo |
|
|
1,000 |
|
|
1,166,080 |
|
Hudson New York Yards Infrastructure |
|
|
1,000 |
|
|
1,151,330 |
|
Monroe County Industrial Development |
|
|
500 |
|
|
570,865 |
|
New York City Industrial Development |
|
|
|
|
|
|
|
CAB, Yankee Stadium (AGC), 6.59%, |
|
|
1,000 |
|
|
263,120 |
|
Queens Baseball Stadium, (AGC), |
|
|
150 |
|
|
169,878 |
|
Yankee Stadium, (NPFGC), 4.75%, |
|
|
800 |
|
|
799,944 |
|
New York City Transitional Finance |
|
|
850 |
|
|
909,942 |
|
New York Convention Center |
|
|
|
|
|
|
|
5.00%, 11/15/44 |
|
|
5,175 |
|
|
5,377,653 |
|
4.75%, 11/15/45 |
|
|
500 |
|
|
509,715 |
|
New York Liberty Development Corp., |
|
|
|
|
|
|
|
5.00%, 11/15/31 |
|
|
1,000 |
|
|
1,119,850 |
|
5.75%, 11/15/51 |
|
|
670 |
|
|
770,654 |
|
New York State Dormitory Authority, |
|
|
1,000 |
|
|
1,091,030 |
|
Tompkins County Industrial |
|
|
1,000 |
|
|
1,130,330 |
|
|
|
|
|
|
|
16,660,163 |
|
Education 30.5% |
|
|
|
|
|
|
|
City of Troy New York, Refunding RB, |
|
|
1,175 |
|
|
1,279,963 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New York (continued) |
|
|
|
|
|
|
|
Education (continued) |
|
|
|
|
|
|
|
Herkimer County Industrial |
|
$ |
1,000 |
|
$ |
1,012,440 |
|
Madison County Industrial Development |
|
|
1,000 |
|
|
1,070,340 |
|
New York City Industrial Development |
|
|
2,195 |
|
|
2,242,917 |
|
New York City Transitional Finance |
|
|
1,000 |
|
|
1,154,290 |
|
New York City Trust for Cultural |
|
|
700 |
|
|
779,751 |
|
New York State Dormitory Authority, |
|
|
600 |
|
|
661,980 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
Brooklyn Law School, Series B |
|
|
4,000 |
|
|
4,156,080 |
|
Convent of the Sacred Heart (AGM), |
|
|
300 |
|
|
352,566 |
|
FIT Student Housing Corp. (NPFGC), |
|
|
2,500 |
|
|
2,750,325 |
|
Fordham University, Series A, |
|
|
500 |
|
|
568,330 |
|
The New School (AGM), 5.50%, |
|
|
350 |
|
|
392,619 |
|
New York University, Series B, |
|
|
500 |
|
|
568,255 |
|
New York University, Series C, |
|
|
1,000 |
|
|
1,087,230 |
|
Saint Joachim & Anne |
|
|
3,000 |
|
|
3,000,000 |
|
New York State Dormitory Authority, |
|
|
|
|
|
|
|
Cornell University, Series A, |
|
|
250 |
|
|
281,633 |
|
Mount Sinai School of Medicine at |
|
|
2,400 |
|
|
2,533,056 |
|
New York University, Series A, |
|
|
745 |
|
|
846,700 |
|
Rochester Institute of |
|
|
550 |
|
|
603,168 |
|
Rockefeller University, |
|
|
830 |
|
|
871,467 |
|
Skidmore College, Series A, |
|
|
135 |
|
|
154,707 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST |
MAY 31, 2012 |
1 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock New York Municipal Income Quality Trust (BSE) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New York (continued) |
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
Schenectady County Capital Resource |
|
$ |
940 |
|
$ |
1,075,228 |
|
Tompkins County Development Corp., |
|
|
250 |
|
|
286,988 |
|
Trust for Cultural Resources, Refunding |
|
|
2,500 |
|
|
2,573,625 |
|
|
|
|
|
|
|
30,303,658 |
|
Health 17.2% |
|
|
|
|
|
|
|
Dutchess County Industrial |
|
|
500 |
|
|
562,860 |
|
Monroe County Industrial Development |
|
|
325 |
|
|
368,960 |
|
New York State Dormitory Authority, |
|
|
|
|
|
|
|
Hospital, Lutheran Medical |
|
|
4,500 |
|
|
4,542,975 |
|
St. Barnabas, Series A (FHA), |
|
|
3,000 |
|
|
3,017,970 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
Hudson Valley Hospital (BHAC), |
|
|
1,250 |
|
|
1,345,862 |
|
North Shore - Long Island |
|
|
350 |
|
|
392,434 |
|
NYU Hospital Center, Series A, |
|
|
250 |
|
|
288,903 |
|
New York State Dormitory Authority, |
|
|
|
|
|
|
|
5.00%, 7/01/31 |
|
|
525 |
|
|
601,010 |
|
North Shore - Long Island |
|
|
750 |
|
|
827,047 |
|
North Shore - Long Island |
|
|
1,840 |
|
|
2,062,290 |
|
NYU Hospital Center, Series A, |
|
|
500 |
|
|
523,950 |
|
St. Lukes Roosevelt Hospital (FHA), |
|
|
500 |
|
|
527,050 |
|
Winthrop University Hospital |
|
|
2,000 |
|
|
2,001,640 |
|
|
|
|
|
|
|
17,062,951 |
|
State 9.7% |
|
|
|
|
|
|
|
New York State Dormitory Authority, ERB: |
|
|
|
|
|
|
|
Series B, 5.75%, 3/15/36 |
|
|
600 |
|
|
713,616 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New York (continued) |
|
|
|
|
|
|
|
State (concluded) |
|
|
|
|
|
|
|
New York State Dormitory Authority, ERB |
|
|
|
|
|
|
|
Series C, 5.00%, 12/15/31 |
|
$ |
1,500 |
|
$ |
1,699,185 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
Mental Health Services Facilities |
|
|
1,000 |
|
|
1,157,660 |
|
School Districts Financing Program, |
|
|
3,000 |
|
|
3,040,500 |
|
New York State Dormitory Authority, |
|
|
1,500 |
|
|
1,746,690 |
|
New York State Urban Development |
|
|
1,250 |
|
|
1,288,162 |
|
|
|
|
|
|
|
9,645,813 |
|
Transportation 26.4% |
|
|
|
|
|
|
|
Hudson New York Yards Infrastructure |
|
|
|
|
|
|
|
(AGC), 5.00%, 2/15/47 |
|
|
1,250 |
|
|
1,314,562 |
|
Series A (AGM), 5.00%, 2/15/47 |
|
|
750 |
|
|
788,738 |
|
Series A (NPFGC), 4.50%, 2/15/47 |
|
|
1,250 |
|
|
1,262,975 |
|
Metropolitan Transportation Authority, |
|
|
|
|
|
|
|
Series 2008C, 6.50%, |
|
|
750 |
|
|
960,758 |
|
Transportation, Series A, |
|
|
575 |
|
|
663,429 |
|
Transportation, Series D, |
|
|
1,750 |
|
|
1,970,675 |
|
Metropolitan Transportation Authority, |
|
|
|
|
|
|
|
Series A (AGM), 5.00%, 11/15/30 |
|
|
3,000 |
|
|
3,049,980 |
|
Series A (AMBAC), 5.00%, 7/01/30 |
|
|
2,600 |
|
|
2,608,086 |
|
Series B, 5.00%, 11/15/34 |
|
|
540 |
|
|
602,116 |
|
New York State Thruway Authority, |
|
|
4,000 |
|
|
4,312,320 |
|
Triborough Bridge & Tunnel Authority, |
|
|
|
|
|
|
|
(NPFGC), 5.00%, 11/15/32 |
|
|
7,400 |
|
|
7,521,508 |
|
Series C, 5.00%, 11/15/38 |
|
|
1,000 |
|
|
1,123,580 |
|
|
|
|
|
|
|
26,178,727 |
|
Utilities 9.6% |
|
|
|
|
|
|
|
Albany Municipal Water Finance |
|
|
1,000 |
|
|
1,142,930 |
|
Long Island Power Authority, RB: |
|
|
|
|
|
|
|
General, Series A (AGM), 5.00%, |
|
|
500 |
|
|
551,365 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST |
MAY 31, 2012 |
2 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock New York Municipal Income Quality Trust (BSE) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
New York (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
Long Island Power Authority, RB |
|
|
|
|
|
|
|
General, Series C (CIFG), 5.25%, |
|
$ |
1,000 |
|
$ |
1,187,800 |
|
Long Island Power Authority, Refunding |
|
|
|
|
|
|
|
General, Series A, 6.00%, |
|
|
2,000 |
|
|
2,381,840 |
|
Series A, 5.75%, 4/01/39 |
|
|
1,690 |
|
|
1,953,674 |
|
New York City Municipal Water Finance |
|
|
1,100 |
|
|
1,220,032 |
|
New York State Power Authority, |
|
|
1,000 |
|
|
1,141,470 |
|
|
|
|
|
|
|
9,579,111 |
|
Total Municipal Bonds in New York |
|
|
|
|
|
111,294,852 |
|
|
|
|
|
|
|
|
|
Puerto Rico 10.1% |
|
|
|
|
|
|
|
State 4.0% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, |
|
|
1,000 |
|
|
1,120,180 |
|
Puerto Rico Public Buildings Authority, |
|
|
500 |
|
|
561,245 |
|
Puerto Rico Sales Tax Financing Corp., |
|
|
|
|
|
|
|
5.75%, 8/01/37 |
|
|
1,000 |
|
|
1,109,360 |
|
(AGM), 5.00%, 8/01/40 |
|
|
500 |
|
|
531,010 |
|
Puerto Rico Sales Tax Financing Corp., |
|
|
|
|
|
|
|
5.75%, 8/01/41 |
|
|
1,500 |
|
|
296,940 |
|
5.96%, 8/01/43 |
|
|
2,000 |
|
|
350,240 |
|
|
|
|
|
|
|
3,968,975 |
|
Transportation 3.6% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation |
|
|
2,000 |
|
|
2,402,900 |
|
Puerto Rico Highway & Transportation |
|
|
1,000 |
|
|
1,187,080 |
|
|
|
|
|
|
|
3,589,980 |
|
Utilities 2.5% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, |
|
|
|
|
|
|
|
5.25%, 7/01/29 |
|
|
250 |
|
|
278,198 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Puerto Rico (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, |
|
|
|
|
|
|
|
5.25%, 7/01/30 |
|
$ |
2,000 |
|
$ |
2,213,060 |
|
|
|
|
|
|
|
2,491,258 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
10,050,213 |
|
|
|
|
|
|
|
|
|
Total Municipal Bonds 122.2% |
|
|
|
|
|
121,345,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
New York 35.2% |
|
|
|
|
|
|
|
County/City/Special District/School District 20.0% |
|
|
|
|
|
|
|
City of New York New York, GO, Sub- |
|
|
1,000 |
|
|
1,181,850 |
|
New York City Transitional Finance |
|
|
2,475 |
|
|
2,798,136 |
|
New York Liberty Development Corp., |
|
|
3,495 |
|
|
3,975,178 |
|
New York Liberty Development Corp., |
|
|
|
|
|
|
|
4.00%, 9/15/35 |
|
|
3,000 |
|
|
3,044,610 |
|
5.00%, 9/15/40 |
|
|
2,085 |
|
|
2,353,277 |
|
Sales Tax Asset Receivable Corp., |
|
|
5,997 |
|
|
6,521,240 |
|
|
|
|
|
|
|
19,874,291 |
|
Education 5.0% |
|
|
|
|
|
|
|
New York State Dormitory Authority, |
|
|
1,999 |
|
|
2,260,581 |
|
New York State Dormitory Authority, RB, |
|
|
2,499 |
|
|
2,685,221 |
|
|
|
|
|
|
|
4,945,802 |
|
Transportation 2.1% |
|
|
|
|
|
|
|
Hudson New York Yards Infrastructure |
|
|
1,800 |
|
|
2,072,215 |
|
Utilities 8.1% |
|
|
|
|
|
|
|
New York City Municipal Water Finance |
|
|
495 |
|
|
597,375 |
|
New York City Municipal Water Finance |
|
|
|
|
|
|
|
Second General Resolution, |
|
|
2,011 |
|
|
2,246,469 |
|
Second General Resolution, |
|
|
2,249 |
|
|
2,590,999 |
|
Series FF-2, 5.50%, 6/15/40 |
|
|
405 |
|
|
466,480 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST |
MAY 31, 2012 |
3 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock New York Municipal Income Quality Trust (BSE) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender |
|
Par |
|
Value |
|
||
New York (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
Suffolk County Water Authority, |
|
$ |
2,041 |
|
$ |
2,097,325 |
|
|
|
|
|
|
|
7,998,648 |
|
Total Municipal Bonds in New York |
|
|
|
|
|
34,890,956 |
|
|
|
|
|
|
|
|
|
Puerto Rico 1.1% |
|
|
|
|
|
|
|
State 1.1% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., |
|
|
1,010 |
|
|
1,117,464 |
|
Total
Municipal Bonds Transferred to |
|
|
|
|
|
36,008,420 |
|
Total
Long-Term Investments |
|
|
|
|
|
157,353,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
New York 0.1% |
|
|
|
|
|
|
|
City of New York, New York, GO, |
|
|
50 |
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
Money Market Funds 0.1% |
|
|
|
|
|
|
|
BIF New York Municipal Money Fund, |
|
|
143,513 |
|
|
143,513 |
|
Total
Short-Term Securities |
|
|
|
|
|
193,513 |
|
Total Investments (Cost - $147,047,734*) 158.7% |
|
|
|
|
|
157,546,998 |
|
Other Assets Less Liabilities 2.6% |
|
|
|
|
|
2,588,257 |
|
Liability for TOB Trust Certificates, Including
Interest |
|
|
|
|
|
(20,331,310 |
) |
VRDP Shares, at Liquidation Value (40.8)% |
|
|
|
|
|
(40,500,000 |
) |
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
99,303,945 |
|
|
|
* |
As of May 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
Tax cost |
|
$ |
127,958,085 |
|
Gross unrealized appreciation |
|
$ |
10,499,290 |
|
Gross unrealized depreciation |
|
|
(1,230,739 |
) |
Net unrealized appreciation |
|
$ |
9,268,551 |
|
|
|
(a) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(b) |
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. |
|
|
(c) |
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. |
|
|
(d) |
Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. |
|
|
(e) |
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
|
|
|
|
Net |
|
|
Shares |
|
Income |
|
|
BIF New York Municipal Money Fund |
|
|
3,251,673 |
|
|
(3,108,160 |
) |
|
143,513 |
|
$ |
12 |
|
|
|
(f) |
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 Corp. |
AGC |
Assured Guaranty Corp. |
AGM |
Assured Guaranty Municipal Corp. |
AMBAC |
American Municipal Bond Assurance Corp. |
BHAC |
Berkshire Hathaway Assurance Corp. |
CAB |
Capital Appreciation Bonds |
CIFG |
CDC IXIS Financial Guaranty |
ERB |
Education Revenue Bonds |
FHA |
Federal Housing Administration |
GO |
General Obligation Bonds |
LRB |
Lease Revenue Bonds |
MRB |
Mortgage Revenue Bonds |
NPFGC |
National Public Finance Guarantee Corp. |
PILOT |
Payment in Lieu of Taxes |
RB |
Revenue Bonds |
SBPA |
Stand-by Bond Purchase Agreements |
Syncora |
Syncora Guarantee |
VRDN |
Variable Rate Demand Notes |
|
|
|
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. |
|
|
|
|
|
|
|
|
|
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST |
MAY 31, 2012 |
4 |
|
|
|
|
Schedule of Investments (concluded) |
BlackRock New York Municipal Income Quality Trust (BSE) |
|
|
|
Financial futures contracts sold as of May 31, 2012 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts |
|
Issue |
|
Exchange |
|
Expiration |
|
Notional |
|
Unrealized |
|
||
29 |
|
10-Year US Treasury Note |
|
Chicago Board of Trade |
|
September 2012 |
|
$ |
3,884,188 |
|
$ |
(34,039 |
) |
|
|
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs 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 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 Trusts own assumptions used in determining the fair value of investments and derivative financial instruments) |
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 instruments 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 and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its semi-annual report.
The following tables summarize the inputs used as of May 31, 2012 in determining the fair valuation of the Trusts investments and derivative financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
|
|
|
$ |
157,353,485 |
|
|
|
|
$ |
157,353,485 |
|
Short-Term Securities |
|
$ |
143,513 |
|
|
50,000 |
|
|
|
|
|
193,513 |
|
Total |
|
$ |
143,513 |
|
$ |
157,403,485 |
|
|
|
|
$ |
157,546,998 |
|
|
|
|
|
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 |
|
$ |
(34,039 |
) |
|
|
|
|
|
|
$ |
(34,039 |
) |
|
|
|
|
2 |
Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Trusts assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash pledged as collateral for financial futures contracts |
|
$ |
77,000 |
|
|
|
|
|
|
|
$ |
77,000 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB trust certificates |
|
|
|
|
$ |
(20,320,362 |
) |
|
|
|
|
(20,320,362 |
) |
VRDP shares |
|
|
|
|
|
(40,500,000 |
) |
|
|
|
|
(40,500,000 |
) |
Total |
|
$ |
77,000 |
|
$ |
(60,820,362 |
) |
|
|
|
$ |
(60,743,362 |
) |
There were no transfers between levels during the period ended May 31, 2012.
|
|
|
|
|
|
|
|
|
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST |
MAY 31, 2012 |
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 “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 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 25, 2012 | |||
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, 2012 | |||
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, 2012 |