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: Anne F. Ackerley, 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: 11/30/2010
Item 1 Schedule of Investments
Schedule of Investments November 30, 2010 (Unaudited)
BlackRock New York Municipal Income Quality Trust (BSE)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York 115.9% | |||
Corporate 1.1% | |||
New York State Energy Research & | |||
Development Authority, RB, Lilco | |||
Project, Series A (NPFGC), 5.15%, | |||
3/01/16 | $ 1,000 | $ 1,017,430 | |
County/City/Special District/School District 26.1% | |||
Erie County Industrial Development | |||
Agency, RB, City School District of | |||
Buffalo Project, Series A (AGM), | |||
5.75%, 5/01/25 | 1,000 | 1,113,130 | |
Haverstraw-Stony Point Central School | |||
District New York, GO (AGM), 3.00%, | |||
10/15/27 | 140 | 117,565 | |
Hudson Yards Infrastructure Corp., RB, | |||
Series A: | |||
(FGIC), 5.00%, 2/15/47 | 2,750 | 2,659,195 | |
(NPFGC), 4.50%, 2/15/47 | 250 | 230,613 | |
New York City Industrial Development | |||
Agency, RB, PILOT: | |||
CAB, Yankee Stadium, (AGC), | |||
6.52%, 3/01/39 (a) | 1,000 | 189,240 | |
Queens Baseball Stadium, (AGC), | |||
6.38%, 1/01/39 | 150 | 162,432 | |
Queens Baseball Stadium, (AMBAC), | |||
5.00%, 1/01/46 | 2,475 | 2,111,026 | |
Yankee Stadium, (NPFGC), 4.75%, | |||
3/01/46 | 1,000 | 899,250 | |
New York City Transitional Finance | |||
Authority, RB, Series S-2 (AGM), | |||
5.00%, 1/15/37 | 850 | 862,937 | |
New York City Transitional Finance | |||
Authority, Refunding RB (AMBAC), | |||
Series B: | |||
Future Tax, 5.00%, 11/01/11 (b) | 5 | 5,266 | |
Future Tax Secured, 5.00%, | |||
5/01/30 | 3,260 | 3,300,424 | |
New York Convention Center | |||
Development Corp., RB, Hotel Unit | |||
Fee Secured (AMBAC), 5.00%, | |||
11/15/44 | 5,175 | 5,034,757 | |
New York State Dormitory Authority, | |||
Refunding RB, School Districts | |||
Financing Program, Series A (AGM), | |||
5.00%, 10/01/35 | 1,000 | 1,012,220 |
Par | ||
Municipal Bonds | (000) | Value |
New York (continued) | ||
County/City/Special District/School | ||
District (concluded) | ||
Sales Tax Asset Receivable Corp., RB, | ||
Series A (AMBAC), 5.00%, 10/15/32 | $ 6,000 | $ 6,152,880 |
23,850,935 | ||
Education 33.0% | ||
City of Troy New York, Refunding RB, | ||
Rensselaer Polytechnic, Series A, | ||
5.13%, 9/01/40 | 1,175 | 1,166,916 |
Herkimer County Industrial | ||
Development Agency New York, RB, | ||
College Foundation Inc. Student | ||
Housing Project, 6.25%, 8/01/34 | 1,000 | 1,006,960 |
Madison County Industrial Development | ||
Agency New York, RB, Colgate | ||
University Project, Series A (AMBAC), | ||
5.00%, 7/01/30 | 1,000 | 1,020,890 |
New York City Industrial Development | ||
Agency, RB, Lycee Francais de New | ||
York Project, Series A (ACA), 5.38%, | ||
6/01/23 | 2,500 | 2,547,975 |
New York City Transitional Finance | ||
Authority, RB, Fiscal 2009, Series S-4 | ||
(AGC), 5.50%, 1/15/33 | 1,000 | 1,077,950 |
New York State Dormitory Authority, RB: | ||
Brooklyn Law School, Series B | ||
(Syncora), 5.13%, 7/01/30 | 4,000 | 4,036,840 |
FIT Student Housing Corp. (FGIC), | ||
5.13%, 7/01/14 (b) | 2,500 | 2,860,450 |
Mount Sinai School of Medicine at | ||
NYU (NPFGC), 5.00%, 7/01/35 | 2,500 | 2,485,875 |
New York University, Series 2 | ||
(AMBAC), 5.00%, 7/01/41 | 6,000 | 6,004,200 |
Ss Joachim & Anne Residence, | ||
5.25%, 7/01/27 | 3,000 | 3,015,690 |
The New School (AGM), 5.50%, | ||
7/01/43 (c) | 1,365 | 1,404,885 |
Trust for Cultural Resources, Refunding | ||
RB, American Museum of Natural | ||
History, Series A (NPFGC): | ||
5.00%, 7/01/36 | 1,000 | 1,014,450 |
5.00%, 7/01/44 | 2,500 | 2,512,925 |
30,156,006 |
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 | ACA Financial Guaranty Corp. | FHA | Federal Housing Administration |
AGC | Assured Guaranty Corp. | GO | General Obligation Bonds |
AGM | Assured Guaranty Municipal Corp. | MRB | Mortgage Revenue Bonds |
AMBAC | American Municipal Bond Assurance Corp. | NPFGC | National Public Finance Guarantee Corp. |
BHAC | Berkshire Hathaway Assurance Corp. | PILOT | Payment in Lieu of Taxes |
CAB | Capital Appreciation Bonds | RB | Revenue Bonds |
CIFG | CDC IXIS Financial Guaranty | SBPA | Stand-by Bond Purchase Agreement |
ERB | Education Revenue Bonds | VRDN | Variable Rate Demand Notes |
FGIC | Financial Guaranty Insurance Co. |
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST
NOVEMBER 30, 2010
1
Schedule of Investments(continued)
BlackRock New York Municipal Income Quality Trust (BSE)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New York (continued) | |||
Health 20.1% | |||
Monroe County Industrial Development | |||
Corp., RB, Unity Hospital of Rochester | |||
Project (FHA), 5.50%, 8/15/40 | $ 325 | $ 342,882 | |
New York State Dormitory Authority, | |||
MRB: | |||
Hospital, Lutheran Medical | |||
(NPFGC), 5.00%, 8/01/31 | 4,500 | 4,503,330 | |
St. Barnabas, Series A (FHA), | |||
5.00%, 2/01/31 | 5,000 | 5,017,900 | |
New York State Dormitory Authority, RB: | |||
Hudson Valley Hospital (BHAC), | |||
5.00%, 8/15/36 | 1,250 | 1,279,950 | |
New York & Presbyterian Hospital | |||
(AGM), 5.25%, 2/15/31 | 500 | 515,225 | |
North Shore-Long Island Jewish | |||
Health System, Series A, 5.50%, | |||
5/01/37 | 350 | 355,638 | |
New York State Dormitory Authority, | |||
Refunding RB: | |||
Hospital, New York & Presbyterian | |||
Hospital (AMBAC), 5.00%, 8/01/32 | 3,885 | 3,885,505 | |
St. Luke's Roosevelt Hospital (FHA), | |||
4.90%, 8/15/31 | 500 | 512,205 | |
Winthrop University Hospital | |||
Association, Series A (AMBAC), | |||
5.25%, 7/01/31 | 2,000 | 1,970,220 | |
18,382,855 | |||
State 8.0% | |||
New York State Dormitory Authority, | |||
ERB, Series B, 5.75%, 3/15/36 | 600 | 660,978 | |
New York State Dormitory Authority, RB: | |||
Mental Health Services Facilities | |||
Improvement, Series A (AGM), | |||
5.00%, 2/15/22 | 1,000 | 1,072,230 | |
School Districts Financing Program, | |||
Series D (NPFGC), 5.00%, | |||
10/01/30 | 3,500 | 3,518,025 | |
New York State Dormitory Authority, | |||
Refunding RB, School Districts | |||
Financing Program, Series A (NPFGC), | |||
5.00%, 4/01/31 | 2,000 | 2,007,860 | |
7,259,093 | |||
Transportation 20.9% | |||
Hudson Yards Infrastructure Corp., RB: | |||
Series A (AGM), 5.00%, 2/15/47 | 605 | 597,667 | |
(AGC), 5.00%, 2/15/47 | 1,250 | 1,234,850 | |
Metropolitan Transportation Authority, | |||
RB, Series 2008C, 6.50%, 11/15/28 | 750 | 847,253 | |
Metropolitan Transportation Authority, | |||
Refunding RB: | |||
Series A (AMBAC), 5.00%, 7/01/30 | 4,600 | 4,612,282 | |
Series A (NPFGC), 5.25%, 1/15/31 | 4,250 | 4,287,655 | |
Transportation, Series E (NPFGC), | |||
5.25%, 11/15/31 | 2,660 | 2,683,568 | |
New York State Thruway Authority, RB, | |||
Series G (AGM), 5.00%, 1/01/32 | 500 | 510,030 | |
New York State Thruway Authority, | |||
Refunding RB, Series H (AGM), 5.00%, | |||
1/01/37 | 4,000 | 4,045,000 |
Par | |||
Municipal Bonds | (000) | Value | |
New York (concluded) | |||
Transportation (concluded) | |||
Port Authority of New York & New Jersey, | |||
RB, Consolidated, 116th Series, | |||
4.13%, 9/15/32 | $ 250 | $ 237,285 | |
19,055,590 | |||
Utilities 6.7% | |||
Long Island Power Authority, RB, | |||
General, Series C (CIFG), 5.25%, | |||
9/01/29 | 1,000 | 1,067,980 | |
Long Island Power Authority, Refunding | |||
RB: | |||
General, Series A (AGC), 6.00%, | |||
5/01/33 | 2,000 | 2,230,480 | |
General, Series F (NPFGC), 4.25%, | |||
5/01/33 | 1,000 | 937,220 | |
Series A (AGC), 5.75%, 4/01/39 | 1,690 | 1,832,940 | |
6,068,620 | |||
Total Municipal Bonds in New York | 105,790,529 | ||
Guam 0.7% | |||
Utilities 0.7% | |||
Guam Power Authority, Refunding RB, | |||
Series A (AGM), 5.00%, 10/01/37 | 675 | 651,753 | |
Puerto Rico 17.3% | |||
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 | 492,360 | |
Puerto Rico Sales Tax Financing Corp., | |||
Refunding RB, CAB, Series A (NPFGC), | |||
5.78%, 8/01/41 (a) | 1,500 | 216,300 | |
708,660 | |||
Education 4.7% | |||
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 | 958,180 | |
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 | 3,304,898 | |
4,263,078 | |||
State 6.4% | |||
Commonwealth of Puerto Rico, GO, | |||
Refunding: | |||
Public Improvement, Series A-4 | |||
(AGM), 5.25%, 7/01/30 | 725 | 739,761 | |
Sub-Series C-7 (NPFGC), 6.00%, | |||
7/01/27 | 1,000 | 1,055,340 | |
Puerto Rico Highway & Transportation | |||
Authority, Refunding RB, Series CC | |||
(AGM): | |||
5.50%, 7/01/31 | 1,000 | 1,059,790 | |
5.25%, 7/01/32 | 1,000 | 1,022,090 | |
Puerto Rico Public Buildings Authority, | |||
Refunding RB, Government Facilities, | |||
Series M-3 (NPFGC), 6.00%, 7/01/28 | 500 | 524,465 |
2 BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST
NOVEMBER 30, 2010
Schedule of Investments(continued)
BlackRock New York Municipal Income Quality Trust (BSE)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Puerto Rico (concluded) | |||
State (concluded) | |||
Puerto Rico Sales Tax Financing Corp., | |||
RB, First Sub-Series A, 5.75%, | |||
8/01/37 | $ 1,000 | $ 1,031,570 | |
Puerto Rico Sales Tax Financing Corp., | |||
Refunding RB, CAB, Series A (NPFGC), | |||
5.99%, 8/01/43 (a) | 3,000 | 376,230 | |
5,809,246 | |||
Transportation 2.4% | |||
Puerto Rico Highway & Transportation | |||
Authority, RB, Series Y (AGM), 6.25%, | |||
7/01/21 | 2,000 | 2,225,720 | |
Utilities 3.0% | |||
Puerto Rico Aqueduct & Sewer Authority, | |||
RB, Senior Lien, Series A (AGC), | |||
5.13%, 7/01/47 | 500 | 501,475 | |
Puerto Rico Electric Power Authority, | |||
Refunding RB, Series VV (NPFGC): | |||
5.25%, 7/01/29 | 250 | 254,458 | |
5.25%, 7/01/30 | 2,000 | 2,024,400 | |
2,780,333 | |||
Total Municipal Bonds in Puerto Rico | 15,787,037 | ||
Total Municipal Bonds 133.9% | 122,229,319 | ||
Municipal Bonds Transferred to Tender | |||
Option Bond Trusts (d) | |||
New York 19.4% | |||
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 | 1,112,480 | |
Transportation 17.1% | |||
Metropolitan Transportation Authority, | |||
Refunding RB, Series A (AGM), 5.00%, | |||
11/15/30 | 6,080 | 6,089,971 | |
Triborough Bridge & Tunnel Authority, | |||
Refunding RB (NPFGC), 5.00%, | |||
11/15/32 | 9,404 | 9,541,899 | |
15,631,870 | |||
Utilities 1.1% | |||
New York City Municipal Water Finance | |||
Authority, RB: | |||
Fiscal 2009, Series A, 5.75%, | |||
6/15/40 | 495 | 537,362 | |
Series FF-2, 5.50%, 6/15/40 | 405 | 433,930 | |
971,292 | |||
Total Municipal Bonds Transferred to | |||
Tender Option Bond Trusts 19.4% | 17,715,642 | ||
Total Long-Term Investments | |||
(Cost $138,861,942) 153.3% | 139,944,961 |
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), 0.28%, 12/01/10 (e) | $ 50 | $ 50,000 |
Shares | ||
Money Market Fund 2.5% | ||
BIF New York Municipal Money | ||
Fund, 0.04% (f)(g) | 2,355,214 | 2,355,214 |
Total Short-Term Securities | ||
(Cost $2,405,214) 2.6% | 2,405,214 | |
Total Investments | ||
(Cost $141,267,156*) 155.9% | 142,350,175 | |
Liabilities in Excess of Other Assets 0.0% | (36,876) | |
Liabilities for Trust Certificates, Including Interest | ||
Expense and Fees Payable (11.4)% | (10,411,038) | |
Preferred Shares, at Redemption Value (44.5)% | (40,577,457) | |
Net Assets Applicable to Common Shares 100.0% | $ 91,324,804 |
________________________________________________________________________________________________________________________________________________________________________________________________________________________
* The cost and unrealized appreciation (depreciation) of investments as of
November 30, 2010, as computed for federal income tax purposes, were
as follows:
Aggregate cost | $ 130,963,059 |
Gross unrealized appreciation | $ 2,737,947 |
Gross unrealized depreciation | (1,759,334) |
Net unrealized appreciation | $ 978,613 |
(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) When-issued security. Unsettled when-issued transactions were as follows:
Unrealized | ||
Counterparty | Value | Appreciation |
JPMorgan Chase Securities | $ 1,029,220 | $ 39,765 |
UBS Securities | $ 375,665 | $ 14,514 |
(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 | Shares | |||
Held at | Held at | |||
August 31, | Net | November 30, | ||
Affiliate | 2010 | Activity | 2010 | Income |
BIF New York | ||||
Municipal | ||||
Money Fund | 1,077,827 | 1,277,387 | 2,355,214 | $9 |
(g) Represents the current yield as of report date.
BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST
NOVEMBER 30, 2010
3
Schedule of Investments(concluded)
BlackRock New York Municipal Income Quality Trust (BSE)
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 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.
Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are 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)
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 Trusts policy regarding valuation of investments and
other significant accounting policies, please refer to the Trusts most recent
financial statements as contained in its annual report.
The following table summarizes the inputs used as of November 30, 2010 in
determining the fair valuation of the Trust's investments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Investments in | ||||
Securities: | ||||
Long-Term | ||||
Investments1 | $139,944,961 | | $ 139,944,961 | |
Short-Term | ||||
Securities | $ 2,355,214 | 50,000 | | 2,405,214 |
Total | $ 2,355,214 $139,994,961 | | $ 142,350,175 |
1 See above Schedule of Investments for values in each sector.
4 BLACKROCK NEW YORK MUNICIPAL INCOME QUALITY TRUST
NOVEMBER 30, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock New York Municipal Income Quality Trust
Date: January 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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock New York Municipal Income Quality Trust
Date: January 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: January 26, 2011