SCHEDULE: Toronto-Dominion Entities Update BlackRock MuniYield Preferred Share Holdings Post-Redemption

Toronto-Dominion Investments, Inc. and its affiliates have filed an amendment to their Schedule 13D, updating their beneficial ownership of BlackRock MuniYield New York Quality Fund's Variable Rate Demand Preferred Shares following a planned redemption.

Summary

• Amendment No. 1 to the Schedule 13D, originally filed on July 5, 2022, has been submitted by Toronto Dominion Investments, Inc. (TDI), Toronto Dominion Holdings (U.S.A.), Inc. (TDH), TD Group US Holdings LLC (TD GUS), and The Toronto-Dominion Bank (TD Bank), collectively referred to as the Reporting Persons.
• The amendment pertains to Series W-7 Variable Rate Demand Preferred Shares (VRDP Shares) of BlackRock MuniYield New York Quality Fund, Inc. (the Issuer).
• The Issuer completed the redemption of 467 VRDP Shares (CUSIP 09255E805) held by TDI on July 16, 2025.
• Following this redemption, the Reporting Persons will beneficially own an aggregate of 2,010 VRDP Shares, which constitutes 100% of the outstanding VRDP Shares of the Issuer.
• TDI is the record and beneficial owner of the 2,010 VRDP Shares, with TDH, TD GUS, and TD Bank beneficially owning them through their respective ownership of TDI.

Sentiment

Score: 5

Explanation: The document is a factual regulatory filing detailing a specific transaction (share redemption) and updated beneficial ownership. It does not contain forward-looking statements about performance or strategic shifts that would indicate a positive or negative sentiment.

Positives

• The Issuer completed a redemption of 467 VRDP Shares, which can reduce its outstanding preferred share obligations and potentially optimize its capital structure.

Risks

• During the last five years, The Toronto-Dominion Bank and its affiliates (the TD Entities) have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
• To the best knowledge of the TD Entities, none of the executive officers, directors, or controlling persons of the TD Entities listed on Schedule I have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.

Future Outlook

The filing indicates a completed redemption of 467 Variable Rate Demand Preferred Shares by BlackRock MuniYield New York Quality Fund, Inc. on July 16, 2025, resulting in the Toronto-Dominion entities maintaining 100% beneficial ownership of the remaining 2,010 outstanding VRDP Shares.

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

Industry Context

This filing is a routine disclosure for significant beneficial ownership changes in preferred shares, common in the financial industry for investment funds and their institutional holders. It reflects a specific transaction (redemption) rather than broader market trends.

Comparison to Industry Standards

• This filing is a standard Schedule 13D amendment, which is a regulatory requirement for reporting beneficial ownership of 5% or more of a class of a company's equity securities.
• The redemption of preferred shares is a common corporate finance activity, often undertaken to manage capital structure or reduce financing costs.
• The 100% beneficial ownership by the Toronto-Dominion entities of this specific class of preferred shares suggests a highly concentrated holding, typical for institutional investments in certain fund structures, rather than a widely traded public security.

Corporate Governance

Legal Proceedings

• During the last five years, The Toronto-Dominion Bank and its affiliates (the TD Entities) have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
• To the best knowledge of the TD Entities, none of the executive officers, directors, or controlling persons of the TD Entities listed on Schedule I have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.

Related Party Transactions

• The filing details the hierarchical ownership structure among the Reporting Persons: The Toronto-Dominion Bank is the sole owner of TD Group US Holdings LLC, which is the sole owner of Toronto Dominion Holdings (U.S.A.), Inc., which is the sole owner of Toronto Dominion Investments, Inc. This structure results in all Reporting Persons beneficially owning the VRDP Shares held by Toronto Dominion Investments, Inc.

Stakeholder Impact

• Shareholders (of BlackRock MuniYield New York Quality Fund, Inc.): The redemption of preferred shares may impact the fund's capital structure and potentially its cost of capital, though the specific impact on common shareholders is not detailed.
• Toronto-Dominion Entities: The filing confirms their continued 100% beneficial ownership of the outstanding VRDP Shares after the redemption, indicating a stable investment position in this specific class of securities.

Key Dates

Keywords

BlackRock MuniYield New York Quality Fund, Toronto-Dominion Bank, TD Bank, Schedule 13D, Amendment, Variable Rate Demand Preferred Shares, VRDP Shares, Beneficial Ownership, Share Redemption, SEC Filing, Preferred Stock