NPORT-EX 1 NPORT_5749785989053469.htm

EX-BYM

Schedule of Investments  (unaudited) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Municipal Bonds — 114.8%
Alabama — 3.2%
City of Birmingham Alabama, GO, Convertible CAB, Series A1, 5.00%, 03/01/45		$	1,165			$	1,316,753
City of Birmingham Alabama Airport Authority, ARB, (AGM), 5.50%, 07/01/40			5,800				6,004,624
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC), 6.00%, 06/01/19(a)			1,495				1,495,000
State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(a)			3,800				4,029,102
							12,845,479
Alaska — 0.3%
Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41			1,070				1,148,741
Arizona — 0.8%
Arizona State University, RB, Green Bonds, Series B, 5.00%, 07/01/42			1,395				1,636,349
State of Arizona, COP, Department of Administration, Series A (AGM):
5.00%, 10/01/27			1,250				1,264,462
5.25%, 10/01/28			250				253,095
							3,153,906
California — 10.7%
California Health Facilities Financing Authority, RB, St. Joseph Health System, Series A, 5.75%, 07/01/39			625				626,962
California Health Facilities Financing Authority, Refunding RB, Kaiser Permanente, Sub-Series A-2, 5.00%, 11/01/47			1,465				2,107,241
California Infrastructure & Economic Development Bank, RB, Bay Area Toll Bridges, 1st Lien, Series A (AMBAC), 5.00%, 01/01/28(a)			10,100				13,018,799
California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42			1,620				1,768,279
California Statewide Communities Development Authority, Refunding RB, Adventist Health System, Series A, 4.00%, 03/01/48			3,175				3,372,612
City & County of San Francisco Public Utilities Commission Wastewater Revenue, Refunding RB, Sewer System, Series B, 4.00%, 10/01/42			1,500				1,581,390

Security		Par (000)				Value
California (continued)
Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 0.00%, 08/01/43(b)		$	1,580			$	1,488,945
San Diego California Unified School District, GO, Election of 2008(c):
CAB, Series C, 0.00%, 07/01/38			2,000				1,150,220
CAB, Series G, 0.00%, 07/01/34			725				374,955
CAB, Series G, 0.00%, 07/01/35			775				377,130
CAB, Series G, 0.00%, 07/01/36			1,155				528,863
CAB, Series G, 0.00%, 07/01/37			770				331,870
CAB, Series K-2, 0.00%, 07/01/38			1,745				907,295
CAB, Series K-2, 0.00%, 07/01/39			2,115				1,052,551
CAB, Series K-2, 0.00%, 07/01/40			2,715				1,295,707
San Diego California Unified School District, GO, Refunding, CAB, Series R-1, 0.00%, 07/01/31(c)			1,400				1,033,172
State of California, GO, Refunding, Various Purposes, 5.00%, 10/01/41			1,100				1,187,890
State of California, GO, Various Purposes, 5.00%, 04/01/42			3,000				3,269,370
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/33			1,415				1,643,254
Yosemite Community College District, GO, CAB, Election of 2004, Series D, 0.00%, 08/01/37(c)			10,000				5,908,000
							43,024,505
Colorado — 0.6%
Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31			960				993,485
Regional Transportation District, COP, Series A, 5.00%, 06/01/39			1,305				1,448,706
							2,442,191
Connecticut — 1.4%
State of Connecticut, GO, Series E, 5.00%, 09/15/37			2,280				2,723,619
University of Connecticut, RB, Series A, 5.00%, 01/15/34			2,620				3,101,792
							5,825,411
Delaware — 0.8%
County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A:
5.00%, 07/01/40			770				861,299
5.00%, 07/01/48			2,110				2,341,973
							3,203,272

1

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
District of Columbia — 2.4%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40		$	9,500			$	9,808,940
Florida — 6.8%
County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39			1,795				1,968,110
County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38			2,770				3,210,652
County of Miami-Dade Florida Aviation, Refunding ARB(a):
Aviation, Miami International Airport, Series A-1, 5.50%, 10/01/20			5,000				5,265,350
Series A, 5.50%, 10/01/19			5,000				5,065,950
County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40			3,910				4,372,045
County of Miami-Dade Florida Health Facilities Authority, Refunding RB, Nicklaus Children’s Hospital Project, 5.00%, 08/01/42			685				797,819
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:
5.00%, 08/01/41			630				690,990
5.00%, 08/01/47			1,845				2,016,585
County of Sarasota Florida Public Hospital District, RB, Sarasota Memorial Hospital Project, Series A, 5.63%, 07/01/19(a)			300				300,927
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/33			1,340				1,512,378

Security		Par (000)				Value
Florida (continued)
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21(a)		$	2,000			$	2,173,100
							27,373,906
Georgia — 3.5%
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30			7,500				8,029,950
City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/40			1,500				1,739,505
County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54			545				635,029
County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A:
3.95%, 12/01/43			685				724,175
4.00%, 12/01/48			500				527,970
Main Street Natural Gas, Inc., RB, Series A:
5.00%, 05/15/38			595				762,320
5.00%, 05/15/43			775				898,000
Private Colleges & Universities Authority, RB, Savannah College of Art & Design:
5.00%, 04/01/33			155				173,188
5.00%, 04/01/44			595				654,000
							14,144,137
Hawaii — 1.3%
State of Hawaii Harbor System, RB, Series A, 5.50%, 07/01/35			5,000				5,204,700
Illinois — 13.3%
City of Chicago Illinois O’Hare International Airport, GARB:
3rd Lien, 5.63%, 01/01/21(a)			1,230				1,310,860
3rd Lien, 5.63%, 01/01/35			295				312,845
Senior Lien, Series D, 5.25%, 01/01/42			3,300				3,899,181
City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series D, 5.25%, 01/01/34			9,800				10,846,444
City of Chicago Illinois Transit Authority, RB:
5.25%, 12/01/49			3,500				3,904,530
Sales Tax Receipts, 5.25%, 12/01/36			650				687,914

2

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Illinois (continued)
County of Cook Illinois Community College District No. 508, GO, City College of Chicago:
5.13%, 12/01/38		$	7,700			$	8,073,912
5.50%, 12/01/38			1,000				1,063,870
County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37			210				221,813
County of Will Illinois, GO, 5.00%, 11/15/45			1,400				1,575,756
Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A:
5.00%, 02/15/37			700				785,358
5.00%, 02/15/47			480				530,179
5.00%, 02/15/50			240				264,192
Illinois Finance Authority, Refunding RB:
OSF Health Care System, Series A, 5.00%, 11/15/45			2,815				3,103,875
Silver Cross Hospital & Medical Centers, Series C, 4.13%, 08/15/37			3,130				3,236,107
Silver Cross Hospital & Medical Centers, Series C, 5.00%, 08/15/44			390				432,362
University of Chicago Medical Center, Series B, 4.00%, 08/15/41			900				960,354
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(a)			710				772,459
State of Illinois, GO:
5.25%, 07/01/29			8,345				9,102,142
5.50%, 07/01/33			880				964,489
5.50%, 07/01/38			1,475				1,603,531
							53,652,173
Indiana — 0.3%
Indiana Finance Authority, RB, CWA Authority Project, 1st Lien, Series A, 5.25%, 10/01/38			1,100				1,183,842
Iowa — 2.1%
Iowa Finance Authority, RB, Iowa Health Care Facilities:
Genesis Health System, 5.50%, 07/01/33			3,000				3,412,680
Series A (AGC), 5.63%, 08/15/19(a)			5,000				5,040,200
							8,452,880
Maryland — 1.7%
County of Montgomery Maryland, RB, Trinity Health Credit Group, 4.00%, 12/01/44			1,810				1,922,455

Security		Par (000)				Value
Maryland (continued)
Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38		$	745			$	801,218
Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System Issue, 4.00%, 07/01/48			4,000				4,271,000
							6,994,673
Massachusetts — 3.2%
Massachusetts Development Finance Agency, RB:
Emerson College Issue, Series A, 5.00%, 01/01/47			2,370				2,677,128
Emerson College Issue, 5.00%, 01/01/48			2,595				2,966,760
UMass Darthmouth Student Housing Project, 5.00%, 10/01/48			1,970				2,236,856
Massachusetts Development Finance Agency, Refunding RB:
Atrius Health Issue, Series A, 5.00%, 06/01/39			125				147,375
Atrius Health Issue, Series A, 4.00%, 06/01/49			185				194,505
Foxborough Regional Charter School Issue, 5.00%, 07/01/37			190				212,158
Western New England University, 5.00%, 09/01/43			1,750				2,022,458
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A:
3.80%, 12/01/43			365				381,243
3.85%, 06/01/46			490				512,628
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43			1,395				1,542,535
							12,893,646
Michigan — 7.1%
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41			1,100				1,182,984
Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44			3,640				4,126,486
Michigan Finance Authority, Refunding RB:
Henry Ford Health System, 5.00%, 11/15/41			2,235				2,581,023
Hospital; Trinity Health Credit Group, 5.00%, 12/01/39			9,020				9,675,754
Trinity Health Credit Group, 5.00%, 12/01/21(a)			30				32,558

3

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Michigan (continued)
Michigan State Housing Development Authority, RB, S/F Housing, Series A, 3.80%, 10/01/38		$	3,965			$	4,170,268
Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39			1,560				1,726,733
State of Michigan Building Authority, Refunding RB, Facilities Program:
Series I-A, 5.38%, 10/15/36			2,000				2,159,220
Series I-A, 5.38%, 10/15/41			800				862,208
Series II-A, 5.38%, 10/15/36			1,500				1,619,415
Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39			430				486,863
							28,623,512
Minnesota — 0.6%
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 5.00%, 11/15/49			1,315				1,540,088
City of State Cloud Minnesota, Refunding RB, Centracare Health System, 5.00%, 05/01/48			655				781,959
							2,322,047
Nebraska — 1.7%
Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37			6,345				6,930,390
Nevada — 1.8%
County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A:
5.25%, 07/01/42			3,000				3,054,900
(AGM), 5.25%, 07/01/39			4,100				4,177,162
							7,232,062
New Jersey — 9.8%
New Jersey EDA, RB:
School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42			375				419,580
Series WW, 5.25%, 06/15/33			170				191,479
Series WW, 5.00%, 06/15/34			225				249,658
Series WW, 5.00%, 06/15/36			1,395				1,540,750
Series WW, 5.25%, 06/15/40			400				443,868
New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32			930				987,400

Security		Par (000)				Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, Refunding RB, Hospital Asset Transfer Program, 5.00%, 10/01/37		$	1,605			$	1,822,188
New Jersey Transportation Trust Fund Authority, RB:
Transportation Program Bonds, Series S, 5.25%, 06/15/43			2,150				2,497,805
5.00%, 06/15/36			5,070				5,478,693
CAB, Transportation System, Series A, 0.00%, 12/15/38(c)			5,845				2,885,969
Transportation Program, Series AA, 5.25%, 06/15/33			1,660				1,818,779
Transportation Program, Series AA, 5.00%, 06/15/38			945				1,030,333
Transportation System, Series A, 5.50%, 06/15/41			3,000				3,171,960
Transportation System, Series AA, 5.50%, 06/15/39			3,785				4,144,272
Transportation System, Series B, 5.25%, 06/15/36(d)			5,000				5,268,750
Transportation System, Series D, 5.00%, 06/15/32			900				1,001,412
New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36			340				392,295
South Jersey Port Corp., RB, Sub-Marine Terminal, Series A, 5.00%, 01/01/49			720				813,478
Tobacco Settlement Financing Corp., Refunding RB, Series A:
5.00%, 06/01/35			1,750				2,046,590
5.25%, 06/01/46			1,725				1,967,587
Tobacco Settlement Bonds, 5.00%, 06/01/33			1,000				1,177,290
							39,350,136
New Mexico — 0.1%
New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44			405				459,448
New York — 2.6%
City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32			1,650				1,832,309
City of New York Water & Sewer System, Refunding RB, Water and Sewer System, 2nd General Resolution, Fiscal 2013, Series BB, 4.00%, 06/15/47			2,855				2,983,475

4

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
New York (continued)
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:
5.75%, 02/15/21(a)		$	480			$	515,645
5.75%, 02/15/47			290				309,578
Metropolitan Transportation Authority, Refunding RB, Series B, 5.00%, 11/15/37			1,570				1,852,757
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43			2,810				2,929,228
							10,422,992
Ohio — 2.9%
County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(a)			610				682,852
Northwest Local School District/Hamilton & Butler Counties, GO, School Improvements, 4.00%, 12/01/50			2,645				2,754,873
State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41			3,500				3,692,115
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:
5.25%, 02/15/32			780				874,216
5.25%, 02/15/33			1,095				1,225,185
University of Akron, Refunding RB, Series A, 5.00%, 01/01/37			2,000				2,324,660
							11,553,901
Oregon — 0.4%
Counties of Washington & Multnomah Oregon School District No. 48J Beaverton, GO, Convertible CAB, Series D, 5.00%, 06/15/36			945				1,142,845
County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(c)			1,115				541,623
							1,684,468
Pennsylvania — 5.7%
Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:
5.00%, 06/01/33			790				949,896
5.00%, 06/01/34			1,750				2,096,028
(AGM), 4.00%, 06/01/39			3,230				3,517,082
County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49			1,145				1,221,337

Security		Par (000)				Value
Pennsylvania (continued)
Pennsylvania HFA, RB, S/F Housing Mortgage, AMT, Series 118-B, 4.05%, 10/01/40		$	1,770			$	1,850,340
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50			4,245				4,816,547
Pennsylvania Turnpike Commission, RB:
Series A, 5.00%, 12/01/38			695				793,412
Series A-1, 5.00%, 12/01/41			2,730				3,164,862
Series B, 5.00%, 12/01/40			1,060				1,219,763
Series C, 5.50%, 12/01/23(a)			630				739,967
Subordinate, Special Motor License Fund, 6.00%, 12/01/20(a)			625				666,906
Pennsylvania Turnpike Commission, Refunding RB:
Series A-1, 5.00%, 12/01/40			850				968,949
Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/35			860				1,009,571
							23,014,660
Rhode Island — 2.1%
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/43			2,275				2,370,209
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45			5,855				5,952,720
							8,322,929
South Carolina — 6.1%
South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 08/01/21(a)			260				287,737
Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43			3,500				3,673,145
State of South Carolina Ports Authority, ARB, 5.25%, 07/01/20(a)			5,000				5,202,450
State of South Carolina Public Service Authority, RB:
Santee Cooper, Series A, 5.50%, 12/01/54			6,960				7,848,931
Series E, 5.50%, 12/01/53			1,610				1,795,553
State of South Carolina Public Service Authority, Refunding RB, Series B:
Santee Cooper, 5.00%, 12/01/38			2,360				2,609,735
(AGM), 5.00%, 12/01/56			2,845				3,262,361
							24,679,912

5

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
South Dakota — 0.5%
City of Rapid City South Dakota, RB, 4.00%, 12/01/48		$	1,760			$	1,873,520
Tennessee — 0.0%
County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40			35				40,142
Texas — 15.4%
City of Arlington Texas, Special Tax Bonds, Sub Lien, Series C (BAM), 5.00%, 02/15/45			2,105				2,198,062
City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38			615				680,288
Coppell Texas ISD, GO, CAB, Refunding (PSF-GTD), 0.00%, 08/15/30(c)			10,030				7,787,292
County of Harris Texas, GO, Refunding, (NPFGC)(c):
0.00%, 08/15/25			7,485				6,682,533
0.00%, 08/15/28			10,915				9,004,002
County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Junior Lien, Series H (NPFGC)(c):
0.00%, 11/15/38			5,785				2,404,477
0.00%, 11/15/39			6,160				2,398,704
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36(c)			2,340				1,210,622
Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33			1,090				1,234,153
El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43			2,110				2,310,534
Grand Parkway Transportation Corp., RB, Series B:
Convertible CAB, 0.00%, 10/01/46(b)			2,365				2,427,129
Subordinate Tier Toll Revenue Bonds, 5.00%, 04/01/53			465				508,013

Security		Par (000)				Value
Texas (continued)
Harris County-Houston Sports Authority, Refunding RB, 3rd Lien, Series A (NPFGC)(c):
0.00%, 11/15/24(a)		$	5,965			$	2,366,017
0.00%, 11/15/38			10,925				3,992,323
Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38(c)			3,775				1,703,884
North Texas Tollway Authority, RB(a):
CAB, Special Project System, Series B, 0.00%, 09/01/31(c)			1,975				937,434
Convertible CAB, Series C, 0.00%, 09/01/31(b)			2,500				3,307,825
Special Projects System, Series A, 6.00%, 09/01/21			1,000				1,098,810
North Texas Tollway Authority, Refunding RB:
1st Tier System, Series A, 6.00%, 01/01/28			115				115,366
Series B, 5.00%, 01/01/40			385				423,677
San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42			3,155				3,292,463
San Jacinto College District, GOL, Series A, 5.00%, 02/15/44			815				980,339
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:
5.00%, 12/15/31			2,105				2,291,882
5.00%, 12/15/32			2,540				2,760,726
							62,116,555
Utah — 0.6%
Salt Lake City Corp. Airport Revenue, ARB, Series B, 5.00%, 07/01/43			2,000				2,405,160
Virginia — 0.9%
Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay:
5.00%, 09/01/44			1,375				1,566,194
4.00%, 09/01/48			885				935,631
Virginia HDA, RB, M/F Housing, Rental Housing, Series B, 4.00%, 06/01/53			895				940,018
							3,441,843
Washington — 1.1%
State of Washington Housing Finance Commission, Refunding RB, Horizon House Project, 5.00%, 01/01/38(e)			1,400				1,565,368

6

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Washington (continued)
Washington Health Care Facilities Authority, RB:
MultiCare Health System, Remarketing, Series B, 5.00%, 08/15/44		$	2,000			$	2,153,000
Providence Health & Services, Series A, 5.25%, 10/01/39			675				693,461
							4,411,829
West Virginia — 0.8%
West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51			3,050				3,241,937
Wisconsin — 2.2%
State of Wisconsin Health & Educational Facilities Authority, RB:
Ascension Health Senior Credit Group, Series E, 5.00%, 11/15/33			1,500				1,521,600
Marshfield Clinic Health System, Inc. Series C, 4.00%, 02/15/42			5,000				5,195,800
Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44			1,895				2,247,262
							8,964,662
Total Municipal Bonds — 114.8% (Cost — $420,254,326)							462,444,507
Municipal Bonds Transferred to Tender Option Bond Trusts(f)
Arizona — 0.3%
City of Phoenix Civic Improvement Corp., Refunding RB, Water System, Junior Lien, Series A, 5.00%, 07/01/19(a)			1,300				1,303,322
California — 1.9%
Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42(d)			3,432				4,201,398
San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(a)			449				451,647

Security		Par (000)				Value
California (continued)
Visalia Unified School District, COP, (AGM), 4.00%, 05/01/48		$	3,077			$	3,134,135
							7,787,180
Connecticut — 0.5%
State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45			1,561				1,798,684
District of Columbia — 0.3%
District of Columbia, RB, Series A, 5.50%, 12/01/30(d)			1,080				1,100,904
Florida — 5.7%
City of Miami Beach Florida, RB, 5.00%, 09/01/45			3,500				4,027,782
County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42			1,950				2,117,515
County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(a)			10,101				10,569,587
County of Orange Florida School Board, COP, Series A (AGC), 5.50%, 08/01/19(a)			6,096				6,135,616
							22,850,500
Illinois — 5.0%
Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41			2,400				2,596,908
State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19(a)(d)			1,400				1,401,168
State of Illinois Toll Highway Authority, RB:
Series A, 5.00%, 01/01/38			7,714				8,410,291
Series A, 5.00%, 01/01/40			3,045				3,484,941
Series B, 5.00%, 01/01/40			1,170				1,348,030
Series C, 5.00%, 01/01/38			2,658				3,021,822
							20,263,160
Kansas — 1.6%
County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47			5,363				6,537,258
Maryland — 0.9%
City of Baltimore Maryland Water Utility Fund, RB, Sub-Water Projects, Series A, 5.00%, 07/01/41			3,139				3,666,864
Massachusetts — 4.8%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46			1,661				1,873,053

7

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Massachusetts (continued)
Massachusetts Development Finance Agency, RB, Worcester Polytechnic Institute, 4.00%, 09/01/49		$	5,494			$	5,674,828
Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 4.00%, 07/01/35			7,070				7,871,103
Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 11/15/46(d)			3,300				3,913,363
							19,332,347
Michigan — 0.9%
Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44			2,220				2,515,828
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45			960				1,113,216
							3,629,044
Nevada — 1.6%
County of Clark Nevada Water Reclamation District, GO, Series B, 5.75%, 07/01/19(a)			2,024				2,030,897
Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46			3,900				4,525,004
							6,555,901
New Jersey — 0.8%
County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51			920				1,073,941
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36(d)			2,000				2,105,892
							3,179,833
New York — 12.0%
City of New York Water & Sewer System, Refunding RB:
2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47			6,240				7,022,326
2nd General Resolution, Series FF, 5.00%, 06/15/39			8,355				9,682,303
Series DD, 5.00%, 06/15/35			1,845				2,118,263
Metropolitan Transportation Authority, RB, Transportation, Sub-Series D-1, 5.25%, 11/15/44			3,850				4,432,832

Security		Par (000)				Value
New York (continued)
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56		$	1,698			$	1,986,449
New York City Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/30			12,500				13,922,125
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56			2,561				3,036,595
State of New York Urban Development Corp., RB, Personal Income Tax, General Purpose, Series A-1, 5.00%, 03/15/43			5,720				6,319,785
							48,520,678
North Carolina — 1.4%
Durham Capital Fing Corp. Ltd., Refunding RB, 4.00%, 06/01/43			5,125				5,407,201
Pennsylvania — 1.8%
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42			1,020				1,171,016
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42			4,997				5,947,726
							7,118,742
Texas — 4.2%
City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43			7,001				7,325,339
City of San Antonio Texas Water System, Refunding RB, Water System, Junior Lien, Series C, 5.00%, 05/15/46			3,750				4,400,387
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38			719				792,126

8

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security		Par (000)				Value
Texas (continued)
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Texas Health Resources System, Series A, 5.00%, 02/15/41		$	3,920			$	4,550,150
							17,068,002
Virginia — 0.6%
Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.00%, 07/01/48			1,996				2,387,954
Washington — 1.0%
Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38			3,210				3,898,941

Security		Par (000)				Value
Wisconsin — 0.9%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series A, 5.00%, 04/01/42		$	3,520			$	3,778,650
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 46.2% (Cost — $178,083,829)							186,185,165
Total Long-Term Investments — 161.0% (Cost — $598,338,155)							648,629,672
Total Investments — 161.0% (Cost — $598,338,155)							648,629,672
Other Assets Less Liabilities — 1.5%							6,405,159
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (28.5)%							(114,838,470	)
VMTP Shares, at Liquidation Value, Net of Deferred Offering Costs — (34.0)%							(137,200,000	)
Net Assets Applicable to Common Shares — 100.0%						$	402,996,361

^(a)  U.S. 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.

^(b)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(c)  Zero-coupon bond.

^(d)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between June 17, 2019 to December 01, 2030, is $7,975,096.

^(e)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(f)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

During the period ended May 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate		Shares Held at 08/31/18				Net Activity				Shares Held at 05/31/19				Value at 05/31/19				Income				Net Realized Gain (Loss) (a)				Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class*			4,490,659				(4,490,659	)			—			$	—			$	39,058			$	717			$	—

* No longer held by the Fund as of period end.

^(a)  Includes net capital gain distributions, if applicable.

9

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM)     

Portfolio Abbreviations

AGC — Assured Guarantee Corp.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

AMT — Alternative Minimum Tax (subject to)

ARB — Airport Revenue Bonds

BAM — Build America Mutual Assurance Co.

CAB — Capital Appreciation Bonds

COP — Certificates of Participation

COP — Colombian Peso

EDA — Economic Development Authority

GARB — General Airport Revenue Bonds

GO — General Obligation Bonds

GTD — Guaranteed

HDA — Housing Development Authority

HFA — Housing Finance Agency

ISD — Independent School District

LRB — Lease Revenue Bonds

M/F — Multi-Family

NPFGC — National Public Finance Guarantee Corp.

PSF — Permanent School Fund

PSF-GTD — Permanent School Fund Guaranteed

RB — Revenue Bonds

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description		Number of Contracts				Expiration Date				Notional Amount (000)				Value / Unrealized Appreciation (Depreciation)
Short Contracts:
10-Year U.S. Treasury Note			81				09/19/19			$	10,267			$	(67,882	)
Long U.S. Treasury Bond			157				09/19/19				24,134				(251,187	)
5-Year U.S. Treasury Note			52				09/30/19				6,103				(24,863	)
														$	(343,932	)

10

Schedule of Investments  (unaudited) (continued) May 31, 2019 BlackRock Municipal Income Quality Trust (BYM)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value 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 Trust’s 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors.The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

		Level 1				Level 2				Level 3				Total
Assets:
Investments:
Long-Term Investments(a)		$	—			$	648,629,672			$	—			$	648,629,672
Derivative Financial Instruments(b)
Liabilities:
Interest rate contracts		$	(343,932	)		$	—			$	—			$	(343,932	)

^(a)  See above Schedule of Investments for values in each state or political subdivision.

^(b)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument are shown at value.

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

		Level 1				Level 2				Level 3				Total
Liabilities:
Investments:
TOB Trust Certificates		$	—			$	(114,309,602	)		$	—			$	(114,309,602	)
VMTP Shares at Liquidation Value			—				(137,200,000	)			—				(137,200,000	)
		$	—			$	(251,509,602	)		$	—			$	(251,509,602	)

11