NPORT-EX 2 BRMuniIncomeQualityTrust.htm EX-BYM

Schedule of Investments  (unaudited)

November 30, 2019

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 113.0%

 

Alabama — 2.8%

 

City of Birmingham Alabama, GO, Convertible CAB, Series A1, 5.00%, 03/01/45

   $ 1,165     $ 1,333,983  

City of Birmingham Alabama Airport Authority, ARB, (AGM), 5.50%, 07/01/40

     5,800       5,926,846  

State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(b)

     3,800       3,951,772  
   

 

 

  
      11,212,601  
Alaska — 0.3%  

Alaska Industrial Development & Export Authority, RB, Providence Health Services, Series A, 5.50%, 10/01/41

     1,070       1,141,540  
   

 

 

  
Arizona — 1.0%  

Arizona IDA, RB(c):

    

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/39

     610       633,638  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/49

     690       710,355  

Leman Academy of Excellence-East Tucson And Central Tucson Projects, Series A, 5.00%, 07/01/54

     530       543,769  

Odyssey Preparatory Academy Project, 4.38%, 07/01/39

     725       725,652  

County of Maricopa IDA, Refunding RB, Legacy Traditional Schools Project(c)(d):

    

5.00%, 07/01/39

     255       284,741  

5.00%, 07/01/49

     365       402,610  

5.00%, 07/01/54

     230       251,983  

County of Pima Arizona IDA, Refunding RB, American Leadership Academy Project, 5.00%, 06/15/52(c)

     595       625,190  
   

 

 

  
      4,177,938  
California — 10.3%  

California Health Facilities Financing Authority, Refunding RB, Kaiser Permanente, Sub-Series A-2, 5.00%, 11/01/47

     1,465       2,229,334  

California Infrastructure & Economic Development Bank, RB, Bay Area Toll Bridges, 1st Lien, Series A (AMBAC), 5.00%, 01/01/28(b)

     10,100       13,080,914  
Security   Par
(000)		     Value  
California (continued)  

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A, 5.00%, 04/01/42

   $ 1,620     $ 1,753,780  

California Statewide Communities Development Authority, Refunding RB, Adventist Health System, Series A, 4.00%, 03/01/48

     3,175       3,426,809  

Mount San Antonio Community College District, GO, Refunding, CAB, Election of 2008, Series A, 6.25%, 08/01/43(a)

     1,580       1,598,344  

San Diego California Unified School District, GO, Election of 2008(e):

    

CAB, Series C, 0.00%, 07/01/38

     2,000       1,256,900  

CAB, Series G, 0.00%, 07/01/34

     725       386,592  

CAB, Series G, 0.00%, 07/01/35

     775       388,802  

CAB, Series G, 0.00%, 07/01/36

     1,155       545,403  

CAB, Series G, 0.00%, 07/01/37

     770       342,296  

CAB, Series K-2, 0.00%, 07/01/38

     1,745       943,103  

CAB, Series K-2, 0.00%, 07/01/39

     2,115       1,093,053  

CAB, Series K-2, 0.00%, 07/01/40

     2,715       1,344,196  

San Diego California Unified School District, GO, Refunding, CAB, Series R-1, 0.00%, 07/01/31(e)

     1,400       1,098,790  

State of California, GO, Refunding, Various Purposes, 5.00%, 10/01/41

     1,100       1,168,618  

State of California, GO, Various Purposes, 5.00%, 04/01/42

     3,000       3,240,930  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/33

     1,415       1,642,815  

Yosemite Community College District, GO, CAB, Election of 2004, Series D, 0.00%, 08/01/37(e)

     10,000       6,314,300  
   

 

 

  
      41,854,979  
Colorado — 0.6%  

Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31

     960       979,229  

Regional Transportation District, COP, Series A, 5.00%, 06/01/39

     1,305       1,448,680  
   

 

 

  
      2,427,909  
Connecticut — 1.4%  

State of Connecticut, GO, Series E, 5.00%, 09/15/37

     2,280       2,777,929  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Connecticut (continued)  

University of Connecticut, RB, Series A, 5.00%, 01/15/34

   $ 2,620     $ 3,129,905  
   

 

 

  
      5,907,834  
Delaware — 0.8%  

County of Kent Delaware, RB, CHF-Dover, LLC-Delaware State University Project, Series A:

    

5.00%, 07/01/40

     770       875,960  

5.00%, 07/01/48

     2,110       2,354,359  
   

 

 

  
      3,230,319  
District of Columbia — 2.4%  

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40

     9,500       9,818,345  
   

 

 

  
Florida — 5.7%  

County of Brevard Florida Health Facilities Authority, Refunding RB, Health First, Inc. Project, 5.00%, 04/01/39

     1,795       1,971,915  

County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38

     2,770       3,184,198  

County of Miami-Dade Florida Aviation, Refunding ARB, Aviation, Miami International Airport, Series A-1, 5.50%, 10/01/20(b)

     5,000       5,179,750  

County of Miami-Dade Florida Educational Facilities Authority, RB, University of Miami, Series A, 5.00%, 04/01/40

     3,910       4,428,388  

County of Miami-Dade Florida Health Facilities Authority, Refunding RB, Nicklaus Children’s Hospital Project, 5.00%, 08/01/42

     685       808,033  

County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project:

    

5.00%, 08/01/41

     630       694,959  

5.00%, 08/01/47

     1,845       2,025,884  

Preserve at South Branch Community Development District, Special Assessment Bonds, Green Bond, Phase 2:

    

4.00%, 11/01/39

     300       302,241  

4.00%, 11/01/50

     500       485,335  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/33

     1,340       1,510,019  

Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21(b)

     2,000       2,146,160  
Security   Par
(000)		     Value  
Florida (continued)  

Westside Community Development District, Refunding, Special Assessment Bonds(c):

    

4.10%, 05/01/37

   $ 260     $ 261,339  

4.13%, 05/01/38

     260       261,079  
   

 

 

  
      23,259,300  
Georgia — 3.0%  

City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30

     7,500       7,880,250  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54

     545       638,549  

County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A:

    

3.95%, 12/01/43

     685       736,574  

4.00%, 12/01/48

     500       532,840  

Main Street Natural Gas, Inc., RB, Series A:

    

5.00%, 05/15/38

     595       780,021  

5.00%, 05/15/43

     775       906,812  

Private Colleges & Universities Authority, RB, Savannah College of Art & Design:

    

5.00%, 04/01/33

     155       175,783  

5.00%, 04/01/44

     595       664,133  
   

 

 

  
      12,314,962  
Hawaii — 1.3%  

State of Hawaii Harbor System, RB, Series A, 5.50%, 07/01/35

     5,000       5,119,300  
   

 

 

  
Illinois — 13.1%  

City of Chicago Illinois O’Hare International Airport, GARB:

    

3rd Lien, 5.63%, 01/01/21(b)

     1,230       1,288,892  

3rd Lien, 5.63%, 01/01/35

     295       307,771  

Senior Lien, Series D, 5.25%, 01/01/42

     3,300       3,943,962  

City of Chicago Illinois O’Hare International Airport, Refunding GARB, Senior Lien, Series D, 5.25%, 01/01/34

     9,800       10,858,596  

City of Chicago Illinois Transit Authority, RB:

    

5.25%, 12/01/49

     3,500       3,933,090  

Sales Tax Receipts, 5.25%, 12/01/36

     650       688,337  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

November 30, 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     $ 8,321,929  

5.50%, 12/01/38

     1,000       1,100,800  

County of Cook Illinois Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/37

     210       222,568  

County of Will Illinois, GO, 5.00%, 11/15/45

     1,400       1,599,262  

Illinois Finance Authority, RB, Chicago LLC, University of Illinois at Chicago Project, Series A:

    

5.00%, 02/15/47

     480       537,053  

5.00%, 02/15/50

     240       268,346  

Illinois Finance Authority, Refunding RB:

    

OSF Health Care System, Series A, 5.00%, 11/15/45

     2,815       3,161,217  

Silver Cross Hospital & Medical Centers, Series C, 4.13%, 08/15/37

     3,130       3,303,277  

Silver Cross Hospital & Medical Centers, Series C, 5.00%, 08/15/44

     390       431,625  

University of Chicago Medical Center, Series B, 4.00%, 08/15/41

     900       979,182  

Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b)

     710       760,737  

State of Illinois, GO:

    

5.25%, 07/01/29

     8,345       9,127,844  

5.50%, 07/01/33

     880       970,042  

5.50%, 07/01/38

     1,475       1,615,995  
   

 

 

  
    53,420,525  
Indiana — 0.3%            

Indiana Finance Authority, RB, CWA Authority Project, 1st Lien, Series A, 5.25%, 10/01/38

     1,100       1,171,049  
   

 

 

  
Iowa — 0.8%            

Iowa Finance Authority, RB, Iowa Health Care Facilities, Genesis Health System, 5.50%, 07/01/33

     3,000       3,396,420  
   

 

 

  
Maryland — 1.7%            

County of Montgomery Maryland, RB, Trinity Health Credit Group, 4.00%, 12/01/44

     1,810       1,941,659  

Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38

     745       808,161  
Security   Par
(000)		     Value  
Maryland (continued)            

Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System Issue, 4.00%, 07/01/48

   $ 4,000     $ 4,382,640  
   

 

 

  
    7,132,460  
Massachusetts — 3.5%            

Collegiate Charter School of Lowell, RB(d):

    

5.00%, 06/15/39

     565       604,612  

5.00%, 06/15/49

     1,185       1,262,949  

Massachusetts Development Finance Agency, RB:

    

Emerson College Issue, Series A, 5.00%, 01/01/47

     2,370       2,702,037  

Emerson College Issue, 5.00%, 01/01/48

     2,595       2,993,462  

UMass Darthmouth Student Housing Project, 5.00%, 10/01/48

     1,970       2,276,630  

Massachusetts Development Finance Agency, Refunding RB:

    

Atrius Health Issue, Series A, 4.00%, 06/01/49

     185       195,885  

Foxborough Regional Charter School Issue, 5.00%, 07/01/37

     190       214,723  

Western New England University, 5.00%, 09/01/43

     1,750       2,051,053  

Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46

     490       514,069  

Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 05/15/43

     1,395       1,550,236  
   

 

 

  
    14,365,656  
Michigan — 7.0%            

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

     1,100       1,165,252  

Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44

     3,640       4,147,125  

Michigan Finance Authority, Refunding RB:

    

Henry Ford Health System, 5.00%, 11/15/41

     2,235       2,630,774  

Hospital; Trinity Health Credit Group, 5.00%, 12/01/39

     9,020       9,606,119  

Trinity Health Credit Group, 5.00%, 12/01/21(b)

     30       32,252  

Michigan State Housing Development Authority, RB, S/F Housing, Series A, 3.80%, 10/01/38

     3,965       4,275,539  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39

   $ 1,560     $ 1,745,952  

State of Michigan Building Authority, Refunding RB, Facilities Program:

    

Series I-A, 5.38%, 10/15/36

     2,000       2,142,320  

Series I-A, 5.38%, 10/15/41

     800       853,976  

Series II-A, 5.38%, 10/15/36

     1,500       1,606,740  

Western Michigan University, Refunding RB, General, University and College Improvements (AGM), 5.00%, 11/15/39

     430       480,663  
   

 

 

  
    28,686,712  
Minnesota — 0.4%            

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A, 5.00%, 11/15/49

     1,315       1,571,609  
   

 

 

  
Nebraska — 1.7%            

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37

     6,345       6,934,768  
   

 

 

  
Nevada — 1.7%            

County of Clark Nevada, ARB, Las Vegas-McCarran International Airport, Series A:

    

5.25%, 07/01/42

     3,000       3,009,360  

(AGM), 5.25%, 07/01/39

     4,100       4,112,956  
   

 

 

  
    7,122,316  
New Jersey — 9.7%            

New Jersey EDA, RB:

    

School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42

     375       419,711  

Series WW, 5.25%, 06/15/33

     170       193,790  

Series WW, 5.00%, 06/15/34

     225       250,641  

Series WW, 5.00%, 06/15/36

     1,395       1,546,371  

Series WW, 5.25%, 06/15/40

     400       452,340  

New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32

     930       991,566  

New Jersey Health Care Facilities Financing Authority, Refunding RB, Hospital Asset Transfer Program, 5.00%, 10/01/37

     1,605       1,833,279  

New Jersey Transportation Trust Fund Authority, RB:

    

Transportation Program Bonds, Series S, 5.25%, 06/15/43

     2,150       2,507,846  

5.00%, 06/15/36

     5,070       5,486,653  
Security   Par
(000)		     Value  
New Jersey (continued)            

CAB, Transportation System, Series A, 0.00%, 12/15/38(e)

   $ 5,845     $ 3,102,584  

Transportation Program, Series AA, 5.25%, 06/15/33

     1,660       1,837,670  

Transportation Program, Series AA, 5.00%, 06/15/38

     945       1,031,326  

Transportation System, Series A, 5.50%, 06/15/21(b)

     3,000       3,146,610  

Transportation System, Series AA, 5.50%, 06/15/39

     3,785       4,186,626  

Transportation System, Series B, 5.25%, 06/15/36

     5,000       5,242,800  

Transportation System, Series D, 5.00%, 06/15/32

     900       1,002,834  

New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System, Series A, 5.00%, 12/15/36

     340       393,999  

South Jersey Port Corp., RB, Sub-Marine Terminal, Series A, 5.00%, 01/01/49

     720       816,574  

Tobacco Settlement Financing Corp., Refunding RB, Series A:

    

5.00%, 06/01/35

     1,750       2,100,088  

5.25%, 06/01/46

     1,725       2,009,435  

Tobacco Settlement Bonds, 5.00%, 06/01/33

     1,000       1,209,100  
   

 

 

  
    39,761,843  
New Mexico — 0.2%            

City of Santa Fe New Mexico, RB, EL Castillo Retirement Residences Project, Series A, 5.00%, 05/15/49

     220       242,603  

New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44

     405       465,397  
   

 

 

  
    708,000  
New York — 2.1%            

City of New York Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/32

     1,650       1,820,676  

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       3,016,650  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

    

5.75%, 02/15/21(b)

     480       507,144  

5.75%, 02/15/47

     290       303,323  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43

   $ 2,810     $ 2,942,070  
   

 

 

  
    8,589,863  
Ohio — 2.8%            

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

     3,245       3,251,912  

County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/21(b)

     610       673,233  

Northwest Local School District/Hamilton & Butler Counties, GO, School Improvements, 4.00%, 12/01/50

     2,645       2,799,521  

State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41

     2,500       2,655,650  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:

    

5.25%, 02/15/32

     780       873,101  

5.25%, 02/15/33

     1,095       1,224,768  
   

 

 

  
    11,478,185  
Oregon — 0.4%            

Counties of Washington & Multnomah Oregon School District No. 48J Beaverton, GO, Convertible CAB, Series D, 5.00%, 06/15/36

     945       1,150,263  

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(e)

     1,115       571,917  
   

 

 

  
    1,722,180  
Pennsylvania — 5.4%            

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:

    

5.00%, 06/01/33

     790       961,754  

5.00%, 06/01/34

     1,750       2,122,120  

(AGM), 4.00%, 06/01/39

     3,230       3,569,602  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49

     1,145       1,231,173  

Pennsylvania HFA, RB, S/F Housing Mortgage, AMT, Series 118-B, 4.05%, 10/01/40

     625       652,506  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Thomas Jefferson University, Series A, 5.25%, 09/01/50

     4,245       4,832,805  
Security   Par
(000)		     Value  
Pennsylvania (continued)            

Pennsylvania Turnpike Commission, RB:

    

Series A, 5.00%, 12/01/38

   $ 695     $ 795,678  

Series A-1, 5.00%, 12/01/41

     2,730       3,199,642  

Series B, 5.00%, 12/01/40

     1,060       1,236,712  

Series C, 5.50%, 12/01/23(b)

     630       736,879  

Subordinate, Special Motor License Fund, 6.00%, 12/01/20(b)

     625       654,994  

Pennsylvania Turnpike Commission, Refunding RB:

    

Series A-1, 5.00%, 12/01/40

     850       983,280  

Turnpike Subordinate Revenue, Second Series, 5.00%, 12/01/35

     860       1,030,779  
   

 

 

  
    22,007,924  
Puerto Rico — 3.5%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

CAB, Series A-1, 0.00%, 07/01/46(e)

     415       110,017  

Series A-1, 4.75%, 07/01/53

     2,111       2,179,713  

Series A-1, 5.00%, 07/01/58

     2,811       2,954,726  

Series A-2, 4.78%, 07/01/58

     7,766       8,008,299  

Series B-1, 4.75%, 07/01/53

     536       553,297  

Series B-2, 4.78%, 07/01/58

     520       535,309  
   

 

 

  
    14,341,361  
Rhode Island — 2.1%            

Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/43

     2,275       2,382,698  

Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45

     5,855       6,115,665  
   

 

 

  
    8,498,363  
South Carolina — 6.1%            

South Carolina Jobs EDA, Refunding RB, Palmetto Health, Series A (AGM), 6.50%, 08/01/21(b)

     260       282,792  

Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43

     3,500       3,727,570  

State of South Carolina Ports Authority, ARB, 5.25%, 07/01/20(b)

     5,000       5,117,550  

State of South Carolina Public Service Authority, RB:

    

Santee Cooper, Series A, 5.50%, 12/01/54

     6,960       7,846,217  

Series E, 5.50%, 12/01/53

     1,610       1,807,595  

State of South Carolina Public Service Authority, Refunding RB, Series B:

    

Santee Cooper, 5.00%, 12/01/38

     2,360       2,622,668  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina (continued)  

(AGM), 5.00%, 12/01/56

   $ 2,845     $ 3,292,291  
   

 

 

  
    24,696,683  
South Dakota — 0.5%            

City of Rapid City South Dakota, RB, 4.00%, 12/01/48

     1,760       1,904,778  
   

 

 

  
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       40,772  
   

 

 

  
Texas — 14.6%            

City of San Antonio Texas Electric & Gas Revenue, RB, Junior Lien, 5.00%, 02/01/38

     615       676,771  

Coppell Texas ISD, GO, CAB, Refunding
(PSF-GTD), 0.00%, 08/15/30(e)

     10,030       7,880,972  

County of Harris Texas, GO, Refunding
(NPFGC)(e):

    

0.00%, 08/15/25

     7,485       6,830,063  

0.00%, 08/15/28

     10,915       9,178,314  

County of Harris Texas Houston Sports Authority, Refunding RB, CAB, Junior Lien, Series H (NPFGC)(e):

    

0.00%, 11/15/38

     5,785       2,611,060  

0.00%, 11/15/39

     6,160       2,603,709  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/36(e)

     2,340       1,212,658  

Dallas-Fort Worth International Airport, Refunding ARB, Series F, 5.25%, 11/01/33

     1,090       1,239,406  

El Paso Independent School District, GO,
(PSF-GTD), 4.00%, 08/15/43

     2,110       2,332,584  

Grand Parkway Transportation Corp., RB, Convertible CAB, Series B, 5.80%, 10/01/46(a)

     2,365       2,477,006  

Harris County-Houston Sports Authority, Refunding RB, 3rd Lien, Series A (NPFGC)(e):

    

0.00%, 11/15/24(b)

     5,965       2,418,867  

0.00%, 11/15/38

     10,925       4,115,666  

Leander ISD, GO, Refunding, CAB, Series D (PSF-GTD), 0.00%, 08/15/38(e)

     3,775       1,760,660  
Security   Par
(000)		     Value  
Texas (continued)            

North Texas Tollway Authority, RB(b):

    

CAB, Special Project System, Series B, 0.00%, 09/01/31(e)

   $ 1,975     $ 995,380  

Convertible CAB, Series C, 6.75%, 09/01/31(a)

     2,500       3,442,300  

Special Projects System, Series A, 6.00%, 09/01/21

     1,000       1,082,780  

North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/40

     385       421,810  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing and Expansion Project, 4.00%, 09/15/42

     3,155       3,305,210  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements:

    

5.00%, 12/15/31

     2,105       2,289,819  

5.00%, 12/15/32

     2,540       2,759,659  
   

 

 

  
    59,634,694  
Utah — 0.7%            

Salt Lake City Corp. Airport Revenue, ARB, Series B, 5.00%, 07/01/43

     2,000       2,424,720  

Utah Charter School Finance Authority, RB, Wallace Stegner Academy Project, Series A, 5.00%, 06/15/49(c)

     235       246,867  
   

 

 

  
    2,671,587  
Virginia — 0.8%            

Virginia Beach Development Authority, Refunding RB, Westminster-Canterbury on Chesapeake Bay:

    

5.00%, 09/01/44

     1,375       1,571,556  

4.00%, 09/01/48

     885       935,100  

Virginia HDA, RB, M/F Housing, Rental Housing, Series B, 4.00%, 06/01/53

     895       949,864  
   

 

 

  
    3,456,520  
Washington — 1.3%            

State of Washington Housing Finance Commission, Refunding RB, Horizon House Project, 5.00%, 01/01/38(c)

     1,400       1,588,538  

Washington Health Care Facilities Authority, RB:

    

MultiCare Health System, Remarketing, Series B, 5.00%, 08/15/44

     2,000       2,163,880  

Providence Health & Services, Series A, 5.25%, 04/01/20(b)

     675       684,065  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Washington (continued)  

Washington State Housing Finance Commission, RB, Transforming Age Project, Series A, 5.00%, 01/01/55(c)

   $ 625     $ 679,475  
   

 

 

  
    5,115,958  
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       3,276,493  
   

 

 

  
Wisconsin — 2.2%            

Public Finance Authority, RB, American Preparatory Academy - Las Vegas Project(c)(d):

    

5.00%, 07/15/39

     120       131,295  

5.00%, 07/15/49

     455       491,414  

5.00%, 07/15/54

     215       231,004  

Public Finance Authority, Refunding RB, Penick Village Obligation Group, 5.00%, 09/01/39(c)

     375       410,914  

State of Wisconsin Health & Educational Facilities Authority, RB, Marshfield Clinic Health System, Inc. Series C, 4.00%, 02/15/42

     5,000       5,328,600  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Milwaukee Regional Medical Center Thermal Service, 5.00%, 04/01/44

     1,895       2,282,793  
   

 

 

  
      8,876,020  
   

 

 

  

Total Municipal Bonds — 113.0%
(Cost — $416,019,178)

 

     461,047,766  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 1.8%

 

Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42(g)

     3,432       4,261,737  
Security   Par
(000)		     Value  
California (continued)  

Visalia Unified School District, COP, (AGM), 4.00%, 05/01/48

   $ 3,078     $ 3,113,530  
   

 

 

  
    7,375,267  
Colorado — 1.3%            

State of Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 5.00%, 08/01/44(g)

     4,605       5,420,453  
   

 

 

  
Connecticut — 0.5%            

State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45

     1,561       1,824,279  
   

 

 

  
District of Columbia — 0.3%            

District of Columbia, RB, Series A,
5.50%, 12/01/30(g)

     1,080       1,079,671  
   

 

 

  
Florida — 4.1%            

City of Miami Beach Florida, RB, 5.00%, 09/01/45

     3,500       4,054,330  

County of Miami-Dade Florida Transit System, Refunding RB, Sales Tax, 5.00%, 07/01/42

     1,950       2,107,677  

County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(b)

     10,101       10,422,978  
   

 

 

  
    16,584,985  
Illinois — 4.6%            

Illinois Finance Authority, RB, The Carle Foundation, Series A (AGM), 6.00%, 08/15/41

     2,400       2,577,024  

State of Illinois Toll Highway Authority, RB:

    

Series A, 5.00%, 01/01/38

     7,714       8,443,800  

Series A, 5.00%, 01/01/40

     3,045       3,492,423  

Series B, 5.00%, 01/01/40

     1,170       1,349,463  

Series C, 5.00%, 01/01/38

     2,658       3,027,000  
   

 

 

  
    18,889,710  
Kansas — 1.6%            

County of Wyandotte Kansas Unified School District, GO, Series A, 5.50%, 09/01/47

     5,363       6,493,923  
   

 

 

  
Maryland — 0.9%            

City of Baltimore Maryland Water Utility Fund, RB, Sub-Water Projects, Series A, 5.00%, 07/01/41

     3,139       3,724,355  
   

 

 

  
Massachusetts — 4.8%            

Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46

     1,662       1,881,197  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

November 30, 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     $ 5,729,763  

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 4.00%, 07/01/35

     7,070       8,025,369  

Massachusetts School Building Authority, RB, Senior Series B, 5.00%, 11/15/46(g)

     3,300       3,915,252  
   

 

 

  
    19,551,581  
Michigan — 4.3%            

Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44

     2,220       2,529,812  

State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45

     960       1,121,923  

State of Michigan Housing Development Authority, RB, S/F Housing, Series C, 3.90%, 12/01/33

     12,615       13,805,225  
   

 

 

  
    17,456,960  
Nevada — 1.1%            

Las Vegas Valley Water District Nevada, GO, Refunding, Water Improvement, Series A, 5.00%, 06/01/46

     3,900       4,583,904  
   

 

 

  
New Jersey — 0.8%            

County of Hudson New Jersey Improvement Authority, RB, Hudson County Vocational-Technical Schools Project, 5.25%, 05/01/51

     920       1,090,062  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36(g)

     2,000       2,097,604  
   

 

 

  
    3,187,666  
New York — 11.9%            

City of New York Water & Sewer System, Refunding RB:

    

2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47

     6,240       7,016,854  

2nd General Resolution, Series FF, 5.00%, 06/15/39

     8,355       9,805,762  

Series DD, 5.00%, 06/15/35

     1,845       2,126,344  

Metropolitan Transportation Authority, RB, Transportation, Sub-Series D-1, 5.25%, 11/15/44

     3,850       4,413,871  

Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56

     1,698       2,014,868  
Security   Par
(000)		     Value  
New York (continued)            

New York City Transitional Finance Authority, Refunding RB, Future Tax Secured, Series B, 5.00%, 11/01/30

   $ 12,500     $ 13,818,000  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56

     2,561       3,076,344  

State of New York Urban Development Corp., RB, Personal Income Tax, General Purpose, Series A-1, 5.00%, 03/15/43

     5,720       6,318,083  
   

 

 

  
    48,590,126  
North Carolina — 1.3%            

Durham Capital Fing Corp. Ltd., Refunding RB, 4.00%, 06/01/43

     5,125       5,458,228  
   

 

 

  
Pennsylvania — 1.8%            

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42

     1,020       1,182,925  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     4,997       6,020,180  
   

 

 

  
    7,203,105  
Texas — 4.2%            

City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43

     7,002       7,354,304  

City of San Antonio Texas Water System, Refunding RB, Water System, Junior Lien, Series C, 5.00%, 05/15/46

     3,750       4,447,050  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38

     719       793,931  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

November 30, 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     $ 4,601,453  
   

 

 

  
    17,196,738  
Virginia — 0.6%            

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.00%, 07/01/48

     1,996       2,421,353  
   

 

 

  
Washington — 3.0%            

Washington Health Care Facilities Authority, Refunding RB, Seattle Children’s Hospital, Series B, 5.00%, 10/01/38

     3,210       4,000,206  
Security   Par
(000)		     Value  
Washington (continued)            

Washington State Convention Center Public Facilities District, RB, 5.00%, 07/01/58

   $ 7,000     $ 8,252,160  
   

 

 

  
    12,252,366  
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       3,822,966  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 49.8%
(Cost — $193,410,980)

 

     203,117,636  
   

 

 

  

Total Long-Term Investments — 162.8%
(Cost — $609,430,158)

 

     664,165,402  
   

 

 

  
     Shares         

Short-Term Securities — 0.4%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(h)(i)

     1,574,616       1,574,774  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost — $1,574,773)

 

     1,574,774  
   

 

 

  

Total Investments — 163.2%
(Cost — $611,004,931)

 

     665,740,176  

Other Assets Less Liabilities — 0.9%

 

     3,653,666  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (30.5)%

 

     (124,302,701 ) 

VMTP Shares, at Liquidation Value, Net of Deferred Offering Costs — (33.6)%

 

     (137,200,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 407,891,141  
   

 

 

  
 
(a) 

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.

(b) 

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.

(c) 

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.

(d) 

When-issued security.

(e) 

Zero-coupon bond.

(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.

(g) 

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 November 15, 2024 to December 1, 2030 is $8,871,227.

(h) 

Annualized 7-day yield as of period end.

 

 

     9  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Quality Trust (BYM)

 

 

(i) 

During the period ended November 30, 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
08/31/19		      Net
Activity		      Shares
Held at
11/30/19		      Value at
11/30/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      971,958        602,658        1,574,616      $ 1,574,774      $ 6,768      $ 4      $ 1  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

Portfolio Abbreviations

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

EDA — Economic Development Authority

GARB — General Airport Revenue Bonds

GO — General Obligation Bonds

GTD — Guaranteed

HDA — Housing Development Authority

HFA — Housing Finance Agency

IDA — Industrial Development Authority

ISD — Independent School District

LRB — Lease Revenue Bonds

M/F — Multi-Family

NPFGC — National Public Finance Guarantee Corp.

PSF-GTD — Permanent School Fund Guaranteed

RB — Revenue Bonds

S/F — Single-Family

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

      72          03/20/20        $ 9,314        $ 10,579  

Long U.S. Treasury Bond

      127          03/20/20          20,189          44,903  

5-Year U.S. Treasury Note

      60          03/31/20          7,138          4,509  
                 

 

 

  
                  $ 59,991  
                 

 

 

  

 

 

10   

Schedule of Investments  (unaudited) (continued)

November 30, 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s) 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 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 Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its 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)

    $ —        $ 664,165,402        $ —        $ 664,165,402  

Short-Term Securities

      1,574,774          —          —          1,574,774  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,574,774        $ 664,165,402        $ —        $ 665,740,176  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                  

Interest rate contracts

    $ 59,991        $ —        $ —        $ 59,991  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each state or political subdivision.

 
  (b) 

Derivative financial instruments are futures contracts. Future contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting 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:

                  

TOB Trust Certificates

    $ —        $ (123,975,541 )       $ —        $ (123,975,541 ) 

VMTP Shares at Liquidation Value

      —          (137,200,000 )         —          (137,200,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (261,175,541 )       $ —        $ (261,175,541 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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