NPORT-EX 2 NPORT_5367671889803963.htm EX-BYM

Schedule of Investments  (unaudited) 

November 30, 2020

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 0.3%  

City of Birmingham Alabama, GO, CAB, Series A-1, 5.00%, 03/01/45

   $ 1,165     $ 1,362,246  
   

 

 

  
Alaska — 0.3%  

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

     1,070       1,110,400  
   

 

 

  
Arizona(a) — 1.3%  

Arizona Industrial Development Authority, RB
4.38%, 07/01/39

     725       761,004  

Series A, 5.00%, 07/01/39

     610       628,965  

Series A, 5.00%, 07/01/49

     690       702,675  

Series A, 5.00%, 07/01/54

     530       537,235  

Industrial Development Authority of the County of Pima, RB, 5.00%, 06/15/47

     1,065       1,077,556  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52

     595       611,969  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/39

     255       283,366  

5.00%, 07/01/54

     590       637,100  
   

 

 

  
      5,239,870  
California — 12.2%  

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

     1,465       2,286,689  

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

     10,100       13,299,882  

California State Public Works Board, RB, Series I, 5.50%, 11/01/33

     1,415       1,618,788  

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

     1,620       1,708,193  

California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/48

     3,175       3,535,743  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/47

     2,060       2,124,272  

Series A-2, 5.00%, 06/01/47

     565       582,798  

Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, 6.25%, 08/01/43(c)

     1,580       1,726,434  

Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (BAM), 4.00%, 10/01/39

     3,700       4,210,045  

San Diego Unified School District, GO, CAB(d)

    

Series C, 0.00%, 07/01/38

     2,000       1,415,360  

Series G, 0.00%, 01/01/24(b)

     3,425       1,760,035  

Series K-2, 0.00%, 07/01/38

     1,745       1,006,307  

Series K-2, 0.00%, 07/01/39

     2,115       1,167,438  

Series K-2, 0.00%, 07/01/40

     2,715       1,435,882  

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

     1,400       1,222,774  

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

     3,000       3,170,220  
Security   Par
(000)		     Value  
California (continued)  

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

   $ 1,100     $ 1,139,644  

Yosemite Community College District, GO, Series D, 0.00%, 08/01/37(d)

     10,000       7,197,000  
   

 

 

  
      50,607,504  
Colorado — 0.6%  

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

     1,305       1,437,862  

Sabell Metropolitan District, GO, Series A, 5.00%, 12/01/50(a)

     1,055       1,091,144  
   

 

 

  
      2,529,006  
Connecticut — 0.7%  

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

     2,280       2,843,274  
   

 

 

  
Delaware — 0.7%  

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/40

     770       768,013  

Series A, 5.00%, 07/01/48

     2,110       2,050,013  
   

 

 

  
      2,818,026  
District of Columbia — 2.3%  

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

     9,500       9,771,985  
   

 

 

  
Florida — 4.6%  

Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39

     1,795       1,983,834  

Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/01/45(a)

     615       622,577  

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

     2,770       3,139,878  

Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(a)

     340       372,922  

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

     3,910       4,418,183  

Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42

     685       806,012  

Orange County Health Facilities Authority, Refunding RB

    

5.00%, 08/01/41

     630       698,279  

5.00%, 08/01/47

     1,845       2,025,460  

Preserve at South Branch Community Development District, SAB

    

4.00%, 11/01/39

     300       304,674  

4.00%, 11/01/50

     500       496,810  

Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(b)

     1,340       1,505,048  

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

     2,000       2,083,260  

Westside Community Development District, Refunding SAB(a)

    

4.10%, 05/01/37

     260       273,231  

4.13%, 05/01/38

     260       272,797  
   

 

 

  
      19,002,965  
Georgia — 2.8%  

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

     7,500       7,534,125  
 

 

 

SCHEDULES OF INVESTMENT

   1

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Georgia (continued)  

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54

   $ 545     $ 636,527  

Georgia Housing & Finance Authority, RB, S/F Housing

    

Series A, 3.95%, 12/01/43

     315       336,058  

Series A, 4.00%, 12/01/48

     410       449,745  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     595       842,978  

Series A, 5.00%, 05/15/43

     775       931,434  

Private Colleges & Universities Authority, RB

    

5.00%, 04/01/33

     155       174,527  

5.00%, 04/01/44

     595       655,583  
   

 

 

  
      11,560,977  
Illinois — 15.1%  

Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42

     3,300       3,936,240  

Chicago O’Hare International Airport, Refunding RB, Series D, Senior Lien, 5.25%, 01/01/34

     9,800       10,707,970  

Chicago Transit Authority Sales Tax Receipts Fund, RB

    

5.25%, 12/01/21(b)

     650       682,604  

5.25%, 12/01/49

     3,500       4,006,765  

Cook County Community College District No.508, GO

    

5.13%, 12/01/38

     7,700       8,126,965  

5.50%, 12/01/38

     1,000       1,072,890  

Cook County Forest Preserve District, Refunding GO, Series B, 5.00%, 12/15/37

     210       223,335  

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

     1,400       1,625,680  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     565       560,344  

Series A, 5.00%, 02/15/50

     310       305,083  

Illinois Finance Authority, Refunding RB

    

Series A, 5.00%, 11/15/45

     2,815       3,186,073  

Series B, 4.00%, 08/15/41

     900       999,999  

Series C, 4.13%, 08/15/37

     3,130       3,420,746  

Series C, 5.00%, 08/15/44

     390       439,175  

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40

     7,020       8,165,524  

Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57

     670       732,558  

Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50

     515       531,274  

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

     710       730,505  

State of Illinois, GO

    

5.25%, 07/01/29

     8,345       8,831,430  

5.50%, 07/01/33

     880       920,691  

5.50%, 07/01/38

     1,475       1,522,952  

5.50%, 05/01/39

     1,840       2,042,971  
   

 

 

  
      62,771,774  
Indiana — 0.3%  

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

     1,100       1,142,284  
   

 

 

  
Iowa — 0.8%  

Iowa Finance Authority, RB, 5.50%, 07/01/33

     3,000       3,359,610  
   

 

 

  
Security   Par
(000)		     Value  
Maryland — 1.7%  

County of Montgomery Maryland, RB, 4.00%, 12/01/44

   $ 1,810     $ 1,961,787  

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

     500       540,555  

Maryland Health & Higher Educational Facilities Authority, RB, 4.00%, 07/01/48

     4,000       4,463,920  
   

 

 

  
      6,966,262  
Massachusetts — 2.9%  

Massachusetts Development Finance Agency, RB

    

5.00%, 01/01/48

     2,595       2,945,766  

5.00%, 10/01/48

     1,970       1,910,979  

Series A, 5.00%, 01/01/47

     2,370       2,650,276  

Massachusetts Development Finance Agency, Refunding RB

    

5.00%, 07/01/37

     190       214,885  

5.00%, 09/01/43

     1,750       2,015,965  

Series A, 4.00%, 06/01/49

     185       201,104  

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

     490       535,217  

Massachusetts School Building Authority, RB, Series A, 5.00%, 05/15/23(b)

     1,395       1,558,299  
   

 

 

  
      12,032,491  
Michigan — 6.7%  

Michigan Finance Authority, RB, 5.00%, 11/01/44

     3,640       4,176,136  

Michigan Finance Authority, Refunding RB

    

5.00%, 12/01/21(b)

     9,050       9,485,120  

5.00%, 11/15/41

     2,235       2,637,725  

Michigan State Building Authority, Refunding RB(b)

    

Series I-A, 5.38%, 10/15/21

     2,800       2,926,328  

Series II-A, 5.38%, 10/15/21

     1,500       1,567,680  

Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47

     500       632,180  

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

     3,965       4,423,711  

Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39

     1,560       1,748,698  

Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/39

     430       477,188  
   

 

 

  
      28,074,766  
Minnesota — 0.4%  

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

     1,315       1,569,676  
   

 

 

  
Nebraska — 1.6%  

Central Plains Energy Project, RB, 5.25%, 09/01/37

     6,345       6,861,991  
   

 

 

  
Nevada — 0.7%  

City of Las Vegas NV Special Improvement District No 611 Special Assessment

    

4.00%, 06/01/40

     450       464,355  

4.13%, 06/01/50

     1,150       1,170,734  

Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40

     360       389,920  
 

 

 

2  

    

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nevada (continued)  
Tahoe-Douglas Visitors Authority, RB (continued)            

5.00%, 07/01/45

   $ 450     $ 483,187  

5.00%, 07/01/51

     480       513,581  
   

 

 

  
      3,021,777  
New Hampshire — 0.1%  

New Hampshire Business Finance Authority, Refunding RB, Series A, 3.63%, 07/01/43(a)(e)

     550       558,184  
   

 

 

  
New Jersey — 9.6%  

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/42

     375       423,386  

Series WW, 5.25%, 06/15/25(b)

     20       24,470  

Series WW, 5.25%, 06/15/33

     170       192,418  

Series WW, 5.00%, 06/15/34

     225       250,812  

Series WW, 5.00%, 06/15/36

     1,395       1,553,012  

Series WW, 5.25%, 06/15/40

     380       425,114  

New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32

     930       993,175  

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

     1,605       1,813,843  

New Jersey Transportation Trust Fund Authority, RB

    

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

     3,000       3,085,290  

Series AA, 5.25%, 06/15/33

     1,660       1,795,307  

Series AA, 5.00%, 06/15/36

     5,070       5,416,686  

Series AA, 5.00%, 06/15/38

     945       1,030,286  

Series AA, 5.50%, 06/15/39

     3,785       4,097,641  

Series B, 5.25%, 06/15/36

     5,000       5,107,500  

Series D, 5.00%, 06/15/32

     900       1,000,908  

Series S, 5.25%, 06/15/43

     2,150       2,542,869  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38(d)

     5,845       3,334,222  

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

     340       400,020  

South Jersey Port Corp., RB, Series A, 5.00%, 01/01/49

     720       807,523  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,750       2,151,380  

Series A, 5.25%, 06/01/46

     1,725       2,073,088  

Sub-Series B, 5.00%, 06/01/46

     1,130       1,303,353  
   

 

 

  
      39,822,303  
New Mexico — 0.2%  

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/49

     220       229,687  

New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44

     405       469,318  
   

 

 

  
      699,005  
New York — 3.1%  

Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/21(b)

     480       485,400  

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 5.25%, 11/15/55

     1,135       1,324,012  

Series C-1, 5.00%, 11/15/56

     1,690       1,849,232  

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

     1,650       1,790,498  
Security   Par
(000)		     Value  
New York (continued)  

New York City Water & Sewer System, Refunding RB, Series BB, 4.00%, 06/15/47

   $ 2,855     $ 3,033,437  

New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(a)

     1,240       1,289,178  

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

     2,810       3,075,376  
   

 

 

  
      12,847,133  
Ohio — 4.3%  

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 3.00%, 06/01/48

     3,495       3,556,512  

Series B-2, Class 2, 5.00%, 06/01/55

     5,455       6,114,073  

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

     610       646,405  

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

     2,645       2,823,326  

Ohio Turnpike & Infrastructure Commission, RB

    

Series A-1, Junior Lien, 5.25%, 02/15/32

     780       858,881  

Series A-1, Junior Lien, 5.25%, 02/15/33

     1,095       1,204,708  

State of Ohio, Refunding RB, Series A, 5.00%, 01/15/41

     2,500       2,601,550  
   

 

 

  
      17,805,455  
Oregon — 0.4%  

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

     1,115       607,976  

Washington & Multnomah Counties School District No. 48J Beaverton, GO, CAB, Series D, (GTD), 5.00%, 06/15/36

     945       1,184,699  
   

 

 

  
      1,792,675  
Pennsylvania — 5.0%  

Commonwealth Financing Authority, RB

    

5.00%, 06/01/33

     790       988,574  

5.00%, 06/01/34

     1,750       2,178,925  

(AGM), 4.00%, 06/01/39

     3,230       3,717,084  

Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49

     1,145       1,239,279  

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

     4,245       4,771,805  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/38

     695       804,046  

Series A-1, 5.00%, 12/01/41

     2,730       3,217,414  

Series B, 5.00%, 12/01/40

     1,060       1,242,511  

Series C, 5.50%, 12/01/23(b)

     630       729,338  

Pennsylvania Turnpike Commission, Refunding RB

    

2nd Series, 5.00%, 12/01/35

     860       1,046,354  

Series A-1, 5.00%, 12/01/40

     850       988,448  
   

 

 

  
      20,923,778  
Puerto Rico — 4.4%  

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

    

Series A-1, Restructured, 4.75%, 07/01/53

     5,112       5,536,194  

Series A-1, Restructured, 5.00%, 07/01/58

     6,950       7,644,444  

Series A-2, Restructured, 4.33%, 07/01/40

     1,688       1,798,125  
 

 

 

SCHEDULES OF INVESTMENT

   3

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Puerto Rico (continued)  
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
(continued)		            

Series A-2, Restructured, 4.78%, 07/01/58

   $ 349     $ 377,681  

Series B-1, Restructured, 4.75%, 07/01/53

     536       580,815  

Series B-2, Restructured, 4.78%, 07/01/58

     520       563,872  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

     6,308       1,887,606  
   

 

 

  
      18,388,737  
Rhode Island — 1.5%  

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

     5,855       6,170,819  
   

 

 

  
South Carolina — 5.0%  

South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(a)

     1,095       1,051,857  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, (AGM), 6.50%, 08/01/21(b)

     260       271,141  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     6,960       7,934,748  

Series E, 5.50%, 12/01/53

     1,610       1,801,703  

South Carolina Public Service Authority, Refunding RB Series B, 5.00%, 12/01/38

     2,360       2,636,120  

Series B, (AGM-CR), 5.00%, 12/01/56

     2,845       3,411,496  

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

     3,500       3,861,025  
   

 

 

  
      20,968,090  
South Dakota — 0.5%  

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

     1,760       1,981,760  
   

 

 

  
Tennessee — 0.0%  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40

     35       41,033  
   

 

 

  
Texas — 14.8%  

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(b)

     615       677,576  

Coppell Independent School District, Refunding GO, (PSF), 0.00%, 08/15/30(d)

     10,030       8,850,271  

County of Harris Texas, Refunding GO(d) (NPFGC), 0.00%, 08/15/25

     7,485       7,282,381  

(NPFGC), 0.00%, 08/15/28

     10,915       10,128,793  

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

     1,090       1,229,793  

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

     2,365       2,688,130  

Harris County-Houston Sports Authority, Refunding RB(d)

    

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(b)

     5,965       2,546,816  

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38

     10,925       4,207,545  

Harris County-Houston Sports Authority, Refunding RB, CAB(d)

    

Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38

     5,785       2,595,672  

Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39

     6,160       2,585,475  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/38(d)

     3,775       1,867,002  

Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/36(d)

     2,340       1,331,109  
Security   Par
(000)		     Value  
Texas (continued)  

New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a)

   $ 580     $ 596,872  

North Texas Tollway Authority, RB, Series A, 6.00%, 09/01/21(b)

     1,000       1,043,050  

North Texas Tollway Authority, RB, CAB(b)

    

Series B, 0.00%, 09/01/31(d)

     1,975       1,077,580  

Series C, 6.75%, 09/01/31(c)

     2,500       3,847,450  

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

     385       417,675  

San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42

     3,155       3,320,574  

Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45

     330       360,126  

Texas Municipal Gas Acquisition & Supply Corp. III, RB

    

5.00%, 12/15/31

     2,105       2,272,516  

5.00%, 12/15/32

     2,540       2,742,209  
   

 

 

  
      61,668,615  
Utah — 0.8%  

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

     2,100       2,598,456  

Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(a)

     235       241,608  

Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(a)

     450       469,341  
   

 

 

  
      3,309,405  
Virginia — 0.8%  

Virginia Beach Development Authority, Refunding RB

    

5.00%, 09/01/44

     1,375       1,523,527  

4.00%, 09/01/48

     885       918,825  

Virginia Housing Development Authority, RB, M/F Housing, Series B, 4.00%, 06/01/53

     895       981,466  
   

 

 

  
      3,423,818  
Washington — 0.9%  

Washington Health Care Facilities Authority, RB, Series B, 5.00%, 08/15/44

     2,000       2,129,600  

Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38(a)

     1,400       1,519,224  
   

 

 

  
      3,648,824  
West Virginia — 0.8%  

West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51

     3,050       3,349,449  
   

 

 

  
Wisconsin — 2.7%  

Public Finance Authority, RB(a)

    

Series A, 5.00%, 07/15/39

     120       127,034  

Series A, 5.00%, 10/15/40

     1,260       1,348,943  

Series A, 5.00%, 07/15/49

     455       473,373  

Series A, 5.00%, 07/15/54

     215       222,370  

Series A, 5.00%, 07/01/55

     395       407,996  

Series A-1, 4.50%, 01/01/35

     685       699,111  

Public Finance Authority, Refunding RB, 5.00%, 09/01/39(a)

     375       377,768  
 

 

 

4  

    

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin (continued)  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

5.00%, 04/01/44

   $ 1,895     $ 2,365,813  

Sereis C, 4.00%, 02/15/42

     5,000       5,452,900  
   

 

 

  
      11,475,308  
   

 

 

  

Total Municipal Bonds — 110.9%
(Cost: $408,974,239)

 

     461,521,275  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 1.8%

 

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

     3,432       4,315,624  

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

     3,078       3,092,141  
   

 

 

  
      7,407,765  
Colorado — 1.4%  

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

     4,605       5,675,156  
   

 

 

  
Connecticut — 0.4%  

Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45

     1,561       1,835,438  
   

 

 

  
Florida — 1.4%  

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

     3,500       3,885,140  

County of Miami-Dade Florida Transit System, Refunding RB, 5.00%, 07/01/22(b)

     1,950       2,094,944  
   

 

 

  
      5,980,084  
Illinois — 4.5%  

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

     2,400       2,484,456  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/38

     7,714       8,371,441  

Series A, 5.00%, 01/01/40

     3,045       3,542,461  

Series B, 5.00%, 01/01/40

     1,170       1,375,931  

Series C, 5.00%, 01/01/38

     2,658       3,066,785  
   

 

 

  
      18,841,074  
Kansas — 1.7%  

Wyandotte County Unified School District No. 500 Kansas City, GO, Series A, 5.50%, 09/01/26(b)

     5,363       6,921,857  
   

 

 

  
Maryland — 0.9%  

City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/41

     3,139       3,739,233  
   

 

 

  
Massachusetts — 4.7%  

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

     1,661       1,879,435  

Massachusetts Development Finance Agency, RB, 4.00%, 09/01/49

     5,500       5,634,970  

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

     7,070       8,212,229  

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

     3,300       4,002,834  
   

 

 

  
      19,729,468  
Security  

Par

(000)

     Value  
Michigan — 4.3%  

Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44

   $ 2,221     $ 2,547,509  

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

     960       1,141,402  

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

     12,615       14,200,075  
   

 

 

  
      17,888,986  
Nevada — 1.1%  

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

     3,900       4,646,382  
   

 

 

  
New Jersey — 0.8%  

Hudson County Improvement Authority, RB, 5.25%, 05/01/51

     920       1,088,194  

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

     2,001       2,073,390  
   

 

 

  
      3,161,584  
New York — 11.1%  

City of New York Water & Sewer System, RB, Series CC, 5.00%, 06/15/47

     6,240       6,929,578  

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

     3,850       4,145,680  

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

     12,500       13,584,875  

New York City Water & Sewer System, Refunding RB

    

Series DD, 5.00%, 06/15/35

     1,845       2,130,422  

Series FF, 5.00%, 06/15/39

     8,355       9,926,659  

New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43

     5,720       6,234,228  

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

     2,561       3,061,414  
   

 

 

  
      46,012,856  
North Carolina — 1.4%  

Durham Capital Financing Corp, Refunding RB, 4.00%, 06/01/23(b)

     5,125       5,606,955  
   

 

 

  
Pennsylvania — 1.7%  

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

     4,997       6,034,824  

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

     1,020       1,184,434  
   

 

 

  
      7,219,258  
Texas — 6.2%  

El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/48

     7,001       8,463,481  

Houston Community College System, GO, 4.00%, 02/15/43

     7,002       7,496,994  

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

     3,750       4,557,563  

Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 11/15/38

     719       789,262  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/41

     3,920       4,662,879  
   

 

 

  
      25,970,179  
 

 

 

SCHEDULES OF INVESTMENT

   5

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Virginia — 1.8%  

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

   $ 1,996     $ 2,422,731  

Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49

     4,305       4,874,724  
   

 

 

  
      7,297,455  
Washington — 2.9%  

Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/38

     3,210       4,167,543  

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

     7,002       7,900,139  
   

 

 

  
      12,067,682  
Wisconsin — 0.9%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/42

     3,520       3,771,821  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 49.0%
(Cost: $190,719,825)

 

     203,773,233  
   

 

 

  

Total Long-Term Investments — 159.9%
(Cost: $599,694,064)

 

     665,294,508  
   

 

 

  
     Shares         
Short-Term Securities  
Money Market Funds — 0.4%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i)

     1,696,528       1,696,698  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost: $1,696,698)

 

     1,696,698  
   

 

 

  

Total Investments — 160.3%
(Cost: $601,390,762)

 

     666,991,206  

Other Assets Less Liabilities — 1.7%

 

     6,761,076  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (29.0)%

 

     (120,494,719 ) 

VMTP Shares at Liquidation Value — (33.0)%

 

     (137,200,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 416,057,563  
   

 

 

  
(a) 

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.

(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) 

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.

(d) 

Zero-coupon bond.

(e) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(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 December 15, 2020 to August 1, 2027, is $9,680,474.

(h) 

Affiliate of the Trust.

(i) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended November 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
08/31/20		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
11/30/20		      Shares
Held at
11/30/20		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 466,483      $ 1,230,393 (a)     $ —      $ (178 )     $ —      $ 1,696,698        1,696,528      $ 46      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

6  

    

Schedule of Investments  (unaudited) (continued)

November 30, 2020

   

BlackRock Municipal Income Quality Trust (BYM)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 461,521,275        $ —        $ 461,521,275  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          203,773,233          —          203,773,233  

Short-Term Securities

                  

Money Market Funds

      1,696,698          —          —          1,696,698  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 1,696,698        $ 665,294,508        $ —        $ 666,991,206  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

    $ —        $ (120,445,832 )       $ —        $ (120,445,832 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (257,645,832 )       $ —        $ (257,645,832 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMBAC    AMBAC Assurance Corp.
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
GO    General Obligation Bonds
GTD    GTD Guaranteed

M/F

   

Multi-Family

Portfolio Abbreviation (continued)
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
TA    Tax Allocation
 

 

 

SCHEDULES OF INVESTMENT

   7