NPORT-EX 2 NPORT_D1Z4_8136988829.htm EX-BYM

Schedule of Investments  (unaudited)

May 31, 2021

   

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     $ 1,354,452  
   

 

 

  
Alaska — 0.3%  

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

     1,070       1,087,944  
   

 

 

  
Arizona(a) — 1.3%  

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

     725       779,136  

Series A, 5.00%, 07/01/39

     610       648,656  

Series A, 5.00%, 07/01/49

     690       725,721  

Series A, 5.00%, 07/01/54

     530       555,403  

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

     1,065       1,088,228  

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

     595       623,923  

Maricopa County Industrial Development Authority, Refunding RB
5.00%, 07/01/39

     255       298,584  

5.00%, 07/01/54

     590       670,376  
   

 

 

  
      5,390,027  
California — 12.4%  

California Community Housing Agency, RB, Series A-2, 4.00%, 08/01/47(a)

    1,715       1,861,204  

California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(a)

    265       301,779  

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

     1,465       2,216,340  

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

    10,100       12,901,942  

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

     1,415       1,586,767  

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

     1,620       1,681,528  

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

     3,175       3,563,906  

Golden State Tobacco Securitization Corp., Refunding RB

    

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

     2,060       2,131,873  

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

     565       584,713  

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

    1,580       1,779,285  

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

     3,700       4,257,553  

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

   

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

     1,745       1,019,080  

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

     2,115       1,179,853  

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

     2,715       1,447,285  

Series C, Election 2008, 0.00%, 07/01/38

     2,000       1,432,500  

Series G, Election 2008, 0.00%, 01/01/24(b)

    3,425       1,767,117  

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

    1,400       1,204,000  

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

     3,000       3,114,510  
Security   Par
(000)		     Value  
California (continued)  

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

   $ 1,100     $ 1,116,984  

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

    10,000       7,248,600  
   

 

 

  
      52,396,819  
Colorado — 0.6%  

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

     1,305       1,415,560  

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

    1,055       1,149,760  
   

 

 

  
      2,565,320  
Connecticut — 0.7%  

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

     2,280       2,846,785  
   

 

 

  
Delaware — 0.7%  

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/40

     770       856,856  

Series A, 5.00%, 07/01/48

     2,110       2,317,371  
   

 

 

  
      3,174,227  
District of Columbia — 2.3%  

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

     9,500       9,776,355  
   

 

 

  
Florida — 4.5%  

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

     1,795       1,982,452  

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

    615       648,659  

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

     2,770       3,112,954  

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

    340       376,251  

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

     3,910       4,459,824  

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

     685       826,678  

Orange County Health Facilities Authority, Refunding RB
5.00%, 08/01/41

     630       699,754  

5.00%, 08/01/47

     1,845       2,044,518  

Preserve at South Branch Community Development District, SAB
4.00%, 11/01/39

     300       316,050  

4.00%, 11/01/50

     500       517,805  

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

    1,340       1,473,866  

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

    2,000       2,034,060  

Westside Community Development District, Refunding SAB(a)
4.10%, 05/01/37

     260       277,774  

4.13%, 05/01/38

     260       277,352  
   

 

 

  
      19,047,997  
Georgia — 0.9%  

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

     545       630,663  

Georgia Housing & Finance Authority, RB, S/F Housing
Series A, 3.95%, 12/01/43

     275       285,909  
 

 

 

1

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Georgia (continued)  

Georgia Housing & Finance Authority, RB,
S/F Housing (continued)
Series A, 4.00%, 12/01/48

   $ 410     $ 428,762  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     595       850,933  

Series A, 5.00%, 05/15/43

     775       936,913  

Private Colleges & Universities Authority, RB 5.00%, 04/01/33

     155       173,898  

5.00%, 04/01/44

     595       662,913  
   

 

 

  
    3,969,991  
Illinois — 16.3%  

Chicago Board of Education, GO

 

Series A, 5.00%, 12/01/36

     1,265       1,580,453  

Series A, 5.00%, 12/01/38

     515       640,171  

Series A, 5.00%, 12/01/39

     450       559,166  

Series A, 5.00%, 12/01/40

     940       1,161,323  

Series A, 5.00%, 12/01/41

     605       745,021  

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

     3,300       4,049,661  

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

     9,800       10,548,034  

Chicago Transit Authority Sales Tax Receipts Fund, RB
5.25%, 12/01/21(b)

    650       666,452  

5.25%, 12/01/49

     3,500       4,013,030  

Cook County Community College District No. 508, GO
5.13%, 12/01/38

     7,700       8,329,244  

5.50%, 12/01/38

     1,000       1,090,940  

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

     210       219,177  

County of Will Illinois, GO, 5.00%, 11/15/25(b)

    1,400       1,677,340  

Illinois Finance Authority, RB

 

Series A, 5.00%, 02/15/47

     565       618,941  

Series A, 5.00%, 02/15/50

     310       339,019  

Illinois Finance Authority, Refunding RB

 

Series A, 5.00%, 11/15/45

     2,815       3,261,149  

Series B, 4.00%, 08/15/41

     900       1,020,042  

Series C, 4.13%, 08/15/37

     3,130       3,392,889  

Series C, 5.00%, 08/15/44

     390       436,769  

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

     7,020       8,122,912  

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

     670       797,320  

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

     515       585,478  

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

    710       710,000  

State of Illinois, GO 5.25%, 07/01/29

     8,345       9,043,059  

5.50%, 07/01/33

     880       956,023  

5.50%, 07/01/38

     1,475       1,595,448  

5.50%, 05/01/39

     1,840       2,363,848  
   

 

 

  
    68,522,909  
Indiana — 0.3%  

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

     1,100       1,118,161  
   

 

 

  
Security   Par
(000)		     Value  
Iowa — 0.8%  

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

   $     3,000     $ 3,310,680  
   

 

 

  
Maryland — 1.5%  

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

     1,810       1,990,801  

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

     4,000       4,465,840  
   

 

 

  
      6,456,641  
Massachusetts — 3.0%  

Massachusetts Development Finance Agency, RB 5.00%, 01/01/48

     2,595       3,046,426  

5.00%, 10/01/48

     1,970       2,087,235  

Series A, 5.00%, 01/01/47

     2,370       2,738,464  

Massachusetts Development Finance Agency, Refunding RB
5.00%, 07/01/37

     190       216,868  

5.00%, 09/01/43

     1,750       2,082,780  

Series A, 4.00%, 06/01/49

     185       208,659  

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

     490       535,095  

Massachusetts School Building Authority, RB,

 

Series A, 5.00%, 05/15/23(b)

    1,395       1,526,032  
   

 

 

  
    12,441,559  
Michigan — 6.6%  

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

     3,640       4,243,148  

Michigan Finance Authority, Refunding RB
5.00%, 12/01/21(b)

    9,050       9,267,743  

5.00%, 11/15/41

     2,235       2,672,166  

Michigan State Building Authority, Refunding RB(b)

 

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

     2,800       2,853,956  

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

     1,500       1,528,905  

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

     500       633,805  

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

     3,965       4,446,827  

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

     1,560       1,739,665  

Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(b)

    430       479,880  
   

 

 

  
    27,866,095  
Minnesota — 0.4%  

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

     1,315       1,599,448  
   

 

 

  
Nebraska — 1.6%  

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

     6,345       6,731,918  
   

 

 

  
Nevada — 0.8%  

City of Las Vegas Nevada Special Improvement District No 611, SAB
4.00%, 06/01/40

     450       482,454  

4.13%, 06/01/50

     1,150       1,213,526  

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

     360       422,726  

5.00%, 07/01/45

     450       521,334  

5.00%, 07/01/51

     480       550,570  
   

 

 

  
    3,190,610  
 

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

2

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Hampshire — 0.1%  

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

  $ 550     $ 572,919  
   

 

 

  
New Jersey — 9.7%  

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/42

     375       443,640  

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

    20       23,891  

Series WW, 5.25%, 06/15/33

     170       198,800  

Series WW, 5.00%, 06/15/34

     225       260,609  

Series WW, 5.00%, 06/15/36

     1,395       1,612,271  

Series WW, 5.25%, 06/15/40

     380       435,697  

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

     930       1,032,328  

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

     1,605       1,899,020  

New Jersey Transportation Trust Fund Authority, RB

    

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

    3,000       3,005,970  

Series AA, 5.25%, 06/15/33

     1,660       1,815,691  

Series AA, 5.00%, 06/15/36

     5,070       5,508,301  

Series AA, 5.00%, 06/15/38

     945       1,057,068  

Series AA, 5.50%, 06/15/39

     3,785       4,142,493  

Series B, 5.25%, 06/15/36

     5,000       5,009,000  

Series D, 5.00%, 06/15/32

     900       1,030,086  

Series S, 5.25%, 06/15/43

     2,150       2,683,716  

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

    5,845       3,731,156  

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

     340       416,646  

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

     720       837,454  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,750       2,155,527  

Series A, 5.25%, 06/01/46

     1,725       2,080,798  

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

     1,130       1,326,145  
   

 

 

  
      40,706,307  
New Mexico — 0.2%  

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

     220       243,670  

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

     405       467,062  
   

 

 

  
      710,732  
New York — 3.0%  

Metropolitan Transportation Authority, Refunding RB

    

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

     1,135       1,417,490  

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

     1,690       1,970,472  

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

     1,650       1,760,171  

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

     2,855       3,005,116  

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

    1,240       1,370,448  

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

     2,810       3,029,573  
   

 

 

  
      12,553,270  
Ohio — 4.3%  

Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 3.00%, 06/01/48

     3,495       3,649,339  
Security   Par
(000)		     Value  
Ohio (continued)  

Buckeye Tobacco Settlement Financing Authority, Refunding RB (continued)
Series B-2, Class 2, 5.00%, 06/01/55

   $ 5,430     $ 6,285,062  

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

    610       627,629  

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

     2,645       2,812,772  

Ohio Turnpike & Infrastructure Commission, RB

    

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

     780       845,848  

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

     1,095       1,186,882  

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

     2,500       2,568,400  
   

 

 

  
      17,975,932  
Oregon — 0.4%  

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

    1,115       627,968  

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

     945       1,160,677  
   

 

 

  
      1,788,645  
Pennsylvania — 5.0%  

Bucks County Industrial Development Authority, RB 4.00%, 07/01/46

     105       117,600  

4.00%, 07/01/51

     100       110,954  

Commonwealth Financing Authority, RB
5.00%, 06/01/33

     790       973,161  

5.00%, 06/01/34

     1,750       2,151,397  

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

     3,230       3,689,274  

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

     1,145       1,275,885  

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

     4,245       4,797,190  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/38

     695       800,619  

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

     2,730       3,247,117  

Series B, 5.00%, 12/01/40

     1,060       1,248,468  

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

    630       712,442  

Pennsylvania Turnpike Commission, Refunding RB 2nd Series, 5.00%, 12/01/35

     860       1,051,290  

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

     850       993,607  
   

 

 

  
      21,169,004  
Puerto Rico — 4.5%  

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

    

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

     5,112       5,730,654  

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

     6,950       7,906,529  

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

     1,688       1,872,414  

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

     349       392,129  

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

     536       599,623  

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

     520       583,970  

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

    6,308       2,045,811  
   

 

 

  
      19,131,130  
Rhode Island — 1.5%            

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

     5,855       6,345,532  
   

 

 

  
 

 

 

3

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina — 5.0%  

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

  $ 1,095     $ 1,119,648  

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

     260       262,717  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     6,960       7,892,153  

Series E, 5.50%, 12/01/53

     1,610       1,791,930  

South Carolina Public Service Authority, Refunding RB

    

Series B, 5.00%, 12/01/38

     2,360       2,610,608  

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

     2,845       3,362,136  

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

     3,500       3,886,890  
   

 

 

  
      20,926,082  
South Dakota — 0.5%  

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

     1,760       1,931,318  
   

 

 

  
Tennessee — 0.0%  

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

     35       41,472  
   

 

 

  
Texas — 13.4%  

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

    615       663,893  

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

    10,030       8,757,594  

County of Harris Texas, Refunding GO(d)

   

(NPFGC), 0.00%, 08/15/25

     7,485       7,262,546  

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

     10,915       10,023,463  

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

     1,090       1,215,132  

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

    2,365       2,738,977  

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

   

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

    5,965       2,552,543  

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

     10,925       4,317,778  

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

   

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

     5,785       2,595,151  

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

     6,160       2,579,623  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF-GTD), 0.00%, 08/15/24(b)(d)

    3,775       1,886,971  

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

    2,340       1,349,314  

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

    580       607,179  

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

    1,000       1,014,480  

North Texas Tollway Authority, RB, CAB(b)

   

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

    1,975       1,064,229  

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

    2,500       3,716,375  

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

     385       411,604  
Security   Par
(000)		     Value  
Texas (continued)  

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

   $     3,155     $ 3,272,871  

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

     330       356,324  
   

 

 

  
      56,386,047  
Utah — 0.8%            

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

     2,100       2,569,560  

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

    235       248,806  

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

    450       502,394  
   

 

 

  
      3,320,760  
Virginia — 0.8%            

Virginia Beach Development Authority, Refunding RB
5.00%, 09/01/44

     1,375       1,537,539  

4.00%, 09/01/48

     885       938,950  

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

     895       975,523  
   

 

 

  
      3,452,012  
Washington — 0.9%            

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

     2,000       2,105,360  

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

    1,400       1,616,566  
   

 

 

  
      3,721,926  
West Virginia — 0.8%            

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

     3,050       3,383,030  
   

 

 

  
Wisconsin — 2.8%            

Public Finance Authority, RB(a)

   

Series A, 5.00%, 07/15/39

     120       134,296  

Series A, 5.00%, 10/15/40

     1,260       1,411,313  

Series A, 5.00%, 07/15/49

     455       499,231  

Series A, 5.00%, 07/15/54

     215       234,305  

Series A, 5.00%, 07/01/55

     395       427,749  

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

     685       781,708  

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

    375       391,526  

Wisconsin Health & Educational Facilities Authority, Refunding RB
5.00%, 04/01/44

     1,895       2,375,345  

Sereis C, 4.00%, 02/15/42

     5,000       5,520,350  
   

 

 

  
      11,775,823  
   

 

 

  

Total Municipal Bonds — 109.0%
(Cost: $403,424,250)

       458,739,879  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

California — 1.0%

 

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

    3,432       4,280,408  
   

 

 

  
 

 

 

S C H E D U L E  OF  I N V E S T M E N T S  

4

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado — 1.4%  

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

  $ 4,605     $ 5,700,069  
   

 

 

  
Connecticut — 0.4%            

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

     1,561       1,859,301  
   

 

 

  
Florida — 1.5%            

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

     3,500       4,083,870  

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

    1,950       2,052,492  
   

 

 

  
      6,136,362  
Illinois — 4.4%  

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

     2,400       2,428,008  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/38

     7,714       8,256,727  

Series A, 5.00%, 01/01/40

     3,045       3,523,975  

Series B, 5.00%, 01/01/40

     1,170       1,384,808  

Series C, 5.00%, 01/01/38

     2,658       3,056,287  
   

 

 

  
      18,649,805  
Kansas — 1.6%  

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

    5,363       6,726,473  
   

 

 

  
Maryland — 0.9%  

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

     3,139       3,827,842  
   

 

 

  
Massachusetts — 4.7%  

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

     1,661       1,857,438  

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

     5,500       5,727,865  

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

     7,070       8,284,414  

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

    3,300       4,021,677  
   

 

 

  
      19,891,394  
Michigan — 3.8%  

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

     2,221       2,588,387  

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

     960       1,128,000  

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

     10,905       12,119,592  
   

 

 

  
      15,835,979  
Nevada — 1.1%            

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

     3,900       4,621,734  
   

 

 

  
New Jersey — 0.7%            

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

     920       1,110,136  

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

    2,001       2,006,859  
   

 

 

  
      3,116,995  
Security   Par
(000)		     Value  
New York — 10.9%  

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

   $ 3,850     $ 4,394,621  

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

     12,500       13,341,625  

New York City Water & Sewer System, Refunding RB

    

Series CC, 5.00%, 06/15/23(b)

    2,933       3,204,487  

Series CC, 5.00%, 06/15/47

     3,307       3,614,011  

Series DD, 5.00%, 06/15/35

     1,845       2,096,676  

Series FF, 5.00%, 06/15/39

     8,355       9,753,794  

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

     5,720       6,164,844  

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

     2,561       3,112,835  
   

 

 

  
      45,682,893  
North Carolina — 1.3%  

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

    5,125       5,520,855  
   

 

 

  
Pennsylvania — 1.7%  

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

     4,997       6,074,403  

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

     1,020       1,170,848  
   

 

 

  
      7,245,251  
Texas — 6.1%  

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

     7,001       8,218,988  

Houston Community College System, GO, 4.00%, 02/15/23(b)

    7,002       7,450,854  

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

     3,750       4,502,363  

Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 05/15/23(b)

    719       786,334  

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

     3,920       4,679,304  
   

 

 

  
      25,637,843  
Virginia — 1.8%  

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

     1,996       2,440,677  

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

     4,305       4,986,180  
   

 

 

  
      7,426,857  
Washington — 3.0%  

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

     3,210       4,130,468  

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

     7,002       8,432,955  
   

 

 

  
      12,563,423  
 

 

 

5

  

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin — 0.9%  

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

   $ 3,520     $ 3,714,832  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 47.2%
(Cost: $184,780,081)

 

     198,438,316  
   

 

 

  

Total Long-Term Investments — 156.2%
(Cost: $588,204,331)

 

     657,178,195  
   

 

 

  
     Shares         
Short-Term Securities  
Money Market Funds — 2.6%  

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

    10,853,248       10,855,418  
   

 

 

  

Total Short-Term Securities — 2.6%
(Cost: $10,855,249)

       10,855,418  
   

 

 

  

Total Investments — 158.8%
(Cost: $599,059,580)

       668,033,613  

Other Assets Less Liabilities — 1.6%

       6,991,314  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.8)%

 

     (117,044,804 ) 

VMTP Shares at Liquidation Value — (32.6)%

 

     (137,200,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

     $ 420,780,123  
   

 

 

  
(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 coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(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 November 15, 2024 to June 15, 2036, 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 May 31, 2021 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

05/31/21

     

Shares

Held at

05/31/21

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 466,483      $ 10,388,991 (a)     $ —      $ (225 )     $ 169      $ 10,855,418        10,853,248      $ 519      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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 Notes

      121          09/21/21        $ 15,949        $ (7,772 ) 

U.S. Long Bond

      46          09/21/21          7,183          (22,348 ) 
                 

 

 

  
                  $ (30,120 ) 
                 

 

 

  

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

6

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

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); and

 

  •  

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 financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments 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

    $ —        $ 458,739,879        $ —        $ 458,739,879  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          198,438,316          —          198,438,316  

Short-Term Securities

                  

Money Market Funds

      10,855,418          —          —          10,855,418  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 10,855,418        $ 657,178,195        $ —        $ 668,033,613  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts

    $ (30,120 )       $ —        $ —        $ (30,120 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are futures contracts. Futures 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 fair value hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (116,998,493 )       $ —        $ (116,998,493 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (254,198,493 )       $ —        $ (254,198,493 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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
Portfolio Abbreviation (continued)
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bond
S/F    Single-Family
 

 

 

7

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

 

Portfolio Abbreviation (continued)
SAB    Special Assessment Bonds
TA    Tax Allocation

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

    8