NPORT-EX 2 NPORT_D1Z4_64902496_1121.htm BlackRock Municipal Income QualityTrust

Schedule of Investments  (unaudited) 

November 30, 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%, 09/01/25(a)

  $        1,165     $     1,358,334  
   

 

 

  
Arizona(b) — 1.3%            

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

     725       792,693  

Series A, 5.00%, 07/01/39

     610       643,927  

Series A, 5.00%, 07/01/49

     690       723,041  

Series A, 5.00%, 07/01/54

     530       554,596  

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

     1,065       1,078,726  

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

     595       631,662  

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

     255       299,332  

5.00%, 07/01/54

     590       675,669  
   

 

 

  
      5,399,646  
California — 12.3%            

California Community Housing Agency, RB, M/F Housing(b)

   

Series A, 5.00%, 04/01/49

     265       300,420  

Series A-2, 4.00%, 08/01/47

     1,715       1,779,769  

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

     1,465       2,240,665  

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

    10,100       12,634,767  

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

     1,415       1,550,987  

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

     1,620       1,644,501  

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

     3,175       3,589,617  

Golden State Tobacco Securitization Corp., Refunding RB

    

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

     2,060       2,095,968  

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

     565       574,975  

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

    1,580       1,880,810  

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

     3,700       4,226,673  

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

   

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

     1,745       1,039,004  

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

     2,115       1,206,775  

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

     2,715       1,483,511  

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

     2,000       1,454,514  

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

    3,425       1,768,273  

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

    1,400       1,205,004  
Security   Par
(000)		     Value  
California (continued)            

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

   $        3,000     $     3,044,769  

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

    10,000       7,292,570  
   

 

 

  
      51,013,572  
Colorado — 0.6%            

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

     1,305       1,387,914  

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

    1,055       1,139,128  
   

 

 

  
      2,527,042  
Connecticut — 0.7%            

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

     2,280       2,826,174  
   

 

 

  
Delaware — 0.8%            

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/40

     770       878,546  

Series A, 5.00%, 07/01/48

     2,110       2,374,837  
   

 

 

  
      3,253,383  
District of Columbia — 2.4%            

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

     9,500       9,790,728  
   

 

 

  
Florida — 4.0%            

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

     1,795       1,955,572  

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

    615       655,336  

County of Miami-Dade Seaport Department, ARB, Series A, 6.00%, 10/01/23(a)

    2,770       3,059,260  

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

    340       379,414  

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

     3,910       4,398,429  

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

     685       818,593  

Orange County Health Facilities Authority, Refunding RB

    

5.00%, 08/01/41

     630       687,267  

5.00%, 08/01/47

     1,845       2,008,198  

Preserve at South Branch Community Development District, SAB

    

4.00%, 11/01/39

     300       318,011  

4.00%, 11/01/50

     500       523,068  

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

    1,340       1,440,177  

Westside Community Development District, Refunding SAB(b)

   

4.10%, 05/01/37

     260       277,935  

4.13%, 05/01/38

     260       277,679  
   

 

 

  
      16,798,939  
Georgia — 1.6%            

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD),
5.50%, 02/15/25(a)

    545       632,744  
 

 

 

1

       

Schedule of Investments  (unaudited) (continued)

November 30, 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

    

Series A, 3.95%, 12/01/43

   $ 275     $ 287,787  

Series A, 4.00%, 12/01/48

     410       427,437  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     595       861,374  

Series A, 5.00%, 05/15/43

     775       945,115  

Series C, 4.00%, 05/01/52(e)

    2,385           2,807,145  

Private Colleges & Universities Authority, RB,
5.00%, 04/01/24(a)

    750       831,779  
   

 

 

  
      6,793,381  
Illinois — 16.2%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/36

            1,265       1,590,053  

Series A, 5.00%, 12/01/38

     515       644,755  

Series A, 5.00%, 12/01/39

     450       562,091  

Series A, 5.00%, 12/01/40

     940       1,171,252  

Series A, 5.00%, 12/01/41

     605       752,815  

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

     3,300       3,944,081  

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

     9,800       10,299,663  

Chicago Transit Authority Sales Tax Receipts Fund, RB

    

5.25%, 12/01/21(a)

    650       650,000  

5.25%, 12/01/49

     3,500       3,940,888  

Cook County Community College District No. 508, GO

    

5.13%, 12/01/38

     7,700       8,264,510  

5.50%, 12/01/38

     1,000       1,082,797  

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

     210       215,029  

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

    1,400       1,640,803  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     565       643,747  

Series A, 5.00%, 02/15/50

     310       350,925  

Illinois Finance Authority, Refunding RB

    

Series A, 5.00%, 11/15/45

     2,815       3,225,385  

Series B, 4.00%, 08/15/41

     900       1,005,590  

Series C, 4.13%, 08/15/37

     3,130       3,473,483  

Series C, 5.00%, 08/15/44

     390       442,889  

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

     7,020       8,014,257  

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

     670       782,236  

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

     515       578,489  

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

     8,345       8,918,627  

5.50%, 07/01/33

     880       942,520  

5.50%, 07/01/38

     1,475       1,585,026  

5.50%, 05/01/39

     1,840       2,363,844  
   

 

 

  
      67,085,755  
Iowa — 0.8%            

Iowa Finance Authority, RB, 5.50%, 07/01/23(a)

    3,000       3,244,041  
   

 

 

  
Security  

Par

(000)

     Value  
Maryland — 3.2%            

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

   $        1,810     $     1,988,766  

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

     4,000       4,471,268  

State of Maryland GO, 5.00%, 08/01/31

     5,000       6,798,565  
   

 

 

  
      13,258,599  
Massachusetts — 3.0%            

Massachusetts Development Finance Agency, RB

    

5.00%, 01/01/48

     2,595       3,069,304  

5.00%, 10/01/48

     1,970       2,254,440  

Series A, 5.00%, 01/01/47

     2,370       2,748,747  

Massachusetts Development Finance Agency, Refunding RB

    

5.00%, 07/01/37

     190       216,088  

5.00%, 09/01/43

     1,750       2,086,294  

Series A, 4.00%, 06/01/49

     185       206,449  

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

     490       524,119  

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

    1,395       1,491,675  
   

 

 

  
      12,597,116  
Michigan — 5.6%            

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

     3,640       4,174,727  

Michigan Finance Authority, Refunding RB

    

5.00%, 12/01/21(a)

    9,050       9,050,000  

5.00%, 11/15/41

     2,235       2,640,007  

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

     500       630,432  

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

     3,965       4,361,345  

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

     1,560       1,706,749  

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

    430       469,476  
   

 

 

  
      23,032,736  
Minnesota — 0.4%            

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

     1,315       1,601,759  
   

 

 

  
Nebraska — 1.6%            

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

     6,345       6,564,042  
   

 

 

  
Nevada — 0.8%            

City of Las Vegas Nevada Special Improvement District No. 611, SAB

    

4.00%, 06/01/40

     450       484,702  

4.13%, 06/01/50

     1,150       1,222,288  

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

     360       422,029  

5.00%, 07/01/45

     450       519,692  

5.00%, 07/01/51

     480       548,676  
   

 

 

  
      3,197,387  
New Hampshire — 0.1%            

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

    550       585,557  
   

 

 

  
 

 

 

SCHEDULE OF INVESTMENTS  

2

Schedule of Investments  (unaudited) (continued)

November 30, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New Jersey — 7.8%            

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/42

   $ 375     $ 442,014  

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

    20       23,335  

Series WW, 5.25%, 06/15/33

     170       194,891  

Series WW, 5.00%, 06/15/34

     225       255,721  

Series WW, 5.00%, 06/15/36

            1,395       1,583,137  

Series WW, 5.25%, 06/15/40

     380       432,230  

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

     930       1,044,990  

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

     1,605       1,903,217  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.25%, 06/15/33

     1,660       1,775,056  

Series AA, 5.00%, 06/15/36

     5,070       5,395,535  

Series AA, 5.00%, 06/15/38

     945       1,039,123  

Series AA, 5.50%, 06/15/39

     3,785       4,051,782  

Series D, 5.00%, 06/15/32

     900       1,010,337  

Series S, 5.25%, 06/15/43

     2,150       2,678,079  

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

    5,845       3,925,087  

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

     340       417,245  

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

     720       848,387  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,750       2,122,755  

Series A, 5.25%, 06/01/46

     1,725       2,083,396  

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

     1,130       1,319,170  
   

 

 

  
      32,545,487  
New Mexico — 0.2%            

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

     220       244,096  

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

     405       460,026  
   

 

 

  
      704,122  
New York — 5.3%            

Metropolitan Transportation Authority, Refunding RB

    

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

     1,135       1,396,369  

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

     1,690       1,956,499  

New York City Transitional Finance Authority Future Tax Secured Revenue Refunding RB,
4.00%, 11/01/37

     8,000       9,732,760  

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

     1,650       1,719,199  

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

     2,855       2,952,650  

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

    1,240       1,356,957  

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

     2,810       2,997,028  
   

 

 

  
      22,111,462  
North Carolina — 0.5%            

State of North Carolina GO, 5.00%, 06/01/28

     1,500       1,891,443  
   

 

 

  
Ohio — 4.1%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 3.00%, 06/01/48

     3,495       3,591,018  
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     $     6,217,296  

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

     2,645       2,786,280  

Ohio Turnpike & Infrastructure Commission, RB

    

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

     780       824,291  

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

            1,095       1,156,904  

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

     2,500       2,512,870  
   

 

 

  
      17,088,659  
Oregon — 0.4%            

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

    1,115       630,234  

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

     945       1,148,996  
   

 

 

  
      1,779,230  
Pennsylvania — 5.1%            

Bucks County Industrial Development Authority, RB

    

4.00%, 07/01/46

     105       117,990  

4.00%, 07/01/51

     100       111,849  

Commonwealth Financing Authority, RB

    

5.00%, 06/01/33

     790       965,728  

5.00%, 06/01/34

     1,750       2,139,338  

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

     3,230       3,689,128  

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

     1,145       1,280,705  

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

     4,245       4,758,013  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/38

     695       782,498  

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

     2,730       3,221,607  

Series B, 5.00%, 12/01/40

     1,060       1,229,454  

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

    630       695,773  

Pennsylvania Turnpike Commission, Refunding RB

    

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

     860       1,048,916  

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

     850       970,837  
   

 

 

  
      21,011,836  
Puerto Rico — 4.7%            

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

    

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

     5,112       5,829,464  

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

     6,950       7,988,955  

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

     1,688       1,898,207  

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

     349       398,316  

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

     536       610,059  

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

     520       591,230  

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

    6,308       2,105,800  
   

 

 

  
      19,422,031  
Rhode Island — 1.5%            

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

     5,855       6,368,390  
   

 

 

  
 

 

 

3

       

Schedule of Investments  (unaudited) (continued)

November 30, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina — 4.9%            

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

  $        1,095     $     1,155,903  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     6,960       7,722,816  

Series E, 5.50%, 12/01/53

     1,610       1,753,406  

South Carolina Public Service Authority, Refunding RB

    

Series B, 5.00%, 12/01/38

     2,360       2,561,197  

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

     2,845       3,350,249  

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

     3,500       3,942,813  
   

 

 

  
      20,486,384  
South Dakota — 0.5%            

City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(a)

    1,760       2,039,504  
   

 

 

  
Tennessee — 0.0%            

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

     35       40,810  
   

 

 

  
Texas — 13.4%            

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

    615       649,163  

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

    10,030       8,772,439  

County of Harris Texas, Refunding GO(d)

   

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

     7,485       7,277,643  

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

     10,915       9,974,094  

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

     1,090       1,187,398  

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

    2,365       2,794,115  

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

   

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

    5,965       2,562,606  

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

     10,925       4,401,060  

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

   

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

     5,785       2,710,776  

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

     6,160       2,702,287  

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

    3,775       1,903,185  

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

    2,340       1,382,814  

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

    580       621,410  

North Texas Tollway Authority, RB, CAB(a)

   

Series B, 0.00%, 09/01/31(d)

    1,975       1,061,584  

Series C, 6.75%, 09/01/31

     2,500       3,699,380  

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

     385       403,025  

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

     3,155       3,228,010  

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

     330       354,474  
   

 

 

  
      55,685,463  
Security   Par
(000)		     Value  
Utah — 0.8%            

City of Salt Lake City Utah Airport Revenue, ARB, Series B, 5.00%, 07/01/43

   $        2,100     $     2,570,593  

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

    235       250,194  

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

    450       511,448  
   

 

 

  
      3,332,235  
Virginia — 1.0%            

Lynchburg Economic Development Authority Refunding RB, 3.00%, 01/01/51

     425       439,317  

Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55

     150       174,471  

Virginia Beach Development Authority, Refunding RB

    

5.00%, 09/01/44

     1,375       1,562,766  

4.00%, 09/01/48

     885       956,213  

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

     895       959,399  
   

 

 

  
      4,092,166  
Washington — 0.9%            

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

     2,000       2,061,160  

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

    1,400       1,634,072  
   

 

 

  
      3,695,232  
West Virginia — 1.1%            

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

     3,050       3,393,037  

West Virginia Parkways Authority, RB

    

Senior Lien, 5.00%, 06/01/47

     425       545,707  

Senior Lien, 4.00%, 06/01/51

     500       591,331  
   

 

 

  
      4,530,075  
Wisconsin — 3.0%            

Public Finance Authority RB(b)

   

5.00%, 06/15/51

     305       315,956  

5.00%, 06/15/56

     400       411,689  

Public Finance Authority, RB(b)

   

Series A, 5.00%, 07/15/39

     120       135,116  

Series A, 5.00%, 10/15/40

     1,260       1,396,133  

Series A, 5.00%, 07/15/49

     455       504,463  

Series A, 5.00%, 07/15/54

     215       237,572  

Series A, 5.00%, 07/01/55

     395       430,746  

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

     685       752,820  

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

    375       407,839  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

5.00%, 04/01/44

     1,895       2,357,217  

Sereis C, 4.00%, 02/15/42

     5,000       5,595,435  
   

 

 

  
      12,544,986  
   

 

 

  

Total Municipal Bonds — 110.9%
(Cost: $407,820,749)

       460,297,706  
   

 

 

  
 

 

 

SCHEDULE OF INVESTMENTS  

4

Schedule of Investments  (unaudited) (continued)

November 30, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
                

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     $     4,248,829  
   

 

 

  
Colorado — 1.4%            

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

    4,605       5,731,122  
   

 

 

  
Connecticut — 0.4%            

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

     1,561       1,818,326  
   

 

 

  
Florida — 1.5%            

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

     3,500       3,989,930  

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

    1,950       2,004,581  
   

 

 

  
      5,994,511  
Illinois — 3.8%            

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/38

     7,714       8,083,158  

Series A, 5.00%, 01/01/40

     3,045       3,476,836  

Series B, 5.00%, 01/01/40

     1,170       1,354,459  

Series C, 5.00%, 01/01/38

     2,658       2,991,961  
   

 

 

  
      15,906,414  
Kansas — 1.6%            

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

    5,363       6,581,697  
   

 

 

  
Maryland — 0.9%            

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

     3,139       3,731,494  
   

 

 

  
Massachusetts — 4.7%            

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

     1,662       1,817,667  

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

     5,500       5,627,790  

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

     7,070       8,186,403  

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

    3,300       3,960,199  
   

 

 

  
      19,592,059  
Michigan — 1.0%            

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

     2,221       2,546,649  

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

     960       1,102,788  

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

     495       539,690  
   

 

 

  
      4,189,127  
Nevada — 1.1%            

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

     3,900       4,566,948  
   

 

 

  
New Jersey — 0.3%            

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

     920       1,079,356  
   

 

 

  
Security  

Par

(000)

     Value  
                
New York — 10.8%            

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

   $        3,850     $     4,275,005  

New York City Transitional Finance Authority Future

    

Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/30.

     12,500       13,028,219  

New York City Water & Sewer System, Refunding RB

    

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

    2,933       3,131,742  

Series CC, 5.00%, 06/15/47

     3,307       3,531,970  

Series DD, 5.00%, 06/15/35

     1,845       2,050,714  

Series FF, 5.00%, 06/15/39

     8,355       9,582,870  

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

     5,720       6,038,352  

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

     2,561       3,063,171  
   

 

 

  
      44,702,043  
North Carolina — 1.3%            

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

    5,125       5,400,510  
   

 

 

  
Pennsylvania — 1.7%            

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

     4,997       6,039,002  

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

     1,020       1,155,728  
   

 

 

  
      7,194,730  
Texas — 6.1%            

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

     7,001       8,192,107  

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

    7,002       7,319,018  

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

     3,750       4,452,889  

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

    719       768,966  

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

     3,920       4,617,491  
   

 

 

  
      25,350,471  
Virginia — 1.8%            

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

     1,996       2,427,248  

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

     4,305       4,961,217  
   

 

 

  
      7,388,465  
Washington — 3.1%            

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

     3,210       4,115,835  

Washington State Convention Center Public Facilities District RB, 3.00%, 07/01/58

     8,688       8,892,043  
   

 

 

  
      13,007,878  
 

 

 

5

       

Schedule of Investments  (unaudited) (continued)

November 30, 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     $ 3,647,563  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 43.4%
(Cost: $168,291,324)

 

     180,131,543  
   

 

 

  

Total Long-Term Investments — 154.3%
(Cost: $576,112,073)

 

     640,429,249  
   

 

 

  
     Shares         
Short-Term Securities  
Money Market Funds — 3.1%            

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

    12,994,641       12,995,940  
   

 

 

  

Total Short-Term Securities — 3.1%
(Cost: $12,995,940)

 

     12,995,940  
   

 

 

  

Total Investments — 157.4%
(Cost: $589,108,013)

 

     653,425,189  

Other Assets Less Liabilities — 1.6%

 

     6,249,872  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (25.9)%.

 

     (107,379,390 ) 

VMTP Shares at Liquidation Value — (33.1)%

 

     (137,200,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 415,095,671  
   

 

 

  
(a) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(b) 

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.

(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 August 1, 2027, is $8,128,005.

(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
08/31/21		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
11/30/21		      Shares
Held at
11/30/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 6,327,383      $ 6,669,284 (a)     $ —      $ (557 )     $ (170 )     $ 12,995,940        12,994,641      $ 138      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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 Note

      91        03/22/22      $ 11,901      $ (154,657 ) 

U.S. Long Bond

      49        03/22/22        7,947        (189,335 ) 

5-Year U.S. Treasury Note

      84        03/31/22        10,195        (79,590 ) 
           

 

 

  
            $ (423,582 ) 
           

 

 

  

 

 

SCHEDULE OF INVESTMENTS  

6

Schedule of Investments  (unaudited) (continued)

November 30, 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

    $ —        $ 460,297,706        $ —        $ 460,297,706  

Municipal Bonds Transferred to Tender Option Bond Trusts.

      —          180,131,543          —          180,131,543  

Short-Term Securities

                  

Money Market Funds

      12,995,940          —          —          12,995,940  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 12,995,940        $ 640,429,249        $             —        $ 653,425,189  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts.

    $ (423,582 )       $ —        $ —        $ (423,582 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (107,359,039 )       $ —        $ (107,359,039 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (244,559,039 )       $             —        $ (244,559,039 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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    Permanent School Fund
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bond

 

 

 

 

7

       

Schedule of Investments  (unaudited) (continued)

November 30, 2021

   

BlackRock Municipal Income Quality Trust (BYM)

 

Portfolio Abbreviation (continued)
S/F    Single-Family
SAB    Special Assessment Bonds
TA    Tax Allocation

 

 

 

 

 

 

 

 

SCHEDULE OF INVESTMENTS  

8