NPORT-EX 2 NPORT_D1Z4_10394549_0522.htm BlackRock Municipal Income QualityTrust

Schedule of Investments  (unaudited)

May 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    

Alabama — 0.4%

    

City of Birmingham Alabama, GO, CAB, Series A-1, Convertible, 5.00%, 09/01/25(a)

   $ 1,165     $ 1,273,488  
   

 

 

  

Arizona(b) — 1.1%

    

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

     725       736,572  

Series A, 5.00%, 07/01/39

     610       619,608  

Series A, 5.00%, 07/01/49

     690       696,286  

Series A, 5.00%, 07/01/54

     530       533,176  

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

     595       598,980  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/39

     255       262,485  

5.00%, 07/01/54

     590       597,739  
   

 

 

  
      4,044,846  

California — 14.2%

    

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

    

Series A, 5.00%, 04/01/49

     265       234,937  

Series A-2, 4.00%, 08/01/47

     1,715       1,401,407  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 3.00%, 10/01/47

     2,795       2,171,352  

Sub-Series A-2, 5.00%, 11/01/47

     1,465       1,790,458  

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

     10,100           11,635,978  

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

     1,415       1,482,060  

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

     3,175       3,142,682  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)

     150       111,236  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

5.00%, 09/01/37

     135       123,704  

4.00%, 10/01/56

     195       181,241  

3.00%, 03/01/57

     535       395,933  

Series A, Class 2, 4.00%, 06/01/58

     1,170       997,110  

Senior Lien, 3.13%, 06/01/57

     930       671,543  

Series A, Class 2, Senior Lien, 4.00%, 12/01/58

     1,055       865,440  

Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66(c)

    4,695       618,599  

Mount San Antonio Community College District, Refunding GO, CAB, Series A, Election 2008, 0.00%, 08/01/43(d)

     1,580       1,561,858  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

     4,100       4,205,522  

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

     3,700       3,806,767  

San Diego County Regional Airport Authority, RB, Series A, Subordinate, 4.00%, 07/01/56

     2,730       2,781,537  

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

    

Series K-2, 0.00%, 07/01/38

     1,745       926,499  

Series K-2, 0.00%, 07/01/39

     2,115       1,075,628  

Series K-2, 0.00%, 07/01/40

     2,715       1,322,368  

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

     2,000       1,114,622  
Security  

Par

(000)

     Value  

California (continued)

    

San Diego Unified School District, GO, CAB(c) (continued)

    

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

   $ 3,425     $ 1,734,465  

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

     1,400       1,049,224  

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

     10,000       5,821,540  
   

 

 

  
          51,223,710  

Colorado — 0.6%

    

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

     1,305       1,329,578  

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

     1,055       978,302  
   

 

 

  
      2,307,880  

Connecticut — 0.7%

    

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

     2,280       2,516,190  
   

 

 

  

Delaware — 0.8%

    

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/40

     770       794,159  

Series A, 5.00%, 07/01/48

     2,110       2,128,464  
   

 

 

  
      2,922,623  

District of Columbia — 2.7%

    

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

     9,500       9,781,846  
   

 

 

  

Florida — 5.8%

    

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

     1,795       1,828,069  

Capital Trust Agency, Inc., RB(b)

    

Series A, 5.00%, 06/01/45

     615       572,836  

Series A, 5.50%, 06/01/57

     220       209,819  

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

     2,770       2,925,303  

Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56

     580       598,463  

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

     340       354,641  

Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51

     425       329,180  

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

     3,910       4,075,092  

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

     685       731,402  

Orange County Health Facilities Authority, RB, 4.00%, 10/01/52

     4,000       4,031,980  

Orange County Health Facilities Authority, Refunding RB

    

5.00%, 08/01/41

     630       666,973  

5.00%, 08/01/47

     1,845       1,949,990  

Preserve at South Branch Community Development District, SAB

    

4.00%, 11/01/39

     300       290,324  

4.00%, 11/01/50

     500       461,650  

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

     1,340       1,387,553  
 

 

 

1  

Schedule of Investments  (unaudited) (continued)

May 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Florida (continued)

    

Westside Haines City Community Development District, SAB(b)

    

4.10%, 05/01/37

   $ 260     $ 251,480  

4.13%, 05/01/38

     260       251,107  
   

 

 

  
      20,915,862  

Georgia — 2.5%

    

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

     545       595,758  

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

    

Series A, 3.95%, 12/01/43

     275       280,334  

Series A, 4.00%, 12/01/48

     410       417,261  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     595       655,785  

Series A, 5.00%, 05/15/43

     775       815,296  

Series A, 4.00%, 09/01/52(e)

     3,065       3,109,721  

Series C, 4.00%, 05/01/52(e)

     2,385       2,442,001  

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

     750       792,202  
   

 

 

  
      9,108,358  

Illinois — 14.6%

    

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/37

     1,265       1,315,510  

Series A, 5.00%, 12/01/38

     515       534,392  

Series A, 5.00%, 12/01/39

     1,390       1,439,498  

Series A, 5.00%, 12/01/47

     605       616,689  

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

     3,300       3,536,168  

Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49

     3,500       3,653,173  

Cook County Community College District No. 508, GO

    

5.13%, 12/01/38

     7,700       7,863,040  

5.50%, 12/01/38

     1,000       1,029,058  

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

     210       210,438  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     565       583,999  

Series A, 5.00%, 02/15/50

     310       319,885  

Illinois Finance Authority, Refunding RB

    

Series A, 5.00%, 11/15/45

     2,815       2,938,604  

Series B, 4.00%, 08/15/41

     900       901,997  

Series C, 4.13%, 08/15/37

     3,130       3,175,031  

Series C, 5.00%, 08/15/44

     390       406,325  

Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 10/01/43

     3,000       2,931,798  

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

     7,020       7,428,732  

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

     670       711,003  

State of Illinois, GO

    

5.25%, 07/01/29

     8,345       8,570,040  

5.50%, 07/01/33

     880       904,899  

5.50%, 07/01/38

     1,475       1,511,263  

5.50%, 05/01/39

     1,840       2,020,208  
   

 

 

  
          52,601,750  

Indiana — 0.2%

    

Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51

     525       525,969  
   

 

 

  
Security   Par
(000)		     Value  

Iowa — 0.9%

    

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

   $   3,000     $ 3,123,198  
   

 

 

  

Maryland — 1.6%

    

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

    1,810       1,811,298  

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

     4,000       3,982,560  
   

 

 

  
      5,793,858  

Massachusetts — 4.7%

    

Massachusetts Development Finance Agency, RB

    

5.00%, 01/01/48

     2,595       2,776,320  

5.00%, 10/01/48

     1,970       1,992,180  

4.00%, 06/14/22

     5,500       5,356,566  

Series A, 5.00%, 01/01/47

     2,370       2,511,115  

Massachusetts Development Finance Agency, Refunding RB

    

5.00%, 07/01/37

     190       199,168  

5.00%, 09/01/43

     1,750       1,863,419  

Series A, 4.00%, 06/01/29

     185       182,589  

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

     490       482,449  

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

     1,395       1,440,625  
   

 

 

  
      16,804,431  

Michigan — 3.4%

    

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

     3,640       3,812,518  

Michigan Finance Authority, Refunding RB, 5.00%, 11/15/41

     2,235       2,374,162  

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

     3,965       3,969,445  

Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 03/01/24(a)

     1,560       1,646,341  

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

     430       450,232  
   

 

 

  
          12,252,698  

Minnesota — 0.4%

    

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

     1,315       1,389,910  
   

 

 

  

Nevada — 0.8%

    

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

    

4.00%, 06/01/40

     450       443,609  

4.13%, 06/01/50

     1,150       1,095,683  

Tahoe-Douglas Visitors Authority, RB

    

5.00%, 07/01/40

     360       382,867  

5.00%, 07/01/45

     450       472,893  

5.00%, 07/01/51

     480       499,084  
   

 

 

  
      2,894,136  

New Hampshire — 0.1%

    

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

     550       483,390  
   

 

 

  

New Jersey — 8.3%

    

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/42

     375       392,577  

Series WW, 5.25%, 06/15/25(a)

     20       21,918  

Series WW, 5.25%, 06/15/33

     170       178,690  

Series WW, 5.00%, 06/15/34

     225       233,385  

Series WW, 5.00%, 06/15/36

     1,395       1,444,122  

Series WW, 5.25%, 06/15/40

     380       394,339  
 

 

 

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, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

New Jersey (continued)

    

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

   $ 930     $ 938,114  

New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51

     3,525       2,877,782  

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

     1,605       1,703,746  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.25%, 06/15/33

     1,660       1,705,426  

Series AA, 5.00%, 06/15/36

     5,070       5,141,325  

Series AA, 5.00%, 06/15/38

     945       966,140  

Series D, 5.00%, 06/15/32

     900       930,725  

Series S, 5.25%, 06/15/43

     2,150       2,308,322  

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

     5,845       2,792,507  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 12/15/36

     340       363,753  

Series A, 4.00%, 06/15/40

     1,690       1,662,314  

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

     720       752,387  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,750       1,846,829  

Series A, 5.25%, 06/01/46

     1,725       1,853,947  

Sub-Series B, 5.00%, 06/01/46

     1,130       1,155,821  
   

 

 

  
          29,664,169  

New Mexico — 0.2%

    

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

     220       197,341  

New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/25(a)

     405       440,901  
   

 

 

  
      638,242  

New York — 3.4%

    

Metropolitan Transportation Authority, Refunding RB

    

Series C-1, 5.25%, 11/15/55

     1,135       1,218,772  

Series C-1, 5.00%, 11/15/56

     1,690       1,782,519  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Class 1, Subordinate, 4.00%, 02/01/42

     1,000       1,043,921  

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

     1,240       1,254,012  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/49

     4,115       4,247,248  

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

     2,810       2,696,341  
   

 

 

  
      12,242,813  

North Dakota — 0.1%

    

North Dakota Housing Finance Agency, RB, S/F Housing, 3.70%, 01/01/46

     500       489,328  
   

 

 

  

Ohio — 4.5%

    

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 3.00%, 06/01/48

     4,495       3,489,374  

Series A-2, Class 1, 4.00%, 06/01/48

     4,625       4,471,922  
Security   Par
(000)		     Value  

Ohio (continued)

    

Buckeye Tobacco Settlement Financing Authority, Refunding RB (continued)

    

Series B-2, Class 2, 5.00%, 06/01/55

   $   5,345     $ 5,425,924  

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

     2,645       2,654,363  
   

 

 

  
      16,041,583  

Oregon — 0.6%

    

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

     1,115       574,061  

Oregon State Facilities Authority, Refunding RB, Series A, 4.13%, 06/01/52

     650       650,445  

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

     945       1,043,684  
   

 

 

  
      2,268,190  

Pennsylvania — 6.8%

    

Bucks County Industrial Development Authority, RB

    

4.00%, 07/01/46

     105       87,176  

4.00%, 07/01/51

     100       81,438  

Commonwealth Financing Authority, RB

    

5.00%, 06/01/33

     790       863,772  

5.00%, 06/01/34

     1,750       1,906,354  

(AGM), 4.00%, 06/01/39

     3,230       3,284,245  

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

     1,145       1,151,310  

Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 02/15/52

     800       790,746  

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

     4,245       4,418,103  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/47(f)

     2,415       2,464,097  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/38

     695       726,865  

Series A-1, 5.00%, 12/01/41

     2,730       2,904,171  

Series B, 5.00%, 12/01/40

     1,060       1,117,575  

Series C, 5.50%, 12/01/23(a)

     630       664,227  

Series A, Subordinate, 4.00%, 12/01/45

     340       334,774  

Series A, Subordinate, 4.00%, 12/01/46

     1,605       1,579,089  

Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40

     850       888,286  

Westmoreland County Municipal Authority, Refunding RB, 5.00%, 06/14/22

     1,015       1,071,186  
   

 

 

  
          24,333,414  

Puerto Rico — 4.8%

    

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

    

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

     5,112       5,133,215  

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

     6,950       7,066,204  

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

     1,688       1,682,776  

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

     349       351,070  

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

     536       539,445  
 

 

 

3  

Schedule of Investments  (unaudited) (continued)

May 31, 2022

   

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 B-2, Restructured, 4.78%, 07/01/58

   $ 520     $ 522,985  

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

     6,226       1,867,177  
   

 

 

  
      17,162,872  

Rhode Island — 1.5%

    

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

     5,085       5,220,205  
   

 

 

  

South Carolina — 5.2%

    

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

     1,095       1,005,807  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     6,960       7,191,803  

Series E, 5.50%, 12/01/53

     1,610       1,656,386  

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

     2,360       2,420,661  

Series B, (AGM-CR), 5.00%, 12/01/56

     2,845       2,999,131  

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

     3,500       3,539,781  
   

 

 

  
          18,813,569  

South Dakota — 0.5%

    

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

     1,760       1,899,353  
   

 

 

  

Tennessee — 0.7%

    

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

     35       36,979  

Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 2, 4.35%, 01/01/48(f)

     2,500       2,527,915  
   

 

 

  
      2,564,894  

Texas — 16.7%

    

City of Lubbock Texas Electric Light & Power System Revenue, Refunding RB, 4.00%, 04/15/46

     5,550       5,677,916  

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

     10,030       7,858,756  

County of Harris Texas, Refunding GO(c)

    

(NPFGC), 0.00%, 08/15/25

     7,485       6,949,029  

(NPFGC), 0.00%, 08/15/28

     10,915       9,248,814  

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

     1,090       1,133,521  

Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 0.00%, 10/01/46(d)

     2,365       2,465,997  

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 3.00%, 10/01/51

     3,900       3,284,514  

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

    

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

     5,965       2,480,736  

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

     10,925       4,337,192  

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

    

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

     5,785       2,529,029  

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

     6,160       2,526,770  

Katy Independent School District, GO, 4.00%, 02/15/52(f)

     3,000       3,099,573  
Security   Par
(000)		     Value  

Texas (continued)

    

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

   $   3,775     $ 1,852,589  

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

     2,340       1,234,371  

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

     580       588,460  

North Texas Tollway Authority, RB, CAB(a)

    

Series B, 0.00%, 09/01/31(c)

     1,975       956,611  

Series C, Convertible, 6.75%, 09/01/31

     2,500       3,377,620  

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

     330       329,701  
   

 

 

  
          59,931,199  

Utah — 0.8%

    

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

     2,100       2,280,094  

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

     235       231,776  

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

     450       454,321  
   

 

 

  
      2,966,191  

Virginia — 4.4%

    

Henrico County Economic Development Authority, Refunding RB, 5.00%, 10/01/52

     5,750       6,213,588  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     1,225       1,224,951  

Virginia Beach Development Authority, Refunding RB

    

5.00%, 09/01/44

     1,375       1,428,079  

4.00%, 09/01/48

     885       825,585  

Virginia College Building Authority, RB, 4.00%, 02/01/42(f)

     5,000       5,318,095  

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

     895       881,411  
   

 

 

  
      15,891,709  

Washington — 2.1%

    

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

     8,690       6,189,053  

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

     1,400       1,499,755  
   

 

 

  
      7,688,808  

West Virginia — 2.3%

    

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

     3,050       2,954,779  

West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51

     5,215       5,256,225  
   

 

 

  
      8,211,004  

Wisconsin — 3.2%

    

Public Finance Authority, RB(b)

    

5.00%, 06/15/51

     305       270,806  

5.00%, 10/15/51

     270       257,325  

5.00%, 06/15/56

     400       347,312  

Series A, 5.00%, 07/15/39

     120       125,726  

Series A, 5.00%, 10/15/40

     1,260       1,277,722  

Series A, 5.00%, 07/15/49

     455       472,694  

Series A, 5.00%, 07/15/54

     215       222,625  

Series A, 5.00%, 07/01/55

     395       400,007  

Series A-1, 4.50%, 01/01/35

     685       633,171  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments  (unaudited) (continued)

May 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Wisconsin (continued)

    

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

   $ 375     $ 380,816  

Wisconsin Health & Educational Facilities Authority, Refunding RB

    

5.00%, 04/01/44

     1,895       2,102,529  

Sereis C, 4.00%, 02/15/42

     5,000       5,003,055  
   

 

 

  
      11,493,788  
   

 

 

  

Total Municipal Bonds — 121.6%
(Cost: $425,546,567)

           437,485,474  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

California — 1.1%

    

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

     3,432       3,795,184  
   

 

 

  

Connecticut — 0.5%

    

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

     1,561       1,646,732  
   

 

 

  

Florida — 1.0%

    

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

     3,500       3,658,697  
   

 

 

  

Illinois — 2.0%

    

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     3,045       3,222,818  

Series B, 5.00%, 01/01/40

     1,170       1,246,218  

Series C, 5.00%, 01/01/38

     2,658       2,799,552  
   

 

 

  
      7,268,588  

Indiana — 3.0%

    

Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51

     10,685       10,704,724  
   

 

 

  

Kansas — 1.7%

    

Wyandotte County Unified School District No. 500 Kansas City, GO, Series A, 5.50%, 09/01/47(a)

     5,363       6,100,237  
   

 

 

  

Maryland — 0.9%

    

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

     3,139       3,377,052  
   

 

 

  

Massachusetts — 3.0%

    

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

     7,070       7,228,500  

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

     3,300       3,556,994  
   

 

 

  
      10,785,494  
Security  

Par

(000)

     Value  

Michigan — 0.9%

    

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

   $ 2,220     $ 2,325,696  

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

     960       1,008,744  
   

 

 

  
      3,334,440  

Nevada — 1.1%

    

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

     3,900       4,147,637  
   

 

 

  

New York — 18.0%

    

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

     3,850       3,991,615  

New York City Municipal Water Finance Authority, RB, Subordinate, 4.00%, 06/15/51

     6,000       6,147,468  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

    

4.00%, 08/01/36

     7,350       7,735,364  

Series F-1, Subordinate, 4.00%, 02/01/51

     6,645       6,819,123  

New York City Water & Sewer System, Refunding RB

    

Series DD, 5.00%, 06/15/35.

     1,845       1,939,848  

Series FF, 5.00%, 06/15/39

     8,355       8,890,656  

New York State Dormitory Authority, Refunding RB, Series C, 4.00%, 07/01/49(f)

     8,955       9,059,114  

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

     5,720       5,820,024  

Port Authority of New York & New Jersey, Refunding ARB

    

Consolidated, 198th Series, 5.25%, 11/15/56

     2,561       2,762,246  

Series 230, 5.25%, 12/01/52(h)

     10,000       11,677,699  
   

 

 

  
          64,843,157  

Pennsylvania — 1.5%

    

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

     4,997       5,385,399  
   

 

 

  

Texas — 1.2%

    

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

     3,920       4,203,952  
   

 

 

  

Virginia — 2.3%

    

Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57

     4,000       4,057,432  

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

     4,307       4,163,038  
   

 

 

  
      8,220,470  

Washington — 1.0%

    

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

     3,210       3,571,969  
   

 

 

  
 

 

 

5  

Schedule of Investments  (unaudited) (continued)

May 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  

Wisconsin — 1.0%

     

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

   $ 3,520      $ 3,534,267  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.2%
(Cost: $142,587,989)

 

      144,577,999  
    

 

 

  
Total Long-Term Investments — 161.8%
    (Cost: $568,134,556)		      582,063,473  
    

 

 

  
    Shares         

 

  

Short-Term Securities

     

Money Market Funds — 0.4%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.55%(i)(j)

     1,413,891        1,414,033  
    

 

 

  

Total Short-Term Securities — 0.4%
(Cost: $1,413,823)

 

      1,414,033  
    

 

 

  

Total Investments — 162.2%
(Cost: $569,548,379)

 

      583,477,506  

Liabilities in Excess of Other Assets — (0.3)%

 

      (1,077,376 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.8)%

 

      (85,545,730 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (38.1)%

 

      (137,200,000 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

    $   359,654,400  
    

 

 

  

 

(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) 

Zero-coupon bond.

(d) 

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.

(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) 

When-issued security.

(g) 

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.

(h) 

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 1, 2030, is $11,874,471.

(i) 

Affiliate of the Trust.

(j) 

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, 2022 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

05/31/22

     

Shares

Held at

05/31/22

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 6,327,383      $ —      $  (4,910,628 )(a)     $ (2,762 )     $ 40      $ 1,414,033        1,413,891      $ 7,023      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

      106        09/21/22      $ 12,655      $ 89,059  

U.S. Long Bond

      156        09/21/22        21,738        221,037  

5-Year U.S. Treasury Note

      101        09/30/22        11,408        27,108  
           

 

 

  
            $ 337,204  
           

 

 

  

 

 

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, 2022

   

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.

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

   $ —      $ 437,485,474     $ —      $ 437,485,474  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        144,577,999       —        144,577,999  

Short-Term Securities

          

Money Market Funds

     1,414,033        —       —        1,414,033  
 

 

 

     

 

 

    

 

 

     

 

 

  
  $ 1,414,033      $  582,063,473      $ —      $  583,477,506   
 

 

 

     

 

 

    

 

 

     

 

 

  

Derivative Financial Instruments(a)

          

Assets

          

Interest Rate Contracts

   $ 337,204      $ —     $ —      $ 337,204  
 

 

 

     

 

 

    

 

 

     

 

 

  

 

  (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

   $              —      $ (85,452,869 )    $ —      $ (85,452,869 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

    

 

 

     

 

 

  
  $ —      $ (222,652,869 )    $ —      $ (222,652,869 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  

 

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)

FHLMC

   Federal Home Loan Mortgage Corp.

FNMA

   Federal National Mortgage Association

GNMA

   Government National Mortgage Association

GO

   General Obligation Bonds

GTD

   GTD Guaranteed

M/F

   Multi-Family

NPFGC

   National Public Finance Guarantee Corp.
 

 

 

7  

Schedule of Investments  (unaudited) (continued)

May 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

 

Portfolio Abbreviation (continued)

 

PSF

   Permanent School Fund

RB

   Revenue Bond

S/F

   Single-Family

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