NPORT-EX 2 NPORT_D1Z4_21406844_1022.htm BlackRock Municipal Income Quality Trust

Schedule of Investments (unaudited)

October 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     $     1,216,686  
   

 

 

  

Arizona(b) — 1.1%

    

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

     725       625,619  

Series A, 5.00%, 07/01/39

     610       560,861  

Series A, 5.00%, 07/01/49

     690       594,384  

Series A, 5.00%, 07/01/54

     530       445,482  

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

     595       475,201  

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

     255       233,224  

5.00%, 07/01/54

     590       500,034  
   

 

 

  
      3,434,805  

California — 15.8%

    

California Community Housing Agency, RB, M/F Housing(b)
3.00%, 08/01/56

     155       90,882  

Series A, 5.00%, 04/01/49

     265       216,293  

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

     1,715       1,173,736  

California Health Facilities Financing Authority, Refunding RB

    

Series A, 3.00%, 10/01/47

     2,795       1,917,851  

Sub-Series A-2, 5.00%, 11/01/47

     1,465       1,489,405  

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

    10,100       10,908,990  

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

     1,415       1,445,787  

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

     3,175       2,530,494  

CMFA Special Finance Agency XII, RB, M/F Housing,

    

Series A, 3.25%, 02/01/57(b)

    150       92,613  

CSCDA Community Improvement Authority, RB, M/F Housing(b)
5.00%, 09/01/37

     130       113,698  

4.00%, 10/01/56

     195       142,730  

4.00%, 12/01/56

     230       147,127  

Series A, 4.00%, 06/01/58

     1,170       855,083  

Senior Lien, 3.13%, 06/01/57

     690       417,133  

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

     1,055       716,436  

Golden State Tobacco Securitization Corp., Refunding RB,
Series B-2, Subordinate, 0.00%, 06/01/66(c)

    735       60,543  

Los Angeles Unified School District, GO, Election of 2008, 5.25%, 07/01/42

     3,430       3,598,159  

Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertiable, Election 2008,
6.25%, 08/01/28(d)

    1,580       1,343,654  

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

     4,100       3,401,565  

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

     3,700       3,383,051  

San Diego County Regional Airport Authority, RB, Series A, Subordinate, 4.00%, 07/01/51

     2,730       2,218,043  

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

   

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

     1,745       801,656  

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

     2,115       913,589  
Security   Par
(000)		     Value  

California (continued)

    

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

    

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

   $     2,715     $     1,107,286  

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

     2,000       965,664  

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

    3,425       1,719,698  

San Diego Unified School District, Refunding GO, CAB,

    

Series R-1, 0.00%, 07/01/31(c)

    1,400       985,323  

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

    10,000       5,370,650  
   

 

 

  
      48,127,139  

Colorado — 1.9%

    

City & County of Denver Colorado Airport System Revenue, Refunding ARB,
Series B, 5.25%, 11/15/53

     5,000       5,099,205  

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

    1,055       811,572  
   

 

 

  
      5,910,777  

Connecticut — 0.5%

    

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

     1,560       1,495,316  
   

 

 

  

Delaware — 0.8%

    

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/40

     770       682,802  

Series A, 5.00%, 07/01/48

     2,110       1,751,853  
   

 

 

  
      2,434,655  

District of Columbia — 3.6%

    

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

     9,500       9,765,895  

Washington Metropolitan Area Transit Authority RB,
Series B, 5.00%, 07/01/37

     1,140       1,173,366  
   

 

 

  
      10,939,261  

Florida — 6.4%

    

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

     1,795       1,837,434  

Capital Trust Agency, Inc., RB(b)

   

Series A, 5.00%, 06/01/45

     615       494,553  

Series A, 5.50%, 06/01/57

     220       179,274  

County of Miami-Dade Seaport Department, ARB,

    

Series A, 6.00%, 10/01/23(a)

    2,770       2,838,416  

Florida Development Finance Corp., RB
6.50%, 06/30/57(b)

    420       384,170  

Series A, 5.00%, 06/15/56

     580       507,811  

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

    340       302,508  

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

     425       263,265  

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

     3,910       3,929,073  

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

     685       669,320  

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

     4,000       3,104,476  

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

     630       656,691  

5.00%, 08/01/47

     1,845       1,915,468  

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

     300       256,435  
 

 

 

1    

Schedule of Investments (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Florida (continued)

    

Preserve at South Branch Community Development District, SAB (continued)
4.00%, 11/01/50

   $ 500     $ 391,738  

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

        1,340       1,355,895  

Westside Haines City Community Development District, Refunding SAB (b) 4.10%, 05/01/37

     260       219,969  

4.13%, 05/01/38

     260       218,460  
   

 

 

  
      19,524,956  

Georgia — 2.6%

    

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    245       204,447  

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

    545       570,920  

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

    

Series A, 3.95%, 12/01/43

     275       275,610  

Series A, 4.00%, 12/01/48

     410       410,920  

Main Street Natural Gas Inc., RB

    

Series A, 5.00%, 05/15/38

     595       565,433  

Series A, 5.00%, 05/15/43

     775       717,293  

Series A, 4.00%, 09/01/52(e)

    3,065       2,807,586  

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

    2,385       2,228,492  
   

 

 

  
      7,780,701  

Idaho — 0.5%

    

Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/57

     1,510       1,455,220  
   

 

 

  

Illinois — 12.6%

    

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,620       1,540,192  

Series A, 5.00%, 12/01/40

     1,540       1,398,032  

Series A, 5.00%, 12/01/47

     1,055       909,361  

Chicago O’Hare International Airport, ARB, Series D,

    

Senior Lien, 5.25%, 01/01/42

     3,300       3,358,717  

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

     3,500       3,541,710  

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

     7,700       7,715,985  

5.50%, 12/01/38

     1,000       1,009,135  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     565       470,553  

Series A, 5.00%, 02/15/50

     310       253,728  

Illinois Finance Authority, Refunding RB

    

Series B, 4.00%, 08/15/41

     900       757,940  

Series C, 4.13%, 08/15/37

     3,130       2,735,138  

Series C, 5.00%, 08/15/44

     390       371,966  

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

     3,000       2,425,935  

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

     7,020       7,150,411  

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

     670       604,794  

State of Illinois, GO 5.50%, 07/01/33

     880       882,441  

5.50%, 07/01/38

     1,475       1,476,338  

5.50%, 05/01/39

     1,840       1,849,516  
   

 

 

  
      38,451,892  
Security   Par
(000)		     Value  

Indiana — 0.1%

    

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

   $ 525     $ 420,022  
   

 

 

  

Iowa — 1.1%

    

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

        3,000       3,045,807  

Iowa Tobacco Settlement Authority, Refunding RB,

    

Series B2, Subordinate, 0.00%, 06/01/65(c)

    3,760       346,100  
   

 

 

  
      3,391,907  

Maryland — 0.5%

    

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

     1,810       1,536,866  
   

 

 

  

Massachusetts — 3.4%

    

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

     4,500       4,238,600  

Massachusetts Development Finance Agency, RB 5.00%, 10/01/48

     1,970       1,607,577  

Series A, 5.00%, 01/01/47

     2,370       2,225,551  

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

     190       183,527  

5.00%, 09/01/43

     1,750       1,681,421  

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

     490       384,363  
   

 

 

  
      10,321,039  

Michigan — 3.2%

    

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

     3,640       3,564,157  

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

     2,235       2,196,565  

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

     3,965       3,552,347  

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

    430       437,647  
   

 

 

  
      9,750,716  

Minnesota — 0.4%

    

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

     1,315       1,274,419  
   

 

 

  

Nevada — 0.8%

    

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

     450       345,414  

4.13%, 06/01/50

     1,150       806,384  

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

     360       340,792  

5.00%, 07/01/45

     930       851,374  
   

 

 

  
      2,343,964  

New Hampshire — 0.1%

    

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

    450       349,250  
   

 

 

  

New Jersey — 8.4%

    

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/42

     375       361,950  

Series WW, 5.25%, 06/15/33

     170       172,336  

Series WW, 5.00%, 06/15/34

     225       225,949  

Series WW, 5.00%, 06/15/36

     1,395       1,394,026  

Series WW, 5.25%, 06/15/40

     380       380,643  

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

     930       866,945  
 

 

 

  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)

October 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

New Jersey (continued)

    

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

   $ 3,525     $ 2,300,084  

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

     1,605       1,587,764  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.25%, 06/15/33

     1,660       1,667,613  

Series BB, 4.00%, 06/15/50

     3,000       2,373,543  

Series D, 5.00%, 06/15/32

     900       905,981  

Series S, 5.25%, 06/15/43

     2,150       2,139,269  

New Jersey Transportation Trust Fund Authority, RB, CAB(c)

   

Series A, 0.00%, 12/15/35

     4,050       2,004,191  

Series A, 0.00%, 12/15/38

     5,845       2,411,863  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 12/15/36

     340       337,416  

Series A, 4.00%, 06/15/40

     1,690       1,441,164  

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

     720       689,413  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,750       1,751,150  

Series A, 5.25%, 06/01/46

     1,725       1,654,366  

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

     1,130       1,035,242  
   

 

 

  
          25,700,908  
New Mexico — 0.1%            

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

     220       175,072  
   

 

 

  
New York — 9.6%            

City of New York, GO, Series B, 5.25%, 10/01/47

     100       104,581  

Metropolitan Transportation Authority, Refunding RB

    

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

     1,135       1,065,844  

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

     1,690       1,524,049  

New York City Municipal Water Finance Authority, RB, Series CC-1, Subordinate, 4.00%, 06/15/51

     6,000       5,054,064  

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

    

Series A-1, Subordinate, 4.00%, 08/01/48

     1,320       1,110,402  

Series C-1, Subordinate, 4.00%, 02/01/42

     1,000       893,720  

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

    6,645       5,586,751  

New York Liberty Development Corp., Refunding RB,

    

Series 1, 5.00%, 11/15/44(b)

    1,240       1,085,234  

New York State Thruway Authority, Refunding RB, Series A-1, 4.00%, 03/15/54

     4,115       3,404,195  

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

     2,555       2,606,524  

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

     2,810       2,262,424  

Triborough Bridge & Tunnel Authority RB, Series D-2, Senior Lien, 5.50%, 05/15/52

         4,340       4,621,284  
   

 

 

  
      29,319,072  
North Dakota — 0.1%            

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

     500       390,447  
   

 

 

  
Ohio — 4.1%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

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

     4,495       2,919,610  
Security   Par
(000)		     Value  

Ohio (continued)

    

Buckeye Tobacco Settlement Financing Authority, Refunding RB (continued)

    

Series A-2, Class 1, 4.00%, 06/01/48

   $     4,625     $ 3,682,915  

Series B-2, Class 2, 5.00%, 06/01/55

     4,420       3,710,312  

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

     2,645       2,273,867  
   

 

 

  
      12,586,704  
Oregon — 0.7%            

Clackamas County School District No.12 North

    

Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)

    1,115       525,820  

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

     650       522,850  

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

     945       987,963  
   

 

 

  
      2,036,633  
Pennsylvania — 6.5%            

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

     105       73,830  

4.00%, 07/01/51

     100       65,546  

Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39

     3,230       2,938,392  

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

     1,145       926,536  

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

     800       641,862  

Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49

     5,000       4,203,035  

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

     4,245       4,172,975  

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

     2,415       2,072,749  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/38

     695       699,035  

Series B, 5.00%, 12/01/40

     1,060       1,063,747  

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

    630       645,014  

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

     1,605       1,296,882  

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

     850       850,724  
   

 

 

  
          19,650,327  
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       4,276,392  

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

     6,950       5,945,871  

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

     349       289,409  

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

     1,688       1,432,319  

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

     536       446,147  

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

     520       428,949  

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

    6,226       1,351,179  
   

 

 

  
      14,170,266  
Rhode Island — 1.5%            

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

     5,085       4,695,840  
 

 

 

3    

Schedule of Investments (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

South Carolina — 5.9%

    

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

   $ 1,095     $ 856,949  

7.50%, 08/15/62

     505       455,720  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     6,960       6,974,094  

Series E, 5.50%, 12/01/53

     1,610       1,610,359  

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

     2,360       2,360,597  

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

     2,845       2,797,579  

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

         3,500       2,895,004  
   

 

 

  
          17,950,302  
South Dakota — 0.6%            

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

    1,760       1,805,896  
   

 

 

  
Tennessee — 0.7%            

Metropolitan Government Nashville & Davidson County

    

Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40

     35       34,214  

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

     2,500       2,109,158  
   

 

 

  
      2,143,372  
Texas — 19.2%            

City of Lubbock Texas Electric Light & Power System Revenue, Refunding RB, 4.00%, 04/15/51

     5,200       4,388,883  

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

    10,030       7,409,061  

County of Harris Texas, Refunding GO(c)

   

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

     7,485       6,800,684  

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

     10,915       8,784,185  

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

     1,090       1,103,186  

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

    2,365       2,364,792  

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

     3,900       2,506,885  

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

   

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

    5,965       2,434,287  

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

     10,925       4,258,598  

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

     5,785       2,289,414  

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

     6,160       2,283,007  

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

     3,000       2,542,002  

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

    3,775       1,824,019  

Midland County Fresh Water Supply District No.1, RB, CAB, Series A,
0.00%, 09/15/27(a)(c)

    2,340       1,255,080  

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

    580       495,900  

New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 4.00%, 08/15/40

     4,000       3,546,044  

North Texas Tollway Authority, RB(a) Series B, 0.00%, 09/01/31(c)

    1,975       893,703  
Security   Par
(000)		     Value  

Texas (continued)

    

North Texas Tollway Authority, RB(a) (continued)

    

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

   $ 2,500     $ 3,120,252  

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

     330       274,949  
   

 

 

  
      58,574,931  
Utah(b) — 0.2%            

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

     235       199,270  

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

     450       361,194  
   

 

 

  
      560,464  
Virginia — 6.0%            

Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/52

     5,215       4,486,360  

Henrico County Economic Development Authority, Refunding RB, Class A, 5.00%, 10/01/47

         5,750       5,607,187  

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

     1,225       1,064,953  

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

     1,375       1,189,137  

4.00%, 09/01/48

     885       629,930  

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

     5,000       4,566,010  

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

     895       708,712  
   

 

 

  
          18,252,289  
Washington — 4.4%            

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

     3,205       3,327,303  

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

     8,690       4,824,896  

Washington State Convention Center Public Facilities District, RB, 5.00%, 10/01/38

     3,885       3,938,504  

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

    1,400       1,329,565  
   

 

 

  
      13,420,268  
West Virginia — 0.8%            

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

     3,050       2,357,064  
   

 

 

  
Wisconsin — 2.0%            

Public Finance Authority, RB
5.00%, 10/15/51(b)

    270       221,340  

Class A, 5.00%, 06/15/51(b)

    305       232,860  

Class A, 6.00%, 06/15/52

     175       154,145  

Class A, 5.00%, 06/15/56(b)

    400       297,588  

Class A, 6.13%, 06/15/57

     200       176,303  

Series A, 5.00%, 07/15/39(b)

    120       103,182  

Series A, 5.00%, 10/15/40(b)

    1,260       1,092,950  

Series A, 5.00%, 07/15/49(b)

    455       361,063  

Series A, 5.00%, 07/15/54(b)

    215       165,836  

Series A, 5.00%, 07/01/55(b)

    395       315,886  

Series A-1, 4.50%, 01/01/35(b)

    685       602,377  
 

 

 

  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)

October 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      $ 319,392  

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

     1,895        1,930,960  
    

 

 

  
       5,973,882  
    

 

 

  

Total Municipal Bonds — 131.3%
(Cost: $428,831,449)

        399,923,328  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

Florida — 1.1%             

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

     3,500        3,513,721  
    

 

 

  
Illinois — 2.3%             

Illinois State Toll Highway Authority, RB

     

Series A, 5.00%, 01/01/40

     3,045        3,102,072  

Series B, 5.00%, 01/01/40

     1,170        1,186,490  

Series C, 5.00%, 01/01/38

     2,658        2,685,070  
    

 

 

  
       6,973,632  
Indiana — 2.8%             

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

     10,685        8,548,451  
    

 

 

  
Kansas — 1.9%             

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

     5,363        5,783,136  
    

 

 

  
Maryland — 1.0%             

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

     3,139        3,172,291  
    

 

 

  
Massachusetts — 1.0%             

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

     4,500        3,000,000  
    

 

 

  
Michigan — 1.0%             

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

     2,220        2,174,192  

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

     960        970,456  
    

 

 

  
       3,144,648  
Nebraska — 1.7%             

Central Plains Energy Project, RB,
Series 1, 5.00%, 05/01/53(e)

    5,220        5,113,487  
    

 

 

  
New York — 14.1%             

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

     3,850        3,752,131  

New York City Municipal Water Finance Authority, RB, Series CC-1, Subordinate, 4.00%, 06/15/51

     6,000        3,000,000  

New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35

     1,845        1,888,751  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series B-1, Subordinate, 4.00%, 08/01/36

     7,350        7,068,539  

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

    6,645        3,319,999  

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

     8,955        7,651,243  

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

     5,720        5,755,866  

Port Authority of New York & New Jersey, Refunding ARB, Series 230, 5.25%, 12/01/52(h)

    10,000        10,403,699  
    

 

 

  
       42,840,228  
Security   Par
(000)		     Value  
Pennsylvania — 1.7%            

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

   $ 4,997     $ 5,084,532  
   

 

 

  
Virginia — 2.2%            

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

     4,000       3,350,170  

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

     4,307       3,516,212  
   

 

 

  
      6,866,382  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.8%
(Cost: $100,217,121)

 

     94,040,508  
   

 

 

  

Total Long-Term Investments — 162.1%
(Cost: $529,048,570)

 

     493,963,836  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 1.1%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%(i)(j)

    3,241,278       3,240,954  
   

 

 

  

Total Short-Term Securities — 1.1%
(Cost: $3,240,954)

       3,240,954  
   

 

 

  

Total Investments — 163.2%
(Cost: $532,289,524)

 

     497,204,790  

Other Assets Less Liabilities — 2.5%

 

     7,718,903  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.7)%

 

     (63,094,969 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.0)%

 

     (137,200,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 304,628,724  
   

 

 

  

 

(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 agreement, which expires on June 1, 2030, is $6,934,789.

(i)

Affiliate of the Trust.

(j)

Annualized 7-day yield as of period end.

 

 

 

5    

Schedule of Investments (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 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
07/31/22		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/22		      Shares
Held at
10/31/22		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $  —      $  3,242,905(a )     $  —      $  (1,951 )     $  —      $  3,240,954        3,241,278      $  34,886      $  —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

      141        12/20/22      $  15,607      $ 588,861  

U.S. Long Bond

      234        12/20/22        28,285        2,430,335  

5-Year U.S. Treasury Note

      139        12/30/22        14,823        383,021  
           

 

 

  
            $  3,402,217  
           

 

 

  

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 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 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

    $ —      $  399,923,328      $  —      $  399,923,328  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —        94,040,508        —        94,040,508  

Short-Term Securities

            

Money Market Funds

      3,240,954        —        —        3,240,954  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $     3,240,954      $ 493,963,836      $ —      $ 497,204,790  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

 

  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)

October 31, 2022

   

BlackRock Municipal Income Quality Trust (BYM)

 

Fair Value Hierarchy as of Period End (continued)

 

 

  
                 Level 1      Level 2      Level 3      Total  

 

  

Derivative Financial Instruments(a)

           

Assets

            

Interest Rate Contracts

    $  3,402,217      $  —      $             —      $  3,402,217  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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

    $         —      $ (62,804,143 )     $ —      $ (62,804,143 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $                 —      $ (200,004,143 )     $             —      $ (200,004,143 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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
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.
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
TA    Tax Allocation

 

 

7