Schedule of Investments  (unaudited) 

October 31, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  

Municipal Bonds

     

Alabama — 5.7%

     

Black Belt Energy Gas District, RB(a)
4.00%, 10/01/52

   $ 3,830      $ 3,690,452  

Series A, 5.25%, 01/01/54

     3,875        3,868,471  

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

    1,165        1,187,986  

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a)

    6,980        7,218,245  

Southeast Energy Authority A Cooperative District, RB, Series B, 5.00%, 01/01/54(a)

    755        749,187  
    

 

 

  
           16,714,341  
Arizona — 1.1%             

Arizona Industrial Development Authority, RB(d)

     

4.38%, 07/01/39

     725        569,273  

Series A, 5.00%, 07/01/49

     690        555,903  

Series A, 5.00%, 07/01/54

     530        416,053  

City of Phoenix Civic Improvement Corp., RB, 5.25%, 07/01/47(e)

    835        866,594  

Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/49(d)

    685        556,559  

Maricopa County Industrial Development Authority, Refunding RB, 5.00%, 07/01/54(d)

    360        292,410  
    

 

 

  
           3,256,792  
California — 12.0%             

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

    155        93,211  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(d)

    475        419,499  

California Health Facilities Financing Authority, Refunding RB, Series B, 5.00%, 11/15/46

     3,715        3,649,593  

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

    10,100        10,725,267  

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

     

5.00%, 09/01/37

     120        109,877  

4.00%, 10/01/56

     195        146,832  

4.00%, 12/01/56

     230        145,151  

Series A, 4.00%, 06/01/58

     955        651,489  

Senior Lien, 3.13%, 06/01/57

     690        394,777  

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

     955        645,852  

Los Angeles County Facilities, Inc., RB, Series A, 4.00%, 12/01/48

     2,370        2,015,783  

Mount San Antonio Community College District, Refunding GO, CAB, CAB, Series A, Convertible, Election 2013, 6.25%, 08/01/28(c)

    1,580        1,366,359  

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

     4,100        3,482,267  

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

     2,730        2,238,740  

San Diego Unified School District, GO, Series C, Election 2008, 0.00%, 07/01/38(f)

    2,000        995,563  

San Diego Unified School District, GO, CAB, Series G, Election 2008, 0.00%, 01/01/24(b)(f)

    3,425        1,772,430  
Security   Par
(000)		     Value  
California (continued)            

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

  $ 1,400     $ 1,014,900  

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

    10,000       5,098,779  
   

 

 

  
        34,966,369  
Colorado — 0.3%            

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

    1,055       790,017  
   

 

 

  
Connecticut — 0.3%            

Connecticut State Health & Educational Facilities Authority, RB, 4.25%, 07/15/53

     1,170       938,224  
   

 

 

  
Delaware — 0.8%            

County of Kent Delaware, RB
5.00%, 07/01/53

     1,810       1,552,131  

Series A, 5.00%, 07/01/40

     770       718,634  
   

 

 

  
      2,270,765  
District of Columbia — 3.7%            

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

     9,225       9,489,258  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.00%, 07/15/48

     1,210       1,220,116  
   

 

 

  
          10,709,374  
Florida — 5.5%            

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

     1,795       1,800,041  

Capital Trust Agency, Inc., RB(d)

   

Series A, 5.00%, 06/01/45

     615       482,975  

Series A, 5.50%, 06/01/57

     220       174,714  

County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 4.00%, 10/01/49

     2,665       2,260,204  

County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48

     3,090       3,076,473  

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

    420       362,021  

Series A, 5.00%, 06/15/56

     580       506,000  

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

    340       277,553  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     265       257,943  

Orange County Housing Finance Authority, RB, S/F Housing, 5.00%, 10/01/53

     4,000       3,758,611  

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

     300       238,815  

4.00%, 11/01/50

     500       347,282  

Tampa-Hillsborough County Expressway Authority, RB, 5.00%, 07/01/47

     1,895       1,854,747  

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(d)

    280       247,125  

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

     260       221,489  

4.13%, 05/01/38

     260       219,599  
   

 

 

  
      16,085,592  
Georgia — 2.5%            

City of Atlanta Georgia Department of Aviation, ARB, Series B-1, 5.00%, 07/01/53

     915       926,088  
 

 

 

1

  

Schedule of Investments  (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Georgia (continued)            

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

  $ 245     $ 193,184  

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

    545       556,212  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     595       566,930  

Series A, 5.00%, 05/15/43

     775       738,241  

Series A, 5.00%, 06/01/53(a)

    4,355       4,281,718  
   

 

 

  
      7,262,373  
Idaho — 0.5%            

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

     1,510       1,485,957  
   

 

 

  
Illinois — 12.8%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,620       1,578,171  

Series A, 5.00%, 12/01/40

     1,540       1,401,985  

Series A, 5.00%, 12/01/47

     450       394,821  

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

     3,300       3,278,291  

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

     3,500       3,424,008  

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/58

     4,565       4,566,591  

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

     7,700       7,175,188  

5.50%, 12/01/38

     1,000       975,791  

Illinois Finance Authority, RB, Series A, 5.00%, 02/15/50

     310       256,757  

Illinois Finance Authority, Refunding RB

    

Series C, 4.13%, 08/15/37

     3,130       2,683,260  

Series C, 5.00%, 08/15/44

     390       352,952  

Illinois Housing Development Authority, Refunding RB, S/F Housing, Series H, (FHLMC, FNMA, GNMA), 4.65%, 10/01/43

     1,905       1,724,446  

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

     7,020       7,031,757  

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

     670       612,077  

State of Illinois, GO, 5.50%, 05/01/39

     1,840       1,882,638  
   

 

 

  
        37,338,733  
Indiana — 0.1%            

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

     525       418,359  
   

 

 

  
Louisiana — 0.5%            

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48

     1,575       1,552,280  
   

 

 

  
Massachusetts — 1.3%            

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

     1,970       1,652,189  

Series A, 5.00%, 01/01/47

     2,370       2,142,294  
   

 

 

  
      3,794,483  
Michigan — 1.4%            

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

     2,235       2,192,633  

 

Security   Par
(000)		      Value  
Michigan (continued)             

Michigan State Building Authority, Refunding RB, Series II, 4.00%, 10/15/47

   $ 335      $ 284,211  

State of Michigan Trunk Line Revenue, RB, BAB, 5.50%, 11/15/49

     1,145        1,201,502  

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

    430        430,078  
    

 

 

  
       4,108,424  
Nebraska — 0.3%             

Omaha Public Power District, RB, Series A, 5.25%, 02/01/48(e)

     950        984,128  
    

 

 

  
Nevada — 0.8%             

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

     445        356,163  

4.13%, 06/01/50

     1,135        838,487  

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

     760        695,513  

5.00%, 07/01/45

     530        464,689  
    

 

 

  
       2,354,852  
New Hampshire — 0.1%             

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

    300        199,503  
    

 

 

  
New Jersey — 7.3%             

Camden County Improvement Authority, RB, 6.00%, 06/15/62

     500        511,322  

New Jersey Economic Development Authority, RB(b)

    

Series DDD, 5.00%, 06/15/27

     375        392,225  

Series WW, 5.00%, 06/15/25

     1,620        1,649,829  

Series WW, 5.25%, 06/15/25

     550        562,311  

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

     930        872,006  

New Jersey Transportation Trust Fund Authority, RB

     

Series BB, 4.00%, 06/15/50

     3,000        2,451,329  

Series D, 5.00%, 06/15/32

     900        909,151  

Series S, 5.25%, 06/15/43

     2,150        2,171,310  

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

     

Series A, 0.00%, 12/15/35

     4,050        2,225,047  

Series A, 0.00%, 12/15/38

     5,845        2,652,545  

New Jersey Transportation Trust Fund Authority, Refunding RB

     

Series A, 5.00%, 12/15/36

     340        344,606  

Series A, 4.00%, 06/15/40

     1,690        1,504,231  

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

     720        688,652  

Tobacco Settlement Financing Corp., Refunding RB

     

Series A, 5.00%, 06/01/46

     820        772,887  

Series A, 5.25%, 06/01/46

     905        889,660  

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

     2,920        2,711,558  
    

 

 

  
         21,308,669  
New Mexico — 0.1%             

City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44

     175        137,356  
    

 

 

  
New York — 6.5%             

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

     100        102,405  
 

 

 

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, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)            

Metropolitan Transportation Authority, Refunding RB

    

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

   $   1,135     $ 1,115,978  

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

     1,690       1,581,873  

New York City Municipal Water Finance Authority, Refunding RB, Series DD, 4.13%, 06/15/46

     5,670       4,971,437  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series A-1, Subordinate, 4.00%, 08/01/48

     1,320       1,116,354  

New York City Transitional Finance Authority, RB, Subordinate, 5.00%, 05/01/46

     1,520       1,539,783  

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

    1,040       928,054  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

    

Series A, 5.25%, 05/15/52

     1,000       1,020,345  

Series A, 4.13%, 05/15/53

     1,000       844,891  

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

     4,340       4,505,991  

Triborough Bridge & Tunnel Authority, Refunding RB

    

Series A-1, 5.00%, 05/15/51

     230       227,538  

Series C, 5.25%, 11/15/40

     1,025       1,079,595  
   

 

 

  
        19,034,244  
Ohio — 4.1%            

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

     5,905       4,828,528  

County of Hamilton Ohio, RB, Series A, 5.00%, 08/15/42

     2,650       2,566,610  

Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/43

     5,175       4,520,945  
   

 

 

  
      11,916,083  
Oklahoma — 0.7%            

Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53

     1,960       2,056,425  
   

 

 

  
Oregon — 0.2%            

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

    1,115       495,366  
   

 

 

  
Pennsylvania — 5.3%            

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

     205       134,867  

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

     3,230       2,895,955  

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

     1,145       902,970  

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

     5,000       4,031,206  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 142-A, 5.00%, 10/01/43

     1,895       1,876,010  

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

     2,415       2,022,246  

Pennsylvania Turnpike Commission, RB

    

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

    630       630,473  

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

     1,605       1,327,458  

 

Security   Par
(000)		      Value  
Pennsylvania (continued)             

Pennsylvania Turnpike Commission, Refunding RB

     

Series A, 5.00%, 12/01/38

   $ 695      $ 702,007  

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

     850        836,645  
    

 

 

  
       15,359,837  
Puerto Rico — 5.0%             

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

     

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

     6,639        5,600,378  

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

     5,423        4,699,753  

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

     349        292,204  

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

     1,688        1,457,609  

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

     536        453,065  

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

     520        434,785  

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

    6,226        1,538,995  
    

 

 

  
       14,476,789  
South Carolina — 4.2%             

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

    5,685        5,664,054  

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

     1,095        824,124  

7.50%, 08/15/62

     505        418,962  

South Carolina Jobs-Economic Development Authority, Refunding RB, 4.00%, 12/01/44

     1,645        1,371,846  

South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53

     1,610        1,574,150  

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

     2,360        2,359,831  
    

 

 

  
         12,212,967  
South Dakota — 0.6%             

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

    1,760        1,777,711  
    

 

 

  
Tennessee — 1.3%             

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

     35        34,697  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

    1,575        1,580,092  

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

     2,500        2,155,937  
    

 

 

  
       3,770,726  
Texas — 22.3%             

Arlington Higher Education Finance Corp., RB(d)
7.50%, 04/01/62

     530        463,706  

7.88%, 11/01/62

     450        423,665  

City of Austin Texas Airport System Revenue, ARB, Series A, RB, 5.00%, 11/15/41

     1,990        1,997,353  

City of Dallas Texas Waterworks & Sewer System Revenue, Refunding RB, Series A, 5.00%, 10/01/41

     760        763,828  

City of Houston Texas, GO, 5.25%, 03/01/43

     810        841,884  

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

     5,200        4,130,941  
 

 

 

3

  

Schedule of Investments  (unaudited) (continued)

October 31, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

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

  $   10,030     $ 7,601,097  

County of Harris Texas, Refunding GO

    

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

    7,485       6,978,602  

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

    10,915       9,010,878  

Series A, 4.25%, 09/15/48

     340       293,877  

Crowley Independent School District, GO

    

(PSF), 5.00%, 02/01/48

     315       319,940  

(PSF), 4.25%, 02/01/53

     310       274,511  

Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48

     755       646,702  

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

     570       579,376  

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

    2,365       2,460,008  

Harris County-Houston Sports Authority, RB(f)

   

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

     5,785       2,276,337  

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

     6,160       2,264,666  

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

   

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

    5,965       2,508,229  

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

     10,925       4,231,944  

Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48

     40       40,685  

Leander Independent School District, Refunding GO, Series A, (PSF), 5.00%, 08/15/49

     2,010       2,018,658  

Marshall Independent School District, GO, (PSF), 4.00%, 02/15/45

     380       337,914  

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

    2,340       1,293,728  

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

    580       454,486  

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

     4,000       3,476,789  

North Texas Tollway Authority, RB(b)

   

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

    1,975       916,250  

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

    2,500       3,020,450  

North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/43

     3,795       3,800,441  

Northwest Independent School District, GO, (PSF), 5.00%, 02/15/48

     730       739,342  

Princeton Independent School District, GO, (PSF), 5.25%, 02/15/48

     535       552,811  

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

     330       256,201  
   

 

 

  
        64,975,299  
Utah(d) — 0.2%            

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

     235       187,635  

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

     450       354,441  
   

 

 

  
      542,076  
Virginia — 5.5%            

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

     4,000       3,290,183  

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

     5,750       5,202,684  

 

Security  

Par

(000)

      Value  
Virginia (continued)             

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

   $ 1,225      $ 1,055,154  

Virginia Beach Development Authority, Refunding RB
5.00%, 09/01/40

     1,230        1,043,212  

4.00%, 09/01/48

     885        593,798  

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

     5,000        4,492,045  

Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.15%, 11/01/52

     505        480,586  
    

 

 

  
       16,157,662  
Washington — 0.4%             

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

    1,400        1,134,264  
    

 

 

  
West Virginia — 0.8%             

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

     3,050        2,445,662  
    

 

 

  
Wisconsin — 2.1%             

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

    270        206,108  

Class A, 5.00%, 06/15/51(d)

    305        212,661  

Class A, 6.00%, 06/15/52

     175        142,642  

Class A, 5.00%, 06/15/56(d)

    400        271,122  

Class A, 6.13%, 06/15/57

     200        162,686  

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

    120        105,442  

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

    1,260        1,016,422  

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

    455        377,242  

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

    395        288,064  

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

    675        566,056  

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

    375        297,243  

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

     1,895        1,924,363  

Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43

     430        412,277  
    

 

 

  
       5,982,328  
    

 

 

  

Total Municipal Bonds — 116.3%
(Cost: $356,460,642)

          339,014,030  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

California — 3.0%             

San Francisco City & County Public Utilities Commission Power Revenue, Refunding RB, Series B, 4.00%, 11/01/51

     10,000        8,639,011  
    

 

 

  
Florida — 2.5%             

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53

     7,045        7,421,243  
    

 

 

  
Indiana — 2.9%             

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

     10,685        8,514,607  
    

 

 

  
Massachusetts — 3.5%             

Commonwealth of Massachusetts, GO, Series D, 5.00%, 10/01/51

     10,000        10,150,409  
    

 

 

  
 

 

 

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, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nebraska — 1.8%            

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

  $ 5,220     $ 5,146,656  
   

 

 

  
Nevada — 3.3%            

Las Vegas Valley Water District, GO, Series A, 5.00%, 06/01/49

     9,500       9,637,657  
   

 

 

  
New York — 16.6%            

New York City Municipal Water Finance Authority, RB, Series DD, 5.00%, 06/15/47

     9,705       9,786,870  

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

     7,350       7,101,099  

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

     8,955       7,490,979  

New York State Urban Development Corp., RB

    

Series A, 5.00%, 03/15/50

     8,000       8,000,522  

Series A-1, 5.00%, 03/15/43

     5,720       5,724,495  

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

    10,000       10,240,666  
   

 

 

  
      48,344,631  
Washington — 3.5%            

State of Washington, GO, Series 2024-A, 5.00%, 08/01/48

     10,000       10,142,177  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 37.1%
(Cost: $113,407,280)

       107,996,391  
   

 

 

  

Total Long-Term Investments — 153.4% (Cost: $469,867,922)

       447,010,421  
   

 

 

  
     Shares         
Short-Term Securities            
Money Market Funds — 16.4%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(i)(j)

    47,618,410       47,618,410  
   

 

 

  

Total Short-Term Securities — 16.4%
(Cost: $47,618,211)

       47,618,410  
   

 

 

  

Total Investments — 169.8%
(Cost: $517,486,133)

       494,628,831  

Liabilities in Excess of Other Assets — (0.4)%

 

     (1,207,746 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.3)%

 

     (64,864,038 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (47.1)%

 

     (137,200,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 291,357,047  
   

 

 

  
    

    

    

(a) 

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.

(b) 

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

(c) 

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

(d) 

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.

(e) 

When-issued security.

(f) 

Zero-coupon bond.

(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, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/23		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/23		      Shares
Held at
10/31/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $  7,645,975      $  39,972,347 (a)     $ —      $ (14 )     $ 102      $  47,618,410        47,618,410      $  149,077      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

      78          12/19/23        $ 8,270        $ 19,685  

U.S. Long Bond

      101          12/19/23          11,003          52,861  

5-Year U.S. Treasury Note

      68          12/29/23          7,102          (1,505 ) 
                 

 

 

  
                  $ 71,041  
                 

 

 

  

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

    $ —        $ 339,014,030        $ —        $ 339,014,030  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          107,996,391          —          107,996,391  

Short-Term Securities
Money Market Funds

      47,618,410          —          —          47,618,410  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     47,618,410        $     447,010,421        $                 —        $     494,628,831  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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, 2023

   

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

    $ 72,546        $ —        $ —        $ 72,546  

Liabilities

                  

Interest Rate Contracts

      (1,505 )         —          —          (1,505 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     71,041        $                 —        $                 —        $     71,041  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —      $ (64,559,983 )     $ —      $ (64,559,983 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $                 —      $   (201,759,983)      $                 —      $   (201,759,983 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio Abbreviation

 

AGM

   Assured Guaranty Municipal Corp.

AMBAC

   AMBAC Assurance Corp.

ARB

   Airport Revenue Bonds

BAB

   Build America Bond

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

SAN

   State Aid Notes

 

7

  
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