NPORT-EX 2 NPORT_D1Z4_95909741_0423.htm BlackRock Municipal Income Quality Trust

Schedule of Investments (unaudited) 

April 30, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

    

Alabama — 2.2%

    

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

  $ 1,165     $ 1,221,810  

Southeast Energy Authority A Cooperative District, RB, Series A, 5.25%, 01/01/54(b)

    5,685       6,049,329  
   

 

 

  
      7,271,139  
Arizona(c) — 0.8%            

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

     725       639,383  

Series A, 5.00%, 07/01/49

     690       621,253  

Series A, 5.00%, 07/01/54

     530       469,807  

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

     685       599,543  

Maricopa County Industrial Development Authority,

    

Refunding RB, 5.00%, 07/01/54

     360       316,065  
   

 

 

  
        2,646,051  
California — 15.2%            

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

     155       102,025  

Series A, 5.00%, 04/01/49

     265       231,872  

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

    475       471,028  

California Health Facilities Financing Authority,

    

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

     1,465       1,674,220  

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

    10,100       11,290,386  

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

     1,415       1,433,906  

California Statewide Communities Development

    

Authority, Refunding RB, 4.00%, 03/01/48

     3,175       2,822,823  

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

    150       103,747  

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

     130       125,189  

4.00%, 10/01/56

     195       158,112  

4.00%, 12/01/56

     230       165,066  

Series A, 4.00%, 06/01/58

       1,170       912,969  

Senior Lien, 3.13%, 06/01/57

     690       474,479  

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

     955       739,041  

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

     3,370       3,377,711  

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

     1,580       1,562,666  

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

     4,100       3,859,236  

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

     2,650       2,657,862  

San Diego County Regional Airport Authority, ARB,

    

Series A, Subordinate, 4.00%, 07/01/51

     2,730       2,703,418  

San Diego Unified School District, GO, Series C,

    

Election 2008, 0.00%, 07/01/38(d)

    2,000       1,135,624  

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

   

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

     1,745       965,139  

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

     2,115       1,108,383  

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

     2,715       1,362,772  
Security   Par
(000)		     Value  
California (continued)            

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

    

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

  $ 3,425     $ 1,749,080  

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

    1,400       1,117,000  

State of California, Refunding GO, 4.00%, 03/01/46

     2,695       2,736,018  

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

      10,000       6,001,960  
   

 

 

  
        51,041,732  
Colorado — 1.9%            

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

     5,000       5,541,140  

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

    1,055       922,584  
   

 

 

  
      6,463,724  
Delaware — 0.8%            

County of Kent Delaware, RB

    

Series A, 5.00%, 07/01/40

     770       745,121  

Series A, 5.00%, 07/01/48

     2,110       1,939,611  
   

 

 

  
      2,684,732  
District of Columbia — 3.3%            

District of Columbia Tobacco Settlement Financing

    

Corp., Refunding RB, 6.75%, 05/15/40

     9,500       9,766,741  

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

     1,140       1,210,373  
   

 

 

  
      10,977,114  
Florida — 7.8%            

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

     1,795       1,821,422  

Capital Trust Agency, Inc., RB(c)

   

Series A, 5.00%, 06/01/45

     615       533,282  

Series A, 5.50%, 06/01/57

     220       194,713  

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

     3,495       3,584,965  

County of Miami-Dade Seaport Department, ARB,

    

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

    2,770       2,800,952  

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

     3,090       3,239,992  

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

    420       415,400  

Series A, 5.00%, 06/15/56

     580       561,416  

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

    340       317,591  

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

     3,910       3,989,459  

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

     4,000       3,693,212  

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

     630       651,399  

5.00%, 08/01/47

     1,845       1,907,667  

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

     300       261,752  

4.00%, 11/01/50

     500       393,186  

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

    1,340       1,342,082  
 

 

 

1

  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Florida (continued)            

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

   $ 260     $ 234,846  

4.13%, 05/01/38

     260       233,328  
   

 

 

  
        26,176,664  
Georgia — 2.2%            

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

    245       219,610  

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

    545       569,175  

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

    

Series A, 3.95%, 12/01/43

     275       275,240  

Series A, 4.00%, 12/01/48

     410       409,134  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/38

     595       607,937  

Series A, 5.00%, 05/15/43

     775       776,190  

Series B, 5.00%, 12/01/52(b)

    4,355       4,561,832  
   

 

 

  
      7,419,118  
Idaho — 0.5%            

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

       1,510       1,612,087  
   

 

 

  
Illinois — 11.0%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,620       1,676,115  

Series A, 5.00%, 12/01/40

     1,540       1,551,984  

Series A, 5.00%, 12/01/47

     450       442,913  

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

     3,300       3,451,223  

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

     3,500       3,548,752  

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

     7,700       7,704,220  

5.50%, 12/01/38

     1,000       1,002,824  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/47

     565       547,369  

Series A, 5.00%, 02/15/50

     310       295,660  

Illinois Finance Authority, Refunding RB

    

Series B, 4.00%, 08/15/41

     900       837,019  

Series C, 4.13%, 08/15/37

     3,130       3,055,900  

Series C, 5.00%, 08/15/44

     390       392,937  

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

     3,000       2,752,530  

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

     7,020       7,226,170  

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

     670       672,050  

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

     1,840       2,014,388  
   

 

 

  
      37,172,054  
Indiana — 0.1%            

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

     525       487,961  
   

 

 

  
Iowa — 0.9%            

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

    3,000       3,011,280  
   

 

 

  
Massachusetts — 2.0%            

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

     1,970       1,836,779  
Security   Par
(000)		     Value  
Massachusetts (continued)            

Massachusetts Development Finance Agency, RB (continued)

    

Series A, 5.00%, 01/01/47

   $ 2,370     $ 2,377,530  

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

     190       192,735  

5.00%, 09/01/43

     1,750       1,783,472  

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

     490       428,409  
   

 

 

  
      6,618,925  
Michigan — 4.0%            

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

       5,860       5,984,185  

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

     2,235       2,288,079  

Michigan State Building Authority, Refunding RB,

    

Series I, 5.00%, 10/15/45

     965       993,011  

Michigan State Housing Development Authority, RB,

    

M/F Housing, Series A, AMT, 3.80%, 10/01/38

     3,965       3,768,364  

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

    430       434,047  
   

 

 

  
        13,467,686  
Minnesota — 0.4%            

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

     1,315       1,341,844  
   

 

 

  
Nevada — 0.8%            

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

     450       380,438  

4.13%, 06/01/50

     1,145       887,491  

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

     760       772,314  

5.00%, 07/01/45

     530       530,348  
   

 

 

  
      2,570,591  
New Hampshire — 0.1%            

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

    450       335,719  
   

 

 

  
New Jersey — 7.9%            

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

     500       524,265  

New Jersey Economic Development Authority, RB(a)

   

Series DDD, 5.00%, 06/15/27

     375       410,466  

Series WW, 5.00%, 06/15/25

     1,620       1,690,394  

Series WW, 5.25%, 06/15/25

     550       576,993  

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

     930       945,878  

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

     1,605       1,701,582  

New Jersey Transportation Trust Fund Authority, RB

    

Series BB, 4.00%, 06/15/50

     3,000       2,785,425  

Series D, 5.00%, 06/15/32

     900       927,151  

Series S, 5.25%, 06/15/43

     2,150       2,293,790  

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

   

Series A, 0.00%, 12/15/35

     4,050       2,383,360  

Series A, 0.00%, 12/15/38

     5,845       2,894,631  
 

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 12/15/36

   $ 340     $ 364,389  

Series A, 4.00%, 06/15/40

       1,690         1,660,440  

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

     720       735,386  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,750       1,853,443  

Series A, 5.25%, 06/01/46

     1,725       1,797,134  

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

     3,130       3,105,260  
   

 

 

  
      26,649,987  
New Mexico — 0.0%            

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

     175       152,910  
   

 

 

  
New York — 11.2%            

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

     100       111,761  

Metropolitan Transportation Authority, Refunding RB

    

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

     1,135       1,182,822  

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

     1,690       1,710,841  

New York City Municipal Water Finance Authority, RB

    

Series AA-1, 4.00%, 06/15/51

     12,400       12,099,622  

Series AA-1, 5.25%, 06/15/52

     230       257,432  

New York City Municipal Water Finance Authority,

    

Refunding RB, Series DD, 4.13%, 06/15/46

     5,670       5,607,897  

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

     1,320       1,269,964  

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

    1,240       1,196,333  

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

     4,115       3,873,915  

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

     2,810       2,470,687  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

    

Series A, 4.00%, 05/15/48

     1,000       977,375  

Series A, 5.00%, 05/15/48

     1,000       1,098,701  

Series A, 4.13%, 05/15/53

     1,000       975,495  

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

     4,340       5,003,109  
   

 

 

  
      37,835,954  
North Dakota — 0.1%            

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

     495       448,513  
   

 

 

  
Ohio — 4.2%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

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

     1,085       793,922  

Series B-2, Class 2, 5.00%, 06/01/55

     5,965       5,558,300  
Security   Par
(000)		     Value  
Ohio (continued)            

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

   $   5,175     $ 5,181,764  

Northwest Local School District/Hamilton & Butler

    

Counties, GO, 4.00%, 12/01/50

     2,645       2,543,641  
   

 

 

  
      14,077,627  
Oregon — 0.5%            

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

    1,115       578,037  

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

     945       1,026,619  
   

 

 

  
      1,604,656  
Pennsylvania — 6.3%            

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

     105       81,318  

4.00%, 07/01/51

     100       73,503  

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

     3,230       3,184,202  

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

     1,145       1,040,300  

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

     800       723,134  

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

     5,000       4,745,275  

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

     4,245       4,283,248  

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

     2,415       2,317,313  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/38

     695       715,680  

Series B, 5.00%, 12/01/40

     1,060       1,093,544  

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

    630       638,157  

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

     1,605       1,542,307  

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

     850       872,469  
   

 

 

  
        21,310,450  
Puerto Rico — 4.8%            

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53

     6,639       6,232,965  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(d)

    6,226       1,692,930  

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

    

Series A1, Restructured, 5.00%, 07/01/58

     5,423       5,215,099  

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

     349       323,249  

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

     1,688       1,567,966  

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

     536       501,118  

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

     520       482,566  
   

 

 

  
      16,015,893  
 

 

 

3

  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina — 5.2%            

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

   $ 1,095     $ 932,434  

7.50%, 08/15/62

     505       488,910  

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

       1,645       1,605,125  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     6,960       7,023,016  

Series E, 5.50%, 12/01/53

     1,610       1,617,876  

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

     2,360       2,370,741  

Spartanburg Regional Health Services District,

    

Refunding RB, Series A, 4.00%, 04/15/43

     3,500       3,322,480  
   

 

 

  
        17,360,582  
South Dakota — 0.5%            

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

    1,760       1,850,269  
   

 

 

  
Tennessee — 1.2%            

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

     35       35,815  

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

    1,575       1,694,329  

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

     2,500       2,419,085  
   

 

 

  
          4,149,229  
Texas — 19.2%            

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

     530       562,585  

7.88%, 11/01/62

     450       462,792  

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

     5,200       4,883,299  

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

    10,030       8,106,748  

County of Harris Texas, Refunding GO(d)

   

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

     7,485       6,994,785  

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

     10,915       9,444,236  

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

     755       741,876  

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

     1,090       1,101,968  

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

     2,365       2,540,798  

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

     3,900       2,915,238  

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

   

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

    5,965       2,490,173  

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

     10,925       4,442,739  

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

     5,785       2,424,204  

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

     6,160       2,418,804  

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

     3,000       2,882,181  

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

    3,775       1,860,803  

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

    2,340       1,330,058  
Security   Par
(000)		      Value  
Texas (continued)             

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

  $ 580      $ 505,436  

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

     4,000        4,004,848  

North Texas Tollway Authority, RB(a)

    

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

    1,975        981,522  

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

     2,500        3,292,863  

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

     330        288,176  
    

 

 

  
         64,676,132  
Utah(c) — 0.2%             

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

     235        208,456  

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

     450        392,083  
    

 

 

  
       600,539  
Virginia — 6.1%             

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

     5,215        5,013,143  

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

     5,750        5,894,929  

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

     1,225        1,149,395  

Virginia Beach Development Authority, Refunding RB

     

5.00%, 09/01/44

     1,375        1,298,257  

4.00%, 09/01/48

     885        699,651  

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

       5,000        5,090,270  

Virginia Housing Development Authority, RB, M/F Housing

     

Series B, 4.00%, 06/01/53

     895        834,108  

Series G, 5.15%, 11/01/52

     505        530,523  
    

 

 

  
       20,510,276  
Washington — 3.3%             

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

     3,885        3,997,164  

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

     8,690        5,745,419  

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

    1,400        1,232,332  
    

 

 

  
       10,974,915  
West Virginia — 0.8%             

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

     3,050        2,728,856  
    

 

 

  
Wisconsin — 1.9%             

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

    270        235,647  

Class A, 5.00%, 06/15/51(c)

    305        252,180  

Class A, 6.00%, 06/15/52

     175        167,251  

Class A, 5.00%, 06/15/56(c)

    400        324,285  

Class A, 6.13%, 06/15/57

     200        192,531  

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

    120        107,638  

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

    1,260        1,186,750  

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

    455        379,097  

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

    215        175,570  

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

    395        343,769  
 

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Wisconsin (continued)            

Public Finance Authority, RB (continued)

    

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

  $ 685     $ 610,649  

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

    375       315,028  

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

     1,895       1,980,688  
   

 

 

  
      6,271,083  
   

 

 

  

Total Municipal Bonds — 127.4%
(Cost: $424,403,821)

         428,516,292  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

California — 2.9%            

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

       10,000       9,801,460  
   

 

 

  
Indiana — 3.0%            

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

     10,685       9,931,160  
   

 

 

  
Kansas — 1.7%            

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

    5,363       5,840,919  
   

 

 

  
Nebraska — 1.6%            

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

    5,220       5,446,856  
   

 

 

  
New York — 10.5%            

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

     1,845       1,897,813  

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

    

Series B-1, Subordinate, 4.00%, 08/01/36

     7,350       7,611,785  

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

     8,955       8,805,551  

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

     5,720       5,725,603  

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

    10,000       11,105,453  
   

 

 

  
      35,146,205  
Virginia — 1.1%            

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

     4,000       3,836,514  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 20.8%
(Cost: $69,313,601)

       70,003,114  
   

 

 

  

Total Long-Term Investments — 148.2%
(Cost: $493,717,422)

       498,519,406  
   

 

 

  
Security  

    

Shares

     Value  
Short-Term Securities            
Money Market Funds — 2.1%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(g)(h)

    6,879,827     $ 6,879,139  
   

 

 

  

Total Short-Term Securities — 2.1%
(Cost: $6,879,726)

       6,879,139  
   

 

 

  

Total Investments — 150.3%
(Cost: $500,597,148)

       505,398,545  

Other Assets Less Liabilities — 2.6%

       8,644,767  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.1)%

       (40,547,963 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (40.8)%

       (137,200,000 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

     $   336,295,349  
   

 

 

  

 

(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) 

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.

(c) 

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.

(d) 

Zero-coupon bond.

(e) 

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.

(f) 

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.

(g) 

Affiliate of the Trust.

(h) 

Annualized 7-day yield as of period end.

 

 

 

5

  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Quality Trust (BYM)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/22		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
04/30/23		      Shares
Held at
04/30/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ —      $  6,877,582 (a)     $ —      $ 2,143      $ (586 )     $  6,879,139        6,879,827      $  142,184      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

      66          06/21/23        $ 7,620        $ (159,871 ) 

U.S. Long Bond

      108          06/21/23          14,243          (420,253 ) 

5-Year U.S. Treasury Note

      71          06/30/23          7,807          (120,971 ) 
                 

 

 

  
                  $ (701,095 ) 
                 

 

 

  

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

    $ —        $ 428,516,292        $ —        $ 428,516,292  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          70,003,114          —          70,003,114  

Short-Term Securities
Money Market Funds

      6,879,139          —          —          6,879,139  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $     6,879,139        $  498,519,406        $                 —        $  505,398,545  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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)

April 30, 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)

                 

Liabilities

                  

Interest Rate Contracts

    $     (701,095 )       $                 —        $                 —        $  (701,095 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —      $ (40,183,237 )     $ —      $ (40,183,237 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $                 —      $  (177,383,237 )     $                 —      $  (177,383,237 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Portfolio Abbreviation

 

AGM

      Assured Guaranty Municipal Corp.

AMBAC

      AMBAC Assurance Corp.

AMT

      Alternative Minimum Tax

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