October 31, 2024 
2024 Quarterly Report
(Unaudited)
 
BlackRock Municipal Income Quality Trust (BYM)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2024
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 6.1%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
3,875
$ 4,136,277
Series A, 5.25%, 05/01/55
 
1,100
1,191,082
City of Birmingham Alabama, GOL, CAB, Series A-1,
Convertible, 5.00%, 09/01/25(b)(c)
 
1,165
1,183,044
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.50%, 10/01/53
 
1,100
1,190,723
Energy Southeast A Cooperative District, RB(a)
 
Series B, 5.25%, 07/01/54
 
3,140
3,383,866
Series B-1, 5.75%, 04/01/54
 
6,980
7,788,188
Southeast Energy Authority A Cooperative District, RB,
Series B, 5.00%, 01/01/54(a)
 
755
799,212
 
 
19,672,392
Arizona — 1.7%
Arizona Industrial Development Authority, RB(d)
 
4.38%, 07/01/39
 
725
665,721
Series A, 5.00%, 07/01/49
 
690
647,801
Series A, 5.00%, 07/01/54
 
530
491,354
City of Phoenix Civic Improvement Corp., RB, Junior
Lien, 5.25%, 07/01/47
 
835
918,210
Industrial Development Authority of the County of Pima,
Refunding RB, 5.00%, 06/15/49(d)
 
685
675,061
Maricopa County & Phoenix Industrial Development
Authorities, RB, S/F Housing, Series A, (GNMA),
6.50%, 03/01/55
 
1,645
1,820,816
Maricopa County Industrial Development Authority,
Refunding RB, 5.00%, 07/01/54(d)
 
360
360,361
 
 
5,579,324
California — 6.6%
California Enterprise Development Authority, RB, 8.00%,
11/15/62(d)
 
475
491,891
California Infrastructure & Economic Development Bank,
RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28(b)
 
10,100
10,846,079
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(d)
 
110
111,137
Mount San Antonio Community College District,
Refunding GO, CAB, Series A, Convertible, Election
2008, 0.00%, 08/01/43(c)
 
1,580
1,587,921
San Diego Unified School District, GO, Series C, Election
2008, 0.00%, 07/01/38(e)
 
2,000
1,199,964
San Diego Unified School District, Refunding GO, CAB,
Series R-1, 0.00%, 07/01/31(e)
 
1,400
1,146,116
Yosemite Community College District, GO, Series D,
Election 2004, 0.00%, 08/01/37(e)
 
10,000
5,901,681
 
 
21,284,789
Colorado — 0.1%
Colorado Housing and Finance Authority, RB, M/F
Housing, Class A, Sustainability Bonds, (FNMA),
4.48%, 03/01/44
 
315
304,883
Security
 
Par
(000)
Value
Connecticut — 0.4%
Connecticut Housing Finance Authority, Refunding RB,
S/F Housing, Series A-R, Sustainability Bonds,
(FHLMC, FNMA, GNMA), 4.65%, 11/15/51
$
185
$ 183,037
Connecticut State Health & Educational Facilities
Authority, RB, 4.25%, 07/15/53
 
1,170
1,137,904
 
 
1,320,941
Delaware — 0.8%
County of Kent Delaware, RB
 
Series A, 5.00%, 07/01/40
 
770
778,848
Series A, 5.00%, 07/01/53
 
1,810
1,810,101
 
 
2,588,949
District of Columbia — 3.5%
District of Columbia Income Tax Revenue, RB, Series A,
5.25%, 05/01/48
 
1,850
2,010,141
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, 6.75%, 05/15/40
 
7,955
8,118,324
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB, Sustainability Bonds, 5.00%,
07/15/48
 
1,210
1,292,399
 
 
11,420,864
Florida — 7.7%
Capital Trust Agency, Inc., RB(d)
 
Series A, 5.00%, 06/01/45
 
615
559,904
Series A, 5.50%, 06/01/57
 
220
205,992
County of Miami-Dade Florida Water & Sewer System
Revenue, RB, Series A, 4.13%, 10/01/50
 
3,635
3,511,973
County of Pasco Florida, RB, (AGM), 5.00%, 09/01/48
 
3,090
3,272,778
Escambia County Health Facilities Authority, Refunding
RB
 
5.00%, 08/15/38
 
1,000
1,032,620
5.00%, 08/15/40
 
1,050
1,080,764
Florida Development Finance Corp., RB, 6.50%,
06/30/57(d)(f)(g)
 
278
196,123
Florida Development Finance Corp., Refunding RB,
5.00%, 09/15/40(d)
 
340
332,749
Florida Housing Finance Corp., RB, S/F Housing,
Series 1, (FHLMC, FNMA, GNMA), 4.55%, 01/01/49
 
1,810
1,803,732
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 4.13%, 11/15/51
 
3,970
3,847,327
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
260
273,352
Orange County Health Facilities Authority, RB, Series A,
5.00%, 10/01/53
 
4,000
4,170,248
Preserve at South Branch Community Development
District, SAB, 4.00%, 11/01/50
 
500
399,461
Tampa-Hillsborough County Expressway Authority, RB,
5.00%, 07/01/47
 
1,895
1,928,247
Two Lakes Community Development District Special
Assessment, 05/01/55(h)
 
540
551,959
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(d)
 
280
288,909
Volusia County Educational Facility Authority, RB, 5.25%,
06/01/49
 
810
846,995
1
Schedule of Investments (unaudited)(continued)
October 31, 2024
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(d)
 
4.10%, 05/01/37
$
260
$ 238,847
4.13%, 05/01/38
 
260
237,728
 
 
24,779,708
Georgia — 1.5%
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(d)
 
245
242,194
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
06/01/53(a)
 
4,355
4,605,117
 
 
4,847,311
Idaho — 0.5%
Idaho Housing & Finance Association, RB, (GTD),
5.50%, 05/01/57
 
1,510
1,581,578
Illinois — 8.0%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
1,620
1,665,029
Series A, 5.00%, 12/01/40
 
1,540
1,554,308
Series A, 5.00%, 12/01/47
 
450
444,959
City of Chicago Illinois Wastewater Transmission
Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%,
01/01/58
 
4,565
4,876,201
Illinois Finance Authority, Refunding RB
 
4.13%, 08/15/37
 
3,130
2,955,743
5.00%, 08/15/44
 
390
390,633
Illinois Housing Development Authority, Refunding RB,
S/F Housing, Series H, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 4.65%, 10/01/43
 
1,905
1,914,474
Illinois State Toll Highway Authority, RB, Series A, 5.00%,
01/01/40
 
7,020
7,057,834
Metropolitan Pier & Exposition Authority, RB, 5.00%,
06/15/57
 
670
682,434
State of Illinois, GO
 
5.50%, 05/01/39
 
1,840
1,987,471
Series B, 5.25%, 05/01/49
 
850
906,893
Series C, 5.00%, 12/01/45
 
1,280
1,346,924
 
 
25,782,903
Iowa — 1.2%
Iowa Finance Authority, RB, S/F Housing
 
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.75%, 07/01/49
 
1,270
1,286,992
Series E, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.40%, 07/01/44
 
2,540
2,518,920
 
 
3,805,912
Kentucky — 0.7%
Louisville and Jefferson County Metropolitan Sewer
District, Refunding RB, Series C, 5.00%, 05/15/49
 
2,000
2,135,321
Louisiana — 1.3%
Louisiana Public Facilities Authority, RB, 5.25%,
10/01/53
 
2,330
2,411,415
Louisiana Stadium & Exposition District, Refunding RB,
Series A, 5.00%, 07/01/48
 
1,575
1,660,535
 
 
4,071,950
Security
 
Par
(000)
Value
Massachusetts — 1.3%
Massachusetts Development Finance Agency, RB
 
5.00%, 10/01/48
$
1,970
$ 1,970,841
Series A, 5.00%, 01/01/47
 
2,370
2,380,081
 
 
4,350,922
Michigan — 0.4%
State of Michigan Trunk Line Revenue, RB, 5.50%,
11/15/49
 
1,145
1,286,392
Minnesota — 0.2%
City of st. Cloud Minnesota, Refunding RB, 5.00%,
05/01/54
 
540
570,353
Missouri — 0.3%
Kansas City Industrial Development Authority, RB, M/F
Housing, Sustainability Bonds, (FNMA), 4.39%,
09/01/42
 
900
876,023
Missouri Housing Development Commission, RB, S/F
Housing, Series A, (FHLMC, FNMA, GNMA), 4.60%,
11/01/49
 
180
180,649
 
 
1,056,672
Nebraska — 0.3%
Omaha Public Power District, RB, Series A, 5.25%,
02/01/48
 
950
1,038,635
Nevada — 0.7%
City of Las Vegas Nevada Special Improvement District
No. 611, SAB, 4.13%, 06/01/50
 
1,115
967,480
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
760
783,907
5.00%, 07/01/45
 
530
539,069
 
 
2,290,456
New Hampshire — 0.9%
New Hampshire Business Finance Authority, RB, M/F
Housing
 
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
1,779
1,740,697
Series 2, Class 3-A, Sustainability Bonds, 4.16%,
10/20/41(a)
 
1,343
1,289,504
 
 
3,030,201
New Jersey — 6.6%
Camden County Improvement Authority, RB,
Sustainability Bonds, 6.00%, 06/15/62
 
500
534,243
New Jersey Economic Development Authority, RB(b)
 
Series WW, 5.00%, 06/15/25
 
1,620
1,637,800
Series WW, 5.25%, 06/15/25
 
550
556,851
New Jersey Transportation Trust Fund Authority, RB
 
Series BB, 4.00%, 06/15/50
 
3,000
2,854,438
Series D, 5.00%, 06/15/32
 
900
902,408
Series S, 5.25%, 06/15/43
 
2,150
2,254,744
New Jersey Transportation Trust Fund Authority, RB,
CAB(e)
 
Series A, 0.00%, 12/15/35
 
4,050
2,649,237
Series A, 0.00%, 12/15/38
 
5,845
3,322,003
New Jersey Transportation Trust Fund Authority,
Refunding RB, Series A, 4.00%, 06/15/40
 
1,690
1,672,961
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
820
833,798
Sub-Series B, 5.00%, 06/01/46
 
4,045
4,053,411
 
 
21,271,894
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
$
175
$ 173,171
New York — 10.1%
City of New York, GO, Series B, 5.25%, 10/01/47
 
100
108,650
Metropolitan Transportation Authority, Refunding RB
 
Series C-1, 5.00%, 11/15/56
 
1,690
1,701,729
Series C-1, Sustainability Bonds, 5.25%, 11/15/55
 
1,135
1,185,083
New York City Municipal Water Finance Authority, RB
 
Series AA-1, 5.25%, 06/15/52
 
10,000
10,840,052
Sub-Series CC-1, 5.25%, 06/15/54
 
310
338,190
New York City Municipal Water Finance Authority,
Refunding RB, Series DD, 4.13%, 06/15/46
 
5,670
5,599,460
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB, Series A-1, Subordinate,
4.00%, 08/01/48
 
1,320
1,291,926
New York City Transitional Finance Authority, RB,
Series B, Subordinate, 5.00%, 05/01/46
 
1,520
1,634,725
New York Counties Tobacco Trust VI, Refunding RB,
Series B, 5.00%, 06/01/41
 
550
553,421
New York Liberty Development Corp., Refunding RB,
Class 1, 5.00%, 11/15/44(d)
 
1,040
1,035,033
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB
 
Series A, 5.25%, 05/15/52
 
1,000
1,080,387
Series A, 4.13%, 05/15/53
 
1,000
982,114
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A-1, 5.00%, 05/15/51
 
230
242,565
Series C, 5.25%, 05/15/52
 
4,340
4,672,707
Series C, Sustainability Bonds, 5.25%, 11/15/40
 
1,025
1,160,938
 
 
32,426,980
North Carolina — 0.0%
North Carolina Medical Care Commission, RB, Series A,
5.13%, 10/01/54
 
110
112,815
North Dakota — 0.3%
North Dakota Housing Finance Agency, RB, S/F Housing
 
Series A, Sustainability Bonds, 4.70%, 07/01/49
 
270
264,704
Series C, Sustainability Bonds, 6.25%, 01/01/55
 
555
624,278
 
 
888,982
Ohio — 3.2%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
2,645
2,385,329
County of Cuyahoga Ohio, Refunding RB
 
5.00%, 02/15/42
 
1,805
1,814,673
5.00%, 02/15/52
 
1,545
1,553,945
County of Hamilton Ohio Sewer System Revenue, RB,
Series A, 5.00%, 12/01/53
 
545
579,782
County of Hamilton Ohio, RB, Series A, 5.00%, 08/15/42
 
2,650
2,713,178
North Ridgeville City School District, GO, 5.25%,
12/01/54
 
1,060
1,105,424
 
 
10,152,331
Oklahoma — 0.7%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53
 
1,960
2,146,801
Security
 
Par
(000)
Value
Oregon — 0.9%
Clackamas County School District No. 12 North
Clackamas, GO, CAB, Series A, (GTD), 0.00%,
06/15/38(e)
$
1,115
$ 605,165
State of Oregon Housing & Community Services
Department, RB, M/F Housing, Series K1, (FNMA),
4.33%, 11/01/43
 
2,290
2,217,110
 
 
2,822,275
Pennsylvania — 4.7%
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
205
167,428
Pennsylvania Higher Educational Facilities Authority, RB,
4.00%, 08/15/49
 
5,000
4,736,693
Pennsylvania Higher Educational Facilities Authority,
Refunding RB
 
Series A, 5.25%, 09/01/50
 
1,560
1,561,342
Series B-1, (AGC), 11/01/48(h)
 
1,560
1,685,221
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 145A, Sustainability Bonds, 4.75%,
10/01/49
 
4,390
4,430,842
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing, Series 142-A, Sustainability Bonds,
5.00%, 10/01/43
 
1,895
1,995,191
Pennsylvania Turnpike Commission, RB, Series A,
5.00%, 12/01/38
 
695
695,870
 
 
15,272,587
Puerto Rico — 5.1%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
6,639
6,550,276
Series A-1, Restructured, 5.00%, 07/01/58
 
5,778
5,784,961
Series A-2, Restructured, 4.78%, 07/01/58
 
349
345,230
Series A-2, Restructured, 4.33%, 07/01/40
 
935
925,193
Series B-1, Restructured, 4.75%, 07/01/53
 
391
388,144
Series B-2, Restructured, 4.78%, 07/01/58
 
520
511,852
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(e)
 
5,526
1,771,761
 
 
16,277,417
South Carolina — 3.3%
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(a)
 
5,685
6,142,273
South Carolina Jobs-Economic Development Authority,
RB
 
5.00%, 01/01/55(d)
 
1,095
946,231
7.50%, 08/15/62(d)
 
505
488,167
Series A, 5.50%, 11/01/54
 
610
670,520
South Carolina Jobs-Economic Development Authority,
Refunding RB, 4.00%, 12/01/44
 
1,645
1,590,851
South Carolina Public Service Authority, Refunding RB,
Series B, (AGM), 5.00%, 12/01/49
 
900
956,081
 
 
10,794,123
South Dakota — 0.6%
City of Rapid City South Dakota Sales Tax Revenue, RB,
4.00%, 12/01/26(b)
 
1,760
1,801,176
Tennessee — 4.0%
Knox County Health Educational & Housing Facility
Board, RB, Series A-1, (BAM), 5.50%, 07/01/54
 
490
526,336
3
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tennessee (continued)
Metropolitan Government Nashville & Davidson County
Health & Educational Facilities Board, RB, Series A,
5.00%, 07/01/40
$
35
$ 35,416
Metropolitan Government Nashville & Davidson County
Health & Educational Facilities Board, Refunding RB,
5.25%, 10/01/58
 
2,465
2,481,809
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
1,575
1,700,386
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(a)
 
2,560
2,717,551
Tennessee Energy Acquisition Corp., Refunding RB,
Series A-1, 5.00%, 05/01/53(a)
 
3,000
3,117,970
Tennessee Housing Development Agency, RB, S/F
Housing, Series 2, Sustainability Bonds, 4.35%,
01/01/48
 
2,500
2,431,127
 
 
13,010,595
Texas — 23.9%
Arlington Higher Education Finance Corp., RB(d)
 
7.50%, 04/01/62
 
530
540,040
7.88%, 11/01/62
 
450
470,849
City of Austin Texas Airport System Revenue, ARB,
Series A, 5.00%, 11/15/41
 
1,990
2,031,192
City of Austin Texas Water & Wastewater System
Revenue, Refunding RB, 5.00%, 11/15/49
 
710
765,090
City of Dallas Texas Waterworks & Sewer System
Revenue, Refunding RB, Series A, 5.00%, 10/01/41
 
760
781,399
City of Houston Texas, GOL, Series A, 4.13%, 03/01/51
 
1,775
1,708,438
City of Houston Texas, Refunding GOL, Series A, 5.25%,
03/01/43
 
810
895,042
Coppell Independent School District, Refunding GO,
(PSF-GTD), 0.00%, 08/15/30(e)
 
10,030
8,275,739
County of Harris Texas Toll Road Revenue, Refunding
RB, Series A, 1st Lien, 4.00%, 08/15/49
 
1,360
1,319,745
County of Harris Texas, Refunding GO, Series A, 4.25%,
09/15/48
 
340
339,439
County of Harris Texas, Refunding GOL(e)
 
(NPFGC), 0.00%, 08/15/25
 
7,485
7,307,372
(NPFGC), 0.00%, 08/15/28
 
10,915
9,767,985
Crowley Independent School District, GO, (PSF-GTD),
4.25%, 02/01/53
 
310
305,395
Dallas Fort Worth International Airport, Refunding ARB,
4.00%, 11/01/49
 
4,000
3,834,284
Fort Bend Independent School District, Refunding GO,
Series A, (PSF-GTD), 4.00%, 08/15/49
 
745
709,541
Grand Parkway Transportation Corp., RB, CAB,
Series B, Convertible, 5.80%, 10/01/46(c)
 
2,365
2,566,418
Harris County-Houston Sports Authority, Refunding RB(e)
 
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(b)
 
5,965
2,610,613
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38
 
10,925
4,783,695
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38
 
5,785
2,773,818
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39
 
6,160
2,766,101
Hidalgo County Regional Mobility Authority, RB, CAB(e)
 
Series A, 0.00%, 12/01/42
 
500
202,902
Series A, 0.00%, 12/01/43
 
1,000
380,359
Marshall Independent School District, GO, (PSF-GTD),
4.00%, 02/15/45
 
380
374,683
Mesquite Housing Finance Corp., RB, M/F Housing,
Series A, Sustainability Bonds, (FNMA), 4.53%,
02/01/44
 
2,900
2,854,441
Security
 
Par
(000)
Value
Texas (continued)
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(b)(e)
$
2,340
$ 1,375,684
New Hope Cultural Education Facilities Finance Corp.,
RB(d)
 
Series A, 5.00%, 08/15/50
 
580
551,568
Series A, 5.00%, 08/15/51
 
1,535
1,517,140
New Hope Cultural Education Facilities Finance Corp.,
Refunding RB, Series A, 4.00%, 08/15/40
 
4,000
3,884,747
North Texas Tollway Authority, RB(b)
 
Series B, 0.00%, 09/01/31(e)
 
1,975
989,204
Series C, Convertible, 6.75%, 09/01/31(c)
 
2,500
3,042,370
North Texas Tollway Authority, Refunding RB, Series B,
5.00%, 01/01/43
 
3,795
3,873,997
San Antonio Housing Trust Public Facility Corp., RB, M/F
Housing, Series A, (FNMA), 4.43%, 04/01/43
 
575
561,818
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, 5.00%, 10/01/49
 
325
335,144
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
330
313,136
Texas Department of Housing & Community Affairs, RB,
S/F Housing, Series A, (GNMA), 5.13%, 01/01/54
 
540
552,061
Texas State University System, Refunding RB, 4.00%,
03/15/49
 
1,695
1,620,088
 
 
76,981,537
Utah(d) — 0.2%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53
 
180
183,406
Utah Charter School Finance Authority, Refunding RB,
5.00%, 06/15/55
 
450
422,926
 
 
606,332
Virginia — 2.5%
Henrico County Economic Development Authority, RB
 
Class A, 5.00%, 10/01/47
 
4,580
4,809,941
Class A, 5.00%, 10/01/52
 
1,170
1,215,323
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
1,225
1,184,675
Virginia Housing Development Authority, RB, M/F
Housing, Series G, 5.15%, 11/01/52
 
505
517,895
Virginia Housing Development Authority, RB, S/F
Housing
 
Series E-2, 4.40%, 10/01/44
 
100
99,652
Series E-2, 4.55%, 10/01/49
 
230
227,421
 
 
8,054,907
Washington — 0.1%
Washington State Housing Finance Commission, RB,
M/F Housing, Series 2, Class 1, Sustainability Bonds,
4.08%, 03/20/40(a)
 
445
428,435
Wisconsin — 1.7%
Public Finance Authority, RB
 
Class A, 5.00%, 06/15/51(d)
 
305
261,354
Class A, 6.00%, 06/15/52
 
175
164,141
Class A, 5.00%, 06/15/56(d)
 
400
338,743
Class A, 6.13%, 06/15/57
 
200
189,249
Series A, 5.00%, 07/01/55(d)
 
395
359,640
Series A-1, 4.50%, 01/01/35(d)
 
645
635,252
Public Finance Authority, Refunding RB, 5.00%,
09/01/39(d)
 
375
370,590
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, RB,
Series A, 5.75%, 08/15/54
$
265
$ 283,416
Wisconsin Housing & Economic Development Authority
Home Ownership Revenue, RB, S/F Housing
 
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.85%, 09/01/43
 
430
448,058
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.75%, 09/01/50
 
2,535
2,569,669
 
 
5,620,112
Total Municipal Bonds — 112.2%
(Cost: $347,146,933)
361,642,926
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
Alabama(a) — 5.1%
Black Belt Energy Gas District, RB
 
Series C, 5.50%, 10/01/54
 
10,000
10,989,173
Series C-1, 5.25%, 02/01/53
 
5,020
5,319,151
 
 
16,308,324
District of Columbia — 1.9%
District of Columbia Water & Sewer Authority, Refunding
RB, Series B, 5.00%, 10/01/49
 
6,035
6,198,066
Florida — 3.6%
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
7,045
7,804,117
JEA Water & Sewer System Revenue, Refunding RB,
Series A, 5.50%, 10/01/54
 
3,497
3,888,926
 
 
11,693,043
Indiana — 3.0%
Indiana Finance Authority, RB, Series A, 4.00%,
11/01/51
 
10,685
9,722,187
Massachusetts — 3.3%
Commonwealth of Massachusetts, GOL, Series D,
5.00%, 10/01/51
 
10,000
10,716,674
Nevada — 3.2%
Las Vegas Valley Water District, GOL, Series A, 5.00%,
06/01/49
 
9,500
10,178,668
New York — 8.6%
Empire State Development Corp., RB, Series A, 5.00%,
03/15/50
 
8,000
8,535,858
New York City Municipal Water Finance Authority,
Refunding RB, Series DD, 5.00%, 06/15/47
 
9,705
10,399,638
New York State Dormitory Authority, Refunding RB,
Series C, 4.00%, 07/01/49
 
8,955
8,749,540
 
 
27,685,036
South Carolina — 3.4%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)
 
10,000
10,777,966
Washington — 3.3%
State of Washington, GO, Series 2024-A, 5.00%,
08/01/48
 
10,000
10,680,843
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 35.4%
(Cost: $109,924,566)
113,960,807
Security
 
Par
(000)
Value
Non-Agency Mortgage-Backed Securities
Commercial Mortgage-Backed Securities — 0.2%
National Finance Authority Affordable Housing
Certificates, Series 2024-1, Class A, 4.15%, 10/20/40
$
200
$ 199,334
San Antonio Housing Trust Public Facility Corp.,
Series 2024-11FN, Class PT, 4.45%, 04/01/43
 
405
400,254
Total Non-Agency Mortgage-Backed Securities — 0.2%
(Cost: $605,000)
599,588
Total Long-Term Investments — 147.8%
(Cost: $457,676,499)
476,203,321
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 4.3%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.19%(j)(k)
 
13,983,767
13,985,166
Total Short-Term Securities — 4.3%
(Cost: $13,985,122)
13,985,166
Total Investments — 152.1%
(Cost: $471,661,621)
490,188,487
Other Assets Less Liabilities — 0.5%
1,510,333
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (22.3)%
(71,900,074
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(30.3)%
(97,600,000
)
Net Assets Applicable to Common Shares — 100.0%
$ 322,198,746
 
(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)
Zero-coupon bond.
(f)
Issuer filed for bankruptcy and/or is in default.
(g)
Non-income producing security.
(h)
When-issued security.
(i)
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.
(j)
Affiliate of the Trust.
(k)
Annualized 7-day yield as of period end.
5
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Quality Trust (BYM)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/24
Shares
Held at
10/31/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 2,733,195
$ 11,251,971
(a)
$ —
$ —
$ —
$ 13,985,166
13,983,767
$ 62,849
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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
$ —
$ 361,642,926
$ —
$ 361,642,926
Municipal Bonds Transferred to Tender Option Bond Trusts
—
113,960,807
—
113,960,807
Non-Agency Mortgage-Backed Securities
—
599,588
—
599,588
Short-Term Securities 
Money Market Funds
13,985,166
—
—
13,985,166
 
$13,985,166
$476,203,321
$—
$490,188,487
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
$—
$(71,451,882
)
$—
$(71,451,882
)
VMTP Shares at Liquidation Value
—
(97,600,000
)
—
(97,600,000
)
 
$—
$(169,051,882
)
$—
$(169,051,882
)
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
AGM
 Assured Guaranty Municipal Corp.
Portfolio Abbreviation (continued)
AMBAC
 AMBAC Assurance Corp.
ARB
 Airport Revenue Bonds
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
October 31, 2024
BlackRock Municipal Income Quality Trust (BYM)
 
Portfolio Abbreviation (continued)
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
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF-GTD
 Permanent School Fund Guaranteed
RB
 Revenue Bond
S/F
 Single-Family
SAB
 Special Assessment Bonds
7
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