BlackRock Municipal Income Quality Trust (BYM) NPORT-P BlackRock Municipal Income Quality Trust (May 2021 report)

Schedule of Investments  (unaudited) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 0.3%
City of Birmingham Alabama, GO, CAB, Series A-1, 5.00%, 03/01/45	$	1,165	$	1,354,452
Alaska — 0.3%
Alaska Industrial Development & Export Authority, RB, Series A, 5.50%, 10/01/41		1,070		1,087,944
Arizona(a) — 1.3%
Arizona Industrial Development Authority, RB 4.38%, 07/01/39		725		779,136
Series A, 5.00%, 07/01/39		610		648,656
Series A, 5.00%, 07/01/49		690		725,721
Series A, 5.00%, 07/01/54		530		555,403
Industrial Development Authority of the County of Pima, RB, 5.00%, 06/15/47		1,065		1,088,228
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52		595		623,923
Maricopa County Industrial Development Authority, Refunding RB 5.00%, 07/01/39		255		298,584
5.00%, 07/01/54		590		670,376
				5,390,027
California — 12.4%
California Community Housing Agency, RB, Series A-2, 4.00%, 08/01/47(a)		1,715		1,861,204
California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(a)		265		301,779
California Health Facilities Financing Authority, Refunding RB, Sub-Series A-2, 5.00%, 11/01/47		1,465		2,216,340
California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28(b)		10,100		12,901,942
California State Public Works Board, RB, Series I, 5.50%, 11/01/33		1,415		1,586,767
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42		1,620		1,681,528
California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/48		3,175		3,563,906
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 5.00%, 06/01/47		2,060		2,131,873
Series A-2, 5.00%, 06/01/47		565		584,713
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, 6.25%, 08/01/43(c)		1,580		1,779,285
Riverside County Redevelopment Successor Agency, Refunding, TA, Series A, (BAM), 4.00%, 10/01/39		3,700		4,257,553
San Diego Unified School District, GO, CAB(d)
Series K-2, 0.00%, 07/01/38		1,745		1,019,080
Series K-2, 0.00%, 07/01/39		2,115		1,179,853
Series K-2, 0.00%, 07/01/40		2,715		1,447,285
Series C, Election 2008, 0.00%, 07/01/38		2,000		1,432,500
Series G, Election 2008, 0.00%, 01/01/24(b)		3,425		1,767,117
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(d)		1,400		1,204,000
State of California, GO, 5.00%, 04/01/42		3,000		3,114,510

Security	Par (000)		Value
California (continued)
State of California, Refunding GO, 5.00%, 10/01/41	$	1,100	$	1,116,984
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37(d)		10,000		7,248,600
				52,396,819
Colorado — 0.6%
Regional Transportation District, COP, Series A, 5.00%, 06/01/39		1,305		1,415,560
Sabell Metropolitan District, GO, Series A, 5.00%, 12/01/50(a)		1,055		1,149,760
				2,565,320
Connecticut — 0.7%
State of Connecticut, Refunding GO, Series E, 5.00%, 09/15/37		2,280		2,846,785
Delaware — 0.7%
County of Kent Delaware, RB
Series A, 5.00%, 07/01/40		770		856,856
Series A, 5.00%, 07/01/48		2,110		2,317,371
				3,174,227
District of Columbia — 2.3%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		9,500		9,776,355
Florida — 4.5%
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39		1,795		1,982,452
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/01/45(a)		615		648,659
County of Miami-Dade Seaport Department, ARB, Series A, 6.00%, 10/01/38		2,770		3,112,954
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(a)		340		376,251
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40		3,910		4,459,824
Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42		685		826,678
Orange County Health Facilities Authority, Refunding RB 5.00%, 08/01/41		630		699,754
5.00%, 08/01/47		1,845		2,044,518
Preserve at South Branch Community Development District, SAB 4.00%, 11/01/39		300		316,050
4.00%, 11/01/50		500		517,805
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(b)		1,340		1,473,866
Tohopekaliga Water Authority, Refunding RB, Series A, 5.25%, 10/01/21(b)		2,000		2,034,060
Westside Community Development District, Refunding SAB(a) 4.10%, 05/01/37		260		277,774
4.13%, 05/01/38		260		277,352
				19,047,997
Georgia — 0.9%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		545		630,663
Georgia Housing & Finance Authority, RB, S/F Housing Series A, 3.95%, 12/01/43		275		285,909

1

Schedule of Investments  (unaudited) (continued) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia (continued)
Georgia Housing & Finance Authority, RB, S/F Housing (continued) Series A, 4.00%, 12/01/48	$	410	$	428,762
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/38		595		850,933
Series A, 5.00%, 05/15/43		775		936,913
Private Colleges & Universities Authority, RB 5.00%, 04/01/33		155		173,898
5.00%, 04/01/44		595		662,913
				3,969,991
Illinois — 16.3%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/36		1,265		1,580,453
Series A, 5.00%, 12/01/38	��	515		640,171
Series A, 5.00%, 12/01/39		450		559,166
Series A, 5.00%, 12/01/40		940		1,161,323
Series A, 5.00%, 12/01/41		605		745,021
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42		3,300		4,049,661
Chicago O’Hare International Airport, Refunding ARB, Series D, Senior Lien, 5.25%, 01/01/34		9,800		10,548,034
Chicago Transit Authority Sales Tax Receipts Fund, RB 5.25%, 12/01/21(b)		650		666,452
5.25%, 12/01/49		3,500		4,013,030
Cook County Community College District No. 508, GO 5.13%, 12/01/38		7,700		8,329,244
5.50%, 12/01/38		1,000		1,090,940
Cook County Forest Preserve District, Refunding GO, Series B, 5.00%, 12/15/37		210		219,177
County of Will Illinois, GO, 5.00%, 11/15/25(b)		1,400		1,677,340
Illinois Finance Authority, RB
Series A, 5.00%, 02/15/47		565		618,941
Series A, 5.00%, 02/15/50		310		339,019
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 11/15/45		2,815		3,261,149
Series B, 4.00%, 08/15/41		900		1,020,042
Series C, 4.13%, 08/15/37		3,130		3,392,889
Series C, 5.00%, 08/15/44		390		436,769
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40		7,020		8,122,912
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		670		797,320
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		515		585,478
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b)		710		710,000
State of Illinois, GO 5.25%, 07/01/29		8,345		9,043,059
5.50%, 07/01/33		880		956,023
5.50%, 07/01/38		1,475		1,595,448
5.50%, 05/01/39		1,840		2,363,848
				68,522,909
Indiana — 0.3%
Indiana Finance Authority, RB, Series A, 1st Lien, 5.25%, 10/01/38		1,100		1,118,161

Security	Par (000)		Value
Iowa — 0.8%
Iowa Finance Authority, RB, 5.50%, 07/01/33	$	3,000	$	3,310,680
Maryland — 1.5%
County of Montgomery Maryland, RB, 4.00%, 12/01/44		1,810		1,990,801
Maryland Health & Higher Educational Facilities Authority, RB, 4.00%, 07/01/48		4,000		4,465,840
				6,456,641
Massachusetts — 3.0%
Massachusetts Development Finance Agency, RB 5.00%, 01/01/48		2,595		3,046,426
5.00%, 10/01/48		1,970		2,087,235
Series A, 5.00%, 01/01/47		2,370		2,738,464
Massachusetts Development Finance Agency, Refunding RB 5.00%, 07/01/37		190		216,868
5.00%, 09/01/43		1,750		2,082,780
Series A, 4.00%, 06/01/49		185		208,659
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.85%, 06/01/46		490		535,095
Massachusetts School Building Authority, RB,
Series A, 5.00%, 05/15/23(b)		1,395		1,526,032
				12,441,559
Michigan — 6.6%
Michigan Finance Authority, RB, 5.00%, 11/01/44		3,640		4,243,148
Michigan Finance Authority, Refunding RB 5.00%, 12/01/21(b)		9,050		9,267,743
5.00%, 11/15/41		2,235		2,672,166
Michigan State Building Authority, Refunding RB(b)
Series I-A, 5.38%, 10/15/21		2,800		2,853,956
Series II-A, 5.38%, 10/15/21		1,500		1,528,905
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47		500		633,805
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 3.80%, 10/01/38		3,965		4,446,827
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39		1,560		1,739,665
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(b)		430		479,880
				27,866,095
Minnesota — 0.4%
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49		1,315		1,599,448
Nebraska — 1.6%
Central Plains Energy Project, RB, 5.25%, 09/01/37		6,345		6,731,918
Nevada — 0.8%
City of Las Vegas Nevada Special Improvement District No 611, SAB 4.00%, 06/01/40		450		482,454
4.13%, 06/01/50		1,150		1,213,526
Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40		360		422,726
5.00%, 07/01/45		450		521,334
5.00%, 07/01/51		480		550,570
				3,190,610

SCHEDULE   OF  INVESTMENTS 2

Schedule of Investments  (unaudited) (continued) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Hampshire — 0.1%
New Hampshire Business Finance Authority, Refunding RB, Series A, 3.63%, 07/01/43(a)(e)	$	550	$	572,919
New Jersey — 9.7%
New Jersey Economic Development Authority, RB
Series DDD, 5.00%, 06/15/42		375		443,640
Series WW, 5.25%, 06/15/25(b)		20		23,891
Series WW, 5.25%, 06/15/33		170		198,800
Series WW, 5.00%, 06/15/34		225		260,609
Series WW, 5.00%, 06/15/36		1,395		1,612,271
Series WW, 5.25%, 06/15/40		380		435,697
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32		930		1,032,328
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 10/01/37.		1,605		1,899,020
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.50%, 06/15/21(b)		3,000		3,005,970
Series AA, 5.25%, 06/15/33		1,660		1,815,691
Series AA, 5.00%, 06/15/36		5,070		5,508,301
Series AA, 5.00%, 06/15/38		945		1,057,068
Series AA, 5.50%, 06/15/39		3,785		4,142,493
Series B, 5.25%, 06/15/36		5,000		5,009,000
Series D, 5.00%, 06/15/32		900		1,030,086
Series S, 5.25%, 06/15/43		2,150		2,683,716
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38(d)		5,845		3,731,156
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36		340		416,646
South Jersey Port Corp., ARB, Series A, 5.00%, 01/01/49		720		837,454
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,750		2,155,527
Series A, 5.25%, 06/01/46		1,725		2,080,798
Sub-Series B, 5.00%, 06/01/46		1,130		1,326,145
				40,706,307
New Mexico — 0.2%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/49		220		243,670
New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44		405		467,062
				710,732
New York — 3.0%
Metropolitan Transportation Authority, Refunding RB
Series C-1, 5.25%, 11/15/55		1,135		1,417,490
Series C-1, 5.00%, 11/15/56		1,690		1,970,472
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/32.		1,650		1,760,171
New York City Water & Sewer System, Refunding RB, Series BB, 4.00%, 06/15/47.		2,855		3,005,116
New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(a)		1,240		1,370,448
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43		2,810		3,029,573
				12,553,270
Ohio — 4.3%
Buckeye Tobacco Settlement Financing Authority, Refunding RB Series A-2, Class 1, 3.00%, 06/01/48		3,495		3,649,339

Security	Par (000)		Value
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Refunding RB (continued) Series B-2, Class 2, 5.00%, 06/01/55	$	5,430	$	6,285,062
County of Lucas Ohio, Refunding RB, Series A, 6.50%, 11/15/21(b)		610		627,629
Northwest Local School District/Hamilton & Butler Counties, GO, 4.00%, 12/01/50		2,645		2,812,772
Ohio Turnpike & Infrastructure Commission, RB
Series A-1, Junior Lien, 5.25%, 02/15/32		780		845,848
Series A-1, Junior Lien, 5.25%, 02/15/33		1,095		1,186,882
State of Ohio, Refunding RB, Series A, 5.00%, 01/15/41		2,500		2,568,400
				17,975,932
Oregon — 0.4%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d)		1,115		627,968
Washington & Multnomah Counties School District No. 48J Beaverton, GO, CAB, Series D, (GTD), 5.00%, 06/15/36		945		1,160,677
				1,788,645
Pennsylvania — 5.0%
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		105		117,600
4.00%, 07/01/51		100		110,954
Commonwealth Financing Authority, RB 5.00%, 06/01/33		790		973,161
5.00%, 06/01/34		1,750		2,151,397
(AGM), 4.00%, 06/01/39		3,230		3,689,274
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49.		1,145		1,275,885
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50		4,245		4,797,190
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		695		800,619
Series A-1, 5.00%, 12/01/41		2,730		3,247,117
Series B, 5.00%, 12/01/40		1,060		1,248,468
Series C, 5.50%, 12/01/23(b)		630		712,442
Pennsylvania Turnpike Commission, Refunding RB 2nd Series, 5.00%, 12/01/35		860		1,051,290
Series A-1, 5.00%, 12/01/40		850		993,607
				21,169,004
Puerto Rico — 4.5%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		5,112		5,730,654
Series A-1, Restructured, 5.00%, 07/01/58		6,950		7,906,529
Series A-2, Restructured, 4.33%, 07/01/40		1,688		1,872,414
Series A-2, Restructured, 4.78%, 07/01/58		349		392,129
Series B-1, Restructured, 4.75%, 07/01/53		536		599,623
Series B-2, Restructured, 4.78%, 07/01/58		520		583,970
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)		6,308		2,045,811
				19,131,130
Rhode Island — 1.5%
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45		5,855		6,345,532

3

Schedule of Investments  (unaudited) (continued) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Carolina — 5.0%
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(a)	$	1,095	$	1,119,648
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, (AGM), 6.50%, 08/01/21(b)		260		262,717
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		6,960		7,892,153
Series E, 5.50%, 12/01/53		1,610		1,791,930
South Carolina Public Service Authority, Refunding RB
Series B, 5.00%, 12/01/38		2,360		2,610,608
Series B, (AGM-CR), 5.00%, 12/01/56		2,845		3,362,136
Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43		3,500		3,886,890
				20,926,082
South Dakota — 0.5%
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/48		1,760		1,931,318
Tennessee — 0.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		35		41,472
Texas — 13.4%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(b)		615		663,893
Coppell Independent School District, Refunding GO, (PSF-GTD), 0.00%, 08/15/30(d)		10,030		8,757,594
County of Harris Texas, Refunding GO(d)
(NPFGC), 0.00%, 08/15/25		7,485		7,262,546
(NPFGC), 0.00%, 08/15/28		10,915		10,023,463
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33		1,090		1,215,132
Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 5.80%, 10/01/46(c)		2,365		2,738,977
Harris County-Houston Sports Authority, Refunding RB(d)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(b)		5,965		2,552,543
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38		10,925		4,317,778
Harris County-Houston Sports Authority, Refunding RB, CAB(d)
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38		5,785		2,595,151
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39		6,160		2,579,623
Leander Independent School District, Refunding GO, CAB, Series D, (PSF-GTD), 0.00%, 08/15/24(b)(d)		3,775		1,886,971
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/36(d)		2,340		1,349,314
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(a)		580		607,179
North Texas Tollway Authority, RB, Series A, 6.00%, 09/01/21(b)		1,000		1,014,480
North Texas Tollway Authority, RB, CAB(b)
Series B, 0.00%, 09/01/31(d)		1,975		1,064,229
Series C, 6.75%, 09/01/31(c)		2,500		3,716,375
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/40		385		411,604

Security	Par (000)		Value
Texas (continued)
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42	$	3,155	$	3,272,871
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		330		356,324
				56,386,047
Utah — 0.8%
Salt Lake City Corp. Airport Revenue, ARB, Series B, 5.00%, 07/01/43		2,100		2,569,560
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(a)		235		248,806
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(a)		450		502,394
				3,320,760
Virginia — 0.8%
Virginia Beach Development Authority, Refunding RB 5.00%, 09/01/44		1,375		1,537,539
4.00%, 09/01/48		885		938,950
Virginia Housing Development Authority, RB, M/F Housing, Series B, 4.00%, 06/01/53		895		975,523
				3,452,012
Washington — 0.9%
Washington Health Care Facilities Authority, RB, Series B, 5.00%, 08/15/44		2,000		2,105,360
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38(a)		1,400		1,616,566
				3,721,926
West Virginia — 0.8%
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51		3,050		3,383,030
Wisconsin — 2.8%
Public Finance Authority, RB(a)
Series A, 5.00%, 07/15/39		120		134,296
Series A, 5.00%, 10/15/40		1,260		1,411,313
Series A, 5.00%, 07/15/49		455		499,231
Series A, 5.00%, 07/15/54		215		234,305
Series A, 5.00%, 07/01/55		395		427,749
Series A-1, 4.50%, 01/01/35		685		781,708
Public Finance Authority, Refunding RB, 5.00%, 09/01/39(a)		375		391,526
Wisconsin Health & Educational Facilities Authority, Refunding RB 5.00%, 04/01/44		1,895		2,375,345
Sereis C, 4.00%, 02/15/42		5,000		5,520,350
				11,775,823
Total Municipal Bonds — 109.0% (Cost: $403,424,250)				458,739,879
Municipal Bonds Transferred to Tender Option Bond Trusts(f)
California — 1.0%
Los Angeles Unified School District, GO, Series B-1, 5.25%, 07/01/42(g)		3,432		4,280,408

SCHEDULE  OF  INVESTMENTS 4

Schedule of Investments  (unaudited) (continued) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado — 1.4%
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44(g)	$	4,605	$	5,700,069
Connecticut — 0.4%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		1,561		1,859,301
Florida — 1.5%
City of Miami Beach Florida, RB, 5.00%, 09/01/45		3,500		4,083,870
County of Miami-Dade Florida Transit System, Refunding RB, 5.00%, 07/01/22(b)		1,950		2,052,492
				6,136,362
Illinois — 4.4%
Illinois Finance Authority, RB, Series A, (AGM), 6.00%, 08/15/41		2,400		2,428,008
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/38		7,714		8,256,727
Series A, 5.00%, 01/01/40		3,045		3,523,975
Series B, 5.00%, 01/01/40		1,170		1,384,808
Series C, 5.00%, 01/01/38		2,658		3,056,287
				18,649,805
Kansas — 1.6%
Wyandotte County Unified School District No. 500 Kansas City, GO, Series A, 5.50%, 09/01/26(b)		5,363		6,726,473
Maryland — 0.9%
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/41		3,139		3,827,842
Massachusetts — 4.7%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46		1,661		1,857,438
Massachusetts Development Finance Agency, RB, 4.00%, 09/01/49		5,500		5,727,865
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/35		7,070		8,284,414
Massachusetts School Building Authority, RB, Series B, 5.00%, 11/15/46(g)		3,300		4,021,677
				19,891,394
Michigan — 3.8%
Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44		2,221		2,588,387
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45		960		1,128,000
Michigan State Housing Development Authority, RB, S/F Housing, Series C, 3.90%, 12/01/33		10,905		12,119,592
				15,835,979
Nevada — 1.1%
Las Vegas Valley Water District, Refunding GO, Series A, 5.00%, 06/01/46		3,900		4,621,734
New Jersey — 0.7%
Hudson County Improvement Authority, RB, 5.25%, 05/01/51		920		1,110,136
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 06/15/36(g)		2,001		2,006,859
				3,116,995

Security	Par (000)		Value
New York — 10.9%
Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44	$	3,850	$	4,394,621
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/30.		12,500		13,341,625
New York City Water & Sewer System, Refunding RB
Series CC, 5.00%, 06/15/23(b)		2,933		3,204,487
Series CC, 5.00%, 06/15/47		3,307		3,614,011
Series DD, 5.00%, 06/15/35		1,845		2,096,676
Series FF, 5.00%, 06/15/39		8,355		9,753,794
New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43		5,720		6,164,844
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56 ..		2,561		3,112,835
				45,682,893
North Carolina — 1.3%
Durham Capital Financing Corp, Refunding RB, 4.00%, 06/01/23(b)		5,125		5,520,855
Pennsylvania — 1.7%
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/42		4,997		6,074,403
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42		1,020		1,170,848
				7,245,251
Texas — 6.1%
El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/48		7,001		8,218,988
Houston Community College System, GO, 4.00%, 02/15/23(b)		7,002		7,450,854
San Antonio Water System, Refunding RB, Series C, Junior Lien, 5.00%, 05/15/46.		3,750		4,502,363
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 05/15/23(b)		719		786,334
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/41		3,920		4,679,304
				25,637,843
Virginia — 1.8%
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior Lien, 5.00%, 07/01/48		1,996		2,440,677
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		4,305		4,986,180
				7,426,857
Washington — 3.0%
Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/38		3,210		4,130,468
Washington State Convention Center Public Facilities District, RB, 5.00%, 07/01/58		7,002		8,432,955
				12,563,423

5

Schedule of Investments  (unaudited) (continued) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wisconsin — 0.9%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/42	$	3,520	$	3,714,832
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 47.2% (Cost: $184,780,081)				198,438,316
Total Long-Term Investments — 156.2% (Cost: $588,204,331)				657,178,195
	Shares
Short-Term Securities
Money Market Funds — 2.6%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i)		10,853,248		10,855,418
Total Short-Term Securities — 2.6% (Cost: $10,855,249)				10,855,418
Total Investments — 158.8% (Cost: $599,059,580)				668,033,613
Other Assets Less Liabilities — 1.6%				6,991,314
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.8)%				(117,044,804	)
VMTP Shares at Liquidation Value — (32.6)%				(137,200,000	)
Net Assets Applicable to Common Shares — 100.0%			$	420,780,123

^(a)  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.

^(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)  Zero-coupon bond.

^(e)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(f)  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.

^(g)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between November 15, 2024 to June 15, 2036, is $9,680,474.

^(h)  Affiliate of the Trust.

⁽ⁱ⁾  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended May 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 05/31/21		Shares Held at 05/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	466,483	$	10,388,991	(a)	$	—	$	(225	)	$	169	$	10,855,418		10,853,248	$	519	$	—

^(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 Notes		121		09/21/21	$	15,949	$	(7,772	)
U.S. Long Bond		46		09/21/21		7,183		(22,348	)
							$	(30,120	)

SCHEDULE   OF  INVESTMENTS 6

Schedule of Investments  (unaudited)(continued) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. 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	$	—		$	458,739,879	$	—	$	458,739,879
Municipal Bonds Transferred to Tender Option Bond Trusts		—			198,438,316		—		198,438,316
Short-Term Securities
Money Market Funds		10,855,418			—		—		10,855,418
	$	10,855,418		$	657,178,195	$	—	$	668,033,613
Derivative Financial Instruments(a)
Liabilities
Interest Rate Contracts	$	(30,120	)	$	—	$	—	$	(30,120	)

^(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	$	—	$	(116,998,493	)	$	—	$	(116,998,493	)
VMTP Shares at Liquidation Value		—		(137,200,000	)		—		(137,200,000	)
	$	—	$	(254,198,493	)	$	—	$	(254,198,493	)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AGM-CR	AGM Insured Custodial Receipt
AMBAC	AMBAC Assurance Corp.
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
CAB	Capital Appreciation Bonds
COP	Certificates of Participation

Portfolio Abbreviation (continued)
GO	General Obligation Bonds
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

7

Schedule of Investments  (unaudited) (continued) May 31, 2021 BlackRock Municipal Income Quality Trust (BYM)

Portfolio Abbreviation (continued)
SAB	Special Assessment Bonds
TA	Tax Allocation

SCHEDULE   OF  INVESTMENTS     8