BlackRock Municipal Income Quality Trust (BYM) NPORT-P BlackRock Municipal Income Quality Trust (May 2022 report)

Schedule of Investments  (unaudited) May 31, 2022 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 0.4%
City of Birmingham Alabama, GO, CAB, Series A-1, Convertible, 5.00%, 09/01/25(a)	$	1,165	$	1,273,488
Arizona(b) — 1.1%
Arizona Industrial Development Authority, RB 4.38%, 07/01/39		725		736,572
Series A, 5.00%, 07/01/39		610		619,608
Series A, 5.00%, 07/01/49		690		696,286
Series A, 5.00%, 07/01/54		530		533,176
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52		595		598,980
Maricopa County Industrial Development Authority, Refunding RB
5.00%, 07/01/39		255		262,485
5.00%, 07/01/54		590		597,739
				4,044,846
California — 14.2%
California Community Housing Agency, RB, M/F Housing(b)
Series A, 5.00%, 04/01/49		265		234,937
Series A-2, 4.00%, 08/01/47		1,715		1,401,407
California Health Facilities Financing Authority, Refunding RB
Series A, 3.00%, 10/01/47		2,795		2,171,352
Sub-Series A-2, 5.00%, 11/01/47		1,465		1,790,458
California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28(a)		10,100		11,635,978
California State Public Works Board, RB, Series I, 5.50%, 11/01/33		1,415		1,482,060
California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/48		3,175		3,142,682
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)		150		111,236
CSCDA Community Improvement Authority, RB, M/F Housing(b)
5.00%, 09/01/37		135		123,704
4.00%, 10/01/56		195		181,241
3.00%, 03/01/57		535		395,933
Series A, Class 2, 4.00%, 06/01/58		1,170		997,110
Senior Lien, 3.13%, 06/01/57		930		671,543
Series A, Class 2, Senior Lien, 4.00%, 12/01/58		1,055		865,440
Golden State Tobacco Securitization Corp., Refunding RB, CAB, Series B, Subordinate, 0.00%, 06/01/66(c)		4,695		618,599
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Election 2008, 0.00%, 08/01/43(d)		1,580		1,561,858
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		4,100		4,205,522
Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (BAM), 4.00%, 10/01/39		3,700		3,806,767
San Diego County Regional Airport Authority, RB, Series A, Subordinate, 4.00%, 07/01/56		2,730		2,781,537
San Diego Unified School District, GO, CAB(c)
Series K-2, 0.00%, 07/01/38		1,745		926,499
Series K-2, 0.00%, 07/01/39		2,115		1,075,628
Series K-2, 0.00%, 07/01/40		2,715		1,322,368
Series C, Election 2008, 0.00%, 07/01/38		2,000		1,114,622

Security	Par (000)		Value
California (continued)
San Diego Unified School District, GO, CAB(c) (continued)
Series G, Election 2008, 0.00%, 01/01/24(a)	$	3,425	$	1,734,465
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(c)		1,400		1,049,224
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37(c)		10,000		5,821,540
				51,223,710
Colorado — 0.6%
Regional Transportation District, COP, Series A, 5.00%, 06/01/39		1,305		1,329,578
Sabell Metropolitan District, GO, Series A, 5.00%, 12/01/50(b)		1,055		978,302
				2,307,880
Connecticut — 0.7%
State of Connecticut, Refunding GO, Series E, 5.00%, 09/15/37		2,280		2,516,190
Delaware — 0.8%
County of Kent Delaware, RB
Series A, 5.00%, 07/01/40		770		794,159
Series A, 5.00%, 07/01/48		2,110		2,128,464
				2,922,623
District of Columbia — 2.7%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		9,500		9,781,846
Florida — 5.8%
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39		1,795		1,828,069
Capital Trust Agency, Inc., RB(b)
Series A, 5.00%, 06/01/45		615		572,836
Series A, 5.50%, 06/01/57		220		209,819
County of Miami-Dade Seaport Department, ARB, Series A, 6.00%, 10/01/23(a)		2,770		2,925,303
Florida Development Finance Corp., RB, Series A, 5.00%, 06/15/56		580		598,463
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(b)		340		354,641
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51		425		329,180
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40		3,910		4,075,092
Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42		685		731,402
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52		4,000		4,031,980
Orange County Health Facilities Authority, Refunding RB
5.00%, 08/01/41		630		666,973
5.00%, 08/01/47		1,845		1,949,990
Preserve at South Branch Community Development District, SAB
4.00%, 11/01/39		300		290,324
4.00%, 11/01/50		500		461,650
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(a)		1,340		1,387,553

1

Schedule of Investments  (unaudited) (continued) May 31, 2022 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Westside Haines City Community Development District, SAB(b)
4.10%, 05/01/37	$	260	$	251,480
4.13%, 05/01/38		260		251,107
				20,915,862
Georgia — 2.5%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(a)		545		595,758
Georgia Housing & Finance Authority, RB, S/F Housing
Series A, 3.95%, 12/01/43		275		280,334
Series A, 4.00%, 12/01/48		410		417,261
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/38		595		655,785
Series A, 5.00%, 05/15/43		775		815,296
Series A, 4.00%, 09/01/52(e)		3,065		3,109,721
Series C, 4.00%, 05/01/52(e)		2,385		2,442,001
Private Colleges & Universities Authority, RB, 5.00%, 04/01/24(a)		750		792,202
				9,108,358
Illinois — 14.6%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/37		1,265		1,315,510
Series A, 5.00%, 12/01/38		515		534,392
Series A, 5.00%, 12/01/39		1,390		1,439,498
Series A, 5.00%, 12/01/47		605		616,689
Chicago O’Hare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42		3,300		3,536,168
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49		3,500		3,653,173
Cook County Community College District No. 508, GO
5.13%, 12/01/38		7,700		7,863,040
5.50%, 12/01/38		1,000		1,029,058
Cook County Forest Preserve District, Refunding GO, Series B, 5.00%, 12/15/37		210		210,438
Illinois Finance Authority, RB
Series A, 5.00%, 02/15/47		565		583,999
Series A, 5.00%, 02/15/50		310		319,885
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 11/15/45		2,815		2,938,604
Series B, 4.00%, 08/15/41		900		901,997
Series C, 4.13%, 08/15/37		3,130		3,175,031
Series C, 5.00%, 08/15/44		390		406,325
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 10/01/43		3,000		2,931,798
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40		7,020		7,428,732
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		670		711,003
State of Illinois, GO
5.25%, 07/01/29		8,345		8,570,040
5.50%, 07/01/33		880		904,899
5.50%, 07/01/38		1,475		1,511,263
5.50%, 05/01/39		1,840		2,020,208
				52,601,750
Indiana — 0.2%
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51		525		525,969

Security	Par (000)		Value
Iowa — 0.9%
Iowa Finance Authority, RB, 5.50%, 07/01/23(a)	$	3,000	$	3,123,198
Maryland — 1.6%
County of Montgomery Maryland, RB, 4.00%, 12/01/44		1,810		1,811,298
Maryland Health & Higher Educational Facilities Authority, RB, 4.00%, 07/01/48		4,000		3,982,560
				5,793,858
Massachusetts — 4.7%
Massachusetts Development Finance Agency, RB
5.00%, 01/01/48		2,595		2,776,320
5.00%, 10/01/48		1,970		1,992,180
4.00%, 06/14/22		5,500		5,356,566
Series A, 5.00%, 01/01/47		2,370		2,511,115
Massachusetts Development Finance Agency, Refunding RB
5.00%, 07/01/37		190		199,168
5.00%, 09/01/43		1,750		1,863,419
Series A, 4.00%, 06/01/29		185		182,589
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.85%, 06/01/46		490		482,449
Massachusetts School Building Authority, RB, Series A, 5.00%, 05/15/23(a)		1,395		1,440,625
				16,804,431
Michigan — 3.4%
Michigan Finance Authority, RB, Series S, 5.00%, 11/01/44		3,640		3,812,518
Michigan Finance Authority, Refunding RB, 5.00%, 11/15/41		2,235		2,374,162
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 3.80%, 10/01/38		3,965		3,969,445
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 03/01/24(a)		1,560		1,646,341
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(a)		430		450,232
				12,252,698
Minnesota — 0.4%
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49		1,315		1,389,910
Nevada — 0.8%
City of Las Vegas Nevada Special Improvement District No. 611, SAB
4.00%, 06/01/40		450		443,609
4.13%, 06/01/50		1,150		1,095,683
Tahoe-Douglas Visitors Authority, RB
5.00%, 07/01/40		360		382,867
5.00%, 07/01/45		450		472,893
5.00%, 07/01/51		480		499,084
				2,894,136
New Hampshire — 0.1%
New Hampshire Business Finance Authority, Refunding RB, Series A, 3.63%, 07/01/43(b)(e)		550		483,390
New Jersey — 8.3%
New Jersey Economic Development Authority, RB
Series DDD, 5.00%, 06/15/42		375		392,577
Series WW, 5.25%, 06/15/25(a)		20		21,918
Series WW, 5.25%, 06/15/33		170		178,690
Series WW, 5.00%, 06/15/34		225		233,385
Series WW, 5.00%, 06/15/36		1,395		1,444,122
Series WW, 5.25%, 06/15/40		380		394,339

SCHEDULE   OF   INVESTMENTS 2

Schedule of Investments  (unaudited) (continued) May 31, 2022 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32	$	930	$	938,114
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51		3,525		2,877,782
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 10/01/37		1,605		1,703,746
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.25%, 06/15/33		1,660		1,705,426
Series AA, 5.00%, 06/15/36		5,070		5,141,325
Series AA, 5.00%, 06/15/38		945		966,140
Series D, 5.00%, 06/15/32		900		930,725
Series S, 5.25%, 06/15/43		2,150		2,308,322
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38(c)		5,845		2,792,507
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 12/15/36		340		363,753
Series A, 4.00%, 06/15/40		1,690		1,662,314
South Jersey Port Corp., ARB, Series A, 5.00%, 01/01/49		720		752,387
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,750		1,846,829
Series A, 5.25%, 06/01/46		1,725		1,853,947
Sub-Series B, 5.00%, 06/01/46		1,130		1,155,821
				29,664,169
New Mexico — 0.2%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/49		220		197,341
New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/25(a)		405		440,901
				638,242
New York — 3.4%
Metropolitan Transportation Authority, Refunding RB
Series C-1, 5.25%, 11/15/55		1,135		1,218,772
Series C-1, 5.00%, 11/15/56		1,690		1,782,519
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Class 1, Subordinate, 4.00%, 02/01/42		1,000		1,043,921
New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(b)		1,240		1,254,012
New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/49		4,115		4,247,248
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43		2,810		2,696,341
				12,242,813
North Dakota — 0.1%
North Dakota Housing Finance Agency, RB, S/F Housing, 3.70%, 01/01/46		500		489,328
Ohio — 4.5%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 3.00%, 06/01/48		4,495		3,489,374
Series A-2, Class 1, 4.00%, 06/01/48		4,625		4,471,922

Security	Par (000)		Value
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Refunding RB (continued)
Series B-2, Class 2, 5.00%, 06/01/55	$	5,345	$	5,425,924
Northwest Local School District/Hamilton & Butler Counties, GO, 4.00%, 12/01/50		2,645		2,654,363
				16,041,583
Oregon — 0.6%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)		1,115		574,061
Oregon State Facilities Authority, Refunding RB, Series A, 4.13%, 06/01/52		650		650,445
Washington & Multnomah Counties School District No. 48J Beaverton, GO, CAB, Series D, Convertible, (GTD), 5.00%, 06/15/36		945		1,043,684
				2,268,190
Pennsylvania — 6.8%
Bucks County Industrial Development Authority, RB
4.00%, 07/01/46		105		87,176
4.00%, 07/01/51		100		81,438
Commonwealth Financing Authority, RB
5.00%, 06/01/33		790		863,772
5.00%, 06/01/34		1,750		1,906,354
(AGM), 4.00%, 06/01/39		3,230		3,284,245
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		1,145		1,151,310
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 02/15/52		800		790,746
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50		4,245		4,418,103
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/47(f)		2,415		2,464,097
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		695		726,865
Series A-1, 5.00%, 12/01/41		2,730		2,904,171
Series B, 5.00%, 12/01/40		1,060		1,117,575
Series C, 5.50%, 12/01/23(a)		630		664,227
Series A, Subordinate, 4.00%, 12/01/45		340		334,774
Series A, Subordinate, 4.00%, 12/01/46		1,605		1,579,089
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40		850		888,286
Westmoreland County Municipal Authority, Refunding RB, 5.00%, 06/14/22		1,015		1,071,186
				24,333,414
Puerto Rico — 4.8%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		5,112		5,133,215
Series A-1, Restructured, 5.00%, 07/01/58		6,950		7,066,204
Series A-2, Restructured, 4.33%, 07/01/40		1,688		1,682,776
Series A-2, Restructured, 4.78%, 07/01/58		349		351,070
Series B-1, Restructured, 4.75%, 07/01/53		536		539,445

3

Schedule of Investments  (unaudited) (continued) May 31, 2022 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)
Series B-2, Restructured, 4.78%, 07/01/58	$	520	$	522,985
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)		6,226		1,867,177
				17,162,872
Rhode Island — 1.5%
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45		5,085		5,220,205
South Carolina — 5.2%
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b)		1,095		1,005,807
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		6,960		7,191,803
Series E, 5.50%, 12/01/53		1,610		1,656,386
South Carolina Public Service Authority, Refunding RB 5.00%, 12/01/38		2,360		2,420,661
Series B, (AGM-CR), 5.00%, 12/01/56		2,845		2,999,131
Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43		3,500		3,539,781
				18,813,569
South Dakota — 0.5%
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(a)		1,760		1,899,353
Tennessee — 0.7%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		35		36,979
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 2, 4.35%, 01/01/48(f)		2,500		2,527,915
				2,564,894
Texas — 16.7%
City of Lubbock Texas Electric Light & Power System Revenue, Refunding RB, 4.00%, 04/15/46		5,550		5,677,916
Coppell Independent School District, Refunding GO, (PSF), 0.00%, 08/15/30(c)		10,030		7,858,756
County of Harris Texas, Refunding GO(c)
(NPFGC), 0.00%, 08/15/25		7,485		6,949,029
(NPFGC), 0.00%, 08/15/28		10,915		9,248,814
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33		1,090		1,133,521
Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 0.00%, 10/01/46(d)		2,365		2,465,997
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 3.00%, 10/01/51		3,900		3,284,514
Harris County-Houston Sports Authority, Refunding RB(c)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(a)		5,965		2,480,736
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38		10,925		4,337,192
Harris County-Houston Sports Authority, Refunding RB, CAB(c)
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38		5,785		2,529,029
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39		6,160		2,526,770
Katy Independent School District, GO, 4.00%, 02/15/52(f)		3,000		3,099,573

Security	Par (000)		Value
Texas (continued)
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(a)(c)	$	3,775	$	1,852,589
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/36(c)		2,340		1,234,371
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)		580		588,460
North Texas Tollway Authority, RB, CAB(a)
Series B, 0.00%, 09/01/31(c)		1,975		956,611
Series C, Convertible, 6.75%, 09/01/31		2,500		3,377,620
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		330		329,701
				59,931,199
Utah — 0.8%
City of Salt Lake City Utah Airport Revenue, ARB, Series B, 5.00%, 07/01/43		2,100		2,280,094
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(b)		235		231,776
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(b)		450		454,321
				2,966,191
Virginia — 4.4%
Henrico County Economic Development Authority, Refunding RB, 5.00%, 10/01/52		5,750		6,213,588
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,225		1,224,951
Virginia Beach Development Authority, Refunding RB
5.00%, 09/01/44		1,375		1,428,079
4.00%, 09/01/48		885		825,585
Virginia College Building Authority, RB, 4.00%, 02/01/42(f)		5,000		5,318,095
Virginia Housing Development Authority, RB, M/F Housing, Series B, 4.00%, 06/01/53		895		881,411
				15,891,709
Washington — 2.1%
Washington State Convention Center Public Facilities District RB, 3.00%, 07/01/58		8,690		6,189,053
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38(b)		1,400		1,499,755
				7,688,808
West Virginia — 2.3%
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51		3,050		2,954,779
West Virginia Parkways Authority, RB, Senior Lien, 4.00%, 06/01/51		5,215		5,256,225
				8,211,004
Wisconsin — 3.2%
Public Finance Authority, RB(b)
5.00%, 06/15/51		305		270,806
5.00%, 10/15/51		270		257,325
5.00%, 06/15/56		400		347,312
Series A, 5.00%, 07/15/39		120		125,726
Series A, 5.00%, 10/15/40		1,260		1,277,722
Series A, 5.00%, 07/15/49		455		472,694
Series A, 5.00%, 07/15/54		215		222,625
Series A, 5.00%, 07/01/55		395		400,007
Series A-1, 4.50%, 01/01/35		685		633,171

SCHEDULE   OF   INVESTMENTS 4

Schedule of Investments  (unaudited) (continued) May 31, 2022 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wisconsin (continued)
Public Finance Authority, Refunding RB, 5.00%, 09/01/39(b)	$	375	$	380,816
Wisconsin Health & Educational Facilities Authority, Refunding RB
5.00%, 04/01/44		1,895		2,102,529
Sereis C, 4.00%, 02/15/42		5,000		5,003,055
				11,493,788
Total Municipal Bonds — 121.6% (Cost: $425,546,567)				437,485,474
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
California — 1.1%
Los Angeles Unified School District, GO, Series B-1, Election 2008, 5.25%, 07/01/42(h)		3,432		3,795,184
Connecticut — 0.5%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		1,561		1,646,732
Florida — 1.0%
City of Miami Beach Florida, RB, 5.00%, 09/01/45		3,500		3,658,697
Illinois — 2.0%
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		3,045		3,222,818
Series B, 5.00%, 01/01/40		1,170		1,246,218
Series C, 5.00%, 01/01/38		2,658		2,799,552
				7,268,588
Indiana — 3.0%
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51		10,685		10,704,724
Kansas — 1.7%
Wyandotte County Unified School District No. 500 Kansas City, GO, Series A, 5.50%, 09/01/47(a)		5,363		6,100,237
Maryland — 0.9%
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/41		3,139		3,377,052
Massachusetts — 3.0%
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/35		7,070		7,228,500
Massachusetts School Building Authority, RB, Series B, 5.00%, 11/15/46(h)		3,300		3,556,994
				10,785,494

Security	Par (000)		Value
Michigan — 0.9%
Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44	$	2,220	$	2,325,696
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45		960		1,008,744
				3,334,440
Nevada — 1.1%
Las Vegas Valley Water District, Refunding GO, Series A, 5.00%, 06/01/46		3,900		4,147,637
New York — 18.0%
Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44		3,850		3,991,615
New York City Municipal Water Finance Authority, RB, Subordinate, 4.00%, 06/15/51		6,000		6,147,468
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
4.00%, 08/01/36		7,350		7,735,364
Series F-1, Subordinate, 4.00%, 02/01/51		6,645		6,819,123
New York City Water & Sewer System, Refunding RB
Series DD, 5.00%, 06/15/35.		1,845		1,939,848
Series FF, 5.00%, 06/15/39		8,355		8,890,656
New York State Dormitory Authority, Refunding RB, Series C, 4.00%, 07/01/49(f)		8,955		9,059,114
New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43		5,720		5,820,024
Port Authority of New York & New Jersey, Refunding ARB
Consolidated, 198th Series, 5.25%, 11/15/56		2,561		2,762,246
Series 230, 5.25%, 12/01/52(h)		10,000		11,677,699
				64,843,157
Pennsylvania — 1.5%
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		4,997		5,385,399
Texas — 1.2%
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/41		3,920		4,203,952
Virginia — 2.3%
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57		4,000		4,057,432
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		4,307		4,163,038
				8,220,470
Washington — 1.0%
Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/38		3,210		3,571,969

5

Schedule of Investments  (unaudited) (continued) May 31, 2022 BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wisconsin — 1.0%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/42	$	3,520	$	3,534,267
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.2% (Cost: $142,587,989)				144,577,999
Total Long-Term Investments — 161.8%     (Cost: $568,134,556)			582,063,473
	Shares
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.55%(i)(j)		1,413,891		1,414,033
Total Short-Term Securities — 0.4% (Cost: $1,413,823)				1,414,033
Total Investments — 162.2% (Cost: $569,548,379)				583,477,506
Liabilities in Excess of Other Assets — (0.3)%				(1,077,376	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (23.8)%				(85,545,730	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (38.1)%				(137,200,000	)
Net Assets Applicable to Common Shares — 100.0%			$	359,654,400

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

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Zero-coupon bond.

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

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

^(f)  When-issued security.

^(g)  Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

^(h)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between November 15, 2024 to June 1, 2030, is $11,874,471.

⁽ⁱ⁾  Affiliate of the Trust.

^(j)  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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 05/31/22		Shares Held at 05/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	6,327,383	$	—	$	(4,910,628	)(a)	$	(2,762	)	$	40	$	1,414,033		1,413,891	$	7,023	$	—

^(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		106		09/21/22	$	12,655	$	89,059
U.S. Long Bond		156		09/21/22		21,738		221,037
5-Year U.S. Treasury Note		101		09/30/22		11,408		27,108
							$	337,204

SCHEDULE   OF   INVESTMENTS 6

Schedule of Investments  (unaudited) (continued) May 31, 2022 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.

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	$	—	$	437,485,474	$	—	$	437,485,474
Municipal Bonds Transferred to Tender Option Bond Trusts		—		144,577,999		—		144,577,999
Short-Term Securities
Money Market Funds		1,414,033		—		—		1,414,033
	$	1,414,033	$	582,063,473	$	—	$	583,477,506
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	337,204	$	—	$	—	$	337,204

^(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	$	—	$	(85,452,869	)	$	—	$	(85,452,869	)
VMTP Shares at Liquidation Value		—		(137,200,000	)		—		(137,200,000	)
	$	—	$	(222,652,869	)	$	—	$	(222,652,869	)

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)
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.

7

Schedule of Investments  (unaudited) (continued) May 31, 2022 BlackRock Municipal Income Quality Trust (BYM)

Portfolio Abbreviation (continued)

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

SCHEDULE   OF   INVESTMENTS 8