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

Schedule of Investments (unaudited) October 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	$	1,216,686
Arizona(b) — 1.1%
Arizona Industrial Development Authority, RB 4.38%, 07/01/39		725		625,619
Series A, 5.00%, 07/01/39		610		560,861
Series A, 5.00%, 07/01/49		690		594,384
Series A, 5.00%, 07/01/54		530		445,482
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52		595		475,201
Maricopa County Industrial Development Authority, Refunding RB 5.00%, 07/01/39		255		233,224
5.00%, 07/01/54		590		500,034
				3,434,805
California — 15.8%
California Community Housing Agency, RB, M/F Housing(b) 3.00%, 08/01/56		155		90,882
Series A, 5.00%, 04/01/49		265		216,293
Series A-2, 4.00%, 08/01/47		1,715		1,173,736
California Health Facilities Financing Authority, Refunding RB
Series A, 3.00%, 10/01/47		2,795		1,917,851
Sub-Series A-2, 5.00%, 11/01/47		1,465		1,489,405
California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28(a)		10,100		10,908,990
California State Public Works Board, RB, Series I, 5.50%, 11/01/33		1,415		1,445,787
California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/48		3,175		2,530,494
CMFA Special Finance Agency XII, RB, M/F Housing,
Series A, 3.25%, 02/01/57(b)		150		92,613
CSCDA Community Improvement Authority, RB, M/F Housing(b) 5.00%, 09/01/37		130		113,698
4.00%, 10/01/56		195		142,730
4.00%, 12/01/56		230		147,127
Series A, 4.00%, 06/01/58		1,170		855,083
Senior Lien, 3.13%, 06/01/57		690		417,133
Series A, Senior Lien, 4.00%, 12/01/58		1,055		716,436
Golden State Tobacco Securitization Corp., Refunding RB, Series B-2, Subordinate, 0.00%, 06/01/66(c)		735		60,543
Los Angeles Unified School District, GO, Election of 2008, 5.25%, 07/01/42		3,430		3,598,159
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertiable, Election 2008, 6.25%, 08/01/28(d)		1,580		1,343,654
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		4,100		3,401,565
Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (BAM), 4.00%, 10/01/39		3,700		3,383,051
San Diego County Regional Airport Authority, RB, Series A, Subordinate, 4.00%, 07/01/51		2,730		2,218,043
San Diego Unified School District, GO, CAB(c)
Series K-2, 0.00%, 07/01/38		1,745		801,656
Series K-2, 0.00%, 07/01/39		2,115		913,589

Security	Par (000)		Value
California (continued)
San Diego Unified School District, GO, CAB(c) (continued)
Series K-2, 0.00%, 07/01/40	$	2,715	$	1,107,286
Series C, Election 2008, 0.00%, 07/01/38		2,000		965,664
Series G, Election 2008, 0.00%, 01/01/24(a)		3,425		1,719,698
San Diego Unified School District, Refunding GO, CAB,
Series R-1, 0.00%, 07/01/31(c)		1,400		985,323
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37(c)		10,000		5,370,650
				48,127,139
Colorado — 1.9%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series B, 5.25%, 11/15/53		5,000		5,099,205
Sabell Metropolitan District, GO, Series A, 5.00%, 12/01/50(b)		1,055		811,572
				5,910,777
Connecticut — 0.5%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		1,560		1,495,316
Delaware — 0.8%
County of Kent Delaware, RB
Series A, 5.00%, 07/01/40		770		682,802
Series A, 5.00%, 07/01/48		2,110		1,751,853
				2,434,655
District of Columbia — 3.6%
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		9,500		9,765,895
Washington Metropolitan Area Transit Authority RB, Series B, 5.00%, 07/01/37		1,140		1,173,366
				10,939,261
Florida — 6.4%
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39		1,795		1,837,434
Capital Trust Agency, Inc., RB(b)
Series A, 5.00%, 06/01/45		615		494,553
Series A, 5.50%, 06/01/57		220		179,274
County of Miami-Dade Seaport Department, ARB,
Series A, 6.00%, 10/01/23(a)		2,770		2,838,416
Florida Development Finance Corp., RB 6.50%, 06/30/57(b)		420		384,170
Series A, 5.00%, 06/15/56		580		507,811
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(b)		340		302,508
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51		425		263,265
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40		3,910		3,929,073
Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42		685		669,320
Orange County Health Facilities Authority, RB, 4.00%, 10/01/52		4,000		3,104,476
Orange County Health Facilities Authority, Refunding RB 5.00%, 08/01/41		630		656,691
5.00%, 08/01/47		1,845		1,915,468
Preserve at South Branch Community Development District, SAB 4.00%, 11/01/39		300		256,435

1

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

Security	Par (000)		Value
Florida (continued)
Preserve at South Branch Community Development District, SAB (continued) 4.00%, 11/01/50	$	500	$	391,738
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(a)		1,340		1,355,895
Westside Haines City Community Development District, Refunding SAB (b) 4.10%, 05/01/37		260		219,969
4.13%, 05/01/38		260		218,460
				19,524,956
Georgia — 2.6%
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)		245		204,447
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(a)		545		570,920
Georgia Housing & Finance Authority, RB, S/F Housing
Series A, 3.95%, 12/01/43		275		275,610
Series A, 4.00%, 12/01/48		410		410,920
Main Street Natural Gas Inc., RB
Series A, 5.00%, 05/15/38		595		565,433
Series A, 5.00%, 05/15/43		775		717,293
Series A, 4.00%, 09/01/52(e)		3,065		2,807,586
Series C, 4.00%, 05/01/52(e)		2,385		2,228,492
				7,780,701
Idaho — 0.5%
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/57		1,510		1,455,220
Illinois — 12.6%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,620		1,540,192
Series A, 5.00%, 12/01/40		1,540		1,398,032
Series A, 5.00%, 12/01/47		1,055		909,361
Chicago O’Hare International Airport, ARB, Series D,
Senior Lien, 5.25%, 01/01/42		3,300		3,358,717
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/49		3,500		3,541,710
Cook County Community College District No.508, GO 5.13%, 12/01/38		7,700		7,715,985
5.50%, 12/01/38		1,000		1,009,135
Illinois Finance Authority, RB
Series A, 5.00%, 02/15/47		565		470,553
Series A, 5.00%, 02/15/50		310		253,728
Illinois Finance Authority, Refunding RB
Series B, 4.00%, 08/15/41		900		757,940
Series C, 4.13%, 08/15/37		3,130		2,735,138
Series C, 5.00%, 08/15/44		390		371,966
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 3.75%, 10/01/43		3,000		2,425,935
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40		7,020		7,150,411
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		670		604,794
State of Illinois, GO 5.50%, 07/01/33		880		882,441
5.50%, 07/01/38		1,475		1,476,338
5.50%, 05/01/39		1,840		1,849,516
				38,451,892

Security	Par (000)		Value
Indiana — 0.1%
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51	$	525	$	420,022
Iowa — 1.1%
Iowa Finance Authority, RB, 5.50%, 07/01/23(a)		3,000		3,045,807
Iowa Tobacco Settlement Authority, Refunding RB,
Series B2, Subordinate, 0.00%, 06/01/65(c)		3,760		346,100
				3,391,907
Maryland — 0.5%
County of Montgomery Maryland, RB, 4.00%, 12/01/44 .		1,810		1,536,866
Massachusetts — 3.4%
Massachusetts Development Finance Agency Refunding RB, 4.00%, 07/01/35		4,500		4,238,600
Massachusetts Development Finance Agency, RB 5.00%, 10/01/48		1,970		1,607,577
Series A, 5.00%, 01/01/47		2,370		2,225,551
Massachusetts Development Finance Agency, Refunding RB 5.00%, 07/01/37		190		183,527
5.00%, 09/01/43		1,750		1,681,421
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.85%, 06/01/46		490		384,363
				10,321,039
Michigan — 3.2%
Michigan Finance Authority, RB, Series S, 5.00%, 11/01/44		3,640		3,564,157
Michigan Finance Authority, Refunding RB, 5.00%, 11/15/41		2,235		2,196,565
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 3.80%, 10/01/38		3,965		3,552,347
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(a)		430		437,647
				9,750,716
Minnesota — 0.4%
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49		1,315		1,274,419
Nevada — 0.8%
City of Las Vegas Nevada Special Improvement District No.611, SAB 4.00%, 06/01/40		450		345,414
4.13%, 06/01/50		1,150		806,384
Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40		360		340,792
5.00%, 07/01/45		930		851,374
				2,343,964
New Hampshire — 0.1%
New Hampshire Business Finance Authority, Refunding RB, Series A, 3.63%, 07/01/43(b)(e)		450		349,250
New Jersey — 8.4%
New Jersey Economic Development Authority, RB
Series DDD, 5.00%, 06/15/42		375		361,950
Series WW, 5.25%, 06/15/33		170		172,336
Series WW, 5.00%, 06/15/34		225		225,949
Series WW, 5.00%, 06/15/36		1,395		1,394,026
Series WW, 5.25%, 06/15/40		380		380,643
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32		930		866,945

S C H E D U L E    O F    I N V E S T M E N  T S 2

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

Security	Par (000)		Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51	$	3,525	$	2,300,084
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 10/01/37		1,605		1,587,764
New Jersey Transportation Trust Fund Authority, RB
Series AA, 5.25%, 06/15/33		1,660		1,667,613
Series BB, 4.00%, 06/15/50		3,000		2,373,543
Series D, 5.00%, 06/15/32		900		905,981
Series S, 5.25%, 06/15/43		2,150		2,139,269
New Jersey Transportation Trust Fund Authority, RB, CAB(c)
Series A, 0.00%, 12/15/35		4,050		2,004,191
Series A, 0.00%, 12/15/38		5,845		2,411,863
New Jersey Transportation Trust Fund Authority, Refunding RB
Series A, 5.00%, 12/15/36		340		337,416
Series A, 4.00%, 06/15/40		1,690		1,441,164
South Jersey Port Corp., ARB, Series A, 5.00%, 01/01/49		720		689,413
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,750		1,751,150
Series A, 5.25%, 06/01/46		1,725		1,654,366
Sub-Series B, 5.00%, 06/01/46		1,130		1,035,242
				25,700,908
New Mexico — 0.1%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/49		220		175,072
New York — 9.6%
City of New York, GO, Series B, 5.25%, 10/01/47		100		104,581
Metropolitan Transportation Authority, Refunding RB
Series C-1, 5.25%, 11/15/55		1,135		1,065,844
Series C-1, 5.00%, 11/15/56		1,690		1,524,049
New York City Municipal Water Finance Authority, RB, Series CC-1, Subordinate, 4.00%, 06/15/51		6,000		5,054,064
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Series A-1, Subordinate, 4.00%, 08/01/48		1,320		1,110,402
Series C-1, Subordinate, 4.00%, 02/01/42		1,000		893,720
Series F-1, Subordinate, 4.00%, 02/01/51(f)		6,645		5,586,751
New York Liberty Development Corp., Refunding RB,
Series 1, 5.00%, 11/15/44(b)		1,240		1,085,234
New York State Thruway Authority, Refunding RB, Series A-1, 4.00%, 03/15/54		4,115		3,404,195
Port Authority of New York & New Jersey, Refunding ARB, Series 198, 5.25%, 11/15/56		2,555		2,606,524
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43		2,810		2,262,424
Triborough Bridge & Tunnel Authority RB, Series D-2, Senior Lien, 5.50%, 05/15/52		4,340		4,621,284
				29,319,072
North Dakota — 0.1%
North Dakota Housing Finance Agency, RB, S/F Housing, Class A, 3.70%, 01/01/46		500		390,447
Ohio — 4.1%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, 3.00%, 06/01/48		4,495		2,919,610

Security	Par (000)		Value
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Refunding RB (continued)
Series A-2, Class 1, 4.00%, 06/01/48	$	4,625	$	3,682,915
Series B-2, Class 2, 5.00%, 06/01/55		4,420		3,710,312
Northwest Local School District/Hamilton & Butler Counties, GO, 4.00%, 12/01/50		2,645		2,273,867
				12,586,704
Oregon — 0.7%
Clackamas County School District No.12 North
Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)		1,115		525,820
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52		650		522,850
Washington & Multnomah Counties School District No. 48J Beaverton, GO, CAB, Series D, Convertible, (GTD), 5.00%, 06/15/36		945		987,963
				2,036,633
Pennsylvania — 6.5%
Bucks County Industrial Development Authority, RB 4.00%, 07/01/46		105		73,830
4.00%, 07/01/51		100		65,546
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39		3,230		2,938,392
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		1,145		926,536
Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 02/15/52		800		641,862
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/49		5,000		4,203,035
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50		4,245		4,172,975
Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing, Series 2022, 4.25%, 10/01/47		2,415		2,072,749
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/38		695		699,035
Series B, 5.00%, 12/01/40		1,060		1,063,747
Series C, 5.50%, 12/01/23(a)		630		645,014
Series A, Subordinate, 4.00%, 12/01/46		1,605		1,296,882
Pennsylvania Turnpike Commission, Refunding RB, Series A-1, 5.00%, 12/01/40		850		850,724
				19,650,327
Puerto Rico — 4.7%
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		5,112		4,276,392
Series A-1, Restructured, 5.00%, 07/01/58		6,950		5,945,871
Series A-2, Restructured, 4.78%, 07/01/58		349		289,409
Series A-2, Restructured, 4.33%, 07/01/40		1,688		1,432,319
Series B-1, Restructured, 4.75%, 07/01/53		536		446,147
Series B-2, Restructured, 4.78%, 07/01/58		520		428,949
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)		6,226		1,351,179
				14,170,266
Rhode Island — 1.5%
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45		5,085		4,695,840

3

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

Security	Par (000)		Value
South Carolina — 5.9%
South Carolina Jobs-Economic Development Authority, RB(b) 5.00%, 01/01/55	$	1,095	$	856,949
7.50%, 08/15/62		505		455,720
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		6,960		6,974,094
Series E, 5.50%, 12/01/53		1,610		1,610,359
South Carolina Public Service Authority, Refunding RB 5.00%, 12/01/38		2,360		2,360,597
Series B, (AGM-CR), 5.00%, 12/01/56		2,845		2,797,579
Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43		3,500		2,895,004
				17,950,302
South Dakota — 0.6%
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(a)		1,760		1,805,896
Tennessee — 0.7%
Metropolitan Government Nashville & Davidson County
Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		35		34,214
Tennessee Housing Development Agency, Refunding RB, S/F Housing, Series 2, 4.35%, 01/01/48		2,500		2,109,158
				2,143,372
Texas — 19.2%
City of Lubbock Texas Electric Light & Power System Revenue, Refunding RB, 4.00%, 04/15/51		5,200		4,388,883
Coppell Independent School District, Refunding GO, (PSF), 0.00%, 08/15/30(c)		10,030		7,409,061
County of Harris Texas, Refunding GO(c)
(NPFGC), 0.00%, 08/15/25		7,485		6,800,684
(NPFGC), 0.00%, 08/15/28		10,915		8,784,185
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33		1,090		1,103,186
Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 5.80%, 10/01/46(d)		2,365		2,364,792
Harris County Cultural Education Facilities Finance Corp., Refunding RB, 3.00%, 10/01/51		3,900		2,506,885
Harris County-Houston Sports Authority, Refunding RB(c)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(a)		5,965		2,434,287
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38		10,925		4,258,598
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38		5,785		2,289,414
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39		6,160		2,283,007
Katy Independent School District, GO, (PSF), 4.00%, 02/15/52		3,000		2,542,002
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(a)(c)		3,775		1,824,019
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/27(a)(c)		2,340		1,255,080
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b)		580		495,900
New Hope Cultural Education Facilities Finance Corp., Refunding RB, Series A, 4.00%, 08/15/40		4,000		3,546,044
North Texas Tollway Authority, RB(a) Series B, 0.00%, 09/01/31(c)		1,975		893,703

Security	Par (000)		Value
Texas (continued)
North Texas Tollway Authority, RB(a) (continued)
Series C, Convertible, 6.75%, 09/01/31	$	2,500	$	3,120,252
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		330		274,949
				58,574,931
Utah(b) — 0.2%
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49		235		199,270
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55		450		361,194
				560,464
Virginia — 6.0%
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/52		5,215		4,486,360
Henrico County Economic Development Authority, Refunding RB, Class A, 5.00%, 10/01/47		5,750		5,607,187
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,225		1,064,953
Virginia Beach Development Authority, Refunding RB 5.00%, 09/01/44		1,375		1,189,137
4.00%, 09/01/48		885		629,930
Virginia College Building Authority, RB, 4.00%, 02/01/42		5,000		4,566,010
Virginia Housing Development Authority, RB, M/F Housing, Series B, 4.00%, 06/01/53		895		708,712
				18,252,289
Washington — 4.4%
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 10/01/38		3,205		3,327,303
Washington State Convention Center Public Facilities District RB, 3.00%, 07/01/58		8,690		4,824,896
Washington State Convention Center Public Facilities District, RB, 5.00%, 10/01/38		3,885		3,938,504
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38(b)		1,400		1,329,565
				13,420,268
West Virginia — 0.8%
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51		3,050		2,357,064
Wisconsin — 2.0%
Public Finance Authority, RB 5.00%, 10/15/51(b)		270		221,340
Class A, 5.00%, 06/15/51(b)		305		232,860
Class A, 6.00%, 06/15/52		175		154,145
Class A, 5.00%, 06/15/56(b)		400		297,588
Class A, 6.13%, 06/15/57		200		176,303
Series A, 5.00%, 07/15/39(b)		120		103,182
Series A, 5.00%, 10/15/40(b)		1,260		1,092,950
Series A, 5.00%, 07/15/49(b)		455		361,063
Series A, 5.00%, 07/15/54(b)		215		165,836
Series A, 5.00%, 07/01/55(b)		395		315,886
Series A-1, 4.50%, 01/01/35(b)		685		602,377

S C H E D U L E    O F    I N V E S T M E N  T S 4

Schedule of Investments (unaudited) (continued) October 31, 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	$	319,392
Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44		1,895		1,930,960
				5,973,882
Total Municipal Bonds — 131.3% (Cost: $428,831,449)				399,923,328
Municipal Bonds Transferred to Tender Option Bond Trusts(g)
Florida — 1.1%
City of Miami Beach Florida, RB, 5.00%, 09/01/45		3,500		3,513,721
Illinois — 2.3%
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/40		3,045		3,102,072
Series B, 5.00%, 01/01/40		1,170		1,186,490
Series C, 5.00%, 01/01/38		2,658		2,685,070
				6,973,632
Indiana — 2.8%
Indiana Finance Authority, RB, Series A, 4.00%, 11/01/51		10,685		8,548,451
Kansas — 1.9%
Wyandotte County Unified School District No.500 Kansas City, GO, Series A, 5.50%, 09/01/47 .		5,363		5,783,136
Maryland — 1.0%
City of Baltimore Maryland, RB, Series A, 5.00%, 07/01/41		3,139		3,172,291
Massachusetts — 1.0%
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/35		4,500		3,000,000
Michigan — 1.0%
Michigan Finance Authority, RB, Series A, 5.00%, 11/01/44		2,220		2,174,192
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45		960		970,456
				3,144,648
Nebraska — 1.7%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(e)		5,220		5,113,487
New York — 14.1%
Metropolitan Transportation Authority, RB, Sub- Series D-1, 5.25%, 11/15/44		3,850		3,752,131
New York City Municipal Water Finance Authority, RB, Series CC-1, Subordinate, 4.00%, 06/15/51		6,000		3,000,000
New York City Municipal Water Finance Authority, Refunding RB, Series DD, 5.00%, 06/15/35		1,845		1,888,751
New York City Transitional Finance Authority Future Tax Secured Revenue, RB Series B-1, Subordinate, 4.00%, 08/01/36		7,350		7,068,539
Series F-1, Subordinate, 4.00%, 02/01/51(f)		6,645		3,319,999
New York State Dormitory Authority, Refunding RB, Series C, 4.00%, 07/01/49		8,955		7,651,243
New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43		5,720		5,755,866
Port Authority of New York & New Jersey, Refunding ARB, Series 230, 5.25%, 12/01/52(h)		10,000		10,403,699
				42,840,228

Security	Par (000)		Value
Pennsylvania — 1.7%
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42	$	4,997	$	5,084,532
Virginia — 2.2%
Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57		4,000		3,350,170
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		4,307		3,516,212
				6,866,382
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.8% (Cost: $100,217,121)				94,040,508
Total Long-Term Investments — 162.1% (Cost: $529,048,570)				493,963,836
	Shares
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%(i)(j)		3,241,278		3,240,954
Total Short-Term Securities — 1.1% (Cost: $3,240,954)				3,240,954
Total Investments — 163.2% (Cost: $532,289,524)				497,204,790
Other Assets Less Liabilities — 2.5%				7,718,903
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.7)%				(63,094,969	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (45.0)%				(137,200,000	)
Net Assets Applicable to Common Shares — 100.0%			$	304,628,724

^(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 agreement, which expires on June 1, 2030, is $6,934,789.

⁽ⁱ⁾ Affiliate of the Trust.

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

5

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 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 07/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	—	$	3,242,905(a	)	$	—	$	(1,951	)	$	—	$	3,240,954		3,241,278	$	34,886	$	—

^(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		141		12/20/22	$	15,607	$	588,861
U.S. Long Bond		234		12/20/22		28,285		2,430,335
5-Year U.S. Treasury Note		139		12/30/22		14,823		383,021
							$	3,402,217

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	$	—	$	399,923,328	$	—	$	399,923,328
Municipal Bonds Transferred to Tender Option Bond Trusts		—		94,040,508		—		94,040,508
Short-Term Securities
Money Market Funds		3,240,954		—		—		3,240,954
	$	3,240,954	$	493,963,836	$	—	$	497,204,790

S C H E D U L E    O F    I N V E S T M E N  T S 6

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

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	3,402,217	$	—	$	—	$	3,402,217

^(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	$	—	$	(62,804,143	)	$	—	$	(62,804,143	)
VMTP Shares at Liquidation Value		—		(137,200,000	)		—		(137,200,000	)
	$	—	$	(200,004,143	)	$	—	$	(200,004,143	)

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
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