Schedule of Investments (unaudited) November 30, 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%, 09/01/25(a) |
$ | 1,165 | $ | 1,358,334 | ||||
|
|
|||||||
Arizona(b) 1.3% | ||||||||
Arizona Industrial Development Authority, RB 4.38%, 07/01/39 |
725 | 792,693 | ||||||
Series A, 5.00%, 07/01/39 |
610 | 643,927 | ||||||
Series A, 5.00%, 07/01/49 |
690 | 723,041 | ||||||
Series A, 5.00%, 07/01/54 |
530 | 554,596 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 06/15/47 |
1,065 | 1,078,726 | ||||||
Industrial Development Authority of the County of Pima, Refunding RB, 5.00%, 06/15/52 |
595 | 631,662 | ||||||
Maricopa County Industrial Development Authority, Refunding RB |
255 | 299,332 | ||||||
5.00%, 07/01/54 |
590 | 675,669 | ||||||
|
|
|||||||
5,399,646 | ||||||||
California 12.3% | ||||||||
California Community Housing Agency, RB, M/F Housing(b) |
||||||||
Series A, 5.00%, 04/01/49 |
265 | 300,420 | ||||||
Series A-2, 4.00%, 08/01/47 |
1,715 | 1,779,769 | ||||||
California Health Facilities Financing Authority, Refunding RB, Sub-Series A-2, 5.00%, 11/01/47 |
1,465 | 2,240,665 | ||||||
California Infrastructure & Economic Development Bank, RB, Series A, 1st Lien, (AMBAC), |
10,100 | 12,634,767 | ||||||
California State Public Works Board, RB, Series I, 5.50%, 11/01/33 |
1,415 | 1,550,987 | ||||||
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42 |
1,620 | 1,644,501 | ||||||
California Statewide Communities Development Authority, Refunding RB, 4.00%, 03/01/48 |
3,175 | 3,589,617 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB |
||||||||
Series A-1, 5.00%, 06/01/47 |
2,060 | 2,095,968 | ||||||
Series A-2, 5.00%, 06/01/47 |
565 | 574,975 | ||||||
Mount San Antonio Community College District, Refunding GO, CAB, Series A, Convertible, 6.25%, 08/01/43(c) |
1,580 | 1,880,810 | ||||||
Riverside County Redevelopment Successor Agency, Refunding TA, Series A, (BAM), |
3,700 | 4,226,673 | ||||||
San Diego Unified School District, GO, CAB(d) |
||||||||
Series K-2, 0.00%, 07/01/38 |
1,745 | 1,039,004 | ||||||
Series K-2, 0.00%, 07/01/39 |
2,115 | 1,206,775 | ||||||
Series K-2, 0.00%, 07/01/40 |
2,715 | 1,483,511 | ||||||
Series C, Election 2008, 0.00%, 07/01/38 |
2,000 | 1,454,514 | ||||||
Series G, Election 2008, 0.00%, 01/01/24(a) |
3,425 | 1,768,273 | ||||||
San Diego Unified School District, Refunding GO, CAB, Series R-1, 0.00%, 07/01/31(d) |
1,400 | 1,205,004 |
Security | Par (000) |
Value | ||||||
California (continued) | ||||||||
State of California, GO, 5.00%, 04/01/42 |
$ | 3,000 | $ | 3,044,769 | ||||
Yosemite Community College District, GO, Series D, Election 2004, 0.00%, 08/01/37(d) |
10,000 | 7,292,570 | ||||||
|
|
|||||||
51,013,572 | ||||||||
Colorado 0.6% | ||||||||
Regional Transportation District, COP, Series A, 5.00%, 06/01/39 |
1,305 | 1,387,914 | ||||||
Sabell Metropolitan District, GO, Series A, |
1,055 | 1,139,128 | ||||||
|
|
|||||||
2,527,042 | ||||||||
Connecticut 0.7% | ||||||||
State of Connecticut, Refunding GO, Series E, 5.00%, 09/15/37 |
2,280 | 2,826,174 | ||||||
|
|
|||||||
Delaware 0.8% | ||||||||
County of Kent Delaware, RB |
||||||||
Series A, 5.00%, 07/01/40 |
770 | 878,546 | ||||||
Series A, 5.00%, 07/01/48 |
2,110 | 2,374,837 | ||||||
|
|
|||||||
3,253,383 | ||||||||
District of Columbia 2.4% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 |
9,500 | 9,790,728 | ||||||
|
|
|||||||
Florida 4.0% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, 5.00%, 04/01/39 |
1,795 | 1,955,572 | ||||||
Capital Trust Agency, Inc., RB, Series A, |
615 | 655,336 | ||||||
County of Miami-Dade Seaport Department, ARB, Series A, 6.00%, 10/01/23(a) |
2,770 | 3,059,260 | ||||||
Florida Development Finance Corp., Refunding RB, 5.00%, 09/15/40(b) |
340 | 379,414 | ||||||
Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/40 |
3,910 | 4,398,429 | ||||||
Miami-Dade County Health Facilities Authority, Refunding RB, 5.00%, 08/01/42 |
685 | 818,593 | ||||||
Orange County Health Facilities Authority, Refunding RB |
||||||||
5.00%, 08/01/41 |
630 | 687,267 | ||||||
5.00%, 08/01/47 |
1,845 | 2,008,198 | ||||||
Preserve at South Branch Community Development District, SAB |
||||||||
4.00%, 11/01/39 |
300 | 318,011 | ||||||
4.00%, 11/01/50 |
500 | 523,068 | ||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(a) |
1,340 | 1,440,177 | ||||||
Westside Community Development District, Refunding SAB(b) |
||||||||
4.10%, 05/01/37 |
260 | 277,935 | ||||||
4.13%, 05/01/38 |
260 | 277,679 | ||||||
|
|
|||||||
16,798,939 | ||||||||
Georgia 1.6% | ||||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), |
545 | 632,744 |
1 |
Schedule of Investments (unaudited) (continued) November 30, 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 |
||||||||
Series A, 3.95%, 12/01/43 |
$ | 275 | $ | 287,787 | ||||
Series A, 4.00%, 12/01/48 |
410 | 427,437 | ||||||
Main Street Natural Gas, Inc., RB |
||||||||
Series A, 5.00%, 05/15/38 |
595 | 861,374 | ||||||
Series A, 5.00%, 05/15/43 |
775 | 945,115 | ||||||
Series C, 4.00%, 05/01/52(e) |
2,385 | 2,807,145 | ||||||
Private Colleges & Universities Authority, RB, |
750 | 831,779 | ||||||
|
|
|||||||
6,793,381 | ||||||||
Illinois 16.2% | ||||||||
Chicago Board of Education, GO |
||||||||
Series A, 5.00%, 12/01/36 |
1,265 | 1,590,053 | ||||||
Series A, 5.00%, 12/01/38 |
515 | 644,755 | ||||||
Series A, 5.00%, 12/01/39 |
450 | 562,091 | ||||||
Series A, 5.00%, 12/01/40 |
940 | 1,171,252 | ||||||
Series A, 5.00%, 12/01/41 |
605 | 752,815 | ||||||
Chicago OHare International Airport, ARB, Series D, Senior Lien, 5.25%, 01/01/42 |
3,300 | 3,944,081 | ||||||
Chicago OHare International Airport, Refunding ARB, Series D, Senior Lien, 5.25%, 01/01/34 |
9,800 | 10,299,663 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, RB |
||||||||
5.25%, 12/01/21(a) |
650 | 650,000 | ||||||
5.25%, 12/01/49 |
3,500 | 3,940,888 | ||||||
Cook County Community College District No. 508, GO |
||||||||
5.13%, 12/01/38 |
7,700 | 8,264,510 | ||||||
5.50%, 12/01/38 |
1,000 | 1,082,797 | ||||||
Cook County Forest Preserve District, Refunding GO, Series B, 5.00%, 12/15/37 |
210 | 215,029 | ||||||
County of Will Illinois, GO, 5.00%, 11/15/25(a) |
1,400 | 1,640,803 | ||||||
Illinois Finance Authority, RB |
||||||||
Series A, 5.00%, 02/15/47 |
565 | 643,747 | ||||||
Series A, 5.00%, 02/15/50 |
310 | 350,925 | ||||||
Illinois Finance Authority, Refunding RB |
||||||||
Series A, 5.00%, 11/15/45 |
2,815 | 3,225,385 | ||||||
Series B, 4.00%, 08/15/41 |
900 | 1,005,590 | ||||||
Series C, 4.13%, 08/15/37 |
3,130 | 3,473,483 | ||||||
Series C, 5.00%, 08/15/44 |
390 | 442,889 | ||||||
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 01/01/40 |
7,020 | 8,014,257 | ||||||
Metropolitan Pier & Exposition Authority, RB, |
670 | 782,236 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50 |
515 | 578,489 | ||||||
State of Illinois, GO 5.25%, 07/01/29 |
8,345 | 8,918,627 | ||||||
5.50%, 07/01/33 |
880 | 942,520 | ||||||
5.50%, 07/01/38 |
1,475 | 1,585,026 | ||||||
5.50%, 05/01/39 |
1,840 | 2,363,844 | ||||||
|
|
|||||||
67,085,755 | ||||||||
Iowa 0.8% | ||||||||
Iowa Finance Authority, RB, 5.50%, 07/01/23(a) |
3,000 | 3,244,041 | ||||||
|
|
Security | Par (000) |
Value | ||||||
Maryland 3.2% | ||||||||
County of Montgomery Maryland, RB, |
$ | 1,810 | $ | 1,988,766 | ||||
Maryland Health & Higher Educational Facilities Authority, RB, 4.00%, 07/01/48 |
4,000 | 4,471,268 | ||||||
State of Maryland GO, 5.00%, 08/01/31 |
5,000 | 6,798,565 | ||||||
|
|
|||||||
13,258,599 | ||||||||
Massachusetts 3.0% | ||||||||
Massachusetts Development Finance Agency, RB |
||||||||
5.00%, 01/01/48 |
2,595 | 3,069,304 | ||||||
5.00%, 10/01/48 |
1,970 | 2,254,440 | ||||||
Series A, 5.00%, 01/01/47 |
2,370 | 2,748,747 | ||||||
Massachusetts Development Finance Agency, Refunding RB |
||||||||
5.00%, 07/01/37 |
190 | 216,088 | ||||||
5.00%, 09/01/43 |
1,750 | 2,086,294 | ||||||
Series A, 4.00%, 06/01/49 |
185 | 206,449 | ||||||
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A, 3.85%, 06/01/46 |
490 | 524,119 | ||||||
Massachusetts School Building Authority, RB, |
1,395 | 1,491,675 | ||||||
|
|
|||||||
12,597,116 | ||||||||
Michigan 5.6% | ||||||||
Michigan Finance Authority, RB, Series S, |
3,640 | 4,174,727 | ||||||
Michigan Finance Authority, Refunding RB |
||||||||
5.00%, 12/01/21(a) |
9,050 | 9,050,000 | ||||||
5.00%, 11/15/41 |
2,235 | 2,640,007 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 |
500 | 630,432 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 3.80%, 10/01/38 |
3,965 | 4,361,345 | ||||||
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 09/01/39 |
1,560 | 1,706,749 | ||||||
Western Michigan University, Refunding RB, (AGM), 5.00%, 11/15/23(a) |
430 | 469,476 | ||||||
|
|
|||||||
23,032,736 | ||||||||
Minnesota 0.4% | ||||||||
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49 |
1,315 | 1,601,759 | ||||||
|
|
|||||||
Nebraska 1.6% | ||||||||
Central Plains Energy Project, RB, 5.25%, 09/01/37 |
6,345 | 6,564,042 | ||||||
|
|
|||||||
Nevada 0.8% | ||||||||
City of Las Vegas Nevada Special Improvement District No. 611, SAB |
||||||||
4.00%, 06/01/40 |
450 | 484,702 | ||||||
4.13%, 06/01/50 |
1,150 | 1,222,288 | ||||||
Tahoe-Douglas Visitors Authority, RB 5.00%, 07/01/40 |
360 | 422,029 | ||||||
5.00%, 07/01/45 |
450 | 519,692 | ||||||
5.00%, 07/01/51 |
480 | 548,676 | ||||||
|
|
|||||||
3,197,387 | ||||||||
New Hampshire 0.1% | ||||||||
New Hampshire Business Finance Authority, Refunding RB, Series A, 3.63%, 07/01/43(b)(e) |
550 | 585,557 | ||||||
|
|
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) November 30, 2021 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
New Jersey 7.8% | ||||||||
New Jersey Economic Development Authority, RB |
||||||||
Series DDD, 5.00%, 06/15/42 |
$ | 375 | $ | 442,014 | ||||
Series WW, 5.25%, 06/15/25(a) |
20 | 23,335 | ||||||
Series WW, 5.25%, 06/15/33 |
170 | 194,891 | ||||||
Series WW, 5.00%, 06/15/34 |
225 | 255,721 | ||||||
Series WW, 5.00%, 06/15/36 |
1,395 | 1,583,137 | ||||||
Series WW, 5.25%, 06/15/40 |
380 | 432,230 | ||||||
New Jersey Economic Development Authority, Refunding RB, Sub-Series A, 4.00%, 07/01/32 |
930 | 1,044,990 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, 5.00%, 10/01/37 |
1,605 | 1,903,217 | ||||||
New Jersey Transportation Trust Fund Authority, RB |
||||||||
Series AA, 5.25%, 06/15/33 |
1,660 | 1,775,056 | ||||||
Series AA, 5.00%, 06/15/36 |
5,070 | 5,395,535 | ||||||
Series AA, 5.00%, 06/15/38 |
945 | 1,039,123 | ||||||
Series AA, 5.50%, 06/15/39 |
3,785 | 4,051,782 | ||||||
Series D, 5.00%, 06/15/32 |
900 | 1,010,337 | ||||||
Series S, 5.25%, 06/15/43 |
2,150 | 2,678,079 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38(d) |
5,845 | 3,925,087 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36 |
340 | 417,245 | ||||||
South Jersey Port Corp., ARB, Series A, |
720 | 848,387 | ||||||
Tobacco Settlement Financing Corp., Refunding RB |
||||||||
Series A, 5.00%, 06/01/35 |
1,750 | 2,122,755 | ||||||
Series A, 5.25%, 06/01/46 |
1,725 | 2,083,396 | ||||||
Sub-Series B, 5.00%, 06/01/46 |
1,130 | 1,319,170 | ||||||
|
|
|||||||
32,545,487 | ||||||||
New Mexico 0.2% | ||||||||
City of Santa Fe New Mexico, RB, Series A, |
220 | 244,096 | ||||||
New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44 |
405 | 460,026 | ||||||
|
|
|||||||
704,122 | ||||||||
New York 5.3% | ||||||||
Metropolitan Transportation Authority, Refunding RB |
||||||||
Series C-1, 5.25%, 11/15/55 |
1,135 | 1,396,369 | ||||||
Series C-1, 5.00%, 11/15/56 |
1,690 | 1,956,499 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue Refunding RB, |
8,000 | 9,732,760 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/32 |
1,650 | 1,719,199 | ||||||
New York City Water & Sewer System, Refunding RB, Series BB, 4.00%, 06/15/47 |
2,855 | 2,952,650 | ||||||
New York Liberty Development Corp., Refunding RB, Series 1, Class 1, 5.00%, 11/15/44(b) |
1,240 | 1,356,957 | ||||||
State of New York Mortgage Agency, Refunding RB, S/F Housing, Series 211, 3.75%, 10/01/43 |
2,810 | 2,997,028 | ||||||
|
|
|||||||
22,111,462 | ||||||||
North Carolina 0.5% | ||||||||
State of North Carolina GO, 5.00%, 06/01/28 |
1,500 | 1,891,443 | ||||||
|
|
|||||||
Ohio 4.1% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB |
||||||||
Series A-2, Class 1, 3.00%, 06/01/48 |
3,495 | 3,591,018 |
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 | $ | 6,217,296 | ||||
Northwest Local School District/Hamilton & Butler Counties, GO, 4.00%, 12/01/50 |
2,645 | 2,786,280 | ||||||
Ohio Turnpike & Infrastructure Commission, RB |
||||||||
Series A-1, Junior Lien, 5.25%, 02/15/32 |
780 | 824,291 | ||||||
Series A-1, Junior Lien, 5.25%, 02/15/33 |
1,095 | 1,156,904 | ||||||
State of Ohio, Refunding RB, Series A, |
2,500 | 2,512,870 | ||||||
|
|
|||||||
17,088,659 | ||||||||
Oregon 0.4% | ||||||||
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), |
1,115 | 630,234 | ||||||
Washington & Multnomah Counties School District No. 48J Beaverton, GO, CAB, Series D, (GTD), 5.00%, 06/15/36 |
945 | 1,148,996 | ||||||
|
|
|||||||
1,779,230 | ||||||||
Pennsylvania 5.1% | ||||||||
Bucks County Industrial Development Authority, RB |
||||||||
4.00%, 07/01/46 |
105 | 117,990 | ||||||
4.00%, 07/01/51 |
100 | 111,849 | ||||||
Commonwealth Financing Authority, RB |
||||||||
5.00%, 06/01/33 |
790 | 965,728 | ||||||
5.00%, 06/01/34 |
1,750 | 2,139,338 | ||||||
(AGM), 4.00%, 06/01/39 |
3,230 | 3,689,128 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49 |
1,145 | 1,280,705 | ||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.25%, 09/01/50 |
4,245 | 4,758,013 | ||||||
Pennsylvania Turnpike Commission, RB |
||||||||
Series A, 5.00%, 12/01/38 |
695 | 782,498 | ||||||
Series A-1, 5.00%, 12/01/41 |
2,730 | 3,221,607 | ||||||
Series B, 5.00%, 12/01/40 |
1,060 | 1,229,454 | ||||||
Series C, 5.50%, 12/01/23(a) |
630 | 695,773 | ||||||
Pennsylvania Turnpike Commission, Refunding RB |
||||||||
2nd Series, 5.00%, 12/01/35 |
860 | 1,048,916 | ||||||
Series A-1, 5.00%, 12/01/40 |
850 | 970,837 | ||||||
|
|
|||||||
21,011,836 | ||||||||
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 | 5,829,464 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 |
6,950 | 7,988,955 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 |
1,688 | 1,898,207 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 |
349 | 398,316 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 |
536 | 610,059 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 |
520 | 591,230 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d) |
6,308 | 2,105,800 | ||||||
|
|
|||||||
19,422,031 | ||||||||
Rhode Island 1.5% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 06/01/45 |
5,855 | 6,368,390 | ||||||
|
|
3 |
Schedule of Investments (unaudited) (continued) November 30, 2021 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
South Carolina 4.9% | ||||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b) |
$ | 1,095 | $ | 1,155,903 | ||||
South Carolina Public Service Authority, RB |
||||||||
Series A, 5.50%, 12/01/54 |
6,960 | 7,722,816 | ||||||
Series E, 5.50%, 12/01/53 |
1,610 | 1,753,406 | ||||||
South Carolina Public Service Authority, Refunding RB |
||||||||
Series B, 5.00%, 12/01/38 |
2,360 | 2,561,197 | ||||||
Series B, (AGM-CR), 5.00%, 12/01/56 |
2,845 | 3,350,249 | ||||||
Spartanburg Regional Health Services District, Refunding RB, Series A, 4.00%, 04/15/43 |
3,500 | 3,942,813 | ||||||
|
|
|||||||
20,486,384 | ||||||||
South Dakota 0.5% | ||||||||
City of Rapid City South Dakota Sales Tax Revenue, RB, 4.00%, 12/01/26(a) |
1,760 | 2,039,504 | ||||||
|
|
|||||||
Tennessee 0.0% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 |
35 | 40,810 | ||||||
|
|
|||||||
Texas 13.4% | ||||||||
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(a) |
615 | 649,163 | ||||||
Coppell Independent School District, Refunding GO, (PSF), 0.00%, 08/15/30(d) |
10,030 | 8,772,439 | ||||||
County of Harris Texas, Refunding GO(d) |
||||||||
(NPFGC), 0.00%, 08/15/25 |
7,485 | 7,277,643 | ||||||
(NPFGC), 0.00%, 08/15/28 |
10,915 | 9,974,094 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series F, 5.25%, 11/01/33 |
1,090 | 1,187,398 | ||||||
Grand Parkway Transportation Corp., RB, CAB, Series B, Convertible, 5.80%, 10/01/46(c) |
2,365 | 2,794,115 | ||||||
Harris County-Houston Sports Authority, Refunding RB(d) |
||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(a) |
5,965 | 2,562,606 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/38 |
10,925 | 4,401,060 | ||||||
Harris County-Houston Sports Authority, Refunding RB, CAB(d) |
||||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/38 |
5,785 | 2,710,776 | ||||||
Series H, Junior Lien, (NPFGC), 0.00%, 11/15/39 |
6,160 | 2,702,287 | ||||||
Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(a)(d) |
3,775 | 1,903,185 | ||||||
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/36(d) |
2,340 | 1,382,814 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) |
580 | 621,410 | ||||||
North Texas Tollway Authority, RB, CAB(a) |
||||||||
Series B, 0.00%, 09/01/31(d) |
1,975 | 1,061,584 | ||||||
Series C, 6.75%, 09/01/31 |
2,500 | 3,699,380 | ||||||
North Texas Tollway Authority, Refunding RB, Series B, 5.00%, 01/01/40 |
385 | 403,025 | ||||||
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42 |
3,155 | 3,228,010 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 |
330 | 354,474 | ||||||
|
|
|||||||
55,685,463 |
Security | Par (000) |
Value | ||||||
Utah 0.8% | ||||||||
City of Salt Lake City Utah Airport Revenue, ARB, Series B, 5.00%, 07/01/43 |
$ | 2,100 | $ | 2,570,593 | ||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/49(b) |
235 | 250,194 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/55(b) |
450 | 511,448 | ||||||
|
|
|||||||
3,332,235 | ||||||||
Virginia 1.0% | ||||||||
Lynchburg Economic Development Authority Refunding RB, 3.00%, 01/01/51 |
425 | 439,317 | ||||||
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55 |
150 | 174,471 | ||||||
Virginia Beach Development Authority, Refunding RB |
||||||||
5.00%, 09/01/44 |
1,375 | 1,562,766 | ||||||
4.00%, 09/01/48 |
885 | 956,213 | ||||||
Virginia Housing Development Authority, RB, M/F Housing, Series B, 4.00%, 06/01/53 |
895 | 959,399 | ||||||
|
|
|||||||
4,092,166 | ||||||||
Washington 0.9% | ||||||||
Washington Health Care Facilities Authority, RB, Series B, 5.00%, 08/15/44 |
2,000 | 2,061,160 | ||||||
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/38(b) |
1,400 | 1,634,072 | ||||||
|
|
|||||||
3,695,232 | ||||||||
West Virginia 1.1% | ||||||||
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51 |
3,050 | 3,393,037 | ||||||
West Virginia Parkways Authority, RB |
||||||||
Senior Lien, 5.00%, 06/01/47 |
425 | 545,707 | ||||||
Senior Lien, 4.00%, 06/01/51 |
500 | 591,331 | ||||||
|
|
|||||||
4,530,075 | ||||||||
Wisconsin 3.0% | ||||||||
Public Finance Authority RB(b) |
||||||||
5.00%, 06/15/51 |
305 | 315,956 | ||||||
5.00%, 06/15/56 |
400 | 411,689 | ||||||
Public Finance Authority, RB(b) |
||||||||
Series A, 5.00%, 07/15/39 |
120 | 135,116 | ||||||
Series A, 5.00%, 10/15/40 |
1,260 | 1,396,133 | ||||||
Series A, 5.00%, 07/15/49 |
455 | 504,463 | ||||||
Series A, 5.00%, 07/15/54 |
215 | 237,572 | ||||||
Series A, 5.00%, 07/01/55 |
395 | 430,746 | ||||||
Series A-1, 4.50%, 01/01/35 |
685 | 752,820 | ||||||
Public Finance Authority, Refunding
RB, |
375 | 407,839 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB |
||||||||
5.00%, 04/01/44 |
1,895 | 2,357,217 | ||||||
Sereis C, 4.00%, 02/15/42 |
5,000 | 5,595,435 | ||||||
|
|
|||||||
12,544,986 | ||||||||
|
|
|||||||
Total Municipal Bonds 110.9% |
460,297,706 | |||||||
|
|
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) November 30, 2021 |
BlackRock Municipal Income Quality Trust (BYM) (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
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 | $ | 4,248,829 | ||||
|
|
|||||||
Colorado 1.4% | ||||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44(g) |
4,605 | 5,731,122 | ||||||
|
|
|||||||
Connecticut 0.4% | ||||||||
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45 |
1,561 | 1,818,326 | ||||||
|
|
|||||||
Florida 1.5% | ||||||||
City of Miami Beach Florida, RB, 5.00%, 09/01/45 |
3,500 | 3,989,930 | ||||||
County of Miami-Dade Florida Transit System, Refunding RB, 5.00%, 07/01/22(a) |
1,950 | 2,004,581 | ||||||
|
|
|||||||
5,994,511 | ||||||||
Illinois 3.8% | ||||||||
Illinois State Toll Highway Authority, RB |
||||||||
Series A, 5.00%, 01/01/38 |
7,714 | 8,083,158 | ||||||
Series A, 5.00%, 01/01/40 |
3,045 | 3,476,836 | ||||||
Series B, 5.00%, 01/01/40 |
1,170 | 1,354,459 | ||||||
Series C, 5.00%, 01/01/38 |
2,658 | 2,991,961 | ||||||
|
|
|||||||
15,906,414 | ||||||||
Kansas 1.6% | ||||||||
Wyandotte County Unified School District No. 500 Kansas City, GO, Series A, 5.50%, 09/01/26(a) |
5,363 | 6,581,697 | ||||||
|
|
|||||||
Maryland 0.9% | ||||||||
City of Baltimore Maryland, RB, Series A, |
3,139 | 3,731,494 | ||||||
|
|
|||||||
Massachusetts 4.7% | ||||||||
Commonwealth of Massachusetts, GO, Series A, 5.00%, 03/01/46 |
1,662 | 1,817,667 | ||||||
Massachusetts Development Finance Agency, RB, 4.00%, 09/01/49 |
5,500 | 5,627,790 | ||||||
Massachusetts Development Finance Agency, Refunding RB, 4.00%, 07/01/35 |
7,070 | 8,186,403 | ||||||
Massachusetts School Building Authority, RB, |
3,300 | 3,960,199 | ||||||
|
|
|||||||
19,592,059 | ||||||||
Michigan 1.0% | ||||||||
Michigan Finance Authority, RB, Series A, |
2,221 | 2,546,649 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 5.00%, 10/15/45 |
960 | 1,102,788 | ||||||
Michigan State Housing Development Authority, RB, S/F Housing, Series C, 3.90%, 12/01/33 |
495 | 539,690 | ||||||
|
|
|||||||
4,189,127 | ||||||||
Nevada 1.1% | ||||||||
Las Vegas Valley Water District, Refunding GO, Series A, 5.00%, 06/01/46 |
3,900 | 4,566,948 | ||||||
|
|
|||||||
New Jersey 0.3% | ||||||||
Hudson County Improvement Authority, RB, |
920 | 1,079,356 | ||||||
|
|
Security | Par (000) |
Value | ||||||
New York 10.8% | ||||||||
Metropolitan Transportation Authority, RB, Sub-Series D-1, 5.25%, 11/15/44 |
$ | 3,850 | $ | 4,275,005 | ||||
New York City Transitional Finance Authority Future |
||||||||
Tax Secured Revenue, Refunding RB, Series B, 5.00%, 11/01/30. |
12,500 | 13,028,219 | ||||||
New York City Water & Sewer System, Refunding RB |
||||||||
Series CC, 5.00%, 06/15/23(a) |
2,933 | 3,131,742 | ||||||
Series CC, 5.00%, 06/15/47 |
3,307 | 3,531,970 | ||||||
Series DD, 5.00%, 06/15/35 |
1,845 | 2,050,714 | ||||||
Series FF, 5.00%, 06/15/39 |
8,355 | 9,582,870 | ||||||
New York State Urban Development Corp., RB, Series A-1, 5.00%, 03/15/43 |
5,720 | 6,038,352 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 198th Series, 5.25%, 11/15/56 |
2,561 | 3,063,171 | ||||||
|
|
|||||||
44,702,043 | ||||||||
North Carolina 1.3% | ||||||||
Durham Capital Financing Corp, Refunding RB, 4.00%, 06/01/23(a) |
5,125 | 5,400,510 | ||||||
|
|
|||||||
Pennsylvania 1.7% | ||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |
4,997 | 6,039,002 | ||||||
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42 |
1,020 | 1,155,728 | ||||||
|
|
|||||||
7,194,730 | ||||||||
Texas 6.1% | ||||||||
El Paso Independent School District, GO, (PSF-GTD), 4.00%, 08/15/48 |
7,001 | 8,192,107 | ||||||
Houston Community College System,
GO, |
7,002 | 7,319,018 | ||||||
San Antonio Water System, Refunding RB, Series C, Junior Lien, 5.00%, 05/15/46 |
3,750 | 4,452,889 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 05/15/23(a) |
719 | 768,966 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Series A, 5.00%, 02/15/41 |
3,920 | 4,617,491 | ||||||
|
|
|||||||
25,350,471 | ||||||||
Virginia 1.8% | ||||||||
Hampton Roads Transportation Accountability Commission, RB, Series A, Senior
Lien, |
1,996 | 2,427,248 | ||||||
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49 |
4,305 | 4,961,217 | ||||||
|
|
|||||||
7,388,465 | ||||||||
Washington 3.1% | ||||||||
Washington Health Care Facilities Authority, Refunding RB, Series A, 5.00%, 10/01/38 |
3,210 | 4,115,835 | ||||||
Washington State Convention Center Public Facilities District RB, 3.00%, 07/01/58 |
8,688 | 8,892,043 | ||||||
|
|
|||||||
13,007,878 |
5 |
Schedule of Investments (unaudited) (continued) November 30, 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, |
$ | 3,520 | $ | 3,647,563 | ||||
|
|
|||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts 43.4% |
|
180,131,543 | ||||||
|
|
|||||||
Total Long-Term Investments 154.3% |
|
640,429,249 | ||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds 3.1% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i) |
12,994,641 | 12,995,940 | ||||||
|
|
|||||||
Total Short-Term Securities 3.1% |
|
12,995,940 | ||||||
|
|
|||||||
Total Investments 157.4% |
|
653,425,189 | ||||||
Other Assets Less Liabilities 1.6% |
|
6,249,872 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (25.9)%. |
|
(107,379,390 | ) | |||||
VMTP Shares at Liquidation Value (33.1)% |
|
(137,200,000 | ) | |||||
|
|
|||||||
Net Assets Applicable to Common Shares 100.0% |
|
$ | 415,095,671 | |||||
|
|
(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) | 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 August 1, 2027, is $8,128,005. |
(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 November 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 11/30/21 |
Shares Held at 11/30/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class |
$ | 6,327,383 | $ | 6,669,284 | (a) | $ | | $ | (557 | ) | $ | (170 | ) | $ | 12,995,940 | 12,994,641 | $ | 138 | $ | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
91 | 03/22/22 | $ | 11,901 | $ | (154,657 | ) | |||||||||
U.S. Long Bond |
49 | 03/22/22 | 7,947 | (189,335 | ) | |||||||||||
5-Year U.S. Treasury Note |
84 | 03/31/22 | 10,195 | (79,590 | ) | |||||||||||
|
|
|||||||||||||||
$ | (423,582 | ) | ||||||||||||||
|
|
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) November 30, 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 marketcorroborated 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 Committees (the Global Valuation Committees) 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 Trusts policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trusts financial instruments categorized in the fair value hierarchy. The breakdown of the Trusts 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 |
$ | | $ | 460,297,706 | $ | | $ | 460,297,706 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts. |
| 180,131,543 | | 180,131,543 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
12,995,940 | | | 12,995,940 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 12,995,940 | $ | 640,429,249 | $ | | $ | 653,425,189 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Interest Rate Contracts. |
$ | (423,582 | ) | $ | | $ | | $ | (423,582 | ) | ||||||
|
|
|
|
|
|
|
|
(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 |
$ | | $ | (107,359,039 | ) | $ | | $ | (107,359,039 | ) | ||||||
VMTP Shares at Liquidation Value |
| (137,200,000 | ) | | (137,200,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | | $ | (244,559,039 | ) | $ | | $ | (244,559,039 | ) | |||||||
|
|
|
|
|
|
|
|
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 | Permanent School Fund | |
PSF-GTD | Permanent School Fund Guaranteed | |
RB | Revenue Bond |
7 |
Schedule of Investments (unaudited) (continued) November 30, 2021 |
BlackRock Municipal Income Quality Trust (BYM) |
Portfolio Abbreviation (continued) | ||
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
TA | Tax Allocation |
SCHEDULE OF INVESTMENTS | 8 |