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October 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Municipal Income Quality Trust (BYM)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2025
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 8.2%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 01/01/54
$
3,875
$ 4,173,726
Series A, 5.25%, 05/01/55
 
1,385
1,519,942
Series A, 5.25%, 05/01/56
 
1,400
1,458,769
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.25%, 10/01/49
 
1,100
1,146,609
Energy Southeast A Cooperative District, RB, Series B-1,
5.75%, 04/01/54(a)
 
6,980
7,844,300
Southeast Alabama Gas Supply District, Refunding RB,
Series B, 5.00%, 06/01/49(a)
 
3,140
3,400,997
Southeast Energy Authority A Cooperative District, RB(a)
 
Series A, 5.00%, 01/01/56
 
3,915
4,191,065
Series B, 5.00%, 01/01/54
 
755
805,005
Series B, 5.25%, 03/01/55
 
1,100
1,184,728
 
 
25,725,141
Arizona — 2.2%
Arizona Industrial Development Authority, RB(b)
 
4.38%, 07/01/39
 
725
659,479
Series A, 5.00%, 07/01/49
 
690
626,529
Series A, 5.00%, 07/01/54
 
530
471,558
City of Phoenix Civic Improvement Corp., ARB, Junior
Lien, 5.00%, 07/01/49
 
1,510
1,546,949
City of Phoenix Civic Improvement Corp., RB, Junior
Lien, 5.25%, 07/01/47
 
835
897,496
Industrial Development Authority of the County of Pima,
Refunding RB, 5.00%, 06/15/49(b)
 
685
633,831
Maricopa County & Phoenix Industrial Development
Authorities, RB, S/F Housing, Series A, (GNMA),
6.50%, 03/01/55
 
1,525
1,701,791
Maricopa County Industrial Development Authority,
Refunding RB, 5.00%, 07/01/54(b)
 
360
342,787
 
 
6,880,420
California — 7.1%
California Enterprise Development Authority, RB, 8.00%,
11/15/62(b)
 
475
471,316
California Infrastructure & Economic Development Bank,
RB, Series A, 1st Lien, (AMBAC), 5.00%, 01/01/28(c)
 
10,100
10,682,097
CSCDA Community Improvement Authority, RB, M/F
Housing, Sustainability Bonds, 5.00%, 09/01/37(b)
 
100
101,627
Hartnell Community College District, GO, Series C,
Election 2008, 0.00%, 07/01/38(d)
 
2,000
1,287,576
Mt San Antonio Community College District, Refunding
GO, CAB, Series A, Convertible, Election 2008,
6.25%, 08/01/43(e)
 
1,580
1,593,550
San Diego Unified School District, Refunding GO, CAB,
Series R-1, 0.00%, 07/01/31(d)
 
1,400
1,193,771
Yosemite Community College District, GO, Series D,
Election 2004, 0.00%, 08/01/37(d)
 
10,000
6,911,497
 
 
22,241,434
Colorado — 0.1%
Colorado Housing and Finance Authority, RB, M/F
Housing, Series A, Class A, Sustainability Bonds,
(FNMA), 4.48%, 03/01/44
 
315
320,177
Security
 
Par
(000)
Value
Connecticut — 0.6%
Connecticut State Health & Educational Facilities
Authority, RB, 4.25%, 07/15/53
$
1,170
$ 1,100,222
Waterbury Housing Authority, RB, M/F Housing, Series A,
(FHLMC, HUD SECT 8), 4.50%, 02/01/42
 
940
973,226
 
 
2,073,448
Delaware — 0.8%
County of Kent Delaware, RB
 
Series A, 5.00%, 07/01/40
 
770
772,932
Series A, 5.00%, 07/01/53
 
1,810
1,683,968
 
 
2,456,900
District of Columbia — 3.5%
District of Columbia Housing Finance Agency, RB, M/F
Housing, Series A, Sustainability Bonds, (FNMA),
4.88%, 09/01/45
 
720
759,125
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, 6.75%, 05/15/40
 
6,695
6,904,893
District of Columbia, Refunding GO, Series A, 5.25%,
01/01/48
 
1,985
2,107,880
Washington Metropolitan Area Transit Authority
Dedicated Revenue, RB, Sustainability Bonds, 5.00%,
07/15/45
 
1,210
1,277,721
 
 
11,049,619
Florida — 5.9%
Capital Trust Agency, Inc., RB(b)
 
Series A, 5.00%, 06/01/45
 
615
534,160
Series A, 5.50%, 06/01/57
 
220
191,799
City of Miami Florida, RB, Series A, 5.00%, 03/01/48
 
1,800
1,865,660
County of Miami-Dade Florida Water & Sewer System
Revenue, RB, Series A, 4.13%, 10/01/50
 
3,635
3,373,164
Escambia County Health Facilities Authority, Refunding
RB, 5.00%, 08/15/40
 
1,050
1,071,905
Florida Development Finance Corp., Refunding RB,
5.00%, 09/15/40(b)(f)(g)
 
340
321,366
Florida Housing Finance Corp., RB, S/F Housing,
Series 1, (FHLMC, FNMA, GNMA), 4.55%, 01/01/49
 
1,745
1,748,280
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 5.25%, 11/15/49
 
465
496,293
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
260
274,337
Orange County Health Facilities Authority, RB, Series A,
5.00%, 10/01/53
 
4,000
4,101,055
Preserve at South Branch Community Development
District, SAB, 4.00%, 11/01/50
 
500
435,547
Tampa-Hillsborough County Expressway Authority, RB,
5.00%, 07/01/47
 
1,895
1,921,078
Two Lakes Community Development District, SAB,
5.00%, 05/01/55
 
540
543,058
Village Community Development District No. 15, SAB,
5.25%, 05/01/54(b)
 
270
270,820
Volusia County Educational Facility Authority, RB, 5.25%,
06/01/49
 
810
833,443
Westside Community Development District, Refunding
SAB(b)
 
4.10%, 05/01/37
 
260
254,955
4.13%, 05/01/38
 
260
252,063
 
 
18,488,983
2
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Georgia — 1.5%
East Point Business & Industrial Development Authority,
RB, Series A, 5.25%, 06/15/62(b)
$
245
$ 160,744
Main Street Natural Gas, Inc., RB, Series A, 5.00%,
06/01/53(a)
 
4,355
4,616,935
 
 
4,777,679
Idaho — 1.2%
Idaho Housing & Finance Association, RB
 
(GTD), 5.50%, 05/01/57
 
1,510
1,541,473
Series A, 5.00%, 08/15/48
 
2,015
2,144,024
 
 
3,685,497
Illinois — 7.3%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/34
 
1,620
1,630,277
Series A, 5.00%, 12/01/40
 
1,540
1,489,391
Series A, 6.25%, 12/01/50
 
740
773,562
Chicago Board of Education, Refunding GO, Series B,
12/01/43(h)
 
440
458,662
City of Chicago Illinois Wastewater Transmission
Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%,
01/01/53
 
1,290
1,350,206
City of Chicago Illinois Waterworks Revenue, RB,
Series A, 2nd Lien, (AGM), 5.50%, 11/01/62
 
3,220
3,418,822
Illinois Housing Development Authority, Refunding RB,
S/F Housing, Series H, Sustainability Bonds, (FHLMC,
FNMA, GNMA), 4.65%, 10/01/43
 
1,905
1,938,718
Illinois State Toll Highway Authority, RB, Series A, 5.00%,
01/01/40
 
7,020
7,026,271
Metropolitan Pier & Exposition Authority, RB, 5.00%,
06/15/57
 
670
667,052
State of Illinois, GO
 
5.50%, 05/01/39
 
1,840
1,970,440
Series B, 5.25%, 05/01/44
 
1,360
1,438,534
Series F, 5.25%, 09/01/48
 
815
847,525
 
 
23,009,460
Indiana — 0.4%
Indiana Finance Authority, Refunding RB
 
Series C, 5.25%, 10/01/46
 
820
884,676
Series C, 5.25%, 10/01/47
 
285
306,643
 
 
1,191,319
Iowa — 1.2%
Iowa Finance Authority, RB, S/F Housing
 
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.75%, 07/01/49
 
1,270
1,279,609
Series E, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.40%, 07/01/44
 
2,540
2,559,022
 
 
3,838,631
Kentucky — 0.7%
Louisville and Jefferson County Metropolitan Sewer
District, Refunding RB, Series C, 5.00%, 05/15/49
 
2,000
2,087,971
Louisiana — 1.3%
Louisiana Public Facilities Authority, RB, 5.25%,
10/01/53
 
2,330
2,327,533
Louisiana Stadium & Exposition District, Refunding RB,
Series A, 5.25%, 07/01/53
 
1,640
1,704,564
 
 
4,032,097
Maryland — 0.4%
Maryland Community Development Administration, RB,
M/F Housing, Series D-1, Sustainability Bonds,
(FNMA), 4.35%, 02/01/44
 
1,380
1,363,402
Security
 
Par
(000)
Value
Massachusetts — 3.3%
Massachusetts Development Finance Agency, RB
 
5.00%, 10/01/48
$
1,970
$ 1,793,893
Series A, 5.00%, 01/01/47
 
2,350
2,286,321
Massachusetts Development Finance Agency, Refunding
RB
 
(AGM), 5.50%, 07/01/50
 
2,740
2,963,120
(AGM-CR), 5.50%, 07/01/55
 
1,640
1,772,079
(AGM), 5.50%, 07/01/55
 
1,465
1,593,777
 
 
10,409,190
Michigan — 0.4%
State of Michigan Trunk Line Revenue, RB, 5.25%,
11/15/49
 
1,145
1,226,423
Mississippi — 0.2%
Mississippi Home Corp., RB, Series 2025-06FN,
Class PT, 4.55%, 04/01/42
 
495
510,226
Missouri — 0.3%
Kansas City Industrial Development Authority, RB, M/F
Housing, Sustainability Bonds, (FNMA), 4.39%,
09/01/42
 
894
907,921
Missouri Housing Development Commission, RB, S/F
Housing, Series A, (FHLMC, FNMA, GNMA), 4.60%,
11/01/49
 
175
173,516
 
 
1,081,437
Nebraska — 0.3%
Omaha Public Power District, RB, Series A, 5.25%,
02/01/48
 
950
1,009,744
Nevada — 0.6%
City of Las Vegas Nevada Special Improvement District
No. 611, SAB, 4.13%, 06/01/50
 
1,080
918,159
Tahoe-Douglas Visitors Authority, RB
 
5.00%, 07/01/40
 
400
411,704
5.00%, 07/01/45
 
530
533,477
 
 
1,863,340
New Hampshire — 2.8%
National Finance Authority Affordable Housing
Certificates, RB, Series 2024-1, Class A, 4.15%,
10/20/40(a)
 
199
199,110
New Hampshire Business Finance Authority, RB
 
Series 2025-1, Class A1, 4.09%, 01/20/41(a)
 
468
465,868
Series A, Sustainability Bonds, 5.50%, 06/01/55
 
3,130
3,292,664
New Hampshire Business Finance Authority, RB, M/F
Housing
 
1st Series, Class B, 5.75%, 04/28/42
 
705
735,992
Series 2025, Subordinate, 5.15%, 09/28/37
 
1,120
1,132,906
Series 2, Sustainability Bonds, 4.25%, 07/20/41
 
1,757
1,752,253
Series 2, Class 3-A, Sustainability Bonds, 0.00%,
10/01/51(a)
 
1,335
1,313,918
 
 
8,892,711
New Jersey — 5.6%
Camden County Improvement Authority, RB,
Sustainability Bonds, 6.00%, 06/15/62
 
500
519,858
New Jersey Transportation Trust Fund Authority, RB,
Series BB, 4.00%, 06/15/50
 
3,000
2,737,011
New Jersey Transportation Trust Fund Authority, RB,
CAB(d)
 
Series A, 0.00%, 12/15/35
 
4,050
2,853,382
Series A, 0.00%, 12/15/38
 
5,845
3,536,113
New Jersey Turnpike Authority, RB, Series A, 5.25%,
01/01/55
 
1,385
1,489,344
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Jersey (continued)
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
$
820
$ 811,166
Series A, 5.25%, 06/01/46
 
2,055
2,060,205
Sub-Series B, 5.00%, 06/01/46
 
3,810
3,709,561
 
 
17,716,640
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
 
175
169,948
New York — 5.3%
City of New York, GO, Series G-1, 5.25%, 02/01/53
 
255
271,735
Metropolitan Transportation Authority, Refunding RB,
Series C-1, Sustainability Bonds, 5.25%, 11/15/55
 
1,135
1,167,955
New York City Municipal Water Finance Authority, RB,
Series BB, 5.25%, 06/15/55
 
310
331,925
New York City Municipal Water Finance Authority,
Refunding RB, Series DD, 4.13%, 06/15/46
 
5,670
5,522,952
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Series A-1, Subordinate, 4.00%, 08/01/48
 
1,320
1,237,883
Series B, Subordinate, 5.00%, 05/01/46
 
1,520
1,598,114
Series E, Subordinate, 5.00%, 11/01/53
 
925
962,219
New York Counties Tobacco Trust VI, Refunding RB,
Series B, 5.00%, 06/01/41
 
550
550,530
New York State Dormitory Authority, Refunding RB,
Class A, 5.25%, 05/01/54
 
2,750
2,863,918
Triborough Bridge & Tunnel Authority Sales Tax
Revenue, RB
 
Series A, 5.25%, 05/15/52
 
1,000
1,056,027
Series A, 4.25%, 05/15/58
 
1,000
958,829
Triborough Bridge & Tunnel Authority, Refunding RB,
Series A-1, 5.00%, 05/15/51
 
230
236,172
 
 
16,758,259
North Carolina — 0.0%
North Carolina Medical Care Commission, RB, Series A,
5.13%, 10/01/54
 
110
110,794
North Dakota — 0.3%
North Dakota Housing Finance Agency, RB, S/F Housing
 
Series A, Sustainability Bonds, 4.70%, 07/01/49
 
270
272,511
Series C, Sustainability Bonds, 6.25%, 01/01/55
 
550
613,419
 
 
885,930
Ohio — 2.1%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55
 
2,515
2,107,669
County of Cuyahoga Ohio, Refunding RB, 5.00%,
02/15/42
 
1,805
1,805,827
County of Hamilton Ohio, RB, Series A, 5.00%, 08/15/42
 
2,650
2,679,432
 
 
6,592,928
Oklahoma — 0.7%
Oklahoma Turnpike Authority, RB, 5.50%, 01/01/53
 
1,960
2,090,314
Oregon — 0.9%
Clackamas County School District No. 12 North
Clackamas, GO, CAB(d)
 
Series A, (GTD), 0.00%, 06/15/27(c)
 
120
70,212
Security
 
Par
(000)
Value
Oregon (continued)
Clackamas County School District No. 12 North
Clackamas, GO, CAB(d) (continued)
 
Series A, (GTD), 0.00%, 06/15/38
$
995
$ 565,132
State of Oregon Housing & Community Services
Department, RB, M/F Housing, Series K1, (FNMA),
4.33%, 11/01/43
 
2,290
2,310,370
 
 
2,945,714
Pennsylvania — 4.8%
Bucks County Industrial Development Authority, RB,
4.00%, 07/01/46
 
205
180,390
Pennsylvania Higher Educational Facilities Authority, RB,
4.00%, 08/15/49
 
5,000
4,542,989
Pennsylvania Higher Educational Facilities Authority,
Refunding RB
 
5.50%, 08/15/55
 
900
978,347
Series B-1, (AGM), 5.00%, 11/01/51
 
1,085
1,121,190
Pennsylvania Housing Finance Agency, RB, Series 2024-
26FN, Class PT, 4.63%, 02/01/42
 
1,785
1,861,543
Pennsylvania Housing Finance Agency, RB, S/F
Housing, Series 145A, Sustainability Bonds, 4.75%,
10/01/49
 
4,390
4,409,726
Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing, Series 142-A, Sustainability Bonds,
5.00%, 10/01/43
 
1,895
1,964,497
 
 
15,058,682
Puerto Rico — 4.6%
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
4,577
4,327,563
Series A-1, Restructured, 5.00%, 07/01/58
 
7,050
6,847,247
Series A-2, Restructured, 4.78%, 07/01/58
 
349
328,198
Series A-2, Restructured, 4.33%, 07/01/40
 
935
906,478
Series B-1, Restructured, 4.75%, 07/01/53
 
391
369,691
Series B-2, Restructured, 4.78%, 07/01/58
 
520
489,006
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(d)
 
3,635
1,265,098
 
 
14,533,281
South Carolina — 3.4%
Patriots Energy Group Financing Agency, RB, Series A1,
5.25%, 10/01/54(a)
 
5,685
6,201,702
South Carolina Jobs-Economic Development Authority,
RB
 
5.00%, 01/01/55(b)
 
1,095
907,798
7.50%, 08/15/62(b)
 
505
451,056
Series A, 5.50%, 11/01/50
 
540
575,612
South Carolina Jobs-Economic Development Authority,
Refunding RB, 4.00%, 12/01/44
 
1,645
1,546,464
South Carolina Public Service Authority, Refunding RB,
Series B, (AGM), 5.00%, 12/01/54
 
900
938,260
 
 
10,620,892
Tennessee — 4.4%
Knox County Health Educational & Housing Facility
Board, RB, Series A-1, (BAM), 5.50%, 07/01/54
 
490
517,984
Metropolitan Government Nashville & Davidson County
Health & Educational Fcilities Board, Refunding RB,
5.25%, 10/01/58
 
2,465
2,383,747
4
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tennessee (continued)
Metropolitan Government of Nashville & Davidson
County TN Water & Sewer Revenue, Refunding RB,
5.25%, 07/01/55
$
805
$ 857,514
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
1,575
1,707,881
Tennessee Energy Acquisition Corp., RB, Series A,
5.00%, 05/01/52(a)
 
2,560
2,761,410
Tennessee Energy Acquisition Corp., Refunding RB,
Series A-1, 5.00%, 05/01/53(a)
 
3,000
3,108,759
Tennessee Housing Development Agency, RB, S/F
Housing, Series 2, Sustainability Bonds, 4.35%,
01/01/48
 
2,500
2,450,807
 
 
13,788,102
Texas — 20.3%
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
530
265,000
7.88%, 11/01/62
 
450
270,000
Bexar Management And Development Corp., RB, M/F
Housing, (FNMA), 4.61%, 07/01/44
 
2,285
2,352,555
City of Austin Texas Airport System Revenue, ARB,
Series A, 5.00%, 11/15/41
 
1,990
2,007,435
City of Austin Texas Water & Wastewater System
Revenue, Refunding RB, 5.00%, 11/15/53
 
820
864,657
City of Houston Texas, GOL
 
Series A, 5.25%, 03/01/49
 
475
508,731
Series A, 4.13%, 03/01/51
 
1,775
1,646,620
City of Houston Texas, Refunding GOL, Series A, 5.25%,
03/01/43
 
810
872,804
Coppell Independent School District, Refunding GO,
(PSF), 0.00%, 08/15/30(d)
 
10,030
8,643,302
County of Harris Texas Toll Road Revenue, Refunding
RB
 
Series A, 1st Lien, 4.00%, 08/15/49
 
805
756,270
Series A, 1st Lien, 4.00%, 08/15/54
 
575
529,113
County of Harris Texas, Refunding GO, Series A, 4.25%,
09/15/48
 
340
337,185
County of Harris Texas, Refunding GOL, (NPFGC),
0.00%, 08/15/28(d)
 
10,915
10,030,468
Crowley Independent School District, GO, (PSF), 4.25%,
02/01/53
 
310
301,232
Fort Bend Independent School District, Refunding GO,
Series A, (PSF), 4.00%, 08/15/49
 
745
701,494
Grand Parkway Transportation Corp., RB, CAB,
Series B, Convertible, 5.80%, 10/01/46(e)
 
2,365
2,505,336
Harris County Cultural Education Facilities Finance
Corp., Refunding RB, Class A, 4.13%, 07/01/52
 
2,840
2,618,095
Hidalgo County Regional Mobility Authority, RB, CAB(d)
 
Series A, 0.00%, 12/01/42
 
500
221,138
Series A, 0.00%, 12/01/43
 
1,000
411,915
Leander Independent School District, Refunding GO,
Series A, (PSF), 5.00%, 08/15/50
 
1,715
1,813,177
Lower Colorado River Authority, Refunding RB, (AGM),
5.00%, 05/15/49
 
3,055
3,188,678
Marshall Independent School District, GO, (PSF), 4.00%,
02/15/45
 
380
370,884
Mesquite Housing Finance Corp., RB, M/F Housing,
Series A, Sustainability Bonds, (FNMA), 4.53%,
02/01/44
 
2,900
2,947,330
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(c)(d)
 
2,340
1,419,136
Security
 
Par
(000)
Value
Texas (continued)
New Hope Cultural Education Facilities Finance Corp.,
RB(b)
 
Series A, 5.00%, 08/15/50
$
580
$ 493,169
Series A, 5.00%, 08/15/51
 
1,535
1,444,491
North Texas Tollway Authority, RB(c)
 
Series B, 0.00%, 09/01/31(d)
 
1,975
1,059,648
Series C, Convertible, 6.75%, 09/01/31(e)
 
2,500
3,042,583
North Texas Tollway Authority, Refunding RB, Series B,
5.00%, 01/01/43
 
3,795
3,831,790
Northwest Independent School District, GO, (PSF),
5.25%, 02/15/55
 
885
945,477
San Antonio Housing Trust Public Facility Corp., RB,
Series 2024-11FN, Class PT, 4.45%, 04/01/43
 
405
410,430
San Antonio Housing Trust Public Facility Corp., RB, M/F
Housing, Series A, (FNMA), 4.43%, 04/01/43
 
575
580,688
Tarrant County Cultural Education Facilities Finance
Corp., Refunding RB, 5.00%, 10/01/49
 
325
321,586
Tarrant County Hospital District, GOL, 4.25%, 08/15/53
 
1,725
1,613,608
Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45
 
330
292,656
Texas Department of Housing & Community Affairs, RB,
S/F Housing, Series A, (GNMA), 5.13%, 01/01/54
 
540
562,686
Texas State University System, Refunding RB, 4.00%,
03/15/49
 
1,695
1,554,746
Texas Water Development Board, RB, 4.75%, 10/15/55
 
1,960
1,986,870
 
 
63,722,983
Utah — 0.6%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
180
181,824
Downtown Revitalization Public Infrastructure District, RB
 
Series A, 1st Lien, (AGM), 5.50%, 06/01/55
 
830
894,070
Series B, 2nd Lien, (AGM), 5.50%, 06/01/55
 
295
317,534
Utah Charter School Finance Authority, Refunding RB,
5.00%, 06/15/55(b)
 
450
393,480
 
 
1,786,908
Virginia — 3.2%
Fairfax County Industrial Development Authority, RB,
4.13%, 05/15/54
 
1,595
1,469,340
Henrico County Economic Development Authority, RB
 
Class A, 5.00%, 10/01/47
 
4,580
4,643,695
Class A, 5.00%, 10/01/52
 
1,170
1,176,325
Henrico County Economic Development Authority,
Refunding RB, Series A, 5.00%, 11/01/48
 
845
879,732
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
1,225
1,026,556
Virginia Housing Development Authority, RB, M/F
Housing, Series G, 5.15%, 11/01/52
 
505
518,422
Virginia Housing Development Authority, RB, S/F
Housing
 
Series E-2, 4.40%, 10/01/44
 
100
100,704
Series E-2, 4.55%, 10/01/49
 
230
230,466
 
 
10,045,240
Washington — 0.7%
Vancouver Housing Authority, RB, M/F Housing, 5.00%,
08/01/40
 
410
423,619
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Municipal Income Quality Trust (BYM)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Washington (continued)
Washington Health Care Facilities Authority, Refunding
RB, Series A, 5.50%, 09/01/55
$
1,185
$ 1,258,483
Washington State Housing Finance Commission, RB,
M/F Housing, Series 2, Class 1, Sustainability Bonds,
4.08%, 03/01/50(a)
 
442
432,371
 
 
2,114,473
Wisconsin — 1.5%
Public Finance Authority, RB(b)
 
Class A, 5.00%, 06/15/51
 
305
251,605
Class A, 5.00%, 06/15/56
 
400
323,571
Series A, 5.00%, 07/01/55
 
395
338,964
Series A-1, 4.50%, 01/01/35
 
600
587,504
Wisconsin Health & Educational Facilities Authority, RB,
Series A, 5.75%, 08/15/54
 
265
272,696
Wisconsin Housing & Economic Development Authority
Home Ownership Revenue, RB, S/F Housing
 
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.85%, 09/01/43
 
430
440,577
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.75%, 09/01/50
 
2,535
2,561,867
 
 
4,776,784
Total Municipal Bonds — 108.7%
(Cost: $329,349,762)
341,933,121
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
Alabama(a) — 5.2%
Black Belt Energy Gas District, RB
 
Series C, 5.50%, 10/01/54
 
10,000
11,098,386
Series C-1, 5.25%, 02/01/53
 
5,020
5,351,783
 
 
16,450,169
District of Columbia — 3.9%
District of Columbia Income Tax Revenue, Refunding
RB, Series A, 5.00%, 06/01/50
 
5,840
6,168,320
District of Columbia Water & Sewer Authority, Refunding
RB, Series B, 5.00%, 10/01/49
 
6,035
6,141,311
 
 
12,309,631
Florida — 2.4%
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/53
 
7,045
7,642,694
Georgia — 3.2%
County of DeKalb Georgia Water & Sewerage Revenue,
RB, Series A, 5.00%, 10/01/55
 
9,757
10,220,374
Illinois — 2.0%
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 5.00%, 12/01/49
 
6,000
6,182,430
Indiana — 3.1%
Indiana Finance Authority, RB, Series A, 4.00%,
11/01/51
 
10,685
9,756,461
Maryland — 2.0%
Maryland Stadium Authority, RB, 5.00%, 06/01/54
 
6,014
6,257,257
Massachusetts — 3.3%
Commonwealth of Massachusetts, GOL, Series D,
5.00%, 10/01/51
 
10,000
10,456,570
Security
 
Par
(000)
Value
Nevada — 3.2%
Las Vegas Valley Water District, GOL, Series A, 5.00%,
06/01/49
$
9,500
$ 9,942,853
New York — 21.6%
Empire State Development Corp., RB, Series A, 5.00%,
03/15/50
 
8,000
8,342,373
New York City Municipal Water Finance Authority,
Refunding RB, Series DD, 5.00%, 06/15/47
 
9,705
10,154,278
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB, Series D, 5.00%, 05/01/50(j)
 
10,000
10,432,663
New York City Transitional Finance Authority, RB, 5.00%,
05/01/47
 
8,480
8,926,994
New York State Dormitory Authority, Refunding RB
 
Series A, 5.00%, 03/15/53(j)
 
3,973
4,146,958
Series C, 4.00%, 07/01/49
 
8,955
8,269,384
Triborough Bridge & Tunnel Authority, Refunding RB
 
Series A-1, 5.00%, 05/15/51
 
12,685
13,025,391
Series C, 5.25%, 05/15/52(j)
 
4,340
4,555,579
 
 
67,853,620
South Carolina — 3.5%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)(j)
 
10,000
10,876,204
Texas — 1.2%
San Antonio Water System, Refunding RB, Series A,
Junior Lien, 5.25%, 05/15/48
 
3,660
3,891,808
Washington — 3.4%
State of Washington, GO, Series 2024-A, 5.00%,
08/01/48
 
10,000
10,535,937
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 58.0%
(Cost: $177,914,384)
182,376,008
Total Long-Term Investments — 166.7%
(Cost: $507,264,146)
524,309,129
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.01%(k)(l)
 
5,750,432
5,751,007
Total Short-Term Securities — 1.9%
(Cost: $5,750,964)
5,751,007
Total Investments — 168.6%
(Cost: $513,015,110)
530,060,136
Other Assets Less Liabilities — 1.3%
4,478,405
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (38.9)%
(122,466,949
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(31.0)%
(97,600,000
)
Net Assets Applicable to Common Shares — 100.0%
$  314,471,592
6
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Municipal Income Quality Trust (BYM)
 
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
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)
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.
(d)
Zero-coupon bond.
(e)
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.
(f)
Issuer filed for bankruptcy and/or is in default.
(g)
Non-income producing security.
(h)
When-issued security.
(i)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Trust. These bonds serve as collateral in a secured borrowing.
(j)
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 August 1, 2029 to June 1, 2043, is $42,883,657.
(k)
Affiliate of the Trust.
(l)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/25
Shares
Held at
10/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 2,897,815
$ 2,853,193
(a)
$ —
$ —
$ (1
)
$ 5,751,007
5,750,432
$ 33,451
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have 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
$ —
$ 341,933,121
$ —
$ 341,933,121
Municipal Bonds Transferred to Tender Option Bond Trusts
—
182,376,008
—
182,376,008
Short-Term Securities 
Money Market Funds
5,751,007
—
—
5,751,007
 
$5,751,007
$524,309,129
$—
$530,060,136
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock Municipal Income Quality Trust (BYM)
 
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
$—
$(121,843,531
)
$—
$(121,843,531
)
VMTP Shares at Liquidation Value
—
(97,600,000
)
—
(97,600,000
)
 
$—
$(219,443,531
)
$—
$(219,443,531
)
 
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
CR
 Custodian Receipt
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
HUD SECT 8
 U.S. Department of Housing and Urban Development
Section 8
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF
 Permanent School Fund
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
8