BlackRock Municipal Income Quality Trust (the Trust), formerly BlackRock Insured Municipal Income Trust, is a perpetual closed-end municipal bond fund. Its investment objective is to provide current income exempt from federal income taxes, including the alternative minimum tax. The Trust invests at least 80% of its assets in municipal bonds exempt from federal income taxes, including the alternative minimum tax. The Trust also invests primarily in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust invests in sectors, such as transportation, utilities, county/city/special district/school district, health, tobacco, education, corporate and housing. BlackRock Advisors, LLC is the Trust�s investment advisor. Its sub-advisor is BlackRock Financial Management, Inc.