BlackRock Investment Quality Municipal Trust


Security	Par (000)		Value

Municipal Bonds

Alabama — 0.5%
Southeast Energy Authority A Cooperative District, RB, Series B, 4.00%, 12/01/51^(a)	$	1,220	$	1,533,272


Arizona — 5.8%
Arizona Health Facilities Authority, Refunding RB, Series A, 5.00%, 02/01/42		3,300		3,375,240
Arizona Industrial Development Authority, Refunding RB^(b)
Series A, 5.50%, 07/01/52		215		233,892
Series G, 5.00%, 07/01/47		430		498,538
City of Phoenix Civic Improvement Corp., ARB,
Series B, AMT, Junior Lien, 3.25%, 07/01/49		4,000		4,245,960
Salt Verde Financial Corp., RB 5.00%, 12/01/32		1,095		1,461,475
5.00%, 12/01/37		4,885		6,970,406

				16,785,511

Arkansas — 2.5%
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49^(b)		1,550		1,742,928
City of Benton Arkansas, RB, (AGM), 4.00%, 06/01/39		755		827,865
City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40		1,250		1,396,538
City of Little Rock Arkansas, RB, 4.00%, 07/01/41		2,645		2,878,315
Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42		465		530,891

				7,376,537

California — 14.0%
ABC Unified School District, GO, Series C, (NPFGC), 0.00%, 08/01/33^(c)		3,420		2,742,737
California Housing Finance, RB, M/F Housing, Series 2021-1, Class A, 3.50%, 11/20/35		732		871,409
California Infrastructure & Economic Development Bank, Refunding RB, Series A, 4.00%, 11/01/45		3,330		3,538,192
California Statewide Communities Development Authority, Refunding RB, Series A, 4.00%, 12/01/53		725		763,447
Carlsbad Unified School District, GO, Series B, 6.00%, 05/01/34		1,500		1,728,915
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 3.50%, 06/01/36		735		748,502
Series A-2, 5.00%, 06/01/47		830		857,896
Hartnell Community College District, GO, CAB, Series D, 7.00%, 08/01/34^(d)		2,475		3,231,904
Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, (BAM), 4.00%, 03/01/42		2,460		2,770,969
Norwalk-La Mirada Unified School District, Refunding GO, CAB, Series E, (AGC), 0.00%, 08/01/38^(c)		12,000		7,920,360
Palomar Community College District, GO, CAB
Series B, 0.00%, 08/01/30^(c)		2,270		2,059,208
Series B, Convertible, 6.20%, 08/01/39^(d)		4,000		5,140,440
San Diego Community College District, GO, CAB, 6.00%, 08/01/33		4,200		5,505,444


Security	Par (000)		Value

California (continued)
State of California, Refunding GO 5.00%, 02/01/38	$	2,000	$	2,141,700
4.00%, 10/01/44		510		564,983

				40,586,106

Colorado — 0.5%
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59^(b)		970		1,087,816
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49		295		340,566

				1,428,382

Connecticut — 1.3%
Connecticut Housing Finance Authority, Refunding RB, M/F Housing, Series E-1, (HUD SECT 8), 3.25%, 11/15/54		550		579,805
Connecticut State Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 07/01/41		1,450		1,673,706
State of Connecticut, GO, Series B, 3.00%, 06/01/38		1,500		1,682,025

				3,935,536

District of Columbia — 0.9%
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series A, 5.00%, 10/01/53		2,505		2,576,142


Florida — 8.2%
Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49^(b)		100		107,639
City of Tampa Florida, RB, CAB^(c)
Series A, 0.00%, 09/01/49		465		170,678
Series A, 0.00%, 09/01/53		500		153,215
County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/38		365		427,543
County of Miami-Dade Florida, RB, CAB^(c)0.00%, 10/01/32		5,000		3,897,200
0.00%, 10/01/33		15,375		11,603,512
County of Miami-Dade Seaport Department, ARB, Series B, AMT, 6.00%, 10/01/32		3,000		3,353,250
County of Osceola Florida Transportation Revenue, Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/41		445		245,569
Series A-2, 0.00%, 10/01/42		595		315,368
Series A-2, 0.00%, 10/01/43		540		274,752
Series A-2, 0.00%, 10/01/44		550		269,313
Series A-2, 0.00%, 10/01/45		465		219,247
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45		1,000		1,168,690
Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/52		1,130		1,364,272
Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 11/15/42		125		155,009

				23,725,257

Georgia — 0.7%
George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54		245		285,881
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43		525		644,815


Security	Par (000)		Value

Georgia (continued)
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49	$	415	$	473,515
5.00%, 01/01/56		565		688,927

				2,093,138

Hawaii — 1.3%
State of Hawaii Department of Budget & Finance, Refunding RB 5.25%, 11/15/37		600		633,336
AMT, 4.00%, 03/01/37		2,770		3,094,949

				3,728,285

Idaho — 1.1%
Idaho Health Facilities Authority, RB, Series A, 5.00%, 03/01/39		3,000		3,327,990


Illinois — 6.7%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		1,235		1,393,895
Series D, 5.00%, 12/01/46		1,635		1,821,431
Series H, 5.00%, 12/01/36		375		456,870
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		550		647,207
Series C, 5.00%, 12/01/34		370		454,882
Series D, 5.00%, 12/01/26		675		817,033
Series F, 5.00%, 12/01/22		505		534,820
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41		1,900		2,090,608
Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29		2,400		2,439,120
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21^(e)		1,000		1,016,490
Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38		545		621,632
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		590		708,083
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		455		526,845
State of Illinois, GO 5.00%, 02/01/39		1,000		1,095,520
5.50%, 05/01/39		1,610		2,109,696
Series A, 5.00%, 04/01/38		200		211,204
Series D, 5.00%, 11/01/28		1,585		1,957,570
Upper Illinois River Valley Development Authority, Refunding RB, 5.00%, 01/01/55^(b)		610		653,792

				19,556,698

Iowa — 0.8%
Iowa Finance Authority, Refunding RB, Series B, 5.25%, 12/01/50^(a)		2,050		2,256,333


Kansas — 0.6%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/39		640		703,097
Seward County Unified School District No.480 Liberal, Refunding GO, 5.00%, 09/01/39.		1,085		1,142,093

				1,845,190

Kentucky — 6.0%
County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37		2,000		2,424,040


Security	Par (000)		Value

Kentucky (continued)
Kentucky Economic Development Finance Authority, RB, Series A, 5.38%, 01/01/23^(e)	$	3,400	$	3,652,450
Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/23^(c)		8,500		8,321,925
Kentucky Public Transportation Infrastructure Authority, RB, CAB^(d)
Series C, Convertible, 6.45%, 07/01/34		1,000		1,248,000
Series C, Convertible, 6.60%, 07/01/39		1,395		1,724,778

				17,371,193

Louisiana — 0.7%
City of Alexandria Louisiana Utilities Revenue, RB, 5.00%, 05/01/24^(e)		1,790		2,028,392


Maine — 0.2%
Maine State Housing Authority, RB, S/F Housing, Series C, 3.95%, 11/15/43		505		560,373


Maryland — 0.2%
Anne Arundel County Consolidated Special Taxing District, ST 5.13%, 07/01/36		260		270,400
5.25%, 07/01/44		260		268,304

				538,704

Massachusetts — 2.8%
Massachusetts Development Finance Agency, RB
Series A, 5.25%, 01/01/42		900		1,094,319
Series A, 5.00%, 01/01/47		1,010		1,197,648
Massachusetts Development Finance Agency, Refunding RB 4.00%, 07/01/39		1,375		1,564,997
5.00%, 04/15/40		600		657,192
Series A, 4.00%, 06/01/49		235		269,340
Massachusetts Educational Financing Authority, RB, Series C, AMT, Subordinate, 3.00%, 07/01/51		455		462,667
Massachusetts Housing Finance Agency, RB, M/F Housing
Series A, 3.85%, 06/01/46		35		38,096
Series C-1, 2.90%, 12/01/39		365		384,728
Series D-1, 2.55%, 12/01/50		440		441,945
Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 182, AMT, 3.30%, 12/01/28		1,000		1,071,530
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46		700		904,351

				8,086,813

Michigan — 4.1%
Michigan Finance Authority, RB, Series C-2, AMT, Senior Lien, 5.00%, 07/01/22^(e)		360		375,548
Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46		900		1,014,156
Michigan State Hospital Finance Authority, Refunding RB, Series C, 4.00%, 06/01/22^(e)		4,150		4,284,916
Michigan State Housing Development Authority, RB, M/F Housing, Series A-1, 3.35%, 10/01/49		3,245		3,508,234
Michigan State Housing Development Authority, RB, S/F Housing
Series A, 4.00%, 06/01/49		740		780,508


Security	Par (000)		Value

Michigan (continued)
Michigan State Housing Development Authority, RB, S/F Housing (continued)
Series B, 2.95%, 12/01/39	$	375	$	392,438
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,250		1,520,888

				11,876,688

Minnesota — 1.5%
City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44		700		748,531
City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39		1,760		1,981,883
Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52^(b)		305		348,228
Minneapolis-St. Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41		460		555,206
Minnesota Higher Education Facilities Authority, RB, Series 8-K, 4.00%, 03/01/43		615		684,919

				4,318,767

Mississippi — 0.2%
County of Warren Mississippi, RB, Series A, 5.38%, 12/01/35		600		609,420


Missouri — 3.0%
Health & Educational Facilities Authority of the State of Missouri, RB 5.25%, 10/01/21^(e)		500		504,190
4.13%, 02/15/43		700		712,824
Series A, 5.00%, 10/01/23^(e)		750		829,883
Series A, 5.00%, 06/01/42		860		1,051,040
Series A, 5.00%, 06/01/47		1,230		1,493,564
Series C-2, 5.00%, 10/01/34		1,500		1,647,195
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		1,015		1,174,243
Missouri Development Finance Board, RB, Series B, 5.00%, 11/01/41		1,350		1,365,107

				8,778,046

Nebraska — 1.7%
Central Plains Energy Project, RB, 5.00%, 09/01/42		900		944,847
Douglas County Hospital Authority No.3, Refunding RB, 5.00%, 11/01/45		600		703,200
Nebraska Public Power District, Refunding RB
Series A, 5.00%, 01/01/32		2,535		2,585,243
Series A, 4.00%, 01/01/44		600		607,568

				4,840,858

Nevada — 0.6%
County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36		1,500		1,660,155
Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37^(b)		125		138,020

				1,798,175

New Hampshire^(b)— 0.3%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		505		530,866
Series C, AMT, 4.88%, 11/01/42		220		232,292

				763,158


Security	Par (000)		Value

New Jersey — 7.5%
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37^(f)(g)	$	1,510	$	30,200
New Jersey Economic Development Authority, RB Series B, 4.50%, 06/15/40		1,930		2,331,459
Series DDD, 5.00%, 06/15/42		160		193,298
AMT, (AGM), 5.13%, 07/01/42		300		327,666
Series B, AMT, 5.63%, 11/15/30		990		1,114,898
New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A, 5.00%, 07/01/25		500		522,195
New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 3.50%, 12/01/39		1,120		1,225,649
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 3.25%, 12/01/39		1,970		2,115,209
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.00%, 06/15/42		395		411,306
Series AA, 5.00%, 06/15/38		290		325,186
Series AA, 5.00%, 06/15/45		2,055		2,451,843
Series AA, 5.00%, 06/15/46		600		684,252
Series AA, 3.00%, 06/15/50		360		385,099
New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35^(c)		1,600		1,190,384
New Jersey Transportation Trust Fund Authority, Refunding RB 4.00%, 12/15/39		820		959,228
Series A, 5.00%, 12/15/36		240		299,376
New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45		820		937,284
South Jersey Transportation Authority, RB, Series A, 4.00%, 11/01/50		455		529,529
Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46		4,770		5,713,077

				21,747,138

New Mexico — 0.3%
New Mexico Hospital Equipment Loan Council, Refunding RB, Series VIC, 5.00%, 08/01/44		680		789,419


New York — 6.7%
Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45		1,825		1,838,158
Metropolitan Transportation Authority, Refunding RB
Series A, 5.00%, 11/15/41		30		31,691
Series C-1, 4.75%, 11/15/45		1,700		2,109,326
Series C-1, 5.00%, 11/15/50		550		683,749
Series C-1, 5.25%, 11/15/55		810		1,022,674
Series C-1, 5.00%, 11/15/56		320		379,853
Series D, 5.00%, 11/15/31		650		787,995
New York City Housing Development Corp., RB, M/F Housing, Series I-1, (FHA 542 (C)), 2.55%, 11/01/45 .		1,940		1,974,804
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41^(b)		1,400		1,420,062
New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51		1,000		1,023,740
New York Liberty Development Corp., Refunding RB, Series 2, Class 2, 5.15%, 11/15/34^(b)		640		720,947
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		350		417,459
New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.50%, 11/01/45		2,635		2,693,919


Security	Par (000)		Value

New York (continued)
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35	$	315	$	407,827
AMT, 5.00%, 10/01/40		900		1,150,704
Port Authority of New York & New Jersey, Refunding ARB
Consolidated, 186th Series, AMT, 5.00%, 10/15/36		470		534,475
Consolidated, 186th Series, AMT, 5.00%, 10/15/44		950		1,075,504
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51		1,160		1,332,515

				19,605,402

North Carolina — 0.3%
North Carolina Medical Care Commission, RB, 4.00%, 11/01/52		630		741,888


Ohio — 4.3%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		3,785		4,441,243
City of Dayton Ohio Airport Revenue, Refunding RB, Series A, AMT, (AGM), 4.00%, 12/01/32		3,000		3,077,910
County of Montgomery Ohio, Refunding RB, 4.00%, 11/15/42		1,050		1,209,505
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49^(b)		650		765,031
Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48		30		32,746
State of Ohio, Refunding RB, Series A, 5.00%, 01/15/41		3,010		3,071,675

				12,598,110

Oklahoma — 0.9%
Oklahoma City Public Property Authority, Refunding RB 5.00%, 10/01/36		800		937,184
5.00%, 10/01/39		280		327,314
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		680		846,552
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48		420		483,475

				2,594,525

Oregon — 1.4%
Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37		575		669,415
Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45		2,485		2,854,470
State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43		440		459,809

				3,983,694

Pennsylvania — 9.2%
City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/35		575		703,610
Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39		2,785		3,215,728
Delaware River Port Authority, RB, 4.50%, 01/01/32		3,000		3,298,770
Mckeesport Area School District, Refunding GO, CAB, (FGIC, SAW), 0.00%, 10/01/31^(c)(h)		500		427,100
Montgomery County Higher Education and Health Authority, Refunding RB, Series A, 4.00%, 09/01/49		565		633,235
Pennsylvania Economic Development Financing Authority, RB
Series A-1, 4.00%, 04/15/50		780		915,018


Security	Par (000)		Value

Pennsylvania (continued)
Pennsylvania Economic Development Financing Authority, RB (continued)
AMT, 5.00%, 12/31/38	$	1,610	$	1,910,861
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		810		865,785
Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47		155		155,028
Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 128B, AMT, 3.85%, 04/01/38		1,505		1,676,329
Pennsylvania Turnpike Commission, RB
Series C, 5.00%, 12/01/39		850		974,440
Series A, Subordinate, 4.00%, 12/01/49		710		823,486
Sub-Series A-1, Subordinate, 5.00%, 12/01/41		2,735		3,230,719
Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/45		2,000		2,429,800
School District of Philadelphia, Refunding GO, Series F, (SAW), 5.00%, 09/01/37		800		968,376
State Public School Building Authority, Refunding RB, Series A, (SAW), 5.00%, 06/01/34		3,825		4,648,255

				26,876,540

Puerto Rico — 6.0%
Children’s Trust Fund, Refunding RB 5.50%, 05/15/39		495		507,222
5.63%, 05/15/43		530		536,169
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		2,145		2,221,298
Series A, Senior Lien, 5.13%, 07/01/37		615		636,131
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		1,593		1,832,507
Series A-1, Restructured, 5.00%, 07/01/58		6,444		7,508,098
Series A-2, Restructured, 4.33%, 07/01/40		861		977,967
Series A-2, Restructured, 4.78%, 07/01/58		1,459		1,677,558
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46^(c)		4,827		1,612,604

				17,509,554

Rhode Island — 3.5%
Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM, GTD), 3.75%, 05/15/32		1,845		2,136,344
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		1,565		1,700,889
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/40		1,000		1,131,760
Series B, 4.50%, 06/01/45		2,725		3,033,988
Series B, 5.00%, 06/01/50		2,000		2,289,840

				10,292,821

South Carolina — 1.9%
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55^(b)		755		805,132
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/38		1,895		2,345,934
South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48		2,125		2,341,516

				5,492,582


Security	Par (000)		Value

Tennessee — 4.4%
Chattanooga Health Educational & Housing Facility Board, RB, Series A, 5.25%, 01/01/23^(e)	$	2,945	$	3,157,806
Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44		875		981,129
Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40		615		713,683
Johnson City Health & Educational Facilities Board, RB, Series A, 5.00%, 08/15/42		1,200		1,255,116
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB Series A, 5.00%, 07/01/40		1,075		1,275,788
Series A, 5.00%, 07/01/46		945		1,113,484
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58		2,480		3,047,846
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52^(a)		940		1,266,114

				12,810,966

Texas — 8.8%
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		105		101,514
Central Texas Turnpike System, RB Series C, 5.00%, 08/15/37		1,970		2,226,021
Series C, 5.00%, 08/15/42		1,480		1,668,670
City of Houston Texas Airport System Revenue, Refunding RB
Sub-Series A, AMT, 4.00%, 07/01/39		400		483,068
Sub-Series A, AMT, 4.00%, 07/01/40		320		385,293
Sub-Series A, AMT, 4.00%, 07/01/41		320		384,902
Sub-Series A, AMT, 4.00%, 07/01/47		310		362,055
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38^(c)		5,000		2,378,800
Leander Independent School District, Refunding GO, CAB^(c)
Series D, (PSF), 0.00%, 08/15/24^(e)		550		325,754
Series D, (PSF), 0.00%, 08/15/35		5,450		3,221,005
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/38^(c)		16,780		8,893,904
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		930		1,096,424
Red River Education Finance Corp., RB, 5.25%, 03/15/23^(e)		1,140		1,235,190
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/35		440		553,564
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 4.25%, 09/01/43		285		319,243
Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32		115		158,233
Texas Transportation Commission, RB, CAB^(c)0.00%, 08/01/35		420		259,148
0.00%, 08/01/36		235		137,947
0.00%, 08/01/37		305		170,150
0.00%, 08/01/38		315		167,344
0.00%, 08/01/44		1,370		531,190
0.00%, 08/01/45		1,800		662,130

				25,721,549


Security	Par (000)		Value

Utah — 0.5%
Utah Charter School Finance Authority, Refunding RB 5.25%, 06/15/37^(b)	$	205	$	231,724
(UT), 4.00%, 04/15/42		600		647,298
5.38%, 06/15/48^(b)		260		289,512
Utah Housing Corp., RB, S/F Housing, Series D-2, Class III, (FHA INS), 4.00%, 01/01/36		260		282,113

				1,450,647

Vermont — 0.1%
Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32		295		309,594

Virginia — 2.0%
Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36		780		795,741
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,030		1,046,696
Virginia Housing Development Authority, RB, M/F Housing, Series E, 3.15%, 12/01/49		1,515		1,586,008
Virginia Small Business Financing Authority, RB AMT, 5.00%, 01/01/48^(a)(b)		745		788,463
AMT, Senior Lien, 6.00%, 01/01/37		1,440		1,513,008

				5,729,916

Washington — 1.9%
King County Housing Authority, Refunding RB, 3.00%, 06/01/40		725		784,552
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43		625		745,113
Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46		1,905		2,454,954
Washington Health Care Facilities Authority, Refunding RB, 5.00%, 09/01/55		470		597,069
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		763		900,925

				5,482,613

West Virginia — 0.5%
West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51		730		819,023
West Virginia Parkways Authority, RB, Senior Lien, 5.00%, 06/01/47		570		748,758

				1,567,781

Wisconsin — 1.7%
Public Finance Authority, RB^(b)
Series A, 5.00%, 06/01/36		100		114,977
Series A, 5.00%, 10/15/50		875		965,965
Series A, 5.00%, 06/01/51		320		355,907
Series A, 5.00%, 06/01/61		405		447,521
Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35		435		442,926
Wisconsin Housing & Economic Development Authority, RB, S/F Housing
Series A, 1.80%, 03/01/31		100		101,274
Series A, 1.85%, 09/01/31		80		81,051
Series A, 1.90%, 03/01/32		150		152,034
Series A, 1.95%, 09/01/32		110		111,518
Wisconsin Housing & Economic Development Authority, Refunding RB, M/F Housing
Series A, (HUD SECT 8), 2.05%, 11/01/36		280		280,773
Series A, (HUD SECT 8), 2.25%, 11/01/41		195		195,263


Security	Par (000)		Value

Wisconsin (continued)
Wisconsin Housing & Economic Development Authority, Refunding RB, M/F Housing (continued) Series A, (HUD SECT 8), 2.45%, 11/01/46	$	290	$	291,035
WPPI Energy, Refunding RB, Series A, 5.00%, 07/01/37		1,330		1,500,027

				5,040,271


Total Municipal Bonds — 128.1% (Cost: $323,304,467)				372,669,974


Municipal Bonds Transferred to Tender Option Bond Trusts⁽ⁱ⁾

California — 0.5%
Los Angeles Unified School District, GO, Series B-1, 5.25%, 07/01/42^(j)		1,182		1,484,451


Colorado — 0.8%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48^(j)		1,769		2,219,601


Connecticut — 1.6%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		3,902		4,653,089


District of Columbia — 0.8%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		2,102		2,394,186


Florida — 1.6%
Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/49		1,860		2,158,344
Pinellas County School Board, COP, Series A, 5.00%, 07/01/41		2,120		2,606,519

				4,764,863

Georgia — 0.6%
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49		1,552		1,713,040


Louisiana — 0.5%
State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/41		1,200		1,349,196


Maryland — 1.2%
Maryland Stadium Authority, RB, 5.00%, 05/01/42		2,760		3,434,958


Massachusetts — 1.3%
Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46		3,018		3,768,146


Michigan — 1.9%
Michigan Finance Authority, RB, 4.00%, 02/15/47		2,759		3,219,531
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48		2,142		2,359,606

				5,579,137

Minnesota — 1.9%
State of Minnesota, RB, Series A, 5.00%, 06/01/38		5,000		5,428,649


Nevada — 1.0%
County of Clark Nevada, GO, Series A, 5.00%, 06/01/38		2,311		2,893,921


Security	Par (000)		Value

New Jersey — 0.6%
New Jersey Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43	$	1,606	$	1,858,722


New York — 8.8%
City of New York, Refunding GO, Series B, 4.00%, 08/01/32		1,600		1,764,032
Hudson Yards Infrastructure Corp., RB, 5.75%, 02/15/47^(j)		567		569,803
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		1,650		1,852,884
New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, (SAW), 4.00%, 07/15/42^(j)		2,145		2,219,282
New York City Water & Sewer System, Refunding RB Series BB, 4.00%, 06/15/47		6,000		6,290,820
Series CC, 5.00%, 06/15/23^(e)		1,880		2,044,131
Series CC, 5.00%, 06/15/47		2,120		2,305,364
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		4,500		4,581,861
New York State Thruway Authority, Refunding RB, Series A, 5.00%, 03/15/31		2,360		2,373,570
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,394		1,620,879

				25,622,626

Ohio — 0.7%
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49^(j)		1,800		1,982,034


Pennsylvania — 1.3%
Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36^(j)		2,399		2,830,656
Philadelphia Authority for Industrial Development, RB, Series A, 4.00%, 07/01/44		914		984,398

				3,815,054

Texas — 4.8%
Aldine Independent School District, Refunding GO, (PSF-GTD), 5.00%, 02/15/42		2,609		3,190,029
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23^(e)		2,380		2,554,406
Houston Community College System, GO, 4.00%, 02/15/23^(e)		2,160		2,289,730
Howe Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43		1,680		1,918,661
San Antonio Public Facilities Corp., Refunding RB, 4.00%, 09/15/42		1,409		1,458,835
Texas Department of Housing & Community Affairs, RB, S/F Housing
Series A, (GNMA), 3.63%, 09/01/44		698		766,227
Series A, (GNMA), 3.00%, 09/01/45		494		522,106
Series A, (GNMA), 3.75%, 09/01/49		383		420,087
Series A, (GNMA), 3.00%, 03/01/50		936		989,273

				14,109,354


Security	Par (000)		Value

Washington — 0.9%
Washington Health Care Facilities Authority, Refunding RB, Series B, 4.13%, 08/15/43	$	2,213	$	2,488,693


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.8% (Cost: $82,726,373)				89,559,720


Total Long-Term Investments — 158.9% (Cost: $406,030,840)				462,229,694


	Shares

Short-Term Securities

Money Market Funds — 1.5%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%^(k)(l)		4,256,898		4,257,749


Total Short-Term Securities — 1.5% (Cost: $4,257,749)				4,257,749


Total Investments — 160.4% (Cost: $410,288,589)				466,487,443

Other Assets Less Liabilities — 0.8%				2,227,520

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (17.9)%				(51,951,313	)

VMTP Shares at Liquidation Value — (43.3)%				(125,900,000	)


Net Assets Applicable to Common Shares — 100.0%			$	290,863,650

^(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)	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)	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.

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Non-income producing security.

^(h)	Security is collateralized by municipal bonds or U.S. Treasury obligations.

⁽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 May 2, 2022 to February 15, 2047, is $6,705,374.

^(k)	Affiliate of the Trust.

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

Investments in issuers considered to be affiliate(s) of the Trust during the period ended July 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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:

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 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.

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:


Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/21		Shares Held at 07/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	7,420,831	$	—	$	(3,163,082	)^(a)	$	—	$	—	$	4,257,749		4,256,898	$	71	$	—


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts 10-Year U.S. Treasury Note		111		09/21/21	$	14,933	$	(122,876)
U.S. Long Bond		69		09/21/21		11,383		(352,492)
5-Year U.S. Treasury Note		78		09/30/21		9,710		(54,205)

							$	(529,573)


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—		$	372,669,974	$	—	$	372,669,974
Municipal Bonds Transferred to Tender Option Bond Trusts		—			89,559,720		—		89,559,720
Short-Term Securities
Money Market Funds		4,257,749			—		—		4,257,749

	$	4,257,749		$	462,229,694	$	—	$	466,487,443

Derivative Financial Instruments^(a)
Liabilities
Interest Rate Contracts	$	(529,573	)	$	—	$	—	$	(529,573	)


Portfolio Abbreviation

AGC		Assured Guaranty Corp.

AGM		Assured Guaranty Municipal Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

FGIC		Financial Guaranty Insurance Co.

FHA		Federal Housing Administration

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

HUD SECT 8		U.S. Department of Housing and Urban Development Section 8

INS		Insured

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

PSF		Permanent School Fund

PSF-GTD		Permanent School Fund Guaranteed

RB		Revenue Bond

S/F		Single-Family

SAW		State Aid Withholding

SONYMA		State of New York Mortgage Agency

ST		Special Tax

TA		Tax Allocation

UT		Unlimited Tax


SCHEDULE OF INVESTMENTS		1


SCHEDULE OF INVESTMENTS		3


SCHEDULE OF INVESTMENTS		5