NPORT-EX 2 NPORT_B158_77345001_1022.htm BlackRock Investment Quality Municipal Trust

Schedule of Investments  (unaudited)

October 31, 2022

 

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama(a) — 1.2%

 

Black Belt Energy Gas District, RB

    

4.00%, 10/01/52

   $           1,195     $ 1,150,416  

Series F, 5.50%, 11/01/53

     735                  743,249  

Southeast Energy Authority A Cooperative District, RB, Series A-1, 5.50%, 01/01/53

     670       682,944  
   

 

 

  
      2,576,609  
Arizona — 4.2%            

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.50%, 07/01/52

     215       199,899  

Series G, 5.00%, 07/01/47

     430       375,372  

City of Phoenix Civic Improvement Corp., ARB, Series B, AMT, Junior Lien, 5.00%, 07/01/49

     1,405       1,332,501  

City of Phoenix Civic Improvement Corp., RB, Series B, AMT, 5.00%, 07/01/44

     910       860,766  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     1,095       1,079,658  

5.00%, 12/01/37

     4,885       4,800,221  
   

 

 

  
      8,648,417  
Arkansas — 2.7%            

Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(b)

    1,450       1,137,382  

City of Benton Arkansas, RB, (AGM), 4.00%, 06/01/39

     755       707,608  

City of Fort Smith Arkansas Water & Sewer Revenue, Refunding RB, Subordinate, 4.00%, 10/01/40

     1,250       1,061,911  

City of Little Rock Arkansas, RB, 4.00%, 07/01/41

     2,645       2,301,573  

Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42

     465       463,882  
   

 

 

  
      5,672,356  
California — 17.8%            

ABC Unified School District, GO, Series C, (NPFGC), 0.00%, 08/01/33(c)

    3,420       2,217,415  

California Housing Finance Agency, RB, M/F Housing

    

Class A, 3.25%, 08/20/36

     735       602,170  

Series 2021-1, Class A, 3.50%, 11/20/35

     718       610,686  

California Infrastructure & Economic Development Bank, Refunding RB, Series A, 4.00%, 11/01/45

     3,330       3,021,039  

Carlsbad Unified School District, Refunding GO, Series B, 6.00%, 05/01/34

     1,500       1,557,035  

City of Los Angeles Department of Airports, Refunding ARB, Series D, AMT, Subordinate, 4.00%, 05/15/51

     1,940       1,574,114  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b)

    205       126,571  

CSCDA Community Improvement Authority, RB, M/F Housing(b)

    

4.00%, 10/01/56

     105       76,855  

4.00%, 12/01/56

     200       127,937  

Series A, 4.00%, 06/01/58

     570       416,579  

Senior Lien, 3.13%, 06/01/57

     445       269,020  

Series A, Senior Lien, 4.00%, 12/01/58

     295       200,330  

Hartnell Community College District, GO, CAB, Series D, 7.00%, 08/01/34

     2,475       2,856,397  

Los Angeles Unified School District, GO, Election of 2008, 5.25%, 07/01/42

     1,450       1,521,088  
Security   Par
(000)		     Value  
California (continued)            

Norman Y Mineta San Jose International Airport SJC, Refunding RB, Series A, AMT, (BAM), 4.00%, 03/01/42

   $           2,460     $ 2,131,046  

Norwalk-La Mirada Unified School District, Refunding GO, Series E, Election 2002, (AGC), 0.00%, 08/01/38(c)

    12,000               5,635,188  

Palomar Community College District, GO

    

Series B, Convertible, 6.20%, 08/01/39

     4,000       3,940,368  

Series B, Election 2006, 0.00%, 08/01/30(c)

    2,270       1,718,808  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

     1,305       1,082,693  

San Diego Community College District, GO, CAB, Election 2002, 6.00%, 08/01/27(d)

    4,200       4,696,667  

San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56

     225       172,607  

State of California, Refunding GO

    

5.00%, 02/01/38

     2,000       2,007,554  

4.00%, 10/01/44

     510       471,762  
   

 

 

  
      37,033,929  
Colorado — 1.2%            

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

     725       735,919  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(b)

    970       778,541  

Colorado Health Facilities Authority, RB, 5.50%, 11/01/47

     950       960,532  
   

 

 

  
      2,474,992  
Connecticut — 2.3%            

Connecticut State Health & Educational Facilities Authority, Refunding RB

    

5.00%, 12/01/45

     3,900       3,738,290  

Series A, 4.00%, 07/01/49

     1,370       1,019,605  
   

 

 

  
      4,757,895  
District of Columbia — 0.5%            

District of Columbia, RB, Series A, 5.00%, 07/01/47

     925       965,948  
   

 

 

  
Florida — 12.5%            

Brevard County Health Facilities Authority, Refunding RB, Class A, 5.00%, 04/01/47

     2,725       2,631,726  

Capital Trust Agency, Inc., RB, Series A, 5.00%, 06/15/49(b)

    100       84,057  

City of Tampa Florida, RB, CAB(c)

   

Series A, 0.00%, 09/01/49

     465       98,876  

Series A, 0.00%, 09/01/53

     500       84,879  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49

     770       613,835  

County of Miami-Dade Florida, RB, CAB(c)

    

0.00%, 10/01/32

     5,000       3,174,410  

0.00%, 10/01/33

     15,375       9,159,103  

County of Miami-Dade Seaport Department, ARB, Series B, AMT, 6.00%, 10/01/23(d)

    3,000       3,061,830  

County of Osceola Florida Transportation Revenue, Refunding RB(c)

   

Series A-2, 0.00%, 10/01/41

     445       145,876  

Series A-2, 0.00%, 10/01/42

     595       183,421  

Series A-2, 0.00%, 10/01/43

     540       156,076  

Series A-2, 0.00%, 10/01/44

     550       148,539  
 

 

1

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  
Florida (continued)  

County of Osceola Florida Transportation Revenue, Refunding RB(c) (continued) Series A-2, 0.00%, 10/01/45

   $              465     $ 117,370  

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/50

     1,090                  818,702  

Florida Development Finance Corp., RB, 6.50%, 06/30/57(b)

    300       274,407  

Greater Orlando Aviation Authority, ARB

    

Series A, AMT, 4.00%, 10/01/44

     1,860       1,530,627  

Series A, AMT, 4.00%, 10/01/52

     775       606,472  

Sub-Series A, AMT, 5.00%, 10/01/47

     1,130       1,081,506  

Miami-Dade County Seaport Department, Refunding RB, Series A-1, AMT, (AGM), 4.00%, 10/01/45

     695       581,450  

Orange County Health Facilities Authority, RB, 4.00%, 10/01/52

     1,590       1,234,029  

Palm Beach County Health Facilities Authority, RB, Series B, 5.00%, 11/15/42

     125       117,446  
   

 

 

  
      25,904,637  
Georgia — 2.1%            

Development Authority for Fulton County, RB, 4.00%, 07/01/49

     145       119,010  

East Point Business & Industrial Development Authority, RB,
Series A, 5.25%, 06/15/62(b)

    175       146,034  

Gainesville & Hall County Hospital Authority, RB, Class A, 4.00%, 02/15/51

     780       621,162  

George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54

     245       181,868  

Georgia Ports Authority, RB, 4.00%, 07/01/52

     330       274,979  

Main Street Natural Gas Inc., RB

    

Series A, 5.00%, 05/15/43

     525       485,909  

Series B, 5.00%, 12/01/52(a)

    1,645       1,624,076  

Municipal Electric Authority of Georgia, RB

    

4.00%, 01/01/49

     415       333,980  

5.00%, 01/01/56

     565       521,845  
   

 

 

  
      4,308,863  
Hawaii — 1.4%            

State of Hawaii Department of Budget & Finance, Refunding RB

    

5.25%, 11/15/37

     600       600,249  

AMT, 4.00%, 03/01/37

     2,770       2,379,668  
   

 

 

  
      2,979,917  
Idaho — 1.4%            

Idaho Health Facilities Authority, RB, Series A, 5.00%, 03/01/39

     3,000       2,983,644  
   

 

 

  
Illinois — 7.7%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     1,235       1,177,742  

Series D, 5.00%, 12/01/46

     1,635       1,418,527  

Series H, 5.00%, 12/01/36

     375       345,386  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     550       548,555  

Series C, 5.00%, 12/01/34

     370       349,187  

Series D, 5.00%, 12/01/26

     675       671,198  

Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41

     1,900       1,811,884  

Chicago O’Hare International Airport, Refunding RB, Series B, AMT, 4.00%, 01/01/29

     2,400       2,390,986  
Security   Par
(000)		     Value  
Illinois (continued)            

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 5.00%, 12/01/57

   $              620     $ 571,747  

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 11/15/45

     945                  900,297  

Illinois Housing Development Authority, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.13%, 10/01/38

     100       92,312  

Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57

     590       532,579  

Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50

     455       342,678  

State of Illinois, GO

    

5.00%, 02/01/39

     1,000       948,028  

5.50%, 05/01/39

     1,610       1,618,327  

Series A, 5.00%, 04/01/38

     200       190,230  

Series D, 5.00%, 11/01/27

     1,585       1,590,482  

Upper Illinois River Valley Development Authority, Refunding RB, 5.00%, 01/01/55(b)

    610       473,616  
   

 

 

  
      15,973,761  
Iowa — 0.7%            

PEFA, Inc., RB, 5.00%, 09/01/49(a)

    1,500       1,492,250  
   

 

 

  
Kentucky — 6.5%            

City of Henderson Kentucky, RB, Series SE, Class A, AMT, 4.70%, 01/01/52(b)

    380       306,692  

County of Boyle Kentucky, Refunding RB, 5.00%, 06/01/37

     2,000       2,016,768  

Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/23(c)

    8,500       8,230,227  

Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)

    470       429,664  

Kentucky Public Transportation Infrastructure Authority, RB, CAB

    

Series C, Convertible, 6.45%, 07/01/34

     1,000       1,070,137  

Series C, Convertible, 6.60%, 07/01/39

     1,395       1,462,145  
   

 

 

  
      13,515,633  
Louisiana — 0.9%            

City of Alexandria Louisiana Utilities Revenue, RB, 5.00%, 05/01/24(d)

    1,790       1,835,871  
   

 

 

  
Maryland — 0.6%            

Anne Arundel County Consolidated Special Taxing District, ST

    

5.13%, 07/01/36

     260       254,720  

5.25%, 07/01/44

     260       244,004  

Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/55

     705       674,184  
   

 

 

  
      1,172,908  
Massachusetts — 4.5%            

Commonwealth of Massachusetts, GO, Series A, 0.00%, (c)

    3,025       3,108,184  

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     900       894,345  

Series A, 5.00%, 01/01/47

     1,010       948,442  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 07/01/39

     1,375       1,185,697  

5.00%, 04/15/40

     600       570,431  

Series A, 4.00%, 06/01/29(d)

    235       243,078  
 

 

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

   2

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  
Massachusetts (continued)            

Massachusetts Educational Financing Authority, RB, Series C, AMT, Subordinate, 3.00%, 07/01/51

   $              455     $ 280,224  

Massachusetts Housing Finance Agency, RB, M/F Housing

    

Series A, 3.85%, 06/01/46

     35                    27,455  

Series C-1, 2.90%, 12/01/39

     365       270,859  

Series D-1, 2.55%, 12/01/50

     440       272,204  

Massachusetts Housing Finance Agency, Refunding RB, S/F Housing, Series 182, AMT, 3.30%, 12/01/28

     1,000       946,738  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     700       683,720  
   

 

 

  
      9,431,377  
Michigan — 3.7%            

Michigan Finance Authority, RB

    

4.00%, 02/15/47

     2,760       2,216,912  

4.00%, 02/15/50

     550       430,848  

Series A, 4.00%, 11/15/50

     295       231,671  

Michigan Finance Authority, Refunding RB, 4.00%, 11/15/46

     900       730,817  

Michigan State Housing Development Authority, RB, M/F Housing, Series A-1, 3.35%, 10/01/49

     3,245       2,359,362  

Michigan State Housing Development Authority, RB, S/F Housing, Series B, 2.95%, 12/01/39

     375       289,021  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,705       1,508,156  
   

 

 

  
      7,766,787  
Minnesota — 1.8%            

City of Otsego Minnesota, Refunding RB, Series A, 5.00%, 09/01/44

     700       590,746  

City of Spring Lake Park Minnesota, RB, 5.00%, 06/15/39

     1,760       1,544,741  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b)

    305       267,088  

Minneapolis-St. Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 01/01/41

     460       446,209  

Minnesota Higher Education Facilities Authority, RB

    

Series 8-K, 4.00%, 03/01/43

     615       501,042  

Series A, 5.00%, 10/01/47

     390       377,435  
   

 

 

  
      3,727,261  
Missouri — 2.6%            

Health & Educational Facilities Authority of the State of Missouri, RB

    

4.13%, 02/15/43

     700       610,194  

Series A, 5.00%, 10/01/23(d)

    750       761,338  

Series A, 5.00%, 06/01/42

     860       879,904  

Series A, 5.00%, 06/01/47

     1,230       1,248,086  

Series C-2, 5.00%, 10/01/34

     1,500       1,523,388  

Missouri Housing Development Commission, RB, S/F Housing, Class B, (FHLMC, FNMA, GNMA), 2.20%, 11/01/46

     605       394,468  
   

 

 

  
      5,417,378  
Security   Par
(000)		     Value  
Nebraska — 1.0%            

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a)

  $           1,530     $ 1,498,780  

Douglas County Hospital Authority No.3, Refunding RB, 5.00%, 11/01/45

     600                  580,538  
   

 

 

  
      2,079,318  
Nevada — 0.7%            

County of Clark Department of Aviation, Refunding RB, Series A-2, Sub Lien, 4.25%, 07/01/36

     1,500       1,445,110  

State of Nevada Department of Business & Industry, RB, Series A, 5.00%, 07/15/37(b)

    125       112,251  
   

 

 

  
      1,557,361  
New Hampshire(b) — 0.3%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     505       421,612  

Series C, AMT, 4.88%, 11/01/42

     220       185,168  
   

 

 

  
      606,780  
New Jersey — 7.6%            

Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(e)(f)

    1,510       30,200  

New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30

     990       967,346  

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/42

     160       154,432  

AMT, (AGM), 5.13%, 07/01/42

     300       300,524  

New Jersey Higher Education Student Assistance Authority, RB, Series B, AMT, 3.50%, 12/01/39

     1,120       953,356  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 3.25%, 12/01/39

     1,970       1,646,104  

Series B, AMT, 4.00%, 12/01/41

     765       688,681  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.00%, 06/15/38

     290       285,372  

Series AA, 4.00%, 06/15/40

     820       699,263  

Series AA, 5.00%, 06/15/45

     1,350       1,289,902  

Series AA, 5.00%, 06/15/46

     600       572,072  

Series AA, 3.00%, 06/15/50

     360       224,685  

Series AA, 5.00%, 06/15/50

     640       606,113  

Series BB, 4.00%, 06/15/50

     1,200       949,417  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/35(c)

    1,600       791,779  

New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 5.00%, 12/15/36

     240       238,176  

New Jersey Turnpike Authority, RB, Series E, 5.00%, 01/01/45

     820       825,844  

South Jersey Transportation Authority, RB, Series A, 4.00%, 11/01/50

     455       354,767  

Tobacco Settlement Financing Corp., Refunding RB, Sub-Series B, 5.00%, 06/01/46

     4,570       4,186,774  
   

 

 

  
      15,764,807  
New York — 12.8%            

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     1,825       1,669,076  

Metropolitan Transportation Authority, Refunding RB

    

5.00%, 11/15/29

     765       770,133  

Series A, 5.00%, 11/15/41

     30       30,015  

Series C-1, 4.75%, 11/15/45

     1,700       1,501,936  
 

 

3

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  
New York (continued)            

Metropolitan Transportation Authority, Refunding RB (continued)

    

Series C-1, 5.00%, 11/15/50

   $              550     $ 498,401  

Series C-1, 5.25%, 11/15/55

     810       760,647  

Series C-1, 5.00%, 11/15/56

     320                  288,577  

New York City Housing Development Corp., RB, M/F Housing, Series I-1, (FHA), 2.55%, 11/01/45

     1,940       1,261,165  

New York City Municipal Water Finance Authority, RB, Series GG, 4.00%, 06/15/50

     4,500       3,799,134  

New York City Municipal Water Finance Authority, Refunding RB, Series CC, 5.00%, 06/15/47

     2,120       2,124,020  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/47

     215       218,829  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)

    1,400       1,392,133  

New York Counties Tobacco Trust VI, Refunding RB, Series C, 4.00%, 06/01/51

     1,000       721,963  

New York Liberty Development Corp., Refunding RB

    

Series 2, 5.15%, 11/15/34(b)

    640       616,560  

Series A, 2.88%, 11/15/46

     3,450       2,164,502  

Series A, 3.00%, 11/15/51

     100       62,110  

New York Power Authority, Refunding RB

    

Series A, 4.00%, 11/15/50

     1,810       1,548,142  

Series A, 4.00%, 11/15/60

     350       289,141  

New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.50%, 11/01/45

     2,635       1,628,451  

New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/41

     800       724,423  

New York Transportation Development Corp., ARB, AMT, 5.00%, 12/01/36

     400       377,537  

New York Transportation Development Corp., RB, AMT, 5.00%, 10/01/35

     945       915,333  

Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/55

     1,395       1,116,374  

Port Authority of New York & New Jersey, Refunding ARB, Consolidated, 186th Series, AMT, 5.00%, 10/15/36

     470       471,283  

State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44

     730       478,230  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51

     1,160       1,072,440  
   

 

 

  
      26,500,555  
North Carolina — 0.3%            

City of Charlotte North Carolina Airport Special Facilities Revenue, Refunding ARB, Series B, AMT, 4.00%, 07/01/51

     190       151,286  

North Carolina Medical Care Commission, RB, 4.00%, 11/01/52

     630       524,437  
   

 

 

  
      675,723  
Ohio — 3.1%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55

     3,095       2,598,058  

City of Dayton Ohio Airport Revenue, Refunding RB, Series A, AMT, (AGM), 4.00%, 12/01/32

     3,000       2,735,007  
Security   Par
(000)		     Value  
Ohio (continued)            

County of Montgomery Ohio, Refunding RB, 4.00%, 11/15/42

   $           1,050     $ 857,855  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    250                  209,723  

Ohio Housing Finance Agency, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.00%, 09/01/48

     20       18,965  
   

 

 

  
      6,419,608  
Oklahoma — 1.0%            

Oklahoma City Public Property Authority, Refunding RB

    

5.00%, 10/01/36

     800       830,485  

5.00%, 10/01/39

     280       287,818  

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

     680       555,440  

Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     420       384,194  
   

 

 

  
      2,057,937  
Oregon — 1.7%            

Oregon Health & Science University, RB, Series A, 4.00%, 07/01/37

     575       538,071  

Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52

     260       209,140  

Oregon State Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45

     2,485       2,453,068  

State of Oregon Housing & Community Services Department, RB, S/F Housing, Series C, 3.95%, 07/01/43

     320       260,803  
   

 

 

  
      3,461,082  
Pennsylvania — 10.3%            

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB

    

AMT, 5.00%, 07/01/51

     875       811,558  

Series B, AMT, 5.00%, 07/01/35

     575       575,745  

Commonwealth Financing Authority, RB, (AGM), 4.00%, 06/01/39

     2,785       2,533,567  

Delaware River Port Authority, RB, 4.50%, 01/01/24(d)

    2,000       2,028,376  

Mckeesport Area School District, Refunding GO, (FGIC, SAW), 0.00%, 10/01/31(c)(g)

    500       343,632  

Montgomery County Higher Education and Health Authority, Refunding RB

    

Class B, 5.00%, 05/01/57

     1,200       1,143,736  

Series A, 4.00%, 09/01/49

     565       457,199  

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 12/31/38

     1,610       1,531,901  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     810       772,445  

Pennsylvania Higher Education Assistance Agency, RB, Series B, AMT, Subordinate, 3.00%, 06/01/47

     155       100,681  

Pennsylvania Turnpike Commission, RB

    

Series C, 5.00%, 12/01/39

     850       854,695  

Series A, Subordinate, 4.00%, 12/01/49

     710       567,723  

Sub-Series A-1, Subordinate, 5.00%, 12/01/41

     2,735       2,729,391  

Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/45

     2,000       1,918,582  
 

 

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

   4

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

School District of Philadelphia, GO,
Series A, (SAW), 4.00%, 09/01/46

   $              505     $ 418,856  

School District of Philadelphia, Refunding GO, Series F, (SAW), 5.00%, 09/01/37

     800                  807,719  

State Public School Building Authority, Refunding RB, Series A, (SAW), 5.00%, 06/01/34

     3,825       3,879,304  
   

 

 

  
      21,475,110  
Puerto Rico — 4.8%  

Children’s Trust Fund, Refunding RB

    

5.50%, 05/15/39

     495       492,327  

5.63%, 05/15/43

     530       529,972  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     1,593       1,332,608  

Series A-1, Restructured, 5.00%, 07/01/58

     5,324       4,554,794  

Series A-2, Restructured, 4.78%, 07/01/58

     1,459       1,209,879  

Series A-2, Restructured, 4.33%, 07/01/40

     861       730,584  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

    4,770       1,035,195  
   

 

 

  
      9,885,359  
Rhode Island — 3.8%  

Rhode Island Health and Educational Building Corp., Refunding RB, Series A, (AGM GTD), 3.75%, 05/15/32

     1,845       1,797,015  

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

     1,250       1,088,750  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/40

     1,000       984,662  

Series B, 4.50%, 06/01/45

     2,365       2,184,004  

Series B, 5.00%, 06/01/50

     2,000       1,945,816  
   

 

 

  
      8,000,247  
South Carolina — 2.7%  

South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b)

    755       590,865  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/38

     1,895       1,888,692  

South Carolina Public Service Authority, RB, Series A, 4.00%, 12/01/55

     2,500       1,969,537  

South Carolina State Housing Finance & Development Authority, RB, S/F Housing

    

Series A, 2.25%, 07/01/46

     1,195       753,377  

Series B, 4.35%, 07/01/47

     420       370,269  
   

 

 

  
      5,572,740  
Tennessee — 3.0%  

Chattanooga-Hamilton County Hospital Authority, Refunding RB, Series A, 5.00%, 10/01/44

     875       830,411  

Greeneville Health & Educational Facilities Board, Refunding RB, Series A, 4.00%, 07/01/40

     615       517,724  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40

     1,075       1,050,863  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Series A, 5.25%, 10/01/58

     2,480       2,334,535  
Security   Par
(000)		     Value  
Tennessee (continued)  

Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/49

   $              615     $ 586,049  

Tennergy Corp., RB, Series A, 4.00%, 12/01/51(a)

    1,080               1,009,897  
   

 

 

  
      6,329,479  
Texas — 13.1%            

Aldine Independent School District, Refunding GO, 5.00%, 02/15/42

     2,610       2,689,266  

Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40

     105       71,725  

Central Texas Turnpike System, RB

    

Series C, 5.00%, 08/15/37

     1,970       1,983,254  

Series C, 5.00%, 08/15/42

     1,480       1,482,944  

City of Houston Texas Airport System Revenue, Refunding RB, Series A, AMT, 4.00%, 07/01/48

     400       323,603  

Harris County-Houston Sports Authority, Refunding RB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38(c)

    5,000       2,067,010  

Leander Independent School District, Refunding GO, CAB, Series D, (PSF), 0.00%, 08/15/24(c)(d)

    6,000       3,388,515  

Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d)

    16,780       8,121,923  

North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49

     930       798,831  

San Antonio Public Facilities Corp., RB, Convertible, 4.00%, 09/15/42

     1,410       1,184,734  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     465       362,427  

Series A, 5.00%, 07/01/53

     575       541,000  

Series B, 5.00%, 07/01/36

     565       574,984  

Texas Department of Housing & Community Affairs, RB, S/F Housing

    

Series A, (GNMA), 4.25%, 09/01/43

     200       194,696  

Series A, (GNMA), 3.63%, 09/01/44

     595       499,526  

Series A, (GNMA), 3.75%, 09/01/49

     330       271,535  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     1,315       1,300,577  

Texas Transportation Commission, RB, CAB(c)

    

0.00%, 08/01/35

     420       201,613  

0.00%, 08/01/36

     235       105,239  

0.00%, 08/01/37

     305       127,065  

0.00%, 08/01/38

     315       122,403  

0.00%, 08/01/44

     1,370       351,653  

0.00%, 08/01/45

     1,800       430,085  
   

 

 

  
      27,194,608  
Utah — 0.6%            

Utah Charter School Finance Authority, Refunding RB

    

5.25%, 06/15/37(b)

    205       185,714  

(UT), 4.00%, 04/15/42

     600       520,383  

5.38%, 06/15/48(b)

    260       223,012  

Utah Housing Corp., RB, S/F Housing, Series D-2, Class III, (FHA), 4.00%, 01/01/36

     245       238,054  
   

 

 

  
      1,167,163  
Vermont — 0.1%            

Vermont Student Assistance Corp., RB, Series A, AMT, 4.25%, 06/15/32

     290       275,219  
   

 

 

  
 

 

5

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  
Virginia — 1.3%            

Ballston Quarter Community Development Authority, TA, Series A, 5.38%, 03/01/36

   $              780     $ 591,002  

Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55

     100                    77,195  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     1,030       895,430  

Virginia Housing Development Authority, RB, M/F Housing, Series E, 3.15%, 12/01/49

     1,515       1,040,735  
   

 

 

  
      2,604,362  
Washington — 0.9%            

King County Housing Authority, Refunding RB, 3.00%, 06/01/40

     725       538,239  

Port of Seattle, Refunding RB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     625       607,364  

Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35

     749       641,787  
   

 

 

  
      1,787,390  
West Virginia — 0.3%            

West Virginia Hospital Finance Authority, RB, Series A, 4.00%, 06/01/51

     730       564,150  
   

 

 

  
Wisconsin — 2.0%            

Public Finance Authority, RB

    

Class A, 6.00%, 06/15/52

     125       110,103  

Class A, 6.13%, 06/15/57

     140       123,412  

Series A, 5.00%, 06/01/36(b)

    100       89,963  

Series A, 5.00%, 10/15/50(b)

    875       712,240  

Series A, 5.00%, 06/01/51(b)

    320       260,434  

Series A, 5.00%, 06/01/61(b)

    405       317,966  

Public Finance Authority, Refunding RB, AMT, 4.00%, 08/01/35

     435       363,092  

Wisconsin Housing & Economic Development Authority, RB, S/F Housing

    

Series A, 1.80%, 03/01/31

     100       80,881  

Series A, 1.85%, 09/01/31

     80       63,598  

Series A, 1.90%, 03/01/32

     150       120,142  

Series A, 1.95%, 09/01/32

     110       87,386  

Wisconsin Housing & Economic Development Authority, Refunding RB, M/F Housing

    

Series A, (HUD SECT 8), 2.05%, 11/01/36

     280       193,939  

Series A, (HUD SECT 8), 2.25%, 11/01/41

     195       122,184  

Series A, (HUD SECT 8), 2.45%, 11/01/46

     290       171,265  

WPPI Energy, Refunding RB, Series A, 5.00%, 07/01/37

     1,330       1,343,255  
   

 

 

  
      4,159,860  
   

 

 

  

Total Municipal Bonds — 147.7%
(Cost: $330,293,585)

       306,779,291  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

Colorado — 0.8%

    

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(a)(i)

    1,769       1,713,828  
   

 

 

  
Security   Par
(000)		     Value  
District of Columbia — 0.9%            

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

   $           2,102     $ 1,869,985  
   

 

 

  
Florida — 1.0%            

Pinellas County School Board, COP, Series A, 5.00%, 07/01/41

     2,120               2,158,587  
   

 

 

  
Georgia — 0.6%            

Georgia Housing & Finance Authority, Refunding RB, Series A, 3.70%, 06/01/49(a)

    1,470       1,195,565  
   

 

 

  
Louisiana — 0.6%            

State of Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, Series A, 1st Lien, 4.00%, 05/01/25(d)

    1,200       1,219,958  
   

 

 

  
Maryland — 1.4%            

Maryland Stadium Authority, RB, 5.00%, 05/01/42

     2,760       2,825,347  
   

 

 

  
Michigan — 0.9%            

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48

     2,148       1,780,927  
   

 

 

  
Minnesota — 2.4%            

State of Minnesota, RB, Series A, 5.00%, 06/01/38

     5,000       5,017,090  
   

 

 

  
Nevada — 1.2%            

County of Clark Nevada, GO, Series A, 5.00%, 06/01/38

     2,311       2,402,151  
   

 

 

  
New Jersey — 0.7%            

New Jersey Turnpike Authority, Refunding RB, Series G, 4.00%, 01/01/43

     1,606       1,410,423  
   

 

 

  
New York — 5.2%            

City of New York, Refunding GO, Series B, 4.00%, 08/01/32

     1,600       1,607,390  

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

     1,615       1,467,954  

New York City Municipal Water Finance Authority, Refunding RB, Series BB, 4.00%, 06/15/47(a)

    6,000       5,134,800  

New York City Transitional Finance Authority Building Aid Revenue, RB, Series S-1, Subordinate, (SAW), 4.00%, 07/15/42(i)

    1,572       1,368,553  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/49(a)

    1,580       1,339,558  
   

 

 

  
      10,918,255  
Ohio — 0.9%            

Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/24(d)(i)

    1,800       1,825,153  
   

 

 

  
Pennsylvania — 1.5%            

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/36(i)

    2,399       2,275,432  

Philadelphia Authority for Industrial Development, RB, Series A, 4.00%, 07/01/24

     914       923,636  
   

 

 

  
      3,199,068  
Texas — 2.9%            

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(d)

    2,380       2,391,231  
 

 

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

   6

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

 

Security   Par
(000)		     Value  
Texas (continued)            

Houston Community College System, GO, 4.00%, 02/15/23(a)(d)

  $ 2,160     $ 2,165,666  

Howe Independent School District, GO, (PSF-GTD), 4.00%, 08/15/43

     1,680       1,560,359  
   

 

 

  
      6,117,256  
Virginia — 1.1%            

Hampton Roads Transportation Accountability Commission, RB, Series A, 4.00%, 07/01/57

     2,840       2,358,235  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 22.1% (Cost: $49,999,091)

       46,011,828  
   

 

 

  

Total Long-Term Investments — 169.8%
(Cost: $380,292,676)

 

     352,791,119  
   

 

 

  
     Shares         
Short-Term Securities            

Money Market Funds — 4.9%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%(j)(k)

     10,071,701       10,070,694  
   

 

 

  

Total Short-Term Securities — 4.9% (Cost: $10,070,693)

       10,070,694  
   

 

 

  

Total Investments — 174.7%
(Cost: $390,363,369)

       362,861,813  

Other Assets Less Liabilities — 0.1%

       212,133  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (14.2)%

 

     (29,442,927 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (60.6)%

 

     (125,900,000 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $     207,731,019  
   

 

 

  

 

(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) 

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.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(h) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

(i) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 15, 2023 to July 15, 2042, is $5,190,768.

(j) 

Affiliate of the Fund.

(k) 

Annualized 7-day yield as of period end.

 

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   

Value at

07/31/22

     

Purchases

at Cost

     

Proceeds

from Sales

     

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

10/31/22

     

Shares

Held at

10/31/22

      Income     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $  925,909      $  9,145,185 (a)     $ —      $ (206 )     $ (194 )     $ 10,070,694        10,071,701      $ 10,319      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

7

Schedule of Investments  (unaudited) (continued)

October 31, 2022

    BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

 

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          12/20/22        $ 10,073        $ 265,985  

U.S. Long Bond

      121          12/20/22          14,626          678,197  

5-Year U.S. Treasury Note

      72          12/30/22          7,678          184,437  
                 

 

 

  
                  $ 1,128,619  
                 

 

 

  

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 Fund has the ability to access;

 

  •  

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’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

    $ —        $ 306,779,291        $ —        $ 306,779,291  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          46,011,828          —          46,011,828  

Short-Term Securities

                  

Money Market Funds

      10,070,694          —          —          10,070,694  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   10,070,694        $   352,791,119        $                 —        $   362,861,813  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments

                  

Assets

                  

Interest Rate Contracts

    $ 1,128,619        $ —        $ —        $ 1,128,619  
  

 

 

       

 

 

       

 

 

       

 

 

  

The Fund 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

    $ —        $ (29,303,348 )       $                 —        $ (29,303,348 ) 

VMTP Shares at Liquidation Value

      —          (125,900,000 )         —          (125,900,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $                   —        $ (155,203,348 )       $ —        $ (155,203,348 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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

   8

Schedule of Investments  (unaudited) (continued)

October 31, 2022

    BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

 

 

 

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

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
 

 

9