NPORT-EX 2 NPORT_B158_18442993_0423.htm BlackRock Investment Quality Municipal Trust

Schedule of Investments (unaudited) 

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama(a) — 2.5%            

Black Belt Energy Gas District, RB

    

4.00%, 10/01/52

   $     1,195     $     1,188,377  

Series A, 4.00%, 12/01/52

     1,935       1,863,600  

Series C-1, 5.25%, 02/01/53

     1,160       1,229,816  

Series F, 5.50%, 11/01/53

     735       779,661  

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

     670       723,182  
   

 

 

  
      5,784,636  
Arizona — 4.0%            

Arizona Industrial Development Authority, Refunding RB(b)

    

Series A, 5.50%, 07/01/52

     215       207,593  

Series G, 5.00%, 07/01/47

     430       388,802  

City of Phoenix Civic Improvement Corp., ARB

    

Series B, AMT, Junior Lien, 5.00%, 07/01/44

     910       947,942  

Series B, AMT, Junior Lien, 5.00%, 07/01/49

     1,405       1,450,057  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     1,095       1,162,791  

5.00%, 12/01/37

     4,885       5,080,913  
   

 

 

  
      9,238,098  
Arkansas — 2.0%            

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

     1,450       1,296,815  

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

     755       740,463  

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

     2,645       2,604,254  
   

 

 

  
      4,641,532  
California — 16.4%            

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

     3,420       2,568,095  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     335       332,199  

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

     3,330       3,335,408  

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

     1,500       1,541,353  

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

     1,940       1,822,766  

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

     205       141,788  

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

    

4.00%, 10/01/56

     105       85,137  

4.00%, 12/01/56

     200       143,536  

Series A, 4.00%, 06/01/58

     570       444,780  

Senior Lien, 3.13%, 06/01/57

     445       306,005  

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

     195       150,904  

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

     2,475       2,893,807  

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

     2,460       2,400,552  

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

     12,000       6,566,136  
Security  

Par

(000)

     Value  
California (continued)            

Palomar Community College District, GO

    

Series B, Convertible, 6.20%, 08/01/39(d)

   $     4,000     $ 4,275,848  

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

     2,270       1,853,761  

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

     1,305       1,228,366  

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

     4,200       4,817,698  

Santa Cruz County Capital Financing Authority, RB, Series A, 4.00%, 06/01/45

     2,510       2,514,069  

State of California, Refunding GO, 4.00%, 10/01/44

     510       512,061  
   

 

 

  
          37,934,269  
Colorado — 1.9%            

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

     725       791,446  

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

     970       857,760  

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

     1,550       1,664,829  

Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/15/52

     1,030       1,101,390  
   

 

 

  
      4,415,425  
Florida — 13.5%            

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

     2,725       2,876,191  

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

     100       89,356  

City of Tampa Florida, RB, CAB(c)

    

Series A, 0.00%, 09/01/49

     465       122,220  

Series A, 0.00%, 09/01/53

     500       104,386  

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

     770       697,931  

County of Lee Florida Airport Revenue, ARB, Series B, AMT, 5.00%, 10/01/46

     775       808,885  

County of Miami-Dade Florida, RB(c)

    

0.00%, 10/01/32

     5,000       3,593,090  

0.00%, 10/01/33

     15,375       10,557,258  

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

     3,000       3,027,927  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A, AMT, 5.00%, 10/01/42

     325       343,180  

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

     540       563,909  

Series A, AMT, 5.25%, 10/01/52

     255       271,170  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

     695       653,546  

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

    

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

     445       166,779  

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

     595       202,600  

Series A-2, 0.00%, 10/01/46

     420       114,149  

Series A-2, 0.00%, 10/01/47

     680       173,806  

Series A-2, 0.00%, 10/01/48

     240       57,688  

County of Pasco Florida, RB, (AGM), 5.75%, 09/01/54

     165       182,211  

Escambia County Health Facilities Authority, Refunding RB, 5.00%, 08/15/38

     1,200       1,237,549  

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

     300       296,714  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Greater Orlando Aviation Authority, ARB

    

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

   $ 775     $ 709,359  

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

     1,130       1,157,708  

Hillsborough County Aviation Authority, ARB, AMT, 5.00%, 10/01/48

     1,840       1,874,581  

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

     1,590       1,468,052  
   

 

 

  
          31,350,245  
Georgia — 2.7%            

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

     145       135,042  

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

     175       156,864  

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

     780       717,488  

Georgia Housing & Finance Authority, Refunding RB, 3.70%, 06/01/49

     1,450       1,295,885  

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

     330       317,204  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/43

     525       525,806  

Series A, 5.00%, 06/01/53(a)

     1,820       1,916,990  

Municipal Electric Authority of Georgia, RB

    

Class A, 5.50%, 07/01/63

     310       320,652  

Series A, 5.00%, 01/01/59

     770       783,754  
   

 

 

  
      6,169,685  
Hawaii — 1.5%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/48

     925       949,713  

State of Hawaii Department of Budget & Finance, Refunding RB, AMT, 4.00%, 03/01/37

     2,770       2,648,824  
   

 

 

  
      3,598,537  
Idaho — 1.3%            

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

     3,000       3,022,629  
   

 

 

  

Illinois — 7.1%

    

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

         1,235       1,247,703  

Series D, 5.00%, 12/01/46

     1,635       1,616,073  

Series H, 5.00%, 12/01/36

     375       379,098  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     550       559,802  

Series C, 5.00%, 12/01/34

     370       378,774  

Series D, 5.00%, 12/01/26

     675       692,693  

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

     1,900       1,907,879  

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

     2,400       2,400,655  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, 2nd Lien, 5.00%, 12/01/57

     620       633,307  

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

     945       957,533  

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

     100       101,405  

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

     590       591,806  

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

     455       392,322  
Security  

Par

(000)

     Value  
Illinois (continued)            

State of Illinois, GO

    

5.00%, 02/01/39

   $     1,000     $ 1,003,569  

5.50%, 05/01/39

     1,610       1,762,589  

Series A, 5.00%, 04/01/38

     200       200,826  

Series D, 5.00%, 11/01/27

     1,585       1,698,508  
   

 

 

  
        16,524,542  
Kentucky — 6.0%            

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

     135       124,240  

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

     2,000       2,075,910  

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

     8,500       8,380,728  

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

     470       462,658  

Kentucky Public Transportation Infrastructure Authority, RB, CAB(d)

    

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

     1,000       1,172,185  

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

     1,395       1,590,117  
   

 

 

  
      13,805,838  
Louisiana — 0.8%            

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

     1,790       1,822,136  
   

 

 

  
Maryland — 0.5%            

Anne Arundel County Consolidated Special Taxing District, ST

    

5.13%, 07/01/36

     260       260,586  

5.25%, 07/01/44

     260       258,521  

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

     705       719,030  
   

 

 

  
      1,238,137  
Massachusetts — 3.3%            

Commonwealth of Massachusetts Transportation Fund Revenue, RB, 5.00%, 06/01/50

     3,025       3,306,337  

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     900       920,803  

Series A, 5.00%, 01/01/47

     1,010       1,013,209  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 07/01/39

     1,375       1,282,165  

5.00%, 04/15/40

     600       603,024  

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

     235       256,835  

Massachusetts Housing Finance Agency, RB, M/F Housing

    

Series A, 3.85%, 06/01/46

     35       30,601  

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

     440       285,028  
   

 

 

  
      7,698,002  
Michigan — 2.7%            

Michigan Finance Authority, RB

    

4.00%, 02/15/50

     1,040       968,247  

4.00%, 02/15/44

     420       405,563  

Series A, 4.00%, 11/15/50

     295       271,313  

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

     900       841,113  

Michigan State Housing Development Authority, RB, S/F Housing

    

Series B, 2.95%, 12/01/39

     375       324,211  
 

 

 

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)

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Michigan (continued)            

Michigan State Housing Development Authority, RB, S/F Housing (continued)

    

Series D, 5.10%, 12/01/37

   $     1,560     $ 1,668,799  

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

     1,705       1,727,885  
   

 

 

  
      6,207,131  
Minnesota — 3.9%            

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

     700       636,191  

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

     1,760       1,652,152  

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

     305       288,532  

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

     460       473,176  

Minnesota Higher Education Facilities Authority, RB

    

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

     615       565,307  

Series A, 5.00%, 10/01/47

     390       409,512  

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

     5,000       5,008,720  
   

 

 

  
          9,033,590  
Missouri — 2.2%            

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

    

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

     750       755,388  

Series A, 5.00%, 06/01/42

     860       901,357  

Series A, 5.00%, 06/01/47

     1,230       1,277,334  

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

     1,500       1,510,381  

Kansas City Industrial Development Authority, ARB, Series B, AMT, 5.00%, 03/01/39

     575       605,278  
   

 

 

  
      5,049,738  
Nebraska — 0.3%            

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

     600       611,192  
   

 

 

  
Nevada — 0.7%            

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

     1,500       1,521,100  

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

     125       126,018  
   

 

 

  
      1,647,118  
New Hampshire(b) — 0.3%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     505       424,871  

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

     220       191,163  
   

 

 

  
      616,034  
New Jersey — 7.2%            

Camden County Improvement Authority, RB, 6.00%, 06/15/62

     165       173,008  

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

     1,510       15,508  

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

     990       1,001,537  

New Jersey Economic Development Authority, RB

    

Series DDD, 5.00%, 06/15/27(e)

     160       175,132  

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

     300       302,187  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 4.00%, 12/01/41

     765       760,858  
Security   Par
(000)		     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.00%, 06/15/38

   $     290     $ 296,127  

Series AA, 4.00%, 06/15/40

     820       806,061  

Series AA, 5.00%, 06/15/45

     1,350       1,377,545  

Series AA, 5.00%, 06/15/46

     600       611,826  

Series AA, 4.00%, 06/15/50

     1,440       1,323,467  

Series AA, 5.00%, 06/15/50

     640       676,325  

Series BB, 4.00%, 06/15/50

     1,200       1,114,170  

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

     1,600       941,574  

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

     240       257,215  

New Jersey Turnpike Authority, RB

    

Series A, 4.00%, 01/01/42

     790       788,655  

Series A, 4.00%, 01/01/48

     790       771,907  

Series E, 5.00%, 01/01/45

     820       837,592  

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

     4,570       4,533,879  
   

 

 

  
          16,764,573  
New York — 15.3%            

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

     1,600       1,628,424  

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

     1,825       1,667,116  

Metropolitan Transportation Authority, Refunding RB

    

Series B, 5.00%, 11/15/29

     765       801,889  

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

     1,700       1,720,681  

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

     550       564,115  

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

     810       844,129  

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

     320       323,946  

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

     4,500       4,417,371  

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

     6,000       5,899,968  

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

     1,570       1,570,096  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series F-1, Subordinate, 5.00%, 02/01/44

     215       235,674  

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

     1,400       1,400,207  

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

     1,000       790,610  

New York Liberty Development Corp., Refunding RB

    

Series A, 2.88%, 11/15/46

     745       529,136  

Series A, (BAM-TCRS), 3.00%, 11/15/51

     1,785       1,252,056  

Series A, 3.00%, 11/15/51

     920       666,519  

New York Power Authority, Refunding RB

    

Series A, 4.00%, 11/15/50

     1,810       1,733,678  

Series A, 4.00%, 11/15/55

     350       331,198  

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

     800       804,575  

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

     400       426,940  

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

     945       992,044  

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

     1,395       1,273,879  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

Port Authority of New York & New Jersey, Refunding ARB

    

AMT, 5.00%, 01/15/52

   $     1,815     $ 1,906,670  

186th Series, AMT, 5.00%, 10/15/36

     250       256,477  

Series 197, AMT, 5.00%, 11/15/35

     220       232,285  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB, Series A, 4.13%, 05/15/53

     2,105       2,053,417  

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

     1,160       1,168,098  
   

 

 

  
          35,491,198  
North Carolina — 0.3%            

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

     190       174,385  

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

     630       611,150  
   

 

 

  
      785,535  
Ohio — 3.7%            

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

     3,705       3,452,389  

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

     3,000       3,000,381  

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

     1,800       1,824,429  

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

     250       230,171  

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

     20       20,580  
   

 

 

  
      8,527,950  
Oklahoma — 1.1%            

Oklahoma City Public Property Authority, Refunding RB

    

5.00%, 10/01/36

     800       837,538  

5.00%, 10/01/39

     280       287,604  

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

     680       632,422  

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

     420       411,364  

Oklahoma Water Resources Board, RB, 4.00%, 04/01/48

     315       312,105  
   

 

 

  
      2,481,033  
Oregon — 2.6%            

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

     575       579,914  

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

     2,485       2,529,693  

Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48

     2,625       2,897,926  
   

 

 

  
      6,007,533  
Pennsylvania — 12.0%            

Allegheny County Airport Authority, ARB, Series A, AMT, 5.00%, 01/01/51

     875       897,212  

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

     2,785       2,745,511  

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

     2,400       2,483,549  

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

     2,000       2,016,638  

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

     500       384,355  
Security  

Par

(000)

     Value  
Pennsylvania (continued)            

Montgomery County Higher Education and Health Authority, Refunding RB, Class B, 5.00%, 05/01/57

   $     1,200     $ 1,232,921  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.00%, 12/31/38

     1,610       1,622,891  

AMT, 5.50%, 06/30/41

     810       875,975  

AMT, 5.75%, 06/30/48

     700       760,535  

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

     810       810,727  

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

     155       115,819  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51

     3,270       3,181,592  

Pennsylvania Turnpike Commission, RB

    

Series C, 5.00%, 12/01/39

     850       872,039  

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

     2,735       2,798,870  

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

     2,000       2,044,636  

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

     800       828,874  

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

     3,825       4,105,457  
   

 

 

  
      27,777,601  
Puerto Rico — 4.3%            

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53

     1,593       1,495,574  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(c)

     4,770       1,297,025  

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

    

Series A1, Restructured, 5.00%, 07/01/58

     5,324       5,119,894  

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

     1,459       1,351,347  

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

     861       799,774  
   

 

 

  
          10,063,614  
Rhode Island — 1.7%            

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

     1,845       1,885,223  

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

     1,205       1,150,293  

Tobacco Settlement Financing Corp., Refunding RB, Series A, 5.00%, 06/01/40

     1,000       1,002,299  
   

 

 

  
      4,037,815  
South Carolina — 3.1%            

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

     755       642,911  

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

     1,895       1,955,159  

South Carolina Ports Authority, ARB, Series B, AMT, 4.00%, 07/01/49

     2,110       1,925,810  

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

     2,500       2,179,660  

South Carolina State Housing Finance & Development Authority, RB, S/F Housing, Series B, 4.35%, 07/01/47

     420       409,754  
   

 

 

  
      7,113,294  
 

 

 

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)

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Tennessee — 4.6%            

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

   $     875     $ 875,673  

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

     615       587,128  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, 5.00%, 10/01/45

     1,000       965,277  

Metropolitan Nashville Airport Authority, ARB, Series B, AMT, 5.00%, 07/01/52

     910       943,850  

Tennergy Corp., RB(a)

    

Series A, 4.00%, 12/01/51

     1,080       1,080,044  

Series A, 5.50%, 10/01/53

     950       1,021,976  

Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)

     3,175       3,357,591  

Tennessee Energy Acquisition Corp., Refunding RB, Series A-1, 5.00%, 05/01/53(a)

     1,845       1,910,334  
   

 

 

  
      10,741,873  
Texas — 15.2%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     380       403,363  

7.88%, 11/01/62

     330       339,381  

Central Texas Turnpike System, RB

    

Series C, 5.00%, 08/15/37

     1,970       1,996,782  

Series C, 5.00%, 08/15/42

     2,030       2,050,422  

City of Houston Texas Airport System Revenue, Refunding RB

    

Sub-Series A, AMT, 4.00%, 07/01/40

     475       457,751  

Sub-Series A, AMT, 4.00%, 07/01/48

     400       363,034  

Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48

     210       206,350  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     450       442,868  

Harris County Cultural Education Facilities Finance Corp., Refunding RB, 4.00%, 10/01/47

     2,175       2,080,244  

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

     5,000       2,139,270  

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

     1,680       1,682,354  

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

     6,000       3,458,124  

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

     16,780       8,576,812  

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

     930       915,566  

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

     1,410       1,371,397  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

5.00%, 11/15/51

     1,075           1,139,160  

Series A, 4.00%, 07/01/53

     465       423,536  

Series A, 5.00%, 07/01/53

     575       598,508  

Series B, 5.00%, 07/01/36

     565       605,638  

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

    

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

     195       194,460  

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

     320       310,412  

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

     1,315       1,391,267  
Security  

Par

(000)

     Value  
Texas (continued)            

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, 5.00%, 06/30/58

   $     2,480     $ 2,482,103  

Texas Transportation Commission State Highway 249 System, RB, CAB(c)

    

0.00%, 08/01/35

     420       226,260  

0.00%, 08/01/36

     235       117,496  

0.00%, 08/01/37

     305       141,726  

0.00%, 08/01/38

     315       136,624  

0.00%, 08/01/44

     1,370       403,681  

0.00%, 08/01/45

     1,800       494,982  
   

 

 

  
      35,149,571  
Utah — 0.5%            

Utah Charter School Finance Authority, Refunding RB

    

5.25%, 06/15/37(b)

     205       199,017  

4.00%, 04/15/42

     600       567,705  

5.38%, 06/15/48(b)

     260       242,479  

Utah Housing Corp., RB, S/F Housing, Series D2, Class III, 4.00%, 01/01/36

     245       243,380  
   

 

 

  
      1,252,581  
Vermont — 0.1%            

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

     290       291,101  
   

 

 

  
Virginia — 0.9%            

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

     735       584,366  

Roanoke Economic Development Authority, Refunding RB, 3.00%, 07/01/45

     830       653,725  

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

     1,030       966,431  
   

 

 

  
      2,204,522  
Washington — 0.6%            

Port of Seattle Washington, ARB, Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     625       644,122  

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

     744       698,477  
   

 

 

  
      1,342,599  
Wisconsin — 1.6%            

Public Finance Authority, RB

    

Class A, 6.00%, 06/15/52

     125       119,465  

Class A, 6.13%, 06/15/57

     140       134,772  

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

     100       96,455  

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

     875       782,274  

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

     320       281,471  

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

     405       348,076  

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

     435       387,089  

Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, 1.95%, 09/01/32

     110       96,450  

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

     1,330       1,355,428  
   

 

 

  
      3,601,480  
   

 

 

  

Total Municipal Bonds — 148.4%
(Cost: $336,726,767)

         344,042,387  
   

 

 

  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

District of Columbia — 0.9%            

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

   $     2,102     $ 2,050,766  
   

 

 

  

Illinois — 0.8%

    

Illinois Finance Authority, Refunding RB, Series A, 5.00%, 08/15/51

     1,711       1,806,005  
   

 

 

  

Michigan — 0.8%

    

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

     2,148       1,928,983  
   

 

 

  

New York — 2.1%

    

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

     1,615       1,571,089  

New York State Dormitory Authority, Refunding RB, Series A, 4.00%, 03/15/47

     1,590       1,555,383  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/51

     1,740       1,866,333  
   

 

 

  
      4,992,805  

Virginia — 1.2%

    

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

     2,840       2,723,925  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 5.8%
(Cost: $13,567,724)

 

     13,502,484  
   

 

 

  

Total Long-Term Investments — 154.2%
(Cost: $350,294,491)

 

      357,544,871  
   

 

 

  
    Shares        

 

  

Short-Term Securities

    
Money Market Funds — 1.6%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(j)(k)

     3,693,047       3,692,677  
   

 

 

  

Total Short-Term Securities — 1.6%
(Cost: $3,692,722)

 

     3,692,677  
   

 

 

  

Total Investments — 155.8%
(Cost: $353,987,213)

 

     361,237,548  

Other Assets Less Liabilities — 1.5%

       3,452,170  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (3.0)%

 

     (6,927,051 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (54.3)%

 

     (125,900,000 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

     $ 231,862,667  
   

 

 

  

 

 

(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 Fund. These bonds serve as collateral in a secured borrowing.

(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.

 

 

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)

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 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

04/30/23

    

Shares

Held at

04/30/23

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 925,909     $   2,764,325 (a)    $ —     $ 2,682     $ (239 )    $  3,692,677       3,693,047     $  53,060     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

  
Description   

Number of

Contracts

    

    Expiration

Date

     

Notional

Amount (000)

     

Value/

Unrealized

Appreciation

(Depreciation)

  

 

  

Short Contracts

           

10-Year U.S. Treasury Note

      55       06/21/23      $ 6,350      $ (199,796 ) 

U.S. Long Bond

      64       06/21/23        8,440        (323,324 ) 

5-Year U.S. Treasury Note

      47       06/30/23        5,168        (125,989 ) 
          

 

 

  
           $ (649,109 ) 
          

 

 

  

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

    $ —        $ 344,042,387        $ —        $  344,042,387  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          13,502,484          —          13,502,484  

Short-Term Securities

                  

Money Market Funds

      3,692,677          —          —          3,692,677  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 3,692,677        $ 357,544,871        $                 —        $ 361,237,548  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

  7

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Fair Value Hierarchy as of Period End (continued)

                                                                                                                   

 

  
              Level 1                  Level 2                  Level 3                      Total  

 

  

Derivative Financial Instruments(a)

                  

Liabilities

                  

Interest Rate Contracts

    $ (649,109 )       $ —        $                 —        $ (649,109 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

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

    $ —        $ (6,873,307 )       $ —        $ (6,873,307 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $  (132,773,307 )       $                 —        $  (132,773,307 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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.
BAM-TCRS    Build America Mutual Assurance Co.- Transferable Custodial Receipts
CAB    Capital Appreciation Bonds
FGIC    Financial Guaranty Insurance Co.
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAW    State Aid Withholding
ST    Special Tax
TA    Tax Allocation

 

 

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