Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Alabama — 5.1%            

Black Belt Energy Gas District, RB(a)
4.00%, 10/01/52

   $ 1,195     $ 1,151,460  

Series A, 4.00%, 12/01/52

     1,935       1,777,717  

Series A, 5.25%, 01/01/54

     760       758,720  

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

     2,265       2,267,679  

Series F, 5.50%, 11/01/53

     735       743,072  

Energy Southeast A Cooperative District, RB, Series B-1, 5.75%, 04/01/54(a)

    1,625       1,680,465  

Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46

     1,265       1,188,634  

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

    670       676,293  
   

 

 

  
      10,244,040  
Arizona — 3.9%            

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.50%, 07/01/52

     215       181,672  

Series G, 5.00%, 07/01/47

     430       360,168  

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

     910       880,597  

Maricopa County Industrial Development Authority, RB, Series 2019F, 4.00%, 01/01/45

     750       638,815  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     1,095       1,080,438  

5.00%, 12/01/37

     4,885       4,733,959  
   

 

 

  
      7,875,649  
Arkansas — 2.3%            

Arkansas Development Finance Authority, RB AMT, 5.70%, 05/01/53

     380       345,012  

Series A, AMT, 4.50%, 09/01/49(b)

    1,450       1,274,774  

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

     755       684,740  

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

     2,645       2,243,976  
   

 

 

  
      4,548,502  
California — 14.0%            

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

    335       295,857  

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

     3,330       2,854,033  

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

    1,500       1,515,001  

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

     1,940       1,558,306  

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

    

4.00%, 10/01/56

     105       79,063  

4.00%, 12/01/56

     200       126,218  

Series A, 4.00%, 06/01/58

     460       313,806  

Senior Lien, 3.13%, 06/01/57

     445       254,603  

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

     195       131,875  

Hartnell Community College District, GO, Series D, 7.00%, 08/01/34(c)

    2,475       2,777,911  

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

        12,000           5,913,087  

Palomar Community College District, GO

    

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

    4,000       4,292,338  
Security  

Par

(000)

     Value  
California (continued)            

Palomar Community College District, GO (continued)

    

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

  $ 2,270     $ 1,754,981  

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

     1,205       1,023,447  

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

    4,200       4,583,264  

San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 5.00%, 07/01/46

     425       403,897  
   

 

 

  
      27,877,687  
Colorado — 0.8%            

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

     1,550       1,551,922  
   

 

 

  
Connecticut — 0.1%            

Connecticut State Health & Educational Facilities Authority, RB

    

5.25%, 07/15/48

     130       126,575  

4.25%, 07/15/53

     175       140,333  
   

 

 

  
      266,908  
District of Columbia — 0.6%            

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     455       447,924  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, CAB, Series B, 2nd Lien, (AGM-CR), 0.00%, 10/01/40(d)

    1,800       705,025  
   

 

 

  
          1,152,949  
Florida — 12.2%            

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

         2,725       2,589,000  

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

    100       75,282  

City of Gainesville Florida Utilities System Revenue, Refunding RB, Series A, 5.00%, 10/01/47

     1,305       1,305,854  

City of Tampa Florida, RB, CAB(d)

   

Series A, 0.00%, 09/01/49

     465       90,270  

Series A, 0.00%, 09/01/53

     270       40,022  

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

     615       487,220  

County of Miami-Dade Florida Aviation Revenue, Refunding ARB, Series A, AMT, 5.00%, 10/01/44

     475       457,191  

County of Miami-Dade Florida, RB(d)

    

0.00%, 10/01/32

     5,000       3,284,570  

0.00%, 10/01/33

         15,375           9,543,294  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A, AMT, 5.00%, 10/01/41

     325       312,896  

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

     255       243,432  

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

     695       556,254  

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

   

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

     420       100,186  

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

     680       150,763  

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

     165       173,146  

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

    300       258,586  

Greater Orlando Aviation Authority, ARB, Sub-Series A, AMT, 5.00%, 10/01/47

     1,130       1,061,741  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

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

   $     1,840     $ 1,760,674  

Lakewood Ranch Stewardship District, SAB, 6.30%, 05/01/54

     190       184,940  

Orange County Housing Finance Authority, RB, S/F Housing, 5.00%, 10/01/53

     1,590       1,494,048  

Village Community Development District No. 15, SAB, 5.25%, 05/01/54(b)

    195       172,105  
   

 

 

  
      24,341,474  
Georgia — 2.8%            

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

     145       117,583  

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

    175       137,989  

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

     780       630,155  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/43

     525       500,099  

Series A, 5.00%, 05/15/49

     205       190,836  

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

    565       555,493  

Main Street Natural Gas, Inc., Refunding RB, Series E-1, 5.00%, 12/01/53(a)

    2,480       2,460,959  

Municipal Electric Authority of Georgia, RB

    

Class A, 5.50%, 07/01/63

     310       305,251  

Series A, 5.00%, 01/01/59

     770       712,644  
   

 

 

  
      5,611,009  
Hawaii — 0.8%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/43

     785       757,485  

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

     1,395       894,778  
   

 

 

  
      1,652,263  
Idaho — 1.4%            

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

     3,000           2,915,224  
   

 

 

  
Illinois — 6.8%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     1,235       1,204,030  

Series D, 5.00%, 12/01/46

     1,635       1,444,658  

Series H, 5.00%, 12/01/36

     375       353,640  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/34

     370       359,746  

Series D, 5.00%, 12/01/26

     675       678,736  

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

     1,390       1,310,193  

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

     2,400       2,299,505  

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

     620       581,301  

City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/53

     470       473,719  

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

     945       876,859  

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

     100       91,934  

Illinois State Toll Highway Authority, RB, Series A, 4.00%, 01/01/46

     820       683,806  
Security  

Par

(000)

     Value  
Illinois (continued)            

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

   $ 590     $ 538,993  

State of Illinois, GO

    

5.00%, 02/01/39

         1,000       978,337  

5.50%, 05/01/39

     1,610       1,647,308  
   

 

 

  
          13,522,765  
Indiana — 0.1%            

Indianapolis Local Public Improvement Bond Bank, RB, 5.25%, 02/01/48

     220       225,690  
   

 

 

  
Kentucky — 2.4%            

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

    135       118,205  

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

     2,000       2,011,071  

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

   

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

     1,000       1,121,092  

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

     1,395       1,528,588  
   

 

 

  
      4,778,956  
Louisiana — 0.5%            

Louisiana Stadium & Exposition District, Refunding RB, Series A, 5.00%, 07/01/48

     995       980,647  
   

 

 

  
Maryland — 0.6%            

Anne Arundel County Consolidated Special Taxing District, ST

    

5.13%, 07/01/36

     260       253,142  

5.25%, 07/01/44

     260       244,160  

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

     705       646,564  
   

 

 

  
      1,143,866  
Massachusetts — 1.8%            

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     900       864,085  

Series A, 5.00%, 01/01/47

     1,010       912,960  

Massachusetts Development Finance Agency, Refunding RB

    

4.00%, 07/01/39

     1,375       1,134,651  

5.00%, 04/15/40

     600       540,281  

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

    235       240,418  
   

 

 

  
          3,692,395  
Michigan — 3.7%            

Michigan Finance Authority, RB

    

4.00%, 02/15/50

     1,040       840,545  

4.00%, 02/15/44

     420       349,501  

Series A, 4.00%, 11/15/50

     295       233,372  

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

     900       735,928  

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

    

Series B, 2.95%, 12/01/39

     375       282,208  

Series D, 5.10%, 12/01/37

     1,560       1,552,677  

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

     1,705       1,585,284  

State of Michigan Trunk Line Revenue, RB, 4.00%, 11/15/46

     1,400       1,198,094  

State of Michigan Trunk Line Revenue, RB, BAB, 5.00%, 11/15/46

     655       661,548  
   

 

 

  
      7,439,157  
 

 

 

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, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Minnesota — 1.8%            

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

   $ 700     $ 572,736  

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

         1,760           1,494,976  

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

    305       260,611  

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

     460       451,359  

Minnesota Higher Education Facilities Authority, RB

    

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

     615       486,332  

Series A, 5.00%, 10/01/47

     390       384,325  
   

 

 

  
      3,650,339  
Missouri — 0.3%            

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

     575       548,422  
   

 

 

  
Nebraska — 0.3%            

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

     600       580,968  
   

 

 

  
Nevada — 0.8%            

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

     1,500       1,458,661  

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

     125       115,104  
   

 

 

  
      1,573,765  
New Hampshire(b) — 0.3%            

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     505       398,363  

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

     220       170,497  
   

 

 

  
      568,860  
New Jersey — 5.2%            

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

     165       168,736  

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

    1,510       18,648  

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

     990       986,297  

New Jersey Economic Development Authority, RB

    

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

    160       167,349  

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

     300       284,686  

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

     765       694,562  

New Jersey Transportation Trust Fund Authority, RB

    

Series AA, 5.00%, 06/15/38

     290       287,844  

Series AA, 4.00%, 06/15/40

     820       729,494  

Series AA, 5.00%, 06/15/45

     1,990       1,962,424  

Series AA, 5.00%, 06/15/46

     600       581,973  

Series AA, 4.00%, 06/15/50

     1,440       1,183,743  

Series BB, 4.00%, 06/15/50

     1,200       980,532  

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

    1,600       879,031  

New Jersey Transportation Trust Fund Authority, Refunding RB

    

Series A, 5.00%, 12/15/36

     240       243,251  
Security  

Par

(000)

     Value  
New Jersey (continued)            

New Jersey Transportation Trust Fund Authority, Refunding RB (continued)

    

Series A, 5.00%, 06/15/37

   $ 480     $ 492,712  

Series A, 5.25%, 06/15/42

     190       194,338  

New Jersey Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     630       536,537  
   

 

 

  
          10,392,157  
New York — 12.9%            

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

         1,600       1,601,464  

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

     1,825       1,580,646  

Metropolitan Transportation Authority, Refunding RB

    

Series B, 5.00%, 11/15/29

     765       779,600  

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

     1,700       1,563,525  

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

     550       518,860  

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

     810       796,425  

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

     320       299,526  

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

     6,000       5,158,002  

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

     1,570       1,374,121  

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

     215       217,595  

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

    1,400       1,399,957  

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

     1,000       702,035  

New York Liberty Development Corp., Refunding RB

    

Series A, 2.88%, 11/15/46

     745       483,123  

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

     1,785       1,148,963  

Series A, 3.00%, 11/15/51

     920       596,406  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     205       166,531  

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

     400       395,923  

New York Transportation Development Corp., RB

    

5.63%, 04/01/40(h)

    420       415,599  

AMT, 5.00%, 10/01/35

     945       901,816  

Port Authority of New York & New Jersey, ARB

    

AMT, 5.00%, 11/01/49

     1,330       1,267,078  

Series 221, AMT, 4.00%, 07/15/55

     1,395       1,073,193  

Port Authority of New York & New Jersey, Refunding ARB

    

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

     250       250,326  

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

     220       221,383  

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

     2,105       1,778,496  

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

     1,160       1,054,910  
   

 

 

  
          25,745,503  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
North Carolina — 0.7%            

Greater Asheville Regional Airport Authority, ARB, AMT, (AGM), 5.25%, 07/01/48

   $     1,220     $     1,197,835  

University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49

     145       140,037  
   

 

 

  
      1,337,872  
Ohio — 1.3%            

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

     2,820       2,305,918  

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

    250       199,277  

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

     20       17,256  
   

 

 

  
      2,522,451  
Oklahoma — 0.5%            

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

     500       430,666  

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

     420       357,146  

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

     315       271,745  
   

 

 

  
      1,059,557  
Oregon — 2.2%            

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

     2,485       2,454,669  

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

     1,830       1,859,209  
   

 

 

  
      4,313,878  
Pennsylvania — 7.7%            

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

     875       788,751  

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

    500       361,486  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.50%, 06/30/41

     810       820,394  

AMT, 5.00%, 06/30/42

     1,585       1,456,599  

AMT, 5.75%, 06/30/48

     700       715,958  

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

     810       725,893  

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

     155       100,265  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 142-A, 5.00%, 10/01/50

     370       354,720  

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

     3,030       2,512,375  

Pennsylvania Turnpike Commission, Refunding RB, Series C, 5.00%, 12/01/39

     850       858,570  

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

     2,000       1,935,210  
Security  

Par

(000)

     Value  
Pennsylvania (continued)            

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

   $ 800     $ 803,662  

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

         3,825       3,914,978  
   

 

 

  
          15,348,861  
Puerto Rico — 4.2%            

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

    

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

     1,593       1,343,787  

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

     5,324       4,613,956  

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

     1,459       1,221,562  

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

    4,770       1,179,089  
   

 

 

  
      8,358,394  
Rhode Island — 1.4%            

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

     1,845       1,773,486  

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

     1,205       1,022,393  
   

 

 

  
      2,795,879  
South Carolina — 2.4%            

Patriots Energy Group Financing Agency, RB, Series A1, 5.25%, 10/01/54(a)

    520       518,084  

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

    755       568,231  

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

     2,110       1,641,766  

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

     2,500       1,909,718  

South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series A, 4.95%, 07/01/53

     100       94,326  
   

 

 

  
      4,732,125  
Tennessee — 4.1%            

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

     875       770,281  

Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/49

     885       836,833  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, 5.25%, 05/01/48

     180       180,467  

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

     1,000       902,802  

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

     910       837,283  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

    950       953,072  

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

    3,890       3,807,660  
   

 

 

  
      8,288,398  
Texas — 18.0%            

Arlington Higher Education Finance Corp., RB(b)

    

7.50%, 04/01/62

     380       332,468  

7.88%, 11/01/62

     330       310,687  
 

 

 

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, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Texas (continued)            

Central Texas Turnpike System, RB

    

Series C, 5.00%, 08/15/37

   $ 1,970     $ 1,872,593  

Series C, 5.00%, 08/15/42

     2,030       1,928,578  

City of Austin Texas Airport System Revenue, ARB, 5.25%, 11/15/47

     795       786,138  

City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48

     100       85,393  

City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48

     1,275       1,247,155  

City of Houston Texas Airport System Revenue, Refunding RB

    

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

     475       412,179  

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

     400       324,730  

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

     210       179,877  

Denton Independent School District, GO, (PSF), 5.00%, 08/15/48

     590       599,705  

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

     2,175       1,776,964  

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

    5,000       2,048,114  

Humble Independent School District GO, (PSF), 5.00%, 02/15/47

     4,500       4,540,933  

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

    550       320,051  

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

        16,780           8,342,543  

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

     825       694,639  

Port Authority of Houston of Harris County Texas, RB, 5.00%, 10/01/53

     435       431,797  

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

     1,410       1,192,176  

Spring Branch Independent School District, GO, (PSF), 4.00%, 02/01/48

     405       350,904  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

5.00%, 11/15/51

     2,255       2,150,601  

Series A, 4.00%, 07/01/53

     465       360,774  

Series A, 5.00%, 07/01/53

     575       545,434  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49

     320       257,251  

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

     1,315       1,274,415  

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

     2,480       2,260,040  

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

    

0.00%, 08/01/35

     420       218,960  

0.00%, 08/01/36

     235       113,768  

0.00%, 08/01/37

     305       137,056  

0.00%, 08/01/38

     315       131,695  

0.00%, 08/01/44

     950       266,980  

0.00%, 08/01/45

     1,800       472,856  
   

 

 

  
          35,967,454  
Security  

Par

(000)

     Value  
Utah — 0.9%            

City of Salt Lake City Utah Airport Revenue, ARB

    

Series A, AMT, 5.25%, 07/01/48

   $ 300     $ 295,189  

Series A, AMT, 5.00%, 07/01/51

     425       397,303  

Utah Charter School Finance Authority, Refunding RB

    

5.25%, 06/15/37(b)

    205       177,040  

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

     600       480,817  

5.38%, 06/15/48(b)

    260       211,539  

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

     245       237,432  
   

 

 

  
      1,799,320  
Vermont — 0.1%            

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

     290       270,971  
   

 

 

  
Virginia — 0.9%            

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

    735       546,972  

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

     460       310,979  

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

         1,030       887,190  
   

 

 

  
      1,745,141  
Washington — 1.2%            

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

     625       606,660  

Port of Seattle Washington, Refunding ARB, Series C, AMT, Intermediate Lien, 5.00%, 08/01/46

     1,815       1,730,949  
   

 

 

  
      2,337,609  
Wisconsin — 1.0%            

Public Finance Authority, RB

    

Class A, 6.00%, 06/15/52

     125       101,887  

Class A, 6.13%, 06/15/57

     140       113,880  

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

    100       87,802  

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

    875       654,857  

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

    320       252,824  

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

    405       307,936  

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

     435       355,864  

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

     110       86,619  
   

 

 

  
      1,961,669  
   

 

 

  

Total Municipal Bonds — 128.1%
(Cost: $269,323,981)

           255,720,696  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(j)

 

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       1,805,418  
   

 

 

  
Illinois — 3.0%            

City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 5.25%, 01/01/58

     4,302       4,303,834  

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

     1,711       1,618,304  
   

 

 

  
      5,922,138  
Michigan — 0.9%            

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

     2,149       1,723,621  
   

 

 

  
 

 

 

5  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York — 2.2%            

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

   $ 1,506     $ 1,334,668  

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

     1,590       1,359,670  

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

     1,740       1,723,749  
   

 

 

  
      4,418,087  
Texas — 0.7%            

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 5.50%, 02/01/50

     1,410       1,472,105  
   

 

 

  
Virginia — 1.2%            

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

     2,840       2,336,030  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.9%
(Cost: $19,309,306)

 

     17,677,399  
   

 

 

  

Total Long-Term Investments — 137.0%
(Cost: $288,633,287)

 

     273,398,095  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 29.4%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(k)(l)

        58,782,843       58,782,843  
   

 

 

  

Total Short-Term Securities — 29.4%
(Cost: $58,782,815)

 

     58,782,843  
   

 

 

  

Total Investments — 166.4%
(Cost: $347,416,102)

 

     332,180,938  

Other Assets Less Liabilities — 1.6%

 

     3,048,205  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.9)%

 

     (9,730,294 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (63.1)%

 

         (125,900,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

     $ 199,598,849  
   

 

 

  

 

 

(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) 

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.

(d) 

Zero-coupon bond.

(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) 

When-issued security.

(i) 

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

(j) 

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.

(k) 

Affiliate of the Fund.

(l) 

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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer    Value at
07/31/23		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/23		      Shares
Held at
10/31/23		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $  755,448      $  58,027,935 (a)     $     —      $ (540 )     $ —      $  58,782,843        58,782,843      $  107,925      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

 

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, 2023

   

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

      62        12/19/23      $ 6,574      $ 78,517  

U.S. Long Bond

      67        12/19/23        7,299        165,962  

5-Year U.S. Treasury Note

      46        12/29/23        4,804        28,717  
           

 

 

  
            $         273,196  
           

 

 

  

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

    $ —        $ 255,720,696        $ —        $ 255,720,696  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          17,677,399          —          17,677,399  

Short-Term Securities

                  

Money Market Funds

      58,782,843          —          —          58,782,843  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   58,782,843        $ 273,398,095        $             —        $ 332,180,938  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 273,196        $ —        $ —        $ 273,196  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (9,676,176 )       $ —        $ (9,676,176 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $  (135,576,176)        $             —        $  (135,576,176)  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

  7

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

  
Portfolio Abbreviation
AGC    Assured Guaranty Corp.
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB    Build America Bond
BAM-TCRS    Build America Mutual Assurance Co.- Transferable
    Custodial Receipts
CAB    Capital Appreciation Bonds
CR    Custodian Receipt
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
SAB    Special Assessment Bonds
SAW    State Aid Withholding
ST    Special Tax
TA    Tax Allocation
UT    Unlimited Tax

 

 

S C H E D U L E   O F   I N V E S T M E N T S   8
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