BKN

BlackRock Investment Quality Municipal Trust Inc. is a closed-end management investment company that seeks to provide current income exempt from federal income taxes by investing primarily in investment-grade municipal bonds. Managed by BlackRock Advisors, LLC, the fund focuses on higher-quality municipal securities issued by or on behalf of states, territories, possessions of the United States, and their political subdivisions, agencies, and instrumentalities. The emphasis on investment-grade credits prioritizes capital preservation and stable income while managing credit risk through high-quality bond selection. The fund's portfolio includes municipal bonds issued for various public purposes including infrastructure development, school construction, transportation systems, water and sewer facilities, hospitals, and other governmental projects. Investment-grade municipal bonds (rated BBB-/Baa3 or higher by rating agencies) offer tax-exempt income with lower credit risk compared to high-yield municipal bonds, appealing to conservative income investors seeking tax advantages without significant credit exposure. The fund's investment team conducts credit analysis to evaluate issuer financial strength, economic fundamentals, and project viability while maintaining portfolio diversification across issuers, sectors, and geographies. As a closed-end fund, BlackRock Investment Quality Municipal Trust issues a fixed number of shares that trade on exchanges, often at premiums or discounts to net asset value (NAV). The fund employs leverage through borrowings or tender option bonds to potentially enhance returns and income generation, though leverage increases interest rate sensitivity and risk. The trust provides monthly distributions of tax-exempt income to shareholders. The fund particularly appeals to investors in higher tax brackets who benefit substantially from federal tax exemption, offering attractive after-tax yields compared to taxable bonds. Fund performance is influenced by interest rate movements, credit quality trends in municipal markets, state and local fiscal conditions, and overall municipal bond market dynamics.