Fixed Income

BKN

Investment Quality Municipal Trust

  • NAV as of Aug 23, 2023 $12.59
    52 WK: 11.69 - 13.55
  • 1 Day NAV Change as of Aug 23, 2023 0.00 (0.00%)
  • Morningstar Rating
  • Market Price as of Aug 23, 2023 $11.04
  • 1 Day Price Change as of Aug 23, 2023 0.05 (0.45%)
  • Distribution Rate as of Aug 22, 2023 4.31%
  • Premium Discount as of Aug 23, 2023 -12.31%

Overview

Investment Approach

BlackRock Investment Quality Municipal Trust Inc.’s (BKN) (the 'Trust') investment objective is to provide high current income exempt from regular federal income tax consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax). Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objective will be achieved.
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Performance

Performance

Growth of Hypothetical $10,000

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NAV Market Price

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

  1y 3y 5y 10y
NAV Total Return (%) 4.06 -1.64 1.68 4.65
  YTD 1m 1y 3y 5y 10y
NAV Total Return (%) 4.97 2.04 4.06 -4.85 8.69 57.50
  2018 2019 2020 2021 2022
NAV Total Return (%) 0.31 13.01 7.10 3.34 -17.70
Market Price Total Return (%) -6.85 23.43 15.56 5.94 -28.94

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets as of Aug 23, 2023 $219,324,131
Managed Assets -
Share Class launch date Feb 28, 1993
Exchange New York Stock Exchange Inc.
Asset Class Fixed Income
Morningstar Category Muni National Long
Lipper Classification Gen & Ins Leveraged
CUSIP 09247D105
Shares Outstanding as of Aug 23, 2023 17,419,660
Number of Holdings as of Jul 31, 2023 307
Premium Discount as of Aug 23, 2023 -12.31%

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate as of Aug 22, 2023 4.31%
Tax Equiv. Yield as of Jun 15, 2023 7.06%
Yield to Maturity as of Jul 31, 2023 7.01%
Yield to Worst as of Jul 31, 2023 6.61%
Average Coupon as of Jul 31, 2023 3.60%
Effective Duration as of Jul 31, 2023 12.15 yrs
WAL to Maturity as of Jul 31, 2023 26.25 yrs
Leverage as of Jul 31, 2023 $ 132,756,323.00
% Leveraged as of Jul 31, 2023 36.47%
% AMT Bonds as of Jul 31, 2023 16.26%
% Insured as of Jul 31, 2023 10.16%

Fees

Fees

on net assets
Management Fee 0.61%
Interest Expense 1.33%
Other Expenses 0.39%
Acquired Fund Fees and Expenses 0.00%
Gross Expense Ratio 2.33%
on managed assets
Management Fee 0.35%
Interest Expense 0.77%
Other Expenses 0.23%
Acquired Fund Fees and Expenses 0.00%
Gross Expense Ratio 1.35%

Fees data reflected above is current as of the latest annual shareholder report.

Ratings

Ratings

Morningstar Rating

5 stars
Overall Morningstar Rating for Investment Quality Municipal Trust, -, as of Jul 31, 2023 rated against 40 Muni National Long Funds based on risk adjusted total return.

Holdings

Holdings

as of Jul 31, 2023
Name Weight (%)
MIAMI-DADE CNTY FLA SPL OBLIG 0 10/01/2033 2.92
MIDLAND CNTY TEX FRESH WTR SUP 0 09/15/2038 2.34
KY EDA NORTON HLTH 0 10/01/2023 2.32
NORWALK LA MIRADA CALIF UNI SCH DI 0 08/01/2038 1.80
NEW YORK N Y CITY MUN WTR FIN 4 06/15/2047 1.64
Name Weight (%)
PUERTO RICO SALES TAX FING CO (RST 5 07/01/2058 1.43
SALT VERDE FINL CORP - CITI 5 12/01/2037 1.40
SAN DIEGO CALIF CMNTY COLLEGE DIST 6 08/01/2033 1.34
CHICAGO ILL WASTEWATER TRANSMI 5.25 01/01/2053 1.27
PALOMAR CALIF CMNTY COLLEGE DIST 0 08/01/2039 1.27
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Jul 31, 2023

% Notional Value

Type Fund
as of Jul 31, 2023

% Notional Value

Type Fund
as of Jul 31, 2023

% Notional Value

Type Fund
as of Jul 31, 2023

% Notional Value

Type Fund
as of Jul 31, 2023

% Notional Value

Type Fund
as of Jul 31, 2023

% Notional Value

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of Jul 31, 2023
Type Fund
Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Michael Kalinoski, CFA
Michael Kalinoski, CFA
Portfolio Manager, Municipal Mutual Fund

   

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Michael Kalinoski, CFA , Director, is a member of Americas Fixed Income within Alpha Strategies. He is a portfolio manager on the Municipal Mutual Fund Desk.

 

Mr. Kalinoski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the tax-exempt fixed income team responsible for managing a number of national and state funds. Prior to joining MLIM in 1999, Mr. Kalinoski was a municipal trader with Strong Capital Management.

 

Mr. Kalinoski earned a BS degree in accounting from Marquette University in 1992.

Walter O'Connor, CFA
Walter O'Connor, CFA
Managing Director is a Co-head and Portfolio Manager for the Municipal Bond Funds team

  

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Walter O'Connor, CFA, Managing Director, is a member of Americas Fixed Income within Alpha Strategies. He is head Portfolio Manager on the Municipal Mutual Fund Desk. He is also a member of the Municipal Bond Operating Committee, which oversees all municipal bond portfolio management, research and trading activities.


Mr. O'Connor's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond retail mutual funds. Prior to joining MLIM, Mr. O'Connor was with Prudential Securities, where he was involved in trading, underwriting, and arbitrage for municipal securities and financial futures.


Mr. O'Connor earned a BA degree in finance and philosophy from the University of Notre Dame in 1984.

Kevin Maloney
Kevin Maloney
Kristi Manidis
Kristi Manidis
Christian Romaglino
Christian Romaglino
Phillip Soccio
Phillip Soccio
Portfolio Manager

Literature

Literature