NPORT-EX 2 NPORT_906639619303894.htm BlackRock Investment Quality Municipal Trust

Schedule of Investments  (unaudited)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 129.2%

 

Arizona — 6.1%

 

Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 02/01/42

   $ 3,300     $ 3,527,601  

Arizona IDA, Refunding RB, Odyssey Preparatory Academy Project, Series A, 5.50%, 07/01/52(a)

     215       230,807  

City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 07/01/45(a)

     455       490,240  

County of Pinal Arizona Electric District No.3, Refunding RB:

    

4.75%, 07/01/21(b)

     680       716,557  

4.75%, 07/01/31

     3,070       3,224,697  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     1,035       1,365,465  

5.00%, 12/01/37

     4,585       6,330,372  

University Medical Center Corp., Refunding RB, 6.00%, 07/01/21(b)

     1,600       1,713,248  
   

 

 

  
      17,598,987  
Arkansas — 1.9%  

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

     755       827,495  

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

     1,250       1,381,863  

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

     2,645       2,818,115  

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

     465       528,784  
   

 

 

  
      5,556,257  
California — 17.2%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/20(b)

     2,300       2,361,203  

California Infrastructure & Economic Development Bank, Refunding RB, Academy Motion Picture Arts and Sciences, Series A, 4.00%, 11/01/45

     3,330       3,605,458  

California Statewide Communities Development Authority, Refunding RB, John Muir Health, Series A, 4.00%, 12/01/53

     725       763,621  

Carlsbad California Unified School District, GO, Election of 2006, Series B, 6.00%, 05/01/34

     1,500       1,830,870  

City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC, AMT:

    

Series A (BAM), 4.00%, 03/01/42

     2,460       2,739,997  

Series A-1, 5.75%, 03/01/34

     3,000       3,145,560  
Security   Par
(000)		     Value  
California (continued)  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:

    

3.50%, 06/01/36

   $ 1,110     $ 1,149,316  

5.00%, 06/01/47

     830       872,861  

Hartnell Community College District California, GO, CAB, Election of 2002, Series D,
7.00%, 08/01/34(c)

     2,475       3,000,938  

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

     12,000       7,039,320  

Palomar Community College District, GO, CAB, Election of 2006, Series B:

    

0.00%, 08/01/30(d)

     2,270       1,915,562  

0.00%, 08/01/33(d)

     4,250       1,813,730  

6.20%, 08/01/39(c)

     4,000       5,039,440  

San Diego Community College District, GO, CAB, Election of 2002, 6.00%, 08/01/33

     4,200       5,586,168  

State of California, GO, Refunding:

    

Various Purpose, 5.00%, 02/01/38

     2,000       2,230,200  

Various Purposes, 4.00%, 10/01/44

     510       563,147  

State of California, GO:

    

6.00%, 03/01/33

     2,270       2,281,645  

5.50%, 03/01/40

     3,650       3,662,738  
   

 

 

  
      49,601,774  
Colorado — 0.4%  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Rocky Mountain Classical Academy Project, 5.00%, 10/01/59(a)

     970       1,070,026  
   

 

 

  
Connecticut — 0.7%  

Connecticut Housing Finance Authority, Refunding RB, S/F Housing:

    

Sub-Series E-1 (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 05/15/36

     585       658,453  

Sub-Series B-1, 4.00%, 05/15/45

     400       441,108  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Connecticut (continued)  

Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/21(b)

   $ 950     $ 1,004,587  
   

 

 

  
      2,104,148  
Delaware — 0.6%  

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

     1,800       1,860,840  
   

 

 

  
District of Columbia — 0.9%  

Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53

     2,505       2,675,390  
   

 

 

  
Florida — 7.6%  

Capital Trust Agency, Inc., RB, Renaissance Charter School, Inc., Series A,
5.00%, 06/15/49(a)

     100       105,508  

County of Escambia Health Facilities Authority, Refunding RB, Health Care Facilities Revenue Bond, 4.00%, 08/15/50(e)

     720       799,970  

County of Miami-Dade Florida, RB:

    

CAB, Subordinate Special Obligation, 0.00%, 10/01/32(d)

     5,000       3,727,250  

CAB, Subordinate Special Obligation, 0.00%, 10/01/33(d)

     15,375       10,961,760  

Series B, AMT, 6.00%, 10/01/32

     3,000       3,486,990  

County of Miami-Dade Florida, Refunding ARB, Series A, AMT, 5.00%, 10/01/38

     365       427,849  

County of Osceola FL Transportation Revenue, Refunding RB, Series A-2(d):

    

0.00%, 10/01/41

     445       219,875  

0.00%, 10/01/42

     595       281,959  

0.00%, 10/01/43

     540       245,732  

0.00%, 10/01/44

     550       240,400  

0.00%, 10/01/45

     465       197,569  

Greater Orlando Aviation Authority, RB, Priority Subordinated, Sub-Series A, AMT,
5.00%, 10/01/52

     1,130       1,358,249  
   

 

 

  
      22,053,111  
Georgia — 0.6%  

Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/43

     525       636,032  

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project:

    

4.00%, 01/01/49

     415       456,301  
Security   Par
(000)		     Value  
Georgia (continued)  

5.00%, 01/01/56

   $ 565     $ 670,825  
   

 

 

  
      1,763,158  
Hawaii — 1.3%  

State of Hawaii Department of Budget & Finance, Refunding RB:

    

Hawaiian Electric Co., Inc. AMT, 4.00%, 03/01/37

     2,770       3,013,760  

Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37

     600       661,608  
   

 

 

  
      3,675,368  
Idaho — 1.2%  

Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 03/01/39

     3,000       3,381,810  
   

 

 

  
Illinois — 8.0%  

Chicago Board of Education, GO:

    

Dedicated Revenues, Series H, 5.00%, 12/01/36

     375       439,256  

Project, 5.25%, 12/01/35

     1,235       1,386,485  

Chicago Board of Education, GO, Refunding:

    

Dedicated Revenues, 5.00%, 12/01/34

     370       435,431  

Dedicated Revenues, Series F,
5.00%, 12/01/22

     505       550,006  

5.00%, 12/01/25

     550       643,637  

Chicago Board of Education, GO, Series C, Series D:

    

5.00%, 12/01/46

     455       530,580  

5.00%, 12/01/46

     1,180       1,275,427  

Refunding Dedicated Revenues, 5.00%, 12/01/26

     675       804,364  

City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 01/01/29

     2,400       2,523,696  

City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, AMT, 5.00%, 01/01/41

     1,800       2,013,012  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40

     1,000       1,064,560  

Illinois Finance Authority, Refunding RB, OSF Healthcare System, 6.00%, 05/15/39

     155       156,973  

Illinois Housing Development Authority, RB, S/F Housing, 4.13%, 10/01/38

     1,040       1,164,145  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project(e):

    

4.00%, 06/15/50

   $ 455     $ 500,910  

5.00%, 06/15/50

     590       706,684  

Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b)

     1,700       1,813,985  

State of Illinois, GO:

    

5.00%, 02/01/39

     1,000       1,104,080  

Series A, 5.00%, 04/01/38

     200       217,234  

Series C, 5.00%, 11/01/29

     2,655       3,158,441  

Series D, 5.00%, 11/01/28

     1,585       1,897,625  

Upper Illinois River Valley Development Authority, Refunding RB, Prairie Crossing Charter School, 5.00%, 01/01/55(a)

     610       652,352  
   

 

 

  
      23,038,883  
Indiana — 0.2%  

County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(a):

    

6.63%, 01/15/34

     300       336,048  

6.75%, 01/15/43

     245       271,166  
   

 

 

  
      607,214  
Iowa — 0.8%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project, Series B, 5.25%, 12/01/50(f)

     2,050       2,270,703  
   

 

 

  
Kansas — 2.6%  

City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/39

     840       946,260  

County of Seward Kansas Unified School District No. 480 Liberal, GO, Refunding:

    

5.00%, 09/01/22(b)

     4,915       5,426,209  

5.00%, 09/01/39

     1,085       1,193,620  
   

 

 

  
      7,566,089  
Kentucky — 5.8%  

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

     2,000       2,394,760  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 01/01/23(b)

     3,400       3,831,800  

Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23(d)

     8,500       7,937,980  
Security   Par
(000)		     Value  
Kentucky (continued)  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C(c):

    

6.45%, 07/01/34

   $ 1,000     $ 1,160,700  

6.60%, 07/01/39

     1,395       1,585,696  
   

 

 

  
      16,910,936  
Louisiana — 1.5%  

City of Alexandria Louisiana Utilities, RB, 5.00%, 05/01/39

     1,790       2,049,747  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

     1,565       1,619,321  

Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 05/01/21(b)

     600       641,412  
   

 

 

  
      4,310,480  
Maine — 0.4%  

State of Maine Housing Authority, RB:

    

M/F Housing, Series E, 4.25%, 11/15/43

     540       597,186  

S/F Housing, Series C, 3.95%, 11/15/43

     505       548,541  
   

 

 

  
      1,145,727  
Maryland — 0.5%  

County of Anne Arundel Maryland Consolidated, RB, Special Taxing District, Villages at Two Rivers Project:

    

5.13%, 07/01/36

     260       274,425  

5.25%, 07/01/44

     260       270,473  

Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38

     875       966,673  
   

 

 

  
      1,511,571  
Massachusetts — 2.0%  

Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A:

    

5.00%, 01/01/47

     1,010       1,174,933  

5.25%, 01/01/42

     900       1,071,216  

Massachusetts Development Finance Agency, Refunding RB:

    

Atrius Health Issue, Series A, 4.00%, 06/01/49

     235       253,476  

International Charter School, 5.00%, 04/15/40

     600       658,620  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Massachusetts (continued)  

Suffolk University, 4.00%, 07/01/39

   $ 1,375     $ 1,507,289  

Massachusetts HFA, RB, M/F Housing, Series A, 3.85%, 06/01/46

     35       37,579  

Massachusetts HFA, Refunding RB, AMT, Series 182, 3.30%, 12/01/28

     1,000       1,072,070  
   

 

 

  
      5,775,183  
Michigan — 3.3%  

Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 07/01/44

     360       386,978  

Michigan Finance Authority, Refunding RB, Henry Ford Health System, 4.00%, 11/15/46

     900       981,783  

Michigan Strategic Fund, RB, I-75 Improvement Project, AMT, 5.00%, 12/31/43

     1,250       1,512,375  

State of Michigan Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32

     4,150       4,424,481  

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

    

Series A, 4.00%, 06/01/49

     875       953,260  

Series C, 4.13%, 12/01/38

     1,110       1,230,746  
   

 

 

  
      9,489,623  
Minnesota — 2.1%  

City of Otsego Minnesota, Refunding RB, Kaleidoscope Charter School Project, Series A, 5.00%, 09/01/44

     700       738,136  

City of Spring Lake Park Michigan, RB, Academy For Higher Learning Project, 5.00%, 06/15/39

     1,760       1,912,926  

Housing & Redevelopment Authority of The City of Saint Paul Minnesota, RB, Great River School Project, Series A, 5.50%, 07/01/52(a)

     305       333,002  

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

     460       550,813  

Minnesota Higher Education Facilities Authority, RB:

    

Augsburg College, Series B, 4.25%, 05/01/40

     1,685       1,686,264  

College of St. Benedict, Series 8-K, 4.00%, 03/01/43

     615       664,243  
Security   Par
(000)		     Value  
Minnesota (continued)  

Minnesota Housing Finance Agency, RB, S/F Housing, Series B (Ginnie Mae, Fannie Mae & Freddie Mac), 2.80%, 01/01/44(e)

   $ 310     $ 312,248  
   

 

 

  
      6,197,632  
Mississippi — 0.9%  

County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35

     600       639,018  

Mississippi Development Bank, RB, CAB, Special Obligation, Hinds Community College District (AGM), 5.00%, 04/01/21(b)

     1,910       1,999,923  
   

 

 

  
      2,638,941  
Missouri — 2.9%  

Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41

     1,350       1,429,825  

Missouri Housing Development Commission, RB, S/F Housing, First Place Homeownership Loan Program, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 2.85%, 05/01/50(e)

     150       150,036  

Missouri State Health & Educational Facilities Authority, RB:

    

A.T. Still University of Health Sciences, 5.25%, 10/01/21(b)

     500       535,770  

A.T. Still University of Health Sciences, 4.25%, 10/01/23(b)

     480       537,970  

A.T. Still University of Health Sciences, 5.00%, 10/01/23(b)

     750       860,783  

Heartland Regional Medical Center, 4.13%, 02/15/43

     700       727,328  

University of Central Missouri, Series C-2, 5.00%, 10/01/34

     1,500       1,699,680  

Missouri State Health & Educational Facilities Authority, Refunding RB, Kansas City University of Medicine and Biosciences, Series A:

    

5.00%, 06/01/42

     860       1,041,838  

5.00%, 06/01/47

     1,230       1,477,353  
   

 

 

  
      8,460,583  
Nebraska — 1.7%  

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42

     900       981,729  

County of Douglas Nebraska Hospital Authority No. 3, Refunding RB, Health Facilities Nebraska Methodist Health System, 5.00%, 11/01/45

     600       688,572  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Nebraska (continued)  

Nebraska Public Power District, Refunding RB, Series A:

    

5.00%, 01/01/32

   $ 2,535     $ 2,723,781  

4.00%, 01/01/44

     600       627,906  
   

 

 

  
      5,021,988  
Nevada — 0.6%  

County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 07/01/36

     1,500       1,677,765  

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

     125       137,501  
   

 

 

  
      1,815,266  
New Hampshire — 0.3%  

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a):

    

Series B, 4.63%, 11/01/42

     505       525,029  

Series C, AMT, 4.88%, 11/01/42

     220       229,187  
   

 

 

  
      754,216  
New Jersey — 8.9%  

County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37(g)(h)

     1,510       21,518  

New Jersey EDA, RB:

    

Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29

     1,335       1,458,995  

Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30

     990       1,141,015  

Goethals Bridge Replacement Project (AGM), AMT, 5.13%, 07/01/42

     300       335,136  

S/F Housing, State House Project, Series B, 4.50%, 06/15/40

     1,930       2,202,207  

School Facilities Construction Bonds, Series DDD, 5.00%, 06/15/42

     160       186,440  

New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health Care System, Series A:

    

4.63%, 07/01/21(b)

     770       810,656  

5.63%, 07/01/21(b)

     2,560       2,730,931  

5.00%, 07/01/25

     500       547,080  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series B, AMT, 3.25%, 12/01/39

     1,970       2,050,179  

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

     820       958,055  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB:

    

CAB, Transportation System, Series A, 0.00%, 12/15/35(d)

   $ 1,600     $ 1,016,016  

Transportation Program, Series AA, 5.00%, 06/15/38

     290       323,776  

Transportation Program, Series AA, 5.00%, 06/15/45

     1,350       1,522,922  

Transportation Program, Series AA, 5.00%, 06/15/46

     600       675,882  

Transportation System, Series A,
5.50%, 06/15/21(b)

     500       531,185  

Transportation System, Series A, 5.00%, 06/15/42

     395       421,686  

Transportation System, Series B, 5.50%, 06/15/31

     2,000       2,110,200  

New Jersey Transportation Trust Fund Authority, Refunding RB, Transportation System:

    

Bond, 4.00%, 12/15/39

     820       916,580  

Series A, 5.00%, 12/15/36

     240       289,010  

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

     4,770       5,483,258  
   

 

 

  
      25,732,727  
New Mexico — 0.4%  

New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 08/01/44

     680       790,228  

New Mexico Mortgage Finance Authority, RB, S/F Housing (Ginnie Mae, Fannie Mae & Freddie Mac), 3.00%, 07/01/50(e)

     430       434,248  
   

 

 

  
      1,224,476  
New York — 3.9%  

City of New York Industrial Development Agency, RB, PILOT:

    

(AMBAC), 5.00%, 01/01/39

     1,100       1,102,772  

Queens Baseball Stadium (AGC), 6.50%, 01/01/46

     300       301,128  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a)

     1,400       1,413,720  

Counties of New York Tobacco Trust VI, Refunding RB, Settlement Pass-Through Turbo, Series C, 4.00%, 06/01/51

     1,000       990,070  

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

     1,825       1,826,059  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a)

   $ 640     $ 716,621  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31

     1,905       1,993,525  

Port Authority of New York & New Jersey, Refunding ARB, AMT:

    

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

     470       544,692  

Consolidated,186th Series, 5.00%, 10/15/44

     950       1,091,389  

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

     1,160       1,260,421  
   

 

 

  
      11,240,397  
North Carolina — 0.1%  

North Carolina Turnpike Authority, RB, Senior Lien, Triangle Express Way System:

    

4.00%, 01/01/55

     155       173,220  

(AGM), 4.00%, 01/01/55

     110       124,246  
   

 

 

  
      297,466  
North Dakota — 0.3%  

County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 07/01/21(b)

     720       760,291  
   

 

 

  
Ohio — 4.2%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2:

    

5.75%, 06/01/34

     415       416,830  

5.88%, 06/01/47

     2,545       2,556,249  

City of Dayton Ohio Airport Revenue, Refunding ARB, James M. Cox Dayton International Airport, Series A (AGM), AMT, 4.00%, 12/01/32

     3,000       3,166,080  

County of Butler Port Authority, RB, Series A-1(a):

    

Storypoint Fairfield Project, 6.25%, 01/15/34

     500       548,555  

StoryPoint Fairfield Project, 6.38%, 01/15/43

     275       299,173  

County of Montgomery Ohio, Refunding RB, Premier Health Partner Obligation, 4.00%, 11/15/45

     1,050       1,162,402  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

     650       737,418  
Security   Par
(000)		     Value  
Ohio (continued)  

Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 09/01/48

   $ 50     $ 54,765  

State of Ohio, Refunding RB, University Hospitals Health System, Series A, 5.00%, 01/15/41

     3,010       3,208,479  
   

 

 

  
      12,149,951  
Oklahoma — 1.2%  

City of Oklahoma Public Property Authority, Refunding RB:

    

5.00%, 10/01/36

     800       939,080  

5.00%, 10/01/39

     280       326,998  

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

     420       466,750  

Norman Regional Hospital Authority, RB, Norman Regional Hospital Authority, 4.00%, 09/01/45

     770       850,704  

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

     680       831,144  
   

 

 

  
      3,414,676  
Oregon — 1.5%  

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

     575       656,426  

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

     620       679,402  

State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%, 04/01/45

     2,485       2,886,501  
   

 

 

  
      4,222,329  
Pennsylvania — 9.1%  

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT, 5.00%, 07/01/35

     575       696,975  

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment (AGM), 4.00%, 06/01/39

     2,785       3,138,890  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A, 4.00%, 09/01/49

     565       628,353  

Delaware River Port Authority, RB, 4.50%, 01/01/32

     3,000       3,384,810  

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

     500       404,135  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement, 5.00%, 12/31/38

   $ 1,610     $ 1,861,595  

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%, 11/01/44

     810       859,718  

Pennsylvania Housing Finance Agency, RB, S/F Housing:

    

Series 127-B, 3.88%, 10/01/38

     670       728,953  

Series 128B, 3.85%, 04/01/38

     1,505       1,653,167  

Pennsylvania Turnpike Commission, RB:

    

Series C, 5.00%, 12/01/39

     850       991,091  

Sub-Series A-1, 5.00%, 12/01/41

     2,735       3,204,381  

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

     710       796,947  

Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 07/01/45

     2,000       2,368,480  

School District of Philadelphia, Refunding, GOL, Series F, 5.00%, 09/01/37

     800       947,176  

State Public School Building Authority, Refunding RB, The School District of Philadelphia Project, Series A, 5.00%, 06/01/34

     3,825       4,564,258  
   

 

 

  
      26,228,929  
Puerto Rico — 5.8%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 05/15/39

     495       503,366  

5.63%, 05/15/43

     530       538,952  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.00%, 07/01/33

     2,145       2,281,808  

5.13%, 07/01/37

     615       655,756  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

     630       642,940  

6.00%, 07/01/44

     1,140       1,163,427  

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

    

CAB, Series A-1, 0.00%, 07/01/46(d)

     1,362       397,813  

Series A-1, 4.75%, 07/01/53

     1,751       1,937,394  

Series A-1, 5.00%, 07/01/58

     5,383       6,045,755  
Security   Par
(000)		     Value  
Puerto Rico (continued)  

Series A-2, 4.33%, 07/01/40

   $ 734     $ 796,904  

Series A-2, 4.78%, 07/01/58

     1,673       1,850,070  
   

 

 

  
      16,814,185  
Rhode Island — 3.0%  

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

     1,845       2,022,212  

Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34

     510       538,157  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/40

     1,000       1,126,840  

Series B, 4.50%, 06/01/45

     2,725       2,863,076  

Series B, 5.00%, 06/01/50

     2,000       2,156,400  
   

 

 

  
      8,706,685  
South Carolina — 1.9%  

South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/38

     1,895       2,294,826  

South Carolina Jobs-Economic Development Authority, RB, Hilton Head Christian Academy, 5.00%, 01/01/55(a)

     755       793,611  

State of South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48

     2,125       2,353,650  
   

 

 

  
      5,442,087  
Tennessee — 3.0%  

Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(b)

     2,945       3,302,759  

City of Johnson Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 08/15/42

     1,200       1,294,764  

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

     875       971,792  

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

     1,075       1,278,089  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Tennessee (continued)  

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

   $ 615     $ 686,672  

Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/46

     945       1,114,722  
   

 

 

  
      8,648,798  
Texas — 9.9%  

Central Texas Turnpike System, RB, Series C, 5.00%, 08/15/42

     3,450       3,933,103  

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

     5,000       2,488,250  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 09/15/38(d)

     16,780       8,326,572  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/35

     440       548,614  

Leander ISD, GO, Refunding CAB, Series D (PSF-GTD)(d):

    

0.00%, 08/15/24(b)

     550       312,059  

0.00%, 08/15/35

     5,450       3,057,940  

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

     930       1,055,903  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/23(b)

     1,140       1,290,092  

Texas Department of Housing & Community Affairs, RB, S/F Housing Mortgage, Series A (Ginnie Mae), 4.25%, 09/01/43

     300       330,813  

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

     2,080       2,274,917  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     3,000       3,075,270  

Texas Transportation Commission, RB, First Tier Toll Revenue(d):

    

0.00%, 08/01/35

     420       245,020  

0.00%, 08/01/36

     235       129,981  

0.00%, 08/01/37

     305       159,396  

0.00%, 08/01/38

     315       155,642  

0.00%, 08/01/44

     1,370       484,035  
Security   Par
(000)		     Value  
Texas (continued)  

0.00%, 08/01/45

   $ 1,800     $ 602,712  
   

 

 

  
      28,470,319  
Utah — 0.6%  

State of Utah Charter School Finance Authority, Refunding RB:

    

Mountainville Academy, 4.00%, 04/15/42

     600       638,568  

The Freedom Academy Foundation Project, 5.25%, 06/15/37(a)

     205       223,095  

The Freedom Academy Foundation Project, 5.38%, 06/15/48(a)

     260       277,646  

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

     435       476,473  
   

 

 

  
      1,615,782  
Vermont — 0.2%  

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

     455       492,410  
   

 

 

  
Virginia — 1.7%  

Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 03/01/36

     780       877,172  

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

     1,030       1,037,766  

Virginia Small Business Financing Authority, RB, AMT:

    

95 Express Lanes LLC Project, 5.00%, 07/01/49

     585       620,287  

Covanta Project, 5.00%, 01/01/48(a)(f)

     745       795,340  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Virginia (continued)  

Senior Lien, Elizabeth River Crossings OpCo LLC Project, 6.00%, 01/01/37

   $ 1,440     $ 1,591,877  
   

 

 

  
      4,922,442  
Washington — 0.3%  

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

     625       745,831  
   

 

 

  
West Virginia — 0.3%  

West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated Group, Series A, 4.00%, 06/01/51

     730       799,752  
   

 

 

  
Wisconsin — 0.8%  

Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 08/01/35

     435       453,970  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A:

    

3.20%, 11/01/49

     100       103,004  

3.38%, 05/01/57

     165       170,602  

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

     1,330       1,534,142  
   

 

 

  
      2,261,718  
   

 

 

  

Total Municipal Bonds — 129.2%
(Cost — $327,297,421)

 

     373,047,155  
   

 

 

  
Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(j) — 34.2%

 

California — 0.5%

 

Los Angeles California Unified School District, GO, Election of 2008, Series B-1, 5.25%, 07/01/42(k)

   $ 1,182     $ 1,503,030  
   

 

 

  
Colorado — 0.8%  

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

     1,769       2,186,269  
   

 

 

  
Connecticut — 1.6%  

State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/45

     3,902       4,608,181  
   

 

 

  
District of Columbia — 0.8%  

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

     2,102       2,320,641  
   

 

 

  
Florida — 1.6%  

County of Pinellas Florida School Board, COP, Master Lease Program, Series A, 5.00%, 07/01/41

     2,120       2,588,881  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

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%, 10/01/49

   $ 1,860     $ 2,097,689  
   

 

 

  
      4,686,570  
Georgia — 0.6%  

Georgia Housing & Finance Authority, Refunding RB, S/F Mortgage Bonds, Series A, 3.70%, 06/01/49

     1,581       1,708,435  
   

 

 

  
Louisiana — 0.4%  

County of St. Louisiana Gasoline & Fuels Tax Revenue, Refunding RB, First Lien, Series A, 4.00%, 05/01/41

     1,200       1,316,040  
   

 

 

  
Maine — 0.3%  

State of Maine Housing Authority, RB, M/F Housing, Series E, 4.15%, 11/15/38

     719       799,008  
   

 

 

  
Maryland — 1.2%  

State of Maryland Stadium Authority, RB, Construction and Revitalization Program, 5.00%, 05/01/42

     2,760       3,413,706  
   

 

 

  
Massachusetts — 1.3%  

Commonwealth of Massachusetts, GO, Series A, 5.00%, 01/01/46

     3,018       3,736,518  
   

 

 

  
Michigan — 1.9%  

Michigan Finance Authority, RB, Multi Model- McLaren Health Care, 4.00%, 02/15/47

     2,759       3,129,654  

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

     2,142       2,356,843  
   

 

 

  
      5,486,497  
Minnesota — 1.9%  

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

     5,000       5,611,649  
   

 

 

  
Nebraska — 0.7%  

Nebraska Investment Finance Authority, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac), 3.70%, 03/01/47

     1,773       1,907,554  
   

 

 

  
Nevada — 1.0%  

County of Clark Nevada, GOL, Stadium Improvement, Series A, 5.00%, 06/01/38

     2,311       2,896,856  
   

 

 

  
New Jersey — 1.7%  

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

     1,606       1,825,864  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 06/15/36

   $ 2,861     $ 2,996,027  
   

 

 

  
      4,821,891  
New York — 9.0%  

City of New York, GO, Refunding, Fiscal 2015, Series B, 4.00%, 08/01/32

     1,600       1,772,336  

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

     1,650       1,841,301  

City of New York Transitional Finance Authority, BARB, Series S-1, 4.00%, 07/15/42(k)

     2,145       2,259,135  

City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013:

    

Series BB, 4.00%, 06/15/47

     6,000       6,387,120  

Series CC, 5.00%, 06/15/47

     4,000       4,509,746  

Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(k):

    

5.75%, 02/15/21(b)

     1,083       1,135,615  

5.75%, 02/15/47

     667       698,596  

New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

     4,500       4,861,124  

State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 03/15/31

     2,360       2,514,533  
   

 

 

  
      25,979,506  
Ohio — 0.7%  

Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49(k)

     1,800       1,951,380  
   

 

 

  
Pennsylvania — 1.3%  

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

     2,399       2,766,536  

Philadelphia Authority for Industrial Development, RB, Childrens Hospital of Philadelphia Project, Series A, 4.00%, 07/01/44

     914       978,192  
   

 

 

  
      3,744,728  
 

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Rhode Island — 1.2%  

Rhode Island Housing & Mortgage Finance Corp., Refunding RB, S/F Housing, Home Ownership Opportunity Bonds, Series 69-B (Ginnie Mae, Fannie Mae & Freddie Mac):

    

3.55%, 10/01/33

   $ 2,040     $ 2,242,858  

3.95%, 10/01/43

     1,100       1,204,346  
   

 

 

  
      3,447,204  
Texas — 4.4%  

Aldine Independent School District, GO, Refunding (PSF-GTD), 5.00%, 02/15/42

     2,609       3,175,289  

City of Houston Texas Community College, GO, Limited Tax, 4.00%, 02/15/43

     2,160       2,298,866  

City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43

     2,380       2,645,216  

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

     1,680       1,889,748  

San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing And Expansion Project, 4.00%, 09/15/42

     1,409       1,478,029  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A (Ginnie Mae):

    

3.63%, 09/01/44

     699       753,744  

3.75%, 09/01/49

     383       413,244  
   

 

 

  
      12,654,136  
Security   Par
(000)		     Value  
Virginia — 0.5%  

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

   $ 1,523     $ 1,560,608  
   

 

 

  
Washington — 0.8%  

Washington Health Care Facilities Authority, Refunding RB, Multicare Health System, Series B, 4.13%, 08/15/43

     2,213       2,440,309  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 34.2%
(Cost — $92,046,861)

 

     98,780,716  
   

 

 

  

Total Long-Term Investments — 163.4%
(Cost — $419,344,282)

 

     471,827,871  
   

 

 

  
     Shares         
Short-Term Securities — 0.0%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.81%(l)(m)

     20,323       20,327  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost — $20,327)

 

     20,327  
   

 

 

  

Total Investments — 163.4%
(Cost — $419,364,609)

 

     471,848,198  

Other Assets Less Liabilities — 0.2%

 

     529,193  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.0)%

 

     (57,700,476 ) 

VMTP Shares at Liquidation Value — (43.6)%

 

     (125,900,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 288,776,915  
 

 

 

  

 

 
(a) 

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.

(b) 

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.

(c) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(d) 

Zero-coupon bond.

(e) 

When-issued security.

(f) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(g) 

Non-income producing security.

(h) 

Issuer filed for bankruptcy and/or is in default.

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

(k) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between August 15, 2020 to June 1, 2026 is $7,331,722.

(l) 

Annualized 7-day yield as of period end.

 

 

     11  

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

(m) 

During the period ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
04/30/19		      Net
Activity		      Shares
Held at
01/31/20		      Value at
01/31/20		      Income      Net Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      903,538        (883,215 )       20,323      $ 20,327      $ 9,782      $ (215 )     $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BARB    Building Aid Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority
FHA    Federal Housing Administration
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HFA    Housing Finance Agency
IDA    Industrial Development Authority
ISD    Independent School District
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PILOT    Payment in Lieu of Taxes
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bonds
S/F    Single-Family

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

     31        03/20/20      $ 4,081      $ (65,466 ) 

Long U.S. Treasury Bond

     80        03/20/20        13,083        (363,005 ) 

5-Year U.S. Treasury Note

     22        03/31/20        2,647        (29,930 ) 
          

 

 

  
           $ (458,401 ) 
          

 

 

  

 

 

12   

Schedule of Investments  (unaudited) (continued)

January 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 Trust 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)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative 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 Global 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 471,827,871        $             —        $ 471,827,871  

Short-Term Securities

     20,327          —          —          20,327  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 20,327          471,827,871        $          $ 471,848,198  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Interest Rate Contracts

   $ (458,401 )       $ —        $ —        $ (458,401 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each state or political subdivision.

 
  (b) 

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

 

The Trust 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 disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

    $             —        $ (57,522,385 )       $             —        $ (57,522,385 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (183,422,385 )       $ —        $ (183,422,385 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     13