NPORT-EX 2 NPORT_884276725072488.htm BlackRock Investment Quality Municipal Trust

Schedule of Investments  (unaudited)

July 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Arizona — 6.3%  

Arizona Health Facilities Authority Refunding RB, Series A, 5.00%, 02/01/42

   $ 3,300     $ 3,485,889  

Arizona Industrial Development Authority RB(a)

   

Series A, 5.50%, 07/01/52

     215       231,338  

Series G, 5.00%, 07/01/47

     430       444,091  

Pinal County Electric District No. 3 Refunding RB

    

4.75%, 07/01/21(b)

     680       708,954  

4.75%, 07/01/31

     3,070       3,185,156  

Salt Verde Financial Corp. RB

    

5.00%, 12/01/32

     1,095       1,471,549  

5.00%, 12/01/37

     4,885       6,797,331  

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

     1,600       1,685,472  
   

 

 

  
      18,009,780  
Arkansas — 2.5%  

Arkansas Development Finance Authority RB, AMT, 4.50%, 09/01/49(a)

     1,550       1,568,398  

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

     755       815,294  

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

     1,250       1,383,075  

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

     2,645       2,750,959  

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

     465       529,905  
   

 

 

  
      7,047,631  
California — 16.0%  

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

     3,420       2,696,773  

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

     3,330       3,561,601  

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

     725       759,698  

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

     1,500       1,831,095  

Golden State Tobacco Securitization Corp. Refunding RB

    

Series A-1, 3.50%, 06/01/36

     990       1,000,920  

Series A-2, 5.00%, 06/01/47

     830       848,418  

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

     2,475       3,196,636  

Norman Y Mineta San Jose International Airport SJC Refunding RB

    

Series A, AMT, (BAM), 4.00%, 03/01/42

     2,460       2,709,099  

Series A-1, AMT, 5.75%, 03/01/34

     3,000       3,078,870  

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

     12,000       7,587,000  

Palomar Community College District GO, Series B, 0.00%, 08/01/33(c)

     4,250       1,820,275  

Palomar Community College District GO, CAB

    

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

     2,270       2,062,953  

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

     4,000       5,154,000  

San Diego Community College District GO, CAB, 6.00%, 08/01/33(d)

     4,200       5,641,146  

State of California GO, 6.00%, 03/01/33

     760       763,048  
Security   Par
(000)		     Value  
California (continued)            

State of California Refunding GO

    

5.00%, 02/01/38

   $ 2,000     $ 2,222,900  

4.00%, 10/01/44

     510       562,117  
   

 

 

  
      45,496,549  
Colorado — 0.3%  

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

     970       991,961  
   

 

 

  
Connecticut — 0.4%  

Connecticut Housing Finance Authority Refunding RB, S/F Housing, Sub-Series E-1, (FHLMC, FNMA, GNMA), 4.00%, 05/15/36

     175       193,641  

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

     950       992,142  
   

 

 

  
      1,185,783  
Delaware — 0.6%  

County of Sussex Delaware RB, 6.00%, 10/01/40

     1,800       1,827,000  
   

 

 

  
District of Columbia — 0.9%  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB, Series A, 5.00%, 10/01/53

     2,505       2,609,734  
   

 

 

  
Florida — 7.7%  

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

     100       105,273  

City of Tampa Florida RB, CAB(c)

   

Series A, 0.00%, 09/01/49

     465       154,943  

Series A, 0.00%, 09/01/53

     500       138,490  

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

     365       418,969  

County of Miami-Dade Florida RB, CAB(c)

    

0.00%, 10/01/32

     5,000       3,760,550  

0.00%, 10/01/33

     15,375       11,076,765  

County of Miami-Dade Seaport Department ARB, Series B, AMT, 6.00%, 10/01/32

     3,000       3,417,480  

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

   

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

     445       220,431  

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

     595       283,333  

Series A-2, 0.00%, 10/01/43

     540       246,964  

Series A-2, 0.00%, 10/01/44

     550       242,363  

Series A-2, 0.00%, 10/01/45

     465       197,448  

Greater Orlando Aviation Authority ARB, Series A, AMT, 5.00%, 10/01/52

     1,130       1,319,636  

Palm Beach County Health Facilities Authority RB, Series B, 5.00%, 11/15/42

     125       146,754  
   

 

 

  
      21,729,399  
Georgia — 0.6%  

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

     525       627,853  

Municipal Electric Authority of Georgia RB

    

4.00%, 01/01/49

     415       455,139  

5.00%, 01/01/56

     565       658,298  
   

 

 

  
      1,741,290  
 

 

 

  1

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Hawaii — 1.3%  

State of Hawaii Department of Budget & Finance Refunding RB

    

5.25%, 11/15/37

   $ 600     $ 640,458  

AMT, 4.00%, 03/01/37

     2,770       3,012,181  
   

 

 

  
      3,652,639  
Idaho — 1.2%  

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

     3,000       3,361,350  
   

 

 

  
Illinois — 7.4%  

Chicago Board of Education GO

    

Series C, 5.25%, 12/01/35

     1,235       1,313,311  

Series D, 5.00%, 12/01/46

     1,635       1,707,295  

Series H, 5.00%, 12/01/36

     375       406,080  

Chicago Board of Education Refunding GO

    

Series C, 5.00%, 12/01/25

     550       607,799  

Series C, 5.00%, 12/01/34

     370       402,016  

Series D, 5.00%, 12/01/26

     675       754,812  

Series F, 5.00%, 12/01/22

     505       531,164  

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

     1,900       2,076,605  

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

     2,400       2,495,064  

Chicago Transit Authority RB, 5.25%, 12/01/40

     1,000       1,047,860  

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

     1,040       1,226,358  

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

     590       631,766  

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

     455       454,809  

Railsplitter Tobacco Settlement Authority RB, 6.00%, 06/01/28(b)

     1,700       1,781,940  

State of Illinois GO

    

5.00%, 02/01/39

     1,000       1,060,980  

5.50%, 05/01/39

     1,610       1,916,705  

Series A, 5.00%, 04/01/38

     200       210,492  

Series D, 5.00%, 11/01/28

     1,585       1,827,632  

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

     610       623,463  
   

 

 

  
      21,076,151  
Indiana(a) — 0.2%  

County of Allen Indiana RB

    

Series A-1, 6.63%, 01/15/34

     300       251,388  

Series A-1, 6.75%, 01/15/43

     245       198,016  
   

 

 

  
      449,404  
Iowa — 0.8%  

Iowa Finance Authority Refunding RB, Series B, 5.25%, 12/01/50(e)

     2,050       2,168,613  
   

 

 

  
Kansas — 0.7%  

City of Lenexa Kansas Refunding RB, Series A, 5.00%, 05/15/39

     640       656,653  

Seward County Unified School District No. 480 Liberal Refunding GO, 5.00%, 09/01/39

     1,085       1,192,046  
   

 

 

  
      1,848,699  
Kentucky — 5.8%  

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

     2,000       2,399,760  
Security   Par
(000)		     Value  
Kentucky (continued)  

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

   $ 3,400     $ 3,825,408  

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

     8,500       7,961,865  

Kentucky Public Transportation Infrastructure Authority RB, CAB(d)

   

Series C, 6.45%, 07/01/34

     1,000       987,660  

Series C, 6.60%, 07/01/39

     1,395       1,363,780  
   

 

 

  
      16,538,473  
Louisiana — 1.5%  

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

     1,790       2,108,226  

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

     1,565       1,582,951  

Louisiana Public Facilities Authority RB, 6.50%, 05/01/21(b)

     600       628,146  
   

 

 

  
      4,319,323  
Maine — 0.4%  

Maine State Housing Authority RB, M/F Housing, Series E, 4.25%, 11/15/43

     540       618,996  

Maine State Housing Authority RB, S/F Housing, Series C, 3.95%, 11/15/43

     505       564,555  
   

 

 

  
      1,183,551  
Maryland — 0.4%  

Anne Arundel County Consolidated Special Taxing District ST

    

5.13%, 07/01/36

     260       262,623  

5.25%, 07/01/44

     260       261,303  

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

     590       665,396  
   

 

 

  
      1,189,322  
Massachusetts — 2.1%  

Massachusetts Housing Finance Agency Refunding RB, S/F Housing, Series 182, AMT, 3.30%, 12/01/28

     1,000       1,067,670  

Massachusetts Development Finance Agency RB

    

Series A, 5.25%, 01/01/42

     900       1,022,085  

Series A, 5.00%, 01/01/47

     1,010       1,134,876  

Massachusetts Development Finance Agency Refunding RB

    

4.00%, 07/01/39

     1,375       1,419,798  

5.00%, 04/15/40

     600       649,284  

Series A, 4.00%, 06/01/49

     235       254,893  

Massachusetts Housing Finance Agency RB, M/F Housing

    

Series A, 3.85%, 06/01/46

     35       37,966  

Series C-1, 2.90%, 12/01/39

     365       378,939  
   

 

 

  
      5,965,511  
Michigan — 3.1%  

Michigan Finance Authority RB, Series C-2, Senior Lien, AMT, 5.00%, 07/01/22(b)

     360       392,908  

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

     900       986,418  

Michigan State Hospital Finance Authority Refunding RB, Series C, 4.00%, 12/01/32

     4,150       4,380,698  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

Michigan State Housing Development Authority RB, S/F Housing

    

Series A, 4.00%, 06/01/49

   $ 875     $ 973,971  

Series B, 2.95%, 12/01/39

     375       395,974  

Series C, 4.13%, 12/01/38

     285       320,605  

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

     1,250       1,404,425  
   

 

 

  
      8,854,999  
Minnesota — 1.8%  

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

     700       716,884  

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

     1,760       1,848,035  

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

     305       323,446  

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

     460       529,051  

Minnesota Higher Education Facilities Authority RB

    

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

     615       646,728  

Series B, 4.25%, 05/01/40

     1,070       1,025,242  
   

 

 

  
      5,089,386  
Mississippi — 0.2%  

County of Warren Mississippi RB, Series A, 5.38%, 12/01/35

     600       631,596  
   

 

 

  
Missouri — 2.7%  

Health & Educational Facilities Authority of the State of Missouri RB

    

5.25%, 10/01/21(b)

     500       529,555  

5.00%, 10/01/23(b)

     750       864,247  

4.13%, 02/15/43

     700       725,823  

Series A, 5.00%, 06/01/42

     860       1,046,405  

Series A, 5.00%, 06/01/47

     1,230       1,473,282  

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

     1,500       1,708,620  

Missouri Development Finance Board RB, Series B, 5.00%, 11/01/41

     1,350       1,410,507  
   

 

 

  
      7,758,439  
Nebraska — 1.8%  

Central Plains Energy Project RB, 5.00%, 09/01/42

     900       975,987  

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

     600       684,834  

Nebraska Public Power District Refunding RB

    

Series A, 5.00%, 01/01/32

     2,535       2,697,291  

Series A, 4.00%, 01/01/44

     600       626,574  
   

 

 

  
      4,984,686  
Nevada — 0.6%  

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

     1,500       1,677,750  

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

     125       131,164  
   

 

 

  
      1,808,914  
New Hampshire(a) — 0.3%  

New Hampshire Business Finance Authority Refunding RB

    

Series B, 4.63%, 11/01/42

     505       510,313  

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

     220       222,336  
   

 

 

  
      732,649  
Security   Par
(000)		     Value  
New Jersey — 8.6%  

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

   $ 1,510     $ 30,200  

New Jersey Economic Development Authority RB

    

Series B, 4.50%, 06/15/40

     1,930       2,148,707  

Series DDD, 5.00%, 06/15/42

     160       180,078  

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

     300       329,232  

Series B, AMT, 5.63%, 11/15/30

     990       1,030,709  

New Jersey Health Care Facilities Financing Authority Refunding RB

    

Series A, 4.63%, 07/01/21(b)

     770       801,208  

Series A, 5.63%, 07/01/21(b)

     2,560       2,686,976  

Series A, 5.00%, 07/01/25

     500       541,820  

New Jersey Higher Education Student Assistance Authority RB, Series B, AMT, 3.50%, 12/01/39

     1,120       1,140,216  

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

     1,970       1,984,775  

New Jersey Housing & Mortgage Finance Agency Refunding RB, S/F Housing, Series E, 2.45%, 10/01/50(h)

     235       235,872  

New Jersey Transportation Trust Fund Authority RB

    

Series A, 5.00%, 06/15/42

     395       414,845  

Series AA, 5.00%, 06/15/38

     290       316,657  

Series AA, 5.00%, 06/15/45

     1,350       1,469,434  

Series AA, 5.00%, 06/15/46

     600       652,500  

Series B, 5.50%, 06/15/31

     2,000       2,068,300  

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

     1,600       961,776  

New Jersey Transportation Trust Fund Authority Refunding RB

    

4.00%, 12/15/39

     820       884,313  

Series A, 5.00%, 12/15/36

     240       281,122  

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

     820       928,535  

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

     4,770       5,366,298  
   

 

 

  
      24,453,573  
New Mexico — 0.3%  

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

     680       791,534  
   

 

 

  
New York — 5.8%  

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

     1,825       1,824,690  

Metropolitan Transportation Authority Refunding RB

    

Series A, 5.00%, 11/15/41

     30       31,189  

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

     1,700       1,899,801  

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

     550       630,729  

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

     810       926,689  

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

     320       352,659  

New York City Industrial Development Agency RB

    

(AMBAC), 5.00%, 01/01/39

     1,100       1,101,122  

(AGC), 6.50%, 01/01/46

     300       301,050  

New York City Transitional Finance Authority Future Tax Secured Revenue RB, Series C, 4.00%, 05/01/45

     1,380       1,645,057  

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

     1,400       1,400,700  

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

     1,000       898,200  
 

 

 

  3

Schedule of Investments  (unaudited) (continued)

July 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, Class 2, 5.15%, 11/15/34(a)

   $ 640     $ 678,534  

New York Power Authority Refunding RB, Series A, 4.00%, 11/15/60

     350       415,758  

Port Authority of New York & New Jersey ARB, Series 221, AMT, 4.00%, 07/15/60

     1,395       1,563,195  

Port Authority of New York & New Jersey Refunding ARB

    

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

     470       536,068  

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

     950       1,065,644  

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

     1,160       1,182,086  
   

 

 

  
      16,453,171  
North Carolina — 0.4%  

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

     630       718,761  

North Carolina Turnpike Authority RB

    

Senior Lien, 4.00%, 01/01/55

     155       171,726  

Senior Lien, (AGM), 4.00%, 01/01/55

     110       123,080  
   

 

 

  
      1,013,567  
North Dakota — 0.3%  

County of Burleigh North Dakota Refunding RB, Series A, 5.00%, 07/01/21(b)

     720       751,630  
   

 

 

  
Ohio — 4.6%  

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

     3,800       4,188,854  

Butler County Port Authority RB(a)

   

Series A-1, 6.25%, 01/15/34

     500       422,875  

Series A-1, 6.38%, 01/15/43

     275       215,089  

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

     3,000       3,143,580  

County of Montgomery Ohio Refunding RB, 4.00%, 11/15/42

     1,050       1,138,840  

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

     650       661,694  

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

     50       54,637  

State of Ohio Refunding RB, Series A, 5.00%, 01/15/41

     3,010       3,162,035  
   

 

 

  
      12,987,604  
Oklahoma — 0.9%  

Oklahoma City Public Property Authority Refunding RB

    

5.00%, 10/01/36

     800       893,592  

5.00%, 10/01/39

     280       311,371  

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

     680       807,731  

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

     420       472,059  
   

 

 

  
      2,484,753  
Oregon — 1.7%  

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

     575       664,482  

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

     2,485       2,815,753  
Security   Par
(000)		     Value  
Oregon (continued)  

Salem-Keizer School District No. 24J GO, CAB, Series A, 0.00%, 06/15/40(c).

   $ 935     $ 569,443  

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

     585       643,541  
   

 

 

  
      4,693,219  
Pennsylvania — 9.5%  

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

     575       690,448  

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

     2,785       3,092,464  

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

     3,000       3,374,910  

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

     500       420,430  

Montgomery County Higher Education and Health Authority Refunding RB, Series A, 4.00%, 09/01/49

     565       620,183  

Pennsylvania Economic Development Financing Authority RB

    

Series A-1, 4.00%, 04/15/50

     780       895,362  

AMT, 5.00%, 12/31/38

     1,610       1,767,168  

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

     810       831,433  

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

     155       152,825  

Pennsylvania Housing Finance Agency RB, S/F Housing

    

Series 127-B, 3.88%, 10/01/38

     670       737,978  

Series 128-B, 3.85%, 04/01/38

     1,505       1,672,988  

Pennsylvania Turnpike Commission RB

    

Series C, 5.00%, 12/01/39

     850       994,772  

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

     2,735       3,138,823  

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

     710       787,575  

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

     2,000       2,330,820  

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

     800       955,408  

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

     3,825       4,621,786  
   

 

 

  
      27,085,373  
Puerto Rico — 6.2%  

Children’s Trust Fund Refunding RB

    

5.50%, 05/15/39

     495       495,148  

5.63%, 05/15/43

     530       530,106  

Puerto Rico Commonwealth Aqueduct & Sewer Authority RB

    

Series A, Senior Lien, 5.00%, 07/01/33

     2,145       2,201,993  

Series A, Senior Lien, 5.13%, 07/01/37

     615       632,681  

Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB

    

Series A, Senior Lien, 6.00%, 07/01/38

     630       635,588  

Series A, Senior Lien, 6.00%, 07/01/44

     1,140       1,149,986  

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

     4,827       1,406,926  

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

    

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

     1,593       1,691,447  

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

     5,936       6,393,191  
 

 

 

4  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Puerto Rico (continued)  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, Restructured (continued)

    

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

   $ 861     $ 895,535  

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

     1,459       1,553,762  
   

 

 

  
      17,586,363  
Rhode Island — 3.5%  

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

     1,845       2,096,861  

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

     1,565       1,614,376  

Tobacco Settlement Financing Corp. Refunding RB

    

Series A, 5.00%, 06/01/40

     1,000       1,108,640  

Series B, 4.50%, 06/01/45

     2,725       2,880,052  

Series B, 5.00%, 06/01/50

     2,000       2,161,840  
   

 

 

  
      9,861,769  
South Carolina — 1.8%  

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

     755       666,861  

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

     1,895       2,190,070  

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

     2,125       2,353,034  
   

 

 

  
      5,209,965  
Tennessee — 3.0%  

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

     2,945       3,294,542  

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

     875       953,916  

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

     615       664,348  

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

     1,200       1,271,604  

Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd RB

    

Series A, 5.00%, 07/01/40

     1,075       1,229,736  

Series A, 5.00%, 07/01/46

     945       1,067,018  
   

 

 

  
      8,481,164  
Texas — 10.0%  

Brazos Higher Education Authority, Inc. RB, Series 1B, AMT, 3.00%, 04/01/40

     105       101,326  

Central Texas Turnpike System Refunding RB

    

Series C, 5.00%, 08/15/37

     1,970       2,178,032  

Series C, 5.00%, 08/15/42

     1,480       1,620,245  

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

     5,000       2,306,300  

Leander Independent School District Refunding GO, CAB(c)

   

Series D, (PSF-GTD), 0.00%, 08/15/24(b)

     550       323,103  

Series D, (PSF-GTD), 0.00%, 08/15/35

     5,450       3,138,600  

Midland County Fresh Water Supply District No. 1 RB, CAB, Series A, 0.00%, 09/15/38(c)

     16,780       8,591,024  

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

     930       1,057,847  

Red River Education Finance Corp. RB, 5.25%, 03/15/23(b)

     1,140       1,292,179  

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

     440       552,900  
Security   Par
(000)		     Value  
Texas (continued)  

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

   $ 300     $ 338,343  

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

     2,080       2,191,530  

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

     3,000       3,012,180  

Texas Transportation Commission RB, CAB(c)

    

0.00%, 08/01/35

     420       250,219  

0.00%, 08/01/36

     235       132,846  

0.00%, 08/01/37

     305       163,318  

0.00%, 08/01/38

     315       159,796  

0.00%, 08/01/44

     1,370       499,420  

0.00%, 08/01/45

     1,800       621,918  
   

 

 

  
      28,531,126  
Utah — 0.6%  

Utah Charter School Finance Authority Refunding RB

    

5.25%, 06/15/37(a)

     205       226,300  

4.00%, 04/15/42

     600       649,704  

5.38%, 06/15/48(a)

     260       280,233  

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

     405       454,920  
   

 

 

  
      1,611,157  
Vermont — 0.1%  

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

     360       377,978  
   

 

 

  
Virginia — 2.0%  

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

     780       767,777  

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

     1,030       1,029,990  

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

     1,515       1,610,930  

Virginia Small Business Financing Authority RB

    

AMT, 5.00%, 01/01/48(a)(e)

     745       748,576  

Senior Lien, AMT, 6.00%, 01/01/37

     1,440       1,547,568  
   

 

 

  
      5,704,841  
Washington — 0.7%  

King County Housing Authority Refunding RB, 3.00%, 06/01/40

     725       775,692  

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

     625       729,044  

Washington Health Care Facilities Authority Refunding RB, 5.00%, 09/01/55

     470       585,911  
   

 

 

  
      2,090,647  
West Virginia — 0.3%  

West Virginia Hospital Finance Authority RB, Series A, 4.00%, 06/01/51

     730       794,963  
   

 

 

  
Wisconsin — 0.7%  

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

     435       442,621  

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

     1,330       1,517,038  
   

 

 

  
      1,959,659  
   

 

 

  

Total Municipal Bonds — 128.6%
(Cost: $323,226,813)

       365,176,888  
   

 

 

  
 

 

 

  5

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Municipal Bonds Transferred to Tender Option Bond Trusts(j)

 

California — 0.5%  

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

   $ 1,182     $ 1,508,242  
   

 

 

  
Colorado — 0.8%  

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

     1,769       2,153,946  
   

 

 

  
Connecticut — 1.6%  

Connecticut State Health & Educational Facilities Authority Refunding RB, 5.00%, 12/01/45

     3,902       4,509,041  
   

 

 

  
District of Columbia — 0.9%  

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

     2,102       2,405,325  
   

 

 

  
Florida — 1.6%  

Greater Orlando Aviation Authority ARB, Series A, AMT, 4.00%, 10/01/49

     1,860       2,090,417  

Pinellas County School Board COP, Series A, 5.00%, 07/01/41

     2,120       2,573,743  
   

 

 

  
      4,664,160  
Georgia — 0.6%  

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

     1,581       1,742,595  
   

 

 

  
Louisiana — 0.5%  

State of Louisiana Gasoline & Fuels Tax Revenue Refunding RB, Series A, 1st Lien, 4.00%, 05/01/41

     1,200       1,339,392  
   

 

 

  
Maine — 0.3%  

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

     719       831,895  
   

 

 

  
Maryland — 1.2%  

Maryland Stadium Authority RB, 5.00%, 05/01/42

     2,760       3,337,116  
   

 

 

  
Massachusetts — 1.3%  

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

     3,018       3,760,390  
   

 

 

  
Michigan — 1.9%  

Michigan Finance Authority RB, 4.00%, 02/15/47

     2,759       3,149,544  

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

     2,142       2,376,100  
   

 

 

  
      5,525,644  
Minnesota — 2.0%  

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

     5,000       5,609,250  
   

 

 

  
Nebraska — 0.6%  

Nebraska Investment Finance Authority RB, S/F Housing, Series A, (FNMA, FHLMC, GNMA), 3.70%, 03/01/47

     1,527       1,722,910  
   

 

 

  
Nevada — 1.0%  

County of Clark Nevada GO, Series A, 5.00%, 06/01/38

     2,311       2,899,329  
   

 

 

  
Security   Par
(000)		     Value  
New Jersey — 1.7%  

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

   $ 2,861     $ 2,943,219  

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

     1,606       1,804,618  
   

 

 

  
      4,747,837  
New York — 9.1%  

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

     1,600       1,790,384  

City of New York Water & Sewer System RB, Series CC, 5.00%, 06/15/47

     4,000       4,506,582  

Hudson Yards Infrastructure Corp. RB(k)

    

5.75%, 02/15/47(b)

     1,083       1,113,741  

5.75%, 02/15/47

     667       685,139  

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

     1,650       1,847,093  

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

     2,145       2,269,539  

New York City Water & Sewer System Refunding RB, Series BB, 4.00%, 06/15/47

     6,000       6,444,000  

New York Liberty Development Corp. ARB, 5.25%, 12/15/43

     4,500       4,755,241  

New York State Thruway Authority Refunding RB, Series A, 5.00%, 03/15/31

     2,360       2,480,832  
   

 

 

  
      25,892,551  
Ohio — 0.7%  

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

     1,800       1,970,190  
   

 

 

  
Pennsylvania — 1.3%  

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

     2,399       2,818,326  

Philadelphia Authority for Industrial Development RB, Series A, 4.00%, 07/01/44

     914       979,938  
   

 

 

  
      3,798,264  
Rhode Island — 1.1%  

Rhode Island Housing and Mortgage Finance Corp. Refunding RB, S/F Housing

    

Series 69-B, (FNMA, FHLMC, GNMA), 3.55%, 10/01/33

     2,040       2,256,383  

Series 69-B, (FNMA, FHLMC, GNMA), 3.95%, 10/01/43

     673       734,904  
   

 

 

  
      2,991,287  
Texas — 5.0%  

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

     2,609       3,243,173  

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

     2,380       2,623,426  

Houston Community College System GO, 4.00%, 02/15/43

     2,160       2,330,338  

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

     1,680       1,933,579  

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

     1,409       1,491,881  
 

 

 

6  

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

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

    

Series A, (GNMA), 3.63%, 09/01/44

   $ 698     $ 761,637  

Series A, (GNMA), 3.00%, 09/01/45

     494       517,154  

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

     383       417,571  

Series A, (GNMA), 3.00%, 03/01/50

     936       979,890  
   

 

 

  
      14,298,649  
Washington — 0.9%  

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

     2,213       2,424,107  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 34.6%
(Cost: $90,990,407)

       98,132,120  
   

 

 

  

Total Long-Term Investments — 163.2%
(Cost: $414,217,220)

       463,309,008  
   

 

 

  
     Shares         
Short-Term Securities

 

Money Market Funds — 0.1%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.04%(l)(m)

     292,947       293,006  
   

 

 

  

Total Short-Term Securities — 0.1%
(Cost: $293,006)

       293,006  
   

 

 

  

Total Investments — 163.3%
(Cost: $414,510,226)

       463,602,014  

Other Assets Less Liabilities — 1.0%

       2,971,144  

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

       (56,777,364 ) 

VMTP Shares at Liquidation Value — (44.3)%

 

     (125,900,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 283,895,794  
   

 

 

  

 

(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)

Zero-coupon bond.

(d)

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.

(e)

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.

(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 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 December 15, 2020 to February 15, 2047, is $9,553,900.

(l)

Affiliate of the Trust.

(m)

Annualized 7-day yield as of period end.

 

Affiliates

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

 

Affiliated Issuer    Shares
Held at
04/30/20 		     Shares
Purchased		      Shares
Sold		      Shares
Held at
07/31/20		      Value at
07/31/20		      Income      Net Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      4,003,098        —        (3,710,151 )(b)       292,947      $ 293,006      $ 116      $ 674      $ (526 ) 
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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)

 

 

  7

Schedule of Investments  (unaudited) (continued)

July 31, 2020

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Fair Value Hierarchy as of Period End (continued)

 

  •  

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)

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 is based on the pricing transparency of the investments 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, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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

    $ —        $ 365,176,888        $             —        $ 365,176,888  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          98,132,120          —          98,132,120  

Short-Term Securities

                  

Money Market Funds

      293,006          —          —          293,006  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 293,006        $ 463,309,008        $ —        $ 463,602,014  
  

 

 

       

 

 

       

 

 

       

 

 

  

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

    $ —        $ (56,757,860 )       $             —        $ (56,757,860 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (182,657,860 )       $ —        $ (182,657,860 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGC    Assured Guaranty Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    AMBAC Assurance Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF-GTD    Permanent School Fund Guaranteed
Portfolio Abbreviation (continued)
RB    Revenue Bond
S/F    Single-Family
ST    Special Tax
TA    Tax Allocation
 

 

 

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