NPORT-EX 2 NPORT_3876064202905814.htm BlackRock Investment Quality Municipal Trust

Schedule of Investments  (unaudited) 

January 31, 2021

   

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     $ 3,451,470  

Arizona Industrial Development Authority, Refunding RB(a)

   

Series A, 5.50%, 07/01/52

     215       231,288  

Series G, 5.00%, 07/01/47

     430       475,477  

Pinal County Electric District No.3, Refunding RB

    

4.75%, 07/01/21(b)

    680       692,784  

4.75%, 07/01/31

         3,070       3,125,966  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     1,095       1,478,852  

5.00%, 12/01/37

     4,885       7,099,908  

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

    1,600       1,638,864  
   

 

 

  
      18,194,609  
Arkansas — 2.5%  

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

    1,550       1,707,992  

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

     755       826,483  

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

     1,250       1,391,488  

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

     2,645       2,805,895  

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

     465       538,995  
   

 

 

  
      7,270,853  
California — 14.8%  

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

    3,420       2,746,670  

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

     3,330       3,550,612  

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

     725       767,623  

Carlsbad Unified School District, GO, CAB, Series B, 6.00%, 05/01/34

     1,500       1,767,480  

Golden State Tobacco Securitization Corp., Refunding RB

    

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

     990       1,013,037  

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

     830       863,333  

Hartnell Community College District, GO, CAB,

    

Series D, 7.00%, 08/01/34(d)

    2,475       3,161,788  

Norman Y Mineta San Jose International Airport SJC, Refunding RB

    

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

     2,460       2,718,644  

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

     3,000       3,012,480  

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

    12,000       7,798,320  

Palomar Community College District, GO, CAB

    

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

    2,270       2,066,041  

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

    4,000       5,314,840  

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

     4,200       5,573,778  

 

Security   Par
(000)		      Value  
California (continued)             

State of California, Refunding GO

     

5.00%, 02/01/38

   $ 2,000      $ 2,188,860  

4.00%, 10/01/44

     510        560,062  
    

 

 

  
       43,103,568  
Colorado — 0.5%  

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

    970        1,040,402  

Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49

     295        332,943  
    

 

 

  
       1,373,345  
Connecticut — 0.3%  

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

    950        969,190  
    

 

 

  
District of Columbia — 0.9%  

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

         2,505        2,600,390  
    

 

 

  
Florida — 7.9%  

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

    100        106,302  

City of Tampa Florida, RB, CAB(c)

    

Series A, 0.00%, 09/01/49

     465        164,875  

Series A, 0.00%, 09/01/53

     500        147,370  

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

     365        428,908  

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

     

0.00%, 10/01/32

     5,000        3,778,950  

0.00%, 10/01/33

     15,375        11,184,544  

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

     3,000        3,418,170  

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

    

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

     445        230,732  

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

     595        297,030  

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

     540        258,968  

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

     550        254,001  

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

     465        206,818  

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45

     1,000        1,156,410  

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

     1,130        1,330,112  

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

     125        148,060  
    

 

 

  
       23,111,250  
Georgia — 0.6%  

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

     525        642,369  

Municipal Electric Authority of Georgia, RB

     

4.00%, 01/01/49

     415        474,470  

5.00%, 01/01/56

     565        682,000  
    

 

 

  
       1,798,839  
 

 

 

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

   1

Schedule of Investments  (unaudited) (continued)

January 31, 2021

  

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     $ 646,164  

AMT, 4.00%, 03/01/37

         2,770       3,095,198  
   

 

 

  
      3,741,362  
Idaho — 1.2%            

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

     3,000       3,383,160  
   

 

 

  
Illinois — 7.4%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     1,235       1,381,360  

Series D, 5.00%, 12/01/46

     1,635       1,812,349  

Series H, 5.00%, 12/01/36

     375       444,690  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     550       651,843  

Series C, 5.00%, 12/01/34

     370       442,076  

Series D, 5.00%, 12/01/26

     675       821,617  

Series F, 5.00%, 12/01/22

     505       543,940  

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

     1,900       2,077,688  

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

     2,400       2,474,184  

Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(b)

    1,000       1,042,540  

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

     1,020       1,161,097  

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

     590       688,170  

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

     455       503,071  

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

    1,700       1,733,320  

State of Illinois, GO

    

5.00%, 02/01/39

     1,000       1,102,990  

5.50%, 05/01/39

     1,610       2,035,362  

Series A, 5.00%, 04/01/38

     200       215,734  

Series D, 5.00%, 11/01/28

     1,585       1,884,771  

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

    610       636,572  
   

 

 

  
      21,653,374  
Iowa — 0.8%            

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

    2,050       2,296,656  
   

 

 

  
Kansas — 1.0%            

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

     640       700,934  

Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57

     1,015       1,161,120  

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

     1,085       1,163,836  
   

 

 

  
      3,025,890  
Kentucky — 5.9%            

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

     2,000       2,334,760  

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

    3,400       3,738,266  
Security   Par
(000)		      Value  
Kentucky (continued)             

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

  $ 8,500      $ 8,181,165  

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

    

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

         1,000        1,196,530  

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

     1,395        1,646,630  
    

 

 

  
       17,097,351  
Louisiana(b) — 0.9%             

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

     1,790        2,070,905  

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

     600        609,516  
    

 

 

  
       2,680,421  
Maine — 0.2%             

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

     505        566,696  
    

 

 

  
Maryland — 0.4%             

Anne Arundel County Consolidated Special Taxing District, ST

     

5.13%, 07/01/36

     260        269,544  

5.25%, 07/01/44

     260        267,595  

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

     590        629,294  
    

 

 

  
       1,166,433  
Massachusetts — 2.2%             

Massachusetts Development Finance Agency, RB

     

Series A, 5.25%, 01/01/42

     900        1,022,859  

Series A, 5.00%, 01/01/47

     1,010        1,126,110  

Massachusetts Development Finance Agency, Refunding RB

     

4.00%, 07/01/39

     1,375        1,480,655  

5.00%, 04/15/40

     600        665,322  

Series A, 4.00%, 06/01/49

     235        267,721  

Massachusetts Housing Finance Agency RB, Series D-1, 2.55%, 12/01/50

     440        446,178  

Massachusetts Housing Finance Agency, RB, M/F Housing

     

Series A, 3.85%, 06/01/46

     35        38,317  

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

     365        385,246  

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

    1,000        1,075,760  
    

 

 

  
       6,508,168  
Michigan — 4.3%             

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

    360        383,951  

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

     900        998,091  

Michigan State Hospital Finance Authority, Refunding RB, Series C, 4.00%, 06/01/22(b)

    4,150        4,364,015  

Michigan State Housing Development Authority, RB, M/F Housing, Series A-1, 3.35%, 10/01/49

     3,245        3,438,370  

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

     

Series A, 4.00%, 06/01/49

     875        972,291  

Series B, 2.95%, 12/01/39

     375        395,438  
 

 

 

2  

Schedule of Investments  (unaudited) (continued)

January 31, 2021

  

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 (continued)
Series C, 4.13%, 12/01/38

   $ 285     $ 299,133  

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

         1,250       1,519,300  
   

 

 

  
      12,370,589  
Minnesota — 1.8%  

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

     700       719,908  

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

     1,760       1,947,845  

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

    305       325,429  

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

    460       547,368  

Minnesota Higher Education Facilities Authority, RB

    

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

     615       636,918  

Series B, 4.25%, 05/01/40

     1,070       1,002,087  
   

 

 

  
      5,179,555  
Mississippi — 0.2%  

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

     600       624,738  
   

 

 

  
Missouri — 2.6%  

Health & Educational Facilities Authority of the State of Missouri, RB

    

5.25%, 10/01/21(b)

    500       517,110  

4.13%, 02/15/43

     700       723,268  

Series A, 5.00%, 10/01/23(b)

    750       846,893  

Series A, 5.00%, 06/01/42

     860       1,046,362  

Series A, 5.00%, 06/01/47

     1,230       1,484,573  

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

     1,500       1,664,535  

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

     1,350       1,391,647  
   

 

 

  
      7,674,388  
Nebraska — 1.7%  

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

     900       964,917  

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

     600       701,742  

Nebraska Public Power District, Refunding RB

    

Series A, 5.00%, 01/01/32

     2,535       2,645,957  

Series A, 4.00%, 01/01/44

     600       619,728  
   

 

 

  
      4,932,344  
Nevada — 0.6%  

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

     1,500       1,676,880  

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

    125       133,887  
   

 

 

  
      1,810,767  
New Hampshire(a) — 0.3%  

New Hampshire Business Finance Authority, Refunding RB

    

Series B, 4.63%, 11/01/42

     505       529,084  

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

     220       231,794  
   

 

 

  
      760,878  
New Jersey — 9.2%  

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

    1,510       30,200  
Security   Par
(000)		      Value  
New Jersey (continued)  

New Jersey Economic Development Authority, RB

     

Series B, 4.50%, 06/15/40

   $ 1,930      $ 2,276,087  

Series DDD, 5.00%, 06/15/42

     160        189,581  

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

     300        329,748  

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

     990        1,103,880  

New Jersey Health Care Facilities Financing Authority, Refunding RB

     

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

    770        784,353  

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

        2,560        2,618,317  

Series A, 5.00%, 07/01/25

     500        534,650  

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

     1,120        1,193,226  

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

     1,970        2,052,326  

New Jersey Transportation Trust Fund Authority, RB

     

Series A, 5.00%, 06/15/42

     395        416,926  

Series AA, 5.00%, 06/15/38

     290        327,590  

Series AA, 5.00%, 06/15/45

     2,055        2,418,100  

Series AA, 5.00%, 06/15/46

     600        681,228  

Series AA, 3.00%, 06/15/50

     210        218,184  

Series B, 5.50%, 06/15/31

     2,000        2,039,540  

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

    1,600        1,120,096  

New Jersey Transportation Trust Fund Authority, Refunding RB

     

4.00%, 12/15/39

     820        945,509  

Series A, 5.00%, 12/15/36

     240        295,723  

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

     820        951,216  

South Jersey Transportation Authority, RB, Series A, 4.00%, 11/01/50

     455        527,468  

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

     4,770        5,678,160  
    

 

 

  
       26,732,108  
New Mexico — 0.3%  

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

     680        797,620  
    

 

 

  
New York — 7.1%  

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

     1,825        1,841,516  

Metropolitan Transportation Authority, Refunding RB

     

Series A, 5.00%, 11/15/41

     30        31,687  

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

     1,700        2,056,286  

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

     550        676,110  

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

     810        1,011,625  

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

     320        367,686  

Series D, 5.00%, 11/15/31

     650        772,376  

New York City Housing Development Corp. RB, Series I-1, (FHA), 2.55%, 11/01/45

     1,775        1,812,807  

New York City Industrial Development Agency, RB

     

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

     1,100        1,101,760  

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

     300        301,413  

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

    1,400        1,422,624  

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

     1,000        1,009,370  

New York Liberty Development Corp., Refunding RB, Series 2, Class 2, 5.15%, 11/15/34(a)

    640        702,035  
 

 

 

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

   3

Schedule of Investments  (unaudited) (continued)

January 31, 2021

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

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

   $ 350     $ 413,060  

New York State Housing Finance Agency RB,
Series L-1, (SONYMA), 2.50%, 11/01/45

         2,635       2,691,969  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     315       391,435  

AMT, 5.00%, 10/01/40

     900       1,110,654  

Port Authority of New York & New Jersey, Refunding ARB

    

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

     470       544,650  

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

     950       1,085,688  

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

     1,160       1,296,335  
   

 

 

  
      20,641,086  
North Carolina — 0.3%  

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

     630       735,720  
   

 

 

  
North Dakota — 0.3%  

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

    720       734,537  
   

 

 

  
Ohio — 4.3%  

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

    3,800       4,429,394  

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

     3,000       3,123,840  

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

     1,050       1,167,999  

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

    650       728,312  

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

    40       43,637  

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

     3,010       3,146,112  
   

 

 

  
      12,639,294  
Oklahoma — 0.9%  

Oklahoma City Public Property Authority, Refunding RB

    

5.00%, 10/01/36

     800       916,464  

5.00%, 10/01/39

     280       319,318  

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

     680       810,376  

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

     420       478,729  
   

 

 

  
      2,524,887  
Oregon — 1.4%  

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

     575       670,531  

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

     2,485       2,737,227  

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

     525       589,286  
   

 

 

  
      3,997,044  
Pennsylvania — 9.5%  

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

     575       691,892  

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

     2,785       3,243,690  
Security   Par
(000)		     Value  
Pennsylvania (continued)            

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

   $ 3,000     $ 3,357,780  

Mckeesport Area School District, Refunding GO, CAB, (FGIC, SAW), 0.00%, 10/01/31(c)(h)

    500       419,530  

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

     565       624,105  

Pennsylvania Economic Development Financing Authority, RB

    

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

     780       910,907  

AMT, 5.00%, 12/31/38

         1,610       1,871,883  

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

     810       860,795  

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

     155       153,262  

Pennsylvania Housing Finance Agency, RB, S/F Housing

    

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

     670       734,910  

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

     1,505       1,677,849  

Pennsylvania Turnpike Commission, RB

    

Series C, 5.00%, 12/01/39

     850       995,359  

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

     710       819,425  

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

     2,735       3,231,785  

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

     2,000       2,420,580  

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

     800       963,440  

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

     3,825       4,652,003  
   

 

 

  
      27,629,195  
Puerto Rico — 5.9%  

Children’s Trust Fund, Refunding RB

    

5.50%, 05/15/39

     495       507,954  

5.63%, 05/15/43

     530       536,439  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB

    

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

     2,145       2,260,680  

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

     615       650,688  

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

    

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

     1,593       1,782,870  

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

     6,444       7,318,194  

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

     861       951,724  

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

     1,459       1,635,043  

Puerto Rico Sales Tax Financing Corp. Sales Tax

    

Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)

    4,827       1,526,539  
   

 

 

  
      17,170,131  
Rhode Island — 3.4%  

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

     1,845       2,132,562  

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

     1,565       1,671,498  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/40

     1,000       1,151,960  

Series B, 4.50%, 06/01/45

     2,725       2,895,912  

Series B, 5.00%, 06/01/50

     2,000       2,162,440  
   

 

 

  
      10,014,372  
 

 

 

4  

Schedule of Investments  (unaudited) (continued)

January 31, 2021

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
South Carolina — 1.9%  

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

  $ 755     $ 737,363  

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

     1,895       2,329,751  

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

     2,125       2,371,458  
   

 

 

  
      5,438,572  
Tennessee — 2.9%  

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

    2,945       3,231,225  

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

     875       954,091  

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

     615       693,154  

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

     1,200       1,270,344  

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

     1,075       1,257,417  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Building, RB, Series A, 5.00%, 07/01/46

     945       1,090,653  
   

 

 

  
      8,496,884  
Texas — 9.1%  

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

     105       101,056  

Central Texas Turnpike System, RB

    

Series C, 5.00%, 08/15/37

         1,970       2,272,612  

Series C, 5.00%, 08/15/42

     1,480       1,668,833  

City of Houston Texas Airport System Revenue,
Refunding RB, Sub-Series A, AMT, 4.00%, 07/01/47

    310       354,318  

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

    5,000       2,320,800  

Leander Independent School District, Refunding GO, CAB(c)

   

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

    550       324,445  

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

     5,450       3,183,127  

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

    16,780       8,686,503  

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

     930       1,081,385  

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

    1,140       1,262,812  

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

     440       561,625  

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

     300       328,983  

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

    115       157,998  

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

     2,080       2,268,531  

Texas Transportation Commission, RB, CAB(c) 0.00%, 08/01/35

     420       259,573  

0.00%, 08/01/36

     235       137,748  

0.00%, 08/01/37

     305       169,199  

0.00%, 08/01/38

     315       165,564  
Security   Par
(000)		     Value  
Texas (continued)  

Texas Transportation Commission, RB, CAB(c) (continued)

    

0.00%, 08/01/44

   $ 1,370     $ 518,627  

0.00%, 08/01/45

     1,800       646,362  
   

 

 

  
      26,470,101  
Utah — 0.5%  

Utah Charter School Finance Authority, Refunding RB

    

5.25%, 06/15/37(a)

    205       230,367  

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

     600       645,606  

5.38%, 06/15/48(a)

    260       287,609  

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

     375       408,615  
   

 

 

  
      1,572,197  
Vermont — 0.1%  

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

     335       349,589  
   

 

 

  
Virginia — 2.0%  

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

     780       788,775  

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

         1,030       1,041,176  

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

     1,515       1,620,747  

Virginia Small Business Financing Authority, RB

    

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

    745       753,180  

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

     1,440       1,550,102  
   

 

 

  
      5,753,980  
Washington — 0.7%  

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

     725       779,912  

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

     625       744,156  

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

     470       598,122  
   

 

 

  
      2,122,190  
West Virginia — 0.3%  

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

     730       819,228  
   

 

 

  
Wisconsin — 1.0%  

Public Finance Authority, RB, Series A, 5.00%, 10/15/50(a)

    875       942,314  

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

     435       437,923  

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

     1,330       1,531,375  
   

 

 

  
      2,911,612  
   

 

 

  

Total Municipal Bonds — 127.7%
(Cost: $323,283,877)

       371,445,161  
   

 

 

  

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       1,495,028  
   

 

 

  
 

 

 

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

   5

Schedule of Investments  (unaudited) (continued)

January 31, 2021

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Colorado — 0.7%  

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

  $ 1,769     $ 2,158,174  
   

 

 

  
Connecticut — 1.6%  

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

         3,902       4,576,265  
   

 

 

  
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           2,386,346  
   

 

 

  
Florida — 1.6%  

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

     1,860       2,139,651  

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

     2,120       2,590,534  
   

 

 

  
      4,730,185  
Georgia — 0.6%  

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

     1,567       1,745,410  
   

 

 

  
Louisiana — 0.5%  

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

     1,200       1,353,804  
   

 

 

  
Maryland — 1.1%  

Maryland Stadium Authority, RB, (ST INTERCEPT), 5.00%, 05/01/42

     2,760       3,323,951  
   

 

 

  
Massachusetts — 1.3%  

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

     3,018       3,796,727  
   

 

 

  
Michigan — 1.9%  

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

     2,759       3,175,585  

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

     2,142       2,373,230  
   

 

 

  
      5,548,815  
Minnesota — 1.9%  

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

     5,000       5,539,999  
   

 

 

  
Nebraska — 0.3%  

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

     818       941,195  
   

 

 

  
Nevada — 1.0%  

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

     2,311       2,921,421  
   

 

 

  
New Jersey — 1.7%  

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

    2,861       2,949,639  

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

     1,606       1,834,921  
   

 

 

  
      4,784,560  
New York — 9.0%  

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

     4,000       4,441,205  

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

     1,600       1,780,960  
Security   Par
(000)		     Value  
New York (continued)  

Hudson Yards Infrastructure Corp., RB(k)

 

5.75%, 02/15/21

   $ 406     $ 406,677  

5.75%, 02/15/47

     249       250,175  

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

     1,650       1,860,788  

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

        2,145       2,256,969  

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

     6,000       6,396,180  

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

     4,500       4,694,673  

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

     2,360       2,430,776  

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

     1,394       1,589,302  
   

 

 

  
      26,107,705  
Ohio — 0.7%  

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

    1,800       1,997,334  
   

 

 

  
Pennsylvania — 1.3%  

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

    2,399       2,833,966  

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

     914       986,428  
   

 

 

  
      3,820,394  
Rhode Island — 0.8%  

Rhode Island Housing and Mortgage Finance Corp., Refunding RB, S/F Housing, Series 69-B, (FHLMC, FNMA, GNMA), 3.55%, 10/01/33

     2,040       2,263,584  
   

 

 

  
Texas — 4.9%  

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

     2,609       3,242,051  

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(b)

    2,380       2,609,932  

Houston Community College System, GO, 4.00%, 02/15/23(b)

    2,160       2,328,804  

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

     1,680       1,947,792  

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

     1,409       1,481,692  

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

    

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

     698       766,817  

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

     494       525,396  

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

     383       420,411  

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

     936       995,507  
   

 

 

  
      14,318,402  
 

 

 

6  

Schedule of Investments  (unaudited) (continued)

January 31, 2021

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Washington — 0.9%  

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

   $ 2,213     $ 2,485,993  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 33.1%
(Cost: $88,983,581)

 

     96,295,292  
   

 

 

  

Total Long-Term Investments — 160.8%
(Cost: $412,267,458)

       467,740,453  
   

 

 

  
     Shares         
Short-Term Securities

 

Money Market Funds — 0.8%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(l)(m)

    2,192,714       2,193,152  
   

 

 

  

Total Short-Term Securities — 0.8%
(Cost: $2,193,152)

       2,193,152  
   

 

 

  

Total Investments — 161.6%
(Cost: $414,460,610)

       469,933,605  

Other Assets Less Liabilities — 1.0%

       2,912,941  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.3)%

 

     (56,101,171 ) 

VMTP Shares at Liquidation Value — (43.3)%

 

     (125,900,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 290,845,375  
   

 

 

  

 

(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 rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(h) 

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

(i) 

When-issued security.

(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 July 15, 2021 to February 15, 2047, is $8,975,112.

(l) 

Affiliate of the Trust.

(m) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
04/30/20 		     Purchases
at Cost 		     Proceeds
from Sales 		     Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
01/31/21 		     Shares
Held at
01/31/21 		     Income      Capital Gain
Distributions
from
Underlying
Funds 		 

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 4,003,899      $ —      $ (1,810,684 )(a)     $ 463      $ (526 )     $ 2,193,152        2,192,714      $ 179      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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

      40          03/22/21        $ 5,481     $ 13,539  

Long U.S. Treasury Bond

      18          03/22/21          3,037       48,245  
              

 

 

  
              
               $ 61,784  
              

 

 

  

 

 

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

   7

Schedule of Investments  (unaudited) (continued)

January 31, 2021

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the 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); and

 

  •  

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 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 financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments and derivative financial instruments 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

    $ —        $ 371,445,161        $ —        $ 371,445,161  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          96,295,292          —          96,295,292  

Short-Term Securities

                  

Money Market Funds

      2,193,152          —          —          2,193,152  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,193,152        $ 467,740,453        $ —        $ 469,933,605  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Assets

                  

Interest Rate Contracts

    $ 61,784        $ —        $             —        $ 61,784  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

    $ —        $ (56,081,385 )       $             —        $ (56,081,385 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (181,981,385 )       $ —        $ (181,981,385 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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
Portfolio Abbreviation (continued)
COP    Certificates of Participation
FGIC    Financial Guaranty Insurance Co.
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
 

 

 

8  

Schedule of Investments  (unaudited) (continued)

January 31, 2021

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Portfolio Abbreviation (continued)
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
PSF-GTD    Permanent School Fund Guaranteed
RB    Revenue Bond
S/F    Single-Family
SAW    State Aid Withholding
SONYMA    State of New York Mortgage Agency
ST    Special Tax
TA    Tax Allocation
UT    Unlimited Tax

    

 

 

 

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

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