BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-07354

Name of Fund:    BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Investment

            Quality Municipal Trust, Inc., 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 04/30/2017

Date of reporting period: 01/31/2017


Item 1 – Schedule of Investments

 


Schedule of Investments January 31, 2017 (Unaudited)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

    (Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

    Value  

Arizona — 8.3%

    

Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/42

   $ 3,300     $ 3,461,931  

City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, 5.00%, 7/01/45 (a)

     455       445,518  

County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, Series A:

    

3.25%, 1/01/37

     2,895       2,632,250  

4.00%, 1/01/38

     2,000       1,999,940  

Pinal County Electric District No 3, Refunding RB:

    

4.75%, 7/01/31

     680       772,221  

4.75%, 7/01/31

     3,070       3,341,695  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     1,035       1,160,670  

5.00%, 12/01/37

     4,585       5,179,858  

University Medical Center Corp., RB, 6.50%, 7/01/19 (b)

     750       842,475  

University Medical Center Corp., Refunding RB, 6.00%, 7/01/21 (b)

     1,600       1,897,520  
    

 

 

 
        21,734,078  

Arkansas — 3.6%

    

City of Benton Arkansas, RB, 4.00%, 6/01/39

     1,355       1,377,357  

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

     1,850       1,871,571  

City of Hot Springs Arkansas, RB, Wastewater, 5.00%, 12/01/38

     1,800       1,981,134  

City of Little Rock Arkansas, RB, 4.00%, 7/01/41

     2,955       3,000,448  

City of Rogers Arkansas Water Revenue, Refunding RB, 3.13%, 11/01/35

     780       700,276  

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

     465       505,432  
    

 

 

 
        9,436,218  

California — 20.6%

    

California Health Facilities Financing Authority, RB, Sutter Health:

    

Series A, 3.25%, 11/15/36

     630       584,577  

Series B, 5.88%, 8/15/31

     2,300       2,623,334  
Municipal Bonds   

Par  

(000)

    Value  

California (continued)

    

California Health Facilities Financing Authority, Refunding RB, Adventist Health System West, Series A, 3.00%, 3/01/39

   $ 1,130     $ 928,928  

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

     3,330       3,355,341  

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.25%, 12/01/56 (a)

     370       380,700  

Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34

     1,500       1,581,045  

City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34

     3,000       3,386,790  

Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34

     2,475       2,398,720  

Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (c)

     12,000       4,532,640  

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

    

0.00%, 8/01/30 (c)

     2,270       1,367,108  

0.00%, 8/01/33 (c)

     4,250       1,686,443  

0.00%, 8/01/39 (d)

     4,000       3,361,360  

San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (d)

     4,200       4,603,158  

State of California, GO, Refunding, Various Purposes:

    

5.00%, 6/01/17 (b)

     5,000       5,071,249  

5.00%, 2/01/38

     2,000       2,221,620  

4.00%, 10/01/44

     2,520       2,566,595  

State of California, GO, Various Purposes:

    

5.75%, 4/01/31

     3,000       3,272,430  

6.00%, 3/01/33

     2,270       2,569,436  

6.50%, 4/01/33

     2,900       3,221,436  
 

 

                
   BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017    1


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds   

Par  

(000)

    Value  

California (continued)

    

State of California, GO, Various Purposes (continued):

    

5.50%, 3/01/40

   $ 3,650     $ 4,053,471  
    

 

 

 
        53,766,381  

Connecticut — 1.2%

    

Connecticut State Health & Educational Facility Authority, Refunding RB:

    

Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36

     950       1,009,422  

Trinity Health Corp., 3.25%, 12/01/36

     150       133,932  

South Central Connecticut Regional Water Authority, Refunding RB, Thirty Second, Series B, 4.00%, 8/01/36

     1,980       2,027,223  
    

 

 

 
        3,170,577  

Delaware — 2.6%

    

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

     1,800       1,934,964  

Delaware Transportation Authority, RB:

    

5.00%, 6/01/45

     3,000       3,347,970  

5.00%, 6/01/55

     1,430       1,551,521  
    

 

 

 
        6,834,455  

Florida — 5.5%

    

Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A, 4.75%, 7/01/40

     900       881,280  

County of Miami-Dade Florida, RB:

    

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

     5,000       2,493,350  

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

     15,375       7,287,596  

Series B, AMT, 6.00%, 10/01/32

     3,000       3,524,160  
Municipal Bonds   

Par  

(000)

    Value  

Florida (continued)

    

County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32

   $ 200     $ 209,822  
    

 

 

 
        14,396,208  

Hawaii — 0.2%

    

Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37

     600       634,884  

Idaho — 1.2%

    

Idaho Health Facilities Authority, RB, St. Lukes Health System Project, Series A, 5.00%, 3/01/39

     3,000       3,204,360  

Illinois — 8.1%

    

Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (e)

     5,000       5,629,950  

City of Chicago Illinois, Refunding ARB, O’Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 1/01/29

     2,400       2,437,440  

City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41

     1,735       1,835,647  

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

     1,000       1,066,150  

Illinois Finance Authority, Refunding RB:

    

OSF Healthcare System, 6.00%, 5/15/39

     535       588,233  

Roosevelt University Project, 6.50%, 4/01/44

     1,500       1,544,340  

Railsplitter Tobacco Settlement Authority, RB:

    

6.25%, 6/01/24

     5,000       5,014,200  

6.00%, 6/01/28

     1,700       1,932,747  

State of Illinois, GO, 5.00%, 2/01/39

     1,000       993,400  
    

 

 

 
        21,042,107  

Iowa — 0.3%

    

Iowa Higher Education Loan Authority, RB, Private College Facility, Grinnell College Project, 4.00%, 12/01/36 (f)

     675       703,951  

 

 

 

                
2    BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017   


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds   

Par  

(000)

    Value  

Kansas — 3.7%

    

County of Johnson Kansas Unified School District No. 512 Shawnee Mission, GO, Refunding Series B, 3.00%, 10/01/37

   $ 1,940     $ 1,712,438  

Kansas Development Finance Authority, Refunding RB, Sisters Leavenworth:

    

5.00%, 1/01/20 (b)

     1,005       1,108,646  

5.00%, 1/01/28

     150       161,359  

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

    

5.00%, 9/01/39

     1,085       1,245,417  

5.00%, 9/01/39

     4,915       5,392,935  
    

 

 

 
        9,620,795  

Kentucky — 5.9%

    

County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Norton Healthcare, Inc., 4.00%, 10/01/35

     2,100       2,061,948  

Kentucky Bond Development Corp., Refunding RB, Saint Elizabeth Medical Center, Inc., 4.00%, 5/01/35

     875       887,136  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40

     3,400       3,638,476  

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

     8,500       6,925,035  

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

    

0.00%, 7/01/34

     1,000       822,860  

0.00%, 7/01/39

     1,395       1,123,715  
    

 

 

 
        15,459,170  

Louisiana — 1.7%

    

City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39

     1,790       1,954,537  

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

     1,565       1,799,671  
Municipal Bonds   

Par  

(000)

    Value  

Louisiana (continued)

    

Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31

   $ 600     $ 660,756  
    

 

 

 
        4,414,964  

Maryland — 0.8%

    

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

    

5.13%, 7/01/36

     260       256,779  

5.25%, 7/01/44

     260       255,281  

County of Montgomery Maryland, RB, Trinity Health Credit Group, 5.00%, 12/01/45

     1,500       1,680,300  
    

 

 

 
        2,192,360  

Massachusetts — 4.3%

    

Massachusetts Development Finance Agency, RB:

    

Emerson College Issue, Series A, 5.00%, 1/01/47

     1,010       1,073,266  

Dana-Farber Cancer Institute Issue, Series N, 5.00%, 12/01/46

     625       682,806  

Emerson College Issue, Series A, 5.25%, 1/01/42

     900       981,306  

Massachusetts Development Finance Agency, Refunding RB:

    

Boston College, Series T, 3.63%, 7/01/39

     1,730       1,697,372  

Boston College, Series T, 4.00%, 7/01/42

     2,860       2,906,275  

Emmanuel College Issue, Series A, 4.00%, 10/01/46

     1,380       1,276,059  

International Charter School, 5.00%, 4/15/40

     600       623,694  

WGBH Educational Foundation Issue, 3.00%, 1/01/42

     2,280       1,898,921  
    

 

 

 
        11,139,699  

Michigan — 3.8%

    

Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44

     360       376,830  

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

     2,305       2,204,272  
 

 

                
   BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017    3


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds   

Par  

(000)

    Value  

Michigan (continued)

    

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

   $ 4,150     $ 4,231,755  

Royal Oak Michigan Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (b)

     2,750       3,055,882  

State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38

     60       64,655  
    

 

 

 
        9,933,394  

Minnesota — 3.2%

    

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38

     1,905       2,057,248  

City of St. Cloud Minnesota, Refunding RB, CentraCare Health System, Series A, 3.25%, 5/01/39

     695       626,265  

Minneapolis-St Paul Metropolitan Airports Commission, Refunding RB, Sub Series D, AMT, 5.00%, 1/01/41

     460       503,249  

Minnesota Higher Education Facilities Authority, RB:

    

Augsburg College, Series A, 4.00%, 5/01/38

     920       898,049  

Augsburg College, Series B, 4.25%, 5/01/40

     1,895       1,878,305  

College of St. Benedict, Series 8-K, 5.00%, 3/01/37

     1,055       1,146,384  

College of St. Benedict, Series 8-K, 4.00%, 3/01/43

     615       610,055  

Minnesota Higher Education Facilities Authority, Refunding RB, University of St. Thomas, Series 8-L, 4.00%, 4/01/39

     620       631,420  
    

 

 

 
        8,350,975  

Mississippi — 2.1%

    

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

     600       659,334  

Mississippi Development Bank, RB, Special Obligation:

    

CAB, Hinds Community College District (AGM), 5.00%, 4/01/36

     1,910       2,050,748  
Municipal Bonds   

Par  

(000)

    Value  

Mississippi (continued)

    

Mississippi Development Bank, RB, Special Obligation (continued):

    

County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32

   $ 2,655     $ 2,864,639  
    

 

 

 
        5,574,721  

Missouri — 3.1%

    

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

     1,350       1,431,770  

Missouri State Health & Educational Facilities Authority, RB:

    

A.T. Still University of Health Sciences, 5.25%, 10/01/31

     500       553,970  

A.T. Still University of Health Sciences, 4.25%, 10/01/32

     480       500,059  

A.T. Still University of Health Sciences, 5.00%, 10/01/39

     750       821,948  

Heartland Regional Medical Center, 4.13%, 2/15/43

     700       711,137  

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

     1,500       1,657,080  

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

    

5.00%, 6/01/42

     860       940,530  

5.00%, 6/01/47

     1,230       1,340,663  
    

 

 

 
        7,957,157  

Nebraska — 5.6%

    

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42

     900       954,306  

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

     600       640,698  

County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine:

    

3.00%, 5/15/46

     3,075       2,447,546  

4.00%, 5/15/51

     1,565       1,524,967  

Gretna Public Schools, GO, Refunding School Building, 3.00%, 12/15/39

     1,480       1,252,776  
 

 

                
4    BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017   


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds   

Par  

(000)

    Value  

Nebraska (continued)

    

Lincoln Airport Authority, Refunding RB, Series A, 4.00%, 7/01/40

   $ 780     $ 793,377  

Nebraska Public Power District, Refunding RB, Series A:

    

5.00%, 1/01/32

     2,535       2,796,789  

4.00%, 1/01/44

     600       605,322  

Public Power Generation Agency, Refunding RB:

    

3.13%, 1/01/35

     1,845       1,622,327  

3.25%, 1/01/36

     2,075       1,836,956  
    

 

 

 
        14,475,064  

Nevada — 0.6%

    

County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 7/01/36

     1,500       1,553,040  

New Hampshire — 0.5%

    

New Hampshire Health and Education Facilities Authority Act, Refunding RB, Southern New Hampshire Medical Center, 3.50%, 10/01/34

     1,390       1,292,478  

New Jersey — 7.3%

    

County of Atlantic New Jersey Improvement Authority, RB, Stockton University Atlantic City, Series A (AGM), 4.00%, 7/01/46

     2,050       2,032,411  

County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (g)(h)

     1,510       59,177  

New Jersey EDA, RB, AMT:

    

Continental Airlines, Inc. Project, 5.25%, 9/15/29

     1,335       1,404,861  

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

     990       1,074,229  

Goethals Bridge Replacement Project (AGM), 5.13%, 7/01/42

     300       325,677  

New Jersey Educational Facilities Authority, Refunding RB, College of New Jersey, 3.50%, 7/01/31

     1,150       1,131,531  

New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A:

    

RWJ Barnabas Health Obligated Group, 4.00%, 7/01/43

     2,955       2,931,094  

St. Barnabas Health Care System, 4.63%, 7/01/21 (b)

     770       868,583  
Municipal Bonds   

Par  

(000)

    Value  

New Jersey (continued)

    

New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A (continued):

    

St. Barnabas Health Care System, 5.63%, 7/01/21 (b)

   $ 2,560     $ 2,996,454  

St. Barnabas Health Care System, 5.00%, 7/01/25

     500       556,520  

New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38

     50       51,466  

New Jersey State Turnpike Authority, RB, Series E, 5.00%, 1/01/45

     2,780       3,064,060  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     1,600       572,560  

Transportation Program, Series AA, 5.00%, 6/15/45

     1,350       1,335,785  

Transportation Program, Series AA, 5.00%, 6/15/46

     600       592,680  
    

 

 

 
        18,997,088  

New Mexico — 0.3%

    

New Mexico Hospital Equipment Loan Council, Refunding RB, Presbyterian Healthcare Services, 5.00%, 8/01/44

     680       750,754  

New York — 6.9%

    

City of New York New York, GO, Fiscal 2014,
Sub-Series A-1, 5.00%, 8/01/35

     1,520       1,705,957  

City of New York New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium:

    

(AMBAC), 5.00%, 1/01/39

     1,100       1,102,299  

(AGC), 6.50%, 1/01/46

     300       326,322  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (a)

     1,400       1,450,960  

Counties of New York Tobacco Trust VI, Refunding RB, Tobacco Settlement Pass-Through, 4.00%, 6/01/51

     1,000       903,740  

County of Nassau New York, GO, Series A, 5.00%, 1/15/30

     1,250       1,462,500  
 

 

                
   BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017    5


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds  

Par  

(000)

    Value  

New York (continued)

   

Erie Tobacco Asset Securitization Corp., Refunding RB, Asset-Backed, Series A, 5.00%, 6/01/45

  $ 1,825     $ 1,730,191  

Hudson Yards Infrastructure Corp., RB, Series A (AGM), 5.00%, 2/15/47

    500       503,800  

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39

    2,475       2,662,308  

Metropolitan Transportation Authority Hudson Rail Yards Trust Obligations, Refunding RB, Series A, 5.00%, 11/15/56

    1,365       1,462,024  

New York Liberty Development Corp., Refunding RB:

   

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

    1,250       1,362,525  

3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a)

    640       680,781  

New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 8/01/31

    1,905       1,972,666  

Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (a)

    600       604,146  
   

 

 

 
        17,930,219  

North Carolina — 0.7%

   

City of Raleigh North Carolina Combined Enterprise System Revenue, Refunding RB, Series B, 3.00%, 3/01/37

    1,495       1,355,427  

County of Pitt North Carolina, Refunding RB, Series B, 3.00%, 4/01/33

    615       556,040  
   

 

 

 
        1,911,467  

North Dakota — 0.6%

   

City of Fargo North Dakota, GO, Series D, 4.00%, 5/01/37

    795       815,773  
Municipal Bonds  

Par  

(000)

    Value  

North Dakota (continued)

   

County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/21 (b)

  $ 720     $ 821,002  
   

 

 

 
        1,636,775  

Ohio — 1.2%

   

City of Dayton Ohio Airport Revenue, Refunding ARB, James M Cox Dayton International Airport, AMT, 4.00%, 12/01/32

    3,000       3,037,290  

Oklahoma — 2.8%

   

Norman Oklahoma Regional Hospital Authority, Refunding RB, 4.00%, 9/01/37

    2,935       2,866,439  

Oklahoma City Public Property Authority, Refunding RB:

   

5.00%, 10/01/36

    800       881,456  

5.00%, 10/01/39

    280       307,199  

Oklahoma Development Finance Authority, RB, State System of Higher Education Master Real Property, Series F, 4.00%, 6/01/36

    1,080       1,102,766  

Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38

    570       577,182  

Oklahoma Water Resources Board, RB, Clean Water Program, 4.00%, 4/01/40

    1,475       1,526,935  
   

 

 

 
        7,261,977  

Oregon — 3.3%

   

County of Lane Oregon School District No. 19 Springfield, GO, CAB, Series B, 0.00%, 6/15/40 (c)

    1,500       566,070  

Klamath Falls Intercommunity Hospital Authority, Refunding RB, Sky Lakes Medical Center Project:

   

3.00%, 9/01/35

    1,130       984,151  

3.00%, 9/01/41

    950       785,203  

Oregon Health & Science University, Refunding RB, Series B, 4.00%, 7/01/46

    925       936,581  

State of Oregon Facilities Authority, Refunding RB, Legacy Health Project, Series A, 4.00%, 6/01/41

    2,610       2,636,257  
 

 

                
6    BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017   


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds   

Par  

(000)

    Value  

Oregon (continued)

    

State of Oregon State Facilities Authority, Refunding RB, University of Portland Project, Series A, 5.00%, 4/01/45

   $ 2,485     $ 2,747,664  
    

 

 

 
        8,655,926  

Pennsylvania — 5.0%

    

County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27

     2,535       2,448,506  

Delaware River Port Authority, RB:

    

4.50%, 1/01/32

     3,000       3,240,210  

Series D (AGM), 5.00%, 1/01/40

     3,640       3,948,927  

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

     500       324,005  

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

     810       854,315  

Pottsville Hospital Authority, Refunding RB, Lehigh Valley Health Network, Series B, 5.00%, 7/01/45

     2,000       2,150,460  
    

 

 

 
        12,966,423  

Rhode Island — 3.9%

    

Rhode Island Commerce Corp., RB, Airport Corporation:

    

5.00%, 7/01/41

     430       471,228  

5.00%, 7/01/46

     540       589,534  

Rhode Island Health & Educational Building Corp., RB, Higher Educational Facility, Series B (f):

    

4.00%, 9/15/33

     675       695,662  

4.00%, 9/15/35

     350       357,287  

Rhode Island Turnpike & Bridge Authority, Refunding RB, Series A, 5.00%, 10/01/40

     2,710       3,010,566  

State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28

     1,330       1,421,025  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 6/01/40

     1,000       1,040,710  
Municipal Bonds   

Par  

(000)

    Value  

Rhode Island (continued)

    

Tobacco Settlement Financing Corp., Refunding RB (continued):

    

Series B, 4.50%, 6/01/45

   $ 2,725     $ 2,574,771  
    

 

 

 
        10,160,783  

South Dakota — 1.0%

    

Dakota Valley School District No. 61-8, GO, Refinding, 3.00%, 7/15/39

     3,080       2,653,605  

Tennessee — 4.7%

    

Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/40

     2,945       3,070,928  

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

     875       911,689  

County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System, Inc., 4.00%, 9/01/40

     3,285       3,216,081  

County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:

    

5.25%, 11/01/27

     1,135       1,238,183  

5.38%, 11/01/28

     1,000       1,096,780  

Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42

     1,200       1,263,948  

Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 7/01/40

     1,075       1,172,728  

Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.00%, 10/01/45

     360       388,908  
    

 

 

 
        12,359,245  

Texas — 7.1%

    

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

     5,000       1,800,350  
 

 

                
   BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017    7


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds  

Par  

(000)

    Value  

Texas (continued)

   

County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co., Project, Series A, 6.30%, 11/01/29

  $ 2,200     $ 2,408,362  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/38 (c)

    16,780       6,623,234  

Leander ISD, CAB, Series D, 0.00%, 8/15/35 (c)

    6,000       2,844,660  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38

    1,140       1,283,127  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 6/30/40

    3,000       3,431,010  
   

 

 

 
        18,390,743  

Utah — 0.2%

   

Utah State Charter School Finance Authority, Refunding RB, Mountainville Academy, 4.00%, 4/15/42

    600       599,022  

Vermont — 1.1%

   

University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37

    1,860       1,889,425  

Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32

    920       934,527  
   

 

 

 
        2,823,952  

Virginia — 0.9%

   

Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A, 5.38%, 3/01/36

    780       747,786  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37

    1,440       1,613,160  
   

 

 

 
        2,360,946  

West Virginia — 0.8%

   

County of Berkeley West Virginia Public Service Sewer District, Refunding RB, (BAM):

   

5.00%, 6/01/36

    615       677,582  

3.38%, 6/01/46

    920       818,984  
Municipal Bonds  

Par  

(000)

    Value  

West Virginia (continued)

   

West Virginia Hospital Finance Authority, Refunding RB, West Virginia United Health System Obligated Group, 3.00%, 6/01/36

  $ 615     $ 517,209  
   

 

 

 
        2,013,775  

Wisconsin — 2.1%

   

Public Finance Authority, Refunding RB, National Gypsum Co., AMT, 4.00%, 8/01/35

    435       404,985  

Wisconsin Health & Educational Facilities Authority, Refunding RB:

   

Medical College of Wisconsin, Inc., 4.00%, 12/01/46

    955       955,716  

The Monroe Clinic, Inc., 3.00%, 2/15/35

    1,690       1,470,317  

The Monroe Clinic, Inc., 4.00%, 2/15/38

    1,230       1,217,885  

WPPI Energy Power Supply Systems, Refunding RB, Series A, 5.00%, 7/01/37

    1,330       1,469,344  
   

 

 

 
    5,518,247  
Total Municipal Bonds — 136.8%       356,915,273  
   
                 

Municipal Bonds Transferred to

Tender Option Bond Trusts (i)

               

Colorado — 2.1%

   

Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 5/01/18 (b)

    5,250       5,511,292  

Connecticut — 1.6%

   

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

    3,902       4,266,427  

Georgia — 2.6%

   

City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, 5.00%, 11/01/43

    5,997       6,741,580  

Minnesota — 2.2%

   

State of Minnesota, RB, Series A, 5.00%, 6/01/38

    5,000       5,578,787  
 

 

                
8    BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017   


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (i)

  

Par  

(000)

    Value  

New Jersey — 1.1%

    

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (j)

   $ 2,861     $ 2,906,198  

New York — 9.6%

    

City of New York New York, GO, Fiscal 2015, Series B, 4.00%, 8/01/32

     1,600       1,705,632  

City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A:

    

5.75%, 6/15/18 (b)

     159       168,045  

5.75%, 6/15/40

     531       562,016  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System:

    

2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 6/15/47

     4,000       4,439,021  

2nd General Resolution, Series FF-2, 5.50%, 6/15/40

     810       884,585  

Series A, 4.75%, 6/15/17 (b)

     754       763,902  

Series A, 4.75%, 6/15/30

     3,246       3,289,098  

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (j)

     1,750       1,980,592  

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

     4,500       5,024,874  

State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/18 (b)

     3,359       3,547,538  

State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31

     2,360       2,673,998  
    

 

 

 
        25,039,301  

Ohio — 1.7%

    

County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 4/28/18 (b)

     1,740       1,825,382  

Municipal Bonds Transferred to

Tender Option Bond Trusts (i)

  

Par  

(000)

    Value  

Ohio (continued)

    

Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33

   $ 2,600     $ 2,685,254  
    

 

 

 
        4,510,636  

Texas — 1.0%

    

City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43

     2,380       2,654,819  

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 21.9%

 

 

    57,209,040  

Total Long-Term Investments

(Cost — $394,319,970) — 158.7%

 

 

    414,124,313  
    
                  
Short-Term Securities — 1.4%    Shares         

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.50% (k)(l)

     3,550,784       3,551,139  

Total Short-Term Securities

(Cost — $3,550,784) — 1.4%

 

 

    3,551,139  

Total Investments

(Cost — $397,870,754*) — 160.1%

 

 

    417,675,452  

Other Assets Less Liabilities — 0.8%

 

    1,934,868  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.6)%

 

    (32,837,191

VMTP Shares, at Liquidation Value — (48.3)%

 

    (125,900,000
    

 

 

 

Net Assets Applicable to Common Shares — 100.0%

 

  $ 260,873,129  
    

 

 

 

 

*   As of January 31, 2017, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

  $ 365,144,861  
 

 

 

 

Gross unrealized appreciation

  $ 27,518,007  

Gross unrealized depreciation

    (7,770,431
 

 

 

 

Net unrealized appreciation

  $ 19,747,576  
 

 

 

 
 

 

                
   BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017    9


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Notes to Schedule of Investments

 

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

 

(f)   When-issued security.

 

(g)   Non-income producing security.

 

(h)   Issuer filed for bankruptcy and/or is in default.

 

(i)   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.

 

(j)   All or a portion of 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 February 15, 2019 to June 15, 2019, is $3,148,884.

 

(k)   During the period ended January 31, 2017, investments in issuers considered to be an affiliate 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 April 30,
2016
      

Net

Activity

       Shares Held
at January 31,
2017
      

Value at

January 31,
2017

       Income       

Net

Realized Gain

      

Change in
Unrealized

Appreciation

 

BlackRock Liquidity Funds,
MuniCash, Institutional Class

       1,080,099          2,470,685          3,550,784        $ 3,551,139        $ 15,202        $ 585        $ 355  

 

(l)   Current yield as of period end.

 

Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts

 

                            

Contracts

Short

  Issue      Expiration     

Notional

Value

      

Unrealized

Depreciation

 
(18)   5-Year U.S. Treasury Note      March 2017      $ 2,121,609        $ (2,841
(124)   10-Year U.S. Treasury Note      March 2017      $ 15,434,125          (35,527
(144)   Long U.S. Treasury Bond      March 2017      $ 21,721,500          (25,088
(21)   Ultra U.S. Treasury Bond      March 2017      $ 3,374,438          (13,585

Total

 

     $ (77,041
                

 

 

 

 

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.
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDA    Economic Development Authority

 

                
10    BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017   


Schedule of Investments (continued)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
ISD    Independent School District
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PILOT    Payment in Lieu of Taxes
RB    Revenue Bonds
S/F    Single-Family

 

                
   BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017    11


Schedule of Investments (continued)

  

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. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

 

   

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 Trust’s own 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. 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 Investments1

  $        $ 414,124,313                 $ 414,124,313  

Short-Term Securities

    3,551,139                            3,551,139  
 

 

 

 

Total

  $ 3,551,139        $ 414,124,313                 $ 417,675,452  
 

 

 

 
                
Derivative Financial Instruments2                                         

Liabilities:

                

Interest rate contracts

  $ (77,041                        $ (77,041
 

 

 

 
  1   

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

  2   

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

 

                
12    BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017   


Schedule of Investments (concluded)

  

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

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

           $ (32,783,015               $ (32,783,015

VMTP Shares at Liquidation Value

             (125,900,000                 (125,900,000
 

 

 

 

Total

       $ (158,683,015               $ (158,683,015
 

 

 

 

During the period ended January 31, 2017, there were no transfers between levels.

 

                
   BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.    JANUARY 31, 2017    13


Item 2 – Controls and Procedures

 

2(a) –

   The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –

   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

   Certifications – Attached hereto


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Investment Quality Municipal Trust, Inc.

By:    /s/ John M. Perlowski                

         John M. Perlowski

         Chief Executive Officer (principal executive officer) of

         BlackRock Investment Quality Municipal Trust, Inc.

Date: March 23, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:    /s/ John M. Perlowski                

         John M. Perlowski

         Chief Executive Officer (principal executive officer) of

         BlackRock Investment Quality Municipal Trust, Inc.

Date: March 23, 2017

By:    /s/ Neal J. Andrews                    

         Neal J. Andrews

         Chief Financial Officer (principal financial officer) of

         BlackRock Investment Quality Municipal Trust, Inc.

Date: March 23, 2017