N-Q 1 d495373dnq.htm BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC. 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: 04/30/2018

Date of reporting period: 01/31/2018

Item 1 – Schedule of Investments

 

Schedule of Investments  (unaudited)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Municipal Bonds  
Alabama — 0.9%  

Homewood Educational Building Authority, Refunding RB, Educational Facilities, Samford University, Series A, 5.00%, 12/01/33

   $ 760     $ 863,656  

Opelika Utilities Board, Refunding RB,
4.00%, 06/01/41

     1,540       1,599,537  
   

 

 

  
      2,463,193  
Arizona — 6.8%  

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

     3,300       3,498,330  

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

     455       470,347  

County of Maricopa Arizona IDA, Refunding RB, Banner Health Obligation Group, Series A, 4.00%, 01/01/41

     825       852,984  

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

    

4.75%, 07/01/21 (b)

     680       749,210  

4.75%, 07/01/31

     3,070       3,302,982  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     1,035       1,218,640  

5.00%, 12/01/37

     4,585       5,460,093  

University Medical Center Corp., RB,
6.50%, 07/01/19 (b)

     750       801,158  

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

     1,600       1,820,368  
   

 

 

  
      18,174,112  
Arkansas — 2.0%  

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

     755       786,695  

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

     1,250       1,293,350  

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

     2,645       2,723,397  

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

     465       512,672  
   

 

 

  
      5,316,114  
California — 20.0%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 08/15/31

     2,300       2,522,295  
Security   Par
(000)		     Value  
California (continued)  

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

   $ 3,330     $ 3,442,154  

Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 05/01/34 (c)

     1,500       1,701,615  

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

    

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

     2,460       2,522,140  

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

     3,000       3,318,300  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1, 5.75%, 06/01/47

     1,985       2,003,897  

Hartnell Community College District California, GO, CAB, Election of 2002, Series D,
0.00%, 08/01/34 (c)

     2,475       2,506,532  

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

     12,000       5,155,200  

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

    

0.00%, 08/01/30 (d)

     2,270       1,507,938  

0.00%, 08/01/33 (d)

     4,250       1,732,045  

0.00%, 08/01/39 (c)

     4,000       3,862,080  

San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 08/01/33 (c)

     4,200       4,891,782  

State of California, GO, Refunding, Various Purposes:

    

5.00%, 02/01/38

     2,000       2,230,520  

4.00%, 10/01/44

     2,520       2,646,227  

State of California, GO, Various Purposes:

    

5.75%, 04/01/31

     3,000       3,146,130  

6.00%, 03/01/33

     2,270       2,476,979  

6.50%, 04/01/33

     2,900       3,062,429  

5.50%, 03/01/40

     3,650       3,940,102  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
California (continued)  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1,
5.13%, 06/01/46

   $ 495     $ 495,856  
   

 

 

  
      53,164,221  
Colorado — 0.1%  

Rampart Range Metropolitan District No. 1, Refunding RB, (AGM), 5.00%, 12/01/47

     260       296,369  
   

 

 

  
Connecticut — 0.4%  

Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 07/01/36

     950       1,008,254  
   

 

 

  
Delaware — 1.3%  

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

     1,800       1,900,620  

Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55

     1,430       1,591,018  
   

 

 

  
      3,491,638  
Florida — 7.8%  

Capital Trust Agency Inc., RB, M/F Housing, The Gardens Apartment Project, Series A,
4.75%, 07/01/40

     900       937,629  

Central Florida Expressway Authority, Refunding RB, Senior Lien, 4.00%, 07/01/41

     3,000       3,104,730  

County of Miami-Dade Florida, RB:

    

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

     5,000       2,793,350  

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

     15,375       8,179,500  

Series B, AMT, 6.00%, 10/01/32

     3,000       3,485,790  

County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series B, AMT, 5.00%, 10/01/40

     1,895       2,144,534  

County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 06/01/32

     200       211,734  
   

 

 

  
      20,857,267  
Hawaii — 1.3%  

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

    

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

     2,770       2,859,886  
Security   Par
(000)		     Value  
Hawaii (continued)  

State of Hawaii Department of Budget & Finance, Refunding RB (continued):

    

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

   $ 600     $ 665,394  
   

 

 

  
      3,525,280  
Idaho — 1.2%  

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

     3,000       3,253,560  
   

 

 

  
Illinois — 8.7%  

Chicago Board of Education, GO, Dedicated Revenues, Series H, 5.00%, 12/01/36

     375       384,641  

Chicago Board of Education, GO, Refunding, Dedicated Revenues, Series C, 5.00%, 12/01/34

     370       381,281  

Chicago Board of Education, GO, Refunding Dedicated Revenues:

    

Series D, 5.00%, 12/01/26

     675       718,565  

Series F, 5.00%, 12/01/22

     505       536,295  

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

     5,000       5,365,500  

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

     2,400       2,469,168  

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

     1,735       1,903,972  

City of Chicago Illinois O’Hare International Airport, GARB, Senior Lien, Series D, AMT,
5.00%, 01/01/42

     770       860,891  

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

     1,000       1,088,370  

Illinois Finance Authority, Refunding RB:

    

OSF Healthcare System,
6.00%, 05/15/39

     435       460,957  

Roosevelt University Project,
6.50%, 04/01/44

     1,500       1,587,030  

Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds,
Series A, 5.00%, 06/15/57

     1,025       1,104,386  

Railsplitter Tobacco Settlement Authority, RB:

    

6.00%, 06/01/21 (b)

     1,700       1,935,093  

5.00%, 06/01/28

     370       423,879  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

State of Illinois, GO:

    

5.00%, 02/01/39

   $ 1,000     $ 1,035,060  

Series D, 5.00%, 11/01/28

     2,655       2,829,858  
   

 

 

  
      23,084,946  
Kansas — 3.0%  

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

    

5.00%, 09/01/22 (b)

     4,915       5,598,824  

5.00%, 09/01/39

     1,085       1,225,258  

Kansas Development Finance Authority, Refunding RB, Sisters Leavenworth:

    

5.00%, 01/01/20 (b)

     1,005       1,067,963  

5.00%, 01/01/28

     150       158,522  
   

 

 

  
      8,050,567  
Kentucky — 6.6%  

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

     4,000       4,460,440  

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

     3,400       3,666,288  

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

     8,500       7,220,665  

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

    

0.00%, 07/01/34

     1,000       931,390  

0.00%, 07/01/39

     1,395       1,284,948  
   

 

 

  
      17,563,731  
Louisiana — 1.6%  

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

     1,790       1,989,245  

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

     1,565       1,742,048  
Security   Par
(000)		     Value  
Louisiana (continued)  

Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 05/01/31

   $ 600     $ 642,564  
   

 

 

  
      4,373,857  
Maryland — 0.2%  

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

    

5.13%, 07/01/36

     260       263,175  

5.25%, 07/01/44

     260       262,535  
   

 

 

  
      525,710  
Massachusetts — 2.1%  

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

    

5.00%, 01/01/47

     1,010       1,130,867  

5.25%, 01/01/42

     900       1,028,574  

Massachusetts Development Finance Agency, Refunding RB:

    

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

     1,380       1,369,567  

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

     600       639,900  

Suffolk University,
4.00%, 07/01/39

     1,375       1,394,374  
   

 

 

  
      5,563,282  
Michigan — 3.9%  

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

     360       387,083  

Michigan Finance Authority, Refunding RB:

    

Henry Ford Health System,
4.00%, 11/15/46

     2,310       2,314,990  

Trinity Health Credit Group,
Series A, 4.00%, 12/01/36

     460       475,488  

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

     4,150       4,267,860  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital,
Series V, 8.25%, 09/01/18 (b)

     2,750       2,858,817  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Michigan (continued)  

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

   $ 60     $ 61,970  
   

 

 

  
      10,366,208  
Minnesota — 3.0%  

City of Maple Grove Minnesota, Refunding RB, Maple Grove Hospital, Corp., 4.00%, 05/01/37

     1,405       1,427,747  

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

     1,905       1,976,495  

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

     305       317,953  

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

     460       522,233  

Minnesota Higher Education Facilities Authority, RB:

    

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

     1,895       1,895,265  

College of St. Benedict, Series 8-K,
5.00%, 03/01/37

     1,055       1,171,789  

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

     615       626,476  
   

 

 

  
      7,937,958  
Mississippi — 2.1%  

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

     600       666,792  

Mississippi Development Bank, RB, Special Obligation:

    

CAB, Hinds Community College District (AGM),
5.00%, 04/01/21 (b)

     1,910       2,103,311  

County of Jackson Limited Tax Note (AGC),
5.50%, 07/01/32

     2,655       2,786,343  
   

 

 

  
      5,556,446  
Missouri — 3.0%  

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

     1,350       1,472,998  

Missouri State Health & Educational Facilities Authority, RB:

    

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

     500       551,900  
Security   Par
(000)		     Value  
Missouri (continued)  

Missouri State Health & Educational Facilities Authority, RB (continued):

    

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

   $ 480     $ 502,354  

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

     750       830,040  

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

     700       719,054  

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

     1,500       1,683,375  

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

    

5.00%, 06/01/42

     860       967,724  

5.00%, 06/01/47

     1,230       1,378,854  
   

 

 

  
      8,106,299  
Nebraska — 2.4%  

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

     900       1,001,736  

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

     600       660,150  

County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine, 3.00%, 05/15/46

     1,475       1,285,418  

Nebraska Public Power District, Refunding RB,
Series A:

    

5.00%, 01/01/32

     2,535       2,791,720  

4.00%, 01/01/44

     600       613,296  
   
      6,352,320  
Nevada — 0.6%  

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

     1,500       1,576,410  

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

     125       127,805  
   

 

 

  
      1,704,215  
New Jersey — 8.6%  

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

     1,510       15,855  

New Jersey EDA, RB:

    

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

     1,335       1,460,370  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey EDA, RB (continued):

    

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

   $ 990     $ 1,124,165  

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

     300       331,392  

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

     160       170,845  

New Jersey EDA, Refunding RB, Sub-Series A, 4.00%, 07/01/32

     250       251,555  

New Jersey Educational Facilities Authority, Refunding RB, College of New Jersey, Series G, 3.50%, 07/01/31

     1,150       1,151,472  

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

    

RWJ Barnabas Health Obligated Group,
4.00%, 07/01/43

     2,955       3,044,536  

St. Barnabas Health Care System,
4.63%, 07/01/21 (b)

     770       842,503  

St. Barnabas Health Care System,
5.63%, 07/01/21 (b)

     2,560       2,885,504  

St. Barnabas Health Care System,
5.00%, 07/01/25

     500       556,310  

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

     2,780       3,106,372  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     1,600       721,120  

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

     1,350       1,430,946  

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

     600       635,586  

Transportation System, Series A,
5.50%, 06/15/41

     500       530,685  

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

     2,000       2,143,760  

South Jersey Port Corp., ARB, Marine Terminal, Series B, AMT, 5.00%, 01/01/42

     295       315,694  

Tobacco Settlement Financing Corp., Refunding RB, Series 1A, 5.00%, 06/01/41

     2,115       2,084,777  
   

 

 

  
      22,803,447  
New Mexico — 1.1%  

New Mexico Finance Authority, RB, Senior Lien, Series A:

    

3.25%, 06/01/33

     745       746,766  
Security   Par
(000)		     Value  
New Mexico (continued)  

New Mexico Finance Authority, RB, Senior Lien, Series A (continued):

    

3.25%, 06/01/34

   $ 1,340     $ 1,338,271  

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

     680       760,532  
   

 

 

  
      2,845,569  
New York — 5.3%  

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

    

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

     1,100       1,111,627  

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

     300       313,083  

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

     1,400       1,446,326  

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

     1,000       935,330  

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

     1,825       1,761,618  

Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 04/01/19 (b)

     2,475       2,597,636  

New York Liberty Development Corp., Refunding RB:

    

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3,
6.38%, 07/15/49

     1,250       1,339,512  

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

     640       701,645  

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

     1,905       2,025,396  

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

     600       600,432  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

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

   $ 1,160     $ 1,189,766  
   

 

 

  
      14,022,371  
North Dakota — 0.3%  

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

     720       794,182  
   

 

 

  
Ohio — 1.9%  

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

     3,000       3,065,730  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 08/01/38

     1,215       1,241,147  

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

    

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

     500       525,855  

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

     275       288,849  
   

 

 

  
      5,121,581  
Oklahoma — 1.7%  

Norman Oklahoma Regional Hospital Authority, Refunding RB, 4.00%, 09/01/37

     1,765       1,803,583  

Oklahoma City Public Property Authority, Refunding RB:

    

5.00%, 10/01/36

     800       911,728  

5.00%, 10/01/39

     280       317,666  

Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57

     1,315       1,442,739  
   

 

 

  
      4,475,716  
Oregon — 3.3%  

Clackamas Community College District, GO, Convertible Deferred Interest Bonds, Series A, 0.00%, 06/15/38 (c)

     335       343,271  

County of Lane Oregon School District No. 19 Springfield, GO, CAB, Series B,
0.00%, 06/15/40 (d)

     1,500       646,230  
Security   Par
(000)		     Value  
Oregon (continued)  

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

    

3.00%, 09/01/35

   $ 345     $ 315,237  

3.00%, 09/01/41

     950       825,550  

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

     1,075       1,126,568  

State of Oregon Facilities Authority, Refunding RB, Legacy Health Project, Series A, 4.00%, 06/01/41

     2,610       2,671,231  

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

     2,485       2,757,480  
   

 

 

  
      8,685,567  
Pennsylvania — 10.9%  

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

     2,535       2,634,423  

Delaware River Port Authority, RB:

    

4.50%, 01/01/32

     3,000       3,223,620  

Series D (AGM), 5.00%, 01/01/40

     3,640       3,850,319  

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

     500       339,655  

Pennsylvania Economic Development Financing Authority, Refunding RB:

    

National Gypsum Co., AMT, 5.50%, 11/01/44

     810       856,624  

Series A, 4.00%, 11/15/42

     3,485       3,541,352  

Pennsylvania Turnpike Commission, RB:

    

Series B, 5.00%, 12/01/36

     3,350       3,779,436  

Series B, 5.00%, 12/01/40

     500       561,145  

Sub-Series B-1, 5.00%, 06/01/42

     1,970       2,188,493  

Pennsylvania Turnpike Commission, Refunding RB, Motor Licensed Fund Enhancement, Second Series, 5.00%, 12/01/41

     1,060       1,193,115  

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

     2,000       2,210,540  

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

     800       859,400  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania (continued)  

State Public School Building Authority, Refunding RB, Fluvanna County School Philadelphia, 5.00%, 06/01/36

   $ 3,625     $ 3,911,846  
   

 

 

  
      29,149,968  
Puerto Rico — 1.0%  

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

    

5.50%, 05/15/39

     1,470       1,352,385  

5.63%, 05/15/43

     1,395       1,274,988  
   

 

 

  
      2,627,373  
Rhode Island — 5.1%  

Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/42

     1,485       1,539,010  

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

     1,845       1,876,826  

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

     2,560       2,886,707  

State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 04/01/19 (b)

     1,330       1,389,690  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/40

     1,000       1,073,450  

Series B, 4.50%, 06/01/45

     2,725       2,762,224  

Series B, 5.00%, 06/01/50

     2,000       2,085,840  
   

 

 

  
      13,613,747  
South Dakota — 0.5%  

Dakota Valley School District No. 61-8, GO, Refunding, 3.00%, 07/15/39

     1,515       1,403,526  
   

 

 

  
Tennessee — 3.8%  

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

     2,945       3,161,958  

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

     875       940,511  

County of Knox Tennessee Health Educational & Housing Facility Board, RB, University Health System, Inc., 4.00%, 09/01/40

     1,285       1,283,073  
Security   Par
(000)		     Value  
Tennessee (continued)  

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

    

5.25%, 11/01/27

   $ 1,135     $ 1,203,645  

5.38%, 11/01/28

     1,000       1,063,510  

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

     1,075       1,189,552  

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

     1,200       1,273,476  
   

 

 

  
      10,115,725  
Texas — 7.6%  

County of Harris Cultural Education Facilities Finance Corp., Refunding RB, Teco Project, 4.00%, 11/15/35

     1,300       1,365,520  

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

     5,000       1,901,850  

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

     2,200       2,370,720  

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

     16,780       6,998,938  

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

    

0.00%, 08/15/24 (b)

     550       283,514  

0.00%, 08/15/35

     5,450       2,666,467  

Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%, 03/15/38

     1,140       1,291,495  

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

     3,000       3,331,020  
   

 

 

  
      20,209,524  
Utah — 0.4%  

Utah State Charter School Finance Authority, Refunding RB:

    

Mountainville Academy, 4.00%, 04/15/42

     600       609,204  

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

     205       204,592  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Utah (continued)  

Utah State Charter School Finance Authority, Refunding RB (continued):

    

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

   $ 260     $ 255,211  
   

 

 

  
      1,069,007  
Vermont — 0.3%  

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

     775       797,630  
   

 

 

  
Virginia — 2.2%  

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

     780       816,761  

Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A, 5.50%, 07/01/57 (h)

     1,670       1,972,921  

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

     1,030       997,740  

Virginia Small Business Financing Authority, RB, AMT:

    

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

     1,440       1,625,573  

Transform 66 P3 Project, 5.00%, 12/31/52

     405       446,849  
   

 

 

  
      5,859,844  
Wisconsin — 2.2%  

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

     435       421,672  

Wisconsin Health & Educational Facilities Authority, Refunding RB:

    

Ascension Senior Credit Group,
4.00%, 11/15/36

     2,900       3,020,350  

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

     865       886,158  

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

     1,330       1,503,990  
   

 

 

  
      5,832,170  

Total Municipal Bonds — 135.2%
(Cost — $334,369,912)

 

     360,162,494  
Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts (i)

 

Colorado — 2.0%  

Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 05/01/18 (b)

   $ 5,250     $ 5,294,966  
   

 

 

  
Connecticut — 1.6%  

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

     3,902       4,390,005  
   

 

 

  
Florida — 0.9%  

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

     2,120       2,409,539  
   

 

 

  
Georgia — 2.6%  

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

     5,997       6,822,980  
   

 

 

  
Massachusetts — 1.3%  

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

     3,018       3,492,991  
   

 

 

  
Minnesota — 2.1%  

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

     5,000       5,617,898  
   

 

 

  
New Jersey — 1.7%  

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

     1,606       1,659,052  

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

     2,861       3,021,149  
   

 

 

  
      4,680,201  
New York — 7.8%  

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

     1,600       1,695,080  

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

    

5.75%, 06/15/18 (b)

     159       161,179  

5.75%, 06/15/40

     531       538,991  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40

     810       852,323  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

City of New York New York Water & Sewer System, Refunding RB, 2nd General Resolution, Fiscal 2013, Series CC, 5.00%, 06/15/47

   $ 4,000     $ 4,496,021  

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47 (j)

     1,750       1,918,248  

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

     4,500       5,001,054  

State of New York Dormitory Authority, RB, State University Dormitory Facilities, New York University, Series A, 5.00%, 07/01/18 (b)

     3,359       3,406,687  

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

     2,360       2,613,010  
   

 

 

  
    20,682,593  
Ohio — 0.7%  

County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 04/28/18 (b)

     1,740       1,755,155  
   

 

 

  
Texas — 2.1%  

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

     2,609       3,008,069  
Security   Par/Shares
(000)		     Value  
Texas (continued)  

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

   $ 2,380     $ 2,642,806  
   

 

 

  
    5,650,875  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 22.8%
(Cost — $58,990,787)

 

     60,797,203  
   

 

 

  

Total Long-Term Investments — 158.0%
(Cost — $393,360,699)

 

     420,959,697  
   

 

 

  
Short-Term Securities — 0.0%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.59% (k)(l)

     66,575       66,581  
   

 

 

  

Total Short-Term Securities — 0.0%
(Cost — 66,581)

 

     66,581  
   

 

 

  

Total Investments — 158.0%
(Cost — $393,427,280)

 

     421,026,278  

Other Assets Less Liabilities — 2.5%

 

     6,807,118  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (13.3)%

 

     (35,461,998 ) 

VMTP Shares at Liquidation Value (47.2)%

 

     (125,900,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 266,471,398  
   

 

 

  

 

 
(a)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(b) U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.
(c)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
(d)  Zero-coupon bond.
(e) Security is collateralized by municipal bonds or U.S. Treasury obligations.
(f) Issuer filed for bankruptcy and/or is in default.
(g)  Non-income producing security.
(h)  When-issued security.
(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 Fund could ultimately be required to pay under the agreements which expires between February 15, 2019 to June 15, 2019, is $ 3,148, 884.
(k) Annualized 7-day yield as of period end.
(l) During the period ended January 31, 2018, 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:

 

 

     9  

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

 

Affiliate  

Shares
Held at

04/30/17

     Net
Activity		     Shares
Held at
01/31/18		     Value at
01/31/18		     Income     Net
Realized
Gain
(Loss)(a)		     Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

     6,238,321       (6,171,746 )      66,575     $ 66,581     $ 29,682     $ 2,331     $ —  
       

 

 

    

 

 

    

 

 

    

 

 

  

 

  (a)  Includes net capital gain distributions, if applicable.  

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

      37        03/20/18   $ 4,498        $ 92,189  

Long U.S. Treasury Bond

      171        03/20/18     25,276          784,205  

5-Year U.S. Treasury Note

      27        03/29/18     3,097          42,509  
              

 

 

  
               $ 918,903  
              

 

 

  

 

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

 

 

10   

Schedule of Investments  (unaudited) (continued)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

Fair Value Hierarchy as of Period End

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

 

  •   Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •   Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

 

  •   Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including 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 privately held companies or funds. 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 Fund’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 Investments (a)

    $ —          $ 420,959,697        $ —          $ 420,959,697  

Short-Term Securities

     66,581          —            —            66,581  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 66,581        $ 420,959,697        $ —          $ 421,026,278  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments (b)

 

Assets:

                 

Interest rate contracts

   $ 918,903        $ —          $ —          $ 918,903  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  See above Schedule of Investments for values in each state or political subdivision.  
  (b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

 

 

     11  

Schedule of Investments  (unaudited) (concluded)

January 31, 2018

   

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

 

The Fund 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

  $ —        $ (35,365,904 )    $ —        $ (35,365,904 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

    

 

 

     

 

 

  
  $ —        $ (161,265,904 )    $ —        $ (161,265,904 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  

During the period ended January 31, 2018, there were no transfers between levels.

 

 

12   

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 21, 2018

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 21, 2018

 

By:   /s/ Neal J. Andrews                
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Investment Quality Municipal Trust, Inc.
Date: March 21, 2018