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: 04/30/2014

 

Date of reporting period: 01/31/2014

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments January 31, 2014 (Unaudited)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Alabama — 2.0%  
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children's Hospital (AGC):          
  6.00%, 6/01/34 $ 1,745 $ 1,970,733  
  6.00%, 6/01/39   500   564,680  
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40   2,525   2,462,759  
   
    4,998,172  
Arizona — 7.9%  
Arizona Board of Regents, RB, Arizona State University, Series C, 5.50%, 7/01/26   475   541,609  
Arizona Health Facilities Authority, Refunding RB, Phoenix Children's Hospital, Series A, 5.00%, 2/01/42   3,300   3,184,368  
County of Pima Arizona IDA, Refunding, IDRB, Tucson Electric Power Co. Project, Remarketing, Series B, 5.75%, 9/01/29   1,375   1,405,938  
County of Pinal Arizona Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31   3,750   3,892,238  
Salt Verde Financial Corp., RB, Senior:          
  5.00%, 12/01/32   1,035   1,060,409  
  5.00%, 12/01/37   4,585   4,629,383  
San Luis Facility Development Corp., RB, Senior Lien Project, Regional Detention Center Project:          
  6.25%, 5/01/15   210   205,617  
  7.00%, 5/01/20   490   441,127  
  7.25%, 5/01/27   980   735,568  
State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/29   1,100   1,181,752  
University Medical Center Corp., RB, 6.50%, 7/01/39   750   813,488  
University Medical Center Corp., Refunding RB, 6.00%, 7/01/39   1,600   1,678,864  
   
    19,770,361  
Municipal Bonds Par
(000)		   Value  
Arkansas — 1.4%  
Arkansas State University, RB, Arkansas State University - Jonesboro Campus, Series B:          
  4.00%, 12/01/28 $ 600 $ 608,268  
  4.88%, 12/01/43   1,010   1,029,311  
City of Hot Springs AR Wastewater, RB, 5.00%, 12/01/38   1,800   1,888,290  
   
    3,525,869  
California — 24.1%  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31   2,300   2,668,506  
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (a)   1,500   1,205,790  
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34   3,000   3,238,680  
County of Sacramento California, ARB, Senior Series A, 5.00%, 7/01/41   2,100   2,160,333  
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, County of Stanislaus Tobacco Funding Cop., Sub-Series C, 0.00%, 6/01/55 (b)   7,090   43,887  
Dinuba California Unified School District, GO, Election of 2006 (AGM):          
  5.63%, 8/01/31   250   268,223  
  5.75%, 8/01/33   535   573,723  
Foothill-Eastern Transportation Corridor Agency, Refunding RB:          
  5.75%, 1/15/40   3,495   3,495,000  
  CAB, 5.88%, 1/15/28   7,000   7,070,000  
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (a)   2,475   1,764,502  
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (b)   12,000   3,101,160  
Palomar Community College District, GO, CAB, Election of 2006, Series B:          
  0.00%, 8/01/30 (b)   2,270   1,017,959  
  0.00%, 8/01/33 (b)   4,250   1,391,110  
  0.00%, 8/01/39 (a)   3,000   1,705,800  

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20141
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
California (concluded)  
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (a) $ 4,200 $ 3,386,040  
San Jose California Evergreen Community College District, GO, Election of 2010, Series B, 3.50%, 8/01/32   1,800   1,635,444  
State of California, GO, Refunding:          
 

Various Purpose (NPFGC),

5.00%, 6/01/37

   5,000   5,211,400  
  5.00%, 2/01/38   2,000   2,106,620  
State of California, GO, Various Purposes:          
  Various Purpose (CIFG),          
  5.00%, 3/01/33   4,485   4,633,453  
  5.75%, 4/01/31   3,000   3,425,940  
  6.00%, 3/01/33   2,270   2,655,673  
  6.50%, 4/01/33   2,900   3,480,638  
  5.50%, 3/01/40   3,650   4,019,453  
   
    60,259,334  
Colorado — 0.3%  
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/38   750   813,660  
Connecticut — 0.8%  
Connecticut State Health & Educational Facility Authority, Refunding RB:          
  Hartford Healthcare, Series A, 5.00%, 7/01/32   1,000   1,020,450  
  Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36   950   981,454  
   
    2,001,904  
Delaware — 0.8%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40   1,800   1,888,704  
District of Columbia — 0.5%  
Metropolitan Washington Airports Authority, Refunding RB, Series A, 5.00%, 10/01/35   1,155   1,224,023  
Florida — 11.3%  
County of Hillsborough Florida IDA, RB, National Gypsum Co., Series A, AMT, 7.13%, 4/01/30   3,700   3,701,369  
Municipal Bonds Par
(000)		   Value  
Florida (concluded)  
County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/28 $ 3,000 $ 3,116,310  
County of Miami-Dade, RB:          
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/32 (b)   4,225   1,542,886  
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/33 (b)   4,000   1,350,000  
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/34 (b)   4,580   1,453,875  
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/35 (b)   5,000   1,492,050  
  CAB, Subordinate Special Obligation, 0.00%, 10/01/32 (b)   5,000   1,825,900  
  CAB, Subordinate Special Obligation, 0.00%, 10/01/33 (b)   15,375   5,248,871  
  Series B, AMT, 6.00%, 10/01/32   3,000   3,299,970  
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32   200   200,840  
County of Orange Florida Tourist Development Tax Revenue, Refunding RB, 4.75%, 10/01/32   5,000   5,061,650  
   
    28,293,721  
Georgia — 0.6%  
County of Milledgeville & Baldwin Development Authority, RB, Georgia College & State University Foundation, 6.00%, 9/01/14 (c)   1,500   1,566,195  
Hawaii — 0.2%  
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37   600   611,796  
Idaho — 1.1%  
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/33   2,500   2,852,525  
Illinois — 12.1%  
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (d)   5,000   6,383,150  

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20142
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Illinois (concluded)  
City of Chicago Illinois, Refunding ARB, O'Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 1/01/29 $ 6,000 $ 5,536,080  
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40   1,000   1,029,680  
Illinois Finance Authority, RB:          
  Northwestern Memorial Hospital, Series A, 5.50%, 8/15/14 (c)   3,000   3,086,010  
  Rush University Medical Center, Series C, 6.63%, 11/01/39   1,200   1,338,120  
  Series A, 5.00%, 7/01/35   1,200   1,206,216  
Illinois Finance Authority, Refunding RB:          
  Friendship Village Schaumburg, Series A, 5.63%, 2/15/37   345   308,996  
  OSF Healthcare System, Series A, 6.00%, 5/15/39   1,490   1,625,605  
  Roosevelt University Project, 6.50%, 4/01/44   1,500   1,534,695  
Railsplitter Tobacco Settlement Authority, RB:          
  6.25%, 6/01/24   6,000   6,461,880  
  6.00%, 6/01/28   1,700   1,885,640  
   
    30,396,072  
Indiana — 0.5%  
Indiana Finance Authority, Refunding RB, US Steel Corp. Project, 6.00%, 12/01/26   1,350   1,364,728  
Iowa — 1.5%  
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31   1,355   1,420,555  
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility, Upper Iowa University Project:          
  5.75%, 9/01/30   965   951,770  
  6.00%, 9/01/39   1,500   1,482,510  
   
    3,854,835  
Kansas — 0.5%  
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/28   1,155   1,224,646  
Municipal Bonds Par
(000)		   Value  
Kentucky — 5.3%  
County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s Healthcare, 6.13%, 2/01/18 (c) $ 2,250 $ 2,717,708  
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40   3,400   3,517,878  
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23 (b)   8,500   5,549,310  
Kentucky Public Transportation Infrastructure Authority, RB, CAB 1st tier (a):          
  0.00%, 7/01/34   1,000   581,210  
  Series C, 0.00%, 7/01/39   1,395   800,883  
   
    13,166,989  
Louisiana — 3.4%  
City of Alexandria Utilities, RB, 5.00%, 5/01/39 (e)   2,790   2,922,023  
Lafayette Public Trust Financing Authority, Refunding RB, Ragin' Cajun Facilities, Inc. Project (AGM), 3.75%, 10/01/32   530   494,246  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB:          
  Parish of Plaquemines Project (AGM), 4.00%, 9/01/42   395   346,455  
  Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   1,565   1,699,809  
Louisiana Public Facilities Authority, RB:          
  Belle Chasse Educational Foundation Project, 6.50%, 5/01/31   600   646,176  
  Cleco Power LLC Project, Series B, 4.25%, 12/01/38   2,100   1,862,805  
Terrebonne Levee & Conservation District, RB, Sales Tax, 4.25%, 7/01/32   575   576,184  
   
    8,547,698  
Maryland — 0.4%  
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   895   938,354  

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20143
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Massachusetts — 1.0%  
Massachusetts Development Finance Agency, Refunding RB, Series A, 5.00%, 9/01/43 $ 2,400 $ 2,593,392  
Michigan — 3.9%  
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32   4,650   4,340,217  
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39   2,750   3,341,030  
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38   1,875   2,136,994  
   
    9,818,241  
Minnesota — 3.2%  
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38   2,250   2,592,900  
State of Minnesota, RB, Series A, 5.00%, 6/01/38   5,000   5,386,000  
   
    7,978,900  
Mississippi — 3.5%  
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35   600   603,570  
Mississippi Development Bank, RB, Special Obligation:          
  CAB, Hinds Community College District (AGM), 5.00%, 4/01/36   1,910   1,989,207  
  County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32   2,655   2,840,452  
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36   3,150   3,358,215  
   
    8,791,444  
Missouri — 3.7%  
Missouri Development Finance Board, RB:          
  Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41   1,350   1,375,961  
Municipal Bonds Par
(000)		   Value  
Missouri (concluded)  
Missouri Development Finance Board, RB (concluded):          
  St. Joseph Sewage System Improvements, Series E, 5.25%, 5/01/31 $ 620 $ 635,537  
Missouri Development Finance Board, Refunding RB, Electric System Projects, Series F, 4.00%, 6/01/32   2,000   1,885,500  
Missouri State Health & Educational Facilities Authority, RB:          
  A.T. Still University of Health Sciences, 5.25%, 10/01/31   500   532,730  
  Heartland Regional Medical Center, 4.13%, 2/15/43   1,530   1,349,475  
  University of Central Missouri, Series C-2, 4.00%, 10/01/28   600   604,770  
  University of Central Missouri, Series C-2, 5.00%, 10/01/34   1,500   1,583,460  
Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/38   1,200   1,221,300  
   
    9,188,733  
Montana — 2.4%  
Montana Facility Finance Authority, Refunding RB, Sisters of Charity of Leavenworth Health System, Series A, 4.75%, 1/01/40   700   710,066  
Montana State Board of Regents, RB, 5.00%, 11/15/43   3,340   3,566,285  
Yellowstone County School District No 2 Billings, GO:          
  4.50%, 6/15/33   1,000   1,053,360  
  4.00%, 6/15/34   600   602,868  
   
    5,932,579  
Nebraska — 3.0%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42   900   901,206  
City of Omaha Nebraska, RB, Sanitary Sewerage System, 4.00%, 11/15/42   3,300   3,163,545  
Nebraska Public Power District, Refunding RB, Series A:          
  5.00%, 1/01/32   2,535   2,739,422  

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20144
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Nebraska (concluded)  
Nebraska Public Power District, Refunding RB, Series A (concluded):          
  5.00%, 1/01/33 $ 750 $ 807,293  
   
    7,611,466  
Nevada — 0.4%  
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29   1,065   1,122,127  
New Jersey — 5.1%  
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (f)(g)   1,510   104,915  
New Jersey EDA, RB:          
  Cigarette Tax, 5.75%, 6/15/14 (c)   3,000   3,062,640  
  Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29   1,335   1,284,938  
  Goethals Bridge Replacement Project, AMT (AGM), 5.13%, 7/01/42   300   300,333  
  Rutgers - The State University of New Jersey, College Avenue Redevelopment Project, 5.00%, 6/15/38   670   724,632  
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B (c):          
  7.13%, 6/01/19   950   1,230,801  
  7.50%, 6/01/19   1,225   1,610,642  
New Jersey Health Care Facilities Financing Authority, Refunding RB, St. Barnabas Health Care System, Series A:          
  4.63%, 7/01/23   770   809,686  
  5.00%, 7/01/25   500   536,160  
  5.63%, 7/01/37   2,560   2,669,286  
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38   400   402,888  
   
    12,736,921  
Municipal Bonds Par
(000)		   Value  
New York — 7.5%  
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (f)(g) $ 725 $ 108,779  
City of New York New York, GO, Fiscal 2014, Sub-Series A-1:          
  5.00%, 8/01/29   600   661,494  
  5.00%, 8/01/35   2,380   2,545,220  
City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25 (h)   2,600   2,853,032  
City of New York New York Industrial Development Agency, RB, PILOT Queens Baseball Stadium:          
  (AGC), 6.50%, 1/01/46   300   329,793  
  (AMBAC), 5.00%, 1/01/39   1,900   1,707,796  
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A, 5.00%, 11/01/30   1,600   1,662,352  
Hudson Yards Infrastructure Corp., RB, Series A:          
  (NPFGC), 5.00%, 2/15/47   500   504,395  
  (AGM), 5.00%, 2/15/47   1,250   1,268,050  
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39   2,475   2,740,345  
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   1,336,887  
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42   600   543,960  
Onondaga Civic Development Corp., Refunding RB, St. Joseph's Hospital Health Center Project, 4.50%, 7/01/32   1,420   1,178,898  
State of New York Dormitory Authority, Refunding RB, State University Dormitory Facilities, Series A, 5.00%, 7/01/42   1,195   1,257,821  
   
    18,698,822  

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20145
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
North Carolina — 3.5%  
County of Gaston Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35 $ 2,175 $ 1,941,383  
North Carolina Medical Care Commission, Refunding RB:          
  Health Care Facilities, Novant Health Obligated Group, Series A, 4.00%, 11/01/46   5,600   4,780,104  
  University Health System, Series D, 6.25%, 12/01/33   1,750   1,976,643  
   
    8,698,130  
North Dakota — 0.2%  
City of Fargo North Dakota, Refunding RB, University Facilities Development Foundation Project, 3.00%, 12/01/30   600   520,296  
Oklahoma — 0.4%  
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38   1,050   1,006,225  
Oregon — 4.5%  
City of Madras Oregon, GO, Refunding, 4.00%, 2/15/33   600   531,996  
County of Clackamas Oregon Housing Authority, HRB, M/F, Easton Ridge Apartments Project, Series A:          
  3.50%, 9/01/33   760   667,166  
  4.00%, 9/01/43   595   534,923  
  4.00%, 9/01/49   825   724,878  
County of Umatilla Pendleton School District No. 16R, GO, Series A (e):          
  5.00%, 6/15/37   4,225   4,599,335  
  4.00%, 6/15/38   2,365   2,311,409  
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39   1,250   1,393,525  
Oregon State Facilities Authority, Refunding RB, Linfield College Project, Series A, 5.25%, 10/01/40   500   510,100  
   
    11,273,332  
Municipal Bonds Par
(000)		   Value  
Pennsylvania — 3.9%  
County of Allegheny Pennsylvania IDA, Refunding RB, US Steel Corp. Project, 6.55%, 12/01/27 $ 2,535 $ 2,631,279  
Delaware River Port Authority, RB:          
  4.50%, 1/01/32   3,000   3,060,090  
  Series D (AGM), 5.00%, 1/01/40   3,640   3,777,519  
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31 (b)(d)   500   256,680  
   
    9,725,568  
Rhode Island — 3.2%  
Rhode Island Health & Educational Building Corp., RB:          
  City of Newport Issue, Series C, 4.00%, 5/15/33   1,850   1,863,949  
  Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%, 5/15/39   3,000   3,365,160  
Rhode Island Health & Educational Building Corp., Refunding RB, Brown University, 4.50%, 9/01/32   1,200   1,271,856  
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28   1,330   1,427,356  
   
    7,928,321  
South Carolina — 1.4%  
South Carolina State Housing Finance & Development Authority, Refunding RB, Series A-2, AMT (AMBAC), 5.15%, 7/01/37   3,395   3,528,627  
Tennessee — 2.6%  
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/40   2,945   3,020,746  
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:          
  5.25%, 11/01/27   1,135   1,215,982  
  5.38%, 11/01/28   1,000   1,071,000  
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42   1,200   1,176,732  
   
    6,484,460  

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20146
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
Texas — 11.7%  
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (c):          
  7.13%, 12/01/18 $ 1,000 $ 1,281,990  
  7.25%, 12/01/18   2,650   3,412,803  
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38 (b)   5,000   1,048,950  
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29   2,200   2,462,482  
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A (b):          
  0.00%, 9/15/36   7,640   2,519,443  
  0.00%, 9/15/38   16,780   4,976,445  
County of Midland Texas Fresh Water Supply District No. 1, Refunding RB, City of Midland Project, 3.38%, 9/15/32   2,425   2,163,609  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40   1,545   1,549,913  
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38   1,140   1,248,881  
State of Texas Turnpike Authority, RB, CAB (AMBAC), 6.05%, 8/15/31 (b)   15,000   5,274,300  
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40   3,000   3,314,460  
   
    29,253,276  
Vermont — 2.1%  
Vermont Educational & Health Buildings Financing Agency, RB, Fletcher Allen Health Hospital, Series A, 4.75%, 12/01/36   1,495   1,460,271  
Municipal Bonds Par
(000)		   Value  
Vermont (concluded)  
Vermont Educational & Health Buildings Financing Agency, Refunding RB, Fletcher Allen Health Hospital, Series B (AGM), 5.00%, 12/01/34 $ 3,640 $ 3,716,440  
   
    5,176,711  
Virginia — 1.7%  
County of Prince William Virginia IDA, Refunding RB, Novant Health Obligation Group, Series B, 4.00%, 11/01/46   2,800   2,398,172  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT, 6.00%, 1/01/37   1,755   1,833,817  
   
    4,231,989  
Washington — 0.9%  
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/39   2,100   2,275,728  
West Virginia — 1.2%  
City of Wheeling West Virginia Waterworks & Sewerage System, RB, 5.00%, 6/01/38   3,000   3,101,550  
Wyoming — 0.8%  
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%, 7/15/26   1,800   1,940,076  
Total Municipal Bonds — 146.5%   366,916,500  
       

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (i)

  
Colorado — 2.1%  
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 9/01/36   5,250   5,335,943  
Massachusetts — 1.3%  
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41   3,070   3,266,541  

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20147
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to  Tender Option Bond (TOB) Trusts (i) Par
(000)		   Value  
New Jersey — 1.2%  
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (j) $ 2,861 $ 3,041,755  
New York — 9.2%  
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40   690   770,529  
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   4,175,760  
  2nd General Resolution, Series FF-2, 5.50%, 6/15/40   810   872,105  
  Series A, 4.75%, 6/15/30   4,000   4,238,880  
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (j)   1,750   1,890,879  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43   4,500   4,785,795  
State of New York Dormitory Authority, RB, 5.00%, 7/01/38   3,359   3,601,097  
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31   2,360   2,562,063  
   
    22,897,108  
Ohio — 1.8%  
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41   1,740   1,762,411  
Municipal Bonds Transferred to  Tender Option Bond (TOB) Trusts (i) Par
(000)		   Value  
Ohio (concluded)  
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 $ 2,600 $ 2,791,360  
   
    4,553,771  
Texas — 1.0%  
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   2,380   2,496,001  
Total Municipal Bonds Transferred to  Tender Option Bond (TOB) Trusts — 16.6%   41,591,119  
Total Long-Term Investments
(Cost — $392,539,612) — 163.1%		   408,507,619  
Short-Term Securities
Shares		      
FFI Institutional Tax-Exempt Fund, 0.03% (k)(l)   1,923,205   1,923,205  
Total Short-Term Securities
(Cost — $1,923,205) — 0.8%		   1,923,205  
Total Investments
(Cost — $394,462,817*) — 163.9%		   410,430,824  
Liabilities in Excess of Other Assets — (4.2)%   (10,462,600)  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.4%)   (23,589,440)  
VMTP Shares, at Liquidation Value — (50.3%)   (125,900,000)  
   
Net Assets Applicable to Common Shares — 100.0% $ 250,478,784  

 

* As of January 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost   $370,808,954 
      
Gross unrealized appreciation   $24,416,917 
Gross unrealized depreciation    (8,379,312)
      
Net unrealized appreciation   $16,037,605 
      
 

 

Notes to Schedule of Investments

(a) Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.
(b) Zero-coupon bond.
(c) US 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.
(d) Security is collateralized by municipal or US Treasury obligations.
(e) When-issued security. Unsettled when-issued transactions were as follows:
   
     
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 20148
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

 

  Counterparty   Value   Unrealized
Appreciation		  
  Piper Jaffray   $ 6,910,744 $ 12,287  
  Stephens, Inc.   $ 2,922,023 $ 49,160  
                     
                                     

 

(f) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(g) Non-income producing security.
(h) Variable rate security. Rate shown is as of report date.
(i) Represent bonds transferred to a TOB. In exchange the Trust acquired residual interest certificates. These bonds serve as collateral in a financing transaction.
(j) All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire from February 15, 2019 to June 15, 2019, is $3,149,408.
(k) Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:
     

 

  Affiliate   Shares
Held at
April 30, 2013		   Net
Activity		   Shares
Held at
January 31, 2014		   Income  
  FFI Institutional Tax-Exempt Fund   4,475,537   (2,552,332)   1,923,205  $ 1,331  
                     
                                           

 

(l) Represents the current yield as of report date.
   
     

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
   
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
CAB Capital Appreciation Bonds
CIFG CDC IXIS Financial Guaranty
COP Certificates of Participation
EDA Economic Development Authority
EDC Economic Development Corp.
GO General Obligation Bonds
HRB Housing Revenue Bonds
IDA Industrial Development Authority
IDRB Industrial Development Revenue Bonds
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, 20149
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

 


•
Financial futures contracts outstanding as of January 31, 2014 were as follows:		  

 

Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
(204) 10-Year US Treasury Note Chicago Board of Trade March
2014		 $ 25,653,000 $ (414,105)  
   
                 

 

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

  • Level 1 – unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
 
  • Level 2 – other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
 
  • Level 3 – unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the 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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure 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 investment and derivative financial instrument 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, please 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 as of January 31, 2014:

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:    
Investments:  
  Long-Term Investments 1   — $ 408,507,619   — $ 408,507,619  
  Short-Term Securities $ 1,923,205   —   —   1,923,205  
Total $ 1,923,205 $ 408,507,619   — $ 410,430,824  
                                 

 

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

 

 
  Level 1   Level 2   Level 3   Total  
 
Derivative Financial Instruments 2  
Liabilities:  
 Interest rate contracts $ (414,105)   —   — $ (414,105)  
                               

 

2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
   

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 201410
 
Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

 

  The carrying amount for certain of the Trust’s assets and/or liabilities approximates fair value for financial reporting purposes. As of January 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
   

 

 
  Level 1   Level 2   Level 3   Total  
 
Assets:  
 

Cash pledged for financial

futures contracts

 $ 330,000       —   $  330,000  
Liabilities:    
  TOB trust certificates     $  (23,584,265)   —    (23,584,265)  
  VMTP Shares        (125,900,000)   —    (125,900,000)  
   
 
Total $ 330,000 $  (149,484,265)       $  (149,154,265)  
 
     
                                       
There were no transfers between levels during the period ended January 31, 2014.

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC.JANUARY 31, 201411
 

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 25, 2014

 

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 25, 2014

 

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

 

Date: March 25, 2014