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: 04/30/2015

 

Date of reporting period: 01/31/2015

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments January 31, 2015 (Unaudited) BlackRock Investment Quality Municipal Trust, Inc. (BKN)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Alabama — 1.4%  
City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children's Hospital (AGC):          
  6.00%, 6/01/34 $ 1,745 $ 2,059,728  
  6.00%, 6/01/39   500   588,120  
City of Hoover Alabama Board of Education, Refunding, Special Tax, Capital Outlay Warrants, 4.25%, 2/15/40   1,275   1,344,156  
   
    3,992,004  
 
Arizona — 6.7%  
Arizona Board of Regents, RB, Arizona State University, Series C, 5.50%, 7/01/26   475   562,262  
Arizona Health Facilities Authority, Refunding RB, Phoenix Children's Hospital, Series A, 5.00%, 2/01/42   3,300   3,617,955  
County of Pinal Arizona Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31   3,750   4,174,500  
Salt Verde Financial Corp., RB, Senior:          
  5.00%, 12/01/32   1,035   1,238,108  
  5.00%, 12/01/37   4,585   5,538,176  
State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/29   1,100   1,247,829  
University Medical Center Corp., RB, 6.50%, 7/01/39   750   886,485  
University Medical Center Corp., Refunding RB, 6.00%, 7/01/39   1,600   1,928,080  
   
    19,193,395  
 
Arkansas — 3.8%  
Arkansas State University, RB, Jonesboro Campus, Series B:          
  4.00%, 12/01/28   600   657,636  
  4.88%, 12/01/43   1,010   1,145,098  
City of Benton Arkansas, RB, 4.00%, 6/01/39   1,355   1,480,744  
City of Hot Springs Arkansas, RB, Wastewater, 5.00%, 12/01/38   1,800   2,108,016  
City of Little Rock Arkansas, RB, 4.00%, 7/01/41   3,230   3,432,682  
Pulaski County Public Facilities Board, RB, 5.00%, 12/01/42   465   538,112  
               
Municipal Bonds Par
(000)		   Value  
 
Arkansas (concluded)  
University of Arkansas, RB, Fort Smith Campus, Series B, 4.00%, 6/01/39 $ 1,380 $ 1,472,350  
   
    10,834,638  
 
California — 15.7%  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31   2,300   2,774,858  
Carlsbad California Unified School District, GO, Election of 2006, Series B, 0.00%, 5/01/34 (a)   1,500   1,440,225  
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34   3,000   3,477,420  
County of Stanislaus California Tobacco Securitization Agency, RB, CAB, Sub-Series C, 0.00%, 6/01/55 (b)   7,090   94,155  
Dinuba California Unified School District, GO, Election of 2006 (AGM), 5.75%, 8/01/33   535   634,157  
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 0.00%, 8/01/34 (a)   2,475   2,133,128  
Norwalk-La Mirada Unified School District, GO, Refunding, CAB, Election of 2002, Series E (AGC), 0.00%, 8/01/38 (b)   12,000   4,633,680  
Palomar Community College District, GO, CAB, Election of 2006, Series B:          
  0.00%, 8/01/30 (b)   2,270   1,350,083  
  0.00%, 8/01/33 (b)   4,250   1,565,403  
  0.00%, 8/01/39 (a)   3,000   2,486,880  
San Diego Community College District, GO, CAB, Election of 2002, 0.00%, 8/01/33 (a)   4,200   4,340,742  
State of California, GO, Refunding, Various Purposes, 5.75%, 4/01/31   3,000   3,538,710  
State of California, GO, Various Purposes:          
  6.00%, 3/01/33   2,270   2,812,348  
  6.50%, 4/01/33   2,900   3,576,483  
  5.50%, 3/01/40   3,650   4,270,573  
State of California, Refunding, GO,Various Purposes:          
  5.00%, 2/01/38   2,000   2,330,640  
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20151
 
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)  
State of California, Refunding, GO,Various Purposes (concluded):          
  4.00%, 10/01/44 $ 3,500 $ 3,758,300  
   
    45,217,785  
 
Colorado — 0.7%  
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/38   750   899,422  
University of Northern Colorado Greely, Refunding RB, Institutional Enterprise, Series A, 4.00%, 6/01/35   1,000   1,091,940  
   
    1,991,362  
 
Connecticut — 0.4%  
Connecticut State Health & Educational Facility Authority, Refunding RB, Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36   950   1,060,171  
 
Delaware — 0.7%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40   1,800   2,072,628  
 
Florida — 10.1%  
County of Lee Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/28   3,000   3,410,220  
County of Miami-Dade Florida, RB:          
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/32 (b)   4,225   1,718,308  
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/33 (b)   4,000   1,541,440  
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/34 (b)   4,580   1,676,372  
  CAB, Sub-Series A (NPFGC), 0.00%, 10/01/35 (b)   5,000   1,735,050  
  CAB, Subordinate Special Obligation, 0.00%, 10/01/32 (b)   5,000   2,457,750  
  CAB, Subordinate Special Obligation, 0.00%, 10/01/33 (b)   15,375   7,206,877  
  Series B, AMT, 6.00%, 10/01/32   3,000   3,719,940  
               
Municipal Bonds Par
(000)		   Value  
 
Florida (concluded)  
County of Orange Florida Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32 $ 200 $ 219,768  
County of Orange Florida Tourist Development Tax Revenue, Refunding RB, 4.75%, 10/01/32   5,000   5,281,300  
   
    28,967,025  
 
Georgia — 0.7%  
Savanah Colleges of Art, RB, 4.00%, 4/01/32   1,870   1,914,375  
 
Hawaii — 0.2%  
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37   600   672,336  
 
Idaho — 4.2%  
Idaho Health Facilities Authority, RB, St Lukes Health system Project Series A, 5.00%, 3/01/39   7,970   9,160,957  
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/33   2,500   2,938,875  
   
    12,099,832  
 
Illinois — 9.1%  
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (c)   5,000   6,160,900  
City of Chicago Illinois, Refunding ARB, O'Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 1/01/29   3,000   3,155,850  
City of Chicago Illinois Midway International Airport, Refunding GARB, 2nd Lien, Series A, 5.00%, 1/01/41   1,735   1,939,921  
City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40   1,000   1,155,470  
Illinois Finance Authority, RB, Rush University Medical Center, Series C, 6.63%, 5/01/19 (d)   1,200   1,482,036  
Illinois Finance Authority, Refunding RB:          
  Friendship Village Schaumburg, Series A, 5.63%, 2/15/37   345   345,093  
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20152
 
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)  
Illinois Finance Authority, Refunding RB (concluded):          
  OSF Healthcare System, Series A, 6.00%, 5/15/39 $ 1,490 $ 1,768,853  
  Roosevelt University Project, 6.50%, 4/01/44   1,500   1,668,975  
Railsplitter Tobacco Settlement Authority, RB:          
  6.25%, 6/01/24   5,000   5,391,150  
  6.00%, 6/01/28   1,700   2,035,937  
State of Illinois, GO, 5.00%, 2/01/39   1,000   1,082,840  
   
    26,187,025  
 
Indiana — 0.5%  
Indiana Finance Authority, Refunding RB, U.S. Steel Corp. Project, 6.00%, 12/01/26   1,350   1,518,291  
 
Iowa — 2.0%  
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31   1,355   1,535,906  
Iowa Higher Education Loan Authority, Refunding RB:          
  4.00%, 12/01/44   1,590   1,710,474  
  Private College Facility, Upper Iowa University Project, 5.75%, 9/01/30   965   997,000  
  Private College Facility, Upper Iowa University Project, 6.00%, 9/01/39   1,500   1,550,850  
   
    5,794,230  
 
Kansas — 2.9%  
County of Seward Kansas Unified School District No. 480, GO, Refunding, 5.00%, 9/01/39   6,000   6,914,100  
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/28   1,155   1,321,216  
   
    8,235,316  
 
Kentucky — 5.2%  
County of Louisville & Jefferson Kentucky Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s Healthcare, 6.13%, 2/01/18 (d)   2,250   2,613,870  
               
Municipal Bonds Par
(000)		   Value  
 
Kentucky (concluded)  
Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.38%, 1/01/40 $ 3,400 $ 3,973,206  
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 0.00%, 10/01/23 (b)   8,500   6,594,130  
Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier (a):          
  0.00%, 7/01/34   1,000   752,260  
  Series C, 0.00%, 7/01/39   1,395   1,041,953  
   
    14,975,419  
 
Louisiana — 1.6%  
City of Alexandria Louisiana Utilities, RB, 5.00%, 5/01/39   1,790   2,075,738  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   1,565   1,897,484  
Louisiana Public Facilities Authority, RB, Belle Chasse Educational Foundation Project, 6.50%, 5/01/31   600   677,964  
   
    4,651,186  
 
Maryland — 1.1%  

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

          
  5.13%, 7/01/36   260   269,123  
    5.25%, 7/01/44   260   268,572  
Maryland Health & Higher Educational Facilities Authority, Refunding RB (e):          
  5.00%, 7/01/39   1,360   1,581,721  
  5.00%, 7/01/45   830   961,622  
   
    3,081,038  
 
Michigan — 3.6%  
Michigan Finance Authority, RB, Detroit Water & Sewage Disposal System, Senior Lien, Series 2014 C-2, AMT, 5.00%, 7/01/44   360   383,141  
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20153
 
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust, Inc. (BKN)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Michigan (concluded)  
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32 $ 4,150 $ 4,410,080  
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (d)   2,750   3,472,783  
State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38   1,875   2,203,444  
   
    10,469,448  
 
Minnesota — 1.6%  
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38   2,250   2,664,360  
University of Minnesota, GO, Series B, 4.00%, 1/01/35   1,880   2,049,181  
   
    4,713,541  
 
Mississippi — 3.3%  
County of Warren Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35   600   681,858  
Mississippi Development Bank, RB, Special Obligation:          
  CAB, Hinds Community College District (AGM), 5.00%, 4/01/36   1,910   2,138,455  
  County of Jackson Limited Tax Note (AGC), 5.50%, 7/01/32   2,655   3,063,206  
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36   3,150   3,595,757  
   
    9,479,276  
 
Missouri — 2.9%  
Missouri Development Finance Board, RB, Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41   1,350   1,488,699  
Missouri State Health & Educational Facilities Authority, RB:          
  A.T. Still University of Health Sciences, 5.25%, 10/01/31   500   568,495  
               
Municipal Bonds Par
(000)		   Value  
 
Missouri (concluded)  
Missouri State Health & Educational Facilities Authority, RB (concluded):          
  A.T. Still University of Health Sciences, 4.25%, 10/01/32 $ 480 $ 522,806  
  A.T. Still University of Health Sciences, 5.00%, 10/01/39   750   872,438  
  Heartland Regional Medical Center, 4.13%, 2/15/43   1,100   1,149,555  
  University of Central Missouri, Series C-2, 4.00%, 10/01/28   600   654,576  
  University of Central Missouri, Series C-2, 5.00%, 10/01/34   1,500   1,753,650  
Missouri State Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/38   1,200   1,370,256  
   
    8,380,475  
 
Montana — 1.1%  
State of Montana Board of Regents, RB, 5.00%, 11/15/43   2,820   3,319,648  
 
Nebraska — 3.9%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42   900   1,001,277  
County of Douglas Nebraska Hospital Authority No. 2, RB, Madonna Rehabilitation Hospital Project Series 2014:          
  4.00%, 5/15/33   1,945   2,018,365  
  5.00%, 5/15/44   750   842,978  
Minden Public Schools, GO, 4.00%, 12/15/39   500   511,870  
Nebraska Public Power District, RB, 5.00%, 1/01/40 (e)   3,000   3,424,650  
Nebraska Public Power District, Refunding RB, Series A:          
  5.00%, 1/01/32   2,535   2,931,854  
  4.00%, 1/01/44   600   635,844  
   
    11,366,838  
 
Nevada — 1.0%  
County of Clark Nevada, Refunding ARB, Department of Aviation, Subordinate Lien, Series A-2, 4.25%, 7/01/36   1,500   1,629,015  
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20154
 
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust, Inc. (BKN)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
 
Nevada (concluded)  
County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29 $ 1,065 $ 1,117,409  
   
    2,746,424  
 
New Jersey — 4.6%  
County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 1/01/37 (f)(g)   1,510   75,485  
New Jersey EDA, RB:          
  Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29   1,335   1,446,392  
  Continental Airlines, Inc. Project, Series B, AMT, 5.63%, 11/15/30   990   1,097,742  
  Rutgers - The State University of New Jersey, College Avenue Redevelopment Project, 5.00%, 6/15/38   670   786,439  
  The Goethals Bridge Replacement Project, AMT (AGM), 5.13%, 7/01/42   300   334,629  
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B, 7.50%, 6/01/19 (d)   1,225   1,566,236  
New Jersey Health Care Facilities Financing Authority, Refunding RB, Series A, St. Barnabas Health Care:          
  System, 4.63%, 7/01/23   770   874,551  
  System, 5.63%, 7/01/37   2,560   2,969,114  
  5.00%, 7/01/25   500   582,145  
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38   290   301,530  
New Jersey Transportation Trust Fund Authority, RB, Transportation Program, Series AA, 5.00%, 6/15/44   2,850   3,162,588  
   
    13,196,851  
 
New York — 9.2%  
City of New York New York, GO, Refunding, Series J, 5.00%, 8/01/27   2,000   2,459,080  
               
Municipal Bonds Par
(000)		   Value  
 
New York (concluded)  
City of New York New York, GO, Fiscal 2014, Sub-Series A-1:          
  5.00%, 8/01/29 $ 600 $ 719,850  
  5.00%, 8/01/35   2,380   2,803,283  
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   2,849,678  
City of New York New York Industrial Development Agency, RB, PILOT, Queens Baseball Stadium:          
  (AGC), 6.50%, 1/01/46   300   352,254  
  (AMBAC), 5.00%, 1/01/39   1,900   1,972,485  
County of Westchester New York Healthcare Corp., Refunding RB, Senior Lien, Remarketing, Series A, 5.00%, 11/01/30   1,600   1,803,776  
Hudson Yards Infrastructure Corp., RB, Series A (AGM), 5.00%, 2/15/47   1,250   1,336,987  
Long Island Power Authority, Refunding RB, Electric System, Series A, 5.75%, 4/01/39   2,475   2,847,166  
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/39   5,460   6,532,726  
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   1,428,150  
  3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (i) 640   716,730  
Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 (i)   600   627,246  
   
    26,449,411  
 
North Carolina — 1.5%  
County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35   2,175   2,181,873  
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20155
 
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 (concluded)  
North Carolina Medical Care Commission, Refunding RB, University Health System, Series D, 6.25%, 12/01/33 $ 1,750 $ 2,037,997  
   
    4,219,870  
 
North Dakota — 0.3%  
City of Fargo North Dakota, Refunding RB, University Facilities Development Foundation Project, 3.00%, 12/01/30   100   100,748  
County of Burleigh North Dakota, Refunding RB, St. Alexius Medical Center Project, Series A, 5.00%, 7/01/35   720   796,414  
   
    897,162  
 
Ohio — 1.8%  
City of Dayton Ohio Airport Revenue, James M Cox Dayton International Airport, Refunding ARB, AMT, 4.00%, 12/01/32   3,000   3,145,620  
Northeast Ohio Regional Sewer District, Refunding RB, 4.00%, 11/15/49   2,000   2,111,320  
   
    5,256,940  
 
Oklahoma — 1.0%  
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38   1,050   1,117,410  
Stillwater Utilities Authority, RB, Series A, 4.00%, 10/01/42   1,750   1,902,005  
   
    3,019,415  
 
Oregon — 2.5%  
Central Oregon Community College District, GO, 4.00%, 6/01/40   800   862,912  
County of Umatilla Pendleton Oregon School District No. 16R, GO, Series A, 4.00%, 6/15/38   2,365   2,571,062  
Jefferson County, GO:          
  5.00%, 6/01/40   615   728,400  
  5.00%, 6/01/45   875   1,028,650  
Lane County School District No. 19 Springfield, GO, Series B, 0.00%, 6/15/40 (b)   1,500   556,665  
               
Municipal Bonds Par
(000)		   Value  
 
Oregon (concluded)  
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39 $ 1,250 $ 1,472,838  
   
    7,220,527  
 
Pennsylvania — 4.1%  
County of Allegheny Pennsylvania IDA, Refunding RB, U.S. Steel Corp. Project, 6.55%, 12/01/27   2,535   2,967,699  
Delaware River Port Authority, RB:          
  4.50%, 1/01/32   3,000   3,407,610  
  Series D (AGM), 5.00%, 1/01/40   3,640   4,136,351  
Mckeesport Area School District, GO, CAB, Refunding (NPFGC), 0.00%, 10/01/31 (b)(c)   500   326,665  
Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44   810   838,050  
   
    11,676,375  
 
Rhode Island — 1.8%  
Rhode Island Health & Educational Building Corp., RB, Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%, 5/15/39   3,000   3,648,330  
State of Rhode Island, COP, School for the Deaf Project, Series C (AGC), 5.38%, 4/01/28   1,330   1,516,971  
   
    5,165,301  
 
Tennessee — 2.9%  
Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/40   2,945   3,411,164  
Chattanooga-Hamilton County Hospital Authority, Refunding RB, 5.00%, 10/01/44   875   982,607  
County of Memphis-Shelby Tennessee Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:          
  5.25%, 11/01/27   1,135   1,322,241  
  5.38%, 11/01/28   1,000   1,177,550  
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20156
 
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust, Inc. (BKN)
  (Percentages shown are based on Net Assets)
Municipal Bonds Par
(000)		   Value  
Tennessee (concluded)        
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, Series A, 5.00%, 8/15/42 $ 1,200 $ 1,339,440  
   
    8,233,002  
 
Texas — 10.4%  
County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (d):          
  7.13%, 12/01/18   1,000   1,236,320  
  7.25%, 12/01/18   2,650   3,288,703  
County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 0.00%, 11/15/38 (b)   5,000   1,628,700  
County of Matagorda Texas Navigation District No. 1, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29   2,200   2,554,838  
County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Project, Series A, 0.00%, 9/15/38 (b)   16,780   6,091,979  
Leander ISD, GO, Refunding CAB Series D, 0.00%, 8/15/35 (b)   6,000   2,620,800  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40   1,545   1,716,649  
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38   1,140   1,358,105  
State of Texas Turnpike Authority, RB, CAB (AMBAC), 0.00%, 8/15/31 (b)   15,000   5,619,300  
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   3,674,730  
   
    29,790,124  
 
U.S. Virgin Islands — 1.4%  
Virgin Islands Public Finance Authority, Refunding RB, Series C, 4.50%, 10/01/44   4,000   4,145,880  
 
               
Municipal Bonds Par
(000)		   Value  
Vermont — 3.4%  
University of Vermont & State Agricultural College, Refunding RB, 4.00%, 10/01/37 $ 5,650 $ 6,076,745  
Vermont Educational & Health Buildings Financing Agency, Refunding RB, Fletcher Allen Health Hospital, Series B (AGM), 5.00%, 12/01/34   2,420   2,607,574  
Vermont Student Assistance Corp., RB, AMT, Series A, 4.25%, 6/15/32   1,050   1,098,510  
   
    9,782,829  
 
Virginia — 1.3%  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37   1,755   2,052,701  
Winchester EDA, Refunding RB, Valley Health System Obligation, Series A, 5.00%, 1/01/44   1,500   1,720,575  
   
    3,773,276  
 
Washington — 0.8%  
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/39   2,100   2,450,007  
 
West Virginia — 1.3%  
City of Wheeling West Virginia Waterworks & Sewerage System, RB, 5.00%, 6/01/38   1,800   2,086,722  
West Virginia Hospital Finance Authority, Refunding RB, Valley Health System Obligation Group Seriies 2014, 5.00%, 1/01/44   1,350   1,539,472  
   
    3,626,194  
 
Wisconsin — 1.4%  
WPPI Energy Power Supply Systems, Refunding RB, Series A:          
  5.00%, 7/01/35   1,330   1,564,732  
  5.00%, 7/01/36   670   787,042  
  5.00%, 7/01/37   1,330   1,559,944  
   
    3,911,718  
 
Total Municipal Bonds — 134.1%   385,748,588  
 
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20157
 
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 Trusts (j)

 Par
(000)		   Value  
 
California — 1.9%  
State Of California, GO, Go, Various Purpose (NPFGC), 5.00%, 6/01/37 $ 5,000 $ 5,465,450  
 
Colorado — 2.0%  
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 9/01/36   5,250   5,638,658  
 
Minnesota — 2.0%  
State of Minnesota, RB, Series A, 5.00%, 6/01/38   5,000   5,902,197  
 
New Jersey — 1.1%  
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (k)   2,861   3,201,486  
 
New York — 9.2%  
City of New York New York, GO, Fiscal 2015, Series B, 4.00%, 8/01/32   1,600   1,753,632  
City of New York New York Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40   690   799,323  
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   4,633,650  
  2nd General Resolution, Series FF-2, 5.50%, 6/15/40   810   949,500  
  Series A, 4.75%, 6/15/30   4,000   4,352,320  
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k)   1,750   2,057,330  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated, 5.25%, 12/15/43   4,500   5,295,735  
State of New York Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/38   3,359   3,766,913  
               

Municipal Bonds Transferred to

Tender Option Bond Trusts (j)

 Par
(000)		   Value  
 
New York (concluded)  
State of New York Thruway Authority, Refunding RB, Transportation, Personal Income Tax, Series A, 5.00%, 3/15/31 $ 2,360 $ 2,802,948  
   
    26,411,351  
 
Ohio — 1.6%  
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41   1,740   1,863,453  
Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33   2,600   2,883,764  
   
    4,747,217  
 
Texas — 1.0%  
City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   2,380   2,745,687  
 

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 18.8%

   54,112,046  
 
Total Long-Term Investments
(Cost — $386,832,464) — 152.9%		   439,860,634  
 
 
 
   
Short-Term Securities Shares      
 
FFI Institutional Tax-Exempt Fund, 0.03% (l)(m)   4,379,719   4,379,719  
 
Total Short-Term Securities
(Cost — $4,379,719) — 1.6%		   4,379,719  
 
Total Investments
(Cost — $391,212,183*) — 154.5%		   444,240,353  
Liabilities in Excess of Other Assets — (0.7)%   (2,036,975)  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (10.0%)   (28,691,334)  
VMTP Shares, at Liquidation Value — (43.8%)   (125,900,000)  
   
Net Assets Applicable to Common Shares — 100.0% $ 287,612,044  
   
* As of January 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

  
Tax cost $ 362,493,075  
   
Gross unrealized appreciation $ 54,902,173  
Gross unrealized depreciation   (1,839,450)  
   
Net unrealized appreciation $ 53,062,723  
   
               


BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20158
 
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust, Inc. (BKN)
 

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 reflects the current yield as of report date.
(b) Zero-coupon bond.
(c) Security is collateralized by municipal or U.S. Treasury obligations.
(d) 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.
(e) When-issued security. Unsettled when-issued transactions were as follows:
   
     

 

 
  Counterparty   Value   Unrealized
Appreciation		  
 
  Morgan Stanley Co., Inc.   $ 2,543,343 $ 16,240  
  Merrill Lynch, Pierce, Fenner & Smith, Inc.     3,424,650   39,060  
 
                                     

 

(f) Non-income producing security.
(g) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.
(h) Variable rate security. Rate shown is as of report date.
(i) 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.
(j) Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.
(k) 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 agreement, which expire from February 15, 2019 to June 15, 2019 is $3,148,884.
(l) Represents the current yield as of report date.
(m) During the period ended January 31, 2015, 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, 2014		   Net
Activity		   Shares
Held at
January 31, 2015		   Income  
 
  FFI Institutional Tax-Exempt Fund   7,042,672   (2,662,953)   4,379,719 $ 1,357  
 
                                           

 

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
CAB Capital Appreciation Bonds
COP Certificates of Participation
EDA Economic Development Authority
GARB General Airport Revenue Bonds
GO General Obligation Bonds
IDA Industrial Development Authority
ISD Independent School District
NPFGC National Public Finance Guarantee Corp.
     

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 20159
 
Schedule of Investments (continued) BlackRock Investment Quality Municipal Trust, Inc. (BKN)
 
PILOT Payment in Lieu of Taxes
RB Revenue Bonds
S/F Single Family

•
Financial futures contracts outstanding as of January 31, 2015 were as follows:

 

Contracts
Sold		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
(487) 10-Year U.S. Treasury Note Chicago Board of Trade March
2015		 $ 63,736,125 $ (1,799,686)  
                 
•

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. 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. 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. The three levels of the fair value hierarchy are as follows:

 

  • Level 1 – unadjusted quoted prices 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)
 
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. 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 annual report.

As of January 31, 2015, 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 1   — $ 439,860,634   — $ 439,860,634  
  Short-Term Securities $ 4,379,719   —   —   4,379,719  
Total $ 4,379,719 $ 439,860,634   — $ 444,240,353  
                                 
1 See above Schedule of Investments for values in each state or political subdivision.

 

 
  Level 1     Level 2     Level 3   Total  
 
Derivative Financial Instruments2  
Liabilities:  
Interest rate contracts $ (1,799,686)   —   — $ (1,799,686)  
                               
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, 201510
 
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 January 31, 2015, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
  

 

 
  Level 1     Level 2     Level 3   Total  
 
Assets:    
  Cash $ 551,746   —   — $ 551,746  
  Cash pledged for financial futures contracts   661,000   —   —   661,000  
Liabilities:    
  TOB trust certificates   — $ (28,684,555)   —   (28,684,555)  
  VMTP Shares   —   (125,900,000)   —   (125,900,000)  
Total $ 1,212,746 $ (154,584,555)   — $ (153,371,809)  
                                   


During the period ended January 31, 2015, there were no transfers between levels.

 

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST, INC.JANUARY 31, 201511
 

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, 2015

 

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, 2015

 

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

 

Date: March 25, 2015