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 52 nd 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: 07/31/2013

 

Item 1 – Schedule of Investments

 
 

Schedule of Investments July 31, 2013 (Unaudited) BlackRock Investment Quality Municipal Trust Inc. (BKN)
  (Percentages shown are based on Net Assets)

 

   
Municipal Bonds Par
(000) 		  Value  
Alabama  — 3.5%  
Birmingham Special Care Facilities Financing Authority, RB, Children's Hospital (AGC):          
  6.00%, 6/01/34 $ 1,745 $ 1,967,330  
  6.00%, 6/01/39   500   563,705  
Birmingham Water Works Board, RB, 4.75%, 1/01/36   3,150   3,119,854  
Hoover City Board of Education, Special Tax, Refunding, 4.25%, 2/15/40   3,050   2,878,377  
    8,529,266  
       
Arizona  — 7.9%  
Arizona Health Facilities Authority, Refunding RB, Phoenix Children's Hospital, Series A, 5.00%, 2/01/42   3,300   3,032,865  
Arizona State University, RB, Series C, 5.50%, 7/01/26   475   527,511  
Pima County IDA, Refunding IDRB, Tucson Electric Power Co. Project, Series B, 5.75%, 9/01/29   1,375   1,407,890  
Pinal County Electric District No. 3, Refunding RB, Electric System, 4.75%, 7/01/31   3,750   3,714,150  
Salt Verde Financial Corp., RB, Senior:          
  5.00%, 12/01/32   1,035   1,006,176  
  5.00%, 12/01/37   4,585   4,385,690  
San Luis Facility Development Corp., RB, Senior Lien Project, Regional Detention Center Project:          
  6.25%, 5/01/15   210   204,439  
  7.00%, 5/01/20   490   447,071  
  7.25%, 5/01/27   980   793,839  
State of Arizona, COP, Department of Administration, Series A (AGM), 5.00%, 10/01/29   1,100   1,147,311  
University Medical Center Corp. Arizona, RB, 6.50%, 7/01/39   750   807,368  
University Medical Center Corp. Arizona, Refunding RB, 6.00%, 7/01/39   1,600   1,689,552  
    19,163,862  
California  — 24.5%  
California County Tobacco Securitization Agency, RB, CAB, Stanislaus, Sub-Series C, 11.87%, 6/01/55 (a)   7,090   56,933  
           
Municipal Bonds Par
(000) 		  Value  
California (continued)  
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.88%, 8/15/31 $ 2,300 $ 2,522,870  
Carlsbad Unified School District, GO, Election of 2006, Series B, 5.75%, 5/01/34 (b)   1,500   1,122,825  
City of Manteca California, Refunding RB, Sewer System, 4.00%, 12/01/33   1,500   1,361,550  
City of San Jose California, Refunding ARB, Series A-1, AMT, 5.75%, 3/01/34   3,000   3,123,150  
Dinuba Unified School District, GO, Election of 2006 (AGM):          
  5.63%, 8/01/31   250   266,267  
  5.75%, 8/01/33   535   570,695  
Foothill-Eastern Transportation Corridor Agency, Refunding RB:          
  5.75%, 1/15/40   3,495   3,348,490  
  CAB, 5.88%, 1/15/28   7,000   7,080,080  
Hartnell Community College District California, GO, CAB, Election of 2002, Series D, 5.91%, 8/01/34 (b)   2,475   1,623,526  
Norwalk-La Mirada Unified School District California, GO, Refunding, CAB, Election of 2002, Series E (AGC), 5.92%, 8/01/38 (a)   12,000   2,790,960  
Palomar Community College District, GO, CAB, Election of 2006, Series B:          
  5.46%, 8/01/30 (a)   2,270   908,477  
  5.89%, 8/01/33 (a)   4,250   1,330,335  
  5.89%, 8/01/39 (b)   3,000   1,564,920  
Sacramento County California, ARB, Senior Series A, 5.00%, 7/01/41   2,100   2,105,355  
San Diego Community College District, GO, CAB, Election of 2002, 5.75%, 8/01/33 (b)   4,200   3,099,768  
San Jose Evergreen Community College District, GO, Election of 2010, Series B, 3.50%, 8/01/32   1,800   1,528,110  
State of California, GO, Various Purpose:          
  5.75%, 4/01/31   3,000   3,257,340  
  6.00%, 3/01/33   2,270   2,589,571  
  6.50%, 4/01/33   2,900   3,393,870  
  5.50%, 3/01/40   3,650   3,857,940  
  (CIFG), 5.00%, 3/01/33   4,485   4,626,726  
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 1
 
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, GO, Various Purpose, Refunding:          
  5.00%, 2/01/38 $ 2,000 $ 2,040,940  
  (NPFGC), 5.00%, 6/01/37   5,000   5,100,950  
    59,271,648  
Colorado  — 0.3%  
Park Creek Metropolitan District, Refunding RB, Senior Limited Property Tax (AGM), 6.00%, 12/01/38   750   795,510  
Connecticut  — 1.1%  
Connecticut State Health & Educational Facility Authority, Refunding RB:          
  Hartford Healthcare, Series A, 5.00%, 7/01/32   1,000   998,740  
  Lawrence & Memorial Hospital, Series F, 5.00%, 7/01/36   950   955,510  
  Sacred Heart University, Series G, 5.38%, 7/01/31   600   610,416  
    2,564,666  
Delaware  — 0.8%  
County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40   1,800   1,857,006  
Florida  — 11.1%  
Hillsborough County IDA, RB, National Gypsum Co., Series A, AMT, 7.13%, 4/01/30   3,700   3,699,815  
Lee County Florida, Refunding ARB, Series A, AMT (AGM), 5.00%, 10/01/28   3,000   3,015,720  
Miami-Dade County, RB, CAB (a):          
  Sub-Series A (NPFGC), 5.56%, 10/01/32   4,225   1,476,849  
  Sub-Series A (NPFGC), 5.62%, 10/01/33   4,000   1,308,080  
  Sub-Series A (NPFGC), 5.67%, 10/01/34   4,580   1,402,487  
  Sub-Series A (NPFGC), 5.68%, 10/01/35   5,000   1,444,700  
  Subordinate Special Obligation, 5.89%, 10/01/32   5,000   1,643,500  
             
Municipal Bonds Par
(000) 		  Value  
Florida (concluded)  
Miami-Dade County, RB, CAB (a) (concluded):          
  Subordinate Special Obligation, 5.91%, 10/01/33 $ 15,375 $ 4,750,106  
Orange County Florida Tourist Development Tax Revenue, Refunding RB, 4.75%, 10/01/32   5,000   5,009,900  
Orange County Health Facilities Authority, Refunding RB, Mayflower Retirement Center, 5.00%, 6/01/32   200   192,200  
Sumter Landing Community Development District Florida, RB, Sub-Series B, 5.70%, 10/01/38   3,465   2,857,551  
    26,800,908  
Georgia  — 0.7%  
Milledgeville & Baldwin County Development Authority, RB, Georgia College & State University Foundation, 6.00%, 9/01/14 (c)   1,500   1,607,745  
Hawaii  — 0.2%  
Hawaii State Department of Budget & Finance, Refunding RB, Special Purpose, Senior Living, Kahala Nui, 5.25%, 11/15/37   600   594,258  
Idaho  — 1.2%  
Idaho Health Facilities Authority, Refunding RB, Trinity Health Group, Series B, 6.25%, 12/01/33   2,500   2,834,825  
Illinois  — 12.0%  
Chicago Public Building Commission, RB, Series A (NPFGC), 7.00%, 1/01/20 (d)   5,000   6,367,400  
Chicago Transit Authority, RB, Sales Tax Receipts Revenue, 5.25%, 12/01/40   1,000   1,018,840  
City of Chicago Illinois, Refunding RB, O'Hare International Airport Passenger Facility Charge, Series B, AMT, 4.00%, 1/01/29   6,000   5,231,100  
Illinois Finance Authority, RB:          
  Northwestern Memorial Hospital, Series A, 5.50%, 8/15/14 (c)   3,000   3,162,510  
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 2
 
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, RB  (concluded):          
  Rush University Medical Center, Series C, 6.63%, 11/01/39 $ 1,200 $ 1,336,824  
Illinois Finance Authority, Refunding RB:          
  Friendship Village Schaumburg, Series A, 5.63%, 2/15/37   345   327,332  
  OSF Healthcare System, Series A, 6.00%, 5/15/39   1,490   1,604,939  
  Roosevelt University Project, 6.50%, 4/01/44   1,500   1,588,650  
Railsplitter Tobacco Settlement Authority, RB:          
  6.25%, 6/01/24   6,000   6,527,700  
  6.00%, 6/01/28   1,700   1,854,938  
    29,020,233  
Indiana  — 0.5%  
Indiana Finance Authority, Refunding RB, Improvement, U.S. Steel Corp., 6.00%, 12/01/26   1,350   1,342,535  
Iowa  — 1.6%  
Iowa Higher Education Loan Authority, RB, Private College Facility, Buena Vista University Project, 5.00%, 4/01/31   1,355   1,382,575  
Iowa Higher Education Loan Authority, Refunding RB, Private College Facility:          
  5.75%, 9/01/30   965   1,010,017  
  6.00%, 9/01/39   1,500   1,561,560  
    3,954,152  
Kansas  — 0.9%  
Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 5.00%, 1/01/28   1,155   1,193,981  
Pratt County Public Building Commission, RB, 3.25%, 12/01/32   1,200   976,548  
    2,170,529  
       
Municipal Bonds Par
(000) 		  Value  
Kentucky  — 3.4%  
Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC), 4.49%, 10/01/23 (a) $ 8,500 $ 5,413,395  
Louisville & Jefferson County Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s Healthcare, 6.13%, 2/01/18 (c)   2,250   2,725,650  
    8,139,045  
Louisiana  — 3.3%  
Lafayette Public Trust Financing Authority, Refunding RB, Ragin' Cajun Facilities Project (AGM), 3.75%, 10/01/32   530   463,040  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB:          
  Parish of Plaquemines Project (AGM), 4.00%, 9/01/42   395   333,352  
  Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   1,565   1,651,623  
Louisiana Public Facilities Authority, RB:          
  Belle Chasse Educational Foundation Project, 6.50%, 5/01/31   600   647,982  
  Cleco Power LLC Project, Series B, 4.25%, 12/01/38   2,100   1,914,402  
  Franciscan Missionaries of Our Lady Health System Project, Series B, 5.00%, 7/01/42   2,400   2,346,048  
Terrebonne Levee & Conservation District, RB, Sales Tax, 4.25%, 7/01/32 (e)   575   541,219  
    7,897,666  
Maryland  — 1.7%  
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25   180   187,798  
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 3
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000) 		  Value  
Maryland (concluded)  
Maryland Health & Higher Educational Facilities Authority, Refunding RB, Doctor's Community Hospital, 5.63%, 7/01/30 $ 4,100 $ 4,027,430  
    4,215,228  
Michigan  — 5.2%  
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.25%, 10/15/38   1,875   2,135,587  
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series C, 4.00%, 12/01/32   6,000   5,214,360  
Michigan Technological University, Refunding RB, General, Series A, 4.00%, 10/01/30   1,930   1,797,834  
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39   2,750   3,320,130  
    12,467,911  
Minnesota  — 1.1%  
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC), 6.50%, 11/15/38   2,250   2,591,505  
Mississippi  — 3.6%  
Mississippi Development Bank, RB, Special Obligation:          
  CAB, Hinds Community College District (AGM), 5.00%, 4/01/36   1,910   1,939,032  
  Jackson County Limited Tax Note (AGC), 5.50%, 7/01/32   2,655   2,791,467  
University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36   3,150   3,298,554  
Warren County Mississippi, RB, Gulf Opportunity Zone Bonds, International Paper Co. Project, Series A, 5.38%, 12/01/35   600   600,552  
    8,629,605  
       
Municipal Bonds Par
(000) 		  Value  
Missouri  — 3.9%  
Missouri State Development Finance Board, RB:          
  Annual Appropriation Sewer System, Series B, 5.00%, 11/01/41 $ 1,350 $ 1,325,835  
  St. Joseph Sewage System Improvements, Series E, 5.25%, 5/01/31   620   620,297  
Missouri State Development Finance Board, Refunding RB, Electric System Projects, Series F, 4.00%, 6/01/32   4,750   4,190,450  
Missouri State Health & Educational Facilities Authority, RB:          
  A.T. Still University Health Sciences, 5.25%, 10/01/31   500   516,725  
  Heartland Regional Medical Center, 4.13%, 2/15/43   1,530   1,256,222  
Missouri State Health & Educational Facilities Authority, Refunding RB, Coxhealth, Series A, 5.00%, 11/15/38   1,500   1,466,190  
    9,375,719  
Montana  — 0.5%  
Montana Facility Finance Authority, Refunding RB, Sisters of Leavenworth, Series A, 4.75%, 1/01/40   1,250   1,242,500  
Nebraska  — 1.6%  
Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42   900   862,713  
City of Omaha Nebraska Sewer Revenue, RB, Sanitary Sewerage System, 4.00%, 11/15/42   3,300   2,963,400  
    3,826,113  
Nevada  — 0.4%  
Clark County Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%, 5/15/29   1,065   1,085,949  
New Jersey  — 6.4%  
Delaware River Port Authority, RB, Series D (AGM), 5.00%, 1/01/40   3,640   3,724,011  
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 4
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000) 		  Value  
New Jersey (concluded)  
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (f)(g) $ 1,510 $ 105,609  
New Jersey EDA, RB:          
  Cigarette Tax, 5.75%, 6/15/14 (c)   3,000   3,143,970  
  Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29   1,335   1,252,030  
New Jersey Educational Facilities Authority, Refunding RB, University of Medicine & Dentistry, Series B (c):          
  7.13%, 6/01/19   950   1,234,744  
  7.50%, 6/01/19   1,225   1,617,563  
New Jersey Health Care Facilities Financing Authority, Refunding RB, Barnabas Health Series A:          
  5.63%, 7/01/37   2,560   2,609,792  
  4.63%, 7/01/23   770   796,811  
  5.00%, 7/01/25   500   517,435  
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.50%, 10/01/38   505   519,297  
    15,521,262  
New Mexico  — 0.3%  
New Mexico State University, Refunding RB, Series A, 3.50%, 4/01/33   780   647,837  
New York  — 7.4%  
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A, 7.00%, 5/01/35 (f)(g)   725   108,533  
City of New York, New York, GO, Sub-Series A-1 (e):          
  5.00%, 8/01/29   600   644,448  
  5.00%, 8/01/35   2,380   2,465,275  
Hudson New York Yards Infrastructure Corp., RB, Series A:          
  (AGM), 5.00%, 2/15/47   1,250   1,250,150  
  (NPFGC), 5.00%, 2/15/47   500   495,295  
Long Island Power Authority, Refunding RB, Series A, 5.75%, 4/01/39   2,475   2,703,640  
Metropolitan Transportation Authority, Refunding RB, Series D, 4.00%, 11/15/32   650   603,811  
           
Municipal Bonds Par
(000) 		  Value  
New York (concluded)  
New York City Industrial Development Agency, RB:          
  American Airlines, Inc., JFK International Airport, AMT, 7.63%, 8/01/25 (h) $ 2,600 $ 2,853,786  
  PILOT, Queens Baseball Stadium (AGC), 6.50%, 1/01/46   300   325,992  
  PILOT, Queens Baseball Stadium (AMBAC), 5.00%, 1/01/39   1,900   1,655,945  
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49   1,250   1,358,875  
Niagara Area Development Corp., Refunding RB, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42   600   525,600  
Onondaga Civic Development Corp., Refunding RB, St. Joseph's Hospital Health Center Project, 4.50%, 7/01/32   1,420   1,240,626  
Westchester County Healthcare Corp. New York, Refunding RB, Senior Lien, Series A, 5.00%, 11/01/30   1,600   1,631,296  
    17,863,272  
North Carolina  — 4.0%  
Gaston County Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35   2,175   1,878,635  
North Carolina Medical Care Commission, Refunding RB:          
  Novant Health, Series A, 4.00%, 11/01/46   5,600   4,467,288  
  Southeastern Regional Medical Center, 3.25%, 6/01/27   450   389,223  
  Southeastern Regional Medical Center, 5.00%, 6/01/32   985   998,987  
  University Health System, Series D, 6.25%, 12/01/33   1,750   1,956,377  
    9,690,510  
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 5
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000) 		  Value  
North Dakota  — 1.1%  
City of Fargo North Dakota, Refunding RB, University Facilities Development Foundation Project, 3.00%, 12/01/30 $ 600 $ 477,654  
City of Grand Forks North Dakota, Refunding RB, Altru Health System Obligated Group, 5.00%, 12/01/32   2,120   2,088,857  
    2,566,511  
Ohio  — 0.5%  
Kent State University, RB, General Receipts, Series A, 5.00%, 5/01/42   1,200   1,204,968  
Oklahoma  — 0.5%  
Oklahoma Municipal Power Authority, RB, Power Supply System, Series A, 4.00%, 1/01/38   1,500   1,297,395  
Oregon  — 2.5%  
City of Madras Oregon, GO, Refunding, Full Faith and Credit, 4.00%, 2/15/33   600   499,356  
Clackamas County Housing Authority, HRB, M/F Housing, Easton Ridge Apartments Project, Series A:          
  3.50%, 9/01/33   760   630,093  
  4.00%, 9/01/43   660   568,867  
  4.00%, 9/01/49   825   680,138  
Oregon Health & Science University, RB, Series A, 5.75%, 7/01/39   1,250   1,373,713  
Oregon Health & Science University, Refunding RB:          
  Series A, 3.00%, 7/01/24   1,500   1,419,990  
  Series E, 5.00%, 7/01/32   500   508,255  
Oregon State Facilities Authority, Refunding RB, Limited College Project, Series A, 5.25%, 10/01/40   500   494,965  
    6,175,377  
Pennsylvania  — 1.6%  
Allegheny County IDA, Refunding RB, US Steel Corp. Project, 6.55%, 12/01/27   2,535   2,610,061  
           
Municipal Bonds Par
(000) 		  Value  
Pennsylvania (concluded)  
Mckeesport Area School District, GO, CAB, Refunding, (NPFGC) (a):          
  4.05%, 10/01/31 (d) $ 500 $ 241,340  
  5.36%, 10/01/31   2,435   931,485  
    3,782,886  
Puerto Rico  — 1.2%  
Puerto Rico Sales Tax Financing Corp., RB:          
  CAB, Series A, 6.56%, 8/01/35 (a)   1,000   241,710  
  First Sub-Series A, 5.75%, 8/01/37   1,500   1,467,540  
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC), 6.60%, 8/01/41 (a)   7,500   1,216,500  
    2,925,750  
Rhode Island  — 2.7%  
Rhode Island Health & Educational Building Corp., RB:          
  City of Newport Issue, Series C, 4.00%, 5/15/33   1,850   1,736,022  
  Hospital Financing, LifeSpan Obligation, Series A (AGC), 7.00%, 5/15/39   3,000   3,321,270  
State of Rhode Island, COP, Series C, School for the Deaf (AGC), 5.38%, 4/01/28   1,330   1,403,203  
    6,460,495  
South Carolina  — 4.0%  
South Carolina Jobs-EDA, Refunding RB:          
  Hospital Facilities, 6.88%, 8/01/13 (c)   3,560   3,560,000  
  Palmetto Health Alliance, Series A, 6.25%, 8/01/31   2,185   2,193,237  
South Carolina State Housing Finance & Development Authority, Refunding RB, Series A-2, AMT (AMBAC), 5.15%, 7/01/37   3,655   3,806,902  
    9,560,139  
Tennessee  — 1.8%  
Johnson City Health & Educational Facilities Board, RB, Mountain States Health, 5.00%, 8/15/42   1,200   1,140,108  
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 6
 
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)  
Memphis-Shelby County Sports Authority, Inc., Refunding RB, Memphis Arena Project, Series A:          
  5.25%, 11/01/27 $ 1,135 $ 1,193,044  
  5.38%, 11/01/28   1,000   1,049,360  
Shelby County Health Educational & Housing Facilities Board, RB, Methodist Le Bonheur Healthcare, 5.00%, 5/01/42   940   935,667  
    4,318,179  
Texas  — 12.4%  
City of San Antonio Texas, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43   2,370   2,436,787  
Harris County Cultural Education Facilities Finance Corp., Refunding RB, Young Men's Christian Association of the Greater Houston Area, Series A, 5.00%, 6/01/38   345   329,858  
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (c):          
  7.13%, 12/01/18   1,000   1,292,340  
  7.25%, 12/01/18   2,650   3,441,661  
Harris County-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC), 6.31%, 11/15/38 (a)   5,000   1,039,100  
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40   1,445   1,404,092  
Matagorda County Navigation District No. 1 Texas, Refunding RB, Central Power & Light Co. Project, Series A, 6.30%, 11/01/29   2,200   2,419,296  
Midland County Fresh Water Supply District No. 1, Refunding RB, City of Midland Project:          
  3.38%, 9/15/32   2,425   2,018,158  
  CAB, Series A, 5.12%, 9/15/36 (a)   7,640   2,373,901  
  CAB, Series A, 5.22%, 9/15/38 (a)   16,780   4,598,055  
             
Municipal Bonds Par
(000) 		  Value  
Texas (concluded)  
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 $ 3,407,070  
Texas State Turnpike Authority, RB, CAB (AMBAC), 6.03%, 8/15/31 (a)   15,000   5,133,750  
    29,894,068  
Vermont  — 1.8%  
University of Vermont & State Agricultural College, Refunding RB, Series A, 4.00%, 10/01/38   1,800   1,586,034  
Vermont Educational & Health Buildings Financing Agency, RB, Hospital, Fletcher Allen Health, Series A, 4.75%, 12/01/36   1,495   1,453,798  
Vermont Educational & Health Buildings Financing Agency, Refunding RB, St. Michaels College, 5.00%, 10/01/42   1,350   1,333,570  
    4,373,402  
Virginia  — 1.7%  
Prince William County IDA, Refunding RB, Novant Health Obligation Group, Series B, 4.00%, 11/01/46   2,800   2,270,884  
Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings Project, AMT, 6.00%, 1/01/37   1,755   1,768,145  
    4,039,029  
Washington  — 0.9%  
Washington Health Care Facilities Authority, RB, MultiCare Health System, Series B (AGC), 6.00%, 8/15/39   2,100   2,247,021  
West Virginia  — 1.9%  
City of Wheeling West Virginia Waterworks & Sewerage System Revenue, RB, 5.00%, 6/01/38   3,000   3,013,680  
West Virginia University, RB, West Virginia University Projects, Series B, 5.00%, 10/01/36   1,650   1,709,185  
    4,722,865  
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 7
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000) 		  Value  
Wyoming  — 0.8%  
Sweetwater County Wyoming, Refunding RB, Idaho Power Co. Project, 5.25%, 7/15/26 $ 1,800 $ 1,918,836  
Total Municipal Bonds — 144.5%   349,188,186  
                         

 

Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (i)  
Colorado  — 2.2%  
Colorado Health Facilities Authority, RB, Catholic Health, Series C-7 (AGM), 5.00%, 9/01/36   5,250   5,221,335  
Massachusetts  — 1.3%  
Massachusetts Water Resources Authority, Refunding RB, General, Series A, 5.00%, 8/01/41   3,070   3,164,034  
New Jersey  — 1.2%  
New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 6/15/36 (j)   2,861   2,970,627  
New York  — 9.8%  
Hudson New York Yards Infrastructure Corp., RB, Senior Series A, 5.75%, 2/15/47 (j)   1,750   1,857,827  
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40   690   766,203  
New York City Municipal Water Finance Authority, Refunding RB:          
  Series FF-2, 5.50%, 6/15/40   810   881,898  
  Water & Sewer System, Second General Resolution, Series CC, 5.00%, 6/15/47   4,000   4,103,240  
  Water & Sewer System, Series A, 4.75%, 6/15/30   4,000   4,131,520  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43   4,500   4,675,609  
New York State Dormitory Authority, RB, New York University, Series A, 5.00%, 7/01/38   3,359   3,426,444  
           
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (i) Par
(000) 		  Value  
New York (concluded)  
New York State Dormitory Authority, Refunding LRB, State University Dormitory Facilities, Series A, 5.00%, 7/01/42 $ 1,200 $ 1,224,180  
New York State Thruway Authority, Refunding RB, Series A, 5.00%, 3/15/31   2,360   2,498,674  
    23,565,595  
Ohio  — 1.8%  
County of Montgomery Ohio, RB, Catholic Health, Series C-1 (AGM), 5.00%, 10/01/41   1,740   1,721,712  
Ohio Higher Educational Facility Commission, Refunding RB, Hospital, Cleveland Clinic Health, Series A, 5.25%, 1/01/33   2,600   2,654,262  
    4,375,974  

Total Municipal Bonds Transferred to Tender

Option Bond (TOB) Trusts — 16.3%

  39,297,565  
Total Long-Term Investments
(Cost — $385,460,450) — 160.8% 		  388,485,751  
                         

 

Short-Term Securities
Shares 		     
   
FFI Institutional Tax-Exempt Fund, 0.03% (k)(l)   2,250,412   2,250,412  
Total Short-Term Securities
(Cost — $2,250,412) — 0.9% 		  2,250,412  
Total Investments
(Cost — $387,710,862*) — 161.7% 		  390,736,163  
Liabilities in Excess of Other Assets — (0.2%)   (480,894 )
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.4%)   (22,704,742 )
VMTP Shares, at Liquidation Value — (52.1%)   (125,900,000 )
 
Net Assets Applicable to Common Shares — 100.0% $ 241,650,527  
 
* As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:  
       
Tax cost $ 364,942,223  
 
Gross unrealized appreciation $ 18,433,708  
Gross unrealized depreciation   (15,338,809 )
 
Net unrealized appreciation $ 3,094,899  
 
                         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 8
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

 

   

Notes to Schedule of Investments

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.  
(b) 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.  
(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:  

 

  Counterparty   Value Unrealized
Appreciation
(Depreciation)
  JPMorgan Chase Bank NA   $ 3,109,723 $ 48,944 
  Raymond James Financial, Inc.   $ 541,219 $ (21,317)

 

(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) Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities 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 $3,149,396.  
(k) Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2013, 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
July 31, 2013 		  Income  
  FFI Institutional Tax-Exempt Fund   4,475,537   (2,225,125)   2,250,412 $ 217  
                                                           

 

(l)

Represents the current yield as of report date.

 

 
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 9
 
Schedule of Investments (continued)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

 

 

 

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
LRB Lease 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
 
• Fair Value Measurements - Various inputs are used in determining the fair value of investments. 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)
 
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 is based on the pricing transparency of the investment 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, please refer to the Trust's most recent financial statements as contained in its annual report.
         
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 10
 
Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Trust Inc. (BKN)

 

The following table summarizes the Trust's investments categorized in the disclosure hierarchy as of July 31, 2013:

      Level 1   Level 2   Level 3   Total
Assets:                  
Investments:                
  Long-Term Investments 1   — $ 388,485,751   — $ 388,485,751
  Short-Term Securities $ 2,250,412   —   —   2,250,412
Total   $ 2,250,412 $ 388,485,751   — $ 390,736,163

 

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

 

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:
 
  Level 1 Level 2 Level 3 Total
 
Assets:  
  Cash $ 555,645   —   — $ 555,645
Liabilities:  
  TOB trust certificates   — $ (22,699,041)   —   (22,699,041)
  VMTP Shares   —   (125,900,000)   —   (125,900,000)
 
Total $ 555,645 $ (148,599,041)   — $ (148,043,396)

There were no transfers between levels during the period ended July 31, 2013.
                               
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC. JULY 31, 2013 11
 

 

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: September 24, 2013

 

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: September 24, 2013

 

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

 

Date: September 24, 2013

 

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