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: Donald C. Burke, Chief Executive Officer, BlackRock Investment Quality Municipal Trust, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 10/31/2008

Date of reporting period: 05/01/2008 – 07/31/2008

Item 1 – Schedule of Investments

BlackRock Investment Quality Municipal Trust          
Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
           
Par
     
 State   Municipal Bonds  
(000)
   
Value
 Alabama - 6.8%   University of Alabama, Hospital Revenue Bonds, Series A, 5.875%,          
    9/01/10 (a)(b)
            $
      14,000      
$
       15,146,460
 Arizona - 4.2%   Glendale, Arizona, Municipal Property Corporation, Excise Tax Revenue          
    Refunding Bonds, Series A, 4.50%, 7/01/32 (c)   1,150     1,062,703
    Goodyear, Arizona, GO, 4.25%, 7/01/36 (c)   2,125     1,871,934
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,          
    5%, 12/01/32   1,035     879,926
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,          
    5%, 12/01/37   4,585     3,813,069
    San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue          
    Bonds (Regional Detention Center Project), 6.25%, 5/01/15   490     456,401
    San Luis, Arizona, Facilities Development Corporation, Senior Lien          
    Revenue Bonds (Regional Detention Center Project), 7%, 5/01/20   490     441,294
    San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue          
    Bonds (Regional Detention Center Project), 7.25%, 5/01/27   980     866,624
              9,391,951
 California - 20.7%   California County Tobacco Securitization Agency, Tobacco Revenue          
    Bonds (Stanislaus County Tobacco Funding Corporation), Sub-Series C,          
    6.30%, 6/01/55 (d)   7,090     138,680
    California State Department of Veteran Affairs, Home Purchase          
    Revenue Bonds, AMT, Series B, 5.25%, 12/01/37   5,000     4,497,600
    California State, GO, 5%, 3/01/33 (e)   10,000     9,750,900
    California State, GO, Refunding, 5.625%, 5/01/18   290     306,168
    California State, GO, Refunding, 5%, 2/01/32   5,800     5,682,202
    California State, GO, Refunding, 5%, 6/01/32   4,545     4,451,691
    Foothill/Eastern Corridor Agency, California, Toll Road Revenue          
    Refunding Bonds, 5.562%, 7/15/28 (f)   7,000     6,407,240
    Foothill/Eastern Corridor Agency, California, Toll Road Revenue          
    Refunding Bonds, 5.75%, 1/15/40   3,495     3,410,526
    Golden State Tobacco Securitization Corporation of California, Tobacco          
    Settlement Revenue Refunding Bonds, Senior Series A-1, 5.125%,          
    6/01/47   805     591,828
    Los Altos, California, School District, GO (Election of 1998), Series B,          
    5.93%, 8/01/13 (a)(b)(d)   10,945     4,927,111
    Sacramento County, California, Airport System Revenue Bonds, AMT,          
    Senior Series A, 5%, 7/01/41 (c)   2,000     1,977,620
    University of California Revenue Bonds, Series B, 4.75%, 5/15/38   4,185     4,010,988
              46,152,554
 Colorado - 0.5%   Colorado Springs, Colorado, Utilities System Improvement Revenue          
    Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (c)   1,030     1,017,897
 
 Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, many of the securities have been abbreviated according to the list below.

AMT   Alternative Minimum Tax (subject to)   IDA   Industrial Development Authority
EDA   Economic Development Authority   S/F   Single-Family
EDR   Economic Development Revenue Bonds   SIFMA   Securities Industry and Financial Markets
GO   General Obligation Bonds       Association
HFA   Housing Finance Agency   VRDN   Variable Rate Demand Notes

1

BlackRock Investment Quality Municipal Trust          
Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
       
Par
     
 State   Municipal Bonds  
(000)
   
Value
 Connecticut - 1.2%   Mashantucket Western Pequot Tribe, Connecticut, Special Revenue              
    Refunding Bonds, Sub-Series A, 5.50%, 9/01/28
            $
3,000   $ 2,578,950
 District of   District of Columbia Tobacco Settlement Financing Corporation, Asset-          
 Columbia - 2.1%   Backed Revenue Refunding Bonds, 6.50%, 5/15/33   4,960     4,676,635
 Florida - 18.3%   FishHawk Community Development District II, Florida, Special          
    Assessment and Tax Allocation Bonds, Series A, 6.125%, 5/01/34   2,020     2,002,971
    Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding          
    Bonds, Series A, 5%, 6/01/38   2,415     2,060,599
        Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds          
    (National Gypsum Company), AMT, Series A, 7.125%, 4/01/30   3,700     3,495,464
    Jacksonville, Florida, Health Facilities Authority, Hospital Revenue          
    Bonds (Baptist Medical Center Project), Series A, 5%, 8/15/37   1,690     1,536,328
    Miami Beach, Florida, Health Facilities Authority, Hospital Revenue          
    Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%,          
    11/15/21   4,755     4,836,976
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,          
    Sub-Series A, 5.19%, 10/01/31 (b)(d)   3,380     882,788
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,          
    Sub-Series A, 5.20%, 10/01/32 (b)(d)   4,225     1,042,814
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,          
    Sub-Series A, 5.21%, 10/01/33 (b)(d)   4,000     926,760
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,          
    Sub-Series A, 5.21%, 10/01/34 (b)(d)   4,580     986,074
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,          
    Sub-Series A, 5.22%, 10/01/35 (b)(d)   5,000     1,010,850
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,          
    Sub-Series A, 5.23%, 10/01/36 (b)(d)   10,000     1,895,300
    Miami-Dade County, Florida, Special Obligation Revenue Bonds,          
    Sub-Series A, 5.24%, 10/01/37 (b)(d)         10,000     1,777,000
    Orange County, Florida, Tourist Development, Tax Revenue Refunding          
    Bonds, 4.75%, 10/01/32 (g)   7,895     7,357,429
    Sumter Landing Community Development District, Florida,          
    Recreational Revenue Bonds, Sub-Series B, 5.70%, 10/01/38   3,730     3,056,176
    Village Community Development District Number 5, Florida, Special          
    Assessment Bonds, 5.625%, 5/01/22   7,965     7,796,461
                    40,663,990
 Georgia - 3.7%   Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate          
    Lien General Revenue Bonds, Series J, 5%, 1/01/34 (c)   1,760     1,722,741
    Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5%,          
    11/01/34 (c)   4,000     3,970,760
    Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,          
    Series A, 6.375%, 7/15/38   1,000     911,620
    Milledgeville-Baldwin County, Georgia, Development Authority          
    Revenue Bonds (Georgia College and State University Foundation), 6%,          
    9/01/14 (a)   1,500     1,724,505
              8,329,626

2

BlackRock Investment Quality Municipal Trust          
Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
       
Par
     
 State   Municipal Bonds  
(000)
       
Value
 Hawaii - 1.1%       Hawaii State Department of Budget and Finance, Special Purpose          
    Revenue Refunding Bonds (Hawaiian Electric Company, Inc.), AMT,          
    Series D, 6.15%, 1/01/20 (h)
            $
2,500   $ 2,523,750
 Illinois - 10.8%   Bolingbrook, Illinois, GO, Refunding, Series A, 4.75%, 1/01/38 (b)   6,500     5,979,025
    Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation          
    Bonds, Class A, 8%, 6/15/23 (i)   1,920     1,754,016
    Chicago, Illinois, Public Building Commission, Building Revenue Bonds,          
    Series A, 7%, 1/01/20 (b)(j)   5,000     6,217,100
    Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50%,          
    2/01/35 (k)   2,145     1,882,817
    Illinois State Finance Authority Revenue Bonds (Friendship Village of          
    Schaumburg), Series A, 5.625%, 2/15/37   690     542,913
    Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc.          
    Project), Series A, 7%, 12/01/37   1,155     1,111,815
    Illinois State Finance Authority Revenue Bonds (Northwestern Memorial          
    Hospital), Series A, 5.50%, 8/15/14 (a)   5,800     6,446,410
    Illinois State Finance Authority, Student Housing Revenue Bonds (MJH          
    Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35   700     206,465
                    24,140,561
 Kentucky - 3.8%   Kentucky Economic Development Finance Authority, Health System          
    Revenue Refunding Bonds (Norton Healthcare, Inc.), Series B, 6.19%,          
    10/01/23 (b)(d)         13,500     5,798,790
    Louisville and Jefferson County, Kentucky, Metropolitan Government          
    Health Facilities, Revenue Refunding Bonds (Jewish Hospital and Saint          
    Mary's HealthCare), 6.125%, 2/01/37   2,750     2,772,632
              8,571,422
 Maryland - 2.5%   Maryland State Community Development Administration, Department          
    of Housing and Community Development, Residential Revenue          
    Refunding Bonds, AMT, Series A, 4.80%, 9/01/42   5,000     4,000,950
    Maryland State Health and Higher Educational Facilities Authority,          
    Revenue Refunding Bonds (MedStar Health, Inc.), 5.50%, 8/15/33   1,740     1,680,353
              5,681,303
 Michigan - 0.7%   Michigan State Hospital Finance Authority, Revenue Refunding Bonds          
    (Henry Ford Health System), Series A, 5.25%, 11/15/46   1,670     1,498,324
 Mississippi - 0.8%   Mississippi Business Finance Corporation Revenue Bonds (Northrop          
    Grumman Ship System), 4.55%, 12/01/28   1,900     1,781,706
 Missouri - 6.0%   Missouri Joint Municipal Electric Utility Commission, Power Project          
    Revenue Bonds (Plum Point Project), 4.60%, 1/01/36 (b)   2,820     2,341,305
    Missouri State Health and Educational Facilities Authority, Health          
    Facilities Revenue Bonds (Saint Luke's Health System), VRDN, Series A,          
    5.50%, 11/15/35 (c)(l)   6,000     6,013,500
    Missouri State Housing Development Commission, S/F Mortgage          
    Revenue Refunding Bonds (Homeownership Loan Program), AMT, Series          
    B-1, 5.05%, 3/01/38 (m)(n)   5,125     4,960,282
              13,315,087

3

BlackRock Investment Quality Municipal Trust          
Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
       
Par
     
 State   Municipal Bonds  
(000)
   
Value
 Nebraska - 3.4%       Omaha Public Power District, Nebraska, Electric System Revenue              
    Bonds, Series A, 5%, 2/01/34
            $
5,000   $ 5,009,500
    Omaha Public Power District, Nebraska, Electric System Revenue          
    Bonds, Series A, 4.75%, 2/01/44          2,765     2,602,695
              7,612,195
 Nevada - 0.9%   Clark County, Nevada, EDR, Refunding (Alexander Dawson School of          
    Nevada Project), 5%, 5/15/29   2,065     1,982,317
 New Jersey - 4.4%   Middlesex County, New Jersey, Improvement Authority, Subordinate          
    Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B,          
    6.25%, 1/01/37   1,510     1,261,303
    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29   7,000     6,555,710
    New Jersey State Housing and Mortgage Finance Agency, S/F Housing          
    Revenue Bonds, AMT, Series X, 5.375%, 4/01/30   2,000     1,891,020
              9,708,033
 New York - 9.1%   Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant          
    Charter School Project), Series A, 7%, 5/01/35   725     548,441
    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds,          
    Series A, 5%, 2/15/47 (k)   1,400     1,340,794
    Metropolitan Transportation Authority, New York, Revenue Refunding          
    Bonds, Series A, 5%, 11/15/25 (k)   1,000     987,390
    Metropolitan Transportation Authority, New York, Transportation          
    Revenue Refunding Bonds, Series F, 5%, 11/15/35   1,150     1,128,081
    New York City, New York, City IDA, Special Facility Revenue Bonds          
    (American Airlines, Inc. - JFK International Airport), AMT, 7.625%,          
    8/01/25   2,600     2,215,928
    New York City, New York, City Municipal Water Finance Authority,          
    Water and Sewer System Revenue Bonds, Series D, 5%, 6/15/38   1,000     1,006,410
    New York City, New York, City Transitional Finance Authority, Building          
    Aid Revenue Bonds, Series S-1, 5%, 7/15/24 (k)   3,000     3,051,660
    New York City, New York, GO, Sub-Series F-1, 5%, 9/01/22 (g)   2,000     2,042,960
    New York Liberty Development Corporation Revenue Bonds (Goldman          
    Sachs Headquarters), 5.25%, 10/01/35   4,100     4,189,585
    New York State Dormitory Authority, Revenue Refunding Bonds          
    (University of Rochester), Series A, 5.963%, 7/01/10 (a)(b)(f)   1,865     1,790,288
    New York State Dormitory Authority, Revenue Refunding Bonds          
    (University of Rochester), Series A, 6.013%, 7/01/10 (a)(b)(f)   2,030     1,948,678
                    20,250,215
North Carolina - 1.7%
 
Gaston County, North Carolina, Industrial Facilities and Pollution
          
    Control Financing Authority, Revenue Bonds (National Gypsum          
    Company Project), AMT, 5.75%, 8/01/35   2,425     1,881,752
    North Carolina Medical Care Commission, Health Care Facilities          
    Revenue Bonds (Novant Health Obligation Group), 5%, 11/01/39   2,065     1,970,733
              3,852,485
 Ohio - 4.9%   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco          
    Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47   1,870     1,662,299
    Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A, 6%,          
    1/01/20   3,485     3,783,455

4

BlackRock Investment Quality Municipal Trust          
Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
       
Par
     
 State   Municipal Bonds  
(000)
   
Value
    Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A, 6%,          
    1/01/21
            $
5,000       $ 5,428,200
                    10,873,954
 Oklahoma - 2.1%   Oklahoma State Development Finance Authority, Revenue Refunding          
    Bonds (Saint John Health System), 5%, 2/15/42   2,110     1,986,037
    Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds,          
    Series A, 7.75%, 6/01/35   2,900     2,633,606
              4,619,643
 Pennsylvania - 6.8%   Delaware River Port Authority of Pennsylvania and New Jersey Revenue          
    Bonds (Port District Project), Series B, 5.70%, 1/01/22 (c)   2,000     2,058,280
    McKeesport, Pennsylvania, Area School District, GO, Refunding, 5.53%,          
    10/01/31 (d)(k)   2,435     624,626
    McKeesport, Pennsylvania, Area School District, GO, Refunding, 5.53%,          
    10/01/31 (d)(j)(k)   870     264,863
    Pennsylvania Economic Development Financing Authority, Exempt          
    Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.25%,          
    11/01/31   2,000     1,961,340
    Pennsylvania Economic Development Financing Authority, Exempt          
    Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.375%,          
    11/01/41   3,100     3,070,023
    Pennsylvania Economic Development Financing Authority, Exempt          
    Facilities Revenue Bonds (Reliant Energy), AMT, Series A, 6.75%,          
    12/01/36   6,380     6,397,481
    Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series          
    97A, 4.60%, 10/01/27   980     826,875
              15,203,488
 Rhode Island - 0.1%   Rhode Island State Health and Educational Building Corporation,          
    Hospital Revenue Refunding Bonds (Lifespan Obligation Group), 5.50%,          
    5/15/16 (b)   200     202,456
South Carolina - 5.0%
 
South Carolina Housing Finance and Development Authority, Mortgage
          
    Revenue Refunding Bonds, AMT, Series A-2, 5.15%, 7/01/37 (h)   4,975     4,333,225
    South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds          
    (Palmetto Health Alliance), Series A, 6.25%, 8/01/31   2,185     2,205,495
    South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds          
    (Palmetto Health Alliance), Series C, 6.875%, 8/01/13 (a)   4,000     4,660,636
              11,199,356
 Tennessee - 2.2%       Memphis-Shelby County, Tennessee, Airport Authority, Airport Revenue          
    Bonds, AMT, Series D, 6%, 3/01/24 (h)   4,865     4,877,357
 Texas - 10.8%   Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds,          
    AMT, Series C, 6.25%, 11/01/28 (b)   550     552,728
    Grapevine, Texas, GO, 5.875%, 8/15/10 (a)(k)   6,000     6,426,060
    Harris County-Houston Sports Authority, Texas, Revenue Refunding          
    Bonds, Senior Lien, Series A, 6.146%, 11/15/38 (b)(d)          5,000     744,000
    Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,          
    5/15/13 (a)(b)   20     21,649
    Lower Colorado River Authority, Texas, Revenue Refunding Bonds,          
    4.75%, 5/15/36 (h)   3,595     3,373,404

5

BlackRock Investment Quality Municipal Trust          
Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
     
Par
     
 State   Municipal Bonds
(000)
   
Value
        Lower Colorado River Authority, Texas, Revenue Refunding Bonds,          
    Series A, 5%, 5/15/13 (a)(b)
            $
5       $ 5,412
    Montgomery County, Texas, Municipal Utility District Number 46,          
    Waterworks and Sewer System, GO, 4.75%, 3/01/30 (b)   675     641,729
    Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (k) 2,010     1,901,299
    San Antonio Energy Acquisition Public Facilities Corporation, Texas,          
    Gas Supply Revenue Bonds, 5.50%, 8/01/24 2,550     2,437,673
    Texas State Turnpike Authority, Central Texas Turnpike System          
    Revenue Bonds, 6.06%, 8/15/31 (d)(h)         15,000     3,674,250
    Texas State Turnpike Authority, Central Texas Turnpike System          
    Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (h) 3,325     3,174,976
    Texas State, Water Financial Assistance, GO, Refunding, 5.75%,          
    8/01/22 1,000     1,043,490
              23,996,670
 Utah - 0.9%   Intermountain Power Agency, Utah, Power Supply Revenue Refunding          
    Bonds, 5%, 7/01/13 (j)(h) 1,950     1,953,432
 Virginia - 0.9%   Tobacco Settlement Financing Corporation of Virginia, Revenue          
    Refunding Bonds, Senior Series B-1, 5%, 6/01/47 2,900     2,042,441
 Wisconsin - 1.5%   Wisconsin State Health and Educational Facilities Authority Revenue          
    Bonds (Aurora Health Care, Inc.), 6.40%, 4/15/33 3,220     3,273,871
 Wyoming - 0.8%   Wyoming Community Development Authority, Housing Revenue Bonds,          
    AMT, Series 3, 4.75%, 12/01/37 2,145     1,731,744
 Multi State - 5.3%   Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (i)(o) 7,000     7,599,270
    MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (i)(o) 4,000     4,259,920
              11,859,190
 Puerto Rico - 3.9%   Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior Lien          
    Revenue Bonds, Series A, 6%, 7/01/38 2,500     2,609,975
    Puerto Rico Commonwealth Highway and Transportation Authority,          
    Transportation Revenue Refunding Bonds, Series N, 5.25%, 7/01/34 (p) 3,115     3,186,147
    Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,          
    Series UU, 5%, 7/01/23 (c) 2,900     2,956,318
              8,752,440
    Total Municipal Bonds - 147.9%         329,461,503
    Municipal Bonds Transferred to          
    Tender Option Bond Trusts (q)          
 California - 1.5%   Sacramento County, California, Airport System Revenue Bonds, AMT, Senior          
    Series B, 5.25%, 7/01/39 (c) 3,494     3,344,561
 Colorado - 3.1%   Colorado Health Facilities Authority Revenue Bonds (Catholic Health),          
    Series C-7, 5%, 9/01/36 (c) 5,249     5,170,778
    Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre          
    Valley Health Care), Series B, 5.25%, 3/01/36 (c) 1,754     1,758,178
              6,928,956
 Illinois - 3.0%   Chicago, Illinois, Housing Authority, Capital Program Revenue Refunding          
    Bonds, 5%, 7/01/24 (c) 3,198     3,277,255
    Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds,          
    Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (c) 3,539     3,355,627
              6,632,882

6

BlackRock Investment Quality Municipal Trust            
Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
    Municipal Bonds Transferred to  
Par
       
 State   Tender Option Bond Trusts (q)  
(000)
   
Value
 
 Massachusetts - 1.4%       Massachusetts State Water Resource Authority, General Revenue Refunding                
    Bonds, Series A, 5%, 8/01/41
            $
3,074   $ 3,049,494  
 New York - 0.5%   Port Authority of New York and New Jersey, Consolidated Revenue            
    Refunding Bonds, AMT, 152nd Series, 5.75%, 11/01/30   1,005     1,049,893  
 Ohio - 3.3%   Montgomery County, Ohio, Revenue Bonds, Series C, 5%, 10/01/41 (c)   1,739     1,695,004  
    Ohio State Air Quality Development Authority, Revenue Refunding            
    Bonds (Dayton Power and Light Company Project), Series B, 4.80%,            
    1/01/34 (k)(r)          5,999     5,760,744  
              7,455,748  
 Washington - 0.6%   King County, Washington, Sewer Revenue Refunding Bonds, 5%,            
    1/01/36 (c)   1,424     1,422,169  
    Total Municipal Bonds Transferred to            
    Tender Option Bond Trusts - 13.4%               29,883,703  
    Total Long-Term Investments            
    (Cost - $369,249,686) - 161.3%         359,345,206  
    Short-Term Securities   Shares        
    Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (s)(t)   5,400,000     5,400,000  
    Total Short-Term Securities            
    (Cost - $5,400,000) - 2.4%         5,400,000  
    Total Investments (Cost - $374,649,686*) - 163.7%         364,745,206  
    Other Assets Less Liabilities - 2.1%         4,739,422  
    Liability for Trust Certificates, Including Interest            
         Expense and Fees Payable - (8.8)%         (19,626,379
)
    Preferred Shares, at Redemption Value - (57.0)%         (127,054,747
)
    Net Assets Applicable to Common Shares - 100.0%       $ 222,803,502  

*      

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed for federal income tax purposes, were as follows:
 
Aggregate cost                   $            354,314,243  
Gross unrealized appreciation   $
9,267,041
 
Gross unrealized depreciation    
(18,415,711
)
Net unrealized depreciation   $ (9,148,670
)

(a)    

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.
 
(b)    

MBIA Insured.
 
(c)    

FSA Insured.
 
(d)    

Represents a zero-coupon bond. Rate shown reflects the effective yield at time of purchase.
 
(e)    

CIFG Insured.
 
(f)    

Represents a step bond. Rate shown reflects the effective yield at time of purchase.
 
(g)    

XL Capital Insured.
 
(h)    

AMBAC Insured.
 
(i)    

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are considered to be liquid.
 
(j)    

Security is collateralized by Municipal or U.S. Treasury Obligations.
 
(k)    

FGIC Insured.
 
(l)    

Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.
 
(m)    

FNMA/GNMA Collateralized.
 

7

BlackRock Investment Quality Municipal Trust
Schedule of Investments July 31, 2008 (Unaudited)

(n)    

FHLMC Collateralized.
 
(o)    

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.
 
(p)    

Assured Guaranty Insured.
 
(q)    

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.
 
(r)    

BHAC Insured.
 
(s)    

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

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:
 
    Net      
Affiliate                   Activity        
Income
Merrill Lynch Institutional Tax-Exempt Fund   (100,000)   $          290,594

•       Forward interest rate swaps outstanding as of July 31, 2008 was as follows:
 
      Notional      
                      Amount       Unrealized
      (000)   Depreciation
Pay a fixed rate of 3.762% and receive a floating rate based on            
1-week (SIFMA) Municipal Swap Index Rate            
 
   Broker, JPMorgan Chase            
   Expires October 2023   $            20,000   $ (190,200)

 

 

 

8

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/ Donald C. Burke
      Donald C. Burke
      Chief Executive Officer of
      BlackRock Investment Quality Municipal Trust, Inc.
       
    Date: September 19, 2008
       
    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/ Donald C. Burke
      Donald C. Burke
      Chief Executive Officer (principal executive officer) of
      BlackRock Investment Quality Municipal Trust, Inc.
       
      Date: September 19, 2008
       
    By:
/s/ Neal J. Andrews
      Neal J. Andrews
      Chief Financial Officer (principal financial officer) of
      BlackRock Investment Quality Municipal Trust, Inc.
       
      Date: September 19, 2008