c50327_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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.

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Robert S. Kapito, President, BlackRock Investment Quality Municipal Trust, Inc.,
40 East 52nd Street, New York, NY 10022.

Registrant’s telephone number, including area code: (888) 825-2257

Date of fiscal year end: 10/31/2007

Date of reporting period: 05/01/2007 – 07/31/2007

Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2007
BlackRock Investment Quality Municipal Trust (BKN)
(Percentages shown are based on Net Assets)

Principal            
Amount            
(000)   Description    Value  
      LONG-TERM INVESTMENTS—154.3%        
      Alabama—7.1%        
      Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj.,        
$          1,765        Ser. C-2, 5.00%, 11/15/36   $ 1,772,678  
1,265        Ser. C-2, 5.00%, 11/15/39     1,268,630  
14,000 1   Univ. of Alabama Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.875%, 9/01/10, MBIA     14,958,860  
            18,000,168  
      Arizona—0.8%        
      San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj.,        
490        6.25%, 5/01/15     490,446  
490        7.00%, 5/01/20     489,887  
980        7.25%, 5/01/27     985,821  
            1,966,154  
      California—24.8%        
      California,        
5,800        GO, 5.00%, 2/01/32     5,917,102  
3,485        GO, 5.00%, 6/01/34     3,565,504  
1,595 1      GO, 5.625%, 5/01/10     1,689,759  
290        GO, 5.625%, 5/01/18     303,810  
4,545        Misc. Taxes GO, 5.00%, 6/01/32     4,682,168  
10,000        Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG     10,317,900  
      Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,        
1,340        Ser. B, Zero Coupon, 6/01/46     138,315  
7,090        Ser. C, Zero Coupon, 6/01/55     365,135  
9,060        Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55     310,486  
      Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,        
3,495        5.75%, 1/15/40     3,624,105  
7,000        Conv. Cap. Apprec. Proj., Zero Coupon,1/15/28     6,535,900  
805     Golden St. Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47     750,260  
10,945 1   Los Altos Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/13, MBIA     4,620,322  
15,460     Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 3.80%, 12/01/07, AMBAC     15,572,858  
4,185     Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38     4,177,969  
            62,571,593  
      Colorado—0.8%        
1,030     City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA     1,058,768  
1,020     Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37     1,059,861  
            2,118,629  
      Connecticut—1.2%        
3,000 2   Mashantucket Western Pequot Tribe Casino RB, Ser. A, 5.50%, 9/01/28     3,027,090  
      District of Columbia—2.3%        
4,960     Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33     5,727,114  
      Florida—18.2%        
      Cnty. of Miami-Dade, Recreational Fac. Impvts. Misc. SO,        
3,380        Ser. A, Zero Coupon, 10/01/31, MBIA     997,134  
4,225        Ser. A, Zero Coupon, 10/01/32, MBIA     1,182,197  
4,000        Ser. A, Zero Coupon, 10/01/33, MBIA     1,057,160  
4,580        Ser. A, Zero Coupon, 10/01/34, MBIA     1,149,763  
5,000        Ser. A, Zero Coupon, 10/01/35, MBIA     1,191,850  
10,000        Ser. A, Zero Coupon, 10/01/36, MBIA     2,253,900  
10,000        Ser. A, Zero Coupon, 10/01/37, MBIA     2,136,000  
7,895     Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA     7,902,105  
2,050     Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. TA, Ser. A, 6.125%, 5/01/34     2,139,995  
2,415     Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38     2,341,029  
3,700     Hillsborough Cnty., Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30     3,940,426  
1,690     Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj.,
   Ser. A, 5.00%, 8/15/37 		    1,676,970  
4,755     Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj.,
   6.75%, 11/15/21 		    5,272,915  
3,770     Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser. B, 5.70%, 10/01/38     3,791,640  
8,700     Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22     8,889,660  
            45,922,744  
      Georgia—3.0%        
      City of Atlanta,        
1,760        Port, Arpt. & Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA     1,809,315  
4,000        Wtr. & Wstwtr., Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA     4,132,280  
1,500 1   Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj.,
   6.00%, 9/01/14 		  1,701,390  
            7,642,985  
      Hawaii—1.0%        
2,500     Dept. of Budget & Fin., Elec., Pwr. & Lt. RB, Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC   2,590,400  
      Illinois—13.4%        
1,920 2   Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23, AMT     1,934,669  
3,210     Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA     3,338,657  
3,540     Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA     3,658,519  
5,000 3   Chicago Pub. Bldg. Comm. Bldg., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 7.00%, 1/01/20, MBIA   6,217,800  
      Fin. Auth.,        
690        Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37     698,639  
5,800        Hlth., Hosp. & Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43     6,203,738  
875        Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35     864,071  

1

BlackRock Investment Quality Municipal Trust (BKN) (continued)
(Percentages shown are based on Net Assets)

Principal            
Amount            
(000)   Description    Value  
      Illinois—(cont’d)        
$            700        Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35   $ 700,539  
3,980     Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC     3,828,123  
6,500     Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA     6,515,860  
            33,960,615  
      Indiana—1.2%        
3,050     Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC   2,970,486  
      Kentucky—2.4%        
13,500     Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon,
   10/01/23, MBIA 		  6,133,455  
      Maryland—2.6%        
5,000     Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A, 4.80%, 9/01/42     4,727,900  
1,740     Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%,
   8/15/33 		  1,804,624  
            6,532,524  
      Massachusetts—1.3%        
3,075     Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41     3,169,402  
      Michigan—0.7%        
1,670     Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46   1,692,295  
      Mississippi—0.9%        
2,535     Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28, AMT     2,365,434  
      Missouri—3.2%        
5,250     Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38     5,310,690  
2,820     Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA     2,758,609  
            8,069,299  
      Multi-State—4.7%        
7,000 2   Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50     7,576,450  
4,000 2   MuniMae TE Bond Subsidiary LLC, Ser. B, 7.75%, 6/30/50     4,338,440  
            11,914,890  
      Nebraska—3.1%        
      Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB,        
2,765        Ser. A, 4.75%, 2/01/44     2,755,488  
5,000        Ser. A, 5.00%, 2/01/34     5,142,400  
            7,897,888  
      Nevada—0.8%        
2,065     Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29     2,115,014  
      New Jersey—3.6%        
7,000     Econ. Dev. Auth., Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29     7,453,600  
1,510     Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B,
   6.25%, 1/01/37 		  1,575,141  
            9,028,741  
      New York—5.6%        
725     Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%,
   5/01/35 		  615,199  
      Dorm. Auth., Univ. & Coll. Impvts. RB,        
2,030 1      Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA     1,831,852  
1,865 1      Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA     1,682,957  
4,100     Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35     4,350,182  
2,600     New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,
   7.625%, 8/01/25 		  3,034,330  
2,500     New York City Mun. Wtr. Fin. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38     2,581,250  
            14,095,770  
      North Carolina—4.7%        
5,000     Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. B, 7.00%, 1/01/08, CAPMAC     5,065,600  
2,425     Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35     2,504,395  
4,315     Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39     4,336,877  
            11,906,872  
      Ohio—7.8%        
10,475     Air Qual. Dev. Auth., Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34     10,530,831  
      Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB,        
3,485        Cleveland Clinic Fndtn. Proj., 6.00%, 1/01/20     3,804,749  
5,000        Cleveland Clinic Hlth. Sys. Proj., 6.00%, 1/01/21     5,453,300  
            19,788,880  
      Oklahoma—2.2%        
2,110     Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, St. John Hlth. Sys., Inc. Proj., 5.00%, 2/15/42     2,109,958  
2,900     Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT   3,326,764  
            5,436,722  
      Pennsylvania—6.5%        
2,000     Delaware River Port. Auth., Port, Arpt. & Marina RB, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA     2,077,140  
      Econ. Dev. Fing. Auth.,        
6,380        Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36     6,981,761  
2,000        Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31     2,074,420  

2

BlackRock Investment Quality Municipal Trust (BKN) (continued)
(Percentages shown are based on Net Assets)

Principal            
Amount            
(000)   Description    Value  
      Pennsylvania—(cont’d)        
$          3,100        Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41   $ 3,245,235  
980     Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27     928,354  
      McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO,        
870 3      Zero Coupon, 10/01/31, FGIC     278,461  
2,435        Zero Coupon, 10/01/31, FGIC     762,983  
            16,348,354  
      Puerto Rico—2.6%        
2,900     Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/23, FSA     3,076,813  
3,115     Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34     3,441,016  
            6,517,829  
      Rhode Island—0.1%        
200     Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Lifespan Proj.,
   5.50%, 5/15/16, MBIA 		    204,226  
      South Carolina—4.7%        
5,000        Hsg. Fin. & Dev. Auth., Hsg. RB, Ser. A2, 5.15%, 7/01/37, AMBAC     5,022,350  
      Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj.,        
4,000 1      6.875%, 8/01/13     4,612,700  
2,185        Ser. A, 6.25%, 8/01/31     2,367,404  
            12,002,454  
      Tennessee—2.0%        
4,865     Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D, 6.00%, 3/01/24, AMBAC   5,108,542  
      Texas—15.0%        
6,000 1   Grapevine, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.875%, 8/15/10, FGIC     6,351,360  
5,000     Harris Cnty.-Houston Sports Auth. Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA     957,300  
2,480     Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj.,
   4.50%, 10/01/35, FGIC 		  2,365,598  
9,495     La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF     9,723,355  
      Lower Colorado River Auth., Misc. RB,        
3,845        4.75%, 5/15/36, AMBAC     3,846,077  
5 1      Ser. A, 5.00%, 5/15/13, MBIA     5,282  
945        Ser. A, 5.00%, 5/15/31, MBIA     967,812  
675     Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA   674,973  
2,010     Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC     2,021,196  
2,550     San Antonio Energy Acquisition Pub. Fac. Corp., Natural Gas Util. Impvts. RB, 5.50%, 8/01/24     2,722,074  
1,000     Texas, Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22     1,047,570  
      Tpke. Auth., Hwy. & Tolls Impvts. RB,        
15,000        Zero Coupon, 8/15/31, AMBAC     3,897,750  
3,325        Ser. A, 5.00%, 8/15/42, AMBAC     3,385,049  
            37,965,396  
      Utah—0.8%        
1,950 3   Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.00%, 7/01/13, AMBAC     1,951,736  
      Virginia—1.1%        
2,900     Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, Ser. B1, 5.00%, 6/01/47     2,675,250  
      Washington—1.9%        
1,420     Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA     1,465,213  
3,480     Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj.,
   Ser. A, 4.625%, 10/01/34, FGIC 		  3,387,884  
            4,853,097  
      Wisconsin—1.4%        
3,220     Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Aurora Hlth. Care Proj., 6.40%, 4/15/33     3,499,947  
      Wyoming—0.8%        
2,145     Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.75%, 12/01/37     2,032,774  
      Total Long-Term Investments (cost $375,308,334)     389,804,769  
               
Shares            
(000)            
      MONEY MARKET FUND—2.6%        
6,400 4,5   Merrill Lynch Institutional Tax-Exempt Fund, 3.47% (cost $6,400,000)     6,400,000  
Total Investments —156.9% (cost $381,708,3346)   $ 396,204,769  
Other assets in excess of liabilities —1.2%     3,128,847  
Preferred shares at redemption value, including dividends payable —(58.1)%     (146,741,344 )
Net Assets Applicable to Common Shareholders —100%   $ 252,592,272  
 

1      This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
 
2      Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of July 31, 2007, the Trust held 6.7% of its net assets, with a current market value of $16,876,649, in securities restricted as to resale.
 
3      Security is collateralized by Municipal or U.S. Treasury obligations.
 
4      Represents an investment in an affiliate.
 
5      Represents current yield as of July 31, 2007.
 
6      Cost for federal income tax purposes is $382,292,881. The net unrealized appreciation on a tax basis is $13,911,888, consisting of $16,055,313 gross unrealized appreciation and $2,143,425 gross unrealized depreciation.
 
 
KEY TO ABBREVIATIONS
AMBAC  —  American Municipal Bond Assurance Corp.
AMT — Subject to Alternative Minimum Tax
CAPMAC — Capital Markets Assurance Co.
CIFG — CDC IXIS Financial Guaranty
FGIC — Financial Guaranty Insurance Co.
FSA — Financial Security Assurance
GO — General Obligation
MBIA — Municipal Bond Insurance Assoc.
PSF — Public School Fund Guaranteed
RB — Revenue Bond
SA — Special Assessment
SO — Special Obligation
TA — Tax Allocation
XLCA — XL Capital Assurance
     

 

3

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 and 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 (17 CFR 270.30a -3(d)) 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,  
  Treasurer of  
  BlackRock Investment Quality Municipal Trust, Inc.
     
Date: September 20, 2007  

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/ Robert S. Kapito  
  Robert S. Kapito,  
  President (principal executive officer) of  
  BlackRock Investment Quality Municipal Trust, Inc.
     
Date: September 20, 2007  
   
By: /s/ Donald C. Burke  
  Donald C. Burke,  
  Treasurer (principal financial officer) of  
  BlackRock Investment Quality Municipal Trust, Inc.
     
Date: September 20, 2007