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UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: Anne F. Ackerley, 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: 04/30/2011

Date of reporting period: 07/31/2010

Item 1 – Schedule of Investments


Schedule of Investments July 31, 2010 (Unaudited)

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

    Par   
Municipal Bonds    (000)  Value 
Alabama — 3.4%       
Birmingham Special Care Facilities       
Financing Authority, RB, Children's       
Hospital (AGC):       
6.00%, 6/01/34  $ 1,745  $ 1,908,681 
6.00%, 6/01/39    500  545,995 
Hoover City Board of Education, GO,       
Refunding, 4.25%, 2/15/40 (a)    6,080  5,581,744 
      8,036,420 
Arizona — 5.6%       
City of Goodyear Arizona, GO (AGM),       
4.25%, 7/01/36    1,125  1,088,876 
Mohave County Unified School District     
No. 20 Kingman, GO, School       
Improvement Project of 2006, Series C     
(AGC), 5.00%, 7/01/26    1,800  1,950,714 
Pima County IDA, Refunding IDRB,       
Tucson Electric Power, 5.75%,       
9/01/29    1,375  1,404,659 
Salt Verde Financial Corp., RB, Senior:     
5.00%, 12/01/32    1,035  940,391 
5.00%, 12/01/37    4,585  4,067,583 
San Luis Facility Development Corp., RB,     
Senior Lien, Regional Detention Center     
Project:       
6.25%, 5/01/15    490  466,455 
7.00%, 5/01/20    490  464,417 
7.25%, 5/01/27    980  916,055 
State of Arizona, COP, Department of       
Administration, Series A (AGM), 5.00%,     
10/01/29    1,100  1,116,907 
University Medical Center Corp. Arizona,     
RB, 6.50%, 7/01/39    750  803,910 
      13,219,967 
Arkansas — 0.2%       
Benton County Public Facilities Board,     
Refunding RB, BCCSO Project,       
Series A, 5.75%, 6/01/30    480  493,757 
California — 25.0%       
California County Tobacco Securitization     
Agency, RB, CAB, Stanislaus,       
Sub-Series C, 6.30%, 6/01/55 (b)    7,090  87,349 

 

    Par   
Municipal Bonds    (000)  Value 
California (continued)       
California State Department of Veterans     
Affairs, RB, Series B, AMT, 5.25%,       
12/01/37  $ 5,000  $ 4,676,700 
Carlsbad Unified School District, GO,       
Election of 2006, Series B, 6.09%,       
5/01/34 (c)    1,500  920,715 
County of Sacramento California, RB,       
Senior Series A (AGM), 5.00%,       
7/01/41    2,000  2,015,520 
Dinuba Unified School District, GO,       
Election of 2006 (AGM):       
5.63%, 8/01/31    250  265,498 
5.75%, 8/01/33    535  566,988 
Foothill Eastern Transportation Corridor     
Agency California, Refunding RB:       
5.75%, 1/15/40    3,495  3,312,526 
CAB, 5.88%, 7/15/28    7,000  6,894,020 
Golden State Tobacco Securitization       
Corp. California, Refunding RB, Asset-     
Backed, Senior Series A-1, 5.13%,       
6/01/47    805  517,212 
Hartnell Community College District       
California, GO, CAB, Election of 2002,     
Series D, 7.44%, 8/01/34 (c)    2,475  1,275,318 
Los Altos Elementary School District, GO,     
CAB, Election of 1998, Series B       
(NPFGC), 5.93%, 8/01/13 (b)(d)    10,945  5,707,927 
Norwalk-La Mirada Unified School District     
California, GO, Refunding, CAB,       
Election of 2002, Series E (AGC),       
6.47%, 8/01/38 (b)    12,000  2,044,920 
San Diego Community College District     
California, GO, CAB, Election of 2002,     
6.23%, 8/01/19 (c)    4,200  2,588,292 
State of California, GO:       
Refunding (CIFG), 4.50%, 8/01/28  3,000  2,809,770 
Various Purpose, 5.75%, 4/01/31  3,000  3,204,990 
Various Purpose, 5.00%, 6/01/32  4,545  4,497,050 
Various Purpose, 6.00%, 3/01/33  3,220  3,485,650 
Various Purpose, 6.50%, 4/01/33  2,900  3,261,369 
Various Purpose, 5.50%, 3/01/40  3,650  3,728,913 
Various Purpose (CIFG), 5.00%,       
3/01/33    5,000  4,920,000 

 

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 Guaranty Corp.  GAN  Grant Anticipation Notes 
AGM  Assured Guaranty Municipal Corp.  GO  General Obligation Bonds 
AMBAC  American Municipal Bond Assurance Corp.  IDA  Industrial Development Authority 
AMT  Alternative Minimum Tax (subject to)  IDRB  Industrial Development Revenue Bonds 
CAB  Capital Appreciation Bonds  NPFGC  National Public Finance Guarantee Corp. 
CIFG  CDC IXIS Financial Guaranty  PILOT  Payment in Lieu of Taxes 
COP  Certificates of Participation  RAN  Revenue Anticipation Notes 
EDA  Economic Development Authority  RB  Revenue Bonds 
FGIC  Financial Guaranty Insurance Co.     

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST

JULY 31, 2010

1


Schedule of Investments(continued)

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

    Par   
Municipal Bonds    (000)  Value 
California (concluded)       
University of California, RB, Limited       
Project, Series B, 4.75%, 5/15/38  $ 2,050  $ 2,056,211 
      58,836,938 
Colorado — 0.5%       
City of Colorado Springs Colorado, RB,     
Subordinate Lien, Improvement,       
Series C (AGM), 5.00%, 11/15/45    1,030  1,061,281 
Connecticut — 0.8%       
Connecticut State Health & Educational     
Facility Authority, RB, Fairfield       
University, New Money, Series O,       
5.00%, 7/01/35    1,800  1,843,794 
District of Columbia — 2.0%       
District of Columbia Tobacco Settlement     
Financing Corp., Refunding RB, Asset-     
Backed, 6.50%, 5/15/33    4,960  4,755,003 
Florida — 12.6%       
County of Miami-Dade Florida, RB:       
CAB, Sub-Series A (NPFGC), 5.20%,     
10/01/32 (b)    4,225  981,467 
CAB, Sub-Series A (NPFGC), 5.21%,     
10/01/33 (b)    4,000  864,360 
CAB, Sub-Series A (NPFGC), 5.21%,     
10/01/34 (b)    4,580  930,702 
CAB, Sub-Series A (NPFGC), 5.22%,     
10/01/35 (b)    5,000  945,000 
CAB, Sub-Series A (NPFGC), 5.23%,     
10/01/36 (b)    10,000  1,752,900 
CAB, Sub-Series A (NPFGC), 5.24%,     
10/01/37 (b)    10,000  1,632,700 
Water & Sewer System, 5.00%,       
10/01/34    2,400  2,463,384 
County of Orange Florida, Refunding RB     
(Syncora), 4.75%, 10/01/32    5,000  4,945,600 
Hillsborough County IDA, RB, National     
Gypsum Co., Series A, AMT, 7.13%,       
4/01/30    3,700  3,494,576 
Miami Beach Health Facilities Authority,     
RB, Mount Sinai Medical Center of       
Florida, 6.75%, 11/15/21    1,960  2,041,693 
Sumter Landing Community       
Development District Florida, RB,       
Sub-Series B, 5.70%, 10/01/38    3,635  2,950,929 
Village Community Development District     
No. 6, Special Assessment Bonds,       
5.63%, 5/01/22    6,810  6,714,456 
      29,717,767 
Georgia — 2.6%       
Albany-Dougherty Inner City Authority,     
RB, Albany State University Projects     
(AGC), 4.75%, 7/01/40 (a)    1,875  1,851,319 
City of Atlanta Georgia, RB (AGM), 5.00%,     
11/01/34    1,500  1,515,330 
Cobb County Development Authority,       
Refunding RB, KSU Sports and       
Recreation Park, Series A (AGC),       
4.75%, 7/15/35    1,000  991,310 

 

    Par   
Municipal Bonds    (000)  Value 
Georgia (concluded)       
Milledgeville & Baldwin County       
Development Authority, RB, Georgia     
College & State University Foundation,     
6.00%, 9/01/14 (d)  $ 1,500  $ 1,818,105 
      6,176,064 
Hawaii — 1.1%       
Hawaii State Department of Budget &     
Finance, Refunding RB, Hawaiian       
Electric Co. Inc, Series D, AMT       
(AMBAC), 6.15%, 1/01/20    2,500  2,504,500 
Idaho — 1.6%       
Idaho Health Facilities Authority,       
Refunding RB, Trinity Health Group,     
Series B, 6.25%, 12/01/33    2,500  2,753,850 
Idaho Housing & Finance Association,     
RB, GAN, RAN, Federal Highway Trust,     
Series A, 5.00%, 7/15/27    900  965,781 
      3,719,631 
Illinois — 7.8%       
Chicago Public Building Commission       
Building Illinois, RB, Series A (NPFGC),     
7.00%, 1/01/20 (e)    5,000  6,529,500 
Illinois Finance Authority, RB:       
MJH Education Assistance IV LLC,     
Sub-Series B, 5.38%, 6/01/35 (f)(g)  700  189,007 
Northwestern Memorial Hospital,       
Series A, 5.50%, 8/15/14 (d)    5,800  6,841,622 
Roosevelt University Project, 6.50%,     
4/01/44    1,500  1,567,200 
Rush University Medical Center,       
Series C, 6.63%, 11/01/39    1,200  1,304,820 
Illinois Finance Authority, Refunding RB,     
Series A:       
Friendship Village Schaumburg,       
5.63%, 2/15/37    345  279,578 
OSF Healthcare System, 6.00%,       
5/15/39    1,550  1,564,678 
      18,276,405 
Indiana — 0.6%       
Indiana Finance Authority, Refunding RB,     
Improvement, U.S. Steel Corp., 6.00%,     
12/01/26    1,350  1,383,210 
Iowa — 2.9%       
Iowa Finance Authority, RB, Series A       
(AGC), 5.63%, 8/15/37    3,600  3,807,576 
Iowa Higher Education Loan Authority,     
Refunding RB, Private College Facility:     
5.75%, 9/01/30    1,465  1,468,252 
6.00%, 9/01/39    1,500  1,516,065 
      6,791,893 
Kansas — 1.4%       
Kansas Development Finance Authority,     
RB, University of Kansas Tenant,       
Series O, 4.75%, 6/15/41    1,000  1,005,710 
Kansas Development Finance Authority,     
Refunding RB, Sisters of Leavenworth,     
Series A, 5.00%, 1/01/28    2,155  2,220,210 
      3,225,920 

 

2 BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST

JULY 31, 2010


Schedule of Investments(continued)

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

    Par   
Municipal Bonds    (000)  Value 
Kentucky — 3.1%       
Kentucky Economic Development       
Finance Authority, RB, Louisville Arena,     
Sub-Series A-1 (AGC), 6.00%,       
12/01/38  $ 700  $ 763,819 
Kentucky Economic Development       
Finance Authority, Refunding RB,       
Norton Healthcare Inc., Series B       
(NPFGC), 6.19%, 10/01/23 (b)    8,500  4,073,030 
Louisville/Jefferson County Metropolitan     
Government, Refunding RB, Jewish       
Hospital & St. Mary's HealthCare,       
6.13%, 2/01/37    2,250  2,338,290 
      7,175,139 
Louisiana — 0.3%       
New Orleans Aviation Board, Refunding     
RB, Passenger Facility Charge,       
Series A, 5.13%, 1/01/36    600  599,550 
Maryland — 1.7%       
Maryland Health & Higher Educational     
Facilities Authority, Refunding RB,       
Doctor's Community Hospital, 5.63%,     
7/01/30    4,100  4,006,233 
Michigan — 4.4%       
Michigan State Building Authority,       
Refunding RB, Facilities Program,       
Series I, 6.25%, 10/15/38    1,875  2,076,263 
Michigan State Hospital Finance       
Authority, Refunding RB:       
Henry Ford Health System, Series A,     
5.25%, 11/15/46    1,670  1,535,131 
Hospital, Henry Ford Health, 5.75%,     
11/15/39    3,360  3,366,854 
Royal Oak Hospital Finance Authority       
Michigan, Refunding RB, William       
Beaumont Hospital, 8.25%, 9/01/39  2,750  3,283,720 
      10,261,968 
Minnesota — 2.0%       
City of Minneapolis Minnesota,       
Refunding RB, Fairview Health       
Services, Series B (AGC), 6.50%,       
11/15/38    3,500  3,935,855 
Minnesota Higher Education Facilities     
Authority, RB, Gustavus Adolphus Child     
& Family Services, Inc., Series 7-B,       
4.75%, 10/01/35 (a)    875  871,124 
      4,806,979 
Mississippi — 3.6%       
Mississippi Development Bank Special     
Obligation, RB (AGC):       
Jackson County Limited Tax Note,     
5.50%, 7/01/32    2,655  2,816,132 
Jones County Junior College, 5.13%,     
3/01/39    1,500  1,533,915 
University of Southern Mississippi, RB,     
Campus Facilities Improvements       
Project, 5.38%, 9/01/36    3,750  4,032,900 
      8,382,947 

 

    Par   
Municipal Bonds    (000)  Value 
Missouri — 1.5%       
Missouri Joint Municipal Electric Utility     
Commission, RB, Plum Point Project     
(NPFGC), 4.60%, 1/01/36  $ 2,790  $ 2,440,692 
Missouri State Health & Educational       
Facilities Authority, RB, SSM Health     
Care, Series B, 4.25%, 6/01/25    1,180  1,157,025 
      3,597,717 
Montana — 1.5%       
Montana Facility Finance Authority,       
Refunding RB, Sisters of Leavenworth,     
Series A, 4.75%, 1/01/40    3,450  3,460,281 
Multi-State — 3.0%       
Centerline Equity Issuer Trust, 7.60%,     
12/15/50 (h)(i)    7,000  7,100,940 
Nebraska — 0.2%       
Douglas County Hospital Authority No. 2,     
RB, Health Facilities, Immanuel       
Obligation Group, 5.50%, 1/01/30    575  590,278 
Nevada — 0.5%       
County of Clark Nevada, Refunding RB,     
Alexander Dawson School Nevada       
Project, 5.00%, 5/15/29    1,065  1,072,370 
New Jersey — 5.1%       
Middlesex County Improvement       
Authority, RB, Subordinate, Heldrich     
Center Hotel, Series B, 6.25%,       
1/01/37    1,510  279,048 
New Jersey EDA, RB:       
Cigarette Tax, 5.75%, 6/15/29    7,000  6,935,880 
Motor Vehicle Surcharge, Series A     
(NPFGC), 5.00%, 7/01/27    1,150  1,171,654 
New Jersey Educational Facilities       
Authority, Refunding RB, University of     
Medicine & Dentistry, Series B:       
7.13%, 12/01/23    950  1,116,592 
7.50%, 12/01/32    1,225  1,406,545 
New Jersey State Housing & Mortgage     
Finance Agency, RB, Series AA, 6.50%,     
10/01/38    1,010  1,106,243 
      12,015,962 
New York — 7.9%       
Albany Industrial Development Agency,     
RB, New Covenant Charter School       
Project, Series A, 7.00%,       
5/01/35 (f)(g)    725  289,993 
Long Island Power Authority, Refunding     
RB, Series A:       
6.25%, 4/01/33    480  555,384 
5.75%, 4/01/39    2,475  2,728,514 
Metropolitan Transportation Authority,     
Refunding RB, Series A, 5.13%,       
1/01/29    1,000  1,029,510 
New York City Industrial Development     
Agency, RB:       
American Airlines Inc., JFK       
International Airport, AMT, 7.63%,     
8/01/25 (j)    2,600  2,679,846 
Queens Baseball Stadium, PILOT       
(AGC), 6.50%, 1/01/46    1,100  1,221,781 

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST

JULY 31, 2010

3


Schedule of Investments(continued)

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

    Par   
Municipal Bonds    (000)  Value 
New York (concluded)       
New York Liberty Development Corp., RB,     
Goldman Sachs Headquarters, 5.25%,     
10/01/35  $ 2,000  $ 2,040,680 
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  1,306,350 
New York State Dormitory Authority, RB:     
5.83%, 7/01/39 (c)    1,825  1,544,370 
Rochester Institute of Technology,     
Series A, 6.00%, 7/01/33    1,625  1,794,926 
University of Rochester, Series A,       
5.13%, 7/01/39    550  579,552 
New York State Dormitory Authority,       
Refunding RB, Mount Sinai Hospital,     
Series A, 5.00%, 7/01/26    700  728,014 
Port Authority of New York & New Jersey,     
Refunding RB, Consolidated, 152nd     
Series, AMT, 5.75%, 11/01/30    1,000  1,072,190 
State of New York, GO, Series A, 5.00%,     
2/15/39    950  998,488 
      18,569,598 
North Carolina — 2.2%       
City of Charlotte North Carolina,       
Refunding RB, Series A, 5.50%,       
7/01/34    325  347,006 
Gaston County Industrial Facilities &       
Pollution Control Financing Authority     
North Carolina, RB, Exempt Facilities,     
National Gypsum Co. Project, AMT,       
5.75%, 8/01/35    2,425  1,909,518 
North Carolina Medical Care       
Commission, RB, WakeMed, Series A     
(AGC), 5.88%, 10/01/38    1,000  1,044,330 
North Carolina Medical Care       
Commission, Refunding RB, University     
Health System, Series D, 6.25%,       
12/01/33    1,750  1,906,327 
      5,207,181 
Ohio — 4.5%       
County of Cuyahoga Ohio, Refunding RB,     
Series A, 6.00%, 1/01/21    5,000  5,508,200 
County of Lucas Ohio, GO, Various       
Purpose, 5.00%, 10/01/40    600  622,776 
Ohio Higher Educational Facility       
Commission, Refunding RB:       
Kenyon College Project, 4.75%,       
7/01/39    250  250,973 
Summa Health System, 2010 Project     
(AGC), 5.25%, 11/15/40    600  605,580 
State of Ohio, Refunding RB, Kenyon       
College Project, 5.00%, 7/01/41    3,595  3,618,655 
      10,606,184 
Oklahoma — 1.2%       
Tulsa Airports Improvement Trust, RB,     
Series A, Mandatory Put Bonds, AMT,     
7.75%, 6/01/35 (j)    2,900  2,937,149 
Oregon — 1.9%       
Oregon Health & Science University, RB,     
Series A, 5.75%, 7/01/39    2,250  2,370,127 

 

    Par   
Municipal Bonds    (000)  Value 
Oregon (concluded)       
Oregon State Facilities Authority,       
Refunding RB, Limited College Project,     
Series A (a):       
5.00%, 10/01/34  $ 1,150  $ 1,134,050 
5.25%, 10/01/40    1,000  1,005,400 
      4,509,577 
Pennsylvania — 7.1%       
Delaware River Port Authority, RB:       
Port District Project, Series B (AGM),     
5.70%, 1/01/22    2,000  2,003,240 
Series D (AGC), 5.00%, 1/01/40    3,640  3,741,738 
McKeesport Area School District, GO,       
CAB (FGIC) (b):       
5.53%, 10/01/31    2,435  757,918 
5.53%, 10/01/31 (e)    870  347,678 
Pennsylvania Economic Development       
Financing Authority, RB, AMT Series A:     
Amtrak Project, , 6.25%, 11/01/31  2,000  2,029,200 
Amtrak Project, 6.38%, 11/01/41  3,100  3,141,292 
Reliant Energy, 6.75%, 12/01/36  4,645  4,790,342 
      16,811,408 
Puerto Rico — 4.2%       
Puerto Rico Electric Power Authority,       
Refunding RB, Series UU (AGM),       
5.00%, 7/01/23    2,900  3,088,123 
Puerto Rico Housing Finance Authority,     
Refunding RB, Subordinate, Capital     
Fund Modernization, 5.13%,       
12/01/27    2,500  2,524,325 
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A, 5.75%,       
8/01/37    3,000  3,139,380 
Puerto Rico Sales Tax Financing Corp.,     
Refunding RB, CAB, Series A (NPFGC),     
5.76%, 8/01/41 (b)    7,500  1,128,675 
      9,880,503 
Rhode Island — 3.6%       
Rhode Island Health & Educational       
Building Corp., RB, Hospital Financing,     
LifeSpan Obligation, Series A (AGC),     
7.00%, 5/15/39    3,000  3,472,290 
Rhode Island Health & Educational       
Building Corp., Refunding RB, Hospital,     
Lifespan (NPFGC), 5.50%, 5/15/16  200  200,352 
Rhode Island Housing & Mortgage       
Finance Corp., RB, Homeownership       
Opportunity, Series 54, AMT, 4.85%,     
10/01/41    2,165  2,068,463 
Rhode Island Turnpike & Bridge       
Authority, RB, Series A, 5.00%,       
12/01/35    1,180  1,201,865 
State of Rhode Island, COP, Series C,       
School for the Deaf (AGC), 5.38%,       
4/01/28    1,330  1,420,560 
      8,363,530 

 

4 BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST

JULY 31, 2010


Schedule of Investments(continued)

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

    Par   
Municipal Bonds    (000)  Value 
South Carolina — 6.4%       
County of Florence South Carolina, RB,     
McLeod Regional Medical Center,       
Series A, 5.00%, 11/01/37 (a)  $ 3,200  $ 3,157,536 
South Carolina Jobs, EDA, Refunding RB:     
Palmetto Health Alliance, Series A,     
6.25%, 8/01/31    2,185  2,240,106 
Palmetto Health, Series C, 6.88%,     
8/01/13 (d)    3,560  4,179,618 
Palmetto Health, Series C, 6.88%,     
8/01/13 (d)    440  519,455 
South Carolina State Housing Finance &     
Development Authority, Refunding RB,     
Series A-2, AMT (AMBAC), 5.15%,       
7/01/37    4,975  4,989,776 
      15,086,491 
Tennessee — 1.5%       
Memphis-Shelby County Airport Authority,     
RB, Series D, AMT (AMBAC), 6.00%,     
3/01/24    1,360  1,375,599 
Memphis-Shelby County Sports Authority     
Inc., Refunding RB, Memphis Arena     
Project, Series A:       
5.25%, 11/01/27    1,135  1,175,281 
5.38%, 11/01/28    1,000  1,037,180 
      3,588,060 
Texas — 9.3%       
Harris County Health Facilities       
Development Corp., Refunding RB,       
Memorial Hermann Healthcare       
System, Series B:       
7.13%, 12/01/31    1,000  1,136,750 
7.25%, 12/01/35    2,650  3,015,356 
Harris County-Houston Sports Authority,     
Refunding RB, CAB, Senior Lien,       
Series A (NPFGC), 6.17%       
11/15/38 (b)    5,000  702,200 
Lower Colorado River Authority,       
Refunding RB:       
(AMBAC), 4.75%, 5/15/36    2,000  2,000,480 
(NPFGC), 5.00%, 5/15/13 (d)    20  22,385 
Series A (NPFGC), 5.00%,       
5/15/13 (d)    5  5,596 
Matagorda County Navigation District       
No. 1 Texas, Refunding RB, Central       
Power & Light Co. Project, Series A,       
6.30%, 11/01/29    2,200  2,400,332 
San Antonio Energy Acquisition Public     
Facility Corp., RB, Gas Supply, 5.50%,     
8/01/24    2,550  2,659,497 
Texas Private Activity Bond Surface       
Transportation Corp., RB, Senior Lien,     
LBJ Infrastructure, 7.00%, 6/30/40  3,000  3,121,050 
Texas State Turnpike Authority, RB       
(AMBAC):       
CAB, 6.05%, 8/15/31 (b)    15,000  3,635,850 
First Tier, Series A, 5.00%, 8/15/42  3,325  3,186,746 
      21,886,242 

 

    Par   
Municipal Bonds    (000)  Value 
Virginia — 0.8%       
Tobacco Settlement Financing Corp.       
Virginia, Refunding RB, Senior       
Series B1, 5.00%, 6/01/47  $ 2,900  $ 1,877,373 
Washington — 1.0%       
Washington Health Care Facilities       
Authority, RB, MultiCare Health       
System, Series B (AGC), 6.00%,       
8/15/39    2,100  2,255,001 
Wisconsin — 1.9%       
Wisconsin Health & Educational Facilities     
Authority, RB, Aurora Health Care,       
6.40%, 4/15/33    3,220  3,290,840 
Wisconsin Housing & EDA, Refunding RB,     
Series A, AMT, 4.75%, 9/01/33    1,250  1,219,138 
      4,509,978 
Wyoming — 0.8%       
County of Sweetwater Wyoming,       
Refunding RB, Idaho Power Co. Project,     
5.25%, 7/15/26    1,800  1,916,010 
Total Municipal Bonds – 149.3%      351,117,199 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (k)       
Colorado — 2.3%       
Colorado Health Facilities Authority, RB,     
Catholic Health, Series C-7 (AGM),       
5.00%, 9/01/36    5,250  5,316,938 
Illinois — 1.4%       
Chicago Housing Authority, Refunding RB     
(AGM), 5.00%, 7/01/24    3,194  3,355,424 
Massachusetts — 1.3%       
Massachusetts Water Resources       
Authority, Refunding RB, General,       
Series A, 5.00%, 8/01/41    3,070  3,184,265 
New York — 4.0%       
New York City Municipal Water Finance     
Authority, RB:       
Fiscal 2009, Series A, 5.75%,       
6/15/40    690  781,127 
Series FF-2, 5.50%, 6/15/40    810  904,246 
New York City Municipal Water Finance     
Authority, Refunding RB, Series A,       
4.75%, 6/15/30    4,000  4,122,800 
New York State Dormitory Authority, RB,     
New York University, Series A, 5.00%,     
7/01/38    3,359  3,510,780 
      9,318,953 
Ohio — 1.9%       
County of Montgomery Ohio, RB,       
Catholic Health, Series C-1 (AGM),       
5.00%, 10/01/41    1,740  1,752,093 

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST

JULY 31, 2010

5


Schedule of Investments(continued)

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

Municipal Bonds Transferred to Tender  Par   
Option Bond Trusts (k)  (000)  Value 
Ohio (concluded)     
Ohio Higher Educational Facility     
Commission, Refunding RB, Hospital,     
Cleveland Clinic Health, Series A,     
5.25%, 1/01/33  $ 2,600  $ 2,711,748 
    4,463,841 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 10.9%    25,639,421 
Total Long-Term Investments     
(Cost – $370,220,391) – 160.2%    376,756,620 
Short-Term Securities  Shares   
FFI Institutional Tax-Exempt Fund,     
0.21% (l)(m)  2,584,160  2,584,160 
Total Short-Term Securities     
(Cost – $2,584,160) – 1.1%    2,584,160 
Total Investments     
(Cost – $372,804,551*) – 161.3%    379,340,780 
Liabilities in Excess of Other Assets – (2.1)%  (5,103,135) 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (5.6)%    (13,149,057) 
Preferred Shares, at Redemption Value – (53.6)%  (125,968,015) 
Net Assets Applicable to Common Shares – 100.0%  $ 235,120,573 

 

* The cost and unrealized appreciation (depreciation) of investments as of

July 31, 2010, as computed for federal income tax purposes, were as

Aggregate follows: cost  $ 359,351,223 
Gross unrealized appreciation  $ 17,959,014 
Net Gross unrealized unrealized appreciation depreciation  $ (11,106,859) 6,852,155 

 

(a) When-issued security. Unsettled when-issued transactions were as
follows:

    Unrealized 
Counterparty                          Value  Appreciation 
JPMorgan Securities  $ 3,157,536   $ 41,376 
Loop Capital Markets  $ 1,851,319   $ 12,173 
Prager Sealy Co.  $ 7,721,194   $ 28,189 
Wells Fargo Bank  $ 871,124   $ 7,569 

 

(b) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(c) 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.
(d) 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.
(e) Security is collateralized by Municipal or US Treasury obligations.
(f) Issuer filed for bankruptcy and/or is in default of interest payments.
(g) Non-income producing security.
(h) 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.

(i) 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.

(j) Variable rate security. Rate shown is as of report date.
(k) 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.
(l) Investments in companies considered to be an affiliate of the Trust during
the period, for purposes of Section 2(a)(3) of the Investment Company Act
of 1940, as amended, were as follows:

  Shares Held at  Shares Held at   
Affiliate  April 30, 2010   Net Activity  July 31, 2010  Income 
FFI Institutional       
Tax-Exempt       
Fund  7,659,955        (5,075,795)  2,584,160 $ 2,107 
(m)Represents the current yield as of report date.   

 

•Financial futures contracts sold as of July 31, 2010 were as follows:

    Expiration    Unrealized 
Contracts  Issue  Date  Notional Value      Depreciation 
47  10-Year US Treasury  September     
  Bond  2010  5,758,865   $ (60,322) 

 

•Fair Value Measurements - Various inputs are used in determining the fair
value of investments and derivatives, which are as follows:

•Level 1 — price quotations in active markets/exchanges for identical
assets and liabilities

•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 derivatives)

The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Trust's policy regarding valuation of investments and
other significant accounting policies, please refer to the Trust’s most recent
financial statements as contained in its annual report.

The following tables summarize the inputs used as of July 31, 2010 in
determining the fair valuation of the Trust's investments and derivatives:

Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Long-Term         
Securities1  —     $376,756,620  —   $ 376,756,620 
Short-Term         
Securities  $ 2,584,160    —  —     2,584,160 
Total  $ 2,584,160   $376,756,620  —   $ 379,340,780 

 

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

6 BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST

JULY 31, 2010


Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Trust (BKN)

  Derivative Financial Instruments2   
Valuation Inputs  Level 1  Level 2  Level 3  Total 
Liabilities:         
Interest rate         
contracts  $ (60,322)  —  —   $ (60,322) 
2 Derivative financial Instruments are financial futures contracts which 
are shown at the unrealized appreciation/depreciation on the   
instrument.         

 

BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST

JULY 31, 2010

7


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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
BlackRock Investment Quality Municipal Trust, Inc.

Date: September 27, 2010

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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
BlackRock Investment Quality Municipal Trust, Inc.

Date: September 27, 2010

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

Date: September 27, 2010