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                    

          BlackRock Investment Quality Municipal Trust, Inc.          
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE  19809 
(Address of principal executive offices)  (Zip code) 

Robert S. Kapito, President

BlackRock Investment Quality Municipal Trust, Inc.

                                                  40 East 52nd Street, New York, NY 10022                                             
(Name and address of agent for service)

Registrant's telephone number, including area code:      888-825-2257                    

Date of fiscal year end:      October 31, 2005                         

Date of reporting period:      July 31, 2005                         

Item 1. Schedule of Investments.

The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

 

PORTFOLIO OF INVESTMENTS (unaudited)
JULY 31, 2005

BlackRock Investment Quality Municipal Trust (BKN)

Principal      
  Amount     Option Call
Rating1 (000)   Description Provisions2 Value
    LONG-TERM INVESTMENTS—160.7%  
      Alabama—5.8%  
AAA $14,000   Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA 09/10 @ 101 $ 15,479,380
      Alaska—2.3%  
AAA 6,015   Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA 12/05 @ 102 6,156,172
      California—31.1%  
      California,  
AAA 10,000       5.00%, 3/01/33 03/15 @ 100 10,504,400
A 5,770       GO, 5.625%, 5/01/18 05/10 @ 101 6,339,672
      Foothill/Eastn. Transp. Corridor Agcy.,  
BBB 7,000       Refdg. Conv. Cap. Apprec., Zero Coupon, 1/15/28 01/14 @ 101 5,880,140
BBB 3,495       Toll Road Rev., 5.75%, 1/15/40 01/10 @ 101 3,564,795
      Golden St. Tobacco Sec. Corp., Ser. B,  
A- 13,000       5.50%, 6/01/43 06/13 @ 100 14,411,540
A- 6,900       5.625%, 6/01/38 06/13 @ 100 7,731,726
A- 6,840   Golden St. Tobacco Sec. Corp. Tobacco Settlement Rev., Ser. A, 5.00%, 6/01/45 06/15 @ 100 7,023,586
A3 6,840   Hlth. Fac. Fin. Auth. Rev., Cedars Sinai Med Center Proj., 5.00%, 11/15/34 11/15 @ 100 7,016,267
AAA 10,945   Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA 08/13 @ 53.632 3,995,582
AAA 15,460   Los Angeles Cnty., Asset Leasing Corp. Rev. Proj., 5.95%, 12/01/07, AMBAC No Opt. Call 16,560,133
          83,027,841
      Colorado—0.9%  
AAA 2,250 3 E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05 N/A 2,325,105
      Connecticut—1.2%  
Baa3 3,000   Mashantucket Western Pequot Tribe Spec. Rev., Ser. A, 5.50%, 9/01/28 09/09 @ 101 3,107,160
      District of Columbia—2.2%  
BBB 4,960   Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 No Opt. Call 5,895,456
      Florida—19.8%  
AAA 4,265   Brd. of Ed., Cap. Outlay, Ser. J, 5.00%, 6/01/31 06/13 @ 101 4,507,807
AAA 5,705   Brd. of Ed. Pub. Ed., Cap. Outlay, Ser. A, 5.00%, 6/01/31 06/14 @ 101 6,036,061
NR 2,110   Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34 05/13 @ 101 2,198,071
NR 3,700   Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30 10/10 @ 101 4,123,169
NR 2,250   Live Oak Cmnty. Dev. Dist. Spl. Assmt., Ser. A, 5.85%, 5/01/35 05/12 @ 101 2,296,125
BB+ 4,755   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 11/14 @ 100 5,343,336
AAA 5,000   Miami Dade Cnty., Bldg. Better Coms. Proj., 5.00%, 7/01/35, FGIC 07/15 @ 100 5,292,250
      Miami Dade Cnty. Spec. Oblig. Cap. Apprec., Ser. A, MBIA,  
AAA 3,380       Zero Coupon, 10/01/31 10/15 @ 44.051 875,657
AAA 4,225       Zero Coupon, 10/01/32 10/15 @ 41.782 1,036,773
AAA 4,000       Zero Coupon, 10/01/33 10/15 @ 39.621 932,080
AAA 4,580       Zero Coupon, 10/01/34 10/15 @ 37.635 1,013,416
AAA 5,000       Zero Coupon, 10/01/35 10/15 @ 35.678 1,050,600
AAA 10,000       Zero Coupon, 10/01/36 10/15 @ 33.817 1,989,200
AAA 10,000       Zero Coupon, 10/01/37 10/15 @ 32.047 1,888,700
NR 4,000   Town Center Palm Coast Cmnty., 6.00%, 5/01/36 05/13 @ 101 4,079,880
NR 10,000   Vlg. Cmnty. Dev. Dist. No. 6 Spl. Assmt. Rev., 5.625%, 5/01/22 05/13 @ 100 10,242,200
          52,905,325
      Georgia—6.1%  
      Atlanta Arpt. Passenger Fac., FSA,  
AAA 5,000       Ser. C, 5.00%, 1/01/33 07/14 @ 100 5,241,550
AAA 5,000       Ser. J, 5.00%, 1/01/34 01/15 @ 100 5,240,750
AAA 4,000   Atlanta Wtr. & Wstwtr. Rev., 5.00%, 11/01/34, FSA 11/14 @ 100 4,214,600
BBB 1,500   Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. &  
          St. Univ. Fndtn. Proj., 6.00%, 9/01/33 09/14 @ 101 1,598,670
          16,295,570
      Hawaii—1.6%  
AAA 2,500   Dept. of Budget & Fin., Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC    01/09 @ 101 2,743,550
AAA 1,360   Honolulu City & County Wastewtr. Sys. Rev., Ser. A, 5.00%, 7/01/35, FGIC 07/15 @ 100 1,434,990
          4,178,540

1

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Principal      
  Amount     Option Call
Rating1 (000)   Description Provisions2 Value
    Illinois—11.0%  
NR $    1,920   Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 No Opt. Call $ 1,957,190
AAA 1,040 3 Chicago Brd. of Ed. Sch. Reform, 5.75%, 12/01/07, AMBAC N/A 1,125,415
AAA 5,000   Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA ETM 6,514,350
      Edl. Fac. Auth., FGIC,  
AAA 2,070       5.45%, 7/01/14 08/05 @ 100 2,089,458
AAA 2,575       5.70%, 7/01/13 08/05 @ 100 2,602,321
AA+ 5,800   Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 08/14 @ 100 6,257,794
      Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj.,  
Baa2 875       Ser. A, 5.125%, 6/01/35 06/14 @ 100 875,245
Baa3 700       Ser. B, 5.375%, 6/01/35 06/14 @ 100 700,189
BB+ 690   Finance Auth. Rev., Friendship Village Schaumburg Proj., Ser. A, 5.625%, 2/15/37 02/15 @ 100 689,365
      O’Hare Intl. Arpt.,  
AAA 1,000       Ser. A, 5.00%, 1/01/29, MBIA 01/15 @ 100 1,046,570
AAA 1,610       Ser. A, 5.00%, 1/01/30, MBIA 01/15 @ 100 1,681,194
AAA 3,540       Ser. C-2, 5.25%, 1/01/30, FSA 01/14 @ 100 3,726,594
          29,265,685
      Kentucky—4.3%  
AAA 15,715   Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA    No Opt. Call 6,699,619
AAA 4,530   Louisville & Jefferson Cnty. Met. Swr. Dist., Ser. A, 5.00%, 5/15/38, FGIC 05/14 @ 101 4,780,599
          11,480,218
      Louisiana—1.9%  
AAA 4,640   New Orleans, GO, 5.875%, 11/01/09, FSA 11/09 @ 100 5,128,685
      Maryland—0.7%  
Baa1 1,740   Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33 08/14 @ 100 1,810,279
      Massachusetts—4.6%  
AAA 10,215   Massachusetts St. School Bldg. Auth. Ded. Sales Tax Rev., Ser. A, 5.00%, 8/15/30, FSA 08/15 @ 100 10,809,717
AAA 1,460   Tpke. Auth. Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA 01/07 @ 102 1,502,793
          12,312,510
      Michigan—1.6%  
BB+ 4,000   Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 07/07 @ 101 4,193,400
      Multi-State—4.6%  
Baa1 7,000 4 Charter Mac Equity Issuer Trust, Ser. B, 7.6%, 11/30/50 11/10 @ 100 7,844,410
Baa1 4,000 4 MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 11/10 @ 100 4,503,480
          12,347,890
      New Jersey—4.2%  
AAA 2,000   Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., GO, Ser. B, 5.70%, 1/01/22, FSA 01/10 @ 100 2,192,040
BBB 7,000   Econ. Dev. Auth. Cigarette Tax Rev., 5.75%, 6/15/29 06/14 @ 100 7,466,410
NR 1,510   Middlesex Cnty. Imprvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 01/15 @ 100 1,493,798
          11,152,248
      New York—7.0%  
AAA 1,865   Dorm. Auth., Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/21, MBIA 07/10 @ 101 1,569,491
      New York City, GO, Ser. E,  
A+ 4,805 5     6.50%, 2/15/06 ETM 4,902,013
A+ 2,195 5     6.50%, 2/15/06 No Opt. Call 2,238,022
      New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,  
A- 4,000       6.00%, 1/01/08 08/05 @ 101 4,052,440
A- 1,000       6.00%, 1/01/15 08/05 @ 101 1,013,110
AAA 3,115   Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC 10/14 @ 100 3,310,684
AAA 2,030   York Dorm. Auth., Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/23, MBIA 07/10 @ 101 1,709,159
          18,794,919
      North Carolina—2.0%  
AAA 5,000   Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC No Opt. Call 5,450,700
      Ohio—3.7%  
      Cuyahoga Cnty., Cleveland Clinic Hlth. Sys. Proj.,  
Aa3 3,485       6.00%, 1/01/20 07/13 @ 100 3,953,558
Aa3 5,000       6.00%, 1/01/21 07/13 @ 100 5,668,600
AAA 290   Cuyahoga Cnty. Port Auth., Port Dev. Proj., 6.00%, 3/01/07 ETM 299,599
          9,921,757

2

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Principal      
  Amount     Option Call
Rating1 (000)   Description Provisions2 Value
    Oklahoma—1.2%  
B- $    2,900   Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 No Opt. Call $ 3,098,969
      Oregon—1.1%  
BB+ 2,930   Klamath Falls Elec., Klamath Cogen Proj., 5.50%, 1/01/07 No Opt. Call 2,970,727
      Pennsylvania—8.3%  
      Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,  
A3 2,000       6.25%, 11/01/31 05/11 @ 101 2,153,920
A3 3,100       6.375%, 11/01/41 05/11 @ 101 3,349,705
BB- 8,235   Econ. Dev. Fin. Auth. Exempt Facs. Rev., Reliant Energy Conv. Proj.,  
          Ser. A, 6.75%, 12/01/36 12/09 @ 103 8,863,660
AAA 4,000   Econ. Dev. Fin. Auth. Spec. Tax, Philadelphia Fdg. Prog. Proj., 5.50%, 6/15/20, FGIC 06/06 @ 100 4,087,520
A 2,750 3 Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.875%, 1/01/06 N/A 2,812,425
      McKeesport Area Sch. Dist., FGIC,  
AAA 870       Zero Coupon, 10/01/31 ETM 254,771
AAA 2,435       Zero Coupon, 10/01/31 No Opt. Call 674,105
          22,196,106
      Rhode Island—0.8%  
AAA 2,000   Hlth. & Edl. Bldg. Corp. Hosp. Fin., 5.50%, 5/15/16, MBIA 05/07 @ 102 2,103,200
      South Carolina—2.6%  
      Jobs Econ. Dev. Auth. Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj.,  
BBB+ 2,185       Ser. A, 6.25%, 8/01/31 08/13 @ 100 2,387,244
BBB+ 4,000       Ser. C, 6.875%, 8/01/27 08/13 @ 100 4,554,240
          6,941,484
      Tennessee—2.0%  
AAA 4,865   Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC 03/10 @ 101 5,298,082
      Texas—15.2%  
Ba3 6,320   Affordable Hsg. Corp. Multi-Fam. Hsg. Rev., 5.80%, 11/01/26 11/11 @ 102 5,028,508
BBB 4,300   Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 10/13 @ 101 4,777,042
AAA 6,000 3 Grapevine, GO, 5.875%, 8/15/10, FGIC N/A 6,719,880
AAA 5,000   Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA 11/30 @ 61.166 829,050
AAA 8,375   Humble Indpt. Sch. Dist. Sch. Bldg., Ser. B, 5.00%, 2/15/30, FGIC 02/15 @ 100 8,802,628
AAA 9,495   La Joya Indpt. Sch. Dist., 5.00%, 2/15/34 02/14 @ 100 9,875,939
AAA 15,000   Tpke. Auth. Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC 08/12 @ 32.807 3,560,700
AA+ 1,000   Wtr. Fin. Asst., GO, 5.75%, 8/01/22 08/10 @ 100 1,100,360
          40,694,107
      Utah—0.7%  
AAA 1,950   Intermountain Pwr. Agcy. Pwr. Sply. Rev., 5.00%, 7/01/13, AMBAC ETM 1,969,266
      Washington—8.2%  
AAA 2,500   Port Seattle Rev., Ser. A, 5.00%, 3/01/35, MBIA 03/15 @ 100 2,620,100
AAA 13,395   Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA 07/06 @ 102 13,992,685
      Washington, GO,  
Aa1 4,000 3     Ser. A, 5.375%, 7/01/2006 N/A 4,093,000
Aa1 1,000 3     Ser. B, 6.00%, 1/01/2010 N/A 1,110,830
          21,816,615
      Wisconsin—1.3%  
A- 3,220   Hlth. & Edl. Facs. Auth., Aurora Hlth. Care Proj., 6.40%, 4/15/33 04/13 @ 100 3,572,171
      Puerto Rico—2.7%  
BBB- 21,395   Childrens Trust Fund Puerto Rico Tobacco Settlement Rev., Ser. A, Zero Coupon, 5/15/50    05/15 @ 11.191 1,358,155
BBB+ 5,510   Puerto Rico Comnwlth Infra. Fin. Auth. Spl. Tax Rev., Ser. B, 5.00%, 7/01/41 07/15 @ 100 5,741,530
          7,099,685
      Total Long-Term Investments (cost $401,779,516)   428,989,252

3

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Principal      
  Amount      
Rating1 (000)   Description   Value
    SHORT-TERM INVESTMENTS—3.1%  
      Pennsylvania—0.4%  
A1+ $1,200 6 Delaware Cnty. Ind. Dev. Auth. Arpt. Facs., 2.07%, 8/01/05, FRDD   $     1,200,000
 
Shares
     
 
(000)
     
      Money Market Funds—2.7%  
  7,250   AIM Tax Free Investment Co. Cash Reserve Portfolio   7,250,000
      Total Short-Term Investments (cost $8,450,000)   8,450,000
      Total Investments 163.8% (cost $410,229,5167)   437,439,252
      Liabilities in excess of other assets (including $28,608,534 of investment purchase  
          payable)—(8.9%)   (23,798,463)
      Preferred stock at redemption value, including dividends payable—(54.9%)   (146,647,323)
      Net Assets Applicable to Common Shareholders—100%   $ 266,993,466

 

1   Using the higher of Standard & Poor’s, Moody’s Investor Service or Fitch Ratings.  
2   Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.  
3   This bond is prefunded. 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.  
4   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, 2005, the Trust held 4.6% of it nets assets, with a current market value of $12,347,890, in securities restricted as to resale.  
5   Security, or a portion thereof, pledged as collateral with a value of $1,259,973 on 669 short U.S. Treasury Note futures contracts expiring September 2005. The value of such contracts on July 31, 2005 was $74,248,547, with an unrealized gain of $970,676.  
6   For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted.  
7   Cost for Federal income tax purposes is $410,177,125. The net unrealized appreciation on a tax basis is $27,262,127, consisting of $28,742,676 gross unrealized appreciation and $1,480,549 gross unrealized depreciation. 

 

KEY TO ABBREVIATIONS

                   
AMBAC —   American Municipal Bond Assurance Corp.   FSA —   Financial Security Assurance  
CAPMAC —   Capital Markets Assurance Co.   GO —   General Obligation  
ETM —   Escrowed to Maturity   MBIA —   Municipal Bond Insurance Assoc.  
FGIC —   Financial Guaranty Insurance Co.   PCR —   Pollution Control Revenue  
FRDD —   Floating Rate Daily Demand          


4

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(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.

Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

     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.

(Registrant)          BlackRock Investment Quality Municipal Trust, Inc.                                        

By: /s/ Henry Gabbay                                                  
Name: Henry Gabbay
Title: Treasurer
Date: September 28, 2005

     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                                                  
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: September 28, 2005

By: /s/ Henry Gabbay                                                  
Name: Henry Gabbay
Title: Principal Financial Officer
Date: September 28, 2005