<p>Note 1. Accounting The BlackRock Investment Quality Municipal Trust Inc. (the
Policies "Trust") was organized in Maryland on November 19, 1992 as a diversified, closed-end management
investment company. The Trust had no transactions until February 16, 1993 when it sold 7,093 shares of
common stock for $100,012 to BlackRock Financial Management, Inc. (the "Adviser"). Investment operations
commenced on February 26, 1993.
The Trust's investment objective is to manage a diversified portfolio of investment-grade securities to achieve high
current income exempt from regular Federal income tax consistent with the preservation of capital. The ability of
issuers of debt securities held by the Trust to meet their obligations may be affected by economic developments in
a specific industry or region. No assurance can be given that the Trust's investment objective will be achieved.
The following is a summary of significant accounting policies followed by the Trust.
Securities Valuation: Municipal securities (including commitments to purchase such securities on a "when-issued"
basis) are valued on the basis of prices provided by a pricing service which uses information with respect to
transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various
relationships between securities in determining values. Any securities or other assets for which such current
market quotations are not readily available are valued at fair value as determined in good faith under procedures
established by and under the general supervision and responsibility of the Trust's Board of Directors.
Short-term securities which mature in more than 60 days are valued at current market quotations. Short-term
securities which mature in 60 days or less are valued at amortized cost, if their term to maturity from date of
purchase is 60 days or less, or by amortizing their value on the 61st day prior to maturity, if their original term to
maturity from date of purchase exceeded 60 days.