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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000930413-04-004578.txt : 20040929
<SEC-HEADER>0000930413-04-004578.hdr.sgml : 20040929
<ACCEPTANCE-DATETIME>20040929135241
ACCESSION NUMBER:		0000930413-04-004578
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040731
FILED AS OF DATE:		20040929
DATE AS OF CHANGE:		20040929
EFFECTIVENESS DATE:		20040929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST INC
		CENTRAL INDEX KEY:			0000894242
		IRS NUMBER:				133690436
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07354
		FILM NUMBER:		041052211

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		302-797-2449
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c33544_nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




<P align="center">
<FONT face="serif">UNITED STATES </FONT>
<br>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT>
<br>
<FONT face="serif">Washington, D.C. 20549 </FONT>
</P>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B>
</P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B>
<br>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="36%" align="left"><font face="serif">Investment Company Act file number: </font></td>
    <td colspan="2" align="left"><font face="serif">811-08117</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td colspan="2" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">The BlackRock Investment Quality Municipal Trust Inc.</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font face="serif">(Exact name of registrant as specified in charter) </font> </td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">100 Bellevue Parkway, Wilmington, DE</font></td>
    <td align="center"><font size=2 face="sans-serif">19809</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2" align="center"><font size=2 face="sans-serif">(Address of principal executive offices)&nbsp;</font></td>
    <td width="51%" align="center"><font size=2 face="sans-serif">(Zip code)</font></td>
  </tr>
  <tr>
    <td colspan="3" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">Robert S. Kapito, President</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">The BlackRock Investment Quality Municipal Trust Inc.</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">40 East 52nd Street, New York, NY 10022</font></font></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="3" align="center"><font size=2 face="sans-serif"><font face="serif">(Name and address of agent for service)</font></font></td>
  </tr>
</table>
<P align="left"><FONT size=2 face="sans-serif"><br>
</FONT></P>
<table width="75%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td colspan="2"><font face="serif">Registrant's telephone number, including area code:</font></td>
    <td width="61%"><font face="serif">888-825-2257</font></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="21%"><font face="serif">Date of fiscal year end:</font></td>
    <td colspan="2"><font face="serif">&nbsp;</font><font face="serif">October 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font face="serif">Date of reporting period:</font></td>
    <td colspan="2"><font face="serif">July 31, 2004</font><font face="serif">&nbsp;</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td colspan="2"><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P align="left"><FONT face="serif"><BR>
  </FONT>
</P>
<FONT size=2 face="sans-serif">
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_2"></A>

<P>
<B><FONT face="serif">Item 1. Schedule of Investments</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT>
</P>
<font size="3"><b>PORTFOLIO OF INVESTMENTS (</b><b>unaudited)</b><b><br>JULY
31, 2004</b></font><hr noshade size=3>
<font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="1%">&nbsp;</td>
<td width="4%" align=center></td>
<td width="2%">&nbsp;</td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="55%" align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;150.3%</b></font></td>
<td width="1%">&nbsp;</td>
<td width="15%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="1%">&nbsp;</td>
<td colspan="2" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Alabama&#151;5.9%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$14,000 </font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of Alabama Hosp., Ser. A, 5.875%,
9/01/31, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/10 @ 101</font></td>
<td>&nbsp;</td>
<td width="1%" align=right><div align="left"><font size="2">$   </font></div></td>

<td width="10%" align=right><font size="2">15,024,800</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Alaska&#151;2.4%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,015</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alaska Hsg. Fin. Corp., Ser. A, 5.875%,
12/01/24, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">12/05 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,228,713</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;20.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">A3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,770</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">California, GO, 5.625%, 5/01/18 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/10 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,248,044</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,495</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Foothill/Eastn. Transp. Corridor
Agcy., Toll Road Rev., 5.75%, 1/15/40 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/10 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,474,065</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Golden St. Tobacco Sec. Corp., Ser.
B, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/01/43</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">13,018,720</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,900</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/01/38</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,969,690</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,945</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Los Altos Sch. Dist., GO, Zero Coupon,
8/01/24, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/13 @ 53.632</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,533,812</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,460</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Los Angeles Cnty., Asset Leasing
Corp. Rev., 5.95%, 12/01/07, AMBAC </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">17,329,578</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">San Marcos, Spl. Tax Rev., Cmnty.
Facs. Dist. No. 02-01, </font></td>
<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">795</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.90%, 9/01/28</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/10 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">793,943</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/01/35</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/10 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,482,832</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">52,850,684</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Colorado&#151;4.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Arapahoe Cnty. Cap. Impvt. Hwy. Trust
Fund, Ser. E, Zero Coupon, 8/31/04 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">ETM</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,097,086</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Colorado Wtr. Rec. &amp; Pwr. Dev.
Auth., Parker Wtr. &amp; San. Dist., Ser. D,</font></td>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" align=right>&nbsp;</td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/01/43, MBIA </font></td>
  <td>&nbsp;</td>
  <td align=center><font size="2">09/14 @ 100</font></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">5,091,550</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,250</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">E-470 Pub. Hwy. Auth., Ser. B, 6.90%,
8/31/05 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,447,527</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">10,636,163</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Connecticut&#151;1.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">Baa3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mashantucket Western Pequot Tribe,
Ser. A, 5.50%, 9/01/28 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/09 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,960,610</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,140</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mohegan Tribe Indians, Pub. Impvt.
Priority Dist., 5.25%, 1/01/33 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,107,362</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,067,972</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Delaware&#151;3.1%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">Baa1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td><font size="2"> <sup>4</sup></font></td>
<td align=left><font size="2">Charter Mac Equity Issuer Trust,
Ser. B, 7.60%, 11/30/50 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">8,003,940</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>District of Columbia&#151;1.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,960</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp., 6.50%,
5/15/33 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,329,386</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Florida&#151;8.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,135</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fishhawk Cmnty. Dev. Dist. II, Spl.
Assmt. Rev., Ser. A, 6.125%, 5/01/34 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/13 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,131,734</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">515</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Florida Hsg. Fin. Agcy., Sngl. Fam.
Mtg. Rev., Ser. A, 6.55%, 7/01/14 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/05 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">527,993</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hillsborough Cnty. Ind. Dev. Auth.,
Natl. Gypsum, Ser. A, 7.125%, 4/01/30 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/10 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,885,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,755</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Miami Beach Hlth. Facs. Auth., Mt.
Sinai Med. Ctr., 6.75%, 11/15/21 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,823,472</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Village Cmnty. Dev. Dist. No. 6,
Spl. Assmt. Rev., 5.625%, 5/01/22 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">9,946,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">21,314,399</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;0.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Milledgeville Baldwin Cnty. Dev.
Auth., Georgia Coll. &amp; St. Univ. Fndtn., </font></td>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" align=right>&nbsp;</td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 9/01/33 </font></td>
  <td>&nbsp;</td>
  <td align=right><div align="center"><font size="2">09/14 @ 101</font></div></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">1,529,625</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Hawaii&#151;1.1%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hawaii Dept. of Budget &amp; Fin.,
Hawaiian Elec. Co. Inc., Ser. D, </font></td>
<td>&nbsp;</td>
<td align=center>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" align=right>&nbsp;</td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 1/01/20, AMBAC </font></td>
  <td>&nbsp;</td>
  <td align=right><div align="center"><font size="2">01/09 @ 101</font></div></td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">2,781,275</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;14.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,920</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Centerpoint Intermodal Ctr., Ser.
A, 8.00%, 6/15/23 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,880,160</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chicago Brd. of Ed., Sch. Reform,
AMBAC, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right valign="bottom"><font size="2">8,960</font></td>
<td valign="bottom"><font size="2"> <sup>3</sup></font></td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/07</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">10,075,878</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right valign="bottom"><font size="2">1,040</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/27</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">12/07 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,099,270</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right valign="bottom"><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Chicago Pub. Bldg., Ser. A, 7.00%,
1/01/20, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">ETM</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,352,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Illinois Edl. Fac. Auth., FGIC, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.45%, 7/01/14</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/04 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,087,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.70%, 7/01/13</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/04 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">5,114,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illinois Fin. Auth., Northwestern
Mem. Hosp., Ser. A, 5.50%, 8/15/43 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">5,837,120</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,540</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">O&#146;Hare Intl. Arpt., Ser. C-2,
5.25%, 1/01/30, FSA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,537,982</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">37,985,000</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><HR noshade size=1></td>

<td>&nbsp;</td></tr>
</table>
<p><p>
<font size="2"></font><p><p align='center'>1
<PAGE>
<p><hr noshade size=3>
<p><font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="0%">&nbsp;</td>
    <td width="6%" align=center><div align="center"></div></td>
    <td width="0%"><div align="center"></div></td>
    <td width="7%" align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td width="3%"><div align="center"></div></td>
    <td width="59%" align=left><div align="center"></div></td>
    <td width="1%"><div align="center"></div></td>
    <td width="11%" align=right><div align="center"></div></td>
    <td width="3%"><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12" ><HR noshade size=1></td>
  </tr>
  <tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Indiana&#151;4.0%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Indianapolis Arpt. Auth., Fed. Express
Corp. Proj., 5.10%, 1/15/17 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td width="1%" align=right><div align="left"><font size="2">$</font></div></td>

<td width="7%" align=right><font size="2"> 10,106,800</font></td>
<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Kentucky&#151;2.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,715</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Kentucky Econ. Dev. Fin. Sys., Norton
Hlth. Care Inc., Ser. B, Zero Coupon, <br>
&nbsp;&nbsp;&nbsp;&nbsp;10/01/23, MBIA </font></td>
<td valign="bottom">&nbsp;</td>
<td align=center valign="bottom"><font size="2">No Opt. Call</font></td>

<td valign="bottom">&nbsp;</td>
<td colspan="2" valign="bottom"><div align="right"><font size="2">5,674,215</font></div></td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Louisiana&#151;3.4%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,640</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Orleans, GO, 5.875%, 11/01/29,
FSA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/09 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">5,021,083</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,460</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Fin. Corp., Ser.
B, 5.875%, 5/15/39 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,640,921</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">8,662,004</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;2.4%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,740</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Maryland Hlth. &amp; Higher Edl.
Facs. Auth., Medstar Hlth., 5.50%, 8/15/33 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,693,490</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000 </font></td>
<td><font size="2"><sup>4,5</sup></font></td>
<td align=left><font size="2">MuniMae TE Bond Subsidiary, LLC,
Ser. B, 7.75%, 6/30/50 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,492,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,185,490</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Michigan&#151;1.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Midland Cnty. Econ. Dev., Ser. A,
6.875%, 7/23/09 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/07 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,143,880</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Missouri&#151;1.6%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lake of the Ozarks Cmnty. Brdg. Corp.,
Brdg. Sys., </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/14</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">12/08 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,954,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/26</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">12/08 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,183,875</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,138,175</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Jersey&#151;4.0%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">Delaware River Port. Auth. of PA
&amp; NJ, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, <br>
&nbsp;&nbsp;&nbsp;&nbsp;FSA</font></td>
<td valign="bottom">&nbsp;</td>
<td align=center valign="bottom"><font size="2">01/10 @ 100</font></td>
<td valign="bottom">&nbsp;</td>
<td colspan="2" align=right valign="bottom"><font size="2">2,177,540</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">New Jersey Transp. Trust Fund Auth.,
Transp. Sys., Ser. A, 6.00%, 6/15/10 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">8,040,060</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">10,217,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Mexico&#151;0.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,945</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Farmington PCR, So. California Edison
Co., Ser. A, 5.875%, 6/01/23, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/04 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,969,565</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;13.0%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City, GO, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,140</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 8/01/05</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,321,001</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,000</font></td>
<td><font size="2"> <sup>6</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. E, 6.50%, 2/15/06</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">7,452,690</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City Ind. Dev. Agcy., Term.
One Grp. Assoc. Proj., </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/01/08</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/04 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,100,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/01/15</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/04 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,024,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City Transl. Fin. Auth.,
Ser. B, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,145</font></td>
<td><font size="2"> <sup>3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 5/15/10</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">9,453,983</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AA+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,855</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/21</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/10 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,077,488</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York Dorm. Auth., Univ. of Rochester,
Ser. A, MBIA, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,030</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 7/01/23</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/10 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,544,728</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,865</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 7/01/21</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/10 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,430,679</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,955</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York Hsg. Fin. Agcy., Hlth. Fac.
of New York City, Ser. A, 6.375%, 11/01/04 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,977,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">33,383,319</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>North Carolina&#151;2.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left valign="bottom"><font size="2">No. Carolina Eastn. Mun. Pwr. Agcy.,
Sys. Rev., Ser. B, 7.00%, 1/01/08, <br>
&nbsp;&nbsp;&nbsp;&nbsp;CAPMAC </font></td>
<td valign="bottom">&nbsp;</td>
<td align=center valign="bottom"><font size="2">No Opt. Call</font></td>
<td valign="bottom">&nbsp;</td>
<td colspan="2" align=right valign="bottom"><font size="2">5,679,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;3.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cuyahoga Cnty., </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Cleveland Clinic Hlth. Sys., 6.00%,
1/01/20</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,767,599</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Cleveland Clinic Hlth. Sys., 6.00%,
1/01/21</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">5,386,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">335</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Port Dev. Proj., 6.00%, 3/01/07</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">ETM</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">357,746</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">9,511,995</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Oregon&#151;1.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,300</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Klamath Falls Elec., Klamath Cogen,
5.50%, 1/01/07 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,354,825</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
</table>
<p><PAGE><p><hr noshade size=3>
<p><font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Option Call</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="12"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td width="1%">&nbsp;</td>
<td width="5%" align=center><font size="2"><font size="2"></font></font></td>
<td width="1%">&nbsp;</td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="3%">&nbsp;</td>
<td width="59%" align=left><font size="2"><b>Pennsylvania&#151;5.1%</b></font></td>
<td width="1%">&nbsp;</td>
<td width="12%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td width="2%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">McKeesport Area Sch. Dist., FGIC,
</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  870</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/31</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">ETM</font></td>
<td>&nbsp;</td>
<td width="1%" align=right><div align="left"><font size="2">$</font></div></td>

<td width="7%" align=right><font size="2"> 204,119</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,435</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/31</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">550,432</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania Econ. Dev. Fin. Auth.,
Amtrak Proj., Ser. A,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"> </font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/31</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,044,020</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.375%, 11/01/41</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,172,695</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania Higher Edl. Fac. Auth.,
Univ. of Pennsylvania Hlth. Svcs., Ser. A, </font></td>
<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.875%, 1/01/15 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/06 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,858,515</font></td>


<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania Intergovtl. Coop. Auth.,
Spec. Tax, Philadelphia Fdg. Prog., </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/15/20, FGIC </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/06 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,225,320</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">13,055,101</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Rhode Island&#151;0.8%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Rhode Island Hlth. &amp; Edl. Bldg.
Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">05/07 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,128,660</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>South Carolina&#151;3.3%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">So. Carolina Jobs Econ. Dev. Auth.,
Hosp. Facs. Rev., Palmetto Hlth. Alliance, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,185</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.25%, 8/01/31</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,253,478</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, 6.875%, 8/01/27</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,325,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,090</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tobacco Settlement Rev. Mgmt. Auth.,
Ser. B, 6.375%, 5/15/30 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,782,833</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">8,361,311</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;5.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">Baa1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Maury Cnty. Ind. Dev. Brd., PCR,
Saturn Corp. Proj., 6.50%, 9/01/24 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">09/04 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">7,964,502</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,865</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Memphis Shelby Cnty. Arpt. Auth.,
Ser. D, 6.00%, 3/01/24, AMBAC </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">03/10 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">5,270,498</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">13,235,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;11.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Brazos River Auth., PCR, TXU Elec.
Co. Proj., Ser. C, 6.75%, 10/01/38 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">10/13 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,255,660</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dallas Cnty. Util. &amp; Cap. Reclam.
Dist., Ser. A, AMBAC, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,085</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 2/15/19</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">02/05 @ 44.538</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,656,163</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 2/15/20</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">02/05 @ 41.799</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,556,062</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Grapevine, GO, 5.875%, 8/15/24, FGIC
</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/10 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,549,660</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris Cnty. Houston Sports Auth.,
Ser. A, Zero Coupon, 11/15/38, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/30 @ 61.166</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">670,450</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,930</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Matagorda Cnty. Navigation Dist.
No. 1, 5.60%, 3/01/27 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">03/14 @ 101</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,934,246</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,320</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Texas Affordable Hsg. Corp., Multi-Fam.
Hsg. Rev., 5.80%, 11/01/26 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">11/11 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">6,180,391</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Texas Tpke. Auth., Central Sys. Rev.,
Zero Coupon, 8/15/31, AMBAC </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/12 @ 32.807</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,015,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">Aa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Texas Wtr. Fin. Asst., GO, 5.75%,
8/01/22 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">08/10 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,090,050</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">29,907,982</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Utah&#151;1.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Intermountain Pwr. Agcy., Pwr. Sply.
Rev.,</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/01/13, AMBAC</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">ETM</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,971,392</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,145</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 7/01/16</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">ETM</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,151,881</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,123,273</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Washington&#151;7.7%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Washington, GO, </font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">Aa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.375%, 7/01/21</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/06 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">4,148,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">Aa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.00%, 1/01/25</font></td>
<td>&nbsp;</td>
<td align=center><font size="2">01/10 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,093,080</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,395</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Washington Pub. Pwr. Sply., Nuclear
Proj. No. 1, 5.75%, 7/01/11, MBIA </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/06 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">14,467,002</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">19,708,482</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Wisconsin&#151;6.2%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">14,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Badger Tobacco Asset Sec. Corp.,
6.375%, 6/01/32 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">12,558,688</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,220</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wisconsin Hlth. &amp; Edl. Facs.
Auth., Aurora Hlth. Care, 6.40%, 4/15/33 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">3,368,539</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">15,927,227</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Wyoming&#151;4.1%</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">A3</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sweetwater Cnty. PCR, Idaho Pwr.
Co. Proj., Ser. A, 6.05%, 7/15/26 </font></td>
<td>&nbsp;</td>
<td align=center><font size="2">07/06 @ 102</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">10,551,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2"><b>Total Long-Term Investments</b> (cost $363,808,432)</font></td>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><font size="2">384,778,261</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left>&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><HR noshade size=1></td>

<td>&nbsp;</td></tr>
</table>
<font size="2"></font><p><p align='center'>3
<PAGE>
<p><hr noshade size=3>
<p><font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN) (continued)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td width="1%">&nbsp;</td>
    <td width="7%" align=center><div align="center"></div></td>
    <td width="1%"><div align="center"></div></td>
    <td width="7%" align=right><div align="center"><font size="2"><b>Principal</b></font></div></td>
    <td width="3%"><div align="center"></div></td>
    <td width="66%" align=left><div align="center"></div></td>
    <td width="2%"><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td width="2%">&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>Amount</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td>&nbsp;</td>
    <td align=center><div align="center"><font size="2"><b>Rating</b><sup><b>1</b></sup></font></div></td>
    <td><div align="center"></div></td>
    <td align=right><div align="center"><font size="2"><b>(000)</b></font></div></td>
    <td><div align="center"></div></td>
    <td align=left><div align="center"><font size="2"><b>Description</b></font></div></td>
    <td><div align="center"></div></td>
    <td colspan="2" align=right><div align="center"><font size="2"><b>Value</b></font></div></td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="10"><HR noshade size=1></td>
  </tr>
  <tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2"></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;5.8%</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Puerto Rico&#151;0.1%</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center><font size="2"><font size="2">A-1</font></font></td>
  <td>&nbsp;</td>
  <td align=right><font size="2">$ 400</font></td>
  <td><font size="2"><sup>7</sup></font></td>
  <td align=left><font size="2">Puerto Rico Gov&#146;t. Dev. Bank, 1.02%, 8/04/04, MBIA, FRWD </font></td>
  <td>&nbsp;</td>
  <td width="3%" align=right><div align="left"><font size="2">$ </font></div></td>
  <td width="8%" align=right><font size="2">400,000</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><HR noshade size=1>  <font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left>&nbsp;</td>
<td>&nbsp;</td>
<td colspan="2" align=right>&nbsp;</td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Shares</b></font></td>

<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>

<td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Money Market Funds&#151;5.7%</b></font></td>
<td>&nbsp;</td>
<td colspan="2" align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio </font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">12,750,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">SSgA Tax Free Money Mkt. Fund</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">1,800,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">14,550,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Short-Term Investments</b>
(cost $14,950,000)</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">14,950,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;156.1%</b>
(cost $378,758,432)</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">399,728,261</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Other assets in excess of liabilities&#151;1.1%</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">2,970,113</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(57.2)%</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><font size="2">(146,596,331)</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td colspan="2" align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left><font size="2"><b>Net Assets Applicable to Common Shareholders&#151;100%</b></font></td>
  <td>&nbsp;</td>
  <td align=right><div align="left"><font size="2">$ </font></div></td>
  <td align=right><font size="2">256,102,043</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td colspan="2" align=right><HR noshade size=3></td>

<td>&nbsp;</td></tr>
</table>
<table border="0" cellspacing="0" cellpadding="0">
<tr valign=top>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top>
  <td width="5" align=left><HR noshade size=1></td>
  <td width="10"><HR noshade size=1></td>
  <td width="106" align=left><HR noshade size=1></td>
  <td width="969" align=left>&nbsp;</td>
  <td width="11">&nbsp;</td>
</tr>
<tr valign=top>
  <td align=left><font size="2"><sup>1</sup></font></td>
  <td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Using the higher of Standard &amp;
Poor&#146;s, Moody&#146;s Investors Service or Fitch Ratings ratings.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Date (month/year) and price of the
earliest call or redemption. There may be other call provisions at varying prices
at later dates.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>3</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">This bond is prerefunded. 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.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>4</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="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,
2004, the Trust held 4.9% of its net assets, with a current market value of $12,495,940,
in securities restricted as to resale.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>5</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Security is deemed to be of investment
grade quality by the investment advisor.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>6</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">Entire or partial principal amount
pledged as collateral for financial futures contracts.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>7</sup></font></td>
<td>&nbsp;</td>
<td colspan="2" align=left><font size="2">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. Rate shown as of July 31, 2004.</font></td><td>&nbsp;</td></tr></table>
<p><table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td colspan="6"><p align="center"><font size="2" face="sans-serif"><b>KEY TO ABBREVIATIONS</b> </font>          <FONT size=2 face="sans-serif"><FONT face="serif"> </FONT></font></td>
  </tr>
  <tr>
    <td width="8%"><font size=2 face="sans-serif"><font size="2">AMBAC</font></font></td>
    <td width="4%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="43%"><font size=2 face="sans-serif"><font size="2">American Municipal Bond Assurance Corporation</font></font></td>
    <td width="6%"><font size=2 face="sans-serif"><font size="2">FSA&nbsp;&nbsp;</font></font></td>
    <td width="3%"><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td width="36%"><font size=2 face="sans-serif"><font size="2">Financial Security Assurance</font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">CAPMAC</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Capital Markets Assurance Company</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">GO&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">General Obligation </font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">ETM</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Escrowed to Maturity</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">MBIA&nbsp;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Municipal Bond Insurance Association</font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">FGIC</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Financial Guaranty Insurance Company&nbsp;&nbsp;</font></font></td>
    <td><FONT size=2 face="sans-serif"><font size="2">PCR</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><FONT size=2 face="sans-serif"><font size="2">Pollution Control Revenue</font></font></td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font size="2">FRWD</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">&nbsp;&#151;&nbsp;</font></font></td>
    <td><font size=2 face="sans-serif"><font size="2">Floating Rate Weekly Demand</font></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<p>
<B><FONT face="serif">Item 2. Controls and Procedures</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant&#146;s
disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely. </FONT>
</P>
<P>
<FONT face="serif">(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. </FONT>
</P>
<P>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. </FONT>
</P>

<HR noshade align="center" width="100%" size=2>

<page><p>
<A name="page_3"></A>

<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT>
</P>
<P>
<FONT face="serif">     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.
</FONT>
</P>
</font>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="8%"><font size=2 face="sans-serif"><font face="serif">(Registrant)</font></font></td>
    <td colspan="2"><font size=2 face="sans-serif"><font size=2 face="sans-serif"><font face="serif"><font face="serif">The BlackRock Investment Quality Municipal Trust Inc.</font></font></font></font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td width="57%"><hr align="left" size="1" noshade></td>
    <td width="35%">&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif"><P>&nbsp;
</P>
</font>

<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Treasurer</font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P><FONT face="serif"> </FONT></P>
<P>
  <FONT face="serif">   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. </FONT>
</P>
</font>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ </FONT><FONT size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Robert S. Kapito</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Executive Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><FONT size=2 face="sans-serif"><FONT face="serif">September 28, 2004</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
</table>

<p>&nbsp;</p>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%"><font size=2 face="sans-serif"><font face="serif">By:</font></font></td>
    <td width="27%"><FONT size=2 face="sans-serif"><FONT face="serif"> /s/ Henry Gabbay</FONT></font></td>
    <td width="68%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Name: </font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">Henry Gabbay </font></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Title:</font></font></td>
    <td><font size=2 face="sans-serif"><FONT face="serif">Principal Financial Officer</FONT></font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="sans-serif"><font face="serif">Date:</font></font></td>
    <td><font size=2 face="sans-serif"><font face="serif">September 28, 2004</font></font></td>
    <td>&nbsp;</td>
  </tr>
</table>
<FONT size=2 face="sans-serif">
<P>&nbsp;
</P>
<HR noshade align="center" width="100%" size=2>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c33544_ex99-cert.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 FINAL//EN">


<HTML>
<HEAD>
   <TITLE>c33517_n-q</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Robert Kapito, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of The BlackRock Investment Quality Municipal Trust Inc.;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="3%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="94%" valign="top"><font face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;</td>
</tr>
</TABLE>

<P>&nbsp;</P>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif">  </FONT></P>
<FONT face="serif">
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="53%">&nbsp;</td>
    <td width="47%" align="center">/s/ Robert S. Kapito</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Robert S. Kapito</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td align="center"><font face="serif">Principal Executive Officer</font></td>
  </tr>
</table>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<page>
<A name="page_6"></A>

<TABLE border="0" cellpadding="0" cellspacing="0">
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="right"><B><FONT face="serif">Exhibit 99.Cert</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B><BR>
    </div></td>
</tr>
<tr>
   <td valign="top" colspan="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <div align="center"><B><FONT face="serif">CERTIFICATIONS</FONT></B><BR>
    </div></td>
</tr>
<tr>
  <td valign="top" colspan="3">&nbsp;</td>
</tr>
<tr>
   <td valign="top" colspan="3"><FONT face="serif">I, Henry Gabbay, certify that:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">1.</FONT></td>
   <td colspan="2" valign="top"><FONT face="serif">I have reviewed this report on Form N-Q of The BlackRock Investment Quality Municipal Trust Inc.;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">2.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">3.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal
quarter for which the report is filed;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">4.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) for the registrant and have:</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td width="4%" valign="top"><FONT face="serif">a) </FONT></td>
  <td width="93%" valign="top"><FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">b) </FONT></td>
  <td valign="top"><FONT face="serif">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">c) </FONT></td>
  <td valign="top"><FONT face="serif">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
   <td valign="top" width="3%"><FONT face="serif">5.</FONT><BR>&nbsp;&nbsp;</td>
   <td colspan="2" valign="top"><FONT face="serif">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"><FONT face="serif">a) </FONT> </td>
  <td valign="top"><FONT face="serif">All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect</FONT>
    <FONT face="serif">the registrant's ability to record, process, summarize, and report financial information; and </FONT></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td colspan="2" valign="top">&nbsp;</td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top"> <FONT face="serif">b) </FONT> </td>
  <td valign="top"><FONT face="serif">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls. </FONT></td>
</tr>

</TABLE>

<P>&nbsp;</P>
</font>
<table width="50%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="11%"><font face="serif">Date: </font></td>
    <td width="89%"><font face="serif">September 28, 2004</font></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P><FONT face="serif"> </FONT></P>
<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="23%" align="center">&nbsp;</td>
    <td width="24%" align="center"><font face="serif">/s/ &nbsp;Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Henry Gabbay</font></td>
  </tr>
  <tr>
    <td align="center">&nbsp;</td>
    <td align="center"><font face="serif">Principal Financial Officer</font></td>
  </tr>
</table>
<FONT face="serif">
<P>&nbsp;</P>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>
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