-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 N6eA1G0QKiacaVnEVy+Di0fxtdiU8KOjxD88RUfkE42ZXE/tpqi0CM/IlIK+usqp
 566bO6Z1Ct6KcVbMNFCnVQ==

<SEC-DOCUMENT>0000930413-05-002393.txt : 20050401
<SEC-HEADER>0000930413-05-002393.hdr.sgml : 20050401
<ACCEPTANCE-DATETIME>20050401170535
ACCESSION NUMBER:		0000930413-05-002393
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050131
FILED AS OF DATE:		20050401
DATE AS OF CHANGE:		20050401
EFFECTIVENESS DATE:		20050401

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:		05726376

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c35732_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<A name="page_1"></A>

<P align="center">
<FONT face="serif">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549 </FONT></P>
<p><center>
    <B><FONT size=4 face="serif">FORM N-Q</FONT></B><BR>
  </center>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="center">
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-07354</FONT></U><FONT face="serif">______ </FONT></P>
<P align="center">
<FONT face="serif">_______</FONT><U><FONT face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT></U><FONT face="serif">_______<BR> (Exact name of registrant as specified in charter) </FONT></P>
<p></p><table width="100%"  border="0">
  <tr>
    <td width="40%"><center>
      <font face="serif">100 Bellevue Parkway, Wilmington, DE </font>
    </center></td>
    <td width="18%"><center>
    </center></td>
    <td width="42%"><center>
      <font face="serif">19809</font>
    </center></td>
  </tr>
  <tr>
    <td colspan="3"><hr align="center" size=1 noshade></td>
  </tr>
  <tr>
    <td><center>
      <font face="serif"> (Address of principal executive offices) </font>
    </center></td>
    <td><center>
    </center></td>
    <td><center>
      <font face="serif">(Zip code) </font>
    </center></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<P>&nbsp;</P>

  <center>
    <FONT face="serif">Robert S. Kapito, President</FONT>
</center>
<P align="center">
<FONT face="serif"><b>BlackRock Investment Quality Municipal Trust, Inc.</b></FONT></P>

  <center>
    <FONT face="serif">__________<U>40 East 52nd Street, New York, NY 10022</U>__________</FONT><BR>
    <FONT face="serif"> (Name and address of agent for service) </FONT><BR>

</center>
  <P>
<FONT face="serif">Registrant's telephone number, including area code:_</FONT><U><FONT face="serif">888-825-2257</FONT></U><FONT face="serif">__________________</FONT></P>

<FONT face="serif">Date of fiscal year end: </FONT><U><FONT face="serif">October 31, 2005</FONT></U><BR>

<P>
<FONT face="serif">Date of reporting period:__</FONT><U><FONT face="serif">January 31, 2005</FONT></U><FONT face="serif">_________________________________</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><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 registrant&#146;s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS </b><b>(unaudited)</b><b><br>JANUARY
31, 2005</b></font>
<p><font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN)</b></font>
<p>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td align=center>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top><td width="6%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;147.8%</b></font></td>
<td width="12%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="11%" align=right><font size="2"></font></td>

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

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td align=right><font size="2">$14,000 </font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of Alabama Hosp., Ser. A, 5.875%,
9/01/31, MBIA </font></td>
<td align=center><font size="2">09/10 @ 101</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;15,725,920</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Alaska&#151;2.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></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 align=center><font size="2">12/05 @ 102</font></td>
<td align=right><font size="2">6,208,623</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;20.5%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">A</font></font></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 align=center><font size="2">05/10 @ 101</font></td>
<td align=right><font size="2">6,510,060</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></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 align=center><font size="2">01/10 @ 101</font></td>
<td align=right><font size="2">3,575,979</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></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 align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A-</font></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 align=center><font size="2">06/13 @ 100</font></td>
<td align=right><font size="2">13,877,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-</font></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 align=center><font size="2">06/13 @ 100</font></td>
<td align=right><font size="2">7,430,058</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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 align=center><font size="2">08/13 @ 53.632</font></td>
<td align=right><font size="2">3,894,121</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">15,460</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Los Angeles Cnty. Rev. Asset Leasing
Corp. Proj., 5.95%, 12/01/07, AMBAC </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">17,009,092</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">San Marcos Spl. Tax, Cmnty. Facs.
Dist. No. 02-01, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></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 align=center><font size="2">09/10 @ 102</font></td>
<td align=right><font size="2">808,539</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></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 align=center><font size="2">09/10 @ 102</font></td>
<td align=right><font size="2">1,511,166</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">54,616,515</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Colorado&#151;0.9%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></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 align=center><font size="2">N/A</font></td>
<td align=right><font size="2">2,379,690</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Connecticut&#151;1.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">BBB-</font></font></td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mashantucket Western Pequot Tribe,
Spec. Rev., Ser. A, 5.50%, 9/01/28 </font></td>
<td align=center><font size="2">09/09 @ 101</font></td>
<td align=right><font size="2">3,103,170</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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;1.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">BBB</font></font></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 align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">4,889,965</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Florida&#151;10.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">NR</font></font></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 align=center><font size="2">05/13 @ 101</font></td>
<td align=right><font size="2">2,204,793</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></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.,
Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30 </font></td>
<td align=center><font size="2">10/10 @ 101</font></td>
<td align=right><font size="2">4,074,662</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">2,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Live Oak Cmnty. Dev. Dist., Spl.
Assmt., Ser. A, 5.85%, 5/01/35 </font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td align=right><font size="2">2,279,115</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB</font></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. Proj., 6.75%, 11/15/21 </font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td align=right><font size="2">5,131,596</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">1,015</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pine Islands Cmnty. Dev. Dist., Spl.
Assmt., 5.75%, 5/01/35 </font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td align=right><font size="2">1,022,308</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">2,515</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Reunion West Cmnty. Dev. Dist., Spl.
Assmt., 6.25%, 5/01/36 </font></td>
<td align=center><font size="2">05/12 @ 101</font></td>
<td align=right><font size="2">2,618,593</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></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 align=center><font size="2">05/13 @ 100</font></td>
<td align=right><font size="2">10,242,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">27,573,667</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;9.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlanta Arpt. Passenger Fac., Ser.
J, 5.00%, 1/01/34, FSA </font></td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td align=right><font size="2">5,193,900</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center></td>
<td align=right></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlanta Wtr. &amp; Wstwtr., </font></td>
<td align=center></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=center>&nbsp;<font size="2">AAA</font></td>
  <td align=right>&nbsp;<font size="2">12,785</font></td>
  <td>&nbsp;</td>
  <td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/43, FSA</font></td>
  <td align=center>&nbsp;<font size="2">11/14 @ 100</font></td>
  <td align=right>&nbsp;<font size="2">13,273,770</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/34, FSA </font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td align=right><font size="2">4,201,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=center><font size="2">BBB</font></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. Proj., 6.00%, </font></td>
  <td align=center>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=center>&nbsp;</td>
<td align=right>&nbsp;</td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;9/01/33 </font></td>
<td align=center><font size="2">09/14 @ 101</font></td>
<td align=right><font size="2">1,610,475</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">24,279,345</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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 align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></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. Proj., Ser. D, 6.15%, 1/01/20, AMBAC </font></td>
<td align=center><font size="2">01/09 @ 101</font></td>
<td align=right><font size="2">2,807,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;15.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">NR</font></font></td>
<td align=right><font size="2">1,920</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Centerpoint Intermodal Ctr. Prog.
Trust, Ser. A, 8.00%, 6/15/23 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">1,959,629</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></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></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">8,960</font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/07</font></td>
<td align=center><font size="2">N/A</font></td>
<td align=right><font size="2">9,930,010</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">1,040</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/27</font></td>
<td align=center><font size="2">12/07 @ 102</font></td>
<td align=right><font size="2">1,142,336</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Chicago Pub. Bldg., Ser. A, 7.00%,
1/01/20, MBIA </font></td>
<td align=center><font size="2">ETM</font></td>
<td align=right><font size="2">6,672,650</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illinois Edl. Fac. Auth., FGIC, </font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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 align=center><font size="2">03/05 @ 101</font></td>
<td align=right><font size="2">4,040,840</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">03/05 @ 101</font></td>
<td align=right><font size="2">5,057,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA+</font></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. Proj., Ser. A, 5.50%, 8/15/43 </font></td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td align=right><font size="2">6,112,098</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Illinois Fin. Auth. Student Hsg.,
MJH Ed. Asst. IV Proj., </font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td align=right><font size="2">875</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.125%, 6/01/35</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td align=right><font size="2">870,266</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td align=right><font size="2">700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.375%, 6/01/35</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td align=right><font size="2">690,151</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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 align=center><font size="2">01/14 @ 100</font></td>
<td align=right><font size="2">3,685,494</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">40,160,674</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
</table>
<p><p><p>
<font size="2"></font><p><p align='center'>1<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN) (continued)</b></font>
<p>
<p><p>
<hr noshade size=1>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td align=center>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top><td width="6%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Kentucky&#151;2.4%</b></font></td>
<td width="12%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="11%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td align=right><font size="2">$15,715</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Kentucky Econ. Dev. Fin. Sys., Norton
Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;10/01/23, MBIA </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,449,436</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Louisiana&#151;2.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></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 align=center><font size="2">11/09 @ 100</font></td>
<td align=right><font size="2">5,219,026</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;0.7%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">Baa1</font></font></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. Proj., 5.50%, 8/15/33 </font></td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td align=right><font size="2">1,828,201</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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 align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">BB+</font></font></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 align=center><font size="2">07/07 @ 101</font></td>
<td align=right><font size="2">4,159,560</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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 align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></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 align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB-</font></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 align=center><font size="2">12/08 @ 102</font></td>
<td align=right><font size="2">2,008,820</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB-</font></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 align=center><font size="2">12/08 @ 102</font></td>
<td align=right><font size="2">2,318,675</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">4,327,495</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Multi-State&#151;4.7%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">Baa1</font></font></td>
<td align=right><font size="2">7,000</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">Charter Mac Equity Issuer Trust,
Ser. B, Zero Coupon, 11/30/50 </font></td>
<td align=center><font size="2">11/10 @ 100</font></td>
<td align=right><font size="2">7,981,260</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa1</font></td>
<td align=right><font size="2">4,000</font></td>
<td><font size="2"><sup>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 align=center><font size="2">11/10 @ 100</font></td>
<td align=right><font size="2">4,655,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">12,636,660</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Nevada&#151;0.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">NR</font></font></td>
<td align=right><font size="2">950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Director of the St. of Nevada Dept.
of Business &amp; Ind., Las Ventanas Retirement </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Proj., Ser. A, 7.00%, 11/15/34
</font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td align=right><font size="2">951,482</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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;6.7%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Delaware River Port. Auth. of PA
&amp; NJ, Port Dist. Proj., GO, Ser. B, 5.70%, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;1/01/22, FSA </font></td>
<td align=center><font size="2">01/10 @ 100</font></td>
<td align=right><font size="2">2,237,080</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td align=right><font size="2">7,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Jersey Econ. Dev. Auth., Cigarette
Tax Rev., 5.75%, 6/15/29 </font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td align=right><font size="2">7,422,660</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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 align=center><font size="2">N/A</font></td>
<td align=right><font size="2">8,056,020</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">17,715,760</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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;0.7%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></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. Proj., Ser. A, 5.875%, 6/01/23, MBIA </font></td>
<td align=center><font size="2">03/05 @ 101</font></td>
<td align=right><font size="2">1,972,794</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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;12.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></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 align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A+</font></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 align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">4,221,061</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td align=right><font size="2">4,805</font></td>
<td><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. E, 6.50%, 2/15/06</font></td>
<td align=center><font size="2">ETM</font></td>
<td align=right><font size="2">5,014,883</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">2,195</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 align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">2,291,119</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></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 align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A-</font></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 align=center><font size="2">03/05 @ 101</font></td>
<td align=right><font size="2">4,052,040</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-</font></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 align=center><font size="2">03/05 @ 101</font></td>
<td align=right><font size="2">1,012,830</font></td>

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

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">N/A</font></td>
<td align=right><font size="2">9,486,726</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA+</font></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 align=center><font size="2">05/10 @ 101</font></td>
<td align=right><font size="2">2,127,054</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York Dorm. Auth., </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">1,290</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Montefiore Hosp. Proj., 5.00%,
8/01/33, FGIC</font></td>
<td align=center><font size="2">02/15 @ 100</font></td>
<td align=right><font size="2">1,350,978</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">2,030</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Rochester Proj., Ser.
A, Zero Coupon, 7/01/23, MBIA</font></td>
<td align=center><font size="2">07/10 @ 101</font></td>
<td align=right><font size="2">1,631,288</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">1,865</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Univ. of Rochester Proj., Ser.
A, Zero Coupon, 7/01/21, MBIA</font></td>
<td align=center><font size="2">07/10 @ 101</font></td>
<td align=right><font size="2">1,505,857</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">32,693,836</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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;2.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">No. Carolina Eastn. Mun. Pwr. Agcy.,
Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">5,611,300</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;3.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cuyahoga Cnty., Cleveland Clinic
Hlth. Sys. Proj., </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Aa3</font></td>
<td align=right><font size="2">3,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/01/20</font></td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td align=right><font size="2">3,967,847</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Aa3</font></td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 1/01/21</font></td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td align=right><font size="2">5,685,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">335</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Cuyahoga Cnty. Port Auth., Port Dev.
Proj., 6.00%, 3/01/07 </font></td>
<td align=center><font size="2">ETM</font></td>
<td align=right><font size="2">350,916</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">10,003,863</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Oklahoma&#151;1.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">B-</font></font></td>
<td align=right><font size="2">2,900</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tulsa Mun. Arpt. Trust, Ser. A, 7.75%,
6/01/35 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">2,942,079</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Oregon&#151;1.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">BB+</font></font></td>
<td align=right><font size="2">2,930</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Klamath Falls Elec., Klamath Cogen
Proj., 5.50%, 1/01/07 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">2,991,090</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;9.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></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 align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">870</font></td>
<td><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 10/01/31</font></td>
<td align=center><font size="2">ETM</font></td>
<td align=right><font size="2">239,493</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">No Opt. Call</font></td>
<td align=right><font size="2">642,548</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Montgomery Cnty. Indl. Dev. Auth.,
Whitemarsh Continuing Care Proj., 6.125%, 2/01/28 </font></td>
<td align=center><font size="2">02/15 @ 100</font></td>
<td align=right><font size="2">3,015,900</font></td>

<td>&nbsp;</td></tr>
</table>
<p><p><p>
<font size="2"></font><p><p align='center'>2<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN) (continued)</b></font>
<p>
<p>
<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
    <td align=center>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top><td width="6%" align=center><font size="2"><font size="2"></font></font></td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Pennsylvania&#151;(continued)</b></font></td>
<td width="12%" align=center><font size="2"><b>&nbsp;</b></font></td>
<td width="11%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania Econ. Dev. Fin. Auth.,
Ser. A, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Amtrak Proj., 6.25%, 11/01/31</font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,105,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td align=right><font size="2">3,100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Amtrak Proj., 6.375%, 11/01/41</font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td align=right><font size="2">3,273,228</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">B1</font></td>
<td align=right><font size="2">8,235</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Exempt Facs. Rev., Reliant Energy
Conv. Proj., 6.75%, 12/01/36</font></td>
<td align=center><font size="2">12/09 @ 103</font></td>
<td align=right><font size="2">8,677,961</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></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. Proj., Ser. A, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></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 align=center><font size="2">01/06 @ 101</font></td>
<td align=right><font size="2">2,866,545</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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., 5.50%, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;6/15/20, FGIC </font></td>
<td align=center><font size="2">06/06 @ 100</font></td>
<td align=right><font size="2">4,160,680</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">24,981,855</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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 align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></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 align=center><font size="2">05/07 @ 102</font></td>
<td align=right><font size="2">2,132,100</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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;3.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

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

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></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 align=center><font size="2">08/13 @ 100</font></td>
<td align=right><font size="2">2,340,922</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></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 align=center><font size="2">08/13 @ 100</font></td>
<td align=right><font size="2">4,475,760</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">So. Carolina Transp. Infrastructure
Bank, Ser. A, 5.00%, 10/01/33, AMBAC </font></td>
<td align=center><font size="2">10/13 @ 100</font></td>
<td align=right><font size="2">1,043,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">7,860,182</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;5.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">Baa2</font></font></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 align=center><font size="2">03/05 @ 102</font></td>
<td align=right><font size="2">8,039,850</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">03/10 @ 101</font></td>
<td align=right><font size="2">5,404,577</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">13,444,427</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;10.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td align=right><font size="2">4,300</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 align=center><font size="2">10/13 @ 101</font></td>
<td align=right><font size="2">4,707,038</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></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></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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 align=center><font size="2">03/05 @ 44.673</font></td>
<td align=right><font size="2">2,747,012</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">03/05 @ 41.926</font></td>
<td align=right><font size="2">1,609,262</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></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 align=center><font size="2">08/10 @ 100</font></td>
<td align=right><font size="2">6,814,440</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">11/30 @ 61.166</font></td>
<td align=right><font size="2">829,150</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa3</font></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 align=center><font size="2">11/11 @ 102</font></td>
<td align=right><font size="2">6,070,613</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">08/12 @ 32.807</font></td>
<td align=right><font size="2">3,280,350</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA+</font></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 align=center><font size="2">08/10 @ 100</font></td>
<td align=right><font size="2">1,124,870</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">27,182,735</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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 align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></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 align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td align=right><font size="2">1,950</font></td>
<td><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/01/13, AMBAC</font></td>
<td align=center><font size="2">ETM</font></td>
<td align=right><font size="2">1,972,815</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A+</font></td>
<td align=right><font size="2">1,145</font></td>
<td><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 7/01/16</font></td>
<td align=center><font size="2">ETM</font></td>
<td align=right><font size="2">1,153,908</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">3,126,723</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Washington&#151;7.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

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

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Aa1</font></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 align=center><font size="2">07/06 @ 100</font></td>
<td align=right><font size="2">4,097,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Aa1</font></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 align=center><font size="2">01/10 @ 100</font></td>
<td align=right><font size="2">1,131,140</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></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 align=center><font size="2">07/06 @ 102</font></td>
<td align=right><font size="2">14,233,929</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">19,462,869</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Wisconsin&#151;1.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB+</font></font></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 Proj., 6.40%, 4/15/33 </font></td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td align=right><font size="2">3,565,570</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments</b>
<b>(cost $361,971,406)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">393,004,412</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b><font size="2">SHORT-TERM INVESTMENTS&#151;7.1%</font></b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;3.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A1+</font></font></td>
<td align=right><font size="2">8,000</font></td>
<td><font size="2"><sup>7</sup></font></td>
<td align=left><font size="2">Maryland Hlth. &amp; Higher Edl.
Facs. Auth., Pooled Ln. Prog. Proj., Ser. D, </font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;1.84%, 2/03/05, FRWD </font></td>
<td align=center><font size="2">N/A</font></td>
<td align=right><font size="2">8,000,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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;1.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">A1+</font></font></td>
<td align=right><font size="2">3,100</font></td>
<td><font size="2"><sup>7</sup></font></td>
<td align=left><font size="2">New York City Transl. Fin. Auth.,
Ser. A-1, 1.83%, 2/02/05, FRWD </font></td>
<td align=center><font size="2">N/A</font></td>
<td align=right><font size="2">3,100,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b><font size="2">&nbsp;</font></b></font></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 align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">A-1</font></font></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't. Dev. Bank, 1.75%,
2/03/05, MBIA, FRWD </font></td>
<td align=center><font size="2">N/A</font></td>
<td align=right><font size="2">400,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></table>
<p><p><p>
<p><p align='center'>3<HR noshade size=4><PAGE><p>
<p><font size="3"><b> BlackRock Investment Quality Municipal Trust (BKN) (continued)</b></font>
<p>

<p><p><table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2">&nbsp;</font></td>
    <td align=center>&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>Shares</b></font></td>
    <td align=center>&nbsp;</td>
    <td align=center><font size="2"><b>Option Call</b></font></td>
    <td align=center>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=center>&nbsp;</td>
    <td colspan="2" align=center><font size="2"><b>(000) </b></font></td>
    <td align=center><font size="2"><b>Description</b></font></td>
    <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
    <td align=right><font size="2"><b>Value&nbsp;&nbsp;&nbsp;</b></font></td>
    <td align=center>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td colspan="7" align=center><HR noshade size=2></td>
  </tr>
  <tr valign=top><td width="6%">&nbsp;</td>
<td width="6%" align=right><font size="2"><b>&nbsp;</b></font></td>
<td width="2%">&nbsp;</td>
<td width="62%" align=left><font size="2"><b>Money Market Fund&#151;2.8%</b></font></td>
<td width="12%">&nbsp;</td>
<td width="11%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td>&nbsp;</td>
<td align=right><font size="2">7,500</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 align=right><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><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 (cost
$19,000,000)</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,000,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><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;154.9%
(cost $380,971,406)</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">412,004,412</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><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;0.2%</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">548,591</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><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;(55.1)%</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">(146,592,411</font></td>

<td><font size="2">)</font></td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></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><font size="2">$&nbsp;&nbsp;265,960,592</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=3></td>
</tr>
</table>

<p><p><table border="0" cellspacing="0" cellpadding="0"><tr valign=top><td COLSPAN='4' ><HR noshade size=1></td></tr>
<tr valign=top><td align=left><font size="2"><font size="2"></font><font size="2"><sup>1</sup></font></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Using the higher of Standard &amp;Poor&#146;s,
Moody&#146;s Investors Service or Fitch&#146;s rating.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>2</sup></font></td>
<td>&nbsp;</td>
<td 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"></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">This bond is prerefunded. U.S. government
securities, held in escrow, are used to pay interest on this security, as well as
retire the bond in full at the date indicated, typically at a premium to par.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left><font size="2"><sup>4</sup></font></td>
<td>&nbsp;</td>
<td align=left><font size="2">This security is collaterized by
U.S. Treasury obligations.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
  <td align=left><font size="2"><sup>5</sup></font></td>
  <td>&nbsp;</td>
  <td 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 January 31, 2005, the Trust held 4.7% of its net assets, with a current market value of $12,636,660, in securities restricted as to resale.</font></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=left><font size="2"><sup>6</sup></font></td>
<td>&nbsp;</td>
<td 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 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 January 31, 2005.</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=left></td><td>&nbsp;</td></tr></table>
<p><p>
<table width="100%"  border="0">
  <tr>
    <td colspan="6"><hr size="1" noshade>
    </td>
  </tr>
  <tr align="center">
    <td colspan="6"><font size="2"><b>KEY TO ABBREVIATIONS</b> </font></td>
  </tr>
  <tr>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2"><font size="2">AMBAC</font></font></td>
    <td width="4%" align="center"><font size="2">&#151;</font></td>
    <td width="40%" align=left valign="top" bgcolor="#FFFFFF"><font size="2">American Municipal
        Bond Assurance Corp.</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">FSA</font></td>
    <td width="4%" align="center"><font size="2">&#151;</font></td>
    <td width="40%" align=left valign="top" bgcolor="#FFFFFF"><font size="2">Financial Security
        Assurance</font></td>
  </tr>
  <tr>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">CAPMAC</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">Capital Markets
        Assurance Co.</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">GO</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">General Obligation</font></td>
  </tr>
  <tr>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">ETM</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">Escrowed to
        Maturity</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">MBIA</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">Municipal Bond
        Insurance Assoc.</font></td>
  </tr>
  <tr>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">FGIC</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">Financial Guaranty
        Insurance Co.</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">PCR</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td align=left valign="top" bgcolor="#FFFFFF"><font size="2">Pollution Control
        Revenue</font></td>
  </tr>
  <tr>
    <td align=left valign="top"><font size="2">FRWD</font></td>
    <td align="center"><font size="2">&#151;</font></td>
    <td><font size="2">Floating Rate Weekly Demand</font></td>
    <td width="6%">&nbsp;</td>
    <td align="center">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td colspan="6"><hr size="1" noshade>
    </td>
  </tr>
</table>
<p>
<p><p align='center'>4<HR noshade size=4><PAGE><p>
<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>

<B><FONT face="serif">Item 3. Exhibits.</FONT></B><BR>

<P>
<FONT face="serif">Separate certifications of the registrant&#146;s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<center>
  <A name="page_3"></A>


  <B><FONT face="serif">SIGNATURES</FONT></B><BR>

</center>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
<FONT face="serif">(Registrant)___</FONT><U><FONT face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT></U><FONT face="serif">___ </FONT></P>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR> Name: Henry Gabbay <br>
Title: Treasurer <br>
Date: April 1, 2005 </FONT></P>
<P>
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Name: Robert S. Kapito <br>
Title: Principal Executive Officer <br>
Date: April 1, 2005</FONT></P>
<P>
<FONT face="serif">By: <u>&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR> Name: Henry Gabbay <br>
Title: Principal Financial Officer <br>
Date: April 1, 2005</FONT></P>
<P>&nbsp;
</P>

<HR noshade  width="100%" size=4>




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c35732_ex99cert.htm
<TEXT>
<html>
<head>
<title>Untitled Document</title>
</head>

<body>

<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>

</div>
<p></p><P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>

<center>
  <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><BR>

<p align="left"><FONT face="serif">I, Robert S. Kapito, certify that:</FONT>

</center>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Investment Quality Municipal Trust, Inc.; </FONT></P>
<P>
<FONT face="serif">2. 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></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. 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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) 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></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) 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></P>
<P>
<FONT face="serif">(d) 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></P>
<p></P>
<P>&nbsp;
</P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_5"></A>

<P>
<FONT face="serif">5. 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></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<TABLE width=100%>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap><font face="serif">Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br></TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><center>
      <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br>
        <font face="serif">Robert S. Kapito </font><br>
        <font face="serif">Principal Executive Officer </font><br>
    </center></TD>
  </TR>
  <TR>
  <TD width="47%" nowrap>&nbsp;</TD>
  <TD width="53%" nowrap>&nbsp;</TD></TR></TABLE>

<center>
</center>
<P>&nbsp;
</P>

<hr noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<div align="right"><A name="page_6"></A>


    <B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<center>
  <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B>
</center>
<p></p><p><FONT face="serif">I, Henry Gabbay, certify that:</FONT>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Investment Quality Municipal Trust, Inc.; </FONT></P>
<P>
<FONT face="serif">2. 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></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules 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></P>
<P>
<FONT face="serif">4. 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) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) 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></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) 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></P>
<P>
<FONT face="serif">(d) 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></P>
<P>&nbsp;
</P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_7"></A>

<P>
<FONT face="serif"></FONT></P>
<P>
<FONT face="serif">5. 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></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>

<TABLE width=100%>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap><font face="serif">Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 1, 2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><br></TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap><center>
      <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font><BR>
      <FONT face="serif">Henry Gabbay </FONT><BR>
      <FONT face="serif">Principal Financial Officer </FONT><BR>
    </center></TD>
  </TR>
  <TR>
  <TD width="47%" nowrap>&nbsp;</TD>
  <TD width="53%" nowrap>&nbsp;</TD></TR></TABLE>




<P>
<FONT face="serif">6</FONT></P>

<hr noshade  width="100%" size=4>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
