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<SEC-DOCUMENT>0000930413-07-002993.txt : 20070329
<SEC-HEADER>0000930413-07-002993.hdr.sgml : 20070329
<ACCEPTANCE-DATETIME>20070329145739
ACCESSION NUMBER:		0000930413-07-002993
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070131
FILED AS OF DATE:		20070329
DATE AS OF CHANGE:		20070329
EFFECTIVENESS DATE:		20070329

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:		07727319

	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>c47519_n-q.htm
<TEXT>

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

<BODY bgcolor="#ffffff">



<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT><BR>
<BR>
<B><FONT size=4 face="serif">FORM N-Q </FONT></B><BR>
<BR>
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B><BR>
<BR>
<FONT face="serif">Investment Company Act file number:__</FONT><U><FONT face="serif">811-07354</FONT></U><FONT face="serif">______ </FONT><BR>
<BR>
<FONT face="serif"></FONT><U><FONT face="serif">&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;<FONT face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT>&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;</FONT></U><BR>
<FONT face="serif">(Exact name of registrant as specified in charter) </FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=54% style="border-bottom:1px solid #000000;"><center>
   <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>&nbsp;
  </center></TD>
  <TD width=32%><div style="border-bottom:1px solid #000000"></div>
  </TD>
  <TD align=left width=13% style="border-bottom:1px solid #000000;"><center>
   <FONT face="serif">19809</FONT>&nbsp;
  </center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=54%>
    <center>
      <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
    </center></TD>
  <TD width=32%>&nbsp;
  </TD>
  <TD align=left width=13%>
    <center>
      <FONT face="serif">(Zip code)</FONT>&nbsp;
    </center></TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif"> Robert S. Kapito, President  </FONT><BR>
<FONT face="sans-serif"><B>BlackRock Investment Quality Municipal Trust, Inc.</B></FONT><BR>
<FONT face="serif"> 40 East 52nd Street, New York, NY 10022  </FONT><BR>
<FONT face="serif"> (Name and address of agent for service) </FONT><BR>
<BR>
<FONT face="serif">Registrant's telephone number, including area code:</FONT><U><FONT face="serif">&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><FONT face="serif"></FONT></P>
<P>
<FONT face="serif">Date of fiscal year end:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;October 31, 2007</FONT></U><FONT face="serif"> </FONT><BR>
<FONT face="serif">Date of reporting period:</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;January 31, 2007</FONT></U></P>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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 align="left">
<B><FONT face="serif">PORTFOLIO OF INVESTMENTS (unaudited) </FONT></B><BR>
<B><FONT face="serif">JANUARY 31, 2007</FONT></B><BR>
<B><FONT face="serif">BlackRock Investment Quality Municipal Trust (BKN)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Principal</FONT></B>
  </TD>
  <TD>&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;&nbsp;&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Amount</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Option Call</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B>
  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">LONG-TERM INVESTMENTS&#151;154.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Alabama&#151;7.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 1,865</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Birmingham Wtr. Wks. &amp; Swr. Brd., Wtr. Util. Impvt. Wtr. RB, Ser. A, 4.50%, 1/01/35,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,850,285</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=left nowrap> <FONT size=2 face="serif">Spl. Care Facs. Fing. Auth.-Birmingham,
    Hlth., Hosp. &amp; Nursing Home RB, Ascension Hlth. Proj.,</FONT> </TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
  <TD align=center nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,765</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C-2, 5.00%, 11/15/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,828,470</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,265</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C-2, 5.00%, 11/15/39</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,307,061</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. of Alabama Hosp., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Ser. A, 5.875%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">9/01/10, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,101,100</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">20,086,916</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Arizona&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">490</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.25%, 5/01/15</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/10 @ 107</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">494,557</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">490</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.00%, 5/01/20</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/10 @ 107</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">494,523</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">980</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">7.25%, 5/01/27</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/10 @ 107</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">994,553</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,983,633</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">California&#151;23.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">California GO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 2/01/32</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/13 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,010,830</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,485</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 6/01/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,629,105</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Aaa</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,140</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.625%, 5/01/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,426,992</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">860</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.625%, 5/01/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">919,116</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">770</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.625%, 5/01/18</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/10 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">814,183</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">California, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG-TCRS</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">03/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,494,200</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,340</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, Zero Coupon, 6/01/46</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 17.602</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">137,578</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,090</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. C, Zero Coupon, 6/01/55</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 8.9</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">333,443</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,060</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 6.219</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">300,520</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,495</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.75%, 1/15/40</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/10 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,622,917</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Conv. Cap. Apprec. Proj., Zero Coupon, 1/15/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/14 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,437,900</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,945</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Los Altos Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/13,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,562,970</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,460</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 3.80%, 12/01/07,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">15,753,895</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,185</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. of California, Univ. &amp; Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,259,535</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">61,703,184</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado&#151;0.8%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,030</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,078,400</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,020</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Park Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/15 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,077,548</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,155,948</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Connecticut&#151;1.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mashantucket Western Pequot Tribe, Casino RB, Ser. A, 5.50%, 9/01/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">09/09 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,073,920</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia&#151;2.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,960</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,912,469</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;18.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Miami-Dade, Recreational Fac. Impvts. Misc. SO,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,380</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 10/01/31, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 44.051</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">996,289</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,225</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 10/01/32, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 41.782</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,179,198</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 10/01/33, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 39.621</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,056,880</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,580</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 10/01/34, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 37.635</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,148,481</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 10/01/35, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 35.678</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,189,650</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 10/01/36, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 33.817</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,251,300</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, Zero Coupon, 10/01/37, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 32.047</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,131,700</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,895</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">8,043,505</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,080</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. TA, Ser. A, 6.125%, 5/01/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,198,643</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,415</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Halifax Hosp. Med. Ctr., Hlth., Hosp. &amp; Nursing Home RB, Ser. A, 5.00%, 6/01/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,449,027</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">1 </FONT></P>

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



<P style="page-break-before:always"></P><PAGE><br>

<P align="left">
<B><FONT face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Option Call</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Description</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Florida&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR<SUP><FONT size=2 face="serif">5</FONT></SUP></FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hillsborough Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/10 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,051,426</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,215</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/11 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,234,197</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,220</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Live Oak Cmnty. Dev. Dist. No. 2, Pub. Impvts. SA, Ser. A, 5.85%, 5/01/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/12 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,273,369</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,755</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Miami Beach Hlth. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Mt. Sinai Med.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ctr. Proj., 6.75%, 11/15/21</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,384,229</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,770</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser B, 5.70%, 10/01/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,849,773</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">9,115</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/13 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,274,877</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">48,712,544</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia&#151;3.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">City of Atlanta,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,245</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Arpt. Passenger Fac., Port, Arpt. &amp; Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,340,233</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Wtr. &amp; Wstwtr., Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,188,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Milledgeville &amp; Baldwin Cnty. Dev. Auth., Univ. &amp; Coll. Impvts. RB, Georgia Coll. &amp; St.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. Fndtn. Proj., 6.00%, 9/01/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">09/14 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,653,840</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,182,073</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Hawaii&#151;1.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dept. of Budget &amp; Fin., Elec., Pwr. &amp; Lt. RB, Hawaiian Elec. Co., Inc. Proj., Ser. D,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">6.15%, 1/01/20, AMBAC, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/09 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,619,700</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois&#151;13.6%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,920</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,974,989</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,040</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chicago Brd. of Ed. Sch. Reform, Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.75%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">12/01/07, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,077,918</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,540</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chicago O'Hare Intl. Arpt., Port, Arpt. &amp; Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,706,876</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">6</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chicago Pub. Bldg. Comm. Bldg., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 7.00%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">1/01/20, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">ETM</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,356,200</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Fin. Auth.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,665</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coll. &amp; Univ. RB, Edl. Advancement, Ser. B, 5.00%, 5/01/25</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,706,209</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,330</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Coll. &amp; Univ. RB, Edl. Advancement, Ser. B, 5.00%, 5/01/30</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,358,741</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">690</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth., Hosp. &amp; Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">2/15/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">709,506</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,800</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Hlth., Hosp. &amp; Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">8/15/43</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,282,792</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa2</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">875</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. &amp; Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">896,691</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">700</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. &amp; Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">717,192</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,980</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mun. Elec. Agcy., Elec., Pwr. &amp; Lt. RB, 4.50%, 2/01/35, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,930,051</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">6,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,624,345</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">35,341,510</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana&#151;1.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,050</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Mun. Pwr. Agcy. Pwr. Sply. Sys., Elec., Pwr. &amp; Lt. Impvts. RB, Ser. A, 4.50%, 1/01/32,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,027,308</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Kansas&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,690</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Univ. of Kansas Hosp. Auth., Hlth., Hosp. &amp; Nuring Home RB, Univ. of Kansas Hlth. Sys.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 5.00%, 9/01/36</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">09/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,745,821</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Kentucky&#151;2.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">13,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Econ. Dev. Fin. Auth., Hlth., Hosp. &amp; Nursing Home RB, Norton Hlth. Care, Inc. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. B, Zero Coupon, 10/01/23, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;

  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,113,610</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">2 </FONT></P>

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



<P style="page-break-before:always"></P><PAGE><br>

<P align="left">
<B><FONT face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Option Call</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Description</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland&#151;1.5%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. &amp; Higher Edl. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">King Farm Presbyterian Cmnty. Proj., 5.00%, 1/01/17</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/09 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36; 2,203,894</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A3</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,740</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Medstar Hlth., Inc. Proj., 5.50%, 8/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,846,749</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,050,643</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts&#151;1.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,075</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Wtr. Res. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,221,862</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,670</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hosp. Fin. Auth., Hlth., Hosp. &amp; Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.25%, 11/15/46</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,752,782</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Mississippi&#151;1.0%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,535</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">12/01/28</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">12/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,520,272</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri&#151;1.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,820</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Joint Mun. Elec. Util. Comm., Elec., Pwr. &amp; Lt. Impvts. RB, Plum Point Proj., 4.60%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">1/01/36, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,834,241</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State&#151;4.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/10</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,710,220</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">Baa1</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">4</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">MuniMae TE Bond Subsidiary LLC, Ser. B, 7.75%, 6/30/50</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">11/10 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,431,720</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,141,940</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;3.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Omaha Pub. Pwr. Dist., Elec., Pwr. &amp; Lt. Impvts. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,765</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 4.75%, 2/01/44</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,797,848</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 2/01/34</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,200,450</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,998,298</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada&#151;2.1%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,065</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch. Proj., 5.00%, 5/15/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,137,791</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,200</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">07/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,281,280</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,419,071</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey&#151;4.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Econ. Dev. Auth., Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/14 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">7,522,060</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,510</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">LLC Proj., Ser. B, 6.25%, 1/01/37</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,559,226</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,178,546</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">New York&#151;10.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">725</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Albany Indl. Dev. Agcy., Sch. Impvts. Lease Appropriation RB, New Covenant Charter</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Sch. Proj., Ser. A, 7.00%, 5/01/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">05/15 @ 102</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">712,631</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Dorm. Auth., Univ. &amp; Coll. Impvts. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,030</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,798,418</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,865</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">3</FONT></SUP>
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,652,241</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,065</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 4.50%, 2/15/47, MBIA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/17 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,050,186</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,575</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 2/15/47</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">02/17 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,643,717</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">12,400</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Group, Inc. Proj., 5.25%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">10/01/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">14,195,272</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">B</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,600</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York City Indl. Dev. Agcy., Port, Arpt. &amp; Marina Impvts. RB, American Airlines,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/16 @ 101</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,172,780</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AA+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">New York City Mun. Wtr. Fin. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">06/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,623,850</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">26,849,095</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina&#151;4.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Eastn. Mun. Pwr. Agcy., Elec., Pwr. &amp; Lt. RB, Ser. B, 7.00%, 1/01/08, CAPMAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">No Opt. Call</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">5,143,500</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR<SUP>5</SUP></FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif"> &nbsp;</FONT></SUP>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,425</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Gaston Cnty. Indl. Facs. &amp; Poll. Control Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">AMT</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/15 @ 100</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">2,592,567</FONT>
  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">3 </FONT></P>

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



<P style="page-break-before:always"></P><PAGE><br>

<P align="left">
<B><FONT face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<table width="100%" border=0 cellpadding=0 cellspacing=0>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;&nbsp;&nbsp; </td>
    <td align=center nowrap> <b><font size=2 face="serif">Principal</font></b> </td>
    <td>&nbsp;&nbsp;&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;&nbsp;&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;&nbsp;&nbsp; </td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <b><font size=2 face="serif">Amount</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <b><font size=2 face="serif">Option
          Call</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap style="border-bottom:1px solid #000000;"> <b><font size=2 face="serif">Rating</font></b><b><sup><font size=2 face="serif">1</font></sup></b> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp; </td>
    <td align=center nowrap style="border-bottom:1px solid #000000;"> <b><font size=2 face="serif">(000)</font></b> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp; </td>
    <td align=center nowrap style="border-bottom:1px solid #000000;"> <b><font size=2 face="serif">Description</font></b> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp; </td>
    <td align=center nowrap style="border-bottom:1px solid #000000;"> <b><font size=2 face="serif">Provisions</font></b><b><sup><font size=2 face="serif">2</font></sup></b> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp; </td>
    <td align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=center nowrap style="border-bottom:1px solid #000000;"> <b><font size=2 face="serif">Value</font></b> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">North Carolina&#151;(cont'd)</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AA-</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,315</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Med. Care Comm., Hlth.,
        Hosp. &amp; Nursing Home RB, Novant Hlth. Oblig. Grp. Proj.,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">5.00%, 11/01/39</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">11/16 @ 100 </font></td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="serif">&#36;</font></div></td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">4,490,405</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
<TD>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">12,226,472</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">Ohio&#151;7.8%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">10,475</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Air Qual. Dev. Auth., Rec.
        Recovery RB, Dayton Pwr. &amp; Lt. Co. Proj., 4.80%, 1/01/34,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">FGIC</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">07/15 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">10,666,273</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">245</font> </td>
    <td><sup><font size=2 face="serif">6</font></sup> </td>
    <td align=left nowrap> <font size=2 face="serif">Cleveland-Cuyahoga Cnty.
        Port Auth., Port, Arpt. &amp; Marina RB, Oglebay Norton Co. Proj.,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">6.00%, 3/01/07,
        AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">ETM</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">245,363</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Cnty. of Cuyahoga, Hlth.,
        Hosp. &amp; Nursing Home RB, Cleveland Clinic Hlth. Sys. Proj.,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AA-</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">3,485</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">6.00%, 1/01/20</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">07/13 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,853,051</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AA-</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">5,000</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">6.00%, 1/01/21</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">07/13 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">5,522,150</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">20,286,837</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">Oklahoma&#151;1.3%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">B</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">2,900</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Tulsa Mun. Arpt. Trust,
        Port, Arpt. &amp; Marina Impvts. RB, Ser. A, 7.75%, 6/01/35, AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">No Opt. Call</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">3,458,047</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">Pennsylvania&#151;5.2%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">2,000</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Delaware River Port. Auth.,
        Port, Arpt. &amp; Marina RB, Port Dist. Proj., Ser. B, 5.70%,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">1/01/22, FSA</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">01/10 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,097,260</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Econ. Dev. Fing. Auth.,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BB-</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">6,380</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Elec., Pwr. &amp; Lt.
        Impvts. RB, Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36, AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">06/11 @ 103</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">7,034,078</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">A3</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">2,000</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Trans. Impvts.
        Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">05/11 @ 101</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,136,000</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">A3</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">3,100</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Trans. Impvts.
        Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">05/11 @ 101</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,310,149</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">McKeesport Area Sch. Dist.,
        Ad Valorem Ppty. Tax GO,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">870</font> </td>
    <td><sup><font size=2 face="serif">6</font></sup> </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Zero Coupon,
        10/01/31, FGIC</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">ETM</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">289,562</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">2,435</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Zero Coupon,
        10/01/31, FGIC</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">No Opt. Call</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">796,878</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">13,566,667</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">Puerto Rico&#151;1.7%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BBB</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">4,170</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Comnwlth., Ad Valorem Ppty.
        Tax GO, Ser. B, 5.00%, 7/01/35</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">07/16 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">4,351,228</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">Rhode Island&#151;0.8%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Hlth. &amp; Edl. Bldg. Corp.,
        Hlth., Hosp. &amp; Nursing Home Impvts. RB, Lifespan Proj.,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">1,800</font> </td>
    <td><sup><font size=2 face="serif">3</font></sup> </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">5.50%, 5/15/07,
        MBIA</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">N/A</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,844,928</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">200</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">5.50%, 5/15/16,
        MBIA</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">05/07 @ 102</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">204,832</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td >&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">2,049,760</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">South Carolina&#151;4.7%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">5,000</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Hsg. Fin. &amp; Dev. Auth.,
        Hsg. RB, Ser. A2, 5.15%, 7/01/37, AMBAC, AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">07/15 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">5,157,150</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Jobs-Econ. Dev. Auth., Hlth.,
        Hosp. &amp; Nursing Home RB, Palmetto Hlth. Alliance Proj.,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">BBB+</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">2,185</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Ser. A, 6.25%,
        8/01/31</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">08/13 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,433,544</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">BBB+</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">3,560</font> </td>
    <td><sup><font size=2 face="serif">3</font></sup> </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">6.875%, 8/01/13</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">N/A</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">4,169,614</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">BBB+</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">440</font> </td>
    <td><sup><font size=2 face="serif">3</font></sup> </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">6.875%, 8/01/13</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">N/A</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">512,600</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">12,272,908</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">Tennessee&#151;2.0%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">4,865</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Memphis-Shelby Cnty. Arpt.
        Auth., Port, Arpt. &amp; Marina Impvts. RB, Ser. D, 6.00%,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">3/01/24, AMBAC,
        AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">03/10 @ 101</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right nowrap style="border-bottom:1px solid #000000;"> <font size=2 face="serif">5,165,657</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <b><font size=2 face="serif">Texas&#151;14.2%</font></b> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">BBB</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">1,350</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Alliance Arpt. Auth., Indl.
        RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">04/16 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,364,553</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">6,000</font> </td>
    <td><sup><font size=2 face="serif">3</font></sup> </td>
    <td align=left nowrap> <font size=2 face="serif">Grapevine, Pub. Impvts.
        Ad Valorem Ppty. Tax GO, 5.875%, 8/15/10, FGIC</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">N/A</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">6,414,660</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">5,000</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Harris Cnty.-Houston Sports
        Auth., Hotel Occupancy Tax RB, Ser. A, Zero Coupon,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">11/15/38, MBIA</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">11/30 @ 61.166</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">996,200</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">2,480</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Hlth. Care Facs. Auth.,
        Hlth., Hosp. &amp; Nursing Home RB, Providence Hlth. Care Svcs.</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Proj., 4.50%,
        10/01/35, FGIC</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">10/16 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,413,610</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">9,495</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">La Joya Indpt. Sch. Dist.,
        Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">02/14 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">9,865,590</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Lower Colorado River Auth.,
        Misc. RB,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">3,845</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">4.75%, 5/15/36,
        AMBAC</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">05/11 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">3,880,374</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">5</font> </td>
    <td><sup><font size=2 face="serif">3</font></sup> </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Ser. A, 5.00%,
        5/15/13, MBIA</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">N/A</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">5,332</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">945</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">Ser. A, 5.00%,
        5/15/31, MBIA</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">05/13 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">979,993</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">675</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Montgomery Cnty. Mun. Util.
        Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO,</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap>&nbsp; </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap>&nbsp; </td>
    <td>&nbsp; </td>
    <td align=left nowrap> &nbsp; &nbsp;<font size=2 face="serif">4.75%, 3/01/30,
        MBIA</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">03/14 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">683,890</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center nowrap> <font size=2 face="serif">AAA</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">2,010</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Pearland, Ad Valorem Ppty.
        Tax GO, 4.75%, 3/01/29, FGIC</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">03/16 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">2,054,582</font> </td>
  </tr>
  <tr valign="bottom" bgcolor="#C0C0C0">
    <td align=center nowrap> <font size=2 face="serif">AA+</font> </td>
    <td>&nbsp; </td>
    <td align=right nowrap> <font size=2 face="serif">1,000</font> </td>
    <td>&nbsp; </td>
    <td align=left nowrap> <font size=2 face="serif">Texas, Wtr. Fin. Asst.,
        Wtr. Util. Impvts. GO, 5.75%, 8/01/22</font> </td>
    <td>&nbsp; </td>
    <td align=center nowrap> <font size=2 face="serif">08/10 @ 100</font> </td>
    <td>&nbsp;</td>
    <td align=right nowrap>&nbsp;</td>
    <td align=right nowrap> <font size=2 face="serif">1,058,970</font> </td>
  </tr>
</table>
<BR>
<P align="center">
<FONT size=2 face="serif">4 </FONT></P>

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



<P style="page-break-before:always"></P><PAGE><br>

<P align="left">
<B><FONT face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><B><FONT face="serif"><br>
(Percentage of Net Assets) </FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Principal</FONT></B> </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp;&nbsp;&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Amount</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center nowrap> <B><FONT size=2 face="serif">Option Call</FONT></B> </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD align=left nowrap>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Rating</FONT></B><B><SUP><FONT size=2 face="serif">1</FONT></SUP></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">(000)</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Description</FONT></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Provisions</FONT></B><B><SUP><FONT size=2 face="serif">2</FONT></SUP></B> </TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; </TD>
    <TD align=center nowrap style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Value</FONT></B> </TD>
  </TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Texas&#151;(cont'd)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Tpke. Auth., Hwy. Impvt. Tolls RB,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&#36;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,000</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Zero Coupon, 8/15/31, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp;<FONT size=2 face="serif">08/12 @ 32.807 </FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT size=2 face="serif">&#36;</FONT>
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,816,900</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,325</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Ser. A, 5.00%, 8/15/42, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">08/12 @ 100</FONT>
  </TD>
  <TD>&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,437,784</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
<TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">36,972,438</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Utah&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,950</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">6</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Intermountain Pwr. Agcy., Elec., Pwr. &amp; Lt. RB, 5.00%, 7/01/13, AMBAC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">ETM</FONT>
  </TD>
  <TD>&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,951,930</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Virginia&#151;0.7%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">BBB-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,750</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Henrico Cnty. Econ. Dev. Auth., Econ. Dev. RB, Westminster Canterbury Mgt. Proj.,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">5.00%, 10/01/35</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/11 @ 103</FONT>
  </TD>
  <TD>&nbsp;</TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,778,052</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Washington&#151;1.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,420</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">01/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">1,491,852</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">AAA</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,480</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. Care Facs. Auth., Hlth., Hosp. &amp; Nursing Home RB, Providence Hlth. Care Svcs.</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., Ser. A, 4.625%, 10/01/34, FGIC</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">10/16 @ 100</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,444,922</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,936,774</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin&#151;1.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,220</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Hlth. &amp; Edl. Facs. Auth., Hlth., Hosp. &amp; Nursing Home Impvts. RB, Aurora Hlth. Care</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">Proj., 6.40%, 4/15/33</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">04/13 @ 100</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,568,726</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Long-Term Investments (cost &#36;378,361,731)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">401,210,882</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">SHORT-TERM INVESTMENTS&#151;0.9%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Nebraska&#151;0.3%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-1+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">796</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">American Pub. Energy Agcy., Natural Gas Util. Impvts. Natural Gas RB, Ser. A, 3.63%,</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">&nbsp; </FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
 &nbsp; &nbsp;<FONT size=2 face="serif">2/01/07, FRWD</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">796,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio&#151;0.4%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">A-1+</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,000</FONT>
  </TD>
  <TD><SUP><FONT size=2 face="serif">7</FONT></SUP>
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Kent St. Univ., Univ. &amp; Coll. Impvts. RB, 3.48%, 2/07/07, MBIA, FRWD</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,000,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="serif">(000)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Money Market Fund&#151;0.2%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=center nowrap>
<FONT size=2 face="serif">NR</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">550</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">AIM Tax Free Cash Reserve Portfolio - Institutional Class</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=center nowrap>
<FONT size=2 face="serif">N/A</FONT>
  </TD>
  <TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">550,000</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Short-Term Investments (cost &#36;2,346,000)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
<TD>&nbsp;

  </TD>
 <TD>&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,346,000</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Total Investments &#151;155.0% (cost &#36;380,707,731</FONT></B><B><SUP><FONT size=2 face="serif">8</FONT></SUP></B><B><FONT size=2 face="serif">)</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap colspan=4>
<FONT size=2 face="serif">&#36; 403,556,882</FONT>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Other assets in excess of liabilities &#151;1.3%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;
  </TD>
  <TD align=right nowrap>
<FONT size=2 face="serif">3,446,105</FONT>
  </TD>
</TR>
<TR valign="bottom" bgcolor="#C0C0C0">
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Preferred shares at redemption value, including dividends payable &#151;(56.3)%</FONT>
  </TD>
  <TD>&nbsp;
  </TD>
  <TD>&nbsp;

  </TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(146,605,659)</FONT>
  </TD>
</TR>
<TR>
  <TD colspan=10>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
   <TD>&nbsp;
  </TD>
 <TD>&nbsp;
  </TD>
 <TD>&nbsp;

  </TD>
  <TD>&nbsp;
  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common Shareholders&#151;100%</FONT></B>
  </TD>
  <TD>&nbsp;
  </TD>
<TD>&nbsp;
  </TD>
<TD>&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><FONT size=2 face="serif">&#36;</FONT></div></TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">260,397,328</FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>&nbsp;</TD>
  <TD><hr align="left" noshade width="100" size="1">    </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">1</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Using the highest of Standard &amp; Poor's, Moody's Investors Service or Fitch's Ratings.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">2</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">3</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">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></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">4</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">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,
2007, the Trust held 6.6% of its net assets, with a current market value of &#36;17,190,849, in securities restricted as to resale.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">5</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Security is deemed to be of investment grade quality by the investment adviser.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">6</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Security is collateralized by Municipal or U.S. Treasury obligations.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">7</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">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 is rate as of January 31, 2007.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<SUP><FONT size=2 face="serif">8</FONT></SUP>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">Cost for federal income tax purposes is &#36;380,153,431. The net unrealized appreciation on a tax basis is &#36;23,403,451, consisting of &#36;23,798,662 gross unrealized appreciation and &#36;395,211 gross
unrealized depreciation.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">5 </FONT></P>

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



<P style="page-break-before:always"></P><PAGE><br>

<P align="left">
<B><FONT face="serif">BlackRock Investment Quality Municipal Trust (BKN) (continued)</FONT></B><B><FONT face="serif"> </FONT></B><BR>
<B><FONT face="serif">(Percentage of Net Assets) </FONT></B></P>
<TABLE width="80%" border=0 align="center" cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap colspan=4><center>
        <B><FONT size=2 face="serif">KEY TO ABBREVIATIONS</FONT></B>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="12%" align=left nowrap> <FONT size=2 face="serif">AMBAC</FONT> </TD>
    <TD width="42%" align=left nowrap> <FONT size=2 face="serif">&#151; American Municipal
        Bond Assurance Corp.</FONT> </TD>
    <TD width="8%" align=left nowrap> <FONT size=2 face="serif">GO</FONT> </TD>
    <TD width="38%" align=left nowrap> <FONT size=2 face="serif">&#151; General Obligation</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">AMT</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Subject to Alternative
        Minimum Tax</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">MBIA</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Municipal Bond Insurance Assoc.</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">CAPMAC</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Capital Markets Assurance
        Co.</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">PSF</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Public School Fund Guaranteed</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">CIFG-TCRS&nbsp;</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; CDC IXIS Financial
        Guaranty</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">RB</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Revenue Bond</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">ETM</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Escrowed to Maturity</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">SA</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Special Assessment</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">FGIC</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Financial Guaranty
        Insurance Co.</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">SO</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Special Obligation</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">FRWD</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Floating Rate Weekly
        Demand</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">TA</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Tax Allocation</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap> <FONT size=2 face="serif">FSA</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; Financial Security
        Assurance</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">XLCA</FONT> </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">&#151; XL Capital Assurance</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">6 </FONT></P>

<HR noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left"><B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif">(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the
Registrant&#146;s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods
and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant&#146;s management, including its principal executive and principal financial officers, as appropriate, to allow timely
decisions regarding required disclosure. </FONT></P>
<P align="left">
<FONT face="serif">(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. </FONT></P>
<P align="left">
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<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>
<P align="center">
<B><FONT face="serif">SIGNATURES</FONT></B><FONT face="serif"> </FONT></P>
<P align="left">
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</FONT></P>
<P align="left">
<FONT face="serif">(Registrant)&nbsp;&nbsp;</FONT><U><FONT face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT></U><FONT face="serif"></FONT><BR>
<br>
<FONT face="serif">By: <u>/s/ Donald C. Burke&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></FONT><BR>
<FONT face="serif">Name: Donald C. Burke </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 28, 2007 </FONT></P>
<P align="left">
<FONT face="serif"> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the
dates indicated. </FONT></P>
<P align="left">
<FONT face="serif">By: <U>/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;</u> </FONT><BR>
<FONT face="serif">Name: Robert S. Kapito </FONT><BR>
<FONT face="serif">Title: President and Principal Executive Officer </FONT><BR>
<FONT face="serif">Date: March 28, 2007 </FONT><BR>
<BR>
<FONT face="serif">By: <u>/s/ Donald C. Burke&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></FONT><BR>
<FONT face="serif">Name: Donald C. Burke </FONT><BR>
<FONT face="serif">Title: Treasurer and Principal Financial Officer </FONT><BR>
<FONT face="serif">Date: March 28, 2007 </FONT></P>

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<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<p align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </FONT></B><BR>
<BR>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Robert S. Kapito, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of </FONT><FONT face="serif"> BlackRock Investment Quality Municipal Trust, Inc.; </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">(a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P align="left">
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<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 border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=25%>
<FONT face="serif">Date: March 28, 2007</FONT>&nbsp;
  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=left width=48% style="border-bottom:1px solid #000000;"><center>
    /s/ Robert S. Kapito

</center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=25%>&nbsp;

  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=center width=48%>
<FONT face="serif">Robert S. Kapito</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=25%>&nbsp;

  </TD>
  <TD width=26%>&nbsp;
  </TD>
  <TD align=center width=48%>
<FONT face="serif">President and Principal Executive Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></p>
<p align="center"><B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER </FONT></B><BR>
<BR>
<B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B><B><FONT face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">I, Donald C. Burke, certify that: </FONT></P>
<P align="left">
<FONT face="serif">1. I have reviewed this report on Form N-Q of </FONT><FONT face="serif"><FONT face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT>; </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<FONT face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P align="left">
<FONT face="serif">(c)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT face="serif">Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P align="left">
<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 align="left">
<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 align="left">
<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 align="left">
<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 border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=6%>
<FONT face="serif">Date:</FONT>&nbsp;
  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=18%>
<FONT face="serif">March 28, 2007</FONT>&nbsp;
  </TD>
  <TD width=25%>&nbsp;
  </TD>
  <TD align=left width=47% style="border-bottom:1px solid #000000;"><center>
    /s/ Donald C. Burke

</center></TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6%>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=18%>&nbsp;

  </TD>
  <TD width=25%>&nbsp;
  </TD>
  <TD align=center width=47%>
<FONT face="serif">Donald C. Burke</FONT>&nbsp;
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6%>&nbsp;

  </TD>
  <TD width=2%>&nbsp;
  </TD>
  <TD align=left width=18%>&nbsp;

  </TD>
  <TD width=25%>&nbsp;
  </TD>
  <TD align=center width=47%>
<FONT face="serif">Treasurer and Principal Financial Officer</FONT>&nbsp;
  </TD>
</TR>
</TABLE><BR>

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


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