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<SEC-DOCUMENT>0000930413-08-002113.txt : 20080331
<SEC-HEADER>0000930413-08-002113.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080331122217
ACCESSION NUMBER:		0000930413-08-002113
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080131
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080331
EFFECTIVENESS DATE:		20080331

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:		08722665

	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>c52585_nq.htm
<TEXT>

<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<div 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>
</div>
<P align="center">
<B><FONT face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT size=2 face="serif">Investment Company Act file number 811-07354</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT size=2 face="serif">Name of Fund: BlackRock Investment Quality Municipal Trust, Inc. (BKN)</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT>	</TD>
</TR>
</TABLE>

<div style="margin-left:40px;text-indent:-40px"> <p><FONT size=2 face="serif"></FONT><font size=2 face="serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Investment Quality Municipal Trust, Inc., 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011 </font></p></div>
<P align="left"><FONT size=2 face="serif">Registrant&#146;s telephone number,
including area code: (800) 882-0052, Option 4 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of fiscal year end: 10/31/2008 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of reporting period: 11/01/2007 &#150; 01/31/2008</FONT><BR>
<FONT size=2 face="serif"> </FONT></P>


<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>

<p><FONT size=2 face="serif">Item
1 &#150; Schedule of Investments</FONT></p>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=5 face="serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B> </div></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Alabama - 7.6%</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif"> 1,765</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">(Ascension Health Credit), Series C-2, 5% due 11/15/2036</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif"> 1,781</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,265</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">(Ascension Health Credit), Series C-2, 5% due 11/15/2039</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,275</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">14,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">University of Alabama, Hospital Revenue Bonds, Series A, 5.875% due 9/01/2010 (i)(j)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">15,364</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Arizona - 4.5%</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,990</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,716</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,585</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2037</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,132</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">490</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue Bonds</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">(Regional Detention Center Project), 6.25% due 5/01/2015</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">477</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">490</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue Bonds</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">(Regional Detention Center Project), 7% due 5/01/2020</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">470</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">980</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue Bonds</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(Regional Detention Center Project), 7.25% due 5/01/2027</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">938</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">California - 19.3%</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,340</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco Funding</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Corporation), Sub-Series B, 5.875% due 6/01/2046 (o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">92</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">7,090</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco Funding</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Corporation), Sub-Series C, 6.30% due 6/01/2055 (o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">211</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">9,060</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco Funding</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Corporation), Sub-Series D, 7.251% due 6/01/2055 (o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">214</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">California State, GO, 5% due 3/01/2033 (n)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">10,221</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,595</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">California State, GO, Refunding, 5.625% due 5/01/2010 (j)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,727</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">290</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">California State, GO, Refunding, 5.625% due 5/01/2018</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">310</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,800</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">California State, GO, Refunding, 5% due 2/01/2032</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,821</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,545</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">California State, GO, Refunding, 5% due 6/01/2032</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,567</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,485</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">California State, GO, Refunding, 5% due 6/01/2034</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,493</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding Bonds, 5.56% due 1/15/2028 (o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">6,564</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,495</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding Bonds, 5.75% due 1/15/2040</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,523</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">805</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Refunding Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Senior Series A-1, 5.125% due 6/01/2047</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">696</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">10,945</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Los Altos, California, School District, GO (Election of 1998), Series B, 5.93% due 8/01/2013 (i)(j)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">4,986</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,185</FONT>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">University of California Revenue Bonds, Series B, 4.75% due 5/15/2038</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,194</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Colorado - 0.8%</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,030</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds, Subordinate Lien,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series C, 5% due 11/15/2045 (g)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,061</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Portfolio Abbreviations</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">To </FONT><FONT size=2 face="serif">simplify</FONT><FONT size=2 face="serif"> the listings of </FONT><FONT size=2 face="serif">BlackRock</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">Investment</FONT><FONT size=2 face="serif"> Quality </FONT><FONT size=2 face="serif">Municipal</FONT><FONT size=2 face="serif"> Trust's </FONT><FONT size=2 face="serif">portfolio</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">holdings</FONT><FONT size=2 face="serif"> in the </FONT><FONT size=2 face="serif">Schedule</FONT><FONT size=2 face="serif"> of </FONT><FONT size=2 face="serif">Investments,</FONT><FONT size=2 face="serif"> we have </FONT><FONT size=2 face="serif">abbreviated</FONT><FONT size=2 face="serif"> the names of many of the </FONT><FONT size=2 face="serif">securities</FONT><FONT size=2 face="serif"> </FONT><FONT size=2 face="serif">according</FONT><FONT size=2 face="serif"> to the list
below.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">AMT</FONT></B>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Alternative Minimum Tax (subject to)</FONT>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">HFA</FONT></B>  </TD>
  <TD nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Housing Finance Agency</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">EDA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Economic Development Authority</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">IDA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Industrial Development Authority</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">EDR</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Economic Development Revenue Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">S/F</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Single-Family</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<B><FONT size=2 face="serif">GO</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">General Obligation Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=5 face="serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B> </div></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,020</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Park Creek Metropolitan District, Colorado, Senior Limited Tax Supported Revenue Refunding Bonds,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.50% due 12/01/2037</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> 987</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Connecticut - 1.2%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Refunding Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Sub-Series A, 5.50% due 9/01/2028</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,914</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">District of Columbia -</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">4,960</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed Revenue</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">2.1%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Refunding Bonds, 6.50% due 5/15/2033</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,103</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Florida - 18.1%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,050</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">FishHawk Community Development District II, Florida, Special Assessment and Tax Allocation Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series A, 6.125% due 5/01/2034</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,022</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,415</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds, Series A, 5% due 6/01/2038</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,214</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,700</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum Company),</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">AMT, Series A, 7.125% due 4/01/2030</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,799</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,690</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">(Baptist Medical Center Project), Series A, 5% due 8/15/2037</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,654</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,755</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">(Mount Sinai Medical Center of Florida), 6.75% due 11/15/2021</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,959</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,380</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.19% due 10/01/2031 (i)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">980</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,225</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.20% due 10/01/2032 (i)(o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,160</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">4,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.21% due 10/01/2033 (i)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,037</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,580</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.21% due 10/01/2034 (i)(o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,123</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.22% due 10/01/2035 (i)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,160</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.23% due 10/01/2036 (i)(o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,195</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">10,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series A, 5.24% due 10/01/2037 (i)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,070</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">7,895</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 4.75% due 10/01/2032 (m)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">7,550</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,730</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Sumter Landing Community Development District, Florida, Recreational Revenue Bonds,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Sub-Series B, 5.70% due 10/01/2038</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,251</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">8,340</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Village Community Development District Number 5, Florida, Special Assessment Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5.625% due 5/01/2022</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,382</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Georgia - 3.2%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,760</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate Lien General Revenue Bonds,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Series J, 5% due 1/01/2034 (g)(p)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,796</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5% due 11/01/2034 (g)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,115</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,500</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds (Georgia College and State</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">University Foundation), 6% due 9/01/2014 (j)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,786</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Hawaii - 1.1%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,500</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Hawaii State Department of Budget and Finance, Special Purpose Revenue Refunding Bonds (Hawaiian Electric</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Company, Inc.), AMT, Series D, 6.15% due 1/01/2020 (a)</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,568</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Illinois - 13.5%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">6,500</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Bolingbrook, Illinois, GO, Refunding, Series A, 4.75% due 1/01/2038 (i)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">6,519</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,920</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation Bonds, Class A, 8% due 6/15/2023 (l)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,864</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,210</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Chicago, Illinois, Housing Authority, Capital Program Revenue Refunding Bonds, 5% due 7/01/2024 (g)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,356</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,540</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds, Third Lien, AMT,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series C-2, 5.25% due 1/01/2030 (g)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,599</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Chicago, Illinois, Public Building Commission, Building Revenue Bonds, Series A, 7% due 1/01/2020 (c)(i)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">6,419</FONT>  </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=5 face="serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B> </div></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,145</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50% due 2/01/2035 (d)</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,023</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">690</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg),</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series A, 5.625% due 2/15/2037</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">618</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,155</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project),</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Series A, 7% due 12/01/2037</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,161</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">5,800</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Northwestern Memorial Hospital),</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series A, 5.50% due 8/15/2014 (j)</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">6,682</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">700</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Illinois State Financing Authority, Student Housing Revenue Bonds (MJH Education Assistance IV LLC),</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Sub-Series B, 5.375% due 6/01/2035</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">349</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Kentucky - 2.6%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">13,500</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Kentucky Economic Development Finance Authority, Health System Revenue Refunding Bonds (Norton</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Healthcare, Inc.), Series B, 6.19% due 10/01/2023 (i)(o)</FONT>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,152</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Maryland - 2.6%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Maryland State Community Development Administration, Department of Housing and Community Development,</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Residential Revenue Refunding Bonds, AMT, Series A, 4.80% due 9/01/2042</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">4,620</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,740</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Maryland State Health and Higher Educational Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(MedStar Health, Inc.), 5.50% due 8/15/2033</FONT>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,749</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Massachusetts - 1.3%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,075</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Massachusetts State Water Resource Authority, General Revenue Refunding Bonds,</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series A, 5% due 8/01/2041</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,178</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Michigan - 0.7%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,670</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health System),</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series A, 5.25% due 11/15/2046</FONT>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,650</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Mississippi - 0.7%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,900</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Mississippi Business Finance Corporation Revenue Bonds (Northrop Grumman Ship System),</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4.55% due 12/01/2028</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,752</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Missouri - 3.4%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,820</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">(Plum Point Project), 4.60% due 1/01/2036 (i)</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,630</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,250</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Missouri State Housing Development Commission, S/F Mortgage Revenue Refunding Bonds (Homeownership</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Loan Program), AMT, Series B-1, 5.05% due 3/01/2038 (e)(f)</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,451</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Nebraska - 3.3%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series A, 5% due 2/01/2034</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">5,114</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,765</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series A, 4.75% due 2/01/2044</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,746</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Nevada - 0.9%</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,065</FONT>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Clark County, Nevada, EDR, Refunding (Alexander Dawson School of Nevada Project), 5% due 5/15/2029</FONT>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,073</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">New Jersey - 3.5%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,510</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Middlesex County, New Jersey, Improvement Authority, Subordinate Revenue Bonds (Heldrich Center</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Hotel/Conference Project), Series B, 6.25% due 1/01/2037</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">1,362</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,000</FONT>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029</FONT>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,964</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">New York - 5.8%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">725</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project),</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Series A, 7% due 5/01/2035</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">587</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,600</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">New York City, New York, City IDA, Special Facility Revenue Bonds (American Airlines, Inc. - JFK International</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Airport), AMT, 7.625% due 8/01/2025</FONT>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,780</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,500</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds,</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Series D, 5% due 6/15/2038</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,577</FONT>  </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=5 face="serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B> </div></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">4,100</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">New York Liberty Development Corporation Revenue Bonds (Goldman Sachs Headquarters),</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.25% due 10/01/2035</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif"> 4,303</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,865</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">New York State Dormitory Authority, Revenue Refunding Bonds (University of Rochester),</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series A, 6% due 7/01/2010 (i)(j)(o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,776</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,030</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">New York State Dormitory Authority, Revenue Refunding Bonds (University of Rochester),</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series A, 6.05% due 7/01/2010 (i)(j)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,933</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">North Carolina - 2.7%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,425</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Bonds</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">(National Gypsum Company Project), AMT, 5.75% due 8/01/2035</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,288</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">4,315</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(Novant Health Obligation Group), 5% due 11/01/2039</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,271</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Ohio - 8.9%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,870</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series A-2, 6.50% due 6/01/2047</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">1,920</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,485</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A, 6% due 1/01/2020</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,919</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A, 6% due 1/01/2021</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">5,617</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">10,475</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Ohio State Air Quality Development Authority, Revenue Refunding Bonds (Dayton Power and Light Company</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Project), Series B, 4.80% due 1/01/2034 (d)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,055</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Oklahoma - 2.1%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,110</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Oklahoma State Development Finance Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">(Saint John Health System), 5% due 2/15/2042</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,076</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,900</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds, Series A, 7.75% due 6/01/2035</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,091</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania - 6.6%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds (Port District Project),</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series B, 5.70% due 1/01/2022 (g)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,087</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,435</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">McKeesport, Pennsylvania, Area School District, GO, Refunding, 5.53% due 10/01/2031 (d)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">708</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">870</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">McKeesport, Pennsylvania, Area School District, GO, Refunding, 5.53% due 10/01/2031 (c)(d)(o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">282</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Amtrak Project),</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">AMT, Series A, 6.25% due 11/01/2031</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,065</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,100</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Amtrak Project),</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">AMT, Series A, 6.375% due 11/01/2041</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,211</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">6,380</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Reliant Energy),</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">AMT, Series A, 6.75% due 12/01/2036</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">6,517</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">980</FONT>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 97A, 4.60% due 10/01/2027</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">932</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Rhode Island - 0.1%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">200</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Rhode Island State Health and Educational Building Corporation, Hospital Revenue Refunding Bonds (Lifespan</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Obligation Group), 5.50% due 5/15/2016 (i)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">204</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">South Carolina - 4.9%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,975</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">South Carolina Housing Finance and Development Authority, Mortgage Revenue Refunding Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">AMT, Series A-2, 5.15% due 7/01/2037 (a)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,872</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,185</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance),</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Series A, 6.25% due 8/01/2031</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,259</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance),</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series C, 6.875% due 8/01/2013 (j)</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,816</FONT>  </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=5 face="serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B> </div></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Tennessee - 2.1%</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif"> 4,865</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Memphis-Shelby County, Tennessee, Airport Authority, Airport Revenue Bonds, AMT,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series D, 6% due 3/01/2024 (a)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif"> 5,066</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Texas - 14.6%</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Grapevine, Texas, GO, 5.875% due 8/15/2010 (d)(j)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">6,520</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">5,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Series A, 6.146% due 11/15/2038 (i)(o)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">914</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">9,495</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">La Joya, Texas, Independent School District, GO, 5% due 2/15/2034</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">9,713</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">20</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5% due 5/15/2013 (i)(j)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">22</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">925</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5% due 5/15/2031 (i)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">945</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,595</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 4.75% due 5/15/2036 (a)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,578</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">5</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A, 5% due 5/15/2013 (i)(j)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">6</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">675</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Montgomery County, Texas, Municipal Utility District Number 46, Waterworks and Sewer System,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">GO, 4.75% due 3/01/2030 (i)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">657</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,010</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Pearland, Texas, GO, Refunding, 4.75% due 3/01/2029 (d)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,018</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,550</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, 5.50% due 8/01/2024</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,632</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.06% due 8/15/2031 (a)(o)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,959</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,325</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Series A, 5% due 8/15/2042 (a)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">3,271</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,000</FONT>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Texas State, Water Financial Assistance, GO, Refunding, 5.75% due 8/01/2022</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,056</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Utah - 0.8%</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,950</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Intermountain Power Agency, Utah, Power Supply Revenue Refunding Bonds, 5% due 7/01/2013 (a)(c)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,954</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Virginia - 1.0%</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">2,900</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Tobacco Settlement Financing Corporation of Virginia, Revenue Refunding Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Senior Series B-1, 5% due 6/01/2047</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,445</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Washington - 0.6%</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,420</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">King County, Washington, Sewer Revenue Refunding Bonds, 5% due 1/01/2036 (g)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,468</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin - 1.4%</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,220</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(Aurora Health Care, Inc.), 6.40% due 4/15/2033</FONT>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,384</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Wyoming - 0.8%</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">2,145</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Wyoming Community Development Authority, Housing Revenue Bonds, AMT,</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series 3, 4.75% due 12/01/2037</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,996</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico - 2.7%</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,115</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds,</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Series N, 5.25% due 7/01/2034 (b)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">3,423</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,900</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series UU, 5% due 7/01/2023 (g)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,056</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Municipal Bonds (Cost - &#36;344,433) - 145.5%</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">350,918</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Corporate Bonds</FONT></B>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>
<B><FONT size=2 face="serif">Multi-State - 5.1%</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">7,000</FONT>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 7.60% due 11/30/2050 (l)</FONT>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=9% align=right nowrap>
<FONT size=2 face="serif">7,766</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,000</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">MuniMae TE Bond Subsidiary LLC, 7.75% due 6/30/2050 (l)</FONT>  </TD>
  <TD width=1% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,401</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Corporate Bonds (Cost - &#36;11,000) - 5.1%</FONT></B>  </TD>
  <TD width=1% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=9% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">12,167</FONT>  </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=5 face="serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B> </div></TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=15% align=right nowrap>&nbsp;</TD>
  <TD width=10% align=right nowrap>
<B><FONT size=2 face="serif">Shares</FONT></B>  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=8% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Held</FONT></B>  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Short-Term Securities</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="serif">Value</FONT></B> </div></TD>
  <TD width=1% align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=10% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,800</FONT>  </TD>
  <TD width=5% bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Merrill Lynch Institutional Tax-Exempt Fund, 2.47% (h)(k)</FONT>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width=8% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,800</FONT>  </TD>
  <TD width=1% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=10% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=5% style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=60% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Short-Term Securities (Cost - &#36;21,800) - 9.0%</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=8% align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,800</FONT>  </TD>
  <TD width=1% align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD width=10% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Total Investments (Cost - &#36;377,233*) - 159.6%</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=8% align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">384,885</FONT>  </TD>
  <TD width=1% align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;</TD>
  <TD width=10% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<B><FONT size=2 face="serif">Other Assets Less Liabilities - 1.2%</FONT></B>  </TD>
  <TD width=1% align=left nowrap>&nbsp;  </TD>
  <TD width=8% align=right nowrap>
<FONT size=2 face="serif">2,923</FONT>  </TD>
  <TD width=1% align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD width=10% align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=5% bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=60% align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">Preferred Shares, at Redemption Value - (60.8%)</FONT></B>  </TD>
  <TD width=1% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=8% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(146,618</FONT>  </TD>
  <TD width=1% align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="serif">)</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD width=15% align=left nowrap>&nbsp;</TD>
  <TD width=10% align=left nowrap>&nbsp;  </TD>
  <TD width=5%>&nbsp;  </TD>
  <TD width=60% align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD width=8% align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">241,190</FONT>  </TD>
  <TD width=1% align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="serif">The cost and unrealized appreciation (depreciation) of investments as of January 31, 2008, as computed for income tax purposes, were as follows:</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Aggregate cost</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">376,550</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Gross unrealized appreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&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>  </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">14,286</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="serif">Gross unrealized depreciation</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(6,634</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="serif">)</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Net unrealized appreciation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7,652</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>&nbsp;</TD>
  <TD width=97%>&nbsp;</TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">AMBAC Insured.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">Assured Guaranty Insured.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">Escrowed to maturity.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">FGIC Insured.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">FHLMC Collateralized.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">FNMA/GNMA Collateralized.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">FSA Insured.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2 (a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<TABLE width="60%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=2 face="serif">Net</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">Dividend</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Affiliate</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">Activity</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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">Income</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Merrill Lynch Institutional Tax-Exempt Fund</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">16,300</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">&#36;</FONT> </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><FONT size=2 face="serif">96</FONT> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&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;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  </TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=97%>
<P align="left"> <FONT size=2 face="serif">MBIA Insured.</FONT> </P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">Prerefunded.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">Represents the current yield as of January 31, 2008.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">XL Capital Insured.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">CIFG Insured.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">Represents a zero coupon or step bond; the interest rate shown reflects the effective yield at the time of purchase.</FONT></P>  </TD>
</TR>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="serif">All, or a portion of, security held as collateral in connection with open financial futures contracts.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

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



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


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=43% nowrap>
<B><FONT size=5 face="serif">BlackRock Investment Quality Municipal Trust</FONT></B>
  </TD>
  <TD width=47%>&nbsp;
  </TD>
  <TD align=left width=8% nowrap>&nbsp;

  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=43% nowrap style="border-bottom:1px solid #000000;">
<B><FONT face="serif">Schedule of Investments as of January 31, 2008 (Unaudited)</FONT></B>
  </TD>
  <TD width=47% style="border-bottom:1px solid #000000;">&nbsp;
  </TD>
  <TD align=left width=8% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(in Thousands)</FONT></B>
  </TD>
</TR>
</TABLE>
<ul>
  <li><FONT size=2 face="serif">Financial</FONT><FONT size=2 face="serif"> futures </FONT><FONT size=2 face="serif">contracts</FONT><FONT size=2 face="serif"> sold
    as of </FONT><FONT size=2 face="serif">January</FONT><FONT size=2 face="serif"> 31,
      2008 were as </FONT><FONT size=2 face="serif">follows:</FONT></li>
</ul>
<div style="margin-left:40px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td colspan="12" align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><b><font size=2 face="serif">Number of</font></b> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap><b><font size=2 face="serif">Expiration</font></b> </td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center nowrap><b><font size=2 face="serif">Face</font></b> </td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </td>
      <td colspan="2" align=left nowrap><div align="center"><b><font size=2 face="serif">Unrealized</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Contracts</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">Issue</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">Date</font></b> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</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">Value</font></b> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap colspan=2 style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Depreciation</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">195</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">10-Year
          U.S. Treasury Bond</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">March
          2008</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&#36;</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">21,983</font> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="serif">(777)</font> </td>
    </tr>
  </table>
</div>
<ul>
  <li><FONT size=2 face="serif">Forward
    interest rate swaps outstanding as of January 31, 2008 were as follows:</FONT></li>
</ul>
<div style="margin-left:40px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td colspan="6" align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td>&nbsp;</td>
      <td align=center nowrap><div align="center"><b><font size=2 face="serif">Notational</font></b></div></td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap>&nbsp;</td>
      <td align=center nowrap><b><font size=2 face="serif">Unrealized</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</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">Amount</font></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">Depreciation</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="serif">Pay a fixed rate
          of 4.3385% and receive a floating rate based on 3-month USD LIBOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="serif">Broker, JPMorgan
          Chase</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><font size=2 face="serif">Expires May 2018</font> </td>
      <td><font size=2 face="serif">&#36;</font></td>
      <td align=center nowrap><div align="right"><font size=2 face="serif"> 18,320</font> </div></td>
      <td>&nbsp;</td>
      <td align=center nowrap><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=center nowrap><div align="right"><font size=2 face="serif"> (98)</font> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="serif">Pay a fixed rate
          of 3.585% and receive a floating rate based on 1-week (SIFMA)</font> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="serif">Municipal Swap
          Index Rate</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><font size=2 face="serif">Broker, JPMorgan
          Chase</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 style="border-bottom:1px solid #000000;"><font size=2 face="serif">Expires
          April 2023</font> </td>
      <td style="border-bottom:1px solid #000000;"><font size=2 face="serif">&#36;</font></td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><font size=2 face="serif"> 31,250</font> </div></td>
      <td style="border-bottom:1px solid #000000;">&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">(197)</font> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><b><font size=2 face="serif">Total</font></b> </td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=left nowrap bgcolor="#E6E6E6">&nbsp;</td>
      <td bgcolor="#E6E6E6">&nbsp;</td>
      <td align=center nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><div align="left"><font size=2 face="serif">&#36;</font></div></td>
      <td align=center nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><div align="right"><font size=2 face="serif"> (295)</font> </div></td>
    </tr>
  </table>
</div>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center"><FONT size=2 face="sans-serif">7</FONT></P>
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<P align="left" style="page-break-before:always"></P>
<PAGE>



<P align="left"><FONT size=2 face="serif">Item 2 &#150; &nbsp;Controls and Procedures </FONT></P>
<div style="margin-left:44px;text-indent:-44px">
  <p align="left"><font size=2 face="serif">2(a) &#150;&nbsp;&nbsp;&nbsp; &nbsp;The registrant&#146;s
        principal executive and principal financial officers or persons performing
        similar functions have concluded that the registrant&#146;s disclosure controls and procedures
        (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these
        controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. </font></p>
  <p align="left"> <font size=2 face="serif">2(b) &#150;&nbsp;&nbsp;&nbsp; &nbsp;There were no changes
        in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal
        quarter that have materially affected, or are reasonably likely to materially affect, the registrant&#146;s
        internal control over financial reporting. </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Item 3 &#150; &nbsp;Exhibits </FONT></P>
<div style="margin-left:44px">
<P align="left"><font size=2 face="serif">Certifications &#150; Attached hereto </font></P>
<p align="left"> <font size=2 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 size=2 face="serif">BlackRock Investment Quality Municipal
Trust, Inc. </font></p></div>
<div style="margin-left:44px">
<table border=0 cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td align=left width=6% nowrap><font size=2 face="serif">By:</font>&nbsp;&nbsp;&nbsp;</td>
    <td align=left width=87% nowrap><div style="border-bottom:1px solid #000000;width:170px"><font size=2 face="serif">/s/
          Donald C. Burke</font></div></td>
  </tr>
  <tr valign="bottom">
    <td align=left width=6% nowrap>&nbsp;</td>
    <td align=left width=87% nowrap><font size=2 face="serif">Donald C. Burke</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=6% nowrap>&nbsp;</td>
    <td align=left width=87% nowrap><font size=2 face="serif">Chief Executive
        Officer of</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left width=6% nowrap>&nbsp;</td>
    <td align=left width=87% nowrap><font size=2 face="serif">BlackRock Investment Quality Municipal Trust, Inc.</font> </td>
  </tr>
</table>
<br>
<p align="left"> <font size=2 face="serif">Date: March 24, 2008 </font></p>
<p align="left"> <font size=2 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>
<table border=0 cellspacing=0 cellpadding=0>
  <tr valign="bottom">
    <td align=left nowrap><font size=2 face="serif">By:</font>&nbsp;&nbsp;&nbsp;</td>
    <td align=left nowrap><div style="border-bottom:1px solid #000000;width:170px"><font size=2 face="serif">/s/
          Donald C. Burke</font></div></td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap><font size=2 face="serif">Donald C. Burke</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap><font size=2 face="serif">Chief
    Executive Officer (principal executive officer) of</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center>&nbsp;</td>
    <td align=center><div align="left"><font size=2 face="serif">BlackRock Investment
    Quality Municipal Trust, Inc.</font></div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" align=left nowrap><font size=2 face="serif">Date: March 24,
        2008</font> </td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap><font size=2 face="serif">By:</font></td>
    <td align=left nowrap><div style="border-bottom:1px solid #000000;width:170px"><font size=2 face="serif">/s/
          Neal J. Andrews</font></div></td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap><font size=2 face="serif">Neal J. Andrews</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap>&nbsp;</td>
    <td align=left nowrap><font size=2 face="serif">Chief Financial Officer (principal
        financial officer) of</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=center>&nbsp;</td>
    <td align=center><div align="left"><font size=2 face="serif">BlackRock Investment
    Quality Municipal Trust, Inc.</font> </div></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td colspan="2" align=left nowrap><font size=2 face="serif">Date: March 24,
        2008</font> </td>
  </tr>
</table></div>
<p>&nbsp;</p>
<P align="left">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c52585_ex99.htm
<TEXT>

<HTML>
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<BODY bgcolor="#ffffff">
<B><FONT size=2 face="serif">EX-99. CERT<br>
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></B>

<div style="border-bottom:1px solid #000000"> &nbsp;</div>

<P align="left">
<FONT size=2 face="serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Investment Quality Municipal Trust, Inc., certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-Q of BlackRock Investment Quality Municipal Trust, Inc.;</FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;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>
<div style="margin-left:42px">
  <p align="left"><font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P></div>

<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
<div style="margin-left:42px">
  <p align="left"><font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P></div>
<P align="left">
<FONT size=2 face="serif">Date: March 24, 2008</FONT></P>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000;width:170px"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></div> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Donald C. Burke</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT>  </TD>
</TR>
</TABLE>
<BR>



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


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



<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE
      30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF
      2002 </FONT></B>

<div style="border-bottom:1px solid #000000"> &nbsp;</div>
<P align="left"><FONT size=2 face="serif">I, Neal J. Andrews, Chief Financial
    Officer (principal financial officer) of BlackRock Investment Quality Municipal
    Trust, Inc., certify that: </FONT></P>

<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed
          this report on Form N-Q of BlackRock Investment Quality Municipal Trust,
          Inc.;</FONT></P>

<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    registrant&#146;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>

<div style="margin-left:42px">
  <p align="left"><font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated
    the effectiveness of the registrant&#146;s disclosure controls and procedures
    and presented in this report our conclusions about the effectiveness of the
    disclosure controls and procedures, as of a date within 90 days prior to
    the filing date of this report, based on such evaluation; and </FONT></P>
<P align="left"> <FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed
    in this report any change in the registrant&#146;s internal control over
    financial reporting that occurred during the registrant&#146;s most recent
    fiscal quarter that has materially affected, or is reasonably likely to materially
    affect, the registrant&#146;s internal control over financial reporting;
    and </FONT></P></div>

<P align="left"> <FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    registrant&#146;s other certifying officer(s) and I have disclosed to the
    registrant&#146;s auditors and the audit committee of the registrant&#146;s
    board of directors (or persons performing the equivalent functions): </FONT></P>


<div style="margin-left:42px">
<P align="left"> <FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s ability to record, process, summarize,
    and report financial information; and </FONT></P>
<P align="left"> <FONT size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
    fraud, whether or not material, that involves management or other employees
    who have a significant role in the registrant&#146;s internal control over
    financial reporting. </FONT></P></div>


<P align="left"> <FONT size=2 face="serif">Date: March 24, 2008</FONT></P>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>
<div style="border-bottom:1px solid #000000;width:170px"><FONT size=2 face="serif">/s/ Neal J. Andrews</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">Neal J. Andrews</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT>  </TD>
</TR>
</TABLE>
<BR>




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