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<SEC-DOCUMENT>0000930413-08-005673.txt : 20080924
<SEC-HEADER>0000930413-08-005673.hdr.sgml : 20080924
<ACCEPTANCE-DATETIME>20080924111431
ACCESSION NUMBER:		0000930413-08-005673
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080731
FILED AS OF DATE:		20080924
DATE AS OF CHANGE:		20080924
EFFECTIVENESS DATE:		20080924

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:		081085898

	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>c54716_nq.htm
<TEXT>

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

<BODY bgcolor="#ffffff">
<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif"> SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<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 </FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-07354 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Name of Fund: BlackRock Investment Quality Municipal Trust, Inc. (BKN) </FONT></P>
<P align="left">
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 </FONT></P>
<DIV style="margin-left:20px;text-indent:-20px;">
<P align="left">
<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></P>
<P align="left">
<FONT size=2 face="serif">Date of reporting period: 05/01/2008 &#150; 07/31/2008</FONT></P>

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

<P align="left">
<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 colspan=3>
<B><FONT face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap><div align="right"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></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;">
 &nbsp;<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Alabama - 6.8%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">University of Alabama, Hospital Revenue Bonds, Series A, 5.875%,</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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9/01/10 (a)(b)</FONT>  </TD>
  <TD nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#36;</FONT> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="sans-serif">&#36;</FONT></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,146,460</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Arizona - 4.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Glendale, Arizona, Municipal Property Corporation, Excise Tax Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, Series A, 4.50%, 7/01/32 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,062,703</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Goodyear, Arizona, GO, 4.25%, 7/01/36 (c)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,125</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,871,934</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">5%, 12/01/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,035</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">879,926</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5%, 12/01/37</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,585</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,813,069</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Regional Detention Center Project), 6.25%, 5/01/15</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">490</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">456,401</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">San Luis, Arizona, Facilities Development Corporation, Senior Lien</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds (Regional Detention Center Project), 7%, 5/01/20</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">490</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">441,294</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Regional Detention Center Project), 7.25%, 5/01/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">980</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">866,624</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right 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="sans-serif">9,391,951</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">California - 20.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">California County Tobacco Securitization Agency, Tobacco Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Stanislaus County Tobacco Funding Corporation), Sub-Series C,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">6.30%, 6/01/55 (d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,090</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">138,680</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">California State Department of Veteran Affairs, Home Purchase</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, AMT, Series B, 5.25%, 12/01/37</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,497,600</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">California State, GO, 5%, 3/01/33 (e)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">9,750,900</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5.625%, 5/01/18</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">290</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">306,168</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 2/01/32</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,682,202</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/32</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,545</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,451,691</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, 5.562%, 7/15/28 (f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,407,240</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Foothill/Eastern Corridor Agency, California, Toll Road Revenue</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds, 5.75%, 1/15/40</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,495</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,410,526</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Golden State Tobacco Securitization Corporation of California, Tobacco</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Settlement Revenue Refunding Bonds, Senior Series A-1, 5.125%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">6/01/47</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">805</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">591,828</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Los Altos, California, School District, GO (Election of 1998), Series B,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5.93%, 8/01/13 (a)(b)(d)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,945</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,927,111</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Sacramento County, California, Airport System Revenue Bonds, AMT,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Senior Series A, 5%, 7/01/41 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>&nbsp;</TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,977,620</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series B, 4.75%, 5/15/38</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,185</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right 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="sans-serif">4,010,988</FONT>  </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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">46,152,554</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Colorado - 0.5%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Springs, Colorado, Utilities System Improvement Revenue</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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (c)</FONT>  </TD>
  <TD 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="sans-serif">1,030</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right 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="sans-serif">1,017,897</FONT>  </TD>
</TR>
<TR>
  <TD colspan=8><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD colspan=8 align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="sans-serif">Portfolio Abbreviations</FONT></B>          </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, many of the securities have been abbreviated according to the list below.</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">AMT</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Alternative Minimum Tax (subject to)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">IDA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Industrial Development Authority</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">EDA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Authority</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">S/F</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Single-Family</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">EDR</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Revenue Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">SIFMA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Securities Industry and Financial Markets</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">GO</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">General Obligation Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Association</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">HFA</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Housing Finance Agency</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<B><FONT size=2 face="sans-serif">VRDN</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="sans-serif">Variable Rate Demand Notes</FONT>  </TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <div align="right"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></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;">
 &nbsp;<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</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="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Connecticut - 1.2%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Mashantucket Western Pequot Tribe, Connecticut, Special Revenue</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, Sub-Series A, 5.50%, 9/01/28</FONT>  </TD>
  <TD nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#36;</FONT> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif"> 3,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,578,950</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">District of</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-</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;">
 &nbsp;<B><FONT size=2 face="sans-serif">Columbia - 2.1%</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Backed Revenue Refunding Bonds, 6.50%, 5/15/33</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,960</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,676,635</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Florida - 18.3%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">FishHawk Community Development District II, Florida, Special</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Assessment and Tax Allocation Bonds, Series A, 6.125%, 5/01/34</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,020</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,002,971</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Series A, 5%, 6/01/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,415</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,060,599</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(National Gypsum Company), AMT, Series A, 7.125%, 4/01/30</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,700</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,495,464</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Jacksonville, Florida, Health Facilities Authority, Hospital Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Baptist Medical Center Project), Series A, 5%, 8/15/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,690</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,536,328</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Miami Beach, Florida, Health Facilities Authority, Hospital Revenue</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11/15/21</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,755</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,836,976</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Sub-Series A, 5.19%, 10/01/31 (b)(d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,380</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">882,788</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Sub-Series A, 5.20%, 10/01/32 (b)(d)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,225</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,042,814</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Sub-Series A, 5.21%, 10/01/33 (b)(d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">926,760</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Sub-Series A, 5.21%, 10/01/34 (b)(d)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,580</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">986,074</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Sub-Series A, 5.22%, 10/01/35 (b)(d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,010,850</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Sub-Series A, 5.23%, 10/01/36 (b)(d)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,895,300</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Special Obligation Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Sub-Series A, 5.24%, 10/01/37 (b)(d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,777,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Orange County, Florida, Tourist Development, Tax Revenue Refunding</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, 4.75%, 10/01/32 (g)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,895</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,357,429</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Sumter Landing Community Development District, Florida,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Recreational Revenue Bonds, Sub-Series B, 5.70%, 10/01/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,730</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,056,176</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Village Community Development District Number 5, Florida, Special</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Assessment Bonds, 5.625%, 5/01/22</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,965</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="sans-serif">7,796,461</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,663,990</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Georgia - 3.7%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Atlanta, Georgia, Airport Passenger Facility Charge and Subordinate</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Lien General Revenue Bonds, Series J, 5%, 1/01/34 (c)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,760</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,722,741</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">11/01/34 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,970,760</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series A, 6.375%, 7/15/38</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">911,620</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Milledgeville-Baldwin County, Georgia, Development Authority</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Georgia College and State University Foundation), 6%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">9/01/14 (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,724,505</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">8,329,626</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap> <div align="right"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></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;">
 &nbsp;<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</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="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Hawaii - 1.1%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Hawaii State Department of Budget and Finance, Special Purpose</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Hawaiian Electric Company, Inc.), AMT,</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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series D, 6.15%, 1/01/20 (h)</FONT>  </TD>
  <TD nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#36;</FONT> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif"> 2,500</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,523,750</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Illinois - 10.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bolingbrook, Illinois, GO, Refunding, Series A, 4.75%, 1/01/38 (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,979,025</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Class A, 8%, 6/15/23 (i)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,920</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,754,016</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Chicago, Illinois, Public Building Commission, Building Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 7%, 1/01/20 (b)(j)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,217,100</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2/01/35 (k)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,145</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,882,817</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Friendship Village of</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Schaumburg), Series A, 5.625%, 2/15/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">690</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">542,913</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc.</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Project), Series A, 7%, 12/01/37</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,155</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,111,815</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Northwestern Memorial</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Hospital), Series A, 5.50%, 8/15/14 (a)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,446,410</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Illinois State Finance Authority, Student Housing Revenue Bonds (MJH</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">700</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="sans-serif">206,465</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24,140,561</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Kentucky - 3.8%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Kentucky Economic Development Finance Authority, Health System</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Norton Healthcare, Inc.), Series B, 6.19%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10/01/23 (b)(d)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,500</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,798,790</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Louisville and Jefferson County, Kentucky, Metropolitan Government</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Health Facilities, Revenue Refunding Bonds (Jewish Hospital and Saint</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Mary's HealthCare), 6.125%, 2/01/37</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,750</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,772,632</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">8,571,422</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Maryland - 2.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Maryland State Community Development Administration, Department</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">of Housing and Community Development, Residential Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, AMT, Series A, 4.80%, 9/01/42</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,000,950</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Maryland State Health and Higher Educational Facilities Authority,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (MedStar Health, Inc.), 5.50%, 8/15/33</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,740</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="sans-serif">1,680,353</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,681,303</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Michigan - 0.7%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds</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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Henry Ford Health System), Series A, 5.25%, 11/15/46</FONT>  </TD>
  <TD 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="sans-serif">1,670</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">1,498,324</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Mississippi - 0.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Mississippi Business Finance Corporation Revenue Bonds (Northrop</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;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Grumman Ship System), 4.55%, 12/01/28</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,900</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,781,706</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Missouri - 6.0%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Missouri Joint Municipal Electric Utility Commission, Power Project</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds (Plum Point Project), 4.60%, 1/01/36 (b)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,820</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,341,305</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Missouri State Health and Educational Facilities Authority, Health</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Saint Luke's Health System), VRDN, Series A,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">5.50%, 11/15/35 (c)(l)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,013,500</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Missouri State Housing Development Commission, S/F Mortgage</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Homeownership Loan Program), AMT, Series</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">B-1, 5.05%, 3/01/38 (m)(n)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,125</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="sans-serif">4,960,282</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,315,087</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></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;">
 &nbsp;<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</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="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Nebraska - 3.4%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Omaha Public Power District, Nebraska, Electric System Revenue</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Series A, 5%, 2/01/34</FONT>  </TD>
  <TD nowrap bgcolor="#E6E6E6"><div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#36;</FONT> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif"> 5,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,009,500</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Omaha Public Power District, Nebraska, Electric System Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Series A, 4.75%, 2/01/44</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,765</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,602,695</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">7,612,195</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Nevada - 0.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Clark County, Nevada, EDR, Refunding (Alexander Dawson School of</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;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Nevada Project), 5%, 5/15/29</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,065</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,982,317</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">New Jersey - 4.4%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Middlesex County, New Jersey, Improvement Authority, Subordinate</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6.25%, 1/01/37</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,510</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,261,303</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">7,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">6,555,710</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New Jersey State Housing and Mortgage Finance Agency, S/F Housing</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, AMT, Series X, 5.375%, 4/01/30</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,000</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="sans-serif">1,891,020</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,708,033</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">New York - 9.1%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter School Project), Series A, 7%, 5/01/35</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">725</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">548,441</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Hudson Yards Infrastructure Corporation, New York, Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 5%, 2/15/47 (k)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,400</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,340,794</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Metropolitan Transportation Authority, New York, Revenue Refunding</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, Series A, 5%, 11/15/25 (k)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">987,390</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Metropolitan Transportation Authority, New York, Transportation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, Series F, 5%, 11/15/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,150</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,128,081</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New York City, New York, City IDA, Special Facility Revenue Bonds</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(American Airlines, Inc. - JFK International Airport), AMT, 7.625%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8/01/25</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,600</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,215,928</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New York City, New York, City Municipal Water Finance Authority,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Water and Sewer System Revenue Bonds, Series D, 5%, 6/15/38</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,006,410</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New York City, New York, City Transitional Finance Authority, Building</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Aid Revenue Bonds, Series S-1, 5%, 7/15/24 (k)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,051,660</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New York City, New York, GO, Sub-Series F-1, 5%, 9/01/22 (g)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,042,960</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New York Liberty Development Corporation Revenue Bonds (Goldman</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Sachs Headquarters), 5.25%, 10/01/35</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,100</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,189,585</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">New York State Dormitory Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">(University of Rochester), Series A, 5.963%, 7/01/10 (a)(b)(f)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,865</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,790,288</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">New York State Dormitory Authority, Revenue Refunding Bonds</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(University of Rochester), Series A, 6.013%, 7/01/10 (a)(b)(f)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,030</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="sans-serif">1,948,678</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,250,215</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E6E6E6">
    <div align="left"><B><FONT size=2 face="sans-serif">North Carolina - 1.7% </FONT></B></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">Gaston County, North
    Carolina, Industrial Facilities and Pollution</FONT></div></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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Control Financing Authority, Revenue Bonds (National Gypsum</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Company Project), AMT, 5.75%, 8/01/35</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,425</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,881,752</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">North Carolina Medical Care Commission, Health Care Facilities</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Novant Health Obligation Group), 5%, 11/01/39</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,065</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,970,733</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">3,852,485</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Ohio - 4.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,870</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">1,662,299</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A, 6%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1/01/20</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,485</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,783,455</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></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;">
 &nbsp;<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</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="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A, 6%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1/01/21</FONT>  </TD>
  <TD nowrap bgcolor="#E6E6E6"><div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#36;</FONT> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif"> 5,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,428,200</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,873,954</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Oklahoma - 2.1%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Oklahoma State Development Finance Authority, Revenue Refunding</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds (Saint John Health System), 5%, 2/15/42</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,110</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,986,037</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series A, 7.75%, 6/01/35</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,900</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,633,606</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">4,619,643</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Pennsylvania - 6.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Delaware River Port Authority of Pennsylvania and New Jersey Revenue</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Port District Project), Series B, 5.70%, 1/01/22 (c)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,058,280</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">McKeesport, Pennsylvania, Area School District, GO, Refunding, 5.53%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">10/01/31 (d)(k)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,435</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">624,626</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">McKeesport, Pennsylvania, Area School District, GO, Refunding, 5.53%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">10/01/31 (d)(j)(k)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">870</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">264,863</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.25%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">11/01/31</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,961,340</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.375%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">11/01/41</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,070,023</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Reliant Energy), AMT, Series A, 6.75%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">12/01/36</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,380</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,397,481</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">97A, 4.60%, 10/01/27</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">980</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">826,875</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">15,203,488</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Rhode Island - 0.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Rhode Island State Health and Educational Building Corporation,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Hospital Revenue Refunding Bonds (Lifespan Obligation Group), 5.50%,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5/15/16 (b)</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">200</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">202,456</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap bgcolor="#E6E6E6">
    <div align="left"><B><FONT size=2 face="sans-serif">South Carolina - 5.0% </FONT></B></div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD width=90% align=right nowrap bgcolor="#E6E6E6"><div align="left"><B><FONT size=2 face="sans-serif"></FONT></B><FONT size=2 face="sans-serif">South
    Carolina Housing Finance and Development Authority, Mortgage</FONT></div></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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, AMT, Series A-2, 5.15%, 7/01/37 (h)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,975</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,333,225</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series A, 6.25%, 8/01/31</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,185</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,205,495</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series C, 6.875%, 8/01/13 (a)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,000</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="sans-serif">4,660,636</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,199,356</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Tennessee - 2.2%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Memphis-Shelby County, Tennessee, Airport Authority, Airport Revenue</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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, AMT, Series D, 6%, 3/01/24 (h)</FONT>  </TD>
  <TD 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="sans-serif">4,865</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">4,877,357</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Texas - 10.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">AMT, Series C, 6.25%, 11/01/28 (b)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">550</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">552,728</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Grapevine, Texas, GO, 5.875%, 8/15/10 (a)(k)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">6,426,060</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Bonds, Senior Lien, Series A, 6.146%, 11/15/38 (b)(d)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">744,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,</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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5/15/13 (a)(b)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">20</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">21,649</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">4.75%, 5/15/36 (h)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,595</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,373,404</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD align=left nowrap>&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 colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap colspan=2> <div align="right"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></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;">
 &nbsp;<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=center nowrap colspan=2 style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series A, 5%, 5/15/13 (a)(b)</FONT>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
    <div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#36;</FONT> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">5,412</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Montgomery County, Texas, Municipal Utility District Number 46,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Waterworks and Sewer System, GO, 4.75%, 3/01/30 (b)</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">675</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">641,729</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (k)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,010</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,901,299</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">San Antonio Energy Acquisition Public Facilities Corporation, Texas,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Gas Supply Revenue Bonds, 5.50%, 8/01/24</FONT>  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=2 face="sans-serif">2,550</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">2,437,673</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, 6.06%, 8/15/31 (d)(h)</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;    15,000</FONT> </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,674,250</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (h)</FONT>  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=2 face="sans-serif">3,325</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,174,976</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Texas State, Water Financial Assistance, GO, Refunding, 5.75%,</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">8/01/22</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,000</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="sans-serif">1,043,490</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap 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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">23,996,670</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Utah - 0.9%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Intermountain Power Agency, Utah, Power Supply Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, 5%, 7/01/13 (j)(h)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,950</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">1,953,432</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Virginia - 0.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Tobacco Settlement Financing Corporation of Virginia, Revenue</FONT>  </TD>
  <TD align=left nowrap>&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;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, Senior Series B-1, 5%, 6/01/47</FONT>  </TD>
  <TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,900</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,042,441</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Wisconsin - 1.5%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds (Aurora Health Care, Inc.), 6.40%, 4/15/33</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,220</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">3,273,871</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Wyoming - 0.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Wyoming Community Development Authority, Housing Revenue Bonds,</FONT>  </TD>
  <TD align=left nowrap>&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;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AMT, Series 3, 4.75%, 12/01/37</FONT>  </TD>
  <TD align=right nowrap colspan=2 style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,145</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,731,744</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Multi State - 5.3%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (i)(o)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">7,599,270</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (i)(o)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">4,000</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="sans-serif">4,259,920</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap 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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,859,190</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Puerto Rico - 3.9%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior Lien</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Revenue Bonds, Series A, 6%, 7/01/38</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,500</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,609,975</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Puerto Rico Commonwealth Highway and Transportation Authority,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Transportation Revenue Refunding Bonds, Series N, 5.25%, 7/01/34 (p)</FONT>  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=2 face="sans-serif">3,115</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">3,186,147</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Series UU, 5%, 7/01/23 (c)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">2,900</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="sans-serif">2,956,318</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap 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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,752,440</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds - 147.9%</FONT></B>  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">329,461,503</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to</FONT></B>  </TD>
  <TD align=left nowrap>&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;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (q)</FONT></B>  </TD>
  <TD align=left nowrap 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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">California - 1.5%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Sacramento County, California, Airport System Revenue Bonds, AMT, Senior</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series B, 5.25%, 7/01/39 (c)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,494</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">3,344,561</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Colorado - 3.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health),</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Series C-7, 5%, 9/01/36 (c)</FONT>  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=2 face="sans-serif">5,249</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">5,170,778</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Valley Health Care), Series B, 5.25%, 3/01/36 (c)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,754</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="sans-serif">1,758,178</FONT>  </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 width=90% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap 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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,928,956</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Illinois - 3.0%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Chicago, Illinois, Housing Authority, Capital Program Revenue Refunding</FONT>  </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Bonds, 5%, 7/01/24 (c)</FONT>  </TD>
  <TD colspan=2 align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,198</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">3,277,255</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width=90% align=left nowrap>
<FONT size=2 face="sans-serif">Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (c)</FONT>  </TD>
  <TD align=right nowrap colspan=2>
<FONT size=2 face="sans-serif">3,539</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,355,627</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=90% align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">6,632,882</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

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



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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap colspan=3>
<B><FONT face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right nowrap colspan=6 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
    <div align="right"><B><FONT size=2 face="sans-serif">Par</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp;<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (q)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
    <div align="right"><B><FONT size=2 face="sans-serif">(000)</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=2 face="sans-serif">Value</FONT></B> </div></TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Massachusetts - 1.4%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Massachusetts State Water Resource Authority, General Revenue Refunding</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  <TD align=left nowrap 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 bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, Series A, 5%, 8/01/41</FONT>  </TD>
  <TD nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="right"><FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#36;</FONT> </div></TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif"> 3,074</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,049,494</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">New York - 0.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Port Authority of New York and New Jersey, Consolidated Revenue</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>
  <TD align=left nowrap>&nbsp;</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, AMT, 152nd Series, 5.75%, 11/01/30</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,005</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,049,893</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">
 &nbsp;<B><FONT size=2 face="sans-serif">Ohio - 3.3%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">Montgomery County, Ohio, Revenue Bonds, Series C, 5%, 10/01/41 (c)</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,739</FONT>  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">1,695,004</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Ohio State Air Quality Development Authority, Revenue Refunding</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>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">Bonds (Dayton Power and Light Company Project), Series B, 4.80%,</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>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">1/01/34 (k)(r)</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,999</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,760,744</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">7,455,748</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
 &nbsp;<B><FONT size=2 face="sans-serif">Washington - 0.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<FONT size=2 face="sans-serif">King County, Washington, Sewer Revenue Refunding Bonds, 5%,</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>
  <TD align=left nowrap>&nbsp;</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1/01/36 (c)</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,424</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,422,169</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds Transferred to</FONT></B>  </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>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts - 13.4%</FONT></B>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,883,703</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Long-Term Investments</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Cost - &#36;369,249,686) - 161.3%</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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">359,345,206</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Short-Term Securities</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="sans-serif">Shares</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 align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund, 2.08% (s)(t)</FONT>  </TD>
  <TD 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="sans-serif">5,400,000</FONT>  </TD>
  <TD bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&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="sans-serif">5,400,000</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Total Short-Term Securities</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;</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 width="90%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Cost - &#36;5,400,000) - 2.4%</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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,400,000</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Total Investments (Cost - &#36;374,649,686*) - 163.7%</FONT></B>  </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=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">364,745,206</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Other Assets Less Liabilities - 2.1%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=right nowrap>
<FONT size=2 face="sans-serif">4,739,422</FONT>  </TD>
  <TD align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Liability for Trust Certificates, Including Interest</FONT></B>  </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>
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
 &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="sans-serif">Expense and Fees Payable - (8.8)%</FONT></B>  </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=right nowrap bgcolor="#E6E6E6">
<FONT size=2 face="sans-serif">(19,626,379</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6"><div align="left"><FONT size=2 face="sans-serif">)</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD width="90%" align=left nowrap>
<B><FONT size=2 face="sans-serif">Preferred Shares, at Redemption Value - (57.0)%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(127,054,747</FONT>  </TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;"><div align="left"><FONT size=2 face="sans-serif">)</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD bgcolor="#E6E6E6">&nbsp;  </TD>
  <TD width="90%" align=left nowrap bgcolor="#E6E6E6">
<B><FONT size=2 face="sans-serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>  </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" style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">222,803,502</FONT>  </TD>
  <TD align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD>
<P align="left"><FONT size=2 face="sans-serif">The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed for federal income tax purposes, were as follows:</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<div style="margin-left:35px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-serif">Aggregate
          cost</font> </td>
      <td nowrap bgcolor="#E6E6E6">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;      354,314,243</font> </td>
      <td align=right nowrap bgcolor="#E6E6E6" style="border-bottom:3px double #000000;">&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Gross unrealized
          appreciation</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=center nowrap><div align="right"><font size=2 face="sans-serif">9,267,041</font> </div></td>
      <td align=center nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap bgcolor="#E6E6E6"><font size=2 face="sans-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=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="right"><font size=2 face="sans-serif">(18,415,711</font> </div></td>
      <td align=left nowrap bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;"><div align="left"><font size=2 face="sans-serif">)</font></div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Net unrealized
          depreciation</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><font size=2 face="sans-serif">(9,148,670</font> </td>
      <td align=right nowrap style="border-bottom:3px double #000000;"><div align="left"><font size=2 face="sans-serif">)</font></div></td>
    </tr>
  </table>
</div>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">MBIA Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(c)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FSA Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Represents a zero-coupon bond. Rate shown reflects the effective yield at time of purchase.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(e)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">CIFG Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Represents a step bond. Rate shown reflects the effective yield at time of purchase.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(g)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">XL Capital Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(h)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">AMBAC Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless
otherwise indicated, these securities are considered to be liquid.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Security is collateralized by Municipal or U.S. Treasury Obligations.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(k)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FGIC Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(l)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FNMA/GNMA Collateralized.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="sans-serif">7</FONT></P>

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



<P 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 face="sans-serif">BlackRock Investment Quality Municipal Trust</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments July 31, 2008 (Unaudited)</FONT></B>  </TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(n)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FHLMC Collateralized.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(o)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective
agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(p)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Assured Guaranty Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(q)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing
transaction.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(r)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">BHAC Insured.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(s)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Represents the current yield as of report date.</FONT></P>  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-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>
</TABLE>
<div style="margin-left:30px">
  <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><b><font size=2 face="sans-serif">Net</font></b> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Affiliate</font></b> </td>
      <td nowrap style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Activity</font></b> </td>
      <td style="border-bottom:1px solid #000000;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=left nowrap style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="sans-serif">Income</font></b> </div></td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-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="sans-serif">(100,000)</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="sans-serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="sans-serif">290,594</font> </td>
    </tr>
  </table>
</div>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=2% align=left nowrap>
<B><FONT size=2 face="sans-serif">&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>  </TD>
  <TD width=98% align=left nowrap>
<FONT size=2 face="sans-serif">Forward interest rate swaps outstanding as of July 31, 2008 was as follows:</FONT>  </TD>
</TR>
</TABLE>
<div style="margin-left:30px">
  <table border=0 cellspacing=0 cellpadding=0>
    <tr valign="bottom">
      <td colspan="7" 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=left nowrap>&nbsp;</td>
      <td align=center nowrap><b><font size=2 face="sans-serif">Notional</font></b> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
      <td align=left nowrap>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp;</td>
      <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=left nowrap>&nbsp;</td>
      <td align=center nowrap><b><font size=2 face="sans-serif">Amount</font></b> </td>
      <td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </td>
      <td align=center nowrap colspan=2><b><font size=2 face="sans-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=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</td>
      <td align=center nowrap style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">(000)</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="sans-serif">Depreciation</font></b> </td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap><font size=2 face="sans-serif">Pay a fixed rate of
          3.762% and receive a floating rate based on</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&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="sans-serif">1-week (SIFMA) Municipal
          Swap Index Rate</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&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>
      <td colspan=7>&nbsp;</td>
    </tr>
    <tr valign="bottom">
      <td align=left nowrap>&nbsp; &nbsp;<font size=2 face="sans-serif">Broker,
          JPMorgan Chase</font> </td>
      <td>&nbsp;</td>
      <td align=left nowrap>&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;">&nbsp; &nbsp;<font size=2 face="sans-serif">Expires
          October 2023</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="sans-serif">&#36;</font> </td>
      <td align=left nowrap style="border-bottom:1px solid #000000;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font size=2 face="sans-serif">20,000</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="sans-serif">&#36;</font> </td>
      <td align=right nowrap style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">(190,200)</font> </td>
    </tr>
  </table>
</div>
<BR>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center"><FONT size=2 face="sans-serif">8</FONT></P>

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

<P align="left">
<FONT size=2 face="serif">Item 2 &#150; Controls and Procedures </FONT></P>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="4%" align=left valign="top" nowrap>
<FONT size=2 face="serif">2(a) &#150;</FONT></TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">
<FONT size=2 face="serif">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&nbsp;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&nbsp;13a-15(b)
under the Securities Exchange Act of 1934, as amended.</FONT></TD>
</TR>
<TR>
  <TD width="4%" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="4%" align=left valign="top" nowrap>
<FONT size=2 face="serif">2(b) &#150;</FONT></TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">
<FONT size=2 face="serif">There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule&nbsp;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></TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">Item 3 &#150;</FONT></TD>
  <TD>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Exhibits</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Certifications &#150; Attached
    hereto</FONT></TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top" nowrap>&nbsp;</TD>
  <TD valign="top">&nbsp;</TD>
  <TD align=left valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD 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></TD>
</TR>
</TABLE>
<BR>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td colspan="2" valign="bottom"><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust,
    Inc.</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap><FONT size=2 face="serif">By:</FONT></td>
    <td valign="bottom"><DIV style="border-bottom:1px solid #000000;width:170px;"><FONT size=2 face="serif">/s/&nbsp;Donald C. Burke</FONT></DIV></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Donald C. Burke</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Chief Executive Officer of</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust,
    Inc.</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td colspan="2" valign="bottom"><FONT size=2 face="serif">Date: September 19, 2008</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td colspan="2" valign="bottom"><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></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap><FONT size=2 face="serif">By:</FONT></td>
    <td valign="bottom"><DIV style="border-bottom:1px solid #000000;width:170px;"><FONT size=2 face="serif">/s/&nbsp;Donald C. Burke</FONT></DIV></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Donald C. Burke</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Chief Executive Officer (principal executive
    officer) of</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust,
    Inc.</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Date: September 19, 2008</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap><FONT size=2 face="serif">By:</FONT></td>
    <td valign="bottom"><DIV style="border-bottom:1px solid #000000;width:170px;"><FONT size=2 face="serif">/s/&nbsp;Neal J. Andrews</FONT></DIV></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Neal J. Andrews </FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Chief Financial Officer (principal financial
    officer) of </FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust,
    Inc.</FONT></td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td width="4%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom">&nbsp;</td>
    <td width="3%" valign="bottom" nowrap>&nbsp;</td>
    <td valign="bottom"><FONT size=2 face="serif">Date: September 19, 2008</FONT></td>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c54716_ex99-cert.htm
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   <TITLE>c54716_wrap.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<DIV align="left">
<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</FONT></B><br>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B></DIV>
<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;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;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;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;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<div style="margin-left:28px;">
<P align="left">
<FONT size=2 face="serif">a)&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;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;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</FONT></P>
<div style="margin-left:28px;">
<P align="left">
<FONT size=2 face="serif">a)&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'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;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.</FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">Date: September 19, 2008</FONT></P>

<table border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap><DIV style="border-bottom:1px solid #000000;width:170px;"><FONT size=2 face="serif">/s/&nbsp;Donald C. Burke</FONT></DIV></td>
  </tr>
  <tr>
    <td nowrap><FONT size=2 face="serif">Donald C. Burke</FONT></td>
  </tr>
  <tr>
    <td nowrap><FONT size=2 face="serif">Chief Executive Officer (principal executive
    officer) of</FONT></td>
  </tr>
  <tr>
    <td 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 style='page-break-before:always'></p><PAGE>

<DIV align="left">
<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</FONT></B><br>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B></DIV>
<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;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;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;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;The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<div style="margin-left:28px;">
<P align="left">
<FONT size=2 face="serif">a)&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;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;evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P align="left">
<FONT size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent
fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</FONT></P>
<div style="margin-left:28px;">
<P align="left">
<FONT size=2 face="serif">a)&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'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;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over
financial reporting.</FONT></P>
</div>
<P align="left">
<FONT size=2 face="serif">Date: September 19, 2008</FONT></P>

<table border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td nowrap><DIV style="border-bottom:1px solid #000000;width:170px;"><FONT size=2 face="serif">/s/&nbsp;Neal J. Andrews</FONT></DIV></td>
  </tr>
  <tr>
    <td nowrap><FONT size=2 face="serif">Neal J. Andrews</FONT></td>
  </tr>
  <tr>
    <td nowrap><FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT></td>
  </tr>
  <tr>
    <td nowrap><FONT size=2 face="serif">BlackRock Investment Quality Municipal Trust, Inc.</FONT></td>
  </tr>
</table>
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