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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackrock Investment Quality Municipal Trust | AMEX:RFA | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07666
Name of Fund: BlackRock Investment Quality Municipal Income Trust (RFA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Investment Quality Municipal Income Trust, 55 East 52 nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2012
Date of reporting period: 10/31/2011
Item 1 – Schedule of Investments
|
|
|
|
Schedule of Investments October 31, 2011 (Unaudited) |
BlackRock Investment Quality Municipal Income Trust (RFA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
|
|
Value |
|
||
Alaska 0.2% |
|
|
|
|
|
|
|
Northern Tobacco Securitization Corp.,
|
|
$ |
50 |
|
$ |
31,541 |
|
California 9.9% |
|
|
|
|
|
|
|
Bay Area Toll Authority, Refunding RB,
|
|
|
195 |
|
|
211,187 |
|
California Health Facilities Financing
|
|
|
|
|
|
|
|
Catholic
Healthcare West,
|
|
|
130 |
|
|
139,123 |
|
Sutter
Health, Series B,
|
|
|
120 |
|
|
130,846 |
|
California State Educational Facilities
|
|
|
200 |
|
|
216,098 |
|
Los Angeles Department of Water &
|
|
|
200 |
|
|
213,648 |
|
San Diego Regional Building Authority
|
|
|
240 |
|
|
256,834 |
|
State of California, GO, Various Purpose,
|
|
|
185 |
|
|
208,199 |
|
|
|
|
|
|
|
1,375,935 |
|
Colorado 1.2% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority,
|
|
|
155 |
|
|
162,386 |
|
Delaware 1.3% |
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG
|
|
|
175 |
|
|
176,024 |
|
Florida 7.1% |
|
|
|
|
|
|
|
Arborwood Community Development
|
|
|
195 |
|
|
165,052 |
|
County of Lee Florida, Refunding RB,
|
|
|
150 |
|
|
149,154 |
|
Manatee County Housing Finance
|
|
|
145 |
|
|
157,644 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
|
|
Value |
|
||
Florida (concluded) |
|
|
|
|
|
|
|
Orange County Health Facilities
|
|
$ |
115 |
|
$ |
117,845 |
|
Village Center Community Development
|
|
|
450 |
|
|
398,632 |
|
|
|
|
|
|
|
988,327 |
|
Illinois 10.7% |
|
|
|
|
|
|
|
Chicago Board of Education, GO, Series
|
|
|
|
|
|
|
|
5.50%, 12/01/39 |
|
|
130 |
|
|
137,735 |
|
5.00%, 12/01/41 |
|
|
35 |
|
|
34,890 |
|
Chicago Transit Authority, RB, Sales Tax
|
|
|
45 |
|
|
46,529 |
|
City of Chicago Illinois, Refunding RB,
|
|
|
445 |
|
|
511,937 |
|
Illinois Finance Authority, RB, Navistar
|
|
|
75 |
|
|
77,372 |
|
Illinois Finance Authority, Refunding RB,
|
|
|
|
|
|
|
|
Carle Foundation, 6.00%, 8/15/41 |
|
|
250 |
|
|
255,918 |
|
Northwestern
Memorial
|
|
|
250 |
|
|
273,702 |
|
Railsplitter Tobacco Settlement
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
100 |
|
|
105,558 |
|
6.00%, 6/01/28 |
|
|
30 |
|
|
31,195 |
|
|
|
|
|
|
|
1,474,836 |
|
Indiana 5.5% |
|
|
|
|
|
|
|
Indiana Finance Authority WasteWater
|
|
|
200 |
|
|
216,208 |
|
Indiana Municipal Power Agency, RB,
|
|
|
335 |
|
|
365,683 |
|
Indianapolis Local Public Improvement
|
|
|
170 |
|
|
180,909 |
|
|
|
|
|
|
|
762,800 |
|
Iowa 0.2% |
|
|
|
|
|
|
|
Iowa Tobacco Settlement Authority, RB,
|
|
|
40 |
|
|
28,559 |
|
|
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
|
|
AGC |
Assured Guaranty Corp. |
AGM |
Assured Guaranty Municipal Corp. |
AMT |
Alternative Minimum Tax (subject to) |
EDA |
Economic Development Authority |
EDC |
Economic Development Corporation |
ERB |
Education Revenue Bonds |
GO |
General Obligation Bonds |
HFA |
Housing Finance Agency |
HRB |
Housing Revenue Bonds |
IDA |
Industrial Development Authority |
ISD |
Independent School District |
NPFGC |
National Public Finance Guarantee Corp. |
RB |
Revenue Bonds |
S/F |
Single Family |
|
|
|
|
|
|
|
|
|
BLACKROCK INVESTMENT QUALITY MUNICIPAL INCOME TRUST |
OCTOBER 31, 2011 |
1 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock Investment Quality Municipal Income Trust (RFA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
|
|
Value |
|
||
Kansas 2.0% |
|
|
|
|
|
|
|
Kansas Development Finance Authority,
|
|
$ |
250 |
|
$ |
271,975 |
|
Kentucky 4.1% |
|
|
|
|
|
|
|
Kentucky Economic Development
|
|
|
100 |
|
|
104,457 |
|
Louisville & Jefferson County
|
|
|
215 |
|
|
221,317 |
|
Louisville & Jefferson County
|
|
|
220 |
|
|
243,795 |
|
|
|
|
|
|
|
569,569 |
|
Louisiana 0.8% |
|
|
|
|
|
|
|
Louisiana Local Government
|
|
|
100 |
|
|
104,236 |
|
Maine 1.5% |
|
|
|
|
|
|
|
Maine Health & Higher Educational
|
|
|
190 |
|
|
207,881 |
|
Maryland 1.1% |
|
|
|
|
|
|
|
Maryland EDC, Refunding RB, CNX
|
|
|
145 |
|
|
145,574 |
|
Massachusetts 8.9% |
|
|
|
|
|
|
|
Massachusetts Development Finance
|
|
|
125 |
|
|
137,044 |
|
Massachusetts HFA, HRB, Series B,
|
|
|
220 |
|
|
223,296 |
|
Massachusetts HFA, Refunding HRB,
|
|
|
250 |
|
|
256,422 |
|
Massachusetts HFA, Refunding RB,
|
|
|
120 |
|
|
120,898 |
|
Massachusetts School Building
|
|
|
215 |
|
|
229,594 |
|
Massachusetts State College Building
|
|
|
250 |
|
|
270,390 |
|
|
|
|
|
|
|
1,237,644 |
|
Michigan 5.8% |
|
|
|
|
|
|
|
Lansing Board of Water & Light Utilities
|
|
|
130 |
|
|
143,088 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
|
|
Value |
|
||
Michigan (concluded) |
|
|
|
|
|
|
|
Michigan State Building Authority,
|
|
$ |
250 |
|
$ |
275,153 |
|
Royal Oak Hospital Finance Authority
|
|
|
325 |
|
|
385,469 |
|
|
|
|
|
|
|
803,710 |
|
Nevada 5.4% |
|
|
|
|
|
|
|
City of Las Vegas Nevada, GO, Limited
|
|
|
250 |
|
|
278,750 |
|
County of Clark Nevada, RB, Series B,
|
|
|
440 |
|
|
471,618 |
|
|
|
|
|
|
|
750,368 |
|
New Jersey 6.0% |
|
|
|
|
|
|
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
School
Facilities Construction,
|
|
|
250 |
|
|
269,478 |
|
New
Jersey American Water
|
|
|
175 |
|
|
183,176 |
|
New Jersey State Housing & Mortgage
|
|
|
165 |
|
|
171,669 |
|
New Jersey Transportation Trust Fund
|
|
|
190 |
|
|
209,528 |
|
|
|
|
|
|
|
833,851 |
|
New York 6.1% |
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corp., RB,
|
|
|
40 |
|
|
42,356 |
|
New York City Transitional Finance
|
|
|
|
|
|
|
|
Sub-Series S-2A, 5.00%, 7/15/30 |
|
|
185 |
|
|
199,904 |
|
Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
|
250 |
|
|
266,800 |
|
New York Liberty Development Corp.,
|
|
|
85 |
|
|
88,202 |
|
Triborough Bridge & Tunnel Authority,
|
|
|
225 |
|
|
247,140 |
|
|
|
|
|
|
|
844,402 |
|
Pennsylvania 9.5% |
|
|
|
|
|
|
|
Pennsylvania Economic Development
|
|
|
300 |
|
|
332,643 |
|
Pennsylvania HFA, Refunding RB, Series
|
|
|
200 |
|
|
204,068 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK INVESTMENT QUALITY MUNICIPAL INCOME TRUST |
OCTOBER 31, 2011 |
2 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock Investment Quality Municipal Income Trust (RFA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
|
|
Value |
|
||
Pennsylvania (concluded) |
|
|
|
|
|
|
|
Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
Sub-Series C (AGC), 6.25%, 6/01/38 |
|
$ |
215 |
|
$ |
245,276 |
|
Sub-Series A, 6.00%, 12/01/41 |
|
|
350 |
|
|
372,134 |
|
Philadelphia Hospitals and Higher
|
|
|
155 |
|
|
160,397 |
|
|
|
|
|
|
|
1,314,518 |
|
Texas 11.2% |
|
|
|
|
|
|
|
Central Texas Regional Mobility
|
|
|
240 |
|
|
241,606 |
|
Conroe ISD Texas, GO, School Building,
|
|
|
140 |
|
|
159,585 |
|
Harris County Cultural Education
|
|
|
100 |
|
|
106,176 |
|
Harris County Health Facilities
|
|
|
250 |
|
|
280,872 |
|
Harris County Metropolitan Transit
|
|
|
55 |
|
|
58,981 |
|
North Texas Tollway Authority, RB,
|
|
|
250 |
|
|
271,745 |
|
Tarrant County Cultural Education
|
|
|
280 |
|
|
299,692 |
|
Texas Private Activity Bond Surface
|
|
|
125 |
|
|
133,379 |
|
|
|
|
|
|
|
1,552,036 |
|
Virginia 2.1% |
|
|
|
|
|
|
|
Virginia Public School Authority, RB,
|
|
|
250 |
|
|
285,728 |
|
West Virginia 0.6% |
|
|
|
|
|
|
|
West Virginia State University, RB,
|
|
|
75 |
|
|
80,263 |
|
Total Municipal Bonds 101.2% |
|
|
|
|
|
14,002,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender
|
|
|
|
|
|
|
|
California 20.4% |
|
|
|
|
|
|
|
California Educational Facilities
|
|
|
300 |
|
|
324,147 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender
|
|
Par
|
|
Value |
|
||
California (concluded) |
|
|
|
|
|
|
|
Grossmont Union High School District,
|
|
$ |
300 |
|
$ |
310,731 |
|
Los Angeles Community College District
|
|
|
|
|
|
|
|
Election
of 2008, Series C, 5.25%,
|
|
|
390 |
|
|
426,574 |
|
Series A, 6.00%, 8/01/33 |
|
|
700 |
|
|
797,602 |
|
Los Angeles Unified School District
|
|
|
60 |
|
|
63,397 |
|
San Diego Public Facilities Financing
|
|
|
615 |
|
|
669,709 |
|
University of California, RB, Series O,
|
|
|
210 |
|
|
235,015 |
|
|
|
|
|
|
|
2,827,175 |
|
District of Columbia 4.0% |
|
|
|
|
|
|
|
District of Columbia, RB, Series A,
|
|
|
195 |
|
|
220,925 |
|
District of Columbia Water & Sewer
|
|
|
300 |
|
|
327,488 |
|
|
|
|
|
|
|
548,413 |
|
Florida 3.8% |
|
|
|
|
|
|
|
Hillsborough County Aviation Authority,
|
|
|
280 |
|
|
286,037 |
|
Lee County Housing Finance Authority,
|
|
|
225 |
|
|
236,961 |
|
|
|
|
|
|
|
522,998 |
|
Illinois 5.2% |
|
|
|
|
|
|
|
Illinois Finance Authority, RB, University
|
|
|
400 |
|
|
460,004 |
|
Illinois State Toll Highway Authority, RB,
|
|
|
250 |
|
|
263,687 |
|
|
|
|
|
|
|
723,691 |
|
Nevada 4.1% |
|
|
|
|
|
|
|
Clark County Water Reclamation
|
|
|
500 |
|
|
561,710 |
|
New Hampshire 1.3% |
|
|
|
|
|
|
|
New Hampshire Health & Education
|
|
|
165 |
|
|
182,378 |
|
New Jersey 2.3% |
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund
|
|
|
300 |
|
|
312,495 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK INVESTMENT QUALITY MUNICIPAL INCOME TRUST |
OCTOBER 31, 2011 |
3 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock Investment Quality Municipal Income Trust (RFA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender
|
|
Par
|
|
Value |
|
||
New York 6.3% |
|
|
|
|
|
|
|
New York City Municipal Water Finance
|
|
|
|
|
|
|
|
Series FF-2, 5.50%, 6/15/40 |
|
$ |
255 |
|
$ |
280,891 |
|
Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
|
240 |
|
|
270,393 |
|
New York State Dormitory Authority,
|
|
|
300 |
|
|
325,119 |
|
|
|
|
|
|
|
876,403 |
|
Ohio 1.7% |
|
|
|
|
|
|
|
County of Allen Ohio, Refunding RB,
|
|
|
230 |
|
|
231,886 |
|
South Carolina 4.0% |
|
|
|
|
|
|
|
South Carolina State Public Service
|
|
|
510 |
|
|
554,579 |
|
Texas 5.4% |
|
|
|
|
|
|
|
City of San Antonio Texas, Refunding
|
|
|
300 |
|
|
328,648 |
|
Harris County Cultural Education
|
|
|
400 |
|
|
420,396 |
|
|
|
|
|
|
|
749,044 |
|
Virginia 1.0% |
|
|
|
|
|
|
|
Fairfax County IDA Virginia, Refunding
|
|
|
130 |
|
|
138,824 |
|
Wisconsin 1.8% |
|
|
|
|
|
|
|
Wisconsin Health & Educational
|
|
|
240 |
|
|
242,726 |
|
Total
Municipal Bonds Transferred to
|
|
|
|
|
|
8,472,322 |
|
Total
Long-Term Investments
|
|
|
|
|
|
22,474,485 |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
FFI Institutional Tax-Exempt Fund,
|
|
|
576,279 |
|
$ |
576,279 |
|
Total
Short-Term Securities
|
|
|
|
|
|
576,279 |
|
Total Investments (Cost $21,755,207*) 166.7% |
|
|
|
|
|
23,050,764 |
|
Liabilities in Excess of Other Assets (1.4)% |
|
|
|
|
|
(196,105 |
) |
Liability for TOB Trust Certificates, Including
Interest
|
|
|
|
|
|
(4,448,720 |
) |
AMPS, at Redemption Value (33.1)% |
|
|
|
|
|
(4,575,000 |
) |
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
$ |
13,830,939 |
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
Aggregate Cost |
|
|
|
|
$ |
17,375,273 |
|
Gross unrealized appreciation |
|
|
|
|
$ |
1,325,211 |
|
Gross unrealized depreciation |
|
|
|
|
|
(98,440 |
) |
Net unrealized appreciation |
|
|
|
|
$ |
1,226,771 |
|
|
|
(a) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
Unrealized
|
|
||
|
Barclays Capital |
|
$ |
229,594 |
|
$ |
729 |
|
|
Pershing LLC |
|
$ |
172,625 |
|
$ |
4,063 |
|
|
Wells Fargo |
|
$ |
46,529 |
|
$ |
182 |
|
|
|
(b) |
Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
|
|
(c) |
Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares
|
|
Net
|
|
Shares
|
|
Income |
|
||||
|
|||||||||||||
FFI Institutional
|
|
|
302,911 |
|
|
273,368 |
|
|
576,279 |
|
$ |
6 |
|
|
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(d) |
Represents the current yield as of report date. |
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BLACKROCK INVESTMENT QUALITY MUNICIPAL INCOME TRUST |
OCTOBER 31, 2011 |
4 |
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Schedule of Investments (concluded) |
BlackRock Investment Quality Municipal Income Trust (RFA) |
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Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
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Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
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Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
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Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trusts own assumptions used in determining the fair value of investments) |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trusts perceived risk of investing in those securities. For information about the Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trusts investments:
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Valuation Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Investments: |
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Long-Term Investments 1 |
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$ |
22,474,485 |
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$ |
22,474,485 |
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Short-Term Securities |
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$ |
576,279 |
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576,279 |
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Total |
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$ |
576,279 |
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$ |
22,474,485 |
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$ |
23,050,764 |
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1 |
See above Schedule of Investments for values in each state or political subdivision. |
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BLACKROCK INVESTMENT QUALITY MUNICIPAL INCOME TRUST |
OCTOBER 31, 2011 |
5 |
Item 2 – |
Controls and Procedures |
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2(a) – |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
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2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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Item 3 – |
Exhibits |
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Certifications – Attached hereto |
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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. |
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BlackRock Investment Quality Municipal Income Trust |
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By: | /s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of |
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BlackRock Investment Quality Municipal Income Trust |
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Date: December 21, 2011 |
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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. |
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By: | /s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of |
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BlackRock Investment Quality Municipal Income Trust |
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Date: December 21, 2011 |
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By: | /s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of |
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BlackRock Investment Quality Municipal Income Trust |
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Date: December 21, 2011 |
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