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 811-21180

 

Name of Fund: BlackRock Municipal Income Investment Quality Trust (BAF)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Investment Quality Trust, 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 08/31/2012

 

Date of reporting period: 11/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments November 30, 2011 (Unaudited)

BlackRock Municipal Income Investment Quality Trust (BAF)
 (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par 
(000)

 

Value

 

Alabama — 1.7%

 

 

 

 

 

 

 

Birmingham Special Care Facilities
Financing Authority, RB, Children’s
Hospital (AGC):

 

 

 

 

 

 

 

6.13%, 6/01/34

 

$

1,000

 

$

1,100,500

 

6.00%, 6/01/39

 

 

1,000

 

 

1,089,700

 

 

 

 

 

 

 

2,190,200

 

California — 13.8%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%, 10/01/38

 

 

2,155

 

 

2,313,285

 

California Health Facilities Financing
Authority, Refunding RB, Sutter
Health, Series B, 6.00%, 8/15/42

 

 

1,120

 

 

1,209,690

 

County of Sacramento California, RB,
Senior Series A (AGC), 5.50%,
7/01/41

 

 

1,400

 

 

1,458,730

 

Cucamonga Valley Water District,
Refunding RB, Series A (AGM), 5.00%,
9/01/26

 

 

2,000

 

 

2,183,720

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

Election of 2001, Series A (NPFGC),
5.00%, 8/01/32

 

 

1,000

 

 

1,042,490

 

Election of 2008, Series C,
5.25%, 8/01/39

 

 

500

 

 

543,850

 

Los Angeles Department of Water &
Power, RB, Power System,
Sub-Series A-1, 5.25%, 7/01/38

 

 

1,175

 

 

1,247,380

 

Los Angeles Municipal Improvement
Corp., Refunding RB, Real Property,
Series B (AGC), 5.50%, 4/01/39

 

 

3,210

 

 

3,321,258

 

Redondo Beach Unified School District,
GO, Election of 2008, Series E,
5.50%, 8/01/34

 

 

1,000

 

 

1,094,880

 

San Bernardino Community College
District, GO, Election of 2002,
Series A, 6.25%, 8/01/33

 

 

925

 

 

1,053,843

 

San Diego Public Facilities Financing
Authority, Refunding RB, Series B
(AGC), 5.38%, 8/01/34

 

 

1,125

 

 

1,218,510

 

San Jacinto Unified School District, GO,
Election of 2006 (AGM), 5.25%,
8/01/32

 

 

1,000

 

 

1,042,180

 

 

 

 

 

 

 

17,729,816

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par 
(000)

 

Value

 

Colorado — 1.5%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, RB,
Hospital, NCMC, Inc. Project, Series B
(AGM), 6.00%, 5/15/26

 

$

1,425

 

$

1,601,330

 

Regional Transportation District, COP,
Series A, 5.00%, 6/01/25

 

 

300

 

 

318,996

 

 

 

 

 

 

 

1,920,326

 

Florida — 11.9%

 

 

 

 

 

 

 

City of Jacksonville Florida, RB, Series A,
5.25%, 10/01/31

 

 

4,525

 

 

4,892,973

 

City of Miami Florida, RB (NPFGC),
5.25%, 1/01/28

 

 

365

 

 

382,783

 

Orange County Health Facilities
Authority, RB, The Nemours
Foundation Project, Series A, 5.00%,
1/01/29

 

 

1,070

 

 

1,096,236

 

Village Center Community Development
District, RB, Series A (NPFGC), 5.00%,
11/01/32

 

 

10,000

 

 

8,893,100

 

 

 

 

 

 

 

15,265,092

 

Georgia — 2.3%

 

 

 

 

 

 

 

City of Atlanta Georgia, Refunding RB,
General, Series C, 6.00%, 1/01/30

 

 

2,500

 

 

2,881,800

 

Illinois — 15.5%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A, 5.50%, 12/01/39

 

 

1,500

 

 

1,581,420

 

Chicago Board of Education Illinois, GO,
Refunding, Chicago School Reform
Board, Series A (NPFGC), 5.50%,
12/01/26

 

 

745

 

 

805,896

 

Chicago Transit Authority, RB:

 

 

 

 

 

 

 

Federal Transit Administration
Section 5309, Series A (AGC),
6.00%, 6/01/26

 

 

1,300

 

 

1,468,441

 

Sales Tax Receipts Revenue,
5.25%, 12/01/36

 

 

415

 

 

431,368

 

City of Chicago Illinois, RB:

 

 

 

 

 

 

 

General, Third Lien, Series C (AGM),
5.25%, 1/01/30

 

 

1,000

 

 

1,057,270

 

Sales Tax Revenue, Series A,
5.25%, 1/01/38

 

 

515

 

 

545,164

 

Third Lien, O’Hare International
Airport, Series A, 5.75%, 1/01/39

 

 

825

 

 

895,414

 

City of Chicago Illinois, Refunding RB:

 

 

 

 

 

 

 

General, Third Lien, Series C,
6.50%, 1/01/41

 

 

3,740

 

 

4,280,617

 

 

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.

BHAC

Berkshire Hathaway Assurance Corp.

COP

Certificates of Participation

EDA

Economic Development Authority

GARB

General Airport Revenue Bonds

GO

General Obligation Bonds

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

NOVEMBER 30, 2011

1


 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Quality Trust (BAF)
 (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par 
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB
(concluded):

 

 

 

 

 

 

 

Second Lien (NPFGC), 5.50%,
1/01/30

 

$

1,000

 

$

1,107,260

 

Illinois Finance Authority, Refunding RB,
Carle Foundation, Series A, 6.00%,
8/15/41

 

 

1,885

 

 

1,933,595

 

Illinois Municipal Electric Agency, RB,
Series A (NPFGC):

 

 

 

 

 

 

 

5.25%, 2/01/28

 

 

1,560

 

 

1,639,014

 

5.25%, 2/01/35

 

 

1,000

 

 

1,031,860

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

915

 

 

975,637

 

6.00%, 6/01/28

 

 

260

 

 

273,647

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/28

 

 

1,750

 

 

1,878,223

 

 

 

 

 

 

 

19,904,826

 

Indiana — 4.2%

 

 

 

 

 

 

 

Indiana Finance Authority Wastewater
Utility, RB, 5.25%, 10/01/31

 

 

1,000

 

 

1,081,320

 

Indianapolis Local Public Improvement
Bond Bank, RB (AGM), 5.00%,
6/01/25

 

 

1,570

 

 

1,676,462

 

Indianapolis Local Public Improvement
Bond Bank, Refunding RB,
Waterworks Project, Series A (AGC),
5.50%, 1/01/38

 

 

2,415

 

 

2,588,783

 

 

 

 

 

 

 

5,346,565

 

Iowa — 0.3%

 

 

 

 

 

 

 

Iowa Finance Authority, Refunding RB,
Iowa Health System (AGC), 5.25%,
2/15/29

 

 

410

 

 

430,266

 

Louisiana — 1.9%

 

 

 

 

 

 

 

East Baton Rouge Sewerage
Commission, RB, Series A, 5.25%,
2/01/39

 

 

1,750

 

 

1,839,407

 

New Orleans Aviation Board Louisiana,
Refunding GARB, Restructuring (AGC):

 

 

 

 

 

 

 

Series A-1, 6.00%, 1/01/23

 

 

375

 

 

434,393

 

Series A-2, 6.00%, 1/01/23

 

 

150

 

 

173,757

 

 

 

 

 

 

 

2,447,557

 

Michigan — 16.0%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

Second Lien, Series B (NPFGC),
5.50%, 7/01/29

 

 

1,790

 

 

1,893,874

 

Second Lien, Series B (AGM),
6.25%, 7/01/36

 

 

1,700

 

 

1,909,066

 

Second Lien, Series B (AGM),
7.00%, 7/01/36

 

 

200

 

 

235,906

 

Senior Lien, Series B (AGM), 7.50%,
7/01/33

 

 

1,500

 

 

1,773,735

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par 
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

City of Detroit Michigan, RB (concluded):

 

 

 

 

 

 

 

Senior Lien, Series B (BHAC),
5.50%, 7/01/35

 

$

4,750

 

$

4,957,432

 

System, Second Lien, Series A
(BHAC), 5.50%, 7/01/36

 

 

2,330

 

 

2,445,195

 

City of Detroit Michigan, Refunding RB,
Second Lien:

 

 

 

 

 

 

 

Series C-1 (AGM), 7.00%, 7/01/27

 

 

1,800

 

 

2,109,132

 

Series E (BHAC), 5.75%, 7/01/31

 

 

2,300

 

 

2,468,981

 

Michigan State Building Authority, RB,
Facilities Program, Series H (AGM),
5.00%, 10/15/26

 

 

365

 

 

390,451

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I (AGC):

 

 

 

 

 

 

 

5.25%, 10/15/24

 

 

565

 

 

625,263

 

5.25%, 10/15/25

 

 

300

 

 

328,884

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

1,205

 

 

1,429,998

 

 

 

 

 

 

 

20,567,917

 

Minnesota — 4.9%

 

 

 

 

 

 

 

City of Minneapolis Minnesota,
Refunding RB, Fairview Health
Services, Series B (AGC), 6.50%,
11/15/38

 

 

5,680

 

 

6,334,166

 

Nevada — 1.7%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO, Series A, 5.25%,
7/01/34

 

 

2,000

 

 

2,117,820

 

New Jersey — 4.8%

 

 

 

 

 

 

 

New Jersey Health Care Facilities
Financing Authority, RB, Virtua Health
(AGC), 5.50%, 7/01/38

 

 

1,300

 

 

1,354,717

 

New Jersey State Housing & Mortgage
Finance Agency, RB, S/F Housing,
Series CC, 5.25%, 10/01/29

 

 

1,575

 

 

1,640,016

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System:

 

 

 

 

 

 

 

Series A (AGC), 5.50%, 12/15/38

 

 

2,000

 

 

2,128,200

 

Series B, 5.25%, 6/15/36 (a)

 

 

1,000

 

 

1,034,100

 

 

 

 

 

 

 

6,157,033

 

New York — 2.9%

 

 

 

 

 

 

 

New York City Transitional Finance
Authority, RB, Fiscal 2009:

 

 

 

 

 

 

 

Series S-3, 5.25%, 1/15/39

 

 

900

 

 

955,917

 

Series S-4 (AGC), 5.50%, 1/15/29

 

 

2,465

 

 

2,721,064

 

 

 

 

 

 

 

3,676,981

 

Pennsylvania — 1.2%

 

 

 

 

 

 

 

Philadelphia Hospitals and Higher
Education Facilities Authority, RB,
Children’s Hospital Philadelphia,
Series D, 5.00%, 7/01/32

 

 

1,455

 

 

1,507,642

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

NOVEMBER 30, 2011

2


 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Quality Trust (BAF)
 (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par 
(000)

 

 

Value

 

Puerto Rico — 1.2%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.38%,
8/01/39

 

$

1,350

 

$

1,495,017

 

Texas — 19.4%

 

 

 

 

 

 

 

Austin Community College District, RB,
Educational Facilities Project, Round
Rock Campus, 5.25%, 8/01/33

 

 

2,000

 

 

2,101,940

 

City of Austin Texas, Refunding RB
(AGM):

 

 

 

 

 

 

 

5.00%, 11/15/28

 

 

705

 

 

760,935

 

5.00%, 11/15/29

 

 

895

 

 

956,254

 

City of Houston Texas, Refunding RB,
Combined, First Lien, Series A (AGC):

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

2,600

 

 

2,946,762

 

6.00%, 11/15/36

 

 

2,215

 

 

2,505,830

 

5.38%, 11/15/38

 

 

1,000

 

 

1,076,540

 

Clifton Higher Education Finance Corp.,
Refunding RB, Baylor University,
5.25%, 3/01/32

 

 

1,270

 

 

1,375,334

 

Frisco ISD Texas, GO, School Building
(AGC):

 

 

 

 

 

 

 

5.38%, 8/15/39

 

 

1,415

 

 

1,522,455

 

5.50%, 8/15/41

 

 

3,365

 

 

3,647,996

 

Harris County Cultural Education
Facilities Finance Corp., RB, Hospital,
Texas Children’s Hospital Project,
5.25%, 10/01/29

 

 

875

 

 

931,551

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.13%, 12/01/31

 

 

500

 

 

561,815

 

Harris County Metropolitan Transit
Authority, RB, Series A, 5.00%,
11/01/36

 

 

495

 

 

524,779

 

Lubbock Cooper ISD Texas, GO, School
Building (AGC), 5.75%, 2/15/42

 

 

500

 

 

539,030

 

North Texas Tollway Authority, RB,
System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

 

1,500

 

 

1,609,800

 

North Texas Tollway Authority,
Refunding RB, System, First Tier:

 

 

 

 

 

 

 

(AGM), 6.00%, 1/01/43

 

 

1,000

 

 

1,107,670

 

Series A (AGC), 5.75%, 1/01/40

 

 

1,500

 

 

1,594,695

 

Tarrant County Cultural Education
Facilities Finance Corp., Refunding
RB, Christus Health, Series A (AGC),
6.50%, 7/01/37

 

 

1,000

 

 

1,070,680

 

 

 

 

 

 

 

24,834,066

 

Utah — 0.8%

 

 

 

 

 

 

 

City of Riverton Utah, RB, IHC Health
Services, Inc., 5.00%, 8/15/41

 

 

1,000

 

 

1,014,620

 

Virginia — 0.9%

 

 

 

 

 

 

 

Virginia Public School Authority, RB,
6.50%, 12/01/35

 

 

1,000

 

 

1,134,400

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par 
(000)

 

 

Value

 

Washington — 1.5%

 

 

 

 

 

 

 

City of Seattle Washington, Refunding
RB, Series A, 5.25%, 2/01/36

 

$

1,025

 

$

1,114,277

 

State of Washington, GO, Various
Purpose, Series B, 5.25%, 2/01/36

 

 

795

 

 

867,417

 

 

 

 

 

 

 

1,981,694

 

Total Municipal Bonds – 108.4%

 

 

 

 

 

138,937,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (b)

 

 

 

 

 

 

 

Alabama — 1.2%

 

 

 

 

 

 

 

Mobile Board of Water & Sewer
Commissioners, RB (NPFGC), 5.00%,
1/01/31

 

 

1,500

 

 

1,544,010

 

California — 11.0%

 

 

 

 

 

 

 

San Diego Community College District
California, GO, Election of 2002
(AGM), 5.00%, 5/01/30

 

 

2,500

 

 

2,645,625

 

San Marcos Unified School District, GO,
Election of 2010, Series A, 5.25%,
8/01/31

 

 

10,680

 

 

11,448,960

 

 

 

 

 

 

 

14,094,585

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 6.00%,
10/01/35

 

 

760

 

 

891,126

 

Florida — 10.7%

 

 

 

 

 

 

 

City of Jacksonville Florida, RB, Better
Jacksonville (NPFGC), 5.00%,
10/01/27

 

 

3,930

 

 

4,008,482

 

County of Pinellas Florida, RB (AGM),
5.00%, 10/01/32

 

 

9,500

 

 

9,685,159

 

 

 

 

 

 

 

13,693,641

 

Illinois — 4.9%

 

 

 

 

 

 

 

Chicago Transit Authority, Refunding RB,
Federal Transit Administration Section
5309 (AGM), 5.00%, 6/01/28

 

 

2,999

 

 

3,082,608

 

Illinois State Toll Highway Authority, RB,
Series B, 5.50%, 1/01/33

 

 

2,999

 

 

3,159,140

 

 

 

 

 

 

 

6,241,748

 

Kentucky — 0.8%

 

 

 

 

 

 

 

Kentucky State Property & Building
Commission, Refunding RB, Project
No. 93 (AGC), 5.25%, 2/01/27

 

 

898

 

 

973,643

 

Massachusetts — 1.6%

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Senior Series B, 5.00%,
10/15/41

 

 

2,000

 

 

2,118,200

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

NOVEMBER 30, 2011

3


 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Quality Trust (BAF)
 (Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (b)

 

Par 
(000)

 

Value

 

Nevada — 5.1%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO, Limited Tax, 6.00%,
7/01/38

 

$

2,000

 

$

2,231,960

 

Las Vegas Valley Water District, GO,
Refunding, Series C, 5.00%, 6/01/28

 

 

4,100

 

 

4,331,773

 

 

 

 

 

 

 

6,563,733

 

New Jersey — 0.8%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities
Construction, Series Z (AGC), 6.00%,
12/15/34

 

 

1,000

 

 

1,097,860

 

New York — 2.3%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB,
Series A, 5.75%, 2/15/47

 

 

1,000

 

 

1,057,660

 

New York Liberty Development Corp.,
Refunding RB, 4 World Trade Center
Project, 5.75%, 11/15/51

 

 

1,740

 

 

1,846,958

 

 

 

 

 

 

 

2,904,618

 

Texas — 1.9%

 

 

 

 

 

 

 

North Texas Tollway Authority, RB,
Special Projects, System, Series A,
5.50%, 9/01/41

 

 

2,310

 

 

2,496,255

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts – 41.0%

 

 

 

 

 

52,619,419

 

Total Long-Term Investments
(Cost – $183,823,500) – 149.4%

 

 

 

 

 

191,557,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (c)(d)

 

 

3,052,070

 

 

3,052,070

 

Total Short-Term Securities
(Cost – $3,052,070) – 2.4%

 

 

 

 

 

3,052,070

 

Total Investments (Cost — $186,875,570*) - 151.8%

 

 

 

 

 

194,609,293

 

Other Assets Less Liabilities – 2.0%

 

 

 

 

 

2,562,196

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (20.8)%

 

 

 

 

 

(26,697,847

)

AMPS, at Redemption Value – (33.0)%

 

 

 

 

 

(42,275,528

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

128,198,114

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

160,346,955

 

Gross unrealized appreciation

 

$

8,942,582

 

Gross unrealized depreciation

 

 

(1,366,425

)

Net unrealized appreciation

 

$

7,576,157

 

 

 

(a)

When-issued security. Unsettled when-issued transactions were as follows:


 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Morgan Stanley

 

$

594,608

 

$

2,301

 

 

Piper Jaffray

 

$

439,492

 

$

1,700

 

 

 

(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
Held at
August 31,
2011

 

Net
Activity

 

Shares
Held at
November 30,
2011

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

9,230,241

 

 

(6,178,171

)

 

3,052,070

 

$

208

 

 

 

 

(d)

Represents the current yield as of report date.

 

 

•

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:

 

 

 

•

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s 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 Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

NOVEMBER 30, 2011

4


 

 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Quality Trust (BAF)

The following table summarizes the inputs used as of November 30, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

191,557,223

 

 

—

 

$

191,557,223

 

Short-Term
Securities

 

$

3,052,070

 

 

—

 

 

—

 

 

3,052,070

 

Total

 

$

3,052,070

 

$

191,557,223

 

 

—

 

$

194,609,293

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.


 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

NOVEMBER 30, 2011

5

Item 2 –

Controls and Procedures

 

 

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.

 

 

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.

 

 

Item 3 –

Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

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.

 

 

 

BlackRock Municipal Income Investment Quality Trust

 

 
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Income Investment Quality Trust
   
  Date: January 23, 2012
   
  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.
   
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Income Investment Quality Trust
   
  Date: January 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Quality Trust
     
  Date: January 23, 2012