BlackRock Municipal Income Investment Quality Trust

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: 08/31/2013

Date of reporting period: 11/30/2012

Item 1 – Schedule of Investments

 

 

Schedule of Investments November 30, 2012 (Unaudited)

  

 

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets

 

     Par
(000)		      Value  

Municipal Bonds

                  

Alabama — 1.9%

      

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

      

6.13%, 6/01/34

    $ 1,000       $ 1,226,180   

6.00%, 6/01/39

      1,000         1,227,280   

Selma IDB, RB, International Paper Co. Project, Series A, 5.38%, 12/01/35

      335         373,558   
     

 

 

  
                2,827,018   

Arizona — 0.6%

      

Arizona Board of Regents, Refunding COP, University of Arizona, Series C, 5.00%, 6/01/28

      250         297,220   

Arizona Board of Regents, Refunding RB, University of Arizona, Series A, 5.00%, 6/01/42

      500         590,310   
     

 

 

  
                887,530   

California — 14.4%

      

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

      2,155         2,614,317   

California Health Facilities Financing Authority, RB:

      

Stanford Hospital & Clinics, Series A, 5.00%, 8/15/42

      1,095         1,264,243   

Sutter Health, Series B, 6.00%, 8/15/42

      1,120         1,371,238   

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

      1,400         1,654,492   

Los Angeles Community College District California, GO, Election of 2001, Series A (NPFGC), 5.00%, 8/01/32

      1,000         1,153,870   

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

      1,175         1,399,131   

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

      3,210         3,677,761   

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

      1,000         1,220,290   

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

      925         1,123,616   

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

      1,125         1,345,410   

State of California, GO, Refunding, Various Purpose, 5.00%, 9/01/41

      3,270         3,775,477   

University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37

      1,000         1,198,230   
     

 

 

  
                21,798,075   
     Par
(000)		      Value  

Municipal Bonds

                  

Colorado — 3.4%

      

City & County of Denver Colorado, Refunding ARB, Series B, 5.00%, 11/15/37

    $ 600       $ 700,944   

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

      1,425         1,726,402   

University of Colorado, Refunding RB, Enterprise System, Series A-2:

      

5.00%, 6/01/32

      1,165         1,425,447   

5.00%, 6/01/33

      1,010         1,228,120   
     

 

 

  
                5,080,913   

Florida — 4.2%

      

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

      4,525         5,542,129   

City of Jacksonville Florida, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30

      745         893,553   
     

 

 

  
                6,435,682   

Georgia — 2.1%

      

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

      2,500         3,162,050   

Illinois — 12.9%

      

Chicago Illinois Board of Education, GO, Series A:

      

5.50%, 12/01/39

      1,500         1,799,175   

5.00%, 12/01/42

      1,865         2,109,464   

Chicago Transit Authority, RB:

      

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

      1,300         1,542,866   

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

      415         488,550   

Sales Tax Receipts Revenue, 5.25%, 12/01/40

      1,325         1,557,538   

City of Chicago Illinois, ARB, O’Hare International Airport, General, Third Lien:

      

Series A, 5.75%, 1/01/39

      825         995,354   

Series C, 6.50%, 1/01/41

      3,740         4,899,363   

City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A, 5.25%, 1/01/38

      515         612,407   

City of Chicago Illinois, O’Hare International Airport, Refunding RB, General, Third Lien, Series C (AGC), 5.25%, 1/01/30

      1,000         1,179,680   

Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32

      380         448,875   

Cook County Forest Preserve District, GO, Refunding, Limited Tax Project,
Series B, 5.00%, 12/15/32

      180         212,625   
 

 

                 
      BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST       NOVEMBER 30, 2012    1      

 

 

Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

 

     Par
(000)		      Value  

Municipal Bonds

                  

Illinois (concluded)

      

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

    $ 1,885       $ 2,310,595   

Railsplitter Tobacco Settlement Authority, RB:

      

5.50%, 6/01/23

      915         1,117,243   

6.00%, 6/01/28

      260         319,912   
     

 

 

  
                19,593,647   

Indiana — 3.0%

      

Indiana Finance Authority Waste Water Utility, RB, First Lien CWA Authority Project, Series A, 5.00%, 10/01/41

      1,500         1,738,860   

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

        2,415         2,790,629   
     

 

 

  
                4,529,489   

Kansas — 2.3%

      

Kansas Development Finance Authority, Refunding RB, Adventist Health Sunbelt Obligation, Series A, 5.00%, 11/15/32

      3,000         3,553,290   

Louisiana — 0.4%

      

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

      

Series A-1, 6.00%, 1/01/23

      375         455,509   

Series A-2, 6.00%, 1/01/23

      150         182,203   
     

 

 

  
                637,712   

Michigan — 6.5%

      

City of Detroit Michigan, RB, Second Lien, Series B (AGM), 6.25%, 7/01/36

      1,700         2,014,517   

City of Detroit Michigan, Refunding RB, Sewage Disposal System, Senior Lien (AGM):

      

Series B, 7.50%, 7/01/33

      580         739,691   

Series C-1, 7.00%, 7/01/27

      1,800         2,281,500   

Lansing Board of Water & Light Utilities System, RB, Series A, 5.00%, 7/01/37

      2,765         3,235,548   

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

      1,205         1,569,525   
     

 

 

  
                9,840,781   

Minnesota — 3.1%

      

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

      3,680         4,626,974   
     Par
(000)		      Value  

Municipal Bonds

                  

Mississippi — 1.6%

      

Mississippi Development Bank, Refunding RB, Jackson Mississippi Water & Sewer (AGM), 5.00%, 9/01/30

    $ 2,000       $ 2,395,820   

Nevada — 1.6%

      

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

      2,000         2,468,640   

New Jersey — 4.5%

      

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

      1,300         1,478,737   

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

      1,540         1,730,960   

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

      

Series A (AGC), 5.50%, 12/15/38

        2,000         2,370,220   

Series B, 5.25%, 6/15/36

      1,000         1,189,150   
     

 

 

  
                  6,769,067   

New York — 6.5%

      

Metropolitan Transportation Authority, Refunding RB, Transportation, Series C, 5.00%, 11/15/28

      1,300         1,577,264   

New York City Transitional Finance Authority, RB:

      

Future Tax Secured, Sub-Series E-1, 5.00%, 2/01/42

      2,000         2,373,140   

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

      2,465         2,993,225   

New York State Dormitory Authority, RB, Series B, 5.00%, 3/15/42

      2,500         2,971,900   
     

 

 

  
                9,915,529   

North Carolina — 1.1%

      

North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/32

      1,340         1,596,798   

Pennsylvania — 1.5%

      

Pennsylvania Higher Educational Facilities Authority, RB, 5.00%, 4/01/42

      2,000         2,327,060   

Puerto Rico — 1.0%

      

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

      1,350         1,573,762   

Texas — 18.0%

      

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

      2,000         2,338,520   
 

 

                 
      BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST       NOVEMBER 30, 2012    2      

 

 

Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

 

     Par
(000)		      Value  

Municipal Bonds

                  

Texas (concluded)

      

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

      

6.00%, 11/15/35

    $   2,600       $ 3,241,420   

6.00%, 11/15/36

      2,215         2,776,724   

5.38%, 11/15/38

      1,000         1,205,530   

Frisco ISD Texas, GO, School Building (AGC), 5.50%, 8/15/41

      3,365         4,247,841   

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

      500         648,210   

Katy ISD Texas, GO, Refunding, School Building, Series A (PSF-GTD), 5.00%, 2/15/42

      745         888,532   

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

      1,000         1,219,540   

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

      

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

      1,000         1,227,660   

Series B, 5.00%, 1/01/42

      1,250         1,432,525   

Series K-1 (AGC), 5.75%, 1/01/38

      1,500         1,745,085   

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

      1,000         1,209,430   

Texas State Turnpike Authority, RB, First Tier, Series A (AMBAC), 5.00%, 8/15/42

      1,395         1,400,496   

Texas Tech University, Refunding RB, Refunding & Improvement, 14th Series A, 5.00%, 8/15/31

      1,000         1,212,820   

Texas Transportation Commission, Refunding RB, First Tier, Series A, 5.00%, 8/15/41

      335         379,582   

University of Texas System, Refunding RB, Financing System, Series B, 5.00%, 8/15/43

      1,805         2,196,992   
     

 

 

  
                27,370,907   

Utah — 1.0%

      

Utah Transit Authority, Refunding RB, Series 2012, 5.00%, 6/15/42

      1,250         1,452,713   

Virginia — 2.3%

      

Fairfax County IDA, RB, Inova Health System, 5.00%, 5/15/40

      685         794,025   

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

      1,000         1,264,340   

Virginia Resources Authority, RB,
Series A-1, 5.00%, 11/01/42

      1,225         1,473,454   
     

 

 

  
                3,531,819   
    

Par

(000)

      Value  

Municipal Bonds

                  

Washington — 3.8%

      

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

    $ 1,025       $ 1,228,729   

Port of Seattle, Refunding RB, Intermediate, Series A, 5.00%, 8/01/32

      3,000         3,611,970   

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

      795         969,399   
     

 

 

  
                5,810,098   

Wisconsin — 1.2%

      

Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/41

      1,230         1,407,428   

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health, Inc., Series A, 5.00%, 4/01/42

      315         362,798   
     

 

 

  
                1,770,226   

Total Municipal Bonds – 98.9%

               149,955,600   
     
     

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (a)

                  

Alabama — 1.1%

      

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

      1,500         1,642,020   

California — 8.5%

      

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

      10,680         12,832,340   

District of Columbia — 0.6%

      

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

      760         943,809   

Florida — 3.9%

      

County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 7/01/42

      5,150         5,988,472   

Illinois — 5.3%

      

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

      2,999         3,384,423   

City of Chicago Illinois, Refunding RB, 5.00%, 11/01/42

      1,020         1,197,198   

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

      2,999         3,446,840   
     

 

 

  
                8,028,461   
 

 

                 
      BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST       NOVEMBER 30, 2012    3      

 

 

Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

 

     Par
(000)		      Value  

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (a)

  

  

         

Kentucky – 0.7%

      

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

    $ 898       $ 1,058,072   

Massachusetts – 1.6%

      

Massachusetts School Building Authority, Sales Tax RB, Senior Dedicated Sales Tax Bonds, Series B, 5.00%, 10/15/41

      2,000         2,392,180   

Nevada – 4.9%

      

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

      2,000         2,474,460   

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

      4,100         4,954,030   
     

 

 

  
                7,428,490   

New Jersey – 0.8%

      

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

      1,000         1,220,830   

New York – 16.3%

      

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

      1,000         1,214,616   

New York City Municipal Water Finance Authority, Refunding RB, Second General Resolution, Fiscal 2012:

      

Series BB, 5.25%, 6/15/44

      4,993         5,999,461   

Series FF, 5.00%, 6/15/45

      3,019         3,560,729   

New York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39

      900         1,032,345   

New York City Transitional Finance Authority, RB, Future Tax Secured Revenue, Series E, 5.00%, 2/01/42

      1,160         1,376,152   

New York Liberty Development Corp., 5.25%, 12/15/43

      2,955         3,511,469   

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

      1,740         2,128,733   

New York State Dormitory Authority, RB, General Purpose Series C, 5.00%, 3/15/41

      4,995         5,855,339   
     

 

 

  
                24,678,844   

Puerto Rico – 0.9%

      

Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40

      1,180         1,327,606   

Texas – 5.7%

      

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

      2,310         2,817,138   
     Par
(000)		      Value  

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (a)

  

  

         

Texas (concluded)

      

Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43

    $ 4,995       $ 5,894,000   
     

 

 

  
                8,711,138   

Utah – 0.7%

      

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

      1,005         1,121,466   

Washington – 1.5%

      

University of Washington, Refunding RB, Series A, 5.00%, 7/01/41

      1,860         2,236,123   

Total Municipal Bonds Transferred to

Tender Option Bond (TOB)Trusts – 52.5%

  

  

      79,609,851   

Total Long-Term Investments

(Cost – $203,163,391) – 151.4%

  

  

      229,565,451   
     
     

Short-Term Securities

                  

Illinois Finance Authority, RB, VRDN, University of Chicago
Medical Center, Series B,
0.17%, 12/03/12 (c)

      200         200,000   
      Shares          

Money Market Funds – 0.3%

      

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

      432,905         432,905   

Total Short-Term Securities

(Cost – $632,905) – 0.4%

               632,905   

Total Investments

(Cost – $203,796,296*) – 151.8%

         230,198,356   

Other Assets Less Liabilities – 1.6%

  

      2,454,128   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (25.6)%

   

      (38,776,213 ) 

VMTP Shares, at Liquidation Value – (27.8)%

  

      (42,200,000 ) 
     

 

 

  

Net Assets Applicable to Common
Shares– 100.0%

   

    $ 151,676,271   
     

 

 

  

 

* As of November 30, 2012, gross unrealized appreciation based on cost for federal income tax purposes was as follows:

Tax cost

    $ 165,314,803   
  

 

 

  

Gross unrealized appreciation

    $ 26,136,934   
  

 

 

  

Net unrealized appreciation

    $ 26,136,934   
  

 

 

  

 

 

 

                 
      BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST       NOVEMBER 30, 2012    4      

 

 

Schedule of Investments (continued)

   BlackRock Municipal Income Investment Quality Trust (BAF)

 

(a) 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.
(b) All or a portion of security is subject to a recourse agreement which may require the Trust to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust Certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements is $380,124.
(c) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.
(d) Investments in issuers considered to be an affiliate of the Trust during the period ended November 30, 2012, 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,
2012		      Net
Activity		    

Shares

Held at
November 30,
2012

      Income  

FFI Institutional Tax-Exempt Fund

      908,400         (475,495 )      432,905       $ 117   

 

(e) Represents the current yield as of report date.

 

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.
AMBAC   American Municipal Bond Assurance Corp.
ARB   Airport Revenue Bonds
BARB   Building Aid Revenue Bonds
COP   Certificates of Participation
EDA   Economic Development Authority
GARB   General Airport Revenue Bonds
GO   General Obligation Bonds
IDA   Industrial Development Authority
IDB   Industrial Development Board
ISD   Independent School District
NPFGC   National Public Finance Guarantee Corp.
PSF-GTD   Permanent School Fund Guaranteed
RB   Revenue Bonds
S/F   Single-Family
VRDN   Variable Rate Demand Notes
• Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques 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 that the Trust has the ability to access

 

  • 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)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with 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.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of November 30, 2012:

   Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments1

      —       $ 229,565,451         —       $ 229,565,451   

Short-Term Securities

    $ 432,905         200,000         —         632,905   

Total

    $ 432,905       $ 229,765,451         —       $ 230,198,356   
1 

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

 

 

    

             
      BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST       NOVEMBER 30, 2012    5      

 

 

Schedule of Investments (concluded)

   BlackRock Municipal Income Investment Quality Trust (BAF)

 

Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of November 30, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

   Level 1      Level 2     Level 3      Total  

Liabilities:

           

TOB trust certificates

      —       $ (38,746,619 )      —       $ (38,746,619 ) 

VMTP Shares

      —         (42,200,000 )      —         (42,200,000 ) 

Total

      —       $ (80,946,619 )      —       $ (80,946,619 ) 

There were no transfers between levels during the period ended November 30, 2012.

    

 

 

                 
      BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST       NOVEMBER 30, 2012    6      

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, 2013

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, 2013

By:

   

/s/ Neal J. Andrews

   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   BlackRock Municipal Income Investment Quality Trust

Date: January 23, 2013