Schedule of Investments November 30, 2014 (Unaudited)

Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

Alabama — 3.0%

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

6.13%, 6/01/34

6.00%, 6/01/39

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35

Mobile Board of Water & Sewer Commissioners, RB (NPFGC), 5.00%, 1/01/16 (a)

California — 16.4%

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

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

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

Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series C, 5.50%, 11/01/33

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

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

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

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

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

State of California, GO, Various Purpose, 5.00%, 4/01/43

Par  

(000)

California (concluded)

State of California Public Works Board, LRB:

Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33

Various Capital Projects, Series I, 5.50%, 11/01/30

Various Capital Projects, Series I, 5.50%, 11/01/31

Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40

University of California, Refunding RB, Medical Center Regents, Series J, 5.25%, 5/15/38

Colorado — 3.8%

City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32

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

Florida — 8.1%

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

City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33

County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38

Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32

Georgia — 2.2%

City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 1/01/30

Illinois — 25.5%

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien:

Series A, 5.75%, 1/01/39

Series C, 6.50%, 1/01/41

Schedule of Investments (continued)

Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

Illinois (concluded)

City of Chicago Illinois, Refunding GARB, O’Hare International Airport, 3rd Lien, Series C (AGC), 5.25%, 1/01/30

City of Chicago Illinois Transit Authority, RB:

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

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

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

Sales Tax Receipts, 5.00%, 12/01/44

Sales Tax Receipts, 5.00%, 12/01/44

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

City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 1/01/42

County of Cook Illinois Community College District No. 508, GO, City College of Chicago:

5.50%, 12/01/38

5.25%, 12/01/43

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

Railsplitter Tobacco Settlement Authority, RB:

5.50%, 6/01/23

6.00%, 6/01/28

State of Illinois, GO:

5.25%, 2/01/31

5.25%, 2/01/32

5.50%, 7/01/33

5.50%, 7/01/38

Indiana — 1.9%

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

Louisiana — 1.1%

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

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

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

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29

Michigan — 2.4%

City of Detroit Michigan Water Supply System, RB, 2nd Lien, Series B (AGM), 6.25%, 7/01/36

Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a)

Minnesota — 3.1%

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

Mississippi — 2.2%

Mississippi Development Bank, RB, Special Obligation, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40

Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 8/01/38

Nevada — 5.9%

County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/38

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

New Jersey — 5.6%

New Jersey EDA, RB, School Facilities Construction, Series UU, 5.00%, 6/15/40

Schedule of Investments (continued)

Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

New Jersey (concluded)

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

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

New Jersey Transportation Trust Fund Authority, RB:

Transportation Program, Series AA, 5.50%, 6/15/39

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

New York — 5.4%

City of New York New York Transitional Finance Authority Building Aid, BARB, Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/29

Metropolitan Transportation Authority, RB:

Series A, 5.25%, 11/15/38

Series A-1, 5.25%, 11/15/39

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

Ohio — 1.2%

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:

5.25%, 2/15/30

5.25%, 2/15/31

Pennsylvania — 2.9%

Pennsylvania Turnpike Commission, RB:

Series A, 5.00%, 12/01/44

Series C, 5.00%, 12/01/43

Pennsylvania (concluded)

Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37

South Carolina — 1.3%

County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38

Texas — 14.2%

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

City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37

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

City of Houston Texas Utility System, Refunding RB, Combined 1st Lien, Series A (AGC):

6.00%, 11/15/35

6.00%, 11/15/36

5.38%, 11/15/38

County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A (AGC):

6.50%, 1/01/19 (a)

6.50%, 7/01/37

Lower Colorado River Authority, Refunding RB, 5.50%, 5/15/33

North Texas Tollway Authority, Refunding RB, 1st Tier:

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

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

Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38

Virginia — 1.2%

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43

Schedule of Investments (continued)

Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

Par  

(000)

Virginia (concluded)

Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a)

Washington — 1.5%

City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 2/01/36

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

California — 8.7%

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

District of Columbia — 0.6%

District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 10/01/18 (a)(c)

Illinois — 2.4%

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

Kentucky — 0.7%

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

Nevada — 5.0%

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

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

New Jersey — 6.4%

New Jersey EDA, RB, School Facilities Construction (AGC):

6.00%, 12/15/18(a)

New Jersey (concluded)

6.00%, 12/15/34

New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (c)

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (c)

New York — 11.8%

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:

Series BB, 5.25%, 6/15/44

Series FF, 5.00%, 6/15/45

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

Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (c)

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

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

Texas — 5.4%

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%, 11/15/38

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

Utah — 0.8%

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

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 41.8%

Schedule of Investments (continued)

Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

Total Long-Term Investments

(Cost — $191,099,188) — 150.7%

FFI Institutional Tax-Exempt Fund, 0.03% (d)(e)

Total Short-Term Securities

(Cost — $41,181) — 0.0%

Total Investments

(Cost — $191,140,369*) — 150.7%

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (22.5%)

Net Assets Applicable to Common Shares — 100.0%

Tax cost

Gross unrealized appreciation

Gross unrealized depreciation

Net unrealized appreciation

FFI Institutional Tax-Exempt Fund

Schedule of Investments (continued)

Financial futures contracts outstanding as of November 30, 2014 were as follows:

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting] purposes. 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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

Level 1 — unadjusted quoted prices in active markets/exchanges for identical assets or 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 and derivative financial instruments)

Assets:

Investments:

Long-Term Investments¹

Short-Term Securities

Total

¹    See above Schedule of Investments for values in each state.

Schedule of Investments (concluded)

Derivative Financial Instruments²

Interest rate contracts

²    Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of November 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

Cash pledged for financial futures contracts

TOB trust certificates

VMTP Shares

/s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Municipal Income Investment Quality Trust

Date: January 22, 2015

/s/ John M. Perlowski

/s/ Neal J. Andrews