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: 08/31/2011

 

Date of reporting period: 05/31/2011

 

Item 1 – Schedule of Investments

 


 

 

 

Schedule of Investments May 31, 2011 (Unaudited)

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 1.8%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.00%, 6/01/39

 

$

1,000

 

$

1,063,650

 

6.13%, 6/01/34

 

 

1,000

 

 

1,080,960

 

 

 

 

 

 

 

 

 

 

 

 

 

2,144,610

 

Arizona — 0.4%

 

 

 

 

 

 

 

State of Arizona, COP, Department of
Administration, Series A (AGM),
5.25%, 10/01/28

 

 

465

 

 

475,035

 

California — 12.6%

 

 

 

 

 

 

 

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

 

 

2,155

 

 

2,254,863

 

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

 

 

1,120

 

 

1,170,613

 

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

 

 

1,400

 

 

1,414,644

 

Los Angeles Community College District
California, GO:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,007,850

 

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

 

 

1,000

 

 

1,030,000

 

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

 

 

1,175

 

 

1,213,505

 

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

 

 

3,210

 

 

3,240,238

 

Oxnard Union High School District, GO,
Refunding, Election of 2004, Series A
(AGM), 5.00%, 8/01/40

 

 

1,000

 

 

944,310

 

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

 

 

925

 

 

1,027,342

 

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

 

 

1,125

 

 

1,175,152

 

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

 

 

1,000

 

 

1,004,630

 

 

 

 

 

 

 

 

 

 

 

 

 

15,483,147

 

Colorado — 1.5%

 

 

 

 

 

 

 

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

 

 

1,425

 

 

1,560,603

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado (concluded)

 

 

 

 

 

 

 

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

 

$

300

 

$

309,654

 

 

 

 

 

 

 

 

 

 

 

 

 

1,870,257

 

Florida — 12.4%

 

 

 

 

 

 

 

City of Jacksonville Florida, RB (NPFGC),
5.00%, 10/01/31

 

 

5,000

 

 

5,004,450

 

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

 

 

1,660

 

 

1,704,488

 

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

 

 

10,000

 

 

8,420,500

 

 

 

 

 

 

 

 

 

 

 

 

 

15,129,438

 

Georgia — 4.2%

 

 

 

 

 

 

 

Augusta-Richmond County Georgia, RB
(AGM), 5.25%, 10/01/39

 

 

1,000

 

 

1,026,020

 

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

 

 

2,500

 

 

2,778,925

 

Gwinnett County Hospital Authority,
Refunding RB, Gwinnett Hospital
System, Series D (AGM), 5.50%,
7/01/41

 

 

1,350

 

 

1,349,933

 

 

 

 

 

 

 

 

 

 

 

 

 

5,154,878

 

Illinois — 13.0%

 

 

 

 

 

 

 

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

 

 

745

 

 

768,505

 

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

 

 

1,300

 

 

1,435,148

 

City of Chicago Illinois, RB, General,
Third Lien, Series C (AGM):

 

 

 

 

 

 

 

5.25%, 1/01/30

 

 

1,000

 

 

1,028,480

 

5.25%, 1/01/35

 

 

820

 

 

829,561

 

City of Chicago Illinois, Refunding RB:

 

 

 

 

 

 

 

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

 

 

3,740

 

 

4,109,026

 

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

 

 

1,000

 

 

1,050,010

 

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

 

 

 

 

 

 

 

5.25%, 2/01/28

 

 

1,560

 

 

1,609,982

 

5.25%, 2/01/35

 

 

1,000

 

 

1,008,210

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

915

 

 

907,085

 

6.00%, 6/01/28

 

 

260

 

 

260,775

 

State of Illinois, RB:

 

 

 

 

 

 

 

(AGM), 5.00%, 6/15/27

 

 

1,000

 

 

1,023,080

 

 

 

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

MAY 31, 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)

 

 

 

 

 

 

 

State of Illinois, RB (concluded):

 

 

 

 

 

 

 

Build Illinois, Series B, 5.25%,
6/15/28

 

$

1,750

 

$

1,842,505

 

 

 

 

 

 

 

 

 

 

 

 

 

15,872,367

 

Indiana — 4.2%

 

 

 

 

 

 

 

Indiana Finance Authority, Refunding
RB, Trinity Health, Series B, 4.50%,
12/01/37

 

 

3,000

 

 

2,618,010

 

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

 

 

2,415

 

 

2,493,391

 

 

 

 

 

 

 

 

 

 

 

 

 

5,111,401

 

Iowa — 0.5%

 

 

 

 

 

 

 

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

 

 

610

 

 

624,305

 

Louisiana — 4.2%

 

 

 

 

 

 

 

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

 

 

1,750

 

 

1,799,892

 

Louisiana State Citizens Property
Insurance Corp., RB, Series C-3 (AGC),
6.13%, 6/01/25

 

 

2,510

 

 

2,806,707

 

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

 

 

 

 

 

 

 

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

 

 

375

 

 

424,676

 

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

 

 

150

 

 

169,871

 

 

 

 

 

 

 

 

 

 

 

 

 

5,201,146

 

Michigan — 16.3%

 

 

 

 

 

 

 

City of Detroit Michigan, RB:

 

 

 

 

 

 

 

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

 

 

1,700

 

 

1,844,500

 

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

 

 

200

 

 

228,318

 

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

 

 

1,790

 

 

1,795,459

 

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

 

 

1,500

 

 

1,757,640

 

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

 

 

4,750

 

 

4,816,452

 

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

 

 

2,330

 

 

2,366,721

 

City of Detroit Michigan, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,300

 

 

2,404,512

 

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

 

 

1,800

 

 

2,100,708

 

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

 

 

365

 

 

381,480

 

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

 

 

 

 

 

 

 

5.25%, 10/15/24

 

 

565

 

 

610,127

 

5.25%, 10/15/25

 

 

300

 

 

320,976

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

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

 

$

1,205

 

$

1,382,930

 

 

 

 

 

 

 

 

 

 

 

 

 

20,009,823

 

Minnesota — 5.0%

 

 

 

 

 

 

 

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

 

 

5,680

 

 

6,145,930

 

Nevada — 3.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,077,280

 

County of Clark Nevada, RB, Las Vegas-
McCarran International Airport, Series
A (AGC), 5.25%, 7/01/39

 

 

1,945

 

 

1,892,018

 

 

 

 

 

 

 

 

 

 

 

 

 

3,969,298

 

New Jersey — 4.9%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,070,570

 

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

 

 

1,300

 

 

1,329,718

 

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

 

 

1,575

 

 

1,596,073

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A (AGC), 5.50%, 12/15/38

 

 

2,000

 

 

2,058,320

 

 

 

 

 

 

 

 

 

 

 

 

 

6,054,681

 

New York — 4.3%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Second General
Resolution, Series EE, 5.38%,
6/15/43

 

 

1,545

 

 

1,637,808

 

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

 

 

 

 

 

 

 

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

 

 

900

 

 

928,449

 

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

 

 

2,465

 

 

2,648,766

 

 

 

 

 

 

 

 

 

 

 

 

 

5,215,023

 

Ohio — 0.5%

 

 

 

 

 

 

 

Ohio Higher Educational Facility
Commission, Refunding RB, Summa
Health System, 2010 Project (AGC),
5.25%, 11/15/40

 

 

625

 

 

594,550

 

Puerto Rico — 2.2%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation
Authority, Refunding RB, Series CC
(AGM), 5.50%, 7/01/30

 

 

1,170

 

 

1,216,426

 

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

 

 

1,350

 

 

1,424,938

 

 

 

 

 

 

 

 

 

 

 

 

 

2,641,364

 

 

 

 

2

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

MAY 31, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas — 21.1%

 

 

 

 

 

 

 

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

 

$

2,000

 

$

2,064,920

 

City of Austin Texas, Refunding RB,
Series A (AGM):

 

 

 

 

 

 

 

5.00%, 11/15/28

 

 

705

 

 

740,758

 

5.00%, 11/15/29

 

 

895

 

 

932,635

 

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

 

 

 

 

 

 

 

6.00%, 11/15/35

 

 

2,600

 

 

2,893,228

 

6.00%, 11/15/36

 

 

2,215

 

 

2,458,517

 

5.38%, 11/15/38

 

 

1,000

 

 

1,050,440

 

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

 

 

1,270

 

 

1,333,157

 

Dallas Area Rapid Transit, RB, Senior
Lien, 5.25%, 12/01/38

 

 

2,380

 

 

2,492,574

 

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

 

 

 

 

 

 

 

5.38%, 8/15/39

 

 

1,415

 

 

1,485,198

 

5.50%, 8/15/41

 

 

3,365

 

 

3,572,149

 

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

 

 

500

 

 

551,320

 

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

 

 

500

 

 

524,020

 

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

 

 

1,500

 

 

1,545,405

 

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

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,055,860

 

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

 

 

1,500

 

 

1,539,540

 

Series A (NPFGC), 5.13%, 1/01/28

 

 

515

 

 

522,591

 

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

 

 

1,000

 

 

1,052,410

 

 

 

 

 

 

 

 

 

 

 

 

 

25,814,722

 

Utah — 0.8%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

972,590

 

Virginia — 0.9%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,120,050

 

Washington — 1.6%

 

 

 

 

 

 

 

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

 

 

1,025

 

 

1,083,015

 

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

 

 

795

 

 

844,473

 

 

 

 

 

 

 

 

 

 

 

 

 

1,927,488

 

Total Municipal Bonds – 115.6%

 

 

 

 

 

141,532,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (a)

 

Par
(000)

 

Value

 

Alabama — 1.2%

 

 

 

 

 

 

 

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

 

$

1,500

 

$

1,521,390

 

California — 2.1%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,530,900

 

District of Columbia — 0.7%

 

 

 

 

 

 

 

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

 

 

760

 

 

845,146

 

Florida — 18.5%

 

 

 

 

 

 

 

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

 

 

3,930

 

 

3,990,207

 

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

 

 

9,500

 

 

9,388,732

 

Palm Beach County School District, COP,
Refunding, Series D (AGM), 5.00%,
8/01/28

 

 

9,190

 

 

9,226,576

 

 

 

 

 

 

 

 

 

 

 

 

 

22,605,515

 

Illinois — 4.9%

 

 

 

 

 

 

 

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

 

 

2,999

 

 

2,958,363

 

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

 

 

2,999

 

 

3,074,150

 

 

 

 

 

 

 

 

 

 

 

 

 

6,032,513

 

Kentucky — 0.8%

 

 

 

 

 

 

 

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

 

 

898

 

 

954,851

 

Nevada — 1.8%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,194,120

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 30.0%

 

 

 

 

 

36,684,435

 

Total Long-Term Investments
(Cost – $175,537,834) – 145.6%

 

 

 

 

 

178,216,538

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

FFI Institutional Tax-Exempt Fund,
0.11% (b)(c)

 

 

4,120,001

 

 

4,120,001

 

Total Short-Term Securities
(Cost – $4,120,001) – 3.4%

 

 

 

 

 

4,120,001

 

Total Investments
(Cost – $179,657,835*) – 149.0%

 

 

 

 

 

182,336,539

 

Other Assets Less Liabilities – 1.8%

 

 

 

 

 

2,210,605

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (16.3)%

 

 

 

 

 

(19,882,988

)

Preferred Shares, at Redemption Value – (34.5)%

 

 

 

 

 

(42,275,353

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

122,388,803

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

MAY 31, 2011

3

 

 

 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of May 31, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

159,790,613

 

 

 

 

 

 

Gross unrealized appreciation

 

$

5,102,254

 

 

Gross unrealized depreciation

 

 

(2,422,594

)

 

 

 

 

 

Net unrealized appreciation

 

$

2,679,660

 

 

 

 

 

 

 

(a)

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.

 

 

(b)

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,
2010

 

Net
Activity

 

Shares
Held at
May 31, 2011

 

Income

 

 

 

FFI Institutional

 

 

 

 

 

 

 

 

 

 

 

Tax-Exempt

 

 

 

 

 

 

 

 

 

 

 

Fund

 

1,211,264

 

2,908,737

 

4,120,001

 

$

3,640

 

 

 

 

(c)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of May 31, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

 

 

47

 

 

10-Year U.S.

 

Chicago

 

June 2011

 

$

5,684,645

 

$

(144,824

)

 

 

 

 

Treasury

 

Board of

 

 

 

 

 

 

 

 

 

 

 

 

 

Note

 

Trade

 

 

 

 

 

 

 

 

 

 

32

 

 

10-Year U.S.

 

Chicago

 

September

 

$

3,918,189

 

 

(5,311

)

 

 

 

 

Treasury

 

Board of

 

2011

 

 

 

 

 

 

 

 

 

 

 

Note

 

Trade

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

$

(150,135

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — 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 and derivative financial instruments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of May 31, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

178,216,538

 

 

—

 

$

178,216,538

 

Short-Term
Securities

 

$

4,120,001

 

 

—

 

 

—

 

 

4,120,001

 

 

 

Total

 

$

4,120,001

 

$

178,216,538

 

 

—

 

$

182,336,539

 

 

 

 

 

 

 

1

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(150,135

)

 

—

 

 

—

 

$

(150,135

)

 

 

 

 

 

 

2

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

 

 

 

4

BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST

MAY 31, 2011

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: July 26, 2011
   
  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: July 26, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Quality Trust
     
  Date: July 26, 2011