N-Q 1 d41751dnq.htm BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST 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: 08/31/2016

Date of reporting period: 11/30/2015


Item 1 – Schedule of Investments


Schedule of Investments November 30, 2015 (Unaudited)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

    Value  

Alabama — 1.9%

    

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

    

6.00%, 6/01/19

   $ 1,000      $ 1,166,480   

6.13%, 6/01/19

     1,000        1,170,760   

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

     335        370,460   
    

 

 

 
               2,707,700   

California — 14.8%

    

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

     2,155        2,398,407   

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

     1,120        1,339,800   

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

     1,175        1,287,765   

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

     1,400        1,541,330   

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

     1,025        1,222,733   

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

     3,210        3,598,667   

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

     1,000        1,178,610   

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

     1,125        1,273,702   

State of California Public Works Board, LRB, Various Capital Projects, Series I:

    

5.50%, 11/01/30

     1,000        1,223,160   

5.50%, 11/01/31

     1,500        1,827,480   

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33

     505        596,062   
Municipal Bonds   

Par  

(000)

    Value  

California (continued)

    

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

   $ 380      $ 448,848   

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

     2,355        2,703,328   
    

 

 

 
               20,639,892   

Colorado — 3.8%

    

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

     3,250        3,766,750   

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

     1,425        1,584,329   
    

 

 

 
               5,351,079   

Florida — 10.4%

    

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

     4,525        5,308,685   

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

     205        240,900   

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

     4,215        5,075,661   

County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, University of Miami-Dade, Series A, 5.00%, 4/01/45

     2,720        2,992,353   

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

     745        868,841   
    

 

 

 
               14,486,440   

Georgia — 2.2%

    

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

     2,500        3,021,625   

Illinois — 24.8%

    

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

    

Series A, 5.75%, 1/01/39

     825        960,003   

Series C, 6.50%, 1/01/41

     3,740        4,501,763   

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

     1,000        1,124,800   
 

 

                
   BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST    NOVEMBER 30, 2015    1


Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

 

Municipal Bonds   

Par  

(000)

    Value  

Illinois (continued)

    

City of Chicago Illinois Transit Authority, RB:

    

Federal Transit Administration, Section 5309,
Series A (AGC), 6.00%, 12/01/18 (a)

   $ 1,300      $ 1,490,697   

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

     3,185        3,425,499   

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

     3,000        3,211,590   

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

     3,000        3,190,680   

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

     1,480        1,558,381   

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

    

5.50%, 12/01/38

     1,250        1,425,050   

5.25%, 12/01/43

     3,000        3,339,330   

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

     1,885        2,210,860   

Illinois State Toll Highway Authority, RB, Series B,
5.00%, 1/01/40 (b)

     3,335        3,770,418   

Railsplitter Tobacco Settlement Authority, RB:

    

5.50%, 6/01/23

     915        1,067,476   

6.00%, 6/01/28

     260        308,854   

State of Illinois, GO:

    

5.25%, 2/01/31

     610        654,304   

5.25%, 2/01/32

     1,000        1,069,060   

5.50%, 7/01/33

     1,000        1,080,970   

5.50%, 7/01/38

     270        286,824   
    

 

 

 
               34,676,559   

Indiana — 2.0%

    

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

     2,415        2,719,266   

Louisiana — 1.1%

    

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

    

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

     375        423,154   

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

     150        168,682   
Municipal Bonds   

Par  

(000)

    Value  

Louisiana (continued)

    

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

   $ 790      $ 869,229   
    

 

 

 
               1,461,065   

Michigan — 2.4%

    

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

     1,700        1,877,327   

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

     1,205        1,440,987   
    

 

 

 
               3,318,314   

Minnesota — 3.0%

    

City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC):

    

6.50%, 11/15/18 (a)

     565        654,010   

6.50%, 11/15/38

     3,115        3,527,831   
    

 

 

 
               4,181,841   

Mississippi — 2.2%

    

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

     1,500        1,921,575   

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

     1,000        1,142,050   
    

 

 

 
               3,063,625   

Nevada — 5.8%

    

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

     5,410        5,851,997   

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

     2,000        2,250,080   
    

 

 

 
               8,102,077   

New Jersey — 5.0%

    

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

     1,300        1,457,157   

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

     1,540        1,628,073   
 

 

                
2    BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST    NOVEMBER 30, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

 

Municipal Bonds   

Par  

(000)

    Value  

New Jersey (continued)

    

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

    

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

   $ 2,000      $ 2,178,080   

Series AA, 5.50%, 6/15/39

     1,620        1,740,819   
    

 

 

 
               7,004,129   

New York — 4.1%

    

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

     2,465        2,779,953   

Metropolitan Transportation Authority, RB:

    

Series A, 5.25%, 11/15/38

     1,565        1,838,781   

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

     1,000        1,166,700   
    

 

 

 
               5,785,434   

Ohio — 0.4%

    

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31

     470        544,006   

Pennsylvania — 2.6%

    

Pennsylvania Turnpike Commission, RB, Series C,
5.00%, 12/01/43

     1,720        1,916,510   

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

     1,500        1,711,185   
    

 

 

 
               3,627,695   

South Carolina — 2.4%

    

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

     1,525        1,762,824   

State of South Carolina Public Service Authority, Refunding RB, Obligations, Series C, 5.00%, 12/01/46

     1,400        1,541,848   
    

 

 

 
               3,304,672   

Texas — 14.6%

    

Austin Community College District Public Facility Corp., RB, Educational Facilities Project, Round Rock Campus, 5.25%, 8/01/18 (a)

     2,000        2,223,700   

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

     980        1,118,602   
Municipal Bonds   

Par  

(000)

    Value  

Texas (continued)

    

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

   $ 3,365      $ 3,871,937   

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

    

6.00%, 11/15/35

     2,600        3,026,790   

6.00%, 11/15/36

     2,215        2,578,592   

5.38%, 11/15/38

     1,000        1,128,480   

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

    

6.50%, 1/01/19 (a)

     205        237,886   

6.50%, 7/01/37

     795        896,442   

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

     1,000        1,171,050   

North Texas Tollway Authority, Refunding RB:

    

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

     1,000        1,181,360   

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

     1,500        1,675,140   

Series B, 5.00%, 1/01/40

     750        828,458   

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

     440        502,836   
    

 

 

 
               20,441,273   

Virginia — 1.1%

    

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

     370        408,709   

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

     1,000        1,164,350   
    

 

 

 
               1,573,059   

Washington — 1.5%

    

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

     1,025        1,189,851   

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

     795        922,860   
    

 

 

 
               2,112,711   
Total Municipal Bonds — 106.1%              148,122,462   
 

 

                
   BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST    NOVEMBER 30, 2015    3


Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (c)

  

Par  

(000)

    Value  

California — 9.0%

    

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

   $ 10,680      $ 12,614,575   

District of Columbia — 0.6%

    

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

     760        865,219   

Illinois — 3.0%

    

State of Illinois Toll Highway Authority, RB, Senior Priority:

    

Series A, 5.00%, 1/01/40

     825        928,746   

Series B, 5.50%, 1/01/33 (a)

     2,999        3,247,580   
    

 

 

 
               4,176,326   

Kentucky — 0.7%

    

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

     898        1,000,418   

Michigan — 2.1%

    

Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45

     2,650        2,974,652   

Nevada — 5.0%

    

County of Clark Nevada Water Reclamation District, GO, Limited Tax, 6.00%, 7/01/18 (a)

     2,000        2,256,300   

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

     4,100        4,732,548   
    

 

 

 
               6,988,848   

New Jersey — 6.3%

    

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

    

6.00%, 12/15/18 (a)

     329        381,498   

6.00%, 12/15/34

     671        755,106   

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

     6,020        6,677,565   

Municipal Bonds Transferred to

Tender Option Bond Trusts (c)

  

Par  

(000)

    Value  

New Jersey (continued)

    

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

   $ 1,000      $ 1,044,621   
    

 

 

 
               8,858,790   

New York — 12.0%

    

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

     4,993        5,818,126   

Series FF, 5.00%, 6/15/45

     3,019        3,352,531   

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

     900        996,732   

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

     1,000        1,141,017   

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

     2,955        3,395,448   

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

     1,740        2,007,594   
    

 

 

 
               16,711,448   

North Carolina — 2.0%

    

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project,
5.00%, 10/01/55

     2,400        2,742,384   

Texas — 5.5%

    

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

     4,456        4,982,076   

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

     2,310        2,722,451   
    

 

 

 
               7,704,527   

Utah — 0.8%

    

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

     1,005        1,092,012   
 

 

                
4    BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST    NOVEMBER 30, 2015   


Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (c)

          Value  
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 47.0%
      $ 65,729,199   
Total Long-Term Investments
(Cost — $194,069,104) — 153.1%
        213,851,661   
    
   
Short-Term Securities — 2.9%    Shares         

FFI Institutional Tax-Exempt Fund, 0.02% (e)(f)

     4,009,060        4,009,060   
Total Short-Term Securities
(Cost — $4,009,060) — 2.9%
             4,009,060   
               
Value
 
Total Investments (Cost — $198,078,164*) — 156.0%      $ 217,860,721   
Liabilities in Excess of Other Assets — (1.0)%        (1,339,755

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (24.8)%

       (34,680,261
VMTP Shares, at Liquidation Value — (30.2)%        (42,200,000
    

 

 

 
Net Assets Applicable to Common Shares — 100.0%      $ 139,640,705   
    

 

 

 

 

*   As of November 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

  $ 163,688,592   
 

 

 

 

Gross unrealized appreciation

  $ 19,782,557   

Gross unrealized depreciation

    (280,399
 

 

 

 

Net unrealized appreciation

  $ 19,502,158   
 

 

 

 
 
Notes to Schedule of Investments

 

(a)   U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(b)   When-issued security.

 

(c)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

 

(d)   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 or in the event of a default on the security. In the case of a shortfall or default, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement(s), which expire between October 1, 2016 and July 1, 2020, is $7,486,048.

 

(e)   During the period ended November 30, 2015, investments in issuers considered to be an affiliate of the Trust 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,
2015
       Net
Activity
       Shares Held
at November 30,
2015
       Income  

FFI Institutional Tax-Exempt Fund

       953,611           3,055,449           4,009,060         $ 57   

 

(f)   Represents the current yield as of period end.

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
ARB    Airport Revenue Bonds
BARB    Building Aid Revenue Bonds
EDA    Economic Development Authority
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
IDB    Industrial Development Board

 

                
   BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST    NOVEMBER 30, 2015    5


Schedule of Investments (continued)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

 

ISD    Independent School District
LRB    Lease Revenue Bonds
RB    Revenue Bonds
S/F    Single-Family

 

Derivative Financial Instruments Outstanding as of Period End

Financial Futures Contracts

 

Contracts
(Short)
    Issue   Expiration   Notional
Value
  Unrealized
(Depreciation)
 
  (11   5-Year U.S. Treasury Note   March 2016   $1,305,477   $ (2,336
  (13   10-Year U.S. Treasury Note   March 2016   $1,643,688     (3,895
  (7   Long U.S. Treasury Bond   March 2016   $1,078,000     (3,727
  (1   Ultra U.S. Treasury Bond   March 2016   $  158,437     (845
  Total            $ (10,803
       

 

 

 

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 — unadjusted price quotations 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)

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 significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as Level 3.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments 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 derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

 

     Level 1        Level 2        Level 3      Total  

Assets:

                
Investments:                 

Long-Term Investments1

            $ 213,851,661              $ 213,851,661   

Short-Term Securities

  $ 4,009,060                          4,009,060   
 

 

 

 

Total

  $ 4,009,060         $ 213,851,661              $ 217,860,721   
 

 

 

 

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

       

 

                
6    BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST    NOVEMBER 30, 2015   


Schedule of Investments (concluded)

  

BlackRock Municipal Income Investment Quality Trust (BAF)

 

 

     Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments1                 

Liabilities:

                

Interest rate contracts

  $ (10,803                          $ (10,803

1    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 period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

   

     Level 1        Level 2        Level 3        Total  

Assets:

                

Cash pledged for financial futures contracts

  $ 55,800                             $ 55,800   

Liabilities:

                

TOB Trust Certificates

            $ (34,669,971                  (34,669,971

VMTP Shares

              (42,200,000                  (42,200,000
 

 

 

 

Total

  $ 55,800         $ (76,869,971                $ (76,814,171
 

 

 

 

During the period ended November 30, 2015, there were no transfers between levels.

 

                
   BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST    NOVEMBER 30, 2015    7


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 22, 2016

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 22, 2016
By:    /s/ Neal J. Andrews                    
   Neal J. Andrews
   Chief Financial Officer (principal financial officer) of
   BlackRock Municipal Income Investment Quality Trust
Date:    January 22, 2016