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
Registrants 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
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Schedule of Investments November 30, 2012 (Unaudited) |
|
BlackRock Municipal Income Investment
Quality Trust (BAF) (Percentages shown are based on Net Assets |
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|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
Municipal Bonds |
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|
|
|
|
|
|
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Alabama 1.9% |
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|
|
|
|
|
|
|
Birmingham Special Care Facilities Financing Authority, RB, Childrens Hospital (AGC): |
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|
|
|
|
|
|
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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% |
|
|
|
|
|
|
|
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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 |
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Los Angeles Community College District California, GO, Election of 2001, Series A (NPFGC), 5.00%, 8/01/32 |
|
|
1,000 |
|
|
|
1,153,870 |
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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 |
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University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 |
|
|
1,000 |
|
|
|
1,198,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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21,798,075 |
|
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|
|
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|
Par (000) |
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|
Value |
|
Municipal Bonds |
|
|
|
|
|
|
|
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Colorado 3.4% |
|
|
|
|
|
|
|
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City & County of Denver Colorado, Refunding ARB, Series B, 5.00%, 11/15/37 |
|
$ |
600 |
|
|
$ |
700,944 |
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Colorado Health Facilities Authority, RB, Hospital, NCMC Inc. Project, Series B (AGM), 6.00%, 5/15/26 |
|
|
1,425 |
|
|
|
1,726,402 |
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University of Colorado, Refunding RB, Enterprise System, Series A-2: |
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|
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5.00%, 6/01/32 |
|
|
1,165 |
|
|
|
1,425,447 |
|
5.00%, 6/01/33 |
|
|
1,010 |
|
|
|
1,228,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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5,080,913 |
|
Florida 4.2% |
|
|
|
|
|
|
|
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City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/31 |
|
|
4,525 |
|
|
|
5,542,129 |
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City of Jacksonville Florida, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30 |
|
|
745 |
|
|
|
893,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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6,435,682 |
|
Georgia 2.1% |
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|
|
|
|
|
|
City of Atlanta Georgia, Refunding RB, General, Series C, 6.00%, 1/01/30 |
|
|
2,500 |
|
|
|
3,162,050 |
|
Illinois 12.9% |
|
|
|
|
|
|
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Chicago Illinois Board of Education, GO, Series A: |
|
|
|
|
|
|
|
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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, OHare 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, OHare 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 |
|
|
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|
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|
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|
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|
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|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
NOVEMBER 30, 2012 |
|
1 |
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|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages
shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
Municipal Bonds |
|
|
|
|
|
|
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|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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. |
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 Trusts 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 Trusts 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 Trusts policy regarding valuation of investments and other significant accounting policies, please refer to the Trusts most recent financial statements as contained in its annual report.
The following table summarizes the Trusts 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 Trusts 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 registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants
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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 |