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: 08/31/2016
Date of reporting period: 05/31/2016
Item 1 Schedule of Investments
|
|
|
Schedule of Investments May 31, 2016 (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, Childrens Hospital (AGC) (a): |
|
|
|
|
|
|
|
|
6.00%, 6/01/19 |
|
$ |
1,000 |
|
|
$ |
1,146,240 |
|
6.13%, 6/01/19 |
|
|
1,000 |
|
|
|
1,149,920 |
|
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
|
|
335 |
|
|
|
373,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,670,144 |
|
California 14.6% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 |
|
|
2,155 |
|
|
|
2,373,840 |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
1,120 |
|
|
|
1,347,483 |
|
City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
|
|
1,175 |
|
|
|
1,276,684 |
|
County of Sacramento California, ARB, Senior Series A (AGC), 5.50%, 7/01/41 |
|
|
1,400 |
|
|
|
1,528,352 |
|
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33 |
|
|
1,025 |
|
|
|
1,292,064 |
|
Los Angeles Municipal Improvement Corp., Refunding LRB, Real Property, Series B (AGC), 5.50%, 4/01/19 (a) |
|
|
3,210 |
|
|
|
3,590,738 |
|
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 8/01/21 (a) |
|
|
1,000 |
|
|
|
1,216,730 |
|
San Diego Public Facilities Financing Authority Water, Refunding RB, Series B (AGC), 5.38%, 8/01/19 (a) |
|
|
1,125 |
|
|
|
1,272,971 |
|
State of California Public Works Board, LRB, Various Capital Projects, Series I: |
|
|
|
|
|
|
|
|
5.50%, 11/01/30 |
|
|
1,000 |
|
|
|
1,255,010 |
|
5.50%, 11/01/31 |
|
|
1,500 |
|
|
|
1,877,775 |
|
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33 |
|
|
505 |
|
|
|
619,827 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
465,299 |
|
University of California, Refunding RB, Regents of the University of California Medical Center Pooled Revenue, Series J, 5.25%,
5/15/38 |
|
|
2,355 |
|
|
|
2,836,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,953,771 |
|
Colorado 3.9% |
|
City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32 |
|
|
3,250 |
|
|
|
3,929,413 |
|
Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 5/15/19 (a) |
|
|
1,425 |
|
|
|
1,633,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,562,976 |
|
Florida 8.2% |
|
City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/31 |
|
|
4,525 |
|
|
|
5,325,472 |
|
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |
|
|
205 |
|
|
|
249,916 |
|
County of Miami-Dade Florida, RB, Seaport, Series A, 6.00%, 10/01/38 |
|
|
4,215 |
|
|
|
5,210,457 |
|
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32 |
|
|
745 |
|
|
|
894,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,680,724 |
|
Georgia 2.1% |
|
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%,
1/01/30 |
|
|
2,500 |
|
|
|
3,033,550 |
|
Illinois 21.9% |
|
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien: |
|
|
|
|
|
|
|
|
Series A, 5.75%, 1/01/39 |
|
|
825 |
|
|
|
961,802 |
|
Series C, 6.50%, 1/01/41 |
|
|
3,740 |
|
|
|
4,531,945 |
|
City of Chicago Illinois, Refunding GARB, OHare International Airport, 3rd Lien, Series C (AGC), 5.25%,
1/01/30 |
|
|
1,000 |
|
|
|
1,127,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2016 |
|
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 |
|
|
$ |
1,463,813 |
|
Sales Tax Receipts, 5.25%, 12/01/36 |
|
|
3,185 |
|
|
|
3,516,973 |
|
Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
3,000 |
|
|
|
3,290,460 |
|
City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309 (AGM), 5.00%,
6/01/28 |
|
|
3,000 |
|
|
|
3,240,450 |
|
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 1/01/42 |
|
|
1,480 |
|
|
|
1,608,878 |
|
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
5.50%, 12/01/38 |
|
|
1,250 |
|
|
|
1,427,825 |
|
5.25%, 12/01/43 |
|
|
3,000 |
|
|
|
3,356,280 |
|
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 8/15/41 |
|
|
1,885 |
|
|
|
2,242,584 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
915 |
|
|
|
1,072,298 |
|
6.00%, 6/01/28 |
|
|
260 |
|
|
|
309,707 |
|
State of Illinois, GO: |
|
|
|
|
|
|
|
|
5.25%, 2/01/31 |
|
|
610 |
|
|
|
670,445 |
|
5.25%, 2/01/32 |
|
|
1,000 |
|
|
|
1,097,000 |
|
5.50%, 7/01/33 |
|
|
1,000 |
|
|
|
1,107,290 |
|
5.50%, 7/01/38 |
|
|
270 |
|
|
|
298,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,323,555 |
|
Indiana 1.9% |
|
|
|
|
|
|
|
|
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A
(AGC), 5.50%, 1/01/38 |
|
|
2,415 |
|
|
|
2,700,670 |
|
Louisiana 1.0% |
|
|
|
|
|
|
|
|
City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring (AGC): |
|
|
|
|
|
|
|
|
Series A-1, 6.00%, 1/01/23 |
|
|
375 |
|
|
|
419,629 |
|
Series A-2, 6.00%, 1/01/23 |
|
|
150 |
|
|
|
167,201 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Louisiana (continued) |
|
|
|
|
|
|
|
|
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 |
|
$ |
790 |
|
|
$ |
869,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,456,509 |
|
Michigan 2.3% |
|
|
|
|
|
|
|
|
City of Detroit Michigan Water Supply System, RB, 2nd Lien, Series B (AGM), 6.25%, 7/01/36 |
|
|
1,700 |
|
|
|
1,912,245 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18
(a) |
|
|
1,205 |
|
|
|
1,403,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,316,106 |
|
Minnesota 2.9% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC): |
|
|
|
|
|
|
|
|
6.50%, 11/15/18 (a) |
|
|
565 |
|
|
|
641,891 |
|
6.50%, 11/15/38 |
|
|
3,115 |
|
|
|
3,494,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,136,422 |
|
Mississippi 2.3% |
|
|
|
|
|
|
|
|
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 |
|
|
1,500 |
|
|
|
2,014,785 |
|
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%,
8/01/38 |
|
|
1,000 |
|
|
|
1,211,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,226,285 |
|
Nevada 5.6% |
|
|
|
|
|
|
|
|
County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/38 |
|
|
5,410 |
|
|
|
5,813,424 |
|
County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 7/01/34 |
|
|
2,000 |
|
|
|
2,248,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,062,104 |
|
New Jersey 4.9% |
|
|
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC), 5.50%, 7/01/38 |
|
|
1,300 |
|
|
|
1,459,445 |
|
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
1,540 |
|
|
|
1,635,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2016 |
|
|
|
|
|
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 |
|
|
$ |
2,172,560 |
|
Series AA, 5.50%, 6/15/39 |
|
|
1,620 |
|
|
|
1,802,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,070,390 |
|
New York 4.7% |
|
|
|
|
|
|
|
|
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/29 |
|
|
2,465 |
|
|
|
2,760,356 |
|
Metropolitan Transportation Authority, RB: |
|
|
|
|
|
|
|
|
Series A, 5.25%, 11/15/38 |
|
|
1,565 |
|
|
|
1,858,688 |
|
Series A-1, 5.25%, 11/15/39 |
|
|
1,000 |
|
|
|
1,211,720 |
|
Metropolitan Transportation Authority, Refunding RB, SubSeries B-1, 5.00%, 11/15/51 |
|
|
780 |
|
|
|
929,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,760,680 |
|
Ohio 0.4% |
|
|
|
|
|
|
|
|
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1,
5.25%, 2/15/31 |
|
|
470 |
|
|
|
568,019 |
|
Pennsylvania 3.9% |
|
|
|
|
|
|
|
|
Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
|
Series B, 5.00%, 12/01/45 |
|
|
1,620 |
|
|
|
1,889,017 |
|
Series C, 5.00%, 12/01/43 |
|
|
1,720 |
|
|
|
1,986,961 |
|
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 |
|
|
1,500 |
|
|
|
1,747,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,623,658 |
|
South Carolina 2.9% |
|
|
|
|
|
|
|
|
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
1,525 |
|
|
|
1,861,476 |
|
State of South Carolina Public Service Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Series C, 5.00%, 12/01/46 |
|
|
1,000 |
|
|
|
1,153,130 |
|
Series E, 5.25%, 12/01/55 |
|
|
1,000 |
|
|
|
1,182,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,197,586 |
|
Texas 15.0% |
|
|
|
|
|
|
|
|
Alamo Regional Mobility Authority, RB, Junior Lien, 5.00%, 6/15/39 (b) |
|
|
615 |
|
|
|
728,431 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Texas (continued) |
|
|
|
|
|
|
|
|
Austin Community College District Public Facility Corp., RB, Educational Facilities Project, Round Rock Campus, 5.25%, 8/01/18
(a) |
|
$ |
2,000 |
|
|
$ |
2,189,400 |
|
Central Texas Regional Mobility Authority, RB, Senior Lien, Series A, 5.00%, 1/01/40 |
|
|
330 |
|
|
|
383,552 |
|
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 |
|
|
980 |
|
|
|
1,177,401 |
|
City of Frisco Texas ISD, GO, School Building (AGC), 5.50%, 8/15/41 |
|
|
3,365 |
|
|
|
3,839,364 |
|
City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC): |
|
|
|
|
|
|
|
|
5.38%, 5/15/19 (a) |
|
|
945 |
|
|
|
1,066,735 |
|
6.00%, 5/15/19 (a) |
|
|
2,100 |
|
|
|
2,408,679 |
|
6.00%, 5/15/19 (a) |
|
|
2,465 |
|
|
|
2,827,330 |
|
6.00%, 11/15/35 |
|
|
135 |
|
|
|
156,020 |
|
6.00%, 11/15/36 |
|
|
115 |
|
|
|
132,906 |
|
5.38%, 11/15/38 |
|
|
55 |
|
|
|
61,358 |
|
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A
(AGC): |
|
|
|
|
|
|
|
|
6.50%, 1/01/19 (a) |
|
|
205 |
|
|
|
233,286 |
|
6.50%, 7/01/37 |
|
|
795 |
|
|
|
892,324 |
|
Dallas Area Rapid Transit, Refunding RB, Series A, 5.00%, 12/01/48 |
|
|
725 |
|
|
|
865,918 |
|
Lower Colorado River Authority, Refunding RB, 5.50%, 5/15/33 |
|
|
1,000 |
|
|
|
1,211,030 |
|
North Texas Tollway Authority, Refunding RB, 1st Tier: |
|
|
|
|
|
|
|
|
(AGM), 6.00%, 1/01/43 |
|
|
1,000 |
|
|
|
1,182,030 |
|
Series K-1 (AGC), 5.75%, 1/01/19 (a) |
|
|
1,500 |
|
|
|
1,682,475 |
|
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
|
|
440 |
|
|
|
528,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,566,727 |
|
Virginia 1.1% |
|
|
|
|
|
|
|
|
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |
|
|
370 |
|
|
|
427,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2016 |
|
3 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust
(BAF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000) |
|
|
Value |
|
Virginia (continued) |
|
|
|
|
|
|
|
|
Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a) |
|
$ |
1,000 |
|
|
$ |
1,140,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,567,935 |
|
Washington 1.5% |
|
|
|
|
|
|
|
|
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 2/01/36 |
|
|
1,025 |
|
|
|
1,191,716 |
|
State of Washington, GO, Various Purposes, Series B, 5.25%, 2/01/36 |
|
|
795 |
|
|
|
930,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,121,882 |
|
Wisconsin 0.9% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of
Wisconsin, Inc., 4.00%, 12/01/46 |
|
|
1,170 |
|
|
|
1,251,268 |
|
Total Municipal Bonds 103.9% |
|
|
|
148,850,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|
|
|
|
|
|
California 8.8% |
|
|
|
|
|
|
|
|
San Marcos Unified School District, GO, Election of 2010, Series A, 5.25%,
8/01/31 |
|
|
10,680 |
|
|
|
12,642,343 |
|
Connecticut 1.1% |
|
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity Health
Credit Group, 5.00%, 12/01/45 |
|
|
1,306 |
|
|
|
1,545,793 |
|
District of Columbia 0.6% |
|
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series
A, 6.00%, 10/01/18 (a)(d) |
|
|
759 |
|
|
|
850,125 |
|
Illinois 5.7% |
|
|
|
|
|
|
|
|
State of Illinois Toll Highway Authority, RB, Senior: |
|
|
|
|
|
|
|
|
Priority, Series A, 5.00%, 1/01/40 |
|
|
825 |
|
|
|
971,264 |
|
Priority, Series B, 5.50%, 1/01/18 (a) |
|
|
2,999 |
|
|
|
3,220,845 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|
Par (000) |
|
|
Value |
|
Illinois (continued) |
|
|
|
|
|
|
|
|
State of Illinois Toll Highway Authority, RB, Senior (continued): |
|
|
|
|
|
|
|
|
Series B, 5.00%, 1/01/40 |
|
$ |
3,329 |
|
|
$ |
3,928,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,120,396 |
|
Kentucky 0.7% |
|
|
|
|
|
|
|
|
Kentucky State Property & Building Commission, Refunding RB, Project No. 93
(AGC), 5.25%, 2/01/27 |
|
|
898 |
|
|
|
991,950 |
|
Michigan 2.1% |
|
|
|
|
|
|
|
|
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 5.00%,
10/15/45 |
|
|
2,650 |
|
|
|
3,094,273 |
|
Nevada 4.9% |
|
|
|
|
|
|
|
|
County of Clark Nevada Water Reclamation District, GO, Limited Tax, 6.00%, 7/01/18 (a) |
|
|
2,000 |
|
|
|
2,214,420 |
|
Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 6/01/28 |
|
|
4,100 |
|
|
|
4,785,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,000,145 |
|
New Jersey 6.4% |
|
|
|
|
|
|
|
|
New Jersey EDA, RB, School Facilities Construction (AGC): |
|
|
|
|
|
|
|
|
6.00%, 12/15/18 (a) |
|
|
329 |
|
|
|
371,225 |
|
6.00%, 12/15/34 |
|
|
671 |
|
|
|
757,221 |
|
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (d) |
|
|
6,020 |
|
|
|
6,989,641 |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (d) |
|
|
1,000 |
|
|
|
1,078,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,197,085 |
|
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 |
|
|
|
5,941,702 |
|
Series FF, 5.00%, 6/15/45 |
|
|
3,019 |
|
|
|
3,509,427 |
|
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
|
900 |
|
|
|
992,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust
(BAF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (c) |
|
Par (000) |
|
|
Value |
|
New York (continued) |
|
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (d) |
|
$ |
1,000 |
|
|
$ |
1,175,342 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
|
|
2,955 |
|
|
|
3,520,958 |
|
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (d) |
|
|
1,740 |
|
|
|
2,082,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,222,901 |
|
North Carolina 2.0% |
|
|
|
|
|
|
|
|
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project,
Series B, 5.00%, 10/01/55 |
|
|
2,400 |
|
|
|
2,854,824 |
|
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 |
|
|
|
5,129,725 |
|
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41 |
|
|
2,310 |
|
|
|
2,730,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,860,468 |
|
Utah 0.8% |
|
|
|
|
|
|
|
|
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
|
|
1,005 |
|
|
|
1,099,807 |
|
Total Municipal Bonds Transferred to
Tender Option Bond Trusts 50.6% |
|
|
|
72,480,110 |
|
Total Long-Term Investments (Cost $198,062,185) 154.5% |
|
|
|
221,331,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities 0.0% |
|
Shares |
|
|
|
|
BlackRock Liquidity Funds, MuniCash, 0.21% (e)(f) |
|
|
61,041 |
|
|
|
61,041 |
|
Total Short-Term Securities (Cost $61,041) 0.0% |
|
|
|
61,041 |
|
|
|
|
|
|
|
|
|
|
Value |
|
Total Investments (Cost $198,123,226*) 154.5% |
|
$ |
221,392,112 |
|
Other Assets Less Liabilities 1.4% |
|
|
1,884,607 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (26.4)% |
|
|
(37,792,023 |
) |
VMTP Shares, at Liquidation Value (29.5)% |
|
|
(42,200,000 |
) |
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
$ |
143,284,696 |
|
|
|
|
|
|
|
|
* |
|
As of May 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
|
|
Tax cost |
|
$ |
160,644,426 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
23,269,634 |
|
Gross unrealized depreciation |
|
|
(281,147 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
22,988,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2016 |
|
5 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
|
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. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements,
which expires between October 1, 2016 to July 1, 2020, is $7,486,044. |
(e) |
|
During the period ended May 31, 2016, investments in issuers considered to be affiliates 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 May 31, 2016 |
|
|
Income |
|
BlackRock Liquidity Funds, MuniCash |
|
|
|
|
|
|
61,041 |
|
|
|
61,041 |
|
|
$ |
434 |
|
FFI Institutional Tax-Exempt Fund |
|
|
953,611 |
|
|
|
(953,611 |
) |
|
|
|
|
|
|
116 |
|
(f) |
|
Current yield as of period end. |
|
|
|
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 |
ISD |
|
Independent School District |
LRB |
|
Lease Revenue Bonds |
RB |
|
Revenue Bonds |
S/F |
|
Single-Family |
|
Derivative Financial Instruments Outstanding as of Period
End |
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
Short |
|
Issue |
|
Expiration |
|
Notional
Value |
|
|
|
|
Unrealized
Depreciation |
|
|
|
(24) |
|
5-Year U.S. Treasury Note |
|
September 2016 |
|
$ |
2,882,813 |
|
|
|
|
$ |
(2,655 |
) |
|
|
(26) |
|
10-Year U.S. Treasury Note |
|
September 2016 |
|
$ |
3,371,875 |
|
|
|
|
|
(3,290 |
) |
|
|
(10) |
|
Long U.S. Treasury Bond |
|
September 2016 |
|
$ |
1,633,125 |
|
|
|
|
|
(14,389 |
) |
|
|
(2) |
|
Ultra U.S. Treasury Bond |
|
September 2016 |
|
$ |
350,250 |
|
|
|
|
|
(1,597 |
) |
|
|
Total |
|
|
|
|
$ |
(21,931 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2016 |
|
|
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
|
|
|
|
|
|
|
|
|
|
|
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 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 Trusts 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 Trusts 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 Trusts policy regarding valuation of investments, refer to the Trusts most recent financial
statements as contained in its semi-annual report.
The following tables summarize the Trusts investments and derivative financial
instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
|
|
|
|
$ |
221,331,071 |
|
|
|
|
$ |
221,331,071 |
|
Short-Term Securities |
|
$ |
61,041 |
|
|
|
|
|
|
|
|
|
61,041 |
|
|
|
|
|
|
Total |
|
$ |
61,041 |
|
|
$ |
221,331,071 |
|
|
|
|
$ |
221,392,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts
|
|
$ |
(21,931 |
) |
|
|
|
|
|
|
|
$ |
(21,931 |
) |
1 See above Schedule of
Investments for values in each state or political subdivision. |
|
2 Derivative financial
instruments are futures contracts. Futures contracts 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 futures contracts |
|
$ |
97,800 |
|
|
|
|
|
|
|
|
$ |
97,800 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB Trust Certificates |
|
|
|
|
|
$ |
(37,759,199 |
) |
|
|
|
|
(37,759,199 |
) |
VMTP Shares |
|
|
|
|
|
|
(42,200,000 |
) |
|
|
|
|
(42,200,000 |
) |
|
|
|
|
|
Total |
|
$ |
97,800 |
|
|
$ |
(79,959,199 |
) |
|
|
|
$ |
(79,861,399 |
) |
|
|
|
|
|
During the period ended May 31, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2016 |
|
7 |
|
|
|
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: July 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: July 22, 2016 |
|
|
|
|
|
|
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Municipal Income Investment Quality Trust |
|
Date: July 22, 2016 |