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: 08/31/2017
Date of reporting period: 05/31/2017
Item 1 Schedule of Investments
|
|
|
Schedule of Investments May 31, 2017 (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 |
|
|
$ |
1,098,760 |
|
6.13%, 6/01/19 |
|
|
1,000 |
|
|
|
1,101,230 |
|
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 |
|
|
335 |
|
|
|
374,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,574,198 |
|
California 14.7% |
|
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/18 (a) |
|
|
2,005 |
|
|
|
2,123,335 |
|
California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
1,120 |
|
|
|
1,281,303 |
|
City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%,
7/01/38 |
|
|
1,175 |
|
|
|
1,230,824 |
|
County of Sacramento California, ARB, Senior Series A (AGC), 5.50%, 7/01/18 (a) |
|
|
1,400 |
|
|
|
1,471,456 |
|
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33 |
|
|
1,025 |
|
|
|
1,235,904 |
|
Los Angeles Municipal Improvement Corp., Refunding LRB, Real Property, Series B (AGC), 5.50%, 4/01/19 (a) |
|
|
3,210 |
|
|
|
3,478,773 |
|
Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 8/01/21 (a) |
|
|
1,000 |
|
|
|
1,178,170 |
|
San Diego Public Facilities Financing Authority Water, Refunding RB, Series B (AGC), 5.38%, 8/01/19 (a) |
|
|
1,125 |
|
|
|
1,232,078 |
|
State of California Public Works Board, LRB, Various Capital Projects, Series I: |
|
|
|
|
|
|
|
|
5.50%, 11/01/30 |
|
|
1,000 |
|
|
|
1,215,140 |
|
5.50%, 11/01/31 |
|
|
1,500 |
|
|
|
1,818,675 |
|
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%,
9/01/33 |
|
|
505 |
|
|
|
599,980 |
|
|
|
|
|
|
|
|
|
|
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 |
|
|
$ |
454,362 |
|
University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38 |
|
|
2,355 |
|
|
|
2,753,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,073,866 |
|
Colorado 3.9% |
|
City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32 |
|
|
3,250 |
|
|
|
3,776,337 |
|
Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 5/15/19 (a) |
|
|
1,425 |
|
|
|
1,563,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,339,719 |
|
Florida 9.4% |
|
City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/31 |
|
|
4,525 |
|
|
|
5,189,677 |
|
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |
|
|
205 |
|
|
|
239,393 |
|
County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38 |
|
|
4,215 |
|
|
|
5,095,935 |
|
County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities Project, 5.00%,
8/01/41 |
|
|
1,305 |
|
|
|
1,421,341 |
|
Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 6/01/32 |
|
|
745 |
|
|
|
877,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,823,457 |
|
Georgia 2.1% |
|
City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%,
1/01/30 |
|
|
2,500 |
|
|
|
2,912,925 |
|
Illinois 20.6% |
|
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien, Series A, 5.75%, 1/01/39 |
|
|
825 |
|
|
|
932,060 |
|
City of Chicago Illinois, Refunding GARB, OHare International Airport, 3rd Lien, Series C (AGC), 5.25%,
1/01/30 |
|
|
1,000 |
|
|
|
1,086,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
1 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Illinois (continued) |
|
|
|
|
|
|
|
|
City of Chicago Illinois OHare International Airport, GARB, 3rd Lien, Series C, 6.50%, 1/01/21 (a) |
|
$ |
3,740 |
|
|
$ |
4,454,938 |
|
City of Chicago Illinois Transit Authority, RB: Federal Transit Administration, Section 5309, Series A (AGC), 6.00%, 12/01/18
(a) |
|
|
1,300 |
|
|
|
1,398,124 |
|
Sales Tax Receipts, 5.25%, 12/01/36 |
|
|
3,185 |
|
|
|
3,449,674 |
|
Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
3,000 |
|
|
|
3,236,280 |
|
City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309 (AGM), 5.00%,
6/01/28 |
|
|
3,000 |
|
|
|
3,177,390 |
|
City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 1/01/42 |
|
|
1,480 |
|
|
|
1,574,498 |
|
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
5.50%, 12/01/38 |
|
|
855 |
|
|
|
922,699 |
|
5.25%, 12/01/43 |
|
|
1,430 |
|
|
|
1,514,642 |
|
Illinois Finance Authority, RB, Carle Foundation, Series A, 6.00%, 8/15/41 |
|
|
1,885 |
|
|
|
2,153,217 |
|
Railsplitter Illinois Tobacco Settlement Authority, RB, 5.50%, 6/01/23 |
|
|
915 |
|
|
|
1,046,092 |
|
Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28 |
|
|
260 |
|
|
|
297,687 |
|
State of Illinois, GO: |
|
|
|
|
|
|
|
|
5.25%, 2/01/31 |
|
|
610 |
|
|
|
630,380 |
|
5.25%, 2/01/32 |
|
|
1,000 |
|
|
|
1,031,680 |
|
5.50%, 7/01/33 |
|
|
1,000 |
|
|
|
1,046,160 |
|
5.50%, 7/01/38 |
|
|
270 |
|
|
|
283,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,235,459 |
|
Indiana 1.9% |
|
|
|
|
|
|
|
|
Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC): |
|
|
|
|
|
|
|
|
5.50%, 1/01/19 (a) |
|
|
470 |
|
|
|
503,910 |
|
5.50%, 1/01/38 |
|
|
1,945 |
|
|
|
2,065,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,569,539 |
|
Kentucky 0.7% |
|
|
|
|
|
|
|
|
Kentucky State Property & Building Commission, Refunding RB, Project No. 93, (AGC): |
|
|
|
|
|
|
|
|
5.25%, 2/01/19 (a) |
|
|
800 |
|
|
|
856,592 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Kentucky (continued) |
|
|
|
|
|
|
|
|
Kentucky State Property & Building Commission, Refunding RB, Project No. 93, (AGC) (continued): |
|
|
|
|
|
|
|
|
5.25%, 2/01/27 |
|
$ |
100 |
|
|
$ |
106,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
963,187 |
|
Louisiana 1.0% |
|
|
|
|
|
|
|
|
City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring (AGC) (a): |
|
|
|
|
|
|
|
|
Series A-1, 6.00%, 1/01/19 |
|
|
375 |
|
|
|
404,809 |
|
Series A-2, 6.00%, 1/01/19 |
|
|
150 |
|
|
|
161,924 |
|
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 |
|
|
790 |
|
|
|
832,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,398,737 |
|
Massachusetts 1.0% |
|
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 1/01/47 |
|
|
695 |
|
|
|
772,062 |
|
Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%, 10/01/35 |
|
|
500 |
|
|
|
562,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,334,707 |
|
Michigan 2.3% |
|
|
|
|
|
|
|
|
City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM): |
|
|
|
|
|
|
|
|
6.25%, 7/01/19 (a) |
|
|
1,695 |
|
|
|
1,879,111 |
|
6.25%, 7/01/36 |
|
|
5 |
|
|
|
5,457 |
|
Royal Oak Michigan Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18
(a) |
|
|
1,205 |
|
|
|
1,314,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,198,741 |
|
Minnesota 2.9% |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC): |
|
|
|
|
|
|
|
|
6.50%, 11/15/18 (a) |
|
|
565 |
|
|
|
610,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Minnesota (continued) |
|
|
|
|
|
|
|
|
City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC) (continued): |
|
|
|
|
|
|
|
|
6.50%, 11/15/38 |
|
$ |
3,115 |
|
|
$ |
3,334,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,945,048 |
|
Mississippi 1.8% |
|
|
|
|
|
|
|
|
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40 |
|
|
1,000 |
|
|
|
1,284,440 |
|
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%,
8/01/38 |
|
|
1,000 |
|
|
|
1,164,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,448,730 |
|
Nevada 3.4% |
|
|
|
|
|
|
|
|
County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/18 (a) |
|
|
2,410 |
|
|
|
2,509,750 |
|
County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 7/01/19 (a) |
|
|
2,000 |
|
|
|
2,176,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,686,290 |
|
New Jersey 4.9% |
|
|
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority, RB, Virtua Health, Series A (AGC), 5.50%, 7/01/38 |
|
|
1,300 |
|
|
|
1,403,740 |
|
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
1,480 |
|
|
|
1,537,232 |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
Series A (AGC), 5.50%, 12/15/38 |
|
|
2,000 |
|
|
|
2,102,540 |
|
Series AA, 5.50%, 6/15/39 |
|
|
1,620 |
|
|
|
1,717,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,761,489 |
|
New York 4.4% |
|
|
|
|
|
|
|
|
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-4 (AGC), 5.50%, 1/15/29 |
|
|
2,465 |
|
|
|
2,639,966 |
|
Metropolitan Transportation Authority, RB: |
|
|
|
|
|
|
|
|
Series A, 5.25%, 11/15/38 |
|
|
1,565 |
|
|
|
1,786,604 |
|
Series A-1, 5.25%, 11/15/39 |
|
|
1,000 |
|
|
|
1,150,770 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New York (continued) |
|
|
|
|
|
|
|
|
Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 6/01/42 |
|
$ |
430 |
|
|
$ |
434,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,012,117 |
|
North Carolina 1.0% |
|
|
|
|
|
|
|
|
North Carolina Housing Finance Agency, RB, S/F, Series 38-B, 3.95%, 1/01/41
(b) |
|
|
1,310 |
|
|
|
1,333,619 |
|
Ohio 0.4% |
|
|
|
|
|
|
|
|
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1,
5.25%, 2/15/31 |
|
|
470 |
|
|
|
555,860 |
|
Oklahoma 1.2% |
|
|
|
|
|
|
|
|
Norman Regional Hospital Authority, Refunding RB, 5.00%, 9/01/37 |
|
|
490 |
|
|
|
544,355 |
|
Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project,
Series A, 5.25%, 8/01/57 |
|
|
990 |
|
|
|
1,084,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,628,524 |
|
Oregon 0.1% |
|
|
|
|
|
|
|
|
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%,
6/15/38 (c) |
|
|
510 |
|
|
|
212,537 |
|
Pennsylvania 4.0% |
|
|
|
|
|
|
|
|
Pennsylvania HFA, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42 (b) |
|
|
1,285 |
|
|
|
1,317,022 |
|
Pennsylvania Turnpike Commission, RB, Series C, 5.00%, 12/01/43 |
|
|
1,720 |
|
|
|
1,929,341 |
|
Philadelphia Authority for Industrial Development, Refunding RB, Childrens Hospital of Philadelphia, 4.00%, 7/01/37
(b) |
|
|
520 |
|
|
|
547,628 |
|
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 |
|
|
1,500 |
|
|
|
1,724,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,518,001 |
|
South Carolina 2.9% |
|
|
|
|
|
|
|
|
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
1,525 |
|
|
|
1,788,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
3 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
South Carolina (continued) |
|
|
|
|
|
|
|
|
State of South Carolina Public Service Authority, RB, Series E, 5.00%, 12/01/48 |
|
$ |
275 |
|
|
$ |
296,895 |
|
State of South Carolina Public Service Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Series C, 5.00%, 12/01/46 |
|
|
375 |
|
|
|
408,469 |
|
Series E, 5.25%, 12/01/55 |
|
|
1,275 |
|
|
|
1,421,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,914,898 |
|
Texas 13.0% |
|
|
|
|
|
|
|
|
Austin Community College District Public Facility Corp., RB, Educational Facilities Project, Round Rock Campus, 5.25%, 8/01/18
(a) |
|
|
1,000 |
|
|
|
1,050,980 |
|
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 |
|
|
980 |
|
|
|
1,132,557 |
|
City of Frisco Texas ISD, GO, School Building (AGC), 5.50%, 8/15/41 |
|
|
3,365 |
|
|
|
3,658,697 |
|
City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC): |
|
|
|
|
|
|
|
|
5.38%, 5/15/19 (a) |
|
|
945 |
|
|
|
1,025,741 |
|
6.00%, 5/15/19 (a) |
|
|
2,465 |
|
|
|
2,705,387 |
|
6.00%, 5/15/19 (a) |
|
|
2,100 |
|
|
|
2,304,792 |
|
6.00%, 11/15/35 |
|
|
135 |
|
|
|
147,996 |
|
6.00%, 11/15/36 |
|
|
115 |
|
|
|
126,071 |
|
5.38%, 11/15/38 |
|
|
55 |
|
|
|
59,075 |
|
County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A (AGC): |
|
|
|
|
|
|
|
|
6.50%, 1/01/19 (a) |
|
|
205 |
|
|
|
222,732 |
|
6.50%, 7/01/37 |
|
|
795 |
|
|
|
851,501 |
|
Lower Colorado River Authority, Refunding RB, 5.50%, 5/15/33 |
|
|
1,000 |
|
|
|
1,181,410 |
|
North Texas Tollway Authority, Refunding RB, 1st Tier: |
|
|
|
|
|
|
|
|
(AGM), 6.00%, 1/01/43 |
|
|
1,000 |
|
|
|
1,143,230 |
|
Series K-1 (AGC), 5.75%, 1/01/19 (a) |
|
|
1,500 |
|
|
|
1,612,860 |
|
Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
|
|
440 |
|
|
|
502,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,725,553 |
|
Virginia 1.1% |
|
|
|
|
|
|
|
|
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |
|
|
370 |
|
|
|
415,270 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Virginia (continued) |
|
|
|
|
|
|
|
|
State of Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a) |
|
$ |
1,000 |
|
|
$ |
1,083,590 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,498,860 |
|
Washington 1.5% |
|
|
|
|
|
|
|
|
City of Seattle Washington Municipal Light & Power, Refunding RB, Series A, 5.25%, 2/01/36 |
|
|
1,025 |
|
|
|
1,148,451 |
|
State of Washington, GO, Various Purposes, Series B, 5.25%, 2/01/36 |
|
|
795 |
|
|
|
896,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,044,623 |
|
Wisconsin 1.6% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Froedtert Health, Inc. Obligated Group, 4.00%, 4/01/39 |
|
|
710 |
|
|
|
733,913 |
|
Medical College of Wisconsin, Inc., 5.00%, 12/01/41 |
|
|
1,250 |
|
|
|
1,426,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,160,113 |
|
Total Municipal Bonds 103.7% |
|
|
|
|
|
|
141,870,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (d) |
|
|
|
|
Alabama 0.8% |
|
|
|
|
|
|
|
|
Auburn University, Refunding RB, Series A, 4.00%, 6/01/41 |
|
|
1,000 |
|
|
|
1,054,920 |
|
California 11.3% |
|
|
|
|
|
|
|
|
Sacramento Area Flood Control Agency, Refunding RB, Consolidated Capital Assessment District No. 2, Series A, 5.00%,
10/01/43 |
|
|
2,775 |
|
|
|
3,243,476 |
|
San Marcos Unified School District, GO, Election of 2010, Series A, 5.25%, 8/01/31 |
|
|
10,680 |
|
|
|
12,225,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,468,765 |
|
Connecticut 1.1% |
|
|
|
|
|
|
|
|
Connecticut State Health & Educational Facility Authority, Refunding RB, Trinity
Health Credit Group, 5.00%, 12/01/45 |
|
|
1,306 |
|
|
|
1,484,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par
(000) |
|
|
Value |
|
District of Columbia 0.6% |
|
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series
A, 6.00%, 10/01/18 (a)(e) |
|
$ |
759 |
|
|
$ |
810,871 |
|
Illinois 7.5% |
|
|
|
|
|
|
|
|
State of Illinois Toll Highway Authority, RB: |
|
|
|
|
|
|
|
|
Senior Priority, Series A, 5.00%, 1/01/40 |
|
|
825 |
|
|
|
932,673 |
|
Senior Priority, Series B, 5.50%, 1/01/18 (a) |
|
|
2,999 |
|
|
|
3,081,150 |
|
Senior, Series B, 5.00%, 1/01/40 |
|
|
3,329 |
|
|
|
3,777,993 |
|
Series C, 5.00%, 1/01/38 |
|
|
2,252 |
|
|
|
2,537,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,329,567 |
|
Michigan 2.2% |
|
|
|
|
|
|
|
|
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 5.00%,
10/15/45 |
|
|
2,650 |
|
|
|
2,981,250 |
|
Nevada 4.9% |
|
|
|
|
|
|
|
|
County of Clark Nevada Water Reclamation District, GO, Limited Tax, 6.00%, 7/01/18 (a) |
|
|
2,000 |
|
|
|
2,111,040 |
|
Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 6/01/28 |
|
|
4,100 |
|
|
|
4,640,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,751,051 |
|
New Jersey 6.5% |
|
|
|
|
|
|
|
|
New Jersey EDA, RB, School Facilities Construction (AGC) (a): |
|
|
|
|
|
|
|
|
6.00%, 12/15/18 |
|
|
986 |
|
|
|
1,063,224 |
|
6.00%, 12/15/18 |
|
|
14 |
|
|
|
15,046 |
|
New Jersey State Turnpike Authority, RB, Series A, 5.00%, 1/01/38 (e) |
|
|
6,020 |
|
|
|
6,764,795 |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B, 5.25%, 6/15/36 (e) |
|
|
1,000 |
|
|
|
1,033,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,877,043 |
|
New York 14.2% |
|
|
|
|
|
|
|
|
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 |
|
|
|
5,662,082 |
|
Series FF, 5.00%, 6/15/45 |
|
|
3,019 |
|
|
|
3,413,965 |
|
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
|
900 |
|
|
|
956,131 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par
(000) |
|
|
Value |
|
New York (continued) |
|
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (e) |
|
$ |
1,000 |
|
|
$ |
1,139,257 |
|
Metropolitan Transportation Authority, Refunding RB, Series C-1, 5.25%, 11/15/56 |
|
|
2,540 |
|
|
|
2,954,649 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
|
|
2,955 |
|
|
|
3,364,076 |
|
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (e) |
|
|
1,740 |
|
|
|
1,998,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,488,654 |
|
North Carolina 2.0% |
|
|
|
|
|
|
|
|
North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project,
Series B, 5.00%, 10/01/55 |
|
|
2,400 |
|
|
|
2,749,608 |
|
Pennsylvania 2.1% |
|
|
|
|
|
|
|
|
County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 8/15/38 |
|
|
1,349 |
|
|
|
1,538,374 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42 |
|
|
1,094 |
|
|
|
1,287,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,825,741 |
|
Texas 5.6% |
|
|
|
|
|
|
|
|
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project, Series A, 5.00%,
11/15/38 |
|
|
4,456 |
|
|
|
4,972,499 |
|
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41 |
|
|
2,310 |
|
|
|
2,681,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,654,247 |
|
Utah 0.8% |
|
|
|
|
|
|
|
|
City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
|
|
1,005 |
|
|
|
1,072,790 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts
59.6% |
|
|
|
|
|
|
81,549,278 |
|
Total Long-Term
Investments (Cost $206,817,905) 163.3% |
|
|
|
|
|
|
223,420,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
5 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
Value |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.60% (f)(g) |
|
|
558,732 |
|
|
$ |
558,844 |
|
Total Short-Term Securities (Cost $558,844) 0.4% |
|
|
|
558,844 |
|
Total Investments
(Cost $207,376,749*) 163.7% |
|
|
|
223,978,919 |
|
Liabilities in Excess of Other Assets (0.1)% |
|
|
|
(43,102 |
) |
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (32.8)% |
|
|
|
(44,915,501 |
) |
VMTP Shares, at Liquidation Value (30.8)% |
|
|
|
(42,200,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
136,820,316 |
|
|
|
|
|
|
|
|
|
|
* |
|
As of May 31, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: |
|
|
|
|
|
Tax cost |
|
$ |
162,844,716 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
16,775,210 |
|
Gross unrealized depreciation |
|
|
(437,620 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
16,337,590 |
|
|
|
|
|
|
|
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. |
(d) |
|
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.
|
(e) |
|
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 expire between May 07, 2018 to July 01, 2020, is $7,481,044. |
(f) |
|
During the period ended May 31, 2017, 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, 2016 |
|
|
Net Activity |
|
|
Shares Held at May 31, 2017 |
|
|
Value at May 31, 2017 |
|
|
Income |
|
|
Net
Realized (Loss) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
704,474 |
|
|
|
(145,742 |
) |
|
|
558,732 |
|
|
$ |
558,844 |
|
|
$ |
2,232 |
|
|
$ |
(43 |
) |
|
|
|
|
(g) |
|
Current yield as of period end. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
|
|
|
AGC |
|
Assured Guarantee Corp. |
AGM |
|
Assured Guaranty Municipal Corp. |
ARB |
|
Airport Revenue Bonds |
BAM |
|
Build America Mutual Assurance Co. |
BARB |
|
Building Aid Revenue Bonds |
CAB |
|
Capital Appreciation Bonds |
EDA |
|
Economic Development Authority |
GARB |
|
General Airport Revenue Bonds |
GO |
|
General Obligation Bonds |
HFA |
|
Housing Finance Agency |
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 |
|
(39) |
|
|
5-Year U.S. Treasury Note |
|
|
|
September 2017 |
|
|
$ |
4,614,187 |
|
|
$ |
(6,813 |
) |
(52) |
|
|
10-Year U.S. Treasury Note |
|
|
|
September 2017 |
|
|
$ |
6,567,438 |
|
|
|
(19,764 |
) |
(36) |
|
|
Long U.S. Treasury Bond |
|
|
|
September 2017 |
|
|
$ |
5,537,250 |
|
|
|
(44,613 |
) |
(8) |
|
|
Ultra U.S. Treasury Bond |
|
|
|
September 2017 |
|
|
$ |
1,321,000 |
|
|
|
(15,866 |
) |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(87,056 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
7 |
|
|
|
Schedule of Investments (continued) |
|
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 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 marketcorroborated 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 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. Investments classified within Level 3 have significant
unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the Global Valuation Committee) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held
companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the
Global Valuation Committee in the absence of market information.
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 and derivative financial instruments, 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 |
|
|
|
|
|
$ |
223,420,075 |
|
|
|
|
|
|
$ |
223,420,075 |
|
Short-Term Securities |
|
$ |
558,844 |
|
|
|
|
|
|
|
|
|
|
|
558,844 |
|
|
|
|
|
|
Total |
|
$ |
558,844 |
|
|
$ |
223,420,075 |
|
|
|
|
|
|
$ |
223,978,919 |
|
|
|
|
|
|
Derivative Financial Instruments 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts |
|
$ |
(87,056 |
) |
|
|
|
|
|
|
|
|
|
$ |
(87,056 |
) |
|
|
|
|
|
|
1 |
|
See above schedule of investments for values in each state or political subdivision. |
|
2 |
|
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.
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8 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
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|
Schedule of Investments (concluded) |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
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:
|
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|
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|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOB Trust Certificates |
|
|
|
|
|
$ |
(44,796,613 |
) |
|
|
|
|
|
$ |
(44,796,613 |
) |
VMTP Shares at Liquidation Value |
|
|
|
|
|
|
(42,200,000 |
) |
|
|
|
|
|
|
(42,200,000 |
) |
|
|
|
|
|
Total |
|
|
|
|
|
$ |
(86,996,613 |
) |
|
|
|
|
|
$ |
(86,996,613 |
) |
|
|
|
|
|
During the period ended May 31, 2017, there were no transfers between levels.
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|
|
|
|
|
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|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST |
|
MAY 31, 2017 |
|
9 |
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
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By: |
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/s/ John M. Perlowski
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|
John M. Perlowski |
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|
Chief Executive Officer (principal executive officer) of |
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|
BlackRock Municipal Income Investment Quality Trust |
Date: July 24, 2017
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.
|
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|
By: |
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/s/ John M. Perlowski
|
|
|
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
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|
BlackRock Municipal Income Investment Quality Trust |
|
Date: July 24, 2017 |
|
|
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By: |
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/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Municipal Income Investment Quality Trust |
Date: July 24, 2017