BlackRock Municipal Income Investment 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 811-10333
Name of Fund: BlackRock Municipal Income Investment Trust (BBF)
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 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: 07/31/2016
Date of reporting period:
04/30/2016
Item 1 Schedule of Investments
|
|
|
Schedule of Investments April 30, 2016 (Unaudited) |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Alabama 0.3% |
|
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project,
Series A, 5.38%, 12/01/35 |
|
$ |
275 |
|
|
$ |
306,570 |
|
Alaska 0.3% |
|
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed,
Series A, 5.00%, 6/01/46 |
|
|
330 |
|
|
|
308,741 |
|
California 15.0% |
|
California Educational Facilities Authority, RB, University of Southern California, Series A,
5.25%, 10/01/38 |
|
|
1,315 |
|
|
|
1,452,575 |
|
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,
6.00%, 7/01/39 |
|
|
890 |
|
|
|
1,017,475 |
|
California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A,
5.25%, 12/01/56 (a)(b) |
|
|
360 |
|
|
|
391,352 |
|
City of Los Angeles California Department of Water & Power, RB, Power System,
Sub-Series A-1, 5.25%, 7/01/38 |
|
|
1,300 |
|
|
|
1,418,703 |
|
Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33 |
|
|
775 |
|
|
|
977,957 |
|
San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A,
5.38%, 2/01/19 (c) |
|
|
1,600 |
|
|
|
1,797,984 |
|
State of California, GO, Various Purposes, 6.00%, 3/01/33 |
|
|
1,275 |
|
|
|
1,515,542 |
|
State of California Public Works Board, LRB, Various Capital Projects, Series I: |
|
|
|
|
|
|
|
|
5.50%, 11/01/31 |
|
|
1,600 |
|
|
|
1,987,232 |
|
5.50%, 11/01/33 |
|
|
1,500 |
|
|
|
1,861,845 |
|
State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F,
5.25%, 9/01/33 |
|
|
400 |
|
|
|
490,148 |
|
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40 |
|
|
300 |
|
|
|
364,998 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
California (continued) |
|
University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38 |
|
$ |
1,780 |
|
|
$ |
2,142,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,417,970 |
|
Colorado 2.4% |
|
City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32 |
|
|
1,000 |
|
|
|
1,208,250 |
|
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34 |
|
|
1,095 |
|
|
|
1,231,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,440,070 |
|
Florida 8.3% |
|
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |
|
|
265 |
|
|
|
322,494 |
|
County of Miami-Dade Florida, RB, Seaport, Series A, 6.00%, 10/01/38 |
|
|
3,800 |
|
|
|
4,681,334 |
|
County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, University of Miami, Series A,
5.00%, 4/01/45 |
|
|
2,490 |
|
|
|
2,877,245 |
|
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32 |
|
|
570 |
|
|
|
683,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,564,594 |
|
Georgia 1.7% |
|
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D,
6.00%, 1/01/23 |
|
|
1,565 |
|
|
|
1,742,252 |
|
Illinois 20.6% |
|
City of Chicago Illinois, GARB, OHare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41 |
|
|
2,955 |
|
|
|
3,583,469 |
|
City of Chicago Illinois Transit Authority, RB: |
|
|
|
|
|
|
|
|
5.25%, 12/01/31 |
|
|
1,060 |
|
|
|
1,178,964 |
|
Sales Tax Receipts, 5.25%, 12/01/36 |
|
|
1,000 |
|
|
|
1,100,900 |
|
Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,000 |
|
|
|
1,092,350 |
|
County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
5.50%, 12/01/38 |
|
|
1,000 |
|
|
|
1,136,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
1 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Illinois (continued) |
|
County of Cook Illinois Community College District No. 508, GO, City College of Chicago (continued): |
|
|
|
|
|
|
|
|
5.25%, 12/01/43 |
|
$ |
3,500 |
|
|
$ |
3,887,765 |
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
Carle Foundation, Series A, 6.00%, 8/15/41 |
|
|
1,000 |
|
|
|
1,186,700 |
|
Rush University Medical Center, Series B, 7.25%, 11/01/18 (c) |
|
|
1,600 |
|
|
|
1,856,352 |
|
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 |
|
|
1,900 |
|
|
|
2,200,371 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
690 |
|
|
|
813,551 |
|
6.00%, 6/01/28 |
|
|
195 |
|
|
|
233,027 |
|
State of Illinois, GO: |
|
|
|
|
|
|
|
|
5.25%, 2/01/31 |
|
|
475 |
|
|
|
520,529 |
|
5.25%, 2/01/32 |
|
|
1,000 |
|
|
|
1,093,040 |
|
5.50%, 7/01/33 |
|
|
1,000 |
|
|
|
1,103,150 |
|
5.50%, 7/01/38 |
|
|
210 |
|
|
|
229,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,216,159 |
|
Indiana 2.4% |
|
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19 (c) |
|
|
2,210 |
|
|
|
2,509,411 |
|
Kansas 1.8% |
|
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt
Obligated Group, Series C, 5.50%, 11/15/29 |
|
|
1,600 |
|
|
|
1,836,544 |
|
Kentucky 0.6% |
|
County of Louisville & Jefferson Kentucky Metropolitan Government Parking Authority, RB,
Series A, 5.75%, 12/01/34 |
|
|
500 |
|
|
|
581,250 |
|
Louisiana 1.5% |
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
715 |
|
|
|
860,152 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Louisiana (continued) |
|
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 |
|
$ |
600 |
|
|
$ |
658,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,519,126 |
|
Maine 1.5% |
|
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical
Center, 7.50%, 7/01/32 |
|
|
1,270 |
|
|
|
1,519,631 |
|
Massachusetts 1.1% |
|
Massachusetts Health & Educational Facilities Authority, RB, Tufts University,
Series O, 5.38%, 8/15/18 (c) |
|
|
1,000 |
|
|
|
1,105,550 |
|
Michigan 3.3% |
|
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41 |
|
|
915 |
|
|
|
1,080,972 |
|
Michigan State Building Authority, Refunding RB, Facilities Program Series: |
|
|
|
|
|
|
|
|
6.00%, 10/15/18 (c) |
|
|
605 |
|
|
|
681,781 |
|
6.00%, 10/15/38 |
|
|
395 |
|
|
|
441,894 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18
(c) |
|
|
995 |
|
|
|
1,167,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,371,981 |
|
Mississippi 1.3% |
|
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM),
6.88%, 12/01/40 |
|
|
1,000 |
|
|
|
1,345,270 |
|
Nevada 3.8% |
|
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/19 (c) |
|
|
1,600 |
|
|
|
1,837,312 |
|
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42 |
|
|
1,825 |
|
|
|
2,118,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,955,425 |
|
New Jersey 4.2% |
|
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
1,140 |
|
|
|
1,212,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
New Jersey (continued) |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
Series A, 5.88%, 12/15/38 |
|
$ |
1,295 |
|
|
$ |
1,426,300 |
|
Series AA, 5.50%, 6/15/39 |
|
|
1,485 |
|
|
|
1,643,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,282,065 |
|
New York 6.4% |
|
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41
(a) |
|
|
600 |
|
|
|
632,106 |
|
Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
|
|
1,000 |
|
|
|
1,175,730 |
|
New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3,
6.38%, 7/15/49 |
|
|
980 |
|
|
|
1,102,814 |
|
State of New York Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
|
|
3,250 |
|
|
|
3,636,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,547,530 |
|
Ohio 2.7% |
|
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 6/01/38 |
|
|
1,565 |
|
|
|
1,756,509 |
|
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects,
Series A-1, 5.25%, 2/15/31 |
|
|
885 |
|
|
|
1,069,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,825,863 |
|
Pennsylvania 4.6% |
|
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 |
|
|
500 |
|
|
|
567,750 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A: |
|
|
|
|
|
|
|
|
6.00%, 12/01/16 (c) |
|
|
1,500 |
|
|
|
1,548,135 |
|
5.63%, 12/01/31 |
|
|
1,250 |
|
|
|
1,462,013 |
|
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 |
|
|
1,000 |
|
|
|
1,160,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,738,598 |
|
Puerto Rico 0.2% |
|
Childrens Trust Fund, Refunding RB: |
|
|
|
|
|
|
|
|
5.50%, 5/15/39 |
|
|
120 |
|
|
|
120,000 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Puerto Rico (continued) |
|
Childrens Trust Fund, Refunding RB (continued): |
|
|
|
|
|
|
|
|
Asset-Backed, 5.63%, 5/15/43 |
|
$ |
80 |
|
|
$ |
79,909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
199,909 |
|
Rhode Island 1.9% |
|
Tobacco Settlement Financing Corp., Refunding RB, Series B,
4.50%, 6/01/45 |
|
|
1,880 |
|
|
|
1,949,522 |
|
South Carolina 3.6% |
|
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
1,190 |
|
|
|
1,441,447 |
|
South Carolina State Public Service Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Series C, 5.00%, 12/01/46 |
|
|
1,000 |
|
|
|
1,143,090 |
|
Series E, 5.25%, 12/01/55 |
|
|
1,000 |
|
|
|
1,172,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,757,147 |
|
Texas 12.5% |
|
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/41 (c) |
|
|
1,670 |
|
|
|
1,977,965 |
|
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 |
|
|
745 |
|
|
|
889,038 |
|
Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/18 (c) |
|
|
890 |
|
|
|
969,833 |
|
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare (c): |
|
|
|
|
|
|
|
|
6.00%, 8/15/20 |
|
|
140 |
|
|
|
169,172 |
|
6.00%, 8/15/20 |
|
|
1,765 |
|
|
|
2,135,262 |
|
Lower Colorado River Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.50%, 5/15/19 (c) |
|
|
5 |
|
|
|
5,682 |
|
5.50%, 5/15/19 (c) |
|
|
80 |
|
|
|
90,910 |
|
5.50%, 5/15/19 (c) |
|
|
5 |
|
|
|
5,682 |
|
5.50%, 5/15/33 |
|
|
1,910 |
|
|
|
2,139,850 |
|
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 9/01/41 |
|
|
1,000 |
|
|
|
1,182,480 |
|
North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1 (AGC), 5.75%, 1/01/19 (c) |
|
|
1,000 |
|
|
|
1,114,520 |
|
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
|
|
340 |
|
|
|
405,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
3 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
Texas (continued) |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed
Lanes Project, 6.88%, 12/31/39 |
|
$ |
1,505 |
|
|
$ |
1,773,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,859,808 |
|
Virginia 1.4% |
|
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |
|
|
280 |
|
|
|
322,392 |
|
Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (c) |
|
|
1,000 |
|
|
|
1,147,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,469,442 |
|
Wisconsin 2.1% |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39 |
|
|
1,675 |
|
|
|
1,817,308 |
|
Medical College of Wisconsin, Inc., 4.00%, 12/01/46 (b) |
|
|
385 |
|
|
|
403,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,221,131 |
|
Total Municipal Bonds 105.5% |
|
|
|
|
|
|
108,591,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
|
|
|
|
|
California 19.0% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University of Southern California, Series B,
5.25%, 10/01/39 (e) |
|
|
1,995 |
|
|
|
2,203,717 |
|
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 |
|
|
2,400 |
|
|
|
2,755,944 |
|
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (e) |
|
|
2,630 |
|
|
|
3,069,723 |
|
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A,
6.00%, 8/01/19 (c) |
|
|
3,898 |
|
|
|
4,548,574 |
|
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
|
|
400 |
|
|
|
450,036 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par
(000) |
|
|
Value |
|
California (continued) |
|
|
|
|
|
|
|
|
San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 8/01/39 |
|
$ |
4,214 |
|
|
$ |
4,808,064 |
|
University of California, RB, Series O, 5.75%, 5/15/19 (c) |
|
|
1,500 |
|
|
|
1,724,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,560,698 |
|
District of Columbia 3.5% |
|
District of Columbia, RB, Series A, 5.50%, 12/01/30 (e) |
|
|
1,395 |
|
|
|
1,617,112 |
|
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A,
5.50%, 10/01/18 (c) |
|
|
1,799 |
|
|
|
2,002,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,619,581 |
|
Illinois 3.0% |
|
State of Illinois Finance Authority, RB, University of Chicago, Series B,
6.25%, 7/01/18 (c) |
|
|
2,800 |
|
|
|
3,130,512 |
|
Nevada 4.9% |
|
County of Clark Nevada Water Reclamation District, GO: |
|
|
|
|
|
|
|
|
Limited Tax, 6.00%, 7/01/18 (c) |
|
|
2,500 |
|
|
|
2,782,825 |
|
Series B, 5.50%, 7/01/29 |
|
|
1,994 |
|
|
|
2,265,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,048,416 |
|
New Hampshire 1.2% |
|
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 6/01/39 (e) |
|
|
1,094 |
|
|
|
1,236,240 |
|
New Jersey 3.8% |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
Series A (AMBAC), 5.00%, 12/15/32 |
|
|
2,000 |
|
|
|
2,096,340 |
|
Series B, 5.25%, 6/15/36 (e) |
|
|
1,640 |
|
|
|
1,766,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,862,355 |
|
New York 13.3% |
|
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A,
5.75%, 6/15/40 |
|
|
1,410 |
|
|
|
1,557,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par
(000) |
|
|
Value |
|
New York (continued) |
|
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution: |
|
|
|
|
|
|
|
|
Series FF, 5.00%, 6/15/45 |
|
$ |
1,500 |
|
|
$ |
1,751,133 |
|
Series FF-2, 5.50%, 6/15/40 |
|
|
1,995 |
|
|
|
2,261,318 |
|
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
|
1,500 |
|
|
|
1,660,110 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
|
|
2,205 |
|
|
|
2,619,397 |
|
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (e) |
|
|
1,300 |
|
|
|
1,551,699 |
|
New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 3/15/38 |
|
|
2,000 |
|
|
|
2,238,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,639,052 |
|
Texas 5.2% |
|
City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/31 (e) |
|
|
2,025 |
|
|
|
2,252,075 |
|
County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Childrens Hospital Project,
5.50%, 10/01/39 |
|
|
2,750 |
|
|
|
3,121,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,373,325 |
|
Virginia 1.0% |
|
County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System, Series A,
5.50%, 5/15/35 |
|
|
899 |
|
|
|
1,015,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts 54.9% |
|
|
$ |
56,485,713 |
|
Total Long-Term Investments (Cost $146,503,080) 160.4% |
|
|
|
165,077,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
BlackRock Liquidity Funds, MuniCash, 0.19% (f)(g) |
|
|
441,584 |
|
|
|
441,584 |
|
Total Short-Term Securities (Cost $441,584) 0.4% |
|
|
|
441,584 |
|
Total Investments (Cost $146,944,664*) 160.8% |
|
|
|
165,518,856 |
|
Other Assets Less Liabilities 1.3% |
|
|
|
1,301,958 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable
(28.9)% |
|
|
|
(29,698,681 |
) |
VRDP Shares, at Redemption Value (33.2)% |
|
|
|
(34,200,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
$ |
102,922,133 |
|
|
|
|
|
|
|
|
|
|
* |
|
As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
Tax cost |
|
$ |
117,686,420 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
18,574,279 |
|
Gross unrealized depreciation |
|
|
(424,070 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
18,150,209 |
|
|
|
|
|
|
|
Notes to Schedule of Investments |
(a) |
|
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors. |
(b) |
|
When-issued security. |
(c) |
|
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. |
(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 October 1, 2016 to November 15, 2019 is $7,891,026. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
5 |
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
(f) |
|
During the period ended April 30, 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 July 31, 2015 |
|
|
Net
Activity |
|
|
Shares Held
at April 30, 2016 |
|
|
Income |
|
BlackRock Liquidity Funds, MuniCash |
|
|
|
|
|
|
441,584 |
|
|
|
441,584 |
|
|
$ |
81 |
|
FFI Institutional Tax-Exempt Fund |
|
|
478,351 |
|
|
|
(478,351 |
) |
|
|
|
|
|
|
85 |
|
Total |
|
|
|
|
|
|
|
|
|
|
441,584 |
|
|
$ |
166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(g) |
|
Current yield as of period end. |
For Trust compliance
purposes, the Trusts sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment advisor. These definitions
may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
Derivative Financial Instruments Outstanding as of Period
End |
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
Short |
|
|
Issue |
|
Expiration |
|
Notional Value |
|
|
Unrealized Appreciation |
|
|
(14 |
) |
|
5-Year U.S. Treasury Note |
|
June 2016 |
|
$ |
1,692,797 |
|
|
$ |
5,305 |
|
|
(20 |
) |
|
10-Year U.S. Treasury Note |
|
June 2016 |
|
$ |
2,601,250 |
|
|
|
21,741 |
|
|
(6 |
) |
|
Long U.S. Treasury Bond |
|
June 2016 |
|
$ |
979,875 |
|
|
|
12,083 |
|
|
(1 |
) |
|
Ultra U.S. Treasury Bond |
|
June 2016 |
|
$ |
171,344 |
|
|
|
3,903 |
|
|
Total |
|
|
|
|
|
|
|
|
|
|
$ |
43,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGC |
|
Assured Guarantee Corp. |
AGM |
|
Assured Guaranty Municipal Corp. |
AMBAC |
|
American Municipal Bond Assurance Corp. |
ARB |
|
Airport Revenue Bonds |
BARB |
|
Building Aid Revenue Bonds |
ERB |
|
Education Revenue Bonds |
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 |
|
Fair Value Hierarchy as of Period End |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
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 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 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 |
|
|
|
|
|
$ |
165,077,272 |
|
|
|
|
$ |
165,077,272 |
|
Short-Term Securities |
|
$ |
441,584 |
|
|
|
|
|
|
|
|
|
441,584 |
|
|
|
|
|
|
Total |
|
$ |
441,584 |
|
|
$ |
165,077,272 |
|
|
|
|
$ |
165,518,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments2 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate contracts
|
|
$ |
43,032 |
|
|
|
|
|
|
|
|
$ |
43,032 |
|
1 See above
Schedule of Investments for values in each state and political divisons. 2 Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized
appreciation (depreciation) on the instrument. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
7 |
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Municipal Income Investment Trust (BBF) |
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 |
|
$ |
62,850 |
|
|
|
|
|
|
|
|
$ |
62,850 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft |
|
|
|
|
|
$ |
(37,694 |
) |
|
|
|
|
(37,694 |
) |
TOB Trust Certificates |
|
|
|
|
|
|
(29,682,227 |
) |
|
|
|
|
(29,682,227 |
) |
VRDP Shares |
|
|
|
|
|
|
(34,200,000 |
) |
|
|
|
|
(34,200,000 |
) |
|
|
|
|
|
Total |
|
$ |
62,850 |
|
|
$ |
(63,919,921 |
) |
|
|
|
$ |
(63,857,071 |
) |
|
|
|
|
|
During the period ended April 30, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
APRIL 30, 2016 |
|
|
|
|
|
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 Trust
|
|
|
|
|
By: |
|
/s/ John M. Perlowski |
|
|
|
|
John M. Perlowski |
|
|
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock Municipal Income Investment Trust |
Date: June 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 Trust |
|
|
Date: June 22, 2016 |
|
|
|
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Municipal Income Investment Trust |
Date: June 22, 2016