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
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2017
Date of reporting period: 10/31/2016
| Item 1 – |
Schedule of Investments |
|
|
|
| Schedule of Investments October 31, 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 |
|
$ |
420 |
|
|
$ |
481,463 |
|
| Alaska — 0.3% |
|
|
|
|
|
| Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed,
Series A, 5.00%, 6/01/46 |
|
|
510 |
|
|
|
481,445 |
|
| Arizona — 0.3% |
|
|
|
|
|
| County of Maricopa Arizona IDA, Refunding RB, Banner Health, Series A, 4.00%, 1/01/36
(a) |
|
|
430 |
|
|
|
453,813 |
|
| California — 15.3% |
|
|
|
|
|
| California Educational Facilities Authority, RB, University of Southern California, Series A,
5.25%, 10/01/18 (b) |
|
|
2,015 |
|
|
|
2,183,998 |
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
|
|
1,010 |
|
|
|
1,128,907 |
|
| California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A,
5.25%, 12/01/56 (c) |
|
|
550 |
|
|
|
613,586 |
|
| City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
|
|
2,060 |
|
|
|
2,199,709 |
|
| Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33 |
|
|
1,185 |
|
|
|
1,462,503 |
|
| Riverside County Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/40 |
|
|
1,000 |
|
|
|
1,197,240 |
|
| San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A,
5.38%, 2/01/19 (b) |
|
|
2,450 |
|
|
|
2,692,746 |
|
| State of California, GO, Various Purposes, 6.00%, 3/01/33 |
|
|
1,960 |
|
|
|
2,274,992 |
|
| State of California Public Works Board, LRB, Various Capital Projects, Series I: |
|
|
|
|
|
|
|
|
| 5.50%, 11/01/31 |
|
|
2,100 |
|
|
|
2,559,501 |
|
| 5.50%, 11/01/33 |
|
|
1,500 |
|
|
|
1,824,945 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
| State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F,
5.25%, 9/01/33 |
|
$ |
610 |
|
|
$ |
733,854 |
|
| Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.00%, 6/01/37 |
|
|
770 |
|
|
|
760,899 |
|
| Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40 |
|
|
460 |
|
|
|
549,861 |
|
| University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 5/15/38 |
|
|
2,780 |
|
|
|
3,330,607 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
23,513,348 |
|
| Colorado — 2.6% |
|
|
|
|
|
| City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%,
11/15/32 |
|
|
1,750 |
|
|
|
2,100,245 |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34 |
|
|
1,675 |
|
|
|
1,845,766 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,946,011 |
|
| Florida — 6.7% |
|
|
|
|
|
| City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33 |
|
|
370 |
|
|
|
442,032 |
|
| County of Miami-Dade Florida, RB, Seaport, Series A, 6.00%, 10/01/38 |
|
|
5,675 |
|
|
|
6,897,111 |
|
| County of Miami-Dade Florida Educational Facilities Authority, Refunding RB, University of Miami, Series A,
5.00%, 4/01/45 |
|
|
1,645 |
|
|
|
1,896,011 |
|
| Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32 |
|
|
875 |
|
|
|
1,033,602 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
10,268,756 |
|
| Georgia — 1.8% |
|
|
|
|
|
| County of Clarke Hospital Authority, Refunding RB, Piedmont Healthcare, Inc. Project, Series A, 3.50%, 7/01/36
(a) |
|
|
500 |
|
|
|
488,855 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
1 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Georgia (continued) |
|
| Municipal Electric Authority of Georgia, Refunding RB, Project One, Series D: |
|
|
|
|
|
|
|
|
| 6.00%, 7/01/18 (b) |
|
$ |
1,570 |
|
|
$ |
1,703,230 |
|
| 6.00%, 1/01/23 |
|
|
550 |
|
|
|
594,380 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,786,465 |
|
| Illinois — 19.6% |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 1/01/21 (b) |
|
|
4,545 |
|
|
|
5,437,047 |
|
| City of Chicago Illinois Transit Authority, RB: |
|
|
|
|
|
|
|
|
| 5.25%, 12/01/31 |
|
|
1,060 |
|
|
|
1,183,829 |
|
| Sales Tax Receipts, 5.25%, 12/01/36 |
|
|
1,500 |
|
|
|
1,660,230 |
|
| Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,750 |
|
|
|
1,931,720 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
| 5.50%, 12/01/38 |
|
|
1,250 |
|
|
|
1,415,650 |
|
| 5.25%, 12/01/43 |
|
|
4,500 |
|
|
|
5,011,020 |
|
| Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Carle Foundation, Series A, 6.00%, 8/15/41 |
|
|
1,750 |
|
|
|
2,046,292 |
|
| Rush University Medical Center, Series B, 7.25%, 11/01/18 (b) |
|
|
1,600 |
|
|
|
1,800,128 |
|
| Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 |
|
|
2,900 |
|
|
|
3,277,174 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project Refunding Bonds, Series B-2, 5.25%, 6/15/50 |
|
|
250 |
|
|
|
263,880 |
|
| Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
| 5.50%, 6/01/23 |
|
|
1,055 |
|
|
|
1,223,083 |
|
| 6.00%, 6/01/28 |
|
|
300 |
|
|
|
352,275 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.25%, 2/01/31 |
|
|
730 |
|
|
|
792,634 |
|
| 5.25%, 2/01/32 |
|
|
1,500 |
|
|
|
1,622,790 |
|
| 5.50%, 7/01/33 |
|
|
1,500 |
|
|
|
1,647,000 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| State of Illinois, GO (continued): |
|
|
|
|
|
|
|
|
| 5.50%, 7/01/38 |
|
$ |
320 |
|
|
$ |
349,786 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
30,014,538 |
|
| Indiana — 2.5% |
|
| Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/19 (b) |
|
|
3,400 |
|
|
|
3,764,208 |
|
| Kansas — 1.8% |
|
| Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt
Obligated Group, Series C, 5.50%, 11/15/29 |
|
|
2,500 |
|
|
|
2,809,175 |
|
| Kentucky — 1.0% |
|
| County of Louisville & Jefferson Kentucky Metropolitan Government Parking
Authority, RB, Series A, 5.75%, 12/01/19 (b) |
|
|
1,300 |
|
|
|
1,486,303 |
|
| Louisiana — 1.5% |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project,
Series A-1, 6.50%, 11/01/35 |
|
|
1,095 |
|
|
|
1,267,068 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 |
|
|
915 |
|
|
|
996,261 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,263,329 |
|
| Maine — 1.5% |
|
| Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical
Center, 7.50%, 7/01/32 |
|
|
1,945 |
|
|
|
2,278,976 |
|
| Massachusetts — 2.5% |
|
| Commonwealth of Massachusetts, GO, Series E, 4.00%, 4/01/42 |
|
|
1,895 |
|
|
|
2,023,348 |
|
| Massachusetts DFA, Refunding RB, Trustees of Deerfield Academy, 5.00%, 10/01/40 |
|
|
375 |
|
|
|
426,079 |
|
| Massachusetts Health & Educational Facilities Authority, RB, Tufts University, Series O,
5.38%, 8/15/18 (b) |
|
|
1,000 |
|
|
|
1,080,060 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Massachusetts (continued) |
|
| Metropolitan Boston Transit Parking Corp., Refunding RB, 5.25%, 7/01/36 |
|
$ |
300 |
|
|
$ |
347,871 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,877,358 |
|
| Michigan — 4.2% |
|
| City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41 |
|
|
1,400 |
|
|
|
1,638,364 |
|
| Michigan Finance Authority, Refunding RB, Henry Ford Health System, 4.00%, 11/15/46 |
|
|
1,455 |
|
|
|
1,465,767 |
|
| Michigan State Building Authority, Refunding RB, Facilities Program Series: |
|
|
|
|
|
|
|
|
| 6.00%, 10/15/18 (b) |
|
|
1,450 |
|
|
|
1,592,970 |
|
| 6.00%, 10/15/38 |
|
|
50 |
|
|
|
54,595 |
|
| Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18
(b) |
|
|
1,525 |
|
|
|
1,729,320 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,481,016 |
|
| Mississippi — 1.7% |
|
| Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM),
6.88%, 12/01/40 |
|
|
2,000 |
|
|
|
2,663,880 |
|
| Nevada — 4.0% |
|
| City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/19 (b) |
|
|
2,600 |
|
|
|
2,910,622 |
|
| County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42 |
|
|
2,825 |
|
|
|
3,207,110 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,117,732 |
|
| New Jersey — 4.8% |
|
| New Jersey EDA, Refunding RB, School Facilities Construction, Series AA, 5.50%, 12/15/29 |
|
|
750 |
|
|
|
814,305 |
|
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
1,750 |
|
|
|
1,840,772 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A, 5.88%, 12/15/38 |
|
|
1,990 |
|
|
|
2,157,618 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System (continued): |
|
|
|
|
|
|
|
|
| Series AA, 5.50%, 6/15/39 |
|
$ |
2,245 |
|
|
$ |
2,519,541 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
7,332,236 |
|
| New York — 5.6% |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 6/01/41 (c) |
|
|
900 |
|
|
|
944,505 |
|
| Hudson Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 |
|
|
1,620 |
|
|
|
1,892,792 |
|
| Metropolitan Transportation Authority, RB, Series A, 5.25%, 11/15/38 |
|
|
500 |
|
|
|
588,940 |
|
| 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 |
|
|
1,480 |
|
|
|
1,653,116 |
|
| State of New York Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
|
|
3,250 |
|
|
|
3,560,407 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
8,639,760 |
|
| Ohio — 2.8% |
|
| County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38 |
|
|
2,405 |
|
|
|
2,661,638 |
|
| State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1,
5.25%, 2/15/31 |
|
|
1,385 |
|
|
|
1,643,413 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
4,305,051 |
|
| Oklahoma — 0.5% |
|
| Norman Regional Hospital Authority, Refunding RB,
4.00%, 9/01/37 (a) |
|
|
810 |
|
|
|
820,473 |
|
| Pennsylvania — 3.6% |
|
| Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 |
|
|
800 |
|
|
|
887,488 |
|
| Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
|
| Sub-Series A, 5.63%, 12/01/31 |
|
|
2,000 |
|
|
|
2,294,240 |
|
| Sub-Series C (AGC), 6.25%, 6/01/18 (b) |
|
|
500 |
|
|
|
542,450 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
3 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 |
|
$ |
1,530 |
|
|
$ |
1,749,953 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,474,131 |
|
| Puerto Rico — 0.2% |
|
|
|
|
|
|
|
|
| Children’s Trust Fund Tobacco Settlement, Refunding RB, Asset-Backed: |
|
|
|
|
|
|
|
|
| 5.63%, 5/15/43 |
|
|
185 |
|
|
|
184,086 |
|
| Bonds, 5.50%, 5/15/39 |
|
|
170 |
|
|
|
170,816 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
354,902 |
|
| Rhode Island — 2.0% |
|
|
|
|
|
|
|
|
| Tobacco Settlement Financing Corp., Refunding RB, Series B: |
|
|
|
|
|
|
|
|
| 4.50%, 6/01/45 |
|
|
2,870 |
|
|
|
2,973,291 |
|
| 5.00%, 6/01/50 |
|
|
125 |
|
|
|
129,765 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,103,056 |
|
| South Carolina — 3.7% |
|
|
|
|
|
|
|
|
| County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
1,825 |
|
|
|
2,180,291 |
|
| State of South Carolina Public Service Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series C, 5.00%, 12/01/46 |
|
|
1,500 |
|
|
|
1,716,195 |
|
| Series E, 5.25%, 12/01/55 |
|
|
1,500 |
|
|
|
1,767,870 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,664,356 |
|
| Texas — 11.3% |
|
|
|
|
|
|
|
|
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/21 (b) |
|
|
2,560 |
|
|
|
3,052,160 |
|
| City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37 |
|
|
1,140 |
|
|
|
1,342,259 |
|
| Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/18 (b) |
|
|
1,360 |
|
|
|
1,445,721 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,
6.00%, 8/15/20 (b) |
|
|
2,710 |
|
|
|
3,199,480 |
|
| Lower Colorado River Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.50%, 5/15/19 (b) |
|
|
5 |
|
|
|
5,552 |
|
| 5.50%, 5/15/19 (b) |
|
|
5 |
|
|
|
5,552 |
|
| 5.50%, 5/15/19 (b) |
|
|
80 |
|
|
|
88,827 |
|
| 5.50%, 5/15/33 |
|
|
1,910 |
|
|
|
2,099,147 |
|
| North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 9/01/41 |
|
|
1,500 |
|
|
|
1,766,685 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
|
|
|
|
|
|
|
| North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1 (AGC),
5.75%, 1/01/19 (b) |
|
$ |
1,250 |
|
|
$ |
1,377,787 |
|
| Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38 |
|
|
520 |
|
|
|
611,775 |
|
| 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 |
|
|
2,005 |
|
|
|
2,329,569 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
17,324,514 |
|
| Virginia — 1.2% |
|
|
|
|
|
|
|
|
| City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43 |
|
|
425 |
|
|
|
484,810 |
|
| Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (b) |
|
|
1,200 |
|
|
|
1,339,260 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,824,070 |
|
| Wisconsin — 1.8% |
|
|
|
|
|
|
|
|
| Wisconsin Health & Educational Facilities Authority, Refunding RB,
Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39 |
|
|
2,565 |
|
|
|
2,747,474 |
|
| Total Municipal Bonds — 105.1% |
|
|
|
|
|
|
161,277,839 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
| Municipal Bonds Transferred to
Tender Option Bond Trusts (d) |
|
| Alabama — 0.8% |
|
|
|
|
|
|
|
|
| Auburn University, Refunding RB, Series A, 4.00%, 6/01/41 |
|
|
1,120 |
|
|
|
1,206,856 |
|
| California — 19.2% |
|
|
|
|
|
|
|
|
| California Educational Facilities Authority, RB, University of Southern California, Series B,
5.25%, 10/01/18 (b)(e) |
|
|
3,000 |
|
|
|
3,251,610 |
|
| Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/20 (b) |
|
|
3,700 |
|
|
|
4,235,242 |
|
| Los Angeles Community College District California, GO, Election of 2008,
Series C,
5.25%, 8/01/20 (b)(e) |
|
|
4,041 |
|
|
|
4,662,146 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
|
|
| Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A,
6.00%, 8/01/19 (b) |
|
$ |
5,977 |
|
|
$ |
6,789,698 |
|
| Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
|
|
600 |
|
|
|
662,160 |
|
| San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 8/01/19 (b) |
|
|
6,448 |
|
|
|
7,236,836 |
|
| University of California, RB, Series O, 5.75%, 5/15/19 (b) |
|
|
2,311 |
|
|
|
2,587,313 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
29,425,005 |
|
| District of Columbia — 3.5% |
|
|
|
|
|
|
|
|
| District of Columbia, RB, Series A, 5.50%, 12/01/30 (e) |
|
|
2,129 |
|
|
|
2,413,984 |
|
| District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A,
5.50%, 10/01/18 (b) |
|
|
2,698 |
|
|
|
2,934,439 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,348,423 |
|
| Illinois — 4.4% |
|
|
|
|
|
|
|
|
| State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/18 (b) |
|
|
4,300 |
|
|
|
4,681,152 |
|
| State of Illinois Toll Highway Authority, RB, Senior Priority, Series B, 5.50%, 1/01/18 (b) |
|
|
2,000 |
|
|
|
2,108,310 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,789,462 |
|
| Nebraska — 1.4% |
|
|
|
|
|
|
|
|
| County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Nebraska Medicine,
4.00%, 5/15/51 |
|
|
2,100 |
|
|
|
2,176,332 |
|
| Nevada — 4.3% |
|
|
|
|
|
|
|
|
| County of Clark Nevada Water Reclamation District, GO (b): |
|
|
|
|
|
|
|
|
| Limited Tax, 6.00%, 7/01/18 |
|
|
4,000 |
|
|
|
4,338,040 |
|
| Series B, 5.50%, 7/01/19 |
|
|
1,994 |
|
|
|
2,228,803 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,566,843 |
|
| New Hampshire — 1.2% |
|
|
|
|
|
|
|
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 6/01/19 (b)(e) |
|
|
1,680 |
|
|
|
1,861,369 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par
(000) |
|
|
Value |
|
| New Jersey — 3.8% |
|
|
|
|
|
|
|
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A (AMBAC), 5.00%, 12/15/32 |
|
$ |
3,000 |
|
|
$ |
3,108,960 |
|
| Series B, 5.25%, 6/15/36 (e) |
|
|
2,481 |
|
|
|
2,718,578 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,827,538 |
|
| New York — 14.9% |
|
|
|
|
|
|
|
|
| City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A
: |
|
|
|
|
|
|
|
|
| 5.75%, 6/15/18 (b) |
|
|
497 |
|
|
|
534,286 |
|
| 5.75%, 6/15/40 |
|
|
1,662 |
|
|
|
1,786,890 |
|
| 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 |
|
|
2,499 |
|
|
|
2,877,317 |
|
| Series FF-2, 5.50%, 6/15/40 |
|
|
2,985 |
|
|
|
3,318,902 |
|
| City of New York New York Transitional Finance Authority, RB, Fiscal 2009, Series S-3,
5.25%, 1/15/39 (c) |
|
|
2,499 |
|
|
|
2,712,656 |
|
| Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
|
1,700 |
|
|
|
2,043,766 |
|
| New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
|
|
3,375 |
|
|
|
3,938,542 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (e) |
|
|
1,980 |
|
|
|
2,322,915 |
|
| New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 3/15/38 |
|
|
3,000 |
|
|
|
3,286,530 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
22,821,804 |
|
| Pennsylvania — 0.5% |
|
|
|
|
|
|
|
|
| County of Westmoreland Pennsylvania Municipal Authority, Refunding RB (BAM), 5.00%,
8/15/38 |
|
|
660 |
|
|
|
757,442 |
|
| Texas — 5.2% |
|
|
|
|
|
|
|
|
| City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/19 (b)(e) |
|
|
3,074 |
|
|
|
3,364,561 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
5 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (d) |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children’s Hospital Project, 5.50%,
10/01/39 |
|
$ |
4,200 |
|
|
$ |
4,680,186 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
8,044,747 |
|
| Virginia — 1.0% |
|
| County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System: |
|
|
|
|
|
|
|
|
| 5.50%, 5/15/19 (b) |
|
|
476 |
|
|
|
526,887 |
|
| 5.50%, 5/15/35 |
|
|
883 |
|
|
|
978,886 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,505,773 |
|
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 60.2% |
|
|
|
92,331,594 |
|
Total Long-Term Investments
(Cost — $229,300,793) — 165.3% |
|
|
|
253,609,433 |
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities |
|
Shares |
|
|
Value |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.44% (g)(h) |
|
|
544,742 |
|
|
$ |
544,797 |
|
Total Short-Term Securities
(Cost — $544,797) — 0.4% |
|
|
|
544,797 |
|
| Total Investments (Cost — $229,845,590*) — 165.7% |
|
|
|
254,154,230 |
|
| Other Assets Less Liabilities — 0.8% |
|
|
|
935,496 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (32.6)% |
|
|
|
(50,015,089 |
) |
| Preferred Shares, at Redemption Value — (33.9)% |
|
|
|
(51,702,212 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
153,372,425 |
|
|
|
|
|
|
|
|
|
|
| * |
|
As of October 31, 2016, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
| Tax cost |
|
$ |
180,456,277 |
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
24,503,785 |
|
| Gross unrealized depreciation |
|
|
(734,793 |
) |
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
23,768,992 |
|
|
|
|
|
|
|
| Notes to Schedule of Investments |
| (a) |
|
When-issued security. |
| (b) |
|
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. |
| (c) |
|
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. |
| (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 February 1, 2017 to November 15, 2019, is $11,993,816. |
| (f) |
|
Variable rate security. Rate as of period end. |
| (g) |
|
During the period ended October 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 July 31,
2016 |
|
|
Net
Activity |
|
|
Shares Held
at October 31,
2016 |
|
|
Value at
October 31,
2016 |
|
|
Income |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
40,725 |
|
|
|
504,017 |
|
|
|
544,742 |
|
|
$ |
544,797 |
|
|
$ |
322 |
|
| (h) |
|
Current yield as of period end. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
| Derivative Financial Instruments Outstanding as of Period
End |
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
Short |
|
|
Issue |
|
|
Expiration |
|
|
Notional
Value |
|
|
Unrealized
Appreciation |
|
| |
(8 |
) |
|
|
5-Year U.S. Treasury Note |
|
|
|
December 2016 |
|
|
$ |
966,375 |
|
|
$ |
7,166 |
|
| |
(20 |
) |
|
|
10-Year U.S. Treasury Note |
|
|
|
December 2016 |
|
|
$ |
2,592,500 |
|
|
|
36,592 |
|
| |
(13 |
) |
|
|
Long U.S. Treasury Bond |
|
|
|
December 2016 |
|
|
$ |
2,115,344 |
|
|
|
78,991 |
|
| |
(3 |
) |
|
|
Ultra U.S. Treasury Bond |
|
|
|
December 2016 |
|
|
$ |
527,812 |
|
|
|
27,146 |
|
| |
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
149,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMBAC |
|
American Municipal Bond Assurance Corp. |
| ARB |
|
Airport Revenue Bonds |
| BAM |
|
Build America Mutual Assurance Co. |
| DFA |
|
Development Finance Agency |
| EDA |
|
Economic Development Authority |
| 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 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
7 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment Trust (BBF) |
|
| 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 methodologies are
categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| |
• |
|
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
|
| |
• |
|
Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active,
quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds,
loss severities, credit risks and default rates) or other market-corroborated inputs) |
| |
• |
|
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs
(Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3
have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies. 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 methodologies may result in transfers into or out of an assigned
level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined
for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For
information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.
The following tables summarize the Trust ‘s investments and derivative financial instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments1 |
|
|
— |
|
|
$ |
253,609,433 |
|
|
|
— |
|
|
$ |
253,609,433 |
|
| Short-Term Securities |
|
$ |
544,797 |
|
|
|
— |
|
|
|
— |
|
|
|
544,797 |
|
|
|
|
|
|
| Total |
|
$ |
544,797 |
|
|
$ |
253,609,433 |
|
|
|
— |
|
|
$ |
254,154,230 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts
|
|
$ |
149,895 |
|
|
|
— |
|
|
|
— |
|
|
$ |
149,895 |
|
|
1 See above
Schedule of Investments for values in each state or political sub-division.
2 Derivative
financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 8 |
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
|
|
|
|
| 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 |
|
$ |
96,850 |
|
|
|
— |
|
|
|
— |
|
|
$ |
96,850 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOB Trust Certificates |
|
|
— |
|
|
$ |
(49,928,961 |
) |
|
|
— |
|
|
|
(49,928,961 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(52,000,000 |
) |
|
|
— |
|
|
|
(52,000,000 |
) |
|
|
|
|
|
| Total |
|
$ |
96,850 |
|
|
$ |
(101,928,961 |
) |
|
|
— |
|
|
$ |
(101,832,111 |
) |
|
|
|
|
|
During the period ended October 31, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2016 |
|
9 |
| Item 2 – |
Controls and Procedures |
| 2(a) – |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
| 2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| |
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: |
|
December 20, 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: |
|
December 20, 2016 |
|
|
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Income Investment Trust |
|
|
|
| Date: |
|
December 20, 2016 |
|
|