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: 07/31/2018

Date of reporting period: 10/31/2017

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) 

October 31, 2017

   

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     $ 469,673  
   

 

 

  
Arizona — 1.0%  

Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.38%, 07/01/50(a)

     1,185       1,251,668  

City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.00%, 07/01/35 (a)

     275       287,075  
   

 

 

  
      1,538,743  
California — 16.6%  

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 07/01/19(b)

     1,010       1,091,881  

California School Finance Authority, RB, Alliance For College-Ready Public School Projects, Series A, 5.00%, 07/01/51(a)

     1,200       1,300,716  

California Statewide Communities Development Authority, RB, Lancer Educational student Housing Project, Series A, 5.00%, 06/01/46(a)

     1,220       1,277,133  

California Statewide Communities Development Authority, Refunding RB, Lancer Educational student Housing Project, Series A, 5.00%, 06/01/36(a)

     990       1,050,934  

City of Los Angeles California Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 07/01/38

     2,060       2,118,030  

Golden State Tobacco Securitization Corp., Refunding RB, Asset-Backed, Senior Series A-1:

    

5.13%, 6/01/47

     265       260,635  

5.75%, 6/01/47

     190       189,994  

Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%, 11/01/33

     1,185       1,441,469  

San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A, 5.38%, 02/01/19(b)

     2,450       2,581,222  
Municipal Bonds   Par
(000)		     Value  
California (continued)  

State of California, GO, Various Purposes, 6.00%, 03/01/33

   $ 1,960     $ 2,181,794  

State of California Public Works Board, LRB, Various Capital Projects, Series I:

    

5.50%, 11/01/31

     2,100       2,514,750  

5.50%, 11/01/33

     1,500       1,784,115  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F, 5.25%, 09/01/33

     610       715,640  

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed, Senior Series A-1, 5.00%, 06/01/37

     2,025       2,031,399  

Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/40

     460       555,648  

University of California, Refunding RB, The Regents of Medical Center, Series J, 5.25%, 05/15/38

     2,780       3,236,476  
   

 

 

  
      24,331,836  
Colorado — 2.9%  

Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a)

     250       256,505  

City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32

     1,750       2,025,503  

Colorado Health Facilities Authority, Refunding RB, Series A:

    

Catholic Health Initiative, 5.50%, 7/01/34

     1,675       1,762,234  

Frasier Meadows Retirement Community Project, 5.25%, 5/15/37

     210       227,520  
   

 

 

  
      4,271,762  
Florida — 6.4%  

Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida(a):

    

5.00%, 5/01/32

     225       228,571  

5.00%, 5/01/48

     555       556,665  

City of Jacksonville Florida, Refunding RB,
Series A, 5.25%, 10/01/33

     370       434,269  
 

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      1  

Schedule of Investments  (continued)

   

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par
(000)		     Value  
Florida (continued)  

County of Miami-Dade Florida, RB, Seaport Department,
Series A, 6.00%, 10/01/38

   $ 5,675     $ 6,770,842  

Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run Projects:

    

5.25%, 5/01/37

     180       191,342  

5.38%, 5/01/47

     185       196,224  

Reedy Creek Florida Improvement District, GO,
Series A, 5.25%, 06/01/32

     875       1,024,949  
   

 

 

  
      9,402,862  
Illinois — 17.6%  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(b)

     4,545       5,272,064  

City of Chicago Illinois Transit Authority, RB:

    

5.25%, 12/01/31

     560       611,190  

Sales Tax Receipts, 5.25%, 12/01/36

     1,500       1,618,500  

Sales Tax Receipts, 5.25%, 12/01/40

     1,750       1,877,855  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago:

    

5.50%, 12/01/38

     580       620,391  

5.25%, 12/01/43

     2,660       2,780,817  

Illinois Finance Authority, RB:

    

Carle Foundation, Series A, 6.00%, 8/15/41

     1,750       1,979,495  

Rush University Medical Center, Series B, 7.25%, 11/01/18(b)

     1,600       1,696,832  

Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 08/15/39

     2,900       3,135,161  

Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project, Series A, 5.50%, 06/15/53

     280       307,639  

Railsplitter Tobacco Settlement Authority, RB:

    

5.50%, 6/01/23

     1,055       1,193,279  

6.00%, 6/01/28

     300       338,046  

State of Illinois, GO:

    

5.25%, 2/01/31

     730       785,808  

5.25%, 2/01/32

     1,500       1,610,370  

5.50%, 7/01/33

     1,500       1,627,965  
Municipal Bonds   Par
(000)		     Value  
Illinois (continued)  

State of Illinois, GO (continued):

    

5.50%, 7/01/38

   $ 340     $ 364,177  
   

 

 

  
      25,819,589  
Indiana — 3.7%  

County of Allen Indiana, RB, StoryPoint Fort Wayne Project, Series A-1(a):

    

6.63%, 1/15/34

     125       131,532  

6.75%, 1/15/43

     185       193,882  

6.88%, 1/15/52

     375       393,844  

Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32

     500       513,550  

Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(b)

     3,400       3,593,732  

Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series A-1, 6.38%, 01/15/51(a)

     520       541,034  
   

 

 

  
      5,367,574  
Iowa — 1.1%  

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

    

5.50%, 12/01/22

     910       931,831  

5.25%, 12/01/25

     625       666,081  
   

 

 

  
      1,597,912  
Kansas — 2.2%  

City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/43

     475       490,637  

Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29

     2,500       2,709,875  
   

 

 

  
      3,200,512  
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       1,234,930  
 

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      2  

Schedule of Investments  (continued)

   

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par
(000)		     Value  
Louisiana (continued)  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29

   $ 915     $ 963,916  
   

 

 

  
      2,198,846  
Maine — 1.5%  

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 07/01/32

     1,945       2,212,379  
   

 

 

  
Maryland — 0.4%  

City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A, 4.50%, 09/01/33

     135       140,770  

City of Baltimore Maryland, Tax Allocation Bonds, Center/West Development, Series A, 5.38%, 06/01/36

     415       423,412  
   

 

 

  
      564,182  
Massachusetts — 3.1%  

Massachusetts Development Finance Agency, RB:

    

Emerson College Issue, Series A, 5.00%, 1/01/47

     790       883,496  

UMass Boston Student Housing Project, 5.00%, 10/01/41

     500       549,755  

UMass Boston Student Housing Project, 5.00%, 10/01/48

     875       955,815  

Massachusetts Development Finance Agency, Refunding RB:

    

Emerson College Issue, 5.00%, 1/01/45

     375       417,653  

Trustees of Deerfield Academy, 5.00%, 10/01/40

     375       412,166  

Massachusetts Health & Educational Facilities Authority, RB, Tufts University, Series O, 5.38%, 08/15/18(b)

     1,000       1,033,590  

Metropolitan Boston Transit Parking Corp., Refunding RB, 5.25%, 07/01/36

     300       339,381  
   

 

 

  
      4,591,856  
Michigan — 3.3%  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 07/01/41

     1,400       1,583,904  
Municipal Bonds   Par
(000)		     Value  
Michigan (continued)  

Michigan State Building Authority, Refunding RB, Facilities Program Series:

    

6.00%, 10/15/18(b)

   $ 910     $ 951,878  

6.00%, 10/15/18(b)

     540       564,851  

6.00%, 10/15/38

     50       52,262  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 09/01/18(b)

     1,525       1,615,127  
   

 

 

  
      4,768,022  
Montana — 0.1%  

City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A, 5.25%, 05/15/37

     125       132,203  
   

 

 

  
Nevada — 4.0%  

City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(b)

     2,600       2,777,086  

County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42

     2,825       3,102,528  
   

 

 

  
      5,879,614  
New Jersey — 5.6%  

New Jersey EDA, Refunding RB, School Facilities Construction, Series AA:

    

5.50%, 6/15/19(b)

     500       534,455  

5.50%, 12/15/29

     250       262,068  

New Jersey Housing & Mortgage Finance Agency, RB, S/F, Series CC, 5.25%, 10/01/29

     1,660       1,709,368  

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

    

Series A, 5.88%, 12/15/38

     1,990       2,080,784  

Series AA, 5.50%, 6/15/39

     2,245       2,439,933  

Tobacco Settlement Financing Corp., Refunding RB,
Series 1A, 5.00%, 06/01/41

     1,235       1,183,871  
   

 

 

  
      8,210,479  
New York — 5.9%  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a)

     900       931,275  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012:

    

5.75%, 2/15/21(b)

     975       1,115,810  
 

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      3  

Schedule of Investments  (continued)

   

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par
(000)		     Value  
New York (continued)  

Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012 (continued):

 

5.75%, 2/15/47

   $ 645     $ 734,790  

Metropolitan Transportation Authority, RB,
Series A, 5.25%, 11/15/38

     500       568,115  

New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49

     1,480       1,591,207  

New York State Dormitory Authority, RB,
Series B, 5.25%, 03/15/19(b)

     3,250       3,433,235  

Westchester Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42

     280       282,436  
   

 

 

  
      8,656,868  
Ohio — 3.5%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47

     1,000       936,210  

County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/38

     2,405       2,582,970  

State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31

     1,385       1,619,536  
   

 

 

  
      5,138,716  
Oklahoma — 1.5%  

Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%, 08/01/57

     1,110       1,220,079  

Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45

     850       944,078  
   

 

 

  
      2,164,157  
Oregon — 0.2%  

County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(c)

     575       250,551  
Municipal Bonds   Par
(000)		     Value  
Pennsylvania — 4.0%  

Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a)

   $ 420     $ 450,173  

Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 04/01/39

     800       852,160  

Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series 123-B, 4.00%, 10/01/42

     1,000       1,029,520  

Pennsylvania Turnpike Commission, RB, Series A(b):

    

5.63%, 12/01/20

     1,200       1,355,820  

5.63%, 12/01/20

     445       492,530  

Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37

     1,530       1,753,013  
   

 

 

  
      5,933,216  
Puerto Rico — 1.2%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 5/15/39

     305       299,333  

5.63%, 5/15/43

     1,420       1,391,259  
   

 

 

  
      1,690,592  
Rhode Island — 2.0%  

Tobacco Settlement Financing Corp., Refunding RB, Series B:

    

4.50%, 6/01/45

     2,870       2,875,396  

5.00%, 6/01/50

     125       128,972  
   

 

 

  
      3,004,368  
South Carolina — 1.7%  

County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38

     1,825       2,139,010  

State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55

     325       366,915  
   

 

 

  
      2,505,925  
Texas — 10.4%  

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 01/01/21(b)

     2,560       2,934,298  

City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37

     1,140       1,315,195  
 

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      4  

Schedule of Investments  (continued)

   

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   Par
(000)		     Value  
Texas (continued)  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 08/15/20(b)

   $ 2,710     $ 3,062,923  

Lower Colorado River Authority, Refunding RB:

    

5.50%, 5/15/19(b)

     5       5,320  

5.50%, 5/15/19(b)

     80       85,118  

5.50%, 5/15/19(b)

     5       5,320  

5.50%, 5/15/33

     1,910       2,025,880  

North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(b)

     1,500       1,722,510  

North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1 (AGC), 5.75%, 01/01/19(b)

     1,250       1,316,863  

Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38

     520       588,905  

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       2,223,545  
   

 

 

  
      15,285,877  
Virginia — 3.3%  

Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A:

    

5.00%, 3/01/26

     240       243,924  

5.13%, 3/01/31

     470       476,053  

City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43

     425       474,602  

County of Fairfax Virginia IDA, Refunding RB, Health Care-Inova Health:

    

5.50%, 5/15/19(b)

     475       506,146  

5.50%, 5/15/35

     885       939,808  

State of Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18(b)

     1,200       1,269,672  
Municipal Bonds   Par
(000)		     Value  
Virginia (continued)  

Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1, 5.00%, 06/01/47

   $ 1,010     $ 970,782  
   

 

 

  
      4,880,987  
Wisconsin — 0.5%  

Public Finance Authority, Refunding RB, Mery’s Wood at Marylhurst Projects, 5.25%, 05/15/52(a)

     735       783,216  
   

 

 

  

Total Municipal Bonds — 105.5%

 

     154,852,517  
   

 

 

  

Municipal Bonds Transferred to Tender
Option Bond Trusts(d)

 

Alabama — 0.8%  

Auburn University, Refunding RB, Series A, 4.00%, 06/01/41

     1,120       1,176,437  
   

 

 

  
California — 20.6%  

California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(b)(e)

     3,000       3,113,270  

Fremont Union High School District, GO, Refunding, Series A, 4.00%, 08/01/46

     1,840       1,963,786  

Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 08/01/20(b)

     3,700       4,079,601  

Los Angeles Community College District California, GO, Election of 2008(b):

    

Series C, 5.25%, 8/01/20(e)

     4,041       4,482,689  

Refunding Series A, 6.00%, 8/01/19

     5,977       6,486,004  

Los Angeles Unified School District California, GO, Series I, 5.00%, 01/01/34

     600       636,861  

San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 08/01/19(b)

     6,448       6,931,858  

University of California, RB, Series O, 5.75%, 05/15/19(b)

     2,310       2,472,437  
   

 

 

  
      30,166,506  
District of Columbia — 3.5%  

District of Columbia, RB, Series A, 5.50%, 12/01/30(e)

     2,129       2,310,814  
 

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      5  

Schedule of Investments  (continued)

   

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)		   Par
(000)		     Value  
District of Columbia (continued)  

District of Columbia Water & Sewer Authority, Refunding RB,
Series A, 5.50%, 10/01/18(b)

   $ 2,698     $ 2,805,181  
   

 

 

  
      5,115,995  
Illinois — 4.0%  

Illinois Finance Authority, RB, University of Chicago,
Series B, 6.25%, 07/01/18(b)

     4,300       4,445,619  

Illinois State Toll Highway Authority, RB,
Series C, 5.00%, 01/01/38

     1,244       1,407,616  
   

 

 

  
      5,853,235  
Nevada — 4.3%  

County of Clark Nevada Water Reclamation District, GO(b):

    

Limited Tax, 6.00%, 7/01/18

     4,000       4,130,220  

Series B, 5.50%, 7/01/19

     1,994       2,135,736  
   

 

 

  
      6,265,956  
New Hampshire — 1.2%  

New Hampshire Health and Education Facilities Authority Act, RB, Doartmouth College Issue, 5.25%, 06/01/19(e)

     1,680       1,785,210  
   

 

 

  
New Jersey — 3.8%  

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

    

Series A, AMBAC (AGM), 5.00%, 12/15/32

     3,000       3,013,335  

Series B, 5.25%, 6/15/36(e)

     2,481       2,636,930  
   

 

 

  
      5,650,265  
New York — 15.0%  

City of New York Municipal Water Finance Authority, Refunding RB, Series FF, 5.00%, 06/15/45

     2,499       2,794,605  

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 06/15/40

     2,985       3,188,567  

City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 01/15/39

     2,499       2,619,280  

City of New York New York Water & Sewer System, RB, Fiscal 2009, Series A:

    

5.75%, 6/15/18(b)

     497       511,018  

5.75%, 6/15/40

     1,662       1,708,869  
Municipal Bonds Transferred to Tender Option Bond Trusts (d)   Par
(000)		      Value  
New York (continued)  

Metropolitan Transportation Authority, Refunding RB,
Series C-1, 5.25%, 11/15/56

   $ 1,700      $ 1,987,428  

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

     3,375        3,804,599  

New York Liberty Development Corp., Refunding RB, World Trade Center Project, 5.75%, 11/15/51(e)

     1,980        2,277,029  

New York State Dormitory Authority, RB, Education,
Series B, 5.25%, 03/15/19(b)

     3,000        3,167,580  
    

 

 

  
       22,058,975  
Pennsylvania — 2.6%  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     1,514        1,779,748  

Pennsylvania Turnpike Commission, Refunding RB, Sub-Series B-2 (AGM), 5.00%, 06/01/35

     1,830        2,104,409  
    

 

 

  
       3,884,157  
Rhode Island — 1.6%  

Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47

     2,207        2,277,620  
    

 

 

  
Texas — 5.3%  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.25%, 02/01/19(b)(e)

     3,074        3,227,733  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children’s Hospital Project, 5.50%, 10/01/39

     4,200        4,505,067  
    

 

 

  
       7,732,800  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 62.7%

 

      91,967,156  
  

 

 

  

Total Long-Term Investments
(Cost — $230,248,192) — 168.2%

 

      246,819,673  
  

 

 

  
 

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      6  

Schedule of Investments  (continued)

   

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

 

Short-Term Securities — 0.3%  
Shares		         

BlackRock Liquidity Funds, MuniCash,
Institutional Class, 0.74%(f)(g)

     378,133     $ 378,247  
   

 

 

  

Total Short-Term Securities

    (Cost — $378,247) — 0.3%

       378,247  
   

 

 

  
                
Value		  

Total Investments
(Cost — $230,626,439) — 168.5%

       247,197,920  

Other Assets Less Liabilities — 1.9%

       2,856,666  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (35.2)%

       (51,603,026 ) 

Preferred Shares, at Redemption Value — (35.2)%

       (51,708,324 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

     $ 146,743,236  
   

 

 

  
 

 

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) 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) Zero-coupon bond.
(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 November 15, 2019, is $11,993,816.
(f) Annualized 7-day yield as of period end.
(g) During the period ended October 31, 2017, investments in issuers considered to be a affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated    Shares
Held at
July 31, 2017		      Net
Activity		      Shares
Held at
October 31, 2017		      Value at
October 31, 2017		      Income      Net
Realized
Gain
(Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      —        378,133        378,133      $ 378,247      $ 394      $ (16 )       —  

FFI Institutional Tax-Exempt Fund

      —        —        —        —        (7 )       —        —  
           

 

 

     

 

 

     

 

 

     

 

 

  

Total

             $ 378,247      $ 387      $ (16 )     $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)  Includes net capital gain distributions, if applicable.

For Fund compliance purposes, the Fund’s sector classifications refer to 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 adviser. 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

 

Description   Number
of
Contracts		     Expiration
Date		      Notional
Amount
(000)		      Value /
Unrealized
Appreciation
(Depreciation)		  

Short Contracts

          

5-Year U.S. Treasury Note

     (26 )      December 2017      $ 3,047      $ 34,507  

10-Year U.S. Treasury Note

     (17 )      December 2017        2,124        37,326  

Long U.S. Treasury Bond

     (17 )      December 2017        2,592        48,955  

Ultra Long U.S. Treasury Bond

     (6 )      December 2017        989        21,115  
         

 

 

  

Total

 

    $ 141,903  
         

 

 

  

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      7  

Schedule of Investments  (continued)

   

BlackRock Municipal Income Investment Trust (BBF)

 

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
ARB    Airport Revenue Bonds
BARB    Building Aid Revenue Bonds
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
IDA    Industrial Development Authority
IDB    Industrial Development Board
LRB    Lease Revenue Bonds
RB    Revenue Bonds
S/F    Single-Family

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 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 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 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.

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      8  

Schedule of Investments  (concluded)

   

BlackRock Municipal Income Investment Trust (BBF)

 

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 Investments(a)

     —        $ 246,819,673          —        $ 246,819,673  

Short-Term Securities

    $ 378,247          —          —          378,247  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 378,247        $ 246,819,673          —        $ 247,197,920  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments (b)

 

Assets:

 

Interest rate contracts

   $ 141,903          —          —        $ 141,903  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 141,903        $ —          —        $ 141,903  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)  See above Schedule of Investments for values in each state or political subdivision.  
  (b)  Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.  

The Fund 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  

Liabilities:

 

TOB Trust Certificates

     —        $ (51,499,805 )         —        $ (51,499,805 ) 

VRDP Shares

     —          (52,000,000 )         —          (52,000,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

     —        $ (103,499,805 )         —        $ (103,499,805 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

During the period ended October 31, 2017, there were no transfers between levels.

 

 

        BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST       OCTOBER 31, 2017      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.

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: December 21, 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.

    By:   /s/ John M. Perlowski                        
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Income Investment Trust
    Date: December 21, 2017
    By:   /s/ Neal J. Andrews                            
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Trust
    Date: December 21, 2017