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: 07/31/2019
Date of reporting period:
10/31/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 117.2% |
|
|
|
|
|
|
|
|
|
|
|
| Alabama — 0.3% |
|
|
|
|
|
|
| City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%,
12/01/35 |
|
$ |
420 |
|
|
$ |
454,020 |
|
|
|
|
|
|
|
|
|
|
| Arizona — 1.1% |
|
|
|
|
|
|
| Arizona IDA, Refunding RB, Basis Schools, Inc. Projects, Series A, 5.38%, 07/01/50(a) |
|
|
1,185 |
|
|
|
1,203,119 |
|
| City of Phoenix Arizona IDA, Refunding RB, Basis Schools, Inc. Projects,
Series A,
5.00%, 07/01/35(a) |
|
|
275 |
|
|
|
277,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,480,426 |
|
| California — 13.8% |
|
|
|
|
|
|
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,
6.00%, 07/01/19(b) |
|
|
1,010 |
|
|
|
1,038,593 |
|
| California School Finance Authority, RB, Alliance For College-Ready Public School Projects, Series A, 5.00%,
07/01/51(a) |
|
|
1,200 |
|
|
|
1,238,328 |
|
| California Statewide Communities Development Authority, RB, Lancer Educational student Housing Project,
Series A, 5.00%, 06/01/46(a) |
|
|
1,220 |
|
|
|
1,281,952 |
|
| California Statewide Communities Development Authority, Refunding RB, Lancer Educational student Housing
Project, Series A,
5.00%, 06/01/36(a) |
|
|
990 |
|
|
|
1,052,162 |
|
| Golden State Tobacco Securitization Corp., Refunding RB,
Series A-1, 5.25%, 06/01/47 |
|
|
475 |
|
|
|
477,593 |
|
| Kern Community College District, GO, Safety, Repair & Improvement, Series C, 5.50%,
11/01/33 |
|
|
1,185 |
|
|
|
1,347,452 |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J: |
|
|
|
|
|
|
|
|
| 5.25%, 05/15/23(b) |
|
|
2,165 |
|
|
|
2,459,592 |
|
| 5.25%, 05/15/38 |
|
|
615 |
|
|
|
678,763 |
|
| State of California, GO, Various Purposes, 6.00%, 03/01/33 |
|
|
1,960 |
|
|
|
2,065,291 |
|
| State of California Public Works Board, LRB, Various Capital Projects, Series I: |
|
|
|
|
|
|
|
|
| 5.50%, 11/01/31 |
|
|
2,100 |
|
|
|
2,365,839 |
|
| 5.50%, 11/01/33 |
|
|
1,500 |
|
|
|
1,686,150 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
|
|
|
|
|
| State of California Public Works Board, RB, Department of Corrections & Rehabilitation,
Series F, 5.25%, 09/01/33 |
|
$ |
610 |
|
|
$ |
676,478 |
|
| Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1, 5.00%, 06/01/37 |
|
|
2,025 |
|
|
|
2,030,022 |
|
| Township of Washington California Health Care District, GO, Election of 2004, Series B,
5.50%, 08/01/40 |
|
|
460 |
|
|
|
523,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,921,350 |
|
| Colorado — 3.3% |
|
|
|
|
|
|
| Centerra Metropolitan District No. 1, Tax Allocation Bonds, 5.00%, 12/01/47(a) |
|
|
250 |
|
|
|
249,223 |
|
| City & County of Denver Colorado, RB, Capital Appreciation Bonds Series, Series A-2, 0.00%, 08/01/38(c) |
|
|
1,000 |
|
|
|
430,820 |
|
| City & County of Denver Colorado Airport System, ARB,
Sub-System, Series B, 5.25%, 11/15/32 |
|
|
1,750 |
|
|
|
1,937,932 |
|
| Colorado Health Facilities Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| Catholic Health Initiative, 5.50%, 07/01/34 |
|
|
1,675 |
|
|
|
1,712,403 |
|
| Frasier Meadows Retirement Community Project, 5.25%, 05/15/37 |
|
|
210 |
|
|
|
223,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,553,885 |
|
| Connecticut — 0.3% |
|
|
|
|
|
|
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing,
Sub-Series B-1, 4.00%, 05/15/45 |
|
|
460 |
|
|
|
448,233 |
|
|
|
|
|
|
|
|
|
|
| Delaware — 0.8% |
|
|
|
|
|
|
| County of Kent Delaware, RB, CHF Dover LLC, Delaware State University Project, Series A, 5.00%,
07/01/58 |
|
|
1,040 |
|
|
|
1,066,061 |
|
|
|
|
|
|
|
|
|
|
| District of Columbia — 0.8% |
|
|
|
|
|
|
| District of Columbia Housing Finance Agency, RB, M/F Housing, Series
B-2 (FHA), 4.10%, 09/01/39 |
|
|
1,055 |
|
|
|
1,034,649 |
|
|
|
|
|
|
|
|
|
|
| Florida — 6.2% |
|
|
|
|
|
|
| Celebration Pointe Community Development District, Special Assessment Bonds, County of Alachua Florida(a): |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/32 |
|
|
225 |
|
|
|
232,479 |
|
| 5.00%, 05/01/48 |
|
|
555 |
|
|
|
555,377 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Florida (continued) |
|
|
|
|
|
|
| County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38 |
|
$ |
5,675 |
|
|
$ |
6,375,579 |
|
| Lakewood Ranch Stewardship District, Special Assessment Bonds, Lakewood National & Polo Run
Projects: |
|
|
|
|
|
|
|
|
| 5.25%, 05/01/37 |
|
|
180 |
|
|
|
183,708 |
|
| 5.38%, 05/01/47 |
|
|
185 |
|
|
|
188,345 |
|
| Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 |
|
|
875 |
|
|
|
972,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,508,392 |
|
| Georgia — 0.1% |
|
|
|
|
|
|
| County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A, 4.00%, 12/01/48 |
|
|
100 |
|
|
|
97,939 |
|
|
|
|
|
|
|
|
|
|
| Idaho — 0.4% |
|
|
|
|
|
|
| Idaho Health Facilities Authority, Refunding RB, St. Luke’s Health System Project, Series A,
4.00%, 03/01/43 |
|
|
30 |
|
|
|
28,303 |
|
| Idaho State Building Authority, RB, Department of Health And Welfare Project, 4.00%, 09/01/48 |
|
|
555 |
|
|
|
544,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
572,458 |
|
| Illinois — 20.6% |
|
| Chicago Board of Education, GO: |
|
|
|
|
|
|
|
|
| Dedicated Revenues, Series H, 5.00%, 12/01/46 |
|
|
215 |
|
|
|
214,987 |
|
| Project, Series C, 5.25%, 12/01/35 |
|
|
700 |
|
|
|
712,719 |
|
| Refunding Dedicated Revenues, Series D, 5.00%, 12/01/27 |
|
|
400 |
|
|
|
413,552 |
|
| Refunding Dedicated Revenues, Series F, 5.00%, 12/01/23 |
|
|
290 |
|
|
|
301,313 |
|
| Refunding Dedicated Revenues, Series G, 5.00%, 12/01/34 |
|
|
215 |
|
|
|
217,494 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien, Series C, 6.50%, 01/01/21(b) |
|
|
4,545 |
|
|
|
4,957,641 |
|
| City of Chicago Illinois Transit Authority, RB: |
|
|
|
|
|
|
|
|
| 5.25%, 12/01/31 |
|
|
560 |
|
|
|
592,732 |
|
| Sales Tax Receipts, 5.25%, 12/01/36 |
|
|
1,500 |
|
|
|
1,576,875 |
|
| Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,750 |
|
|
|
1,837,605 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
| 5.50%, 12/01/38 |
|
$ |
580 |
|
|
$ |
602,852 |
|
| 5.25%, 12/01/43 |
|
|
2,660 |
|
|
|
2,726,553 |
|
| Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
| Carle Foundation, Series A, 6.00%, 08/15/41 |
|
|
1,750 |
|
|
|
1,893,623 |
|
| Rush University Medical Center, Series B,
7.25%, 11/01/18(b) |
|
|
1,600 |
|
|
|
1,600,000 |
|
| Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A,
6.00%, 08/15/19 |
|
|
2,900 |
|
|
|
2,989,697 |
|
| Metropolitan Pier & Exposition Authority, RB, Series A, McCormick Place Expansion
Project: |
|
|
|
|
|
|
|
|
| Bonds, 0.00%, 12/15/56(c) |
|
|
2,165 |
|
|
|
276,730 |
|
| Bonds, 5.00%, 06/15/57 |
|
|
590 |
|
|
|
606,060 |
|
| 5.50%, 06/15/53 |
|
|
280 |
|
|
|
295,484 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
| Bonds, Series B, 0.00%, 12/15/54(c) |
|
|
3,020 |
|
|
|
430,018 |
|
| Series B-2, 5.00%, 06/15/50 |
|
|
125 |
|
|
|
125,051 |
|
| Railsplitter Tobacco Settlement Authority,
RB(b): |
|
|
|
|
|
|
|
|
| 5.50%, 06/01/21 |
|
|
1,055 |
|
|
|
1,139,094 |
|
| 6.00%, 06/01/21 |
|
|
300 |
|
|
|
327,651 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.25%, 02/01/31 |
|
|
730 |
|
|
|
755,973 |
|
| 5.25%, 02/01/32 |
|
|
1,500 |
|
|
|
1,548,420 |
|
| 5.50%, 07/01/33 |
|
|
1,500 |
|
|
|
1,581,720 |
|
| 5.50%, 07/01/38 |
|
|
340 |
|
|
|
355,446 |
|
| State of Illinois, GO, Refunding, Series B, 5.00%, 10/01/27 |
|
|
225 |
|
|
|
233,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,312,802 |
|
| Indiana — 3.8% |
|
| County of Allen Indiana, RB, StoryPoint Fort Wayne Project,
Series A-1(a): |
|
|
|
|
|
|
|
|
| 6.63%, 01/15/34 |
|
|
125 |
|
|
|
130,977 |
|
| 6.75%, 01/15/43 |
|
|
185 |
|
|
|
193,499 |
|
| 6.88%, 01/15/52 |
|
|
375 |
|
|
|
393,000 |
|
| Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32 |
|
|
500 |
|
|
|
505,340 |
|
| Indiana Municipal Power Agency, RB, Series B, 6.00%, 01/01/19(b) |
|
|
3,400 |
|
|
|
3,423,120 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Indiana (continued) |
|
|
|
|
|
|
| Town of Chesterton Indiana, RB, StoryPoint Chesterton Project, Series
A-1, 6.38%, 01/15/51(a) |
|
$ |
520 |
|
|
$ |
528,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,174,662 |
|
| Iowa — 1.2% |
|
|
|
|
|
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 12/01/50(d) |
|
|
905 |
|
|
|
961,038 |
|
| Midwestern Disaster Area, 5.50%, 12/01/22 |
|
|
5 |
|
|
|
5,009 |
|
| Midwestern Disaster Area, 5.25%, 12/01/25 |
|
|
625 |
|
|
|
660,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,626,328 |
|
| Kansas — 2.2% |
|
|
|
|
|
|
| City of Lenexa Kansas, Refunding RB, Lakeview Village, Inc., Series A, 5.00%, 05/15/43 |
|
|
475 |
|
|
|
480,918 |
|
| Kansas Development Finance Authority, Refunding RB, Adventist Health System: |
|
|
|
|
|
|
|
|
| 5.50%, 11/15/19(b) |
|
|
55 |
|
|
|
56,843 |
|
| 5.50%, 11/15/29 |
|
|
2,445 |
|
|
|
2,523,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,061,637 |
|
| 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 |
|
|
|
1,174,048 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29 |
|
|
915 |
|
|
|
929,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,103,368 |
|
| Maine — 0.5% |
|
|
|
|
|
|
| Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%,
07/01/32 |
|
|
680 |
|
|
|
742,036 |
|
|
|
|
|
|
|
|
|
|
| Maryland — 1.0% |
|
|
|
|
|
|
| City of Baltimore Maryland, Refunding RB, East Baltimore Research Park, Series A,
4.50%, 09/01/33 |
|
|
135 |
|
|
|
136,860 |
|
| City of Baltimore Maryland, Tax Allocation Bonds, Center/West Development, Series A,
5.38%, 06/01/36 |
|
|
415 |
|
|
|
413,813 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Maryland (continued) |
|
|
|
|
|
|
| Maryland Community Development Administration, Refunding RB, S/F Housing, Series A, 4.10%, 09/01/38(e) |
|
$ |
770 |
|
|
$ |
764,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,315,468 |
|
| Massachusetts — 2.4% |
|
|
|
|
|
|
| Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
| Emerson College Issue, Series A, 5.00%, 01/01/47 |
|
|
790 |
|
|
|
827,691 |
|
| UMass Boston Student Housing Project, 5.00%, 10/01/41 |
|
|
500 |
|
|
|
519,850 |
|
| UMass Boston Student Housing Project, 5.00%, 10/01/48 |
|
|
875 |
|
|
|
905,590 |
|
| Massachusetts Development Finance Agency, Refunding RB: |
|
|
|
|
|
|
|
|
| Emerson College Issue, 5.00%, 01/01/45 |
|
|
375 |
|
|
|
389,471 |
|
| Trustees of Deerfield Academy, 5.00%, 10/01/40 |
|
|
375 |
|
|
|
393,053 |
|
| Metropolitan Boston Transit Parking Corp., Refunding RB, 5.25%, 07/01/36 |
|
|
300 |
|
|
|
318,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,354,543 |
|
| Michigan — 1.1% |
|
|
|
|
|
|
| City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A,
5.50%, 07/01/41 |
|
|
1,400 |
|
|
|
1,506,414 |
|
|
|
|
|
|
|
|
|
|
| Minnesota — 3.3% |
|
|
|
|
|
|
| City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series A: |
|
|
|
|
|
|
|
|
| 4.00%, 11/15/48 |
|
|
430 |
|
|
|
410,448 |
|
| 5.00%, 11/15/49 |
|
|
1,790 |
|
|
|
1,910,789 |
|
| Duluth EDA, Refunding RB, Essentia Health Obligated Group, Series A(e): |
|
|
|
|
|
|
|
|
| 4.25%, 02/15/48 |
|
|
1,665 |
|
|
|
1,589,709 |
|
| 5.25%, 02/15/58 |
|
|
560 |
|
|
|
590,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,501,628 |
|
| Montana — 0.1% |
|
|
|
|
|
|
| City of Kalispell Montana, Refunding RB, Immanuel Lutheran Corporation Project, Series A,
5.25%, 05/15/37 |
|
|
125 |
|
|
|
128,195 |
|
|
|
|
|
|
|
|
|
|
| Nevada — 4.1% |
|
|
|
|
|
|
| City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 04/01/19(b) |
|
|
2,600 |
|
|
|
2,643,784 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Nevada (continued) |
|
|
|
|
|
|
| County of Clark Nevada Airport System, ARB, Series B, 5.75%, 07/01/42 |
|
$ |
2,825 |
|
|
$ |
2,936,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,580,654 |
|
| New Jersey — 7.3% |
|
|
|
|
|
|
| Casino Reinvestment Development Authority, Refunding RB, 5.25%, 11/01/39 |
|
|
265 |
|
|
|
279,474 |
|
| New Jersey EDA, RB, State House Project, Series B (BAM), 4.13%, 06/15/39 |
|
|
330 |
|
|
|
324,806 |
|
| New Jersey EDA, Refunding RB, School Facilities Construction, Series AA: |
|
|
|
|
|
|
|
|
| 5.50%, 06/15/19(b) |
|
|
500 |
|
|
|
510,960 |
|
| 5.50%, 12/15/29 |
|
|
250 |
|
|
|
254,140 |
|
| New Jersey Housing & Mortgage Finance Agency, RB, S/F, Series CC, 5.25%, 10/01/29 |
|
|
1,400 |
|
|
|
1,409,268 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A, 5.88%, 12/15/38 |
|
|
1,990 |
|
|
|
1,999,055 |
|
| Series AA, 5.50%, 06/15/39 |
|
|
2,245 |
|
|
|
2,381,765 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/36 |
|
|
475 |
|
|
|
510,915 |
|
| Series A, 5.00%, 06/01/46 |
|
|
1,515 |
|
|
|
1,563,844 |
|
| Series A, 5.25%, 06/01/46 |
|
|
390 |
|
|
|
412,234 |
|
| Sub-Series B, 5.00%, 06/01/46 |
|
|
380 |
|
|
|
384,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,031,355 |
|
| New York — 5.4% |
|
|
|
|
|
|
| City of New York Housing Development Corp., Refunding RB, Sustainable Neighborhood Bonds, Series A,
4.15%, 11/01/38(e) |
|
|
2,075 |
|
|
|
2,047,361 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%,
06/01/41(a) |
|
|
900 |
|
|
|
926,082 |
|
| Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012: |
|
|
|
|
|
|
|
|
| 5.75%, 02/15/21(b) |
|
|
1,005 |
|
|
|
1,086,897 |
|
| 5.75%, 02/15/47 |
|
|
615 |
|
|
|
658,124 |
|
| Metropolitan Transportation Authority, RB, Series A,
5.25%, 11/15/21(b) |
|
|
500 |
|
|
|
546,240 |
|
| Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
|
360 |
|
|
|
393,246 |
|
| 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 |
|
|
|
1,537,779 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
|
|
|
|
|
| Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42 |
|
$ |
275 |
|
|
$ |
255,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,450,866 |
|
| North Dakota — 0.1% |
|
|
|
|
|
|
| County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B,
4.25%, 02/15/43(e) |
|
|
200 |
|
|
|
192,648 |
|
|
|
|
|
|
|
|
|
|
| Ohio — 4.0% |
|
|
|
|
|
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2: |
|
|
|
|
|
|
|
|
| 5.75%, 06/01/34 |
|
|
225 |
|
|
|
216,655 |
|
| 5.88%, 06/01/47 |
|
|
1,000 |
|
|
|
970,990 |
|
| County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(b) |
|
|
2,405 |
|
|
|
2,517,145 |
|
| Ohio Housing Finance Agency, RB, S/F Housing, Series A (Ginnie Mae, Fannie Mae & Freddie Mac),
4.00%, 09/01/48 |
|
|
305 |
|
|
|
297,198 |
|
| State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31 |
|
|
1,385 |
|
|
|
1,522,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,524,851 |
|
| Oklahoma — 1.8% |
|
|
|
|
|
|
| Oklahoma Development Finance Authority, RB: |
|
|
|
|
|
|
|
|
| OU Medicine Project, Series B, 5.25%, 08/15/48 |
|
|
560 |
|
|
|
592,911 |
|
| Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A,
5.25%, 08/01/57 |
|
|
1,110 |
|
|
|
1,021,378 |
|
| Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45 |
|
|
850 |
|
|
|
913,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,527,503 |
|
| Oregon — 0.4% |
|
|
|
|
|
|
| County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A,
0.00%, 06/15/38(c) |
|
|
575 |
|
|
|
250,142 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Oregon (continued) |
|
| State of Oregon Housing & Community Services Department, RB, S/F Housing, Mortgage Program, Series
C, 3.95%, 07/01/43 |
|
$ |
315 |
|
|
$ |
308,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
558,798 |
|
| Pennsylvania — 4.1% |
|
| Allentown Neighborhood Improvement Zone Development Authority, RB, City Center Project, 5.00%, 05/01/42(a) |
|
|
420 |
|
|
|
436,195 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
55 |
|
|
|
52,375 |
|
| Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project,
6.20%, 04/01/39 |
|
|
800 |
|
|
|
812,552 |
|
| Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series
123-B, 4.00%, 10/01/42 |
|
|
990 |
|
|
|
963,191 |
|
| Pennsylvania Turnpike Commission, RB, Series
A(b): |
|
|
|
|
|
|
|
|
| 5.63%, 12/01/20 |
|
|
1,200 |
|
|
|
1,283,868 |
|
| 5.63%, 12/01/20 |
|
|
445 |
|
|
|
476,101 |
|
| Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37 |
|
|
1,530 |
|
|
|
1,653,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,677,401 |
|
| Puerto Rico — 1.3% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
305 |
|
|
|
309,331 |
|
| 5.63%, 05/15/43 |
|
|
1,420 |
|
|
|
1,439,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,748,657 |
|
| Rhode Island — 2.2% |
|
| Tobacco Settlement Financing Corp., Refunding RB, Series B: |
|
|
|
|
|
|
|
|
| 4.50%, 06/01/45 |
|
|
2,870 |
|
|
|
2,830,480 |
|
| 5.00%, 06/01/50 |
|
|
125 |
|
|
|
128,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,958,644 |
|
| South Carolina — 3.9% |
|
| County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
1,825 |
|
|
|
2,046,354 |
|
| State of South Carolina Public Service Authority, RB, Series E, 5.50%, 12/01/53 |
|
|
1,500 |
|
|
|
1,582,005 |
|
| State of South Carolina Public Service Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 12/01/50 |
|
|
210 |
|
|
|
217,489 |
|
| Series A, 5.00%, 12/01/55 |
|
|
465 |
|
|
|
479,969 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| South Carolina (continued) |
|
| State of South Carolina Public Service Authority, Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Series E, 5.25%, 12/01/55 |
|
$ |
945 |
|
|
$ |
999,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,325,674 |
|
| Texas — 12.2% |
|
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 01/01/21(b) |
|
|
2,560 |
|
|
|
2,757,606 |
|
| City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37 |
|
|
1,140 |
|
|
|
1,247,274 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,
6.00%, 08/15/20(b) |
|
|
2,710 |
|
|
|
2,891,760 |
|
| Lower Colorado River Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/19(b) |
|
|
5 |
|
|
|
5,092 |
|
| 5.50%, 05/15/19(b) |
|
|
80 |
|
|
|
81,476 |
|
| 5.50%, 05/15/19(b) |
|
|
5 |
|
|
|
5,092 |
|
| 5.50%, 05/15/33 |
|
|
1,910 |
|
|
|
1,942,986 |
|
| North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 09/01/21(b) |
|
|
1,500 |
|
|
|
1,629,900 |
|
| North Texas Tollway Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 4.25%, 01/01/49(e) |
|
|
1,850 |
|
|
|
1,815,960 |
|
| 5.00%, 01/01/50(e) |
|
|
375 |
|
|
|
403,436 |
|
| 1st Tier, Series K-1 (AGC), 5.75%, 01/01/19(b) |
|
|
1,250 |
|
|
|
1,257,637 |
|
| Red River Texas Education Financing Corp., RB, Texas Christian University Project, 5.25%, 03/15/38 |
|
|
520 |
|
|
|
569,572 |
|
| 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 |
|
|
|
2,095,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,703,718 |
|
| Virginia — 3.5% |
|
| Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 03/01/26 |
|
|
240 |
|
|
|
244,006 |
|
| 5.13%, 03/01/31 |
|
|
470 |
|
|
|
478,737 |
|
| City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43 |
|
|
425 |
|
|
|
454,435 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Virginia (continued) |
|
| County of Fairfax Virginia IDA, Refunding RB, Health Care-Inova Health(b): |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/19 |
|
$ |
475 |
|
|
$ |
484,101 |
|
| 5.50%, 05/15/19 |
|
|
885 |
|
|
|
901,957 |
|
| State of Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18(b) |
|
|
1,200 |
|
|
|
1,204,356 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Senior Series B-1,
5.00%, 06/01/47 |
|
|
1,010 |
|
|
|
989,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,757,079 |
|
| Washington — 1.1% |
|
|
|
|
|
|
| Washington State Housing Finance Commission, Refunding RB, Horizon House Project,
5.00%, 01/01/48(a) |
|
|
1,405 |
|
|
|
1,451,857 |
|
|
|
|
|
|
|
|
|
|
| West Virginia — 0.5% |
|
|
|
|
|
|
| City of Martinsburg West Virginia, RB, M/F Housing, Kings Daughters Apartments, Series A-1, 4.63%, 12/01/43 |
|
|
570 |
|
|
|
545,901 |
|
| West Virginia Hospital Finance Authority, RB, Improvement, West Virginia University Health System Obligated
Group, Series A, 4.00%, 06/01/51 |
|
|
140 |
|
|
|
127,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
673,102 |
|
| Wisconsin — 0.5% |
|
|
|
|
|
|
| Public Finance Authority, Refunding RB, Mery’s Wood at Marylhurst Projects, 5.25%, 05/15/52(a) |
|
|
735 |
|
|
|
754,301 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 117.2%
(Cost — $155,713,894) |
|
|
|
|
|
|
160,881,602 |
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(f) |
|
|
| California — 18.8% |
|
| Fremont Union High School District, GO, Refunding Series A, 4.00%, 08/01/46 |
|
|
1,840 |
|
|
|
1,848,013 |
|
| Grossmont California Union High School District, GO, Election of 2008, Series B, 5.00%, 08/01/20(b) |
|
|
3,700 |
|
|
|
3,895,434 |
|
| Los Angeles California Unified School District, GO, Series I, 5.00%, 01/01/34 |
|
|
600 |
|
|
|
611,190 |
|
| Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 08/01/20(b)(g) |
|
|
4,041 |
|
|
|
4,272,629 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A,
6.00%,
08/01/19(b) |
|
$ |
5,977 |
|
|
$ |
6,167,060 |
|
| San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 08/01/19(b) |
|
|
6,448 |
|
|
|
6,625,161 |
|
| University of California, RB, Series O,
5.75%, 05/15/19(b) |
|
|
2,311 |
|
|
|
2,359,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,779,435 |
|
| District of Columbia — 1.6% |
|
|
|
|
|
|
| District of Columbia, RB, Series A, 5.50%,
12/01/30(g) |
|
|
2,129 |
|
|
|
2,203,469 |
|
|
|
|
|
|
|
|
|
|
| Georgia — 0.7% |
|
|
|
|
|
|
| County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%,
08/15/48 |
|
|
1,025 |
|
|
|
1,002,233 |
|
|
|
|
|
|
|
|
|
|
| Idaho — 1.4% |
|
|
|
|
|
|
| Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48 |
|
|
1,900 |
|
|
|
1,883,555 |
|
|
|
|
|
|
|
|
|
|
| Illinois — 1.0% |
|
|
|
|
|
|
| State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 |
|
|
1,244 |
|
|
|
1,346,055 |
|
|
|
|
|
|
|
|
|
|
| Iowa — 1.1% |
|
|
|
|
|
|
| Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46 |
|
|
1,605 |
|
|
|
1,514,842 |
|
|
|
|
|
|
|
|
|
|
| Nevada — 1.5% |
|
|
|
|
|
|
| County of Clark Nevada Water Reclamation District, GO, Series B, 5.50%, 07/01/19(b) |
|
|
1,994 |
|
|
|
2,041,592 |
|
|
|
|
|
|
|
|
|
|
| New Hampshire — 1.2% |
|
|
|
|
|
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth
College,
5.25%, 06/01/19(b)(g) |
|
|
1,680 |
|
|
|
1,711,536 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 4.1% |
|
|
|
|
|
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A (AMBAC) (AGM), 5.00%, 12/15/32 |
|
|
3,000 |
|
|
|
3,004,440 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
|
|
|
|
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System (continued): |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 06/15/36(g) |
|
$ |
2,481 |
|
|
$ |
2,582,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,586,984 |
|
| New York — 12.4% |
|
|
|
|
|
|
| City of New York Municipal Water Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series FF, 5.00%, 06/15/45 |
|
|
2,499 |
|
|
|
2,689,342 |
|
| Water & Sewer System, 2nd General Resolution,
Series FF-2, 5.50%, 06/15/40(g) |
|
|
2,985 |
|
|
|
3,042,402 |
|
| City of New York Transitional Finance Authority, BARB, Fiscal 2009, Series
S-3,
5.25%, 01/15/39(g) |
|
|
2,499 |
|
|
|
2,516,918 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
|
|
3,375 |
|
|
|
3,637,863 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(g) |
|
|
1,980 |
|
|
|
2,155,199 |
|
| State of New York Dormitory Authority, ERB, Personal Income Tax, Series B,
5.25%, 03/15/19(b) |
|
|
3,000 |
|
|
|
3,037,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,079,689 |
|
| North Carolina — 0.8% |
|
|
|
|
|
|
| North Carolina Housing Finance Agency, RB, S/F Housing,
Series 39-B (Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48 |
|
|
1,089 |
|
|
|
1,070,757 |
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 2.7% |
|
|
|
|
|
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42 |
|
|
1,514 |
|
|
|
1,694,928 |
|
| Pennsylvania Turnpike Commission, Refunding RB,
Sub Series B-2 (AGM), 5.00%, 06/01/35 |
|
|
1,830 |
|
|
|
1,995,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,689,985 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Rhode Island — 1.5% |
|
|
|
|
|
|
| Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
|
$ |
2,207 |
|
|
$ |
2,126,511 |
|
|
|
|
|
|
|
|
|
|
| Texas — 5.4% |
|
|
|
|
|
|
| City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 02/01/19(b)(g) |
|
|
3,074 |
|
|
|
3,099,055 |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children’s Hospital
Project, 5.50%, 10/01/39 |
|
|
4,200 |
|
|
|
4,308,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,407,058 |
|
| Virginia — 1.2% |
|
|
|
|
|
|
| Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57(g) |
|
|
1,473 |
|
|
|
1,696,867 |
|
|
|
|
|
|
|
|
|
|
| West Virginia — 1.2% |
|
|
|
|
|
|
| Morgantown Utility Board, Inc., RB, Series B,
4.00%,
12/01/48(g) |
|
|
1,671 |
|
|
|
1,608,587 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 56.6%
(Cost —
$76,712,539) |
|
|
|
77,749,155 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 173.8%
(Cost — $232,426,433) |
|
|
|
238,630,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
| Short-Term Securities — 1.2% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
1.45%(h)(i) |
|
|
1,647,517 |
|
|
|
1,647,682 |
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 1.2%
(Cost — $1,647,682) |
|
|
|
1,647,682 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 175.0%
(Cost — $234,074,115) |
|
|
|
240,278,439 |
|
| Liabilities in Excess of Other Assets — (4.2)% |
|
|
|
(5,843,242 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(33.1)% |
|
|
|
(45,409,581 |
) |
| VRDP Shares at Liquidity Value, Net of Deferred Offering Cost — (37.7)% |
|
|
|
(51,714,419 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
137,311,197 |
|
|
|
|
|
|
|
|
|
|
| (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. |
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF) |
| (d) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates
and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (e) |
When-issued security. |
| (f) |
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. |
| (g) |
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 agreement(s), which expire between December 1, 2018 to June 1, 2026, is $11,774,151. |
| (h) |
Annualized 7-day yield as of period end. |
| (i) |
During the period ended October 31, 2018, investments in issuers considered to be an affiliate 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
07/31/18 |
|
|
Net
Activity |
|
|
Shares
Held at
10/31/18 |
|
|
Value at
10/31/18 |
|
|
Income |
|
|
Net Realized
Gain (Loss)(a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
569,880 |
|
|
|
1,077,637 |
|
|
|
1,647,517 |
|
|
$ |
1,647,682 |
|
|
$ |
2,581 |
|
|
$ |
(57 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
For Trust compliance purposes, the Trust’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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 10-Year U.S. Treasury Note |
|
|
5 |
|
|
|
12/19/18 |
|
|
$ |
592 |
|
|
$ |
556 |
|
| Long U.S. Treasury Bond |
|
|
23 |
|
|
|
12/19/18 |
|
|
|
3,177 |
|
|
|
42,257 |
|
| 5-Year U.S. Treasury Note |
|
|
10 |
|
|
|
12/31/18 |
|
|
|
1,124 |
|
|
|
5,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
48,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Abbreviations
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.
BARB — Building Aid Revenue Bonds
CAB —
Capital Appreciation Bonds
EDA — Economic Development Authority
ERB —
Education Revenue Bonds
FHA — Federal Housing Administration
GARB —
General Airport Revenue Bonds
GO — General Obligation Bonds
IDA —
Industrial Development Authority
IDB — Industrial Development Board
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF) |
Portfolio Abbreviations (continued)
LRB — Lease Revenue Bonds
M/F — Multi-Family
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 annual report.
9
|
|
|
| Schedule of Investments (unaudited) (continued)
October 31, 2018 |
|
BlackRock Municipal Income Investment Trust (BBF) |
Fair Value Hierarchy as of Period End (continued)
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) |
|
$ |
— |
|
|
$ |
238,630,757 |
|
|
$ |
— |
|
|
$ |
238,630,757 |
|
| Short-Term Securities |
|
|
1,647,682 |
|
|
|
— |
|
|
|
— |
|
|
|
1,647,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,647,682 |
|
|
$ |
238,630,757 |
|
|
$ |
— |
|
|
$ |
240,278,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
48,746 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
48,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in sector. |
|
| |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on
the instrument. |
|
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting
purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOB Trust Certificates |
|
$ |
— |
|
|
$ |
(45,245,859 |
) |
|
$ |
— |
|
|
$ |
(45,245,859 |
) |
| VRDP Shares at Liquidation Value |
|
|
— |
|
|
|
(52,000,000 |
) |
|
|
— |
|
|
|
(52,000,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(97,245,859 |
) |
|
$ |
— |
|
|
$ |
(97,245,859 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended October 31, 2018, there were no transfers between levels.
10
|
|
|
| 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 19, 2018
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 19, 2018
|
|
|
|
|
| By: |
|
|
|
/s/ Neal J. Andrews |
| |
|
|
|
Neal J. Andrews |
| |
|
|
|
Chief Financial Officer (principal financial officer) of |
| |
|
|
|
BlackRock Municipal Income Investment Trust |
Date: December 19, 2018