BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-10333
Name of Fund: BlackRock Municipal Income Investment Trust (BBF)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Investment Trust,
55 East 52nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2013
Date of reporting period: 10/31/2012
Item 1 Schedule of Investments
|
|
|
|
|
|
Schedule of Investments October 31, 2012 (Unaudited) |
|
BlackRock Municipal Income Investment
Trust (BBF) (Percentages shown are based on Net
Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000)
|
|
|
Value
|
|
|
|
Alabama 0.3% |
|
|
|
|
|
|
|
|
Selma IDB, RB, International Paper Company Project, 5.38%, 12/01/35 |
|
$ |
275 |
|
|
$ |
301,249 |
|
|
|
Alaska 0.2% |
|
|
|
|
|
|
|
|
Northern Tobacco Securitization Corp., Refunding RB, Asset Backed, Series A, 5.00%, 6/01/46 |
|
|
330 |
|
|
|
279,619 |
|
|
|
Arizona 0.5% |
|
|
|
|
|
|
|
|
Arizona Board of Regents, Refunding RB, Arizona State University System, Series A, 5.00%, 6/01/42 |
|
|
500 |
|
|
|
573,760 |
|
|
|
California 11.3% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 |
|
|
1,315 |
|
|
|
1,557,302 |
|
California Health Facilities Financing Authority, RB, Stanford Hospital and Clinics, Series A, 5.00%, 8/15/42 |
|
|
815 |
|
|
|
916,264 |
|
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
|
|
890 |
|
|
|
1,052,559 |
|
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45 |
|
|
1,910 |
|
|
|
2,068,033 |
|
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 |
|
|
1,750 |
|
|
|
2,040,972 |
|
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 |
|
|
1,600 |
|
|
|
1,806,272 |
|
State of California, GO, Various Purpose, 6.00%, 3/01/33 |
|
|
1,275 |
|
|
|
1,580,949 |
|
University of California, Refunding RB, Series G, 5.00%, 5/15/37 |
|
|
1,000 |
|
|
|
1,165,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,188,081 |
|
|
|
Colorado 3.4% |
|
|
|
|
|
|
|
|
City & County of Denver Colorado, Refunding ARB, Series B, 5.00%, 11/15/37 |
|
|
450 |
|
|
|
511,209 |
|
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34 |
|
|
1,095 |
|
|
|
1,252,132 |
|
University of Colorado, Refunding RB, Enterprise System, Series A-2: |
|
|
|
|
|
|
|
|
5.00%, 6/01/32 |
|
|
880 |
|
|
|
1,057,294 |
|
5.00%, 6/01/33 |
|
|
760 |
|
|
|
907,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,728,060 |
|
|
|
Florida 1.7% |
|
|
|
|
|
|
|
|
City of Jacksonville Florida Sales Tax, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30 |
|
|
565 |
|
|
|
653,417 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000)
|
|
|
Value
|
|
|
|
Florida (concluded) |
|
|
|
|
|
|
|
|
County of Miami-Dade Florida, Refunding RB, Special Obligation, Sub-Series B, 5.00%, 10/01/31 (a) |
|
$ |
395 |
|
|
$ |
444,980 |
|
Watergrass Community Development District, Special Assessment Bonds, Series B, 5.13%, 11/01/14 |
|
|
955 |
|
|
|
734,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,833,231 |
|
|
|
Georgia 1.7% |
|
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23 |
|
|
1,565 |
|
|
|
1,860,863 |
|
|
|
Illinois 15.4% |
|
|
|
|
|
|
|
|
Chicago Illinois Board of Education, GO: |
|
|
|
|
|
|
|
|
5.00%, 12/01/42 |
|
|
1,410 |
|
|
|
1,532,106 |
|
Series A, 5.50%, 12/01/39 |
|
|
1,000 |
|
|
|
1,170,570 |
|
Chicago Park District, GO, Harbor Facilities, Series C, 5.25%, 1/01/40 |
|
|
75 |
|
|
|
85,680 |
|
Chicago Transit Authority, RB, Sales Tax Receipts Revenue: |
|
|
|
|
|
|
|
|
5.25%, 12/01/31 |
|
|
1,060 |
|
|
|
1,241,939 |
|
5.25%, 12/01/36 |
|
|
310 |
|
|
|
355,790 |
|
City of Chicago Illinois, ARB, OHare International Airport, Third Lien, Series C, 6.50%, 1/01/41 |
|
|
2,955 |
|
|
|
3,667,598 |
|
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 |
|
|
385 |
|
|
|
445,599 |
|
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32 |
|
|
285 |
|
|
|
327,952 |
|
Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/32 |
|
|
135 |
|
|
|
155,346 |
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
|
Carle Foundation, Series A, 6.00%, 8/15/41 |
|
|
1,000 |
|
|
|
1,200,250 |
|
Rush University Medical Center Obligation Group, Series B, 7.25%, 11/01/30 |
|
|
1,600 |
|
|
|
2,016,272 |
|
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 |
|
|
1,900 |
|
|
|
2,233,621 |
|
Metropolitan Pier & Exposition Authority, Refunding RB, Mccormick Place Project, Series B, 5.00%, 12/15/28 |
|
|
1,010 |
|
|
|
1,186,013 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
|
690 |
|
|
|
805,837 |
|
6.00%, 6/01/28 |
|
|
195 |
|
|
|
231,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,656,077 |
|
|
|
Indiana 2.5% |
|
|
|
|
|
|
|
|
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 |
|
|
2,210 |
|
|
|
2,673,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2012 |
|
1 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment
Trust (BBF) (Percentages shown are based on Net
Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000)
|
|
|
Value
|
|
|
|
Kansas 3.4% |
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, Refunding RB, Adventist Health System, Sunbelt Obligated Group: |
|
|
|
|
|
|
|
|
5.50%, 11/15/29 |
|
$ |
1,600 |
|
|
$ |
1,873,120 |
|
5.00%, 11/15/32 |
|
|
1,525 |
|
|
|
1,765,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,638,521 |
|
|
|
Kentucky 1.3% |
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40 |
|
|
660 |
|
|
|
785,400 |
|
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34 |
|
|
500 |
|
|
|
620,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,406,155 |
|
|
|
Louisiana 0.8% |
|
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-1,
6.50%, 11/01/35 |
|
|
715 |
|
|
|
834,219 |
|
|
|
Maine 1.5% |
|
|
|
|
|
|
|
|
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32 |
|
|
1,270 |
|
|
|
1,623,860 |
|
|
|
Massachusetts 1.1% |
|
|
|
|
|
|
|
|
Massachusetts Health & Educational Facilities Authority, RB, Tufts University, 5.38%, 8/15/38 |
|
|
1,000 |
|
|
|
1,212,830 |
|
|
|
Michigan 3.3% |
|
|
|
|
|
|
|
|
Lansing Board of Water & Light Utilities System, RB, Series A, 5.50%, 7/01/41 |
|
|
915 |
|
|
|
1,086,855 |
|
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38 |
|
|
1,000 |
|
|
|
1,156,580 |
|
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 |
|
|
995 |
|
|
|
1,283,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,526,488 |
|
|
|
Mississippi 1.6% |
|
|
|
|
|
|
|
|
Mississippi Development Bank, Refunding RB, Jackson Mississippi Water & Sewer System, Series A, 5.00%, 9/01/30 |
|
|
1,495 |
|
|
|
1,743,768 |
|
|
|
Nevada 3.7% |
|
|
|
|
|
|
|
|
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 |
|
|
1,600 |
|
|
|
1,884,368 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000)
|
|
|
Value
|
|
|
|
Nevada (concluded) |
|
|
|
|
|
|
|
|
County of Clark Nevada, RB, Airport System Subordinate Lien, Series B, 5.75%, 7/01/42 |
|
$ |
1,825 |
|
|
$ |
2,099,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,983,775 |
|
|
|
New Jersey 5.4% |
|
|
|
|
|
|
|
|
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 |
|
|
1,140 |
|
|
|
1,262,710 |
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
Series A, 5.88%, 12/15/38 |
|
|
1,295 |
|
|
|
1,507,276 |
|
Series A, 5.50%, 6/15/41 |
|
|
1,000 |
|
|
|
1,169,610 |
|
Series B, 5.25%, 6/15/36 |
|
|
1,650 |
|
|
|
1,907,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,846,682 |
|
|
|
New York 6.4% |
|
|
|
|
|
|
|
|
Hudson New York Yards Infrastructure Corp., Refunding RB, Series A, 5.75%, 2/15/47 |
|
|
1,000 |
|
|
|
1,180,680 |
|
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%,
7/15/49 |
|
|
605 |
|
|
|
702,768 |
|
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
|
|
3,250 |
|
|
|
3,922,977 |
|
New York State Dormitory Authority, RB, Series B, 5.00%, 3/15/42 |
|
|
1,000 |
|
|
|
1,148,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,954,645 |
|
|
|
North Carolina 1.4% |
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/32 |
|
|
1,335 |
|
|
|
1,557,131 |
|
|
|
Pennsylvania 5.0% |
|
|
|
|
|
|
|
|
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 |
|
|
500 |
|
|
|
585,740 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series A: |
|
|
|
|
|
|
|
|
5.63%, 12/01/31 |
|
|
1,250 |
|
|
|
1,473,138 |
|
6.00%, 12/01/41 |
|
|
1,500 |
|
|
|
1,710,855 |
|
Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Childrens Hospital of Philadelphia Project,
Series D, 5.00%, 7/01/32 |
|
|
1,375 |
|
|
|
1,601,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,371,429 |
|
|
|
Puerto Rico 2.7% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 5.75%, 8/01/37 |
|
|
2,605 |
|
|
|
2,877,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2012 |
|
2 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment
Trust (BBF) (Percentages shown are based on Net
Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
Par (000)
|
|
|
Value
|
|
|
|
South Carolina 0.7% |
|
|
|
|
|
|
|
|
City of North Charleston South Carolina, RB, Public Facilities Corp. Installment Purchase, 5.00%, 6/01/35 |
|
$ |
675 |
|
|
$ |
765,632 |
|
|
|
Texas 14.3% |
|
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/41 |
|
|
1,670 |
|
|
|
1,947,470 |
|
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35 |
|
|
890 |
|
|
|
1,084,145 |
|
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%,
12/01/31 |
|
|
500 |
|
|
|
621,435 |
|
Katy ISD Texas, GO, Refunding, Unlimited Tax School Building, Series A (PSF-GTD), 5.00%, 2/15/42 |
|
|
560 |
|
|
|
655,637 |
|
Lamar Texas Consolidated ISD, GO, Refunding, School House, Series A, 5.00%, 2/15/45 |
|
|
750 |
|
|
|
872,107 |
|
Lower Colorado River Authority, Refunding RB: |
|
|
|
|
|
|
|
|
5.50%, 5/15/19 (b) |
|
|
5 |
|
|
|
6,362 |
|
5.50%, 5/15/19 (b) |
|
|
80 |
|
|
|
101,396 |
|
5.50%, 5/15/19 (b) |
|
|
5 |
|
|
|
6,316 |
|
5.50%, 5/15/33 |
|
|
1,910 |
|
|
|
2,186,702 |
|
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41 |
|
|
1,000 |
|
|
|
1,190,980 |
|
North Texas Tollway Authority, Refunding RB, System, First Tier, Series K-1 (AGC), 5.75%, 1/01/38 |
|
|
1,000 |
|
|
|
1,143,440 |
|
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
|
|
1,905 |
|
|
|
2,262,835 |
|
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, NTE Mobility Partners LLC, North Tarrant Express Managed Lanes
Project, 6.88%, 12/31/39 |
|
|
1,505 |
|
|
|
1,825,475 |
|
University of Texas System, Refunding RB, Financing System Series B, 5.00%, 8/15/43 |
|
|
1,355 |
|
|
|
1,601,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,505,300 |
|
|
|
Virginia 6.1% |
|
|
|
|
|
|
|
|
Fairfax County IDA, RB, Inova Health System Project, Series A, 5.00%, 5/15/40 |
|
|
520 |
|
|
|
584,584 |
|
Norfolk Economic Development Authority, Refunding RB, Sentara Healthcare, Series B, 5.00%, 11/01/36 |
|
|
3,205 |
|
|
|
3,665,879 |
|
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35 |
|
|
1,000 |
|
|
|
1,241,730 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par (000)
|
|
|
Value
|
|
|
|
Virginia (concluded) |
|
|
|
|
|
|
|
|
Virginia Resources Authority, RB, Infrastructure, 5.00%, 11/01/42 |
|
$ |
925 |
|
|
$ |
1,080,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,572,519 |
|
|
|
Wisconsin 2.9% |
|
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/41 |
|
|
925 |
|
|
|
1,032,467 |
|
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health Inc.: |
|
|
|
|
|
|
|
|
Series A, 5.00%, 4/01/42 |
|
|
235 |
|
|
|
262,227 |
|
Series C, 5.25%, 4/01/39 |
|
|
1,675 |
|
|
|
1,862,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,157,143 |
|
|
|
Total Municipal Bonds 98.6% |
|
|
|
|
|
|
106,672,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (c) |
|
|
|
|
|
|
|
California 18.8% |
|
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/39 (d) |
|
|
1,995 |
|
|
|
2,336,244 |
|
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 |
|
|
2,400 |
|
|
|
2,687,328 |
|
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (d) |
|
|
2,630 |
|
|
|
3,176,672 |
|
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33 |
|
|
3,898 |
|
|
|
4,923,093 |
|
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 |
|
|
400 |
|
|
|
453,036 |
|
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39 |
|
|
4,214 |
|
|
|
4,939,855 |
|
University of California, RB, Series O, 5.75%, 5/15/34 |
|
|
1,500 |
|
|
|
1,801,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,317,688 |
|
|
|
District of Columbia 3.6% |
|
|
|
|
|
|
|
|
District of Columbia, RB, Series A, 5.50%, 12/01/30 (d) |
|
|
1,395 |
|
|
|
1,749,288 |
|
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39 |
|
|
1,799 |
|
|
|
2,098,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,847,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2012 |
|
3 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment
Trust (BBF) (Percentages shown are based on Net
Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (c) |
|
Par (000)
|
|
|
Value
|
|
|
|
Florida 0.5% |
|
|
|
|
|
|
|
|
County of Miami-Dade Florida, Refunding RB, Transit System, Sales Surtax, 5.00%, 7/01/42 |
|
$ |
490 |
|
|
$ |
552,818 |
|
|
|
Illinois 4.0% |
|
|
|
|
|
|
|
|
City of Chicago Illinois, Refunding RB, Second Lien Water Project, 5.00%, 11/01/42 |
|
|
760 |
|
|
|
863,370 |
|
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38 |
|
|
2,800 |
|
|
|
3,487,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,350,490 |
|
|
|
Massachusetts 1.6% |
|
|
|
|
|
|
|
|
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior, Series B, 5.00%, 10/15/41 |
|
|
1,490 |
|
|
|
1,731,380 |
|
|
|
Nevada 5.1% |
|
|
|
|
|
|
|
|
Clark County Water Reclamation District, GO: |
|
|
|
|
|
|
|
|
Limited Tax, 6.00%, 7/01/38 |
|
|
2,500 |
|
|
|
3,069,225 |
|
Series B, 5.50%, 7/01/29 |
|
|
1,994 |
|
|
|
2,460,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,529,547 |
|
|
|
New Hampshire 1.2% |
|
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (d) |
|
|
1,094 |
|
|
|
1,309,062 |
|
|
|
New Jersey 2.1% |
|
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A (AGM), 5.00%, 12/15/32 |
|
|
2,000 |
|
|
|
2,308,980 |
|
|
|
New York 13.8% |
|
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
|
1,410 |
|
|
|
1,695,354 |
|
New York City Municipal Water Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
Series FF, 5.00%, 6/15/45 |
|
|
1,500 |
|
|
|
1,714,818 |
|
Series FF-2, 5.50%, 6/15/40 |
|
|
1,994 |
|
|
|
2,390,135 |
|
New York City Transitional Finance Authority, RB: |
|
|
|
|
|
|
|
|
Building Aid Revenue, Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
|
1,500 |
|
|
|
1,693,012 |
|
Second Sub-Series E-1, 5.00%, 2/01/42 |
|
|
860 |
|
|
|
991,037 |
|
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 |
|
|
2,205 |
|
|
|
2,535,561 |
|
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 |
|
|
1,300 |
|
|
|
1,532,687 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (c) |
|
Par (000)
|
|
|
Value
|
|
|
|
New York (concluded) |
|
|
|
|
|
|
|
|
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 |
|
$ |
2,000 |
|
|
$ |
2,414,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,966,744 |
|
|
|
Ohio 1.6% |
|
|
|
|
|
|
|
|
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38 |
|
|
1,560 |
|
|
|
1,729,447 |
|
|
|
Puerto Rico 0.9% |
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax, Senior Series 2011 C, 5.25%, 8/01/40 |
|
|
880 |
|
|
|
965,950 |
|
|
|
Texas 6.4% |
|
|
|
|
|
|
|
|
City of San Antonio Texas, Refunding RB, Electric & Gas Systems, Series A, 5.25%, 2/01/31 (d) |
|
|
2,025 |
|
|
|
2,434,285 |
|
Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Childrens Hospital Project, 5.50%,
10/01/39 |
|
|
2,750 |
|
|
|
3,273,160 |
|
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43 |
|
|
1,005 |
|
|
|
1,153,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,860,863 |
|
|
|
Virginia 1.0% |
|
|
|
|
|
|
|
|
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35 |
|
|
899 |
|
|
|
1,033,718 |
|
|
|
Washington 1.5% |
|
|
|
|
|
|
|
|
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41 |
|
|
1,380 |
|
|
|
1,612,259 |
|
|
|
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts 62.1% |
|
|
|
67,116,823 |
|
|
|
Total Long-Term Investments (Cost
$153,033,089) 160.7% |
|
|
|
|
|
|
173,788,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2012 |
|
4 |
|
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Municipal Income Investment
Trust (BBF) (Percentages shown are based on Net
Assets) |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares
|
|
|
Value
|
|
|
|
FFI Institutional Tax-Exempt Fund, 0.04% (e)(f) |
|
|
745,936 |
|
|
$ |
745,936 |
|
|
|
Total Short-Term Securities
(Cost $745,936) 0.7% |
|
|
|
|
|
|
745,936 |
|
|
|
Total Investments (Cost - $153,779,025*) 161.4% |
|
|
|
174,534,826 |
|
Other Assets Less Liabilities 1.2% |
|
|
|
|
|
|
1,281,812 |
|
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable (31.0)% |
|
|
|
(33,484,004 |
) |
VRDP Shares, at Liquidation Value (31.6)% |
|
|
|
(34,200,000 |
) |
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares 100.0% |
|
|
|
|
|
$ |
108,132,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
|
|
|
|
|
|
Tax cost |
|
$ |
120,866,595 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
$ |
20,980,036 |
|
Gross unrealized depreciation |
|
|
(777,554 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
20,202,482 |
|
|
|
|
|
|
(a) |
When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
Counterparty |
|
Value |
|
|
Unrealized Appreciation |
|
Citigroup Inc. |
|
$ |
444,980 |
|
|
$ |
1,497 |
|
(b) |
US 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) |
Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing
transaction. |
(d) |
All or a portion of security is subject to a recourse agreement which may require the Trust to pay the Liquidity Provider in the event there is a shortfall between the TOB Trust
Certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements is $5,653,992.
|
(e) |
Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2012, 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, 2012 |
|
|
Net Activity |
|
|
Shares Held at October 31, 2012 |
|
|
Income |
|
FFI Institutional Tax-Exempt Fund |
|
|
1,631,769 |
|
|
|
(885,833 |
) |
|
|
745,936 |
|
|
$ |
48 |
|
(f) |
Represents the current yield as of report date.
|
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities
have been abbreviated according to the following list:
|
|
|
AGC |
|
Assured Guaranty Corp. |
AGM |
|
Assured Guaranty Municipal Corp. |
ARB |
|
Airport Revenue Bonds |
ERB |
|
Education Revenue Bonds |
GO |
|
General Obligation Bonds |
IDA |
|
Industrial Development Authority |
IDB |
|
Industrial Development Board |
ISD |
|
Independent School District |
PSF-GTD |
|
Permanent School Fund Guaranteed |
RB |
|
Revenue Bonds |
S/F |
|
Single-Family |
|
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a
disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
|
|
|
Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access
|
|
|
|
Level 2 other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices
for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market-corroborated inputs) |
|
|
|
Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the
Trusts own assumptions used in determining the fair value of investments) |
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 level in the fair value hierarchy within which the fair
value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trusts
policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency
of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trusts policy regarding valuation of investments and other significant accounting policies, please
refer to the Trusts most recent financial statements as contained in its annual report.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2012 |
|
5 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Municipal Income Investment
Trust (BBF) |
The following table summarizes the Trusts investments categorized in the disclosure hierarchy as of
October 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term
Investments1 |
|
|
|
|
|
$ |
173,788,890 |
|
|
|
|
|
|
$ |
173,788,890 |
|
Short-Term
Securities |
|
$ |
745,936 |
|
|
|
|
|
|
|
|
|
|
|
745,936 |
|
Total |
|
$ |
745,936 |
|
|
$ |
173,788,890 |
|
|
|
|
|
|
$ |
174,534,826 |
|
1 |
See above Schedule of Investments for values in each state or political sub-division. |
Certain of the Trusts liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2012, such liabilities are categorized within the
disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft |
|
|
|
|
|
$ |
(87,780 |
) |
|
|
|
|
|
$ |
(87,780 |
) |
TOB trust
certificate |
|
|
|
|
|
|
(33,465,749 |
) |
|
|
|
|
|
|
(33,465,749 |
) |
VRDP Shares |
|
|
|
|
|
|
(34,200,000 |
) |
|
|
|
|
|
|
(34,200,000 |
) |
Total |
|
|
|
|
|
$ |
(67,753,529 |
) |
|
|
|
|
|
$ |
(67,753,529 |
) |
There were no transfers between levels during the period ended October 31, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST |
|
OCTOBER 31, 2012 |
|
6 |
Item 2 Controls and Procedures
|
|
|
2(a) |
|
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the 1940 Act)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
|
|
2(b) |
|
There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting. |
Item 3 Exhibits
Certifications Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Municipal
Income Investment Trust
|
|
|
By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock Municipal Income Investment Trust |
|
|
Date: |
|
December 21, 2012 |
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, 2012 |
|
|
By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Municipal Income Investment Trust |
|
|
Date: |
|
December 21, 2012 |