BlackRock Municipal Income Investment Quality 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: 811-21180
Name of Fund: BlackRock Municipal Income Investment Quality Trust (BAF)
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
Quality 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: 08/31/2018
Date of reporting period: 05/31/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 103.9% |
|
|
| Alabama — 1.9% |
|
| City of Birmingham Alabama Special Care Facilities Financing Authority, RB, Children’s Hospital (AGC)(a): |
|
|
|
|
|
|
|
|
| 6.00%, 06/01/19 |
|
$ |
1,000 |
|
|
$ |
1,041,800 |
|
| 6.13%, 06/01/19 |
|
|
1,000 |
|
|
|
1,043,030 |
|
| City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%,
12/01/35 |
|
|
335 |
|
|
|
370,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,455,628 |
|
| California — 12.5% |
|
| California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/18(a) |
|
|
1,755 |
|
|
|
1,777,201 |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a) |
|
|
1,120 |
|
|
|
1,224,675 |
|
| Kern Community College District, GO, Safety, Repair & Improvement, Series C,
5.50%, 11/01/33 |
|
|
1,025 |
|
|
|
1,199,414 |
|
| Los Angeles Municipal Improvement Corp., Refunding LRB, Real Property, Series B (AGC), 5.50%, 04/01/19(a) |
|
|
3,210 |
|
|
|
3,317,503 |
|
| Redondo Beach Unified School District, GO, Election of 2008, Series E, 5.50%, 08/01/21(a) |
|
|
1,000 |
|
|
|
1,117,000 |
|
| Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J: |
|
|
|
|
|
|
|
|
| 5.25%, 05/15/23(a) |
|
|
1,835 |
|
|
|
2,134,307 |
|
| 5.25%, 05/15/38 |
|
|
520 |
|
|
|
591,079 |
|
| San Diego Public Facilities Financing Authority Water, Refunding RB, Series B (AGC), 5.38%, 08/01/19(a) |
|
|
1,125 |
|
|
|
1,175,254 |
|
| State of California Public Works Board, LRB, Various Capital Projects, Series I: |
|
|
|
|
|
|
|
|
| 5.50%, 11/01/30 |
|
|
1,000 |
|
|
|
1,158,530 |
|
| 5.50%, 11/01/31 |
|
|
1,500 |
|
|
|
1,736,145 |
|
| State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F,
5.25%, 09/01/33 |
|
|
505 |
|
|
|
574,407 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| Township of Washington California Health Care District, GO, Election of 2004, Series B,
5.50%, 08/01/40 |
|
$ |
380 |
|
|
$ |
441,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,447,367 |
|
| Colorado — 3.9% |
|
| City & County of Denver Colorado Airport System, ARB,
Sub-System, Series B, 5.25%, 11/15/32 |
|
|
3,250 |
|
|
|
3,661,872 |
|
| Colorado Health Facilities Authority, RB, Hospital, NCMC, Inc. Project, Series B (AGM), 6.00%, 05/15/19(a) |
|
|
1,425 |
|
|
|
1,482,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,143,915 |
|
| Connecticut — 1.4% |
|
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing,
Sub-Series B-1, 4.00%, 05/15/45 |
|
|
465 |
|
|
|
474,467 |
|
| State of Connecticut, GO, Series A, 5.00%, 04/15/37 |
|
|
1,285 |
|
|
|
1,430,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,905,405 |
|
| Delaware — 1.0% |
|
| County of Kent Delaware, RB, CHF Dover LLC, Delaware State University Project, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 07/01/53 |
|
|
230 |
|
|
|
249,283 |
|
| 5.00%, 07/01/58 |
|
|
935 |
|
|
|
1,005,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,254,941 |
|
| Florida — 10.1% |
|
| City of Jacksonville Florida, RB, Series A, 5.25%, 10/01/31 |
|
|
4,525 |
|
|
|
4,977,274 |
|
| City of Jacksonville Florida, Refunding RB, Series A,
5.25%, 10/01/33 |
|
|
205 |
|
|
|
232,499 |
|
| County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
|
|
795 |
|
|
|
872,194 |
|
| County of Miami-Dade Florida, RB, Seaport Department, Series A, 6.00%, 10/01/38 |
|
|
4,215 |
|
|
|
4,868,746 |
|
| County of Orange Florida Health Facilities Authority, Refunding RB, Presbyterian Retirement Communities
Project, 5.00%, 08/01/41 |
|
|
1,305 |
|
|
|
1,428,675 |
|
| Reedy Creek Florida Improvement District, GO, Series A, 5.25%, 06/01/32 |
|
|
745 |
|
|
|
848,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,227,846 |
|
| Georgia — 2.5% |
|
| City of Atlanta Georgia Department of Aviation, Refunding GARB, Series C, 6.00%, 01/01/30 |
|
|
2,500 |
|
|
|
2,754,350 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Georgia (continued) |
|
| County of Georgia Housing & Finance Authority, RB, S/F, Series A: |
|
|
|
|
|
|
|
|
| 3.95%, 12/01/43 |
|
$ |
335 |
|
|
$ |
339,301 |
|
| 4.00%, 12/01/48 |
|
|
175 |
|
|
|
176,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,270,496 |
|
| Illinois — 21.4% |
|
| City of Chicago Illinois, Refunding GARB, O’Hare International Airport, 3rd Lien, Series C (AGC), 5.25%,
01/01/30 |
|
|
1,000 |
|
|
|
1,045,990 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: |
|
|
|
|
|
|
|
|
| Series A, 5.75%, 01/01/21(a) |
|
|
690 |
|
|
|
754,432 |
|
| Series A, 5.75%, 01/01/39 |
|
|
135 |
|
|
|
146,436 |
|
| Series C, 6.50%, 01/01/21(a) |
|
|
3,740 |
|
|
|
4,154,280 |
|
| City of Chicago Illinois Transit Authority, RB: |
|
|
|
|
|
|
|
|
| Federal Transit Administration, Section 5309,
Series A (AGC), 6.00%, 12/01/18(a) |
|
|
1,300 |
|
|
|
1,327,963 |
|
| Sales Tax Receipts, 5.25%, 12/01/36 |
|
|
3,185 |
|
|
|
3,419,798 |
|
| Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
3,000 |
|
|
|
3,209,850 |
|
| City of Chicago Illinois Transit Authority, Refunding RB, Federal Transit Administration, Section 5309
(AGM), 5.00%, 06/01/28 |
|
|
3,000 |
|
|
|
3,139,470 |
|
| City of Chicago Illinois Wastewater Transmission, RB, 2nd Lien, 5.00%, 01/01/42 |
|
|
1,480 |
|
|
|
1,556,501 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago: |
|
|
|
|
|
|
|
|
| 5.50%, 12/01/38 |
|
|
855 |
|
|
|
903,000 |
|
| 5.25%, 12/01/43 |
|
|
1,430 |
|
|
|
1,490,146 |
|
| Illinois Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| Carle Foundation, 6.00%, 08/15/41 |
|
|
1,885 |
|
|
|
2,077,873 |
|
| Chicago LLC, University of Illinois at Chicago Project, 5.00%, 02/15/37 |
|
|
520 |
|
|
|
570,991 |
|
| Railsplitter Tobacco Settlement Authority,
RB(a): |
|
|
|
|
|
|
|
|
| 5.50%, 06/01/21 |
|
|
915 |
|
|
|
1,007,269 |
|
| 6.00%, 06/01/21 |
|
|
260 |
|
|
|
289,975 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.25%, 02/01/31 |
|
|
610 |
|
|
|
642,867 |
|
| 5.25%, 02/01/32 |
|
|
1,010 |
|
|
|
1,061,823 |
|
| 5.50%, 07/01/33 |
|
|
1,000 |
|
|
|
1,057,890 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| State of Illinois, GO (continued): |
|
|
|
|
|
|
|
|
| 5.50%, 07/01/38 |
|
$ |
270 |
|
|
$ |
284,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,140,923 |
|
| Indiana — 1.9% |
|
| Indianapolis Local Public Improvement Bond Bank, Refunding RB, Waterworks Project, Series A (AGC): |
|
|
|
|
|
|
|
|
| 5.50%, 01/01/19(a) |
|
|
470 |
|
|
|
480,472 |
|
| 5.50%, 01/01/38 |
|
|
1,945 |
|
|
|
1,984,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,464,722 |
|
| Kentucky — 0.7% |
|
| Kentucky State Property & Building Commission, Refunding RB, Project No. 93 (AGC)(a): |
|
|
|
|
|
|
|
|
| 5.25%, 02/01/19 |
|
|
100 |
|
|
|
102,339 |
|
| 5.25%, 02/01/19 |
|
|
800 |
|
|
|
818,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
921,051 |
|
| Louisiana — 1.0% |
|
| City of New Orleans Louisiana Aviation Board, Refunding GARB, Restructuring(a): |
|
|
|
|
|
|
|
|
| Series A-1 (AGC), 6.00%, 01/01/19 |
|
|
375 |
|
|
|
384,424 |
|
| Series A-2 (AGC), 6.00%, 01/01/19 |
|
|
150 |
|
|
|
153,769 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 05/15/29 |
|
|
790 |
|
|
|
817,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,355,511 |
|
| Massachusetts — 1.0% |
|
| Massachusetts Development Finance Agency, RB, Emerson College Issue, Series A, 5.00%, 01/01/47 |
|
|
695 |
|
|
|
759,246 |
|
| Massachusetts Development Finance Agency, Refunding RB, Emmanuel College Issue, Series A, 5.00%,
10/01/35 |
|
|
500 |
|
|
|
547,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,306,551 |
|
| Michigan — 2.3% |
|
| City of Detroit Michigan Water Supply System Revenue, RB, 2nd Lien, Series B (AGM): |
|
|
|
|
|
|
|
|
| 6.25%, 07/01/19(a) |
|
|
1,695 |
|
|
|
1,774,919 |
|
| 6.25%, 07/01/36 |
|
|
5 |
|
|
|
5,220 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Michigan (continued) |
|
| Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital,
Series V, 8.25%,
09/01/18(a) |
|
$ |
1,205 |
|
|
$ |
1,224,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,004,359 |
|
| Minnesota — 2.9% |
|
| City of Minneapolis Minnesota, Refunding RB, Fairview Health Services, Series B (AGC): |
|
|
|
|
|
|
|
|
| 6.50%, 11/15/18(a) |
|
|
565 |
|
|
|
577,227 |
|
| 6.50%, 11/15/38 |
|
|
3,115 |
|
|
|
3,183,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,760,352 |
|
| Mississippi — 1.8% |
|
| Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM),
6.88%, 12/01/40 |
|
|
1,000 |
|
|
|
1,212,330 |
|
| Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University
Improvement Project, 5.25%, 08/01/23(a) |
|
|
1,000 |
|
|
|
1,155,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,368,180 |
|
| Missouri — 0.9% |
|
| Health & Educational Facilities Authority of the State of Missouri, RB, SSM Health, Series A, 4.00%,
06/01/48 |
|
|
95 |
|
|
|
96,093 |
|
| Health & Educational Facilities Authority of the State of Missouri, Refunding RB, St. Lukes Health
Syatem, Series A,
4.00%, 11/15/48 |
|
|
1,025 |
|
|
|
1,040,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,137,073 |
|
| Nevada — 1.6% |
|
| County of Clark Nevada Water Reclamation District, GO, Series A, 5.25%, 07/01/19(a) |
|
|
2,000 |
|
|
|
2,074,200 |
|
|
|
|
|
|
|
|
|
|
| New Jersey — 7.3% |
|
| New Jersey Health Care Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Inspira Health Obligated Group, 4.00%, 07/01/47 |
|
|
300 |
|
|
|
304,332 |
|
| Virtua Health, Series A (AGC), 5.50%, 07/01/38 |
|
|
1,300 |
|
|
|
1,350,817 |
|
| New Jersey Housing & Mortgage Finance Agency, RB, S/F, Series CC, 5.25%, 10/01/29 |
|
|
1,350 |
|
|
|
1,371,627 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System: |
|
|
|
|
|
|
|
|
| Series A (AGC), 5.50%, 12/15/38 |
|
|
2,000 |
|
|
|
2,039,860 |
|
| Series AA, 5.50%, 06/15/39 |
|
|
1,620 |
|
|
|
1,738,876 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/36 |
|
$ |
425 |
|
|
$ |
477,215 |
|
| Series A, 5.00%, 06/01/46 |
|
|
1,365 |
|
|
|
1,496,559 |
|
| Series A, 5.25%, 06/01/46 |
|
|
355 |
|
|
|
399,034 |
|
| Sub-Series B, 5.00%, 06/01/46 |
|
|
340 |
|
|
|
364,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,543,198 |
|
| New York — 4.4% |
|
| City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-4 (AGC), 5.50%, 01/15/29 |
|
|
2,465 |
|
|
|
2,523,593 |
|
| Metropolitan Transportation Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 11/15/21(a) |
|
|
1,565 |
|
|
|
1,741,344 |
|
| Series A-1, 5.25%, 11/15/39 |
|
|
1,000 |
|
|
|
1,129,980 |
|
| Westchester New York Tobacco Asset Securitization, Refunding RB, Tobacco Settlement Bonds, Sub-Series C, 4.00%, 06/01/42 |
|
|
420 |
|
|
|
414,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,809,806 |
|
| North Carolina — 0.8% |
|
| North Carolina Housing Finance Agency, RB, S/F, Series 39-B (Ginnie
Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48 |
|
|
985 |
|
|
|
998,445 |
|
|
|
|
|
|
|
|
|
|
| Ohio — 0.4% |
|
| State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 02/15/31 |
|
|
470 |
|
|
|
525,159 |
|
|
|
|
|
|
|
|
|
|
| Oklahoma — 0.8% |
|
| Oklahoma Development Finance Authority, RB, Provident Oklahoma Education Resources, Inc., Cross Village
Student Housing Project, Series A, 5.25%, 08/01/57 |
|
|
990 |
|
|
|
1,067,517 |
|
|
|
|
|
|
|
|
|
|
| Oregon — 0.2% |
|
| County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A,
0.00%, 06/15/38(b) |
|
|
510 |
|
|
|
222,549 |
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 3.5% |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
530 |
|
|
|
535,756 |
|
| Pennsylvania Housing Finance Agency, RB, S/F Housing Mortgage, Series
123-B, 4.00%, 10/01/42 |
|
|
535 |
|
|
|
547,931 |
|
| Pennsylvania Turnpike Commission, RB, Series C, 5.00%, 12/01/43 |
|
|
1,720 |
|
|
|
1,876,589 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Township of Bristol Pennsylvania School District, GO, 5.25%, 06/01/37 |
|
$ |
1,500 |
|
|
$ |
1,662,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,622,996 |
|
| South Carolina — 3.0% |
|
| County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38 |
|
|
1,525 |
|
|
|
1,749,068 |
|
| State of South Carolina Public Service Authority, RB, Series E: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/48 |
|
|
305 |
|
|
|
322,986 |
|
| 5.50%, 12/01/53 |
|
|
500 |
|
|
|
541,515 |
|
| State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
|
1,275 |
|
|
|
1,387,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,001,177 |
|
| Texas — 12.1% |
|
| City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 03/01/37 |
|
|
980 |
|
|
|
1,096,042 |
|
| City of Frisco Texas ISD, GO, School Building (AGC), 5.50%, 08/15/41 |
|
|
3,365 |
|
|
|
3,511,310 |
|
| City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A
(AGC): |
|
|
|
|
|
|
|
|
| 5.38%, 05/15/19(a) |
|
|
945 |
|
|
|
976,846 |
|
| 6.00%, 05/15/19(a) |
|
|
2,465 |
|
|
|
2,562,491 |
|
| 6.00%, 05/15/19(a) |
|
|
2,100 |
|
|
|
2,183,055 |
|
| 6.00%, 11/15/35 |
|
|
135 |
|
|
|
140,443 |
|
| 6.00%, 11/15/36 |
|
|
115 |
|
|
|
119,637 |
|
| 5.38%, 11/15/38 |
|
|
55 |
|
|
|
56,785 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., Refunding RB, Christus Health, Series A
(AGC): |
|
|
|
|
|
|
|
|
| 6.50%, 01/01/19(a) |
|
|
205 |
|
|
|
210,615 |
|
| 6.50%, 07/01/37 |
|
|
795 |
|
|
|
815,710 |
|
| Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 |
|
|
1,000 |
|
|
|
1,140,780 |
|
| North Texas Tollway Authority, Refunding RB,
1st
Tier(a): |
|
|
|
|
|
|
|
|
| (AGM), 6.00%, 01/01/21 |
|
|
1,000 |
|
|
|
1,100,950 |
|
| Series K-1 (AGC), 5.75%, 01/01/19 |
|
|
1,500 |
|
|
|
1,535,115 |
|
| Red River Texas Education Financing Corp., RB, Texas Christian University Project,
5.25%, 03/15/38 |
|
|
440 |
|
|
|
492,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,942,069 |
|
| Virginia — 1.1% |
|
| City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 01/01/43 |
|
|
370 |
|
|
|
402,364 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Virginia (continued) |
|
| State of Virginia Public School Authority, RB, Fluvanna County School Financing,
6.50%, 12/01/18(a) |
|
$ |
1,000 |
|
|
$ |
1,023,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,426,314 |
|
| Washington — 1.5% |
|
| City of Seattle Washington Municipal Light & Power, Refunding RB, Series A,
5.25%, 02/01/21(a) |
|
|
1,025 |
|
|
|
1,113,294 |
|
| State of Washington, GO, Various Purposes, Series B, 5.25%, 02/01/21(a) |
|
|
795 |
|
|
|
863,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,976,775 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 103.9%
(Cost — $128,791,706) |
|
|
|
136,374,525 |
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts(c) |
|
|
|
|
|
| California — 12.8% |
|
| Fremont Union High School District, GO, Refunding Series A, 4.00%, 08/01/46 |
|
|
1,640 |
|
|
|
1,728,716 |
|
| Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series
A, 5.00%, 10/01/43 |
|
|
2,775 |
|
|
|
3,197,512 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| San Marcos Unified School District, GO, Election of 2010, Series A, 5.25%, 08/01/21(a) |
|
$ |
10,680 |
|
|
$ |
11,830,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,756,962 |
|
| Connecticut — 1.1% |
|
| State of Connecticut Health & Educational Facility Authority, Refunding RB, Trinity Health Credit
Group, 5.00%, 12/01/45 |
|
|
1,306 |
|
|
|
1,470,847 |
|
|
|
|
|
|
|
| District of Columbia — 0.6% |
|
| District of Columbia Water & Sewer Authority, Refunding RB, Series A, 6.00%, 10/01/18(a)(d) |
|
|
759 |
|
|
|
770,038 |
|
|
|
|
|
|
|
| Georgia — 0.8% |
|
| County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%,
08/15/48 |
|
|
1,025 |
|
|
|
1,055,726 |
|
|
|
|
|
|
|
| Idaho — 1.4% |
|
| Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48 |
|
|
1,700 |
|
|
|
1,782,943 |
|
|
|
|
|
|
|
| Illinois — 5.4% |
|
| State of Illinois Toll Highway Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 01/01/40 |
|
|
825 |
|
|
|
917,708 |
|
| Series B, 5.00%, 01/01/40 |
|
|
3,329 |
|
|
|
3,746,269 |
|
| Series C, 5.00%, 01/01/38 |
|
|
2,252 |
|
|
|
2,495,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,158,993 |
|
| Michigan — 2.3% |
|
| Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45 |
|
|
2,650 |
|
|
|
2,968,623 |
|
|
|
|
|
|
|
| Nevada — 4.9% |
|
| County of Clark Nevada Water Reclamation District, GO, Limited Tax, 6.00%, 07/01/18(a) |
|
|
2,000 |
|
|
|
2,006,810 |
|
| Las Vegas Valley Water District, GO, Refunding, Series C, 5.00%, 06/01/28 |
|
|
4,100 |
|
|
|
4,432,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,438,972 |
|
| New Jersey — 6.7% |
|
| New Jersey EDA, RB, School Facilities Construction
(AGC)(a): |
|
|
|
|
|
|
|
|
| 6.00%, 12/15/18 |
|
|
986 |
|
|
|
1,008,661 |
|
| 6.00%, 12/15/18 |
|
|
14 |
|
|
|
14,274 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
| New Jersey State Turnpike Authority, RB, Series A, 5.00%, 01/01/22(a)(d) |
|
$ |
6,020 |
|
|
$ |
6,704,865 |
|
| New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,
5.25%, 06/15/36(d) |
|
|
1,000 |
|
|
|
1,044,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,772,078 |
|
| New York — 14.4% |
|
| City of New York New York Municipal Water Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series FF, 5.00%, 06/15/45 |
|
|
3,019 |
|
|
|
3,287,525 |
|
| Water & Sewer System, 2nd General Resolution, Series BB, 5.25%, 06/15/44 |
|
|
4,993 |
|
|
|
5,487,790 |
|
| City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 01/15/39 |
|
|
900 |
|
|
|
917,766 |
|
| Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47(d) |
|
|
1,000 |
|
|
|
1,093,422 |
|
| Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
|
2,540 |
|
|
|
2,908,339 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%,
12/15/43 |
|
|
2,955 |
|
|
|
3,235,711 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(d) |
|
|
1,740 |
|
|
|
1,928,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,859,203 |
|
| North Carolina — 2.1% |
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%,
10/01/55 |
|
|
2,400 |
|
|
|
2,700,684 |
|
|
|
|
|
|
|
| Pennsylvania — 3.5% |
|
| County of Westmoreland Pennsylvania Municipal Authority, Refunding RB (BAM), 5.00%, 08/15/38 |
|
|
1,349 |
|
|
|
1,516,423 |
|
| Pennsylvania Turnpike Commission, RB,
Sub-Series A, 5.50%,
12/01/42 |
|
|
1,094 |
|
|
|
1,263,529 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Pennsylvania Turnpike Commission, Refunding RB, Sub Series B-2 (AGM),
5.00%, 06/01/35 |
|
$ |
1,640 |
|
|
$ |
1,855,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,635,243 |
|
| Rhode Island — 1.5% |
|
| Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
|
|
1,982 |
|
|
|
2,026,638 |
|
|
|
|
|
|
|
|
|
|
| Texas — 5.7% |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Baylor Health Care System Project,
Series A,
5.00%, 11/15/38 |
|
|
4,456 |
|
|
|
4,880,244 |
|
| North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 09/01/21(a) |
|
|
2,310 |
|
|
|
2,557,771 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,438,015 |
|
| Utah — 0.8% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/41 |
|
|
1,005 |
|
|
|
1,042,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Virginia — 1.2% |
|
| Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57(d) |
|
$ |
1,337 |
|
|
$ |
1,610,568 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 65.2%
(Cost —
$82,304,467) |
|
|
|
85,487,743 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 169.1%
(Cost — $211,096,173) |
|
|
|
221,862,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
|
|
| Short-Term Securities — 0.3% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.92%(e)(f) |
|
|
431,377 |
|
|
|
431,420 |
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 0.3%
(Cost — $431,420) |
|
|
|
431,420 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 169.4%
(Cost — $211,527,593) |
|
|
|
222,293,688 |
|
| Other Assets Less Liabilities — 0.8% |
|
|
|
1,088,087 |
|
| Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable —
(38.1)% |
|
|
|
(49,945,248 |
) |
| VMTP Shares at Liquidation Value — (32.2)% |
|
|
|
(42,200,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common
Shares — 100.0% |
|
|
$ |
131,236,527 |
|
|
|
|
|
|
|
|
|
|
| (a) |
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) |
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. |
| (d) |
All or a portion of security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between October 1, 2018 to
January 1, 2026, is $8,408,847. |
| (e) |
Annualized 7-day yield as of period end. |
| (f) |
During the period ended May 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated |
|
Shares
Held at
08/31/17 |
|
|
Net
Activity |
|
|
Shares
Held at
05/31/18 |
|
|
Value at
05/31/18 |
|
|
Income |
|
|
Net Realized
Gain (Loss) (a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds,
MuniCash, Institutional Class |
|
|
189,247 |
|
|
|
242,130 |
|
|
|
431,377 |
|
|
$ |
431,420 |
|
|
$ |
7,378 |
|
|
$ |
(304 |
) |
|
$ |
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
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 |
|
|
26 |
|
|
|
09/19/18 |
|
|
$ |
3,131 |
|
|
$ |
(24,554 |
) |
| 11-Long U.S. Treasury Bond |
|
|
31 |
|
|
|
09/19/18 |
|
|
|
4,499 |
|
|
|
(83,517 |
) |
| 5-Year U.S. Treasury Note |
|
|
26 |
|
|
|
09/28/18 |
|
|
|
2,961 |
|
|
|
(14,407 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(122,478 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Abbreviations
AGC — Assured
Guarantee Corp.
AGM — Assured Guaranty Municipal Corp.
ARB — Airport
Revenue Bonds
BAM — Build America Mutual Assurance Co.
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
ISD — Independent School District
LRB —
Lease Revenue Bonds
RB — Revenue Bonds
S/F — Single-Family
|
|
|
| Schedule of Investments (unaudited) (continued)
May 31, 2018 |
|
BlackRock Municipal Income Investment Quality Trust (BAF) |
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 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 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.
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) |
|
$ |
— |
|
|
$ |
221,862,268 |
|
|
$ |
— |
|
|
$ |
221,862,268 |
|
| Short-Term Securities |
|
|
431,420 |
|
|
|
— |
|
|
|
— |
|
|
|
431,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
431,420 |
|
|
$ |
221,862,268 |
|
|
$ |
— |
|
|
$ |
222,293,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Liabilities: |
|
| Interest rate contracts |
|
$ |
(122,478 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(122,478 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(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 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 |
|
$ |
— |
|
|
$ |
(49,716,592 |
) |
|
$ |
— |
|
|
$ |
(49,716,592 |
) |
| VMTP Shares at Liquidation Value |
|
|
— |
|
|
|
(42,200,000 |
) |
|
|
— |
|
|
|
(42,200,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(91,916,592 |
) |
|
$ |
— |
|
|
$ |
(91,916,592 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended May 31, 2018, there were no transfers between levels.
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 Quality Trust |
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Income Investment Quality Trust |
Date: July 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 Quality Trust |
Date: July 19, 2018
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Income Investment Quality Trust |
Date: July 19, 2018