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: 07/31/2011

 

Date of reporting period: 04/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments April 30, 2011 (Unaudited)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Arizona — 0.7%

 

 

 

 

 

 

 

Pima County IDA, Refunding IDRB,
Tucson Electric Power, 5.75%,
9/01/29

 

$

625

 

$

623,119

 

California — 19.6%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB,
San Francisco Bay Area, Series F-1,
5.63%, 4/01/44

 

 

1,355

 

 

1,399,038

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%, 10/01/38

 

 

1,315

 

 

1,349,874

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series A,
6.00%, 7/01/39

 

 

890

 

 

895,046

 

St. Joseph Health System, Series A,
5.75%, 7/01/39

 

 

1,240

 

 

1,159,747

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of General Services,
Buildings 8 & 9, Series A, 6.25%,
4/01/34

 

 

2,075

 

 

2,120,318

 

Various Capital Projects,
Sub-Series I-1, 6.38%, 11/01/34

 

 

645

 

 

666,343

 

Grossmont Union High School District,
GO, Election of 2008, Series B,
4.75%, 8/01/45

 

 

2,020

 

 

1,732,271

 

Los Angeles Department of Airports,
Refunding RB, Senior, Los Angeles
International Airport, Series A, 5.00%,
5/15/35

 

 

2,725

 

 

2,654,259

 

Los Angeles Department of Water &
Power, RB, Power System,
Sub-Series A-1, 5.25%, 7/01/38

 

 

1,750

 

 

1,775,970

 

San Diego Regional Building Authority
California, RB, County Operations
Center & Annex, Series A, 5.38%,
2/01/36

 

 

1,600

 

 

1,604,384

 

State of California, GO, Various Purpose,
6.00%, 3/01/33

 

 

1,275

 

 

1,362,274

 

 

 

 

 

 

 

 

 

 

 

 

16,719,524

 

Colorado — 3.4%

 

 

 

 

 

 

 

City & County of Denver Colorado,
Refunding RB, Series A, 5.25%,
11/15/36

 

 

1,810

 

 

1,802,380

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado (concluded)

 

 

 

 

 

 

 

Colorado Health Facilities Authority,
Refunding RB, Catholic Healthcare,
Series A, 5.50%, 7/01/34

 

$

1,095

 

$

1,096,336

 

 

 

 

 

 

 

 

 

 

 

 

2,898,716

 

Delaware — 1.4%

 

 

 

 

 

 

 

County of Sussex Delaware, RB, NRG
Energy, Inc., Indian River Project,
6.00%, 10/01/40

 

 

1,230

 

 

1,200,074

 

District of Columbia — 1.2%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 5.25%,
10/01/29

 

 

1,000

 

 

1,057,180

 

Florida — 3.8%

 

 

 

 

 

 

 

County of St. John’s Florida, RB, CAB
(AMBAC), 5.35%, 6/01/30 (a)

 

 

1,715

 

 

579,019

 

Escambia County Health Facilities
Authority, RB, Florida Health Care
Facility Loan, VHA Program (AMBAC),
5.95%, 7/01/20

 

 

589

 

 

601,926

 

Village Center Community Development
District, RB, Series A (NPFGC), 5.00%,
11/01/32

 

 

1,795

 

 

1,465,761

 

Watergrass Community Development
District, Special Assessment Bonds,
Series B, 5.13%, 11/01/14

 

 

1,000

 

 

632,460

 

 

 

 

 

 

 

 

 

 

 

 

3,279,166

 

Georgia — 3.8%

 

 

 

 

 

 

 

Municipal Electric Authority of Georgia,
Refunding RB, Project One,
Sub-Series D, 6.00%, 1/01/23

 

 

2,900

 

 

3,244,926

 

Illinois — 11.9%

 

 

 

 

 

 

 

Chicago Park District, GO, Harbor
Facilities, Series C, 5.25%, 1/01/40

 

 

1,205

 

 

1,199,602

 

City of Chicago Illinois, Refunding RB,
General, Third Lien, Series C, 6.50%,
1/01/41 (b)

 

 

645

 

 

687,338

 

County of Cook Illinois, GO, Refunding,
Series A, 5.25%, 11/15/33

 

 

1,685

 

 

1,686,213

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Navistar International, Recovery
Zone, 6.50%, 10/15/40

 

 

510

 

 

512,234

 

Rush University Medical Center
Obligation Group, Series B, 7.25%,
11/01/30

 

 

1,600

 

 

1,726,448

 

 

Portfolio Abbreviations

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.

AMBAC

American Municipal Bond Assurance Corp.

CAB

Capital Appreciation Bonds

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

IDA

Industrial Development Authority

IDRB

Industrial Development Revenue Bonds

ISD

Independent School District

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

VHA

Veterans Health Administration


 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

APRIL 30, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Northwestern Memorial Hospital,
Series A, 6.00%, 8/15/39

 

$

1,900

 

$

1,966,253

 

OSF Healthcare System, Series A,
6.00%, 5/15/39

 

 

990

 

 

956,142

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

690

 

 

665,767

 

6.00%, 6/01/28

 

 

195

 

 

187,539

 

State of Illinois, RB, Build Illinois,
Series B, 5.25%, 6/15/34

 

 

625

 

 

604,650

 

 

 

 

 

 

 

 

 

 

 

 

10,192,186

 

Indiana — 2.7%

 

 

 

 

 

 

 

Indiana Municipal Power Agency, RB,
Series B, 6.00%, 1/01/39

 

 

2,210

 

 

2,265,692

 

Kansas — 1.9%

 

 

 

 

 

 

 

Kansas Development Finance Authority,
Refunding RB, Adventist Health,
5.50%, 11/15/29

 

 

1,600

 

 

1,660,672

 

Kentucky — 4.3%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System,
Series A, 6.38%, 6/01/40

 

 

660

 

 

626,195

 

Louisville & Jefferson County
Metropolitan Government Parking
Authority, RB, Series A, 5.75%,
12/01/34

 

 

1,500

 

 

1,581,990

 

Louisville/Jefferson County Metropolitan
Government, Refunding RB, Jewish
Hospital & St. Mary’s HealthCare,
6.13%, 2/01/37

 

 

1,450

 

 

1,419,506

 

 

 

 

 

 

 

 

 

 

 

 

3,627,691

 

Louisiana — 0.8%

 

 

 

 

 

 

 

Louisiana Local Government
Environmental Facilities & Community
Development Authority, RB, Westlake
Chemical Corp., Series A-1, 6.50%,
11/01/35

 

 

715

 

 

717,760

 

Maryland — 1.1%

 

 

 

 

 

 

 

Maryland EDC, Refunding RB, CNX
Marine Terminals, Inc., 5.75%,
9/01/25

 

 

985

 

 

942,478

 

Massachusetts — 2.1%

 

 

 

 

 

 

 

Massachusetts Health & Educational
Facilities Authority, RB, Tufts
University, 5.38%, 8/15/38

 

 

1,000

 

 

1,036,830

 

Massachusetts State College Building
Authority, RB, Series A, 5.50%,
5/01/39

 

 

750

 

 

775,987

 

 

 

 

 

 

 

 

 

 

 

 

1,812,817

 

Michigan — 4.8%

 

 

 

 

 

 

 

Kalamazoo Hospital Finance Authority,
Refunding RB, Bronson Methodist
Hospital, 5.50%, 5/15/36

 

 

1,990

 

 

1,893,963

 

Michigan State Building Authority,
Refunding RB, Facilities Program,
Series I, 6.00%, 10/15/38

 

 

1,000

 

 

1,040,150

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan (concluded)

 

 

 

 

 

 

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

$

995

 

$

1,128,101

 

 

 

 

 

 

 

 

 

 

 

 

4,062,214

 

Nebraska — 0.4%

 

 

 

 

 

 

 

Lancaster County Hospital Authority
No. 1, RB, Immanuel Obligation
Group, 5.63%, 1/01/40

 

 

315

 

 

307,742

 

Nevada — 7.3%

 

 

 

 

 

 

 

City of Las Vegas Nevada, GO, Limited
Tax, Performing Arts Center, 6.00%,
4/01/34

 

 

1,600

 

 

1,699,232

 

County of Clark Nevada, GO, Refunding,
Transportation, Series A, 5.00%,
12/01/29

 

 

1,400

 

 

1,426,362

 

County of Clark Nevada, RB, Series B,
5.75%, 7/01/42

 

 

3,075

 

 

3,101,875

 

 

 

 

 

 

 

 

 

 

 

 

6,227,469

 

New Jersey — 3.0%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,173,201

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A, 5.88%, 12/15/38

 

 

1,295

 

 

1,350,206

 

 

 

 

 

 

 

 

 

 

 

 

2,523,407

 

New York — 8.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB, Second General
Resolution, Series EE, 5.38%,
6/15/43

 

 

385

 

 

397,089

 

New York City Transitional Finance
Authority, RB, Fiscal 2009, Series S-3,
5.25%, 1/15/39

 

 

1,500

 

 

1,515,975

 

New York Liberty Development Corp.,
Refunding RB, Second Priority, Bank
of America Tower at One Bryant Park
Project, 6.38%, 7/15/49

 

 

605

 

 

605,569

 

New York State Dormitory Authority,
ERB, Series B, 5.25%, 3/15/38

 

 

3,250

 

 

3,312,790

 

Triborough Bridge & Tunnel Authority,
RB, General, Series A-2, 5.38%,
11/15/38

 

 

1,510

 

 

1,546,134

 

 

 

 

 

 

 

 

 

 

 

 

7,377,557

 

North Carolina — 2.6%

 

 

 

 

 

 

 

North Carolina Medical Care
Commission, RB, Novant Health
Obligation, Series A, 4.75%,
11/01/43

 

 

2,735

 

 

2,212,287

 

Pennsylvania — 2.8%

 

 

 

 

 

 

 

Pennsylvania Economic Development
Financing Authority, RB, American
Water Co. Project, 6.20%, 4/01/39

 

 

500

 

 

521,880

 

Pennsylvania Turnpike Commission, RB,
Sub-Series B, 5.25%, 6/01/39

 

 

1,945

 

 

1,862,357

 

 

 

 

 

 

 

 

 

 

 

 

2,384,237

 

 

 

 

2

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

APRIL 30, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico — 3.0%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 5.75%,
8/01/37

 

$

2,605

 

$

2,552,900

 

Texas — 12.2%

 

 

 

 

 

 

 

Conroe ISD Texas, GO, School Building,
Series A, 5.75%, 2/15/35

 

 

890

 

 

945,874

 

Harris County Health Facilities
Development Corp., Refunding RB,
Memorial Hermann Healthcare
System, Series B, 7.13%, 12/01/31

 

 

500

 

 

543,045

 

Lower Colorado River Authority, RB:

 

 

 

 

 

 

 

5.75%, 5/15/28

 

 

810

 

 

852,849

 

5.50%, 5/15/33

 

 

2,000

 

 

2,062,840

 

North Texas Tollway Authority, RB,
System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

 

1,000

 

 

1,011,030

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, Scott &
White Healthcare, 6.00%, 8/15/45

 

 

1,905

 

 

1,940,090

 

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

 

 

2,980

 

 

3,057,182

 

 

 

 

 

 

 

 

 

 

 

 

10,412,910

 

Utah — 0.2%

 

 

 

 

 

 

 

City of Riverton Utah, RB, IHC Health
Services Inc., 5.00%, 8/15/41

 

 

205

 

 

189,949

 

Virginia — 1.3%

 

 

 

 

 

 

 

Virginia Public School Authority, RB,
School Financing, 6.50%, 12/01/35

 

 

1,000

 

 

1,103,000

 

Total Municipal Bonds – 104.9%

 

 

 

 

 

89,595,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

 

 

 

 

 

 

California — 20.4%

 

 

 

 

 

 

 

California Educational Facilities
Authority, RB, University of Southern
California, Series A, 5.25%, 10/01/39

 

 

1,995

 

 

2,046,671

 

Grossmont Union High School District,
GO, Election of 2008, Series B,
5.00%, 8/01/40

 

 

2,400

 

 

2,236,104

 

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

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

3,898

 

 

4,208,145

 

Series C, 5.25%, 8/01/39

 

 

2,630

 

 

2,656,668

 

Los Angeles Unified School District
California, GO, Series I, 5.00%,
1/01/34

 

 

400

 

 

388,352

 

San Diego Public Facilities Financing
Authority, Refunding RB, Series B,
5.50%, 8/01/39

 

 

4,214

 

 

4,322,849

 

University of California, RB, Series O,
5.75%, 5/15/34

 

 

1,500

 

 

1,596,195

 

 

 

 

 

 

 

 

 

 

 

 

17,454,984

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (c)

 

Par
(000)

 

Value

 

District of Columbia — 4.0%

 

 

 

 

 

 

 

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

 

$

1,395

 

$

1,517,230

 

District of Columbia Water & Sewer
Authority, RB, Series A, 5.50%,
10/01/39

 

 

1,799

 

 

1,869,706

 

 

 

 

 

 

 

 

 

 

 

 

3,386,936

 

Florida — 8.8%

 

 

 

 

 

 

 

Jacksonville Economic Development
Commission, RB, Mayo Clinic
Jacksonville, Series B, 5.50%,
11/15/36

 

 

7,490

 

 

7,493,071

 

Illinois — 3.6%

 

 

 

 

 

 

 

Illinois Finance Authority, RB, University
of Chicago, Series B, 6.25%, 7/01/38

 

 

2,800

 

 

3,100,944

 

Nevada — 5.6%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,500

 

 

2,702,075

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,115,387

 

 

 

 

 

 

 

 

 

 

 

 

4,817,462

 

New Hampshire — 1.3%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, Refunding RB,
Dartmouth College, 5.25%, 6/01/39

 

 

1,094

 

 

1,133,796

 

New Jersey — 2.3%

 

 

 

 

 

 

 

New Jersey Transportation Trust Fund
Authority, RB, Transportation System,
Series A (AGM), 5.00%, 12/15/32

 

 

2,000

 

 

1,997,260

 

New York — 6.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series A, 5.75%,
6/15/40

 

 

1,410

 

 

1,512,463

 

Series FF-2, 5.50%, 6/15/40

 

 

1,994

 

 

2,079,214

 

New York State Dormitory Authority,
ERB, Series B, 5.25%, 3/15/38

 

 

2,000

 

 

2,038,640

 

 

 

 

 

 

 

 

 

 

 

 

5,630,317

 

Ohio — 1.6%

 

 

 

 

 

 

 

County of Allen Ohio, Refunding RB,
Catholic Healthcare, Series A, 5.25%,
6/01/38

 

 

1,560

 

 

1,396,574

 

South Carolina — 2.2%

 

 

 

 

 

 

 

South Carolina State Public Service
Authority, RB, Santee Cooper,
Series A, 5.50%, 1/01/38

 

 

1,755

 

 

1,839,837

 

Texas — 5.7%

 

 

 

 

 

 

 

City of San Antonio Texas, Refunding
RB, Series A, 5.25%, 2/01/31

 

 

2,025

 

 

2,135,105

 

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

 

 

2,750

 

 

2,726,432

 

 

 

 

 

 

 

 

 

 

 

 

4,861,537

 

Virginia — 1.1%

 

 

 

 

 

 

 

Fairfax County IDA Virginia, Refunding
RB, Health Care, Inova Health System,
Series A, 5.50%, 5/15/35

 

 

899

 

 

902,818

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

APRIL 30, 2011

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 Trusts (c)

 

Par
(000)

 

Value

 

Wisconsin — 1.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25 %, 4/01/39

 

$

1,680

 

$

1,537,416

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 65.0%

 

 

 

 

 

55,552,952

 

Total Long-Term Investments
(Cost – $144,815,111) – 169.9%

 

 

 

 

 

145,148,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.23% (d)(e)

 

 

2,894,880

 

 

2,894,880

 

Total Short-Term Securities
(Cost – $2,894,880) – 3.4%

 

 

 

 

 

2,894,880

 

Total Investments
(Cost – $147,709,991*) – 173.3%

 

 

 

 

 

148,043,505

 

Other Assets Less Liabilities – 2.7%

 

 

 

 

 

2,293,035

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (35.9)%

 

 

 

 

 

(30,641,825

)

Preferred Shares, at Redemption Value – (40.1)%

 

 

 

 

 

(34,251,858

)

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

85,442,857

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of April 30, 2011, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

117,595,588

 

 

 

Gross unrealized appreciation

 

$

3,404,064

 

Gross unrealized depreciation

 

 

(3,573,185

)

 

 

Net unrealized depreciation

 

$

(169,121

)

 

 

 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(b)

When-issued security. Unsettled when-issued transactions were as follows:

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Citigroup Global Markets

 

$

687,338

 

$

6,940

 

 

 

(c)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

 

(d)

Investments in companies considered to be an affiliate of the Trust during the period, 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, 2010

 

Net
Activity

 

Shares
Held at
April 30, 2011

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

4,963,552

 

 

(2,068,672

)

 

2,894,880

 

$

2,892

 

 

 

(e)

Represents the current yield as of report date.


 

 

 

4

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

APRIL 30, 2011


 

 

 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Trust (BBF)


 

 

•

Financial futures contracts sold as of April 30, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

63

 

10-Year U.S. Treasury Note

 

Chicago Board of Trade

 

June 2011

 

$

7,466,365

 

$

(165,495

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

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 inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the inputs used as of April 30, 2011 in determining the fair valuation of the Trust’s investments and derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

145,148,625

 

 

—

 

$

145,148,625

 

Short-Term Securities

 

$

2,894,880

 

 

—

 

 

—

 

 

2,894,880

 

 

 

Total

 

$

2,894,880

 

$

145,148,625

 

 

—

 

$

148,043,505

 

 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

(165,495

)

 

—

 

 

—

 

$

(165,495

)

 

 

 

 

 

 

2

Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

APRIL 30, 2011

5

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 of
    BlackRock Municipal Income Investment Trust
   
  Date: June 24, 2011
   
  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: June 24, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Trust
     
  Date: June 24, 2011