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: 07/31/2015

 

Date of reporting period: 10/31/2014

 

Item 1 – Schedule of Investments

 
 

 

Schedule of Investments October 31, 2014 (Unaudited) BlackRock Municipal Income Investment Trust (BBF)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Alabama  — 0.3%  
City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A, 5.38%, 12/01/35 $ 275 $ 305,817  
 
Alaska  — 0.2%  
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46   330   246,791  
 
California  — 16.0%  
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38   1,315   1,492,749  
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39   890   1,040,481  
Kern Community College District, GO, Safety, Repair & Improvement, Election of 2002, Series C, 5.50%, 11/01/33   775   933,612  
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38   1,750   1,969,257  
San Diego Regional Building Authority, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36   1,600   1,835,200  
State of California, GO, Refunding, Various Purposes:          
  6.00%, 3/01/33   1,275   1,563,596  
  5.00%, 11/01/43   1,000   1,126,460  
State of California Public Works Board, LRB:          
  Department of Corrections & Rehabilitation, Series F, 5.25%, 9/01/33   400   466,664  
  Various Capital Projects, Series I, 5.50%, 11/01/31   1,600   1,938,752  
  Various Capital Projects, Series I, 5.50%, 11/01/33   1,500   1,809,765  
Township of Washington California Health Care District, GO, Election of 2004, Series B, 5.50%, 8/01/40   300   358,218  
               
Municipal Bonds Par
(000)		   Value  
 
California (concluded)  
University of California, Refunding RB, Medical Center Regents, Series J, 5.25%, 5/15/38 $ 1,780 $ 2,073,860  
           
    16,608,614  
 
Colorado  — 2.3%  
City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32   1,000   1,156,390  
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34   1,095   1,256,502  
           
    2,412,892  
 
Florida  — 5.9%  
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33   265   307,292  
County of Miami-Dade Florida, RB, Seaport, Series A, 6.00%, 10/01/38   3,800   4,590,096  
County of Pasco Florida Water & Sewer Revenue, RB, Series B, 5.00%, 10/01/44   500   570,015  
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32   570   656,617  
           
    6,124,020  
 
Georgia  — 1.8%  
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23   1,565   1,845,026  
 
Illinois  — 22.3%  
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41   2,955   3,594,432  
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38   500   544,760  
City of Chicago Illinois Transit Authority, RB:          
  5.25%, 12/01/31   1,060   1,214,792  
  Sales Tax Receipts, 5.25%, 12/01/36   1,000   1,132,370  
  Sales Tax Receipts, 5.25%, 12/01/40   1,000   1,122,250  
  Sales Tax Receipts, 5.00%, 12/01/44   1,085   1,219,301  
               


 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 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)  
County of Cook Illinois Community College District No. 508, GO, City College of Chicago:          
  5.50%, 12/01/38 $ 1,000 $ 1,151,920  
  5.25%, 12/01/43   3,500   3,912,300  
Illinois Finance Authority, RB:          
  Carle Foundation, Series A, 6.00%, 8/15/41   1,000   1,155,720  
  Rush University Medical Center, Series B, 7.25%, 11/01/30   1,600   1,914,560  
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39   1,900   2,231,113  
Railsplitter Tobacco Settlement Authority, RB:          
  5.50%, 6/01/23   690   807,093  
  6.00%, 6/01/28   195   228,817  
State of Illinois, GO:          
  5.25%, 2/01/31   475   520,885  
  5.25%, 2/01/32   1,000   1,094,980  
  5.50%, 7/01/33   1,000   1,106,570  
  5.50%, 7/01/38   210   229,967  
           
    23,181,830  
 
Indiana  — 2.4%  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   2,210   2,533,036  
 
Kansas  — 1.8%  
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29   1,600   1,843,920  
 
Kentucky  — 0.6%  
County of Louisville & Jefferson Kentucky Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34   500   596,010  
 
Louisiana  — 1.4%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   715   846,310  
               
Municipal Bonds Par
(000)		   Value  
 
Louisiana (concluded)  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 $ 600 $ 655,848  
           
    1,502,158  
 
Maine  — 1.4%  
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32   1,270   1,503,286  
 
Massachusetts  — 1.1%  
Massachusetts Health & Educational Facilities Authority, RB, Tufts University, Series O, 5.38%, 8/15/38   1,000   1,136,660  
 
Michigan  — 3.4%  
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41   915   1,073,624  
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38   1,000   1,157,740  
Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a)   995   1,272,217  
           
    3,503,581  
 
Mississippi  — 2.4%  
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40   1,000   1,321,970  
Mississippi State University Educational Building Corp., Refunding RB, Mississippi State University Improvement Project, 5.25%, 8/01/38   1,000   1,154,500  
           
    2,476,470  
 
Nevada  — 4.9%  
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34   1,600   1,868,880  
County of Clark Nevada, GO, Limited Tax, 5.00%, 6/01/38   1,000   1,102,260  
               


 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 2
           

 

 
 
Schedule of Investments (continued) BlackRock Municipal Income Investment Trust (BBF)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Nevada (concluded)  
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42 $   1,825 $   2,152,423  
           
    5,123,563  
 
New Jersey  — 4.5%  
New Jersey EDA, RB, School Facilities Construction, Series UU, 5.00%, 6/15/40   225   243,000  
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29   1,140   1,226,264  
New Jersey Transportation Trust Fund Authority, RB:          
  Transportation Program, Series AA, 5.50%, 6/15/39   1,485   1,686,589  
  Transportation System, Series A, 5.88%, 12/15/38   1,295   1,504,673  
           
    4,660,526  
 
New York  — 5.7%  
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, Series A, 5.75%, 2/15/47   1,000   1,151,390  
New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49   980   1,109,468  
State of New York Dormitory Authority, ERB, Series B, 5.25%, 3/15/38   3,250   3,701,717  
           
    5,962,575  
 
Ohio  — 3.6%  
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38   1,565   1,748,152  
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1:          
  5.25%, 2/15/30   790   922,080  
  5.25%, 2/15/31   885   1,029,423  
           
    3,699,655  
 
Pennsylvania  — 5.0%  
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39   500   584,540  
               
Municipal Bonds Par
(000)		   Value  
 
Pennsylvania (concluded)  
Pennsylvania Turnpike Commission, RB:          
  Series A, 5.00%, 12/01/44 $ 360 $ 401,324  
  Sub-Series A, 5.63%, 12/01/31   1,250   1,413,375  
  Sub-Series A, 6.00%, 12/01/41   1,500   1,627,395  
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37   1,000   1,137,490  
           
    5,164,124  
 
South Carolina  — 1.3%  
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38   1,190   1,397,250  
 
Texas  — 12.4%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/41   1,670   1,937,835  
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37   745   862,397  
Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/35   890   1,015,855  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45   1,905   2,286,057  
Lower Colorado River Authority, Refunding RB:          
  5.50%, 5/15/19 (a)   90   107,018  
  5.50%, 5/15/33   1,910   2,164,660  
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 9/01/41   1,000   1,179,220  
North Texas Tollway Authority, Refunding RB, 1st Tier System, Series K-1 (AGC), 5.75%, 1/01/38   1,000   1,145,720  
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38   340   394,070  
               


 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 3
           

 

 
 
Schedule of Investments (continued) BlackRock Municipal Income Investment Trust (BBF)
  (Percentages shown are based on Net Assets)

 

Municipal Bonds Par
(000)		   Value  
 
Texas (concluded)  
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 $ 1,781,890  
           
    12,874,722  
 
Virginia  — 1.5%  
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43   280   312,796  
Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a)   1,000   1,224,900  
           
    1,537,696  
 
Wisconsin  — 1.8%  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39   1,675   1,842,148  
 
Total Municipal Bonds — 104.0%   108,082,370  
 
       
   

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (b)

  
 
California  — 19.0%  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (c)   1,995   2,256,565  
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40   2,400   2,627,760  
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (c)   2,630   3,047,644  
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33   3,898   4,707,869  
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34   400   452,824  
San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 8/01/39   4,214   4,922,700  
               

Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts (b)

 Par
(000)		   Value  
 
California (concluded)  
University of California, RB, Series O, 5.75%, 5/15/34 $ 1,500 $ 1,763,845  
           
    19,779,207  
 
District of Columbia  — 3.5%  
District of Columbia, RB, Series A, 5.50%, 12/01/30 (c)   1,395   1,649,099  
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.50%, 10/01/39   1,799   2,035,439  
           
    3,684,538  
 
Illinois  — 3.2%  
State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/18 (a)   2,800   3,350,284  
 
Nevada  — 5.0%  
County of Clark Nevada Water Reclamation District, GO:          
  Limited Tax, 6.00%, 7/01/38   2,500   2,897,950  
  Series B, 5.50%, 7/01/29   1,994   2,340,922  
           
    5,238,872  
 
New Hampshire  — 1.2%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (c)   1,094   1,254,081  
 
New Jersey  — 3.9%  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:          
  Series A (AMBAC), 5.00%, 12/15/32   2,000   2,198,920  
  Series B, 5.25%, 6/15/36 (c)   1,640   1,815,793  
           
    4,014,713  
 
New York  — 13.1%  
City of New York New York Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40   1,410   1,623,218  
City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution:          
  Series FF, 5.00%, 6/15/45   1,500   1,660,443  
  Series FF-2, 5.50%, 6/15/40   1,995   2,304,770  
               


 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 4
           

 

 
 
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 (b)

 Par
(000)		   Value  
 
New York (concluded)  
City of New York New York Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 $ 1,500 $ 1,689,232  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43   2,205   2,519,433  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (c)   1,300   1,512,771  
New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 3/15/38   2,000   2,277,980  
           
    13,587,847  
 
Texas  — 5.3%  
City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/31 (c)   2,025   2,311,840  
County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children's Hospital Project, 5.50%, 10/01/39   2,750   3,178,285  
           
    5,490,125  
 
Virginia  — 1.0%  
County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35   899   1,021,519  
 
               
  Par
(000)		  

 

Value

  
 
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 55.2% $ 57,421,186  
 
Total Long-Term Investments
(Cost — $146,116,000) — 159.2%		   165,503,556  
 
       
   
Short-Term Securities Shares  

 

 

  
 
FFI Institutional Tax-Exempt Fund, 0.03% (d)(e)   256,564   256,564  
 
Total Short-Term Securities
(Cost — $256,564) — 0.2%		   256,564  
 
Total Investments
(Cost — $146,372,564*) — 159.4%		   165,760,120  
Other Assets Less Liabilities — 2.0%   2,104,333  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (28.5%)   (29,688,377)  
VRDP Shares, at Redemption Value — (32.9%)   (34,200,000)  
           
Net Assets Applicable to Common Shares — 100.0% $ 103,976,076  
           
* As of October 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

  
Tax cost $ 117,195,010  
           
Gross unrealized appreciation $ 19,387,556  
Gross unrealized depreciation   (504,722)  
           
Net unrealized appreciation $ 18,882,834  
           
               


Notes to Schedule of Investments

(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.
(b) Represent bonds transferred to a TOB. In exchange for which the Trust received cash and residual interest certificates. These bonds serve as collateral in a financing transaction.
(c) 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 agreement, which expire from October 1, 2016 to November 15, 2019 is $7,891,024.
(d) Investments in issuers considered to be an affiliate of the Trust during the period ended October 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
     

 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 5
           

 

 
 
Schedule of Investments (continued) BlackRock Municipal Income Investment Trust (BBF)
  (Percentages shown are based on Net Assets)

 

 
  Affiliate   Shares
Held at
July 31, 2014		   Net
Activity		   Shares
Held at
October 31, 2014		   Income  
 
  FFI Institutional Tax-Exempt Fund   1,298,709   (1,042,145)   256,564     $ 101  
 
                                           
(e) Represents the current yield as of report date.

 

Portfolio Abbreviations

   
AGC Assured Guarantee Corp.
AGM Assured Guaranty Municipal Corp.
AMBAC American Municipal Bond Assurance Corp.
ARB Airport Revenue Bonds
BARB Building Aid Revenue Bonds
EDA Economic Development Authority
ERB Education Revenue Bonds
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
     

•
Financial futures contracts outstanding as of October 31, 2014 were as follows:		  

 

Contracts
Sold		 Issue Exchange Expiration Notional
Value		 Unrealized
Depreciation
(103) 10-Year U.S. Treasury Note Chicago Board of Trade December 2014 $13,015,016 $18,255

 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 6
           

 

 
 
Schedule of Investments (continued) BlackRock Municipal Income Investment Trust (BBF)

 

• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. 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. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. The three levels of the fair value hierarchy are as follows:

  • Level 1 — unadjusted quoted prices 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)
   

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to the Trust’s most recent financial statements as contained in its annual report.


The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of October 31, 2014:

                       
      Level 1   Level 2   Level 3   Total
Assets:  
Investments:
  Long-Term Investments1   — $ 165,503,556   — $ 165,503,556
    Short-Term Securities $ 256,564   —   —   256,564
Total $ 256,564 $ 165,503,556   — $ 165,760,120

 

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

 

    Level 1   Level 2   Level 3   Total
Derivative Financial Instruments2                
Liabilities:                
    Interest rate contracts $ 18,255   —   — $ 18,255

 

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

 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 7
           

 

 
 
Schedule of Investments (concluded) BlackRock Municipal Income Investment Trust (BBF)
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of October 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1     Level 2   Level 3     Total
Assets:  
  Cash pledged for financial futures contracts $ 126,001     —   —   $ 126,001
Liabilities:  
  TOB trust certificates   —   $ (29,682,276)   —     (29,682,276)
  VRDP Shares   —     (34,200,000)   —     (34,200,000)
Total $ 126,001   $ (63,882,276)   —   $ (63,756,275)

 

There were no transfers between levels during the period ended October 31, 2014.

 

     
  BlackRock Municipal Income Investment Trust October 31, 2014 8
           

 

 
 
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 23, 2014
     
  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 23, 2014
     
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Trust
     
  Date: December 23, 2014