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: 04/30/2015

 

Item 1 – Schedule of Investments

 
 

Schedule of Investments April 30, 2015 (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   $ 311,198  
Alaska  — 0.2%  

Northern Tobacco Securitization Corp.,

Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46

   330     259,172  
California  — 14.4%  

California Educational Facilities Authority, RB, University of Southern California, Series A,

5.25%, 10/01/38

   1,315     1,477,468  

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West,

Series A, 6.00%, 7/01/39

   890     1,027,078  

Kern Community College District, GO, Safety,

Repair & Improvement, Election of 2002, Series C, 5.50%, 11/01/33

   775     916,903  
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38   1,300     1,447,121  
San Diego Regional Building Authority, RB,
County Operations Center & Annex, Series A, 5.38%, 2/01/36		   1,600     1,815,600  
State of California, GO, Various Purposes, 6.00%, 3/01/33   1,275     1,529,120  

State of California Public Works Board, LRB,

Various Capital Projects, Series I:

            
  5.50%, 11/01/31   1,600     1,914,160  
  5.50%, 11/01/33   1,500     1,795,890  

State of California Public Works Board, RB, Department of Corrections & Rehabilitation,
Series F,

5.25%, 9/01/33

   400     468,180  
Township of Washington California Health Care District, GO, Election of 2004, Series B,
5.50%, 8/01/40		   300     355,926  

 

Municipal Bonds Par
(000)		     Value  
California (concluded)  
University of California, Refunding RB,
The Regents of Medical Center, Series J,
5.25%, 5/15/38		 $ 1,780   $ 2,047,783  
      14,795,229  
Colorado  — 2.3%  
City & County of Denver Colorado Airport System, ARB, Sub-System, Series B, 5.25%, 11/15/32   1,000     1,145,710  
Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A, 5.50%, 7/01/34   1,095     1,247,796  
      2,393,506  
Florida  — 6.8%  
City of Jacksonville Florida, Refunding RB, Series A, 5.25%, 10/01/33   265     305,444  
County of Miami-Dade Florida, RB, Seaport, Series A, 6.00%, 10/01/38   3,800     4,585,992  
County of Osceola Florida, RB, Sales Tax, Series A:            
  5.00%, 10/01/40   380     424,711  
  5.00%, 10/01/44   880     977,328  
Reedy Creek Improvement District, GO, Series A, 5.25%, 6/01/32   570     654,845  
      6,948,320  
Georgia  — 1.7%  
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23   1,565     1,806,949  
Illinois  — 22.4%  
City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41   2,955     3,577,796  
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38   500     542,945  
City of Chicago Illinois Transit Authority, RB:            
  5.25%, 12/01/31   1,060     1,182,091  
  Sales Tax Receipts, 5.25%, 12/01/36   1,000     1,106,450  
  Sales Tax Receipts, 5.25%, 12/01/40   1,000     1,103,970  
  Sales Tax Receipts, 5.00%, 12/01/44   1,085     1,210,925  

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUSTAPRIL 30, 20151
 

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   $ 1,142,400  
  5.25%, 12/01/43   3,500     3,906,735  
Illinois Finance Authority, RB:            
  Carle Foundation, Series A, 6.00%, 8/15/41   1,000     1,178,950  
  Rush University Medical Center, Series B, 7.25%, 11/01/18 (a)   1,600     1,927,760  
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39   1,900     2,193,227  
Railsplitter Tobacco Settlement Authority, RB:            
  5.50%, 6/01/23   690     807,638  
  6.00%, 6/01/28   195     229,681  
State of Illinois, GO:            
  5.25%, 2/01/31   475     509,746  
  5.25%, 2/01/32   1,000     1,067,870  
  5.50%, 7/01/33   1,000     1,104,330  
  5.50%, 7/01/38   210     230,987  
      23,023,501  
Indiana  — 2.5%  
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39   2,210     2,541,500  
Kansas  — 1.8%  
Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group, Series C, 5.50%, 11/15/29   1,600     1,843,456  
Kentucky  — 0.6%  
County of Louisville & Jefferson Kentucky Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34   500     590,320  
Louisiana  — 2.5%  
Louisiana Local Government Environmental Facilities & Community Development Authority, RB:            
  LCTCS Act 360 Project, 5.00%, 10/01/37   900     1,015,209  
  Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35   715     854,482  

 

Municipal Bonds Par
(000)		     Value  
Louisiana (concluded)  
Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A, 5.50%, 5/15/29 $ 600   $ 663,912  
      2,533,603  
Maine  — 1.5%  
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32   1,270     1,539,392  
Massachusetts  — 1.1%  
Massachusetts Health & Educational Facilities Authority, RB, Tufts University, Series O, 5.38%, 8/15/18 (a)   1,000     1,140,360  
Michigan  — 3.3%  
City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%, 7/01/41   915     1,068,875  
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38   1,000     1,145,540  
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (a)   995     1,229,701  
      3,444,116  
Mississippi  — 1.2%  
Mississippi Development Bank, RB, Jackson Water & Sewer System Project (AGM), 6.88%, 12/01/40   1,000     1,290,270  
Nevada  — 3.9%  
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34   1,600     1,844,832  
County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42   1,825     2,132,147  
      3,976,979  
New Jersey  — 4.2%  
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29   1,140     1,207,728  
               

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUSTAPRIL 30, 20152
 

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

 

Municipal Bonds Par
(000)		     Value  
New Jersey (concluded)  

New Jersey Transportation Trust

Fund Authority, RB, Transportation System:

            
  Series A, 5.88%, 12/15/38 $ 1,295   $  1,453,456  
  Series AA, 5.50%, 6/15/39   1,485     1,616,660  
      4,277,844  
New York  — 6.4%  
Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (b)   600     610,152  
Hudson Yards Infrastructure Corp., RB, Senior, Fiscal 2012, Series A, 5.75%, 2/15/47   1,000     1,150,250  
New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49   980     1,117,004  
State of New York Dormitory Authority, ERB, Series B, 5.25%, 3/15/38   3,250     3,675,100  
      6,552,506  
Ohio  — 2.7%  
County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38   1,565     1,757,385  
State of Ohio Turnpike Commission, RB, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/31   885     1,021,069  
      2,778,454  
Pennsylvania  — 4.7%  
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39   500     577,195  
Pennsylvania Turnpike Commission, RB,
Sub-Series A:		            
  6.00%, 12/01/16 (a)   1,500     1,630,200  
  5.63%, 12/01/31   1,250     1,457,575  

 

Municipal Bonds Par
(000)		     Value  
Pennsylvania (concluded)  
Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/37 $ 1,000   $  1,140,420  
      4,805,390  
Rhode Island  — 1.8%  
Tobacco Settlement Financing Corp., Refunding RB, Series B, 4.50%, 6/01/45   1,880     1,843,453  
South Carolina  — 1.3%  
County of Charleston South Carolina, RB, Special Source, 5.25%, 12/01/38   1,190     1,377,580  
Texas  — 12.5%  
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/41   1,670     1,933,576  
City of Beaumont Texas, GO, Certificates of Obligation, 5.25%, 3/01/37   745     850,082  
Conroe Texas ISD, GO, School Building, Series A, 5.75%, 2/15/18 (a)   890     1,008,397  
County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare:            
  6.00%, 8/15/20 (a)   140     172,645  
  6.00%, 8/15/45   1,765     2,115,811  
Lower Colorado River Authority, Refunding RB:            
  5.50%, 5/15/19 (a)   80     93,154  
  5.50%, 5/15/19 (a)   5     5,822  
  5.50%, 5/15/19 (a)   5     5,822  
  5.50%, 5/15/33   1,910     2,151,501  
North Texas Tollway Authority, RB, Special Projects, Series A, 5.50%, 9/01/41   1,000     1,173,950  
North Texas Tollway Authority, Refunding RB, 1st Tier, Series K-1 (AGC), 5.75%, 1/01/38   1,000     1,133,150  
Red River Education Financing Corp., RB, Texas Christian University Project, 5.25%, 3/15/38   340     388,678  

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUSTAPRIL 30, 20153
 

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   $ 1,784,870  
      12,817,458  
Virginia  — 1.5%  
City of Lexington Virginia IDA, RB, Washington & Lee University, 5.00%, 1/01/43   280     310,218  
Virginia Public School Authority, RB, Fluvanna County School Financing, 6.50%, 12/01/18 (a)   1,000     1,190,450  
      1,500,668  
Wisconsin  — 1.8%  
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39   1,675     1,830,206  
Total Municipal Bonds — 103.4%     106,221,430  
 

Municipal Bonds Transferred to

Tender Option Bond Trusts (c)

  
California  — 19.3%  
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (d)   1,995     2,234,400  
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40   2,400     2,713,128  
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (d)   2,630     3,064,174  
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series C, 6.00%, 8/01/19   3,898     4,686,965  
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34   400     452,648  
San Diego Public Facilities Financing Authority Water, RB, Series B, 5.50%, 8/01/39   4,214     4,880,732  
               

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (c)

 Par
(000)		     Value  
California (concluded)  
University of California, RB, Series O, 5.75%, 5/15/19 $ 1,500   $ 1,779,285  
      19,811,332  
District of Columbia  — 3.6%  
District of Columbia, RB, Series A, 5.50%, 12/01/30 (d)   1,395     1,629,690  
District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.50%, 10/01/39   1,799     2,030,075  
      3,659,765  
Illinois  — 3.2%  
State of Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/18   2,800     3,256,484  
Nevada  — 5.0%  
County of Clark Nevada Water Reclamation District, GO:            
  Limited Tax, 6.00%, 7/01/38   2,500     2,860,725  
  Series B, 5.50%, 7/01/29   1,994     2,315,246  
      5,175,971  
New Hampshire  — 1.2%  
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (d)   1,094     1,242,621  
New Jersey  — 3.8%  
New Jersey Transportation Trust Fund Authority, RB, Transportation System:            
  Series A (AMBAC), 5.00%, 12/15/32   2,000     2,177,600  
  Series B, 5.25%, 6/15/36 (d)   1,640     1,728,824  
      3,906,424  
New York  — 13.1%  
City of New York New York Municipal Water Finance Authority, RB, Water & Sewer System, Fiscal 2009, Series A, 5.75%, 6/15/40   1,410     1,606,340  
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     1,653,157  
  Series FF-2, 5.50%, 6/15/40   1,995     2,293,538  

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUSTAPRIL 30, 20154
 

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  
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   $ 1,677,986  
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43   2,205     2,523,799  
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (d)   1,300     1,504,217  
New York State Dormitory Authority, ERB, Personal Income Tax, Series B, 5.25%, 3/15/38   2,000     2,261,600  
          13,520,637  
Texas  — 5.3%  
City of San Antonio Texas Public Service Board, Refunding RB, Series A, 5.25%, 2/01/31 (d)   2,025     2,287,385  
County of Harris Texas Cultural Education Facilities Finance Corp., RB, Texas Children's Hospital Project, 5.50%, 10/01/39   2,750     3,159,832  
          5,447,217  
Virginia  — 1.0%  
County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35   899     1,015,426  

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 55.5%

         57,035,877  
Total Long-Term Investments
(Cost — $145,127,620) — 158.9%		         163,257,307  

 

 

Short-Term Securities

 Shares     Value  
   
FFI Institutional Tax-Exempt Fund, 0.02% (e)(f)   1,354,248   $ 1,354,248  
Total Short-Term Securities
(Cost — $1,354,248) — 1.3%		     1,354,248  
Total Investments
(Cost — $146,481,868*) — 160.2%		     164,611,555  
Other Assets Less Liabilities — 2.0%     2,057,405  
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (28.9%)     (29,687,875 )
VRDP Shares, at Redemption Value — (33.3%)     (34,200,000 )
Net Assets Applicable to Common Shares — 100.0%   $ 102,781,085  
             

 

* As of April 30, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost $ 117,304,314  
 
Gross unrealized appreciation $ 18,145,378  
Gross unrealized depreciation   (520,413 )
 
Net unrealized appreciation $ 17,624,965  

 

 

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) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(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, 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 or in the event of a default. In the case of a shortfall or default, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreement, which expire on October 1, 2016 to November 15, 2019 is $7,891,024.
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUSTAPRIL 30, 20155
 

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

 

(e) During the period ended April 30, 2015, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:  

 

    Affiliate   Shares
Held at
July 31, 2014		   Net
Activity		   Shares
Held at
April 30, 2015		   Net Income  
  FFI Institutional Tax-Exempt Fund   1,298,709   55,539   1,354,248   $432  

 

(f) 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
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
     

 


•
As of April 30, 2015, financial futures contracts outstanding were as follows:		  

 

Contracts
(Short)		 Issue Exchange Expiration Notional
Value		   Unrealized
Depreciation		  
(71) 10-Year U.S. Treasury Note Chicago Board of Trade June 2015 $ 9,114,625     $ (80,243)  
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUSTAPRIL 30, 20156
 

Schedule of Investments (concluded) 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, refer to the Trust's most recent financial statements as contained in its semi-annual report.

As of April 30, 2015, 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 Investments1   — $ 163,257,307   — $ 163,257,307  
  Short-Term Securities $ 1,354,248   —   —   1,354,248  
Total $ 1,354,248 $ 163,257,307   — $ 164,611,555  

 

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 $ (80,243)   —   — $ (80,243)  

 

2 Derivative financial instruments are financial 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 April 30, 2015, 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 $ 142,000   —   — $ 142,000  
Liabilities:                    
  TOB trust certificates   — $ (29,682,276 ) —   (29,682,276 )
  VRDP Shares   —   (34,200,000 ) —   (34,200,000 )
Total $ 142,000 $ (63,882,276 ) — $ (63,740,276 )

 

During the period ended April 30, 2015, there were no transfers between levels.

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUSTAPRIL 30, 20157
 

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: June 22, 2015
   
  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 22, 2015
   
  By: /s/ Neal J. Andrews
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Trust
   
  Date: June 22, 2015