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: 07/31/2012

 

Date of reporting period: 10/31/2011

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments October 31, 2011 (Unaudited)

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alaska — 0.2%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,
RB, Asset Backed, Series A, 5.00%,
6/01/46

 

$

330

 

$

208,171

 

California — 11.5%

 

 

 

 

 

 

 

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

 

 

1,355

 

 

1,467,479

 

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

 

 

1,315

 

 

1,420,844

 

California Health Facilities Financing
Authority, RB, Catholic Healthcare
West, Series A, 6.00%, 7/01/39

 

 

890

 

 

952,460

 

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

 

 

1,910

 

 

1,924,841

 

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

 

 

1,750

 

 

1,869,420

 

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

 

 

1,600

 

 

1,712,224

 

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

 

 

1,275

 

 

1,434,885

 

 

 

 

 

 

 

10,782,153

 

Colorado — 1.2%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

1,147,177

 

Delaware — 1.3%

 

 

 

 

 

 

 

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

 

 

1,230

 

 

1,237,196

 

District of Columbia — 1.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,098,280

 

Florida — 3.9%

 

 

 

 

 

 

 

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

 

 

569

 

 

587,354

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

Orange County Health Facilities
Authority, RB, The Nemours
Foundation Project, Series A, 5.00%,
1/01/29

 

$

780

 

$

799,297

 

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

 

 

1,795

 

 

1,590,101

 

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

 

 

1,000

 

 

673,380

 

 

 

 

 

 

 

3,650,132

 

Georgia — 1.9%

 

 

 

 

 

 

 

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

 

 

1,565

 

 

1,806,824

 

Illinois — 14.9%

 

 

 

 

 

 

 

Chicago Board of Education, GO,
Series A (a):

 

 

 

 

 

 

 

5.50%, 12/01/39

 

 

920

 

 

974,740

 

5.00%, 12/01/41

 

 

1,640

 

 

1,634,867

 

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

 

 

1,075

 

 

1,128,352

 

Chicago Transit Authority, RB, Sales Tax
Receipts, 5.25%, 12/01/36 (a)

 

 

310

 

 

320,534

 

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

 

 

2,955

 

 

3,399,491

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

510

 

 

526,131

 

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

 

 

1,600

 

 

1,797,392

 

Illinois Finance Authority, Refunding RB,
Series A:

 

 

 

 

 

 

 

Carle Foundation, 6.00%,
8/15/41

 

 

1,000

 

 

1,023,670

 

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

 

 

1,900

 

 

2,080,139

 

Railsplitter Tobacco Settlement
Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

690

 

 

728,350

 

6.00%, 6/01/28

 

 

195

 

 

202,765

 

 

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.

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

GO

General Obligation Bonds

IDA

Industrial Development Authority

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

OCTOBER 31, 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)

 

 

 

 

 

 

 

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

 

$

125

 

$

130,823

 

 

 

 

 

 

 

13,947,254

 

Indiana — 5.6%

 

 

 

 

 

 

 

Indiana Finance Authority WasteWater
Utility, RB, First Lien, CWA Authority
Project, Series A, 5.25%, 10/01/31

 

 

1,445

 

 

1,562,102

 

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

 

 

2,210

 

 

2,412,414

 

Indianapolis Local Public Improvement
Bond Bank, RB, Series K (AGM),
5.00%, 6/01/25

 

 

1,140

 

 

1,213,154

 

 

 

 

 

 

 

5,187,670

 

Iowa — 0.2%

 

 

 

 

 

 

 

Iowa Tobacco Settlement Authority, RB,
Asset Backed, Series C, 5.63%,
6/01/46

 

 

270

 

 

192,775

 

Kansas — 1.9%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,740,640

 

Kentucky — 4.1%

 

 

 

 

 

 

 

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

 

 

660

 

 

689,416

 

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

 

 

1,500

 

 

1,662,240

 

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

 

 

1,450

 

 

1,492,601

 

 

 

 

 

 

 

3,844,257

 

Louisiana — 0.8%

 

 

 

 

 

 

 

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

 

 

715

 

 

745,287

 

Maine — 1.5%

 

 

 

 

 

 

 

Maine Health & Higher Educational
Facilities Authority, RB, Maine General
Medical Center, 7.50%, 7/01/32

 

 

1,270

 

 

1,389,520

 

Maryland — 1.1%

 

 

 

 

 

 

 

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

 

 

985

 

 

988,901

 

Massachusetts — 3.8%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,095,700

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts (concluded)

 

 

 

 

 

 

 

Massachusetts School Building
Authority, RB, Sales Tax Revenue,
Senior, Series B, 5.00%,
10/15/41 (a)

 

$

1,490

 

$

1,591,141

 

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

 

 

750

 

 

811,170

 

 

 

 

 

 

 

3,498,011

 

Michigan — 5.8%

 

 

 

 

 

 

 

Lansing Board of Water & Light Utilities,
RB, Series A, 5.50%, 7/01/41

 

 

915

 

 

1,007,122

 

Michigan State Building Authority,
Refunding RB:

 

 

 

 

 

 

 

Facilities Program, Series I,
6.00%, 10/15/38

 

 

1,000

 

 

1,100,610

 

Facilities Program, Series II-A,
5.00%, 10/15/26

 

 

2,000

 

 

2,142,500

 

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

 

 

995

 

 

1,180,130

 

 

 

 

 

 

 

5,430,362

 

Nevada — 5.4%

 

 

 

 

 

 

 

City of Las Vegas Nevada, GO, Limited

 

 

 

 

 

 

 

Tax, Performing Arts Center, 6.00%,

 

 

 

 

 

 

 

4/01/34

 

 

1,600

 

 

1,784,000

 

County of Clark Nevada, RB, Series B,

 

 

 

 

 

 

 

5.75%, 7/01/42

 

 

3,075

 

 

3,295,969

 

 

 

 

 

 

 

5,079,969

 

New Jersey — 2.8%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,212,089

 

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

 

 

1,295

 

 

1,428,100

 

 

 

 

 

 

 

2,640,189

 

New York — 8.2%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure
Corp., RB, Series A, 5.75%, 2/15/47

 

 

275

 

 

291,200

 

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

 

 

1,500

 

 

1,600,800

 

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

 

 

605

 

 

627,790

 

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

 

 

3,250

 

 

3,522,123

 

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

 

 

1,510

 

 

1,658,584

 

 

 

 

 

 

 

7,700,497

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 2011

2


 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania — 5.6%

 

 

 

 

 

 

 

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

 

$

500

 

$

554,405

 

Pennsylvania Turnpike Commission, RB,
Sub-Series A:

 

 

 

 

 

 

 

5.63%, 12/01/31

 

 

1,500

 

 

1,618,815

 

6.00%, 12/01/41

 

 

1,500

 

 

1,594,860

 

Philadelphia Hospitals and Higher
Education Facilities Authority, RB,
Children’s Hospital of Philadelphia
Project, Series D, 5.00%, 7/01/32

 

 

1,375

 

 

1,422,877

 

 

 

 

 

 

 

5,190,957

 

Puerto Rico — 2.9%

 

 

 

 

 

 

 

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

 

 

2,605

 

 

2,730,743

 

Texas — 13.9%

 

 

 

 

 

 

 

Central Texas Regional Mobility
Authority, RB, Senior Lien, 6.00%,
1/01/41

 

 

1,670

 

 

1,681,172

 

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

 

 

890

 

 

1,014,502

 

Harris County Cultural Education
Facilities Finance Corp., RB, Texas
Children’s Hospital Project, 5.25%,
10/01/29

 

 

640

 

 

679,526

 

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

 

 

500

 

 

561,745

 

Harris County Metropolitan Transit
Authority, RB, Series A, 5.00%,
11/01/36

 

 

370

 

 

396,781

 

Lower Colorado River Authority, RB:

 

 

 

 

 

 

 

5.50%, 5/15/19 (b)

 

 

5

 

 

6,175

 

5.50%, 5/15/33

 

 

1,995

 

 

2,149,054

 

North Texas Tollway Authority, RB:

 

 

 

 

 

 

 

Special Projects System, Series A,
5.50%, 9/01/41

 

 

1,670

 

 

1,815,257

 

System, First Tier, Series K-1 (AGC),
5.75%, 1/01/38

 

 

1,000

 

 

1,077,690

 

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

 

 

1,905

 

 

2,038,979

 

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

 

 

1,605,880

 

 

 

 

 

 

 

13,026,761

 

Virginia — 1.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,142,910

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

West Virginia — 0.7%

 

 

 

 

 

 

 

West Virginia University, RB, West
Virginia University Projects, Series B,
5.00%, 10/01/36

 

$

630

 

$

674,207

 

Total Municipal Bonds – 101.6%

 

 

 

 

 

95,080,843

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (c)

 

 

 

 

 

 

 

California — 19.9%

 

 

 

 

 

 

 

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

 

 

1,995

 

 

2,155,578

 

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

 

 

2,400

 

 

2,485,848

 

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

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

3,898

 

 

4,443,783

 

Series C, 5.25%, 8/01/39

 

 

2,630

 

 

2,876,641

 

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

 

 

400

 

 

422,648

 

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

 

 

4,214

 

 

4,589,954

 

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

 

 

1,500

 

 

1,678,680

 

 

 

 

 

 

 

18,653,132

 

District of Columbia — 3.8%

 

 

 

 

 

 

 

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

 

 

1,395

 

 

1,580,465

 

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

 

 

1,799

 

 

1,964,927

 

 

 

 

 

 

 

3,545,392

 

Florida — 8.1%

 

 

 

 

 

 

 

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

 

 

7,490

 

 

7,554,414

 

Illinois — 3.4%

 

 

 

 

 

 

 

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

 

 

2,800

 

 

3,220,028

 

Nevada — 5.4%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,500

 

 

2,808,550

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,209,611

 

 

 

 

 

 

 

5,018,161

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 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 (TOB) Trusts (c)

 

Par
(000)

 

Value

 

New Hampshire — 1.3%

 

 

 

 

 

 

 

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

 

$

1,094

 

$

1,210,325

 

New Jersey — 2.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,083,300

 

New York — 6.4%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,410

 

 

1,588,560

 

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

 

 

1,994

 

 

2,197,558

 

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

 

 

2,000

 

 

2,167,460

 

 

 

 

 

 

 

5,953,578

 

Ohio — 1.7%

 

 

 

 

 

 

 

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

 

 

1,560

 

 

1,572,792

 

South Carolina — 2.0%

 

 

 

 

 

 

 

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

 

 

1,755

 

 

1,908,405

 

Texas — 5.5%

 

 

 

 

 

 

 

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

 

 

2,025

 

 

2,218,373

 

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

 

 

2,750

 

 

2,890,222

 

 

 

 

 

 

 

5,108,595

 

Virginia — 1.0%

 

 

 

 

 

 

 

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

 

 

899

 

 

961,093

 

Wisconsin — 1.8%

 

 

 

 

 

 

 

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

 

 

1,680

 

 

1,699,082

 

Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts –
62.5%

 

 

 

 

 

58,488,297

 

Total Long-Term Investments
(Cost – $145,316,277) – 164.1%

 

 

 

 

 

153,569,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.01% (d)(e)

 

 

6,430,612

 

$

6,430,612

 

Total Short-Term Securities
(Cost – $6,430,612) – 6.9%

 

 

 

 

 

6,430,612

 

Total Investments (Cost — $151,746,889*) -171.0%

 

 

 

 

 

159,999,752

 

Liabilities in Excess of Other Assets – (1.7)%

 

 

 

 

 

(1,569,204

)

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (32.7)%

 

 

 

 

 

(30,633,454

)

AMPS, at Redemption Value – (36.6)%

 

 

 

 

 

(34,200,000

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

93,597,094

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

121,631,943

 

Gross unrealized appreciation

 

$

8,904,877

 

Gross unrealized depreciation

 

 

(1,154,106

)

Net unrealized appreciation

 

$

7,750,771

 

 

 

(a)

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


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

Barclay’s Capital, Inc.

 

$

1,591,141

 

$

5,051

 

Citigroup Global Markets

 

$

991,886

 

$

4,880

 

Pershing LLC

 

$

1,617,721

 

$

25,556

 

Wells Fargo Bank

 

$

320,534

 

$

1,256

 

 

 

(b)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(c)

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

 

 

(d)

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,
2011

 

Net
Activity

 

Shares
Held at
October 31,
2011

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

2,119,108

 

 

4,311,504

 

 

6,430,612

 

$

127

 

 

 

(e)

Represents the current yield as of report date.


 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 2011

4


 

 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Trust (BBF)


 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

 

 

•

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

 

 

 

 

•

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)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

—

 

$

153,569,140

 

 

—

 

$

153,569,140

 

Short-Term Securities

 

$

6,430,612

 

 

—

 

 

—

 

 

6,430,612

 

Total

 

$

6,430,612

 

$

153,569,140

 

 

—

 

$

159,999,752

 

 

 

 

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

 

 

 

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 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 (principal executive officer) of
    BlackRock Municipal Income Investment Trust
   
  Date: December 21, 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: December 21, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Trust
     
  Date: December 21, 2011