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: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Investment Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2009
Date of reporting period: 08/01/2008 10/31/2008
Item 1 Schedule of Investments
BlackRock Municipal Income Investment Trust | ||
Schedule of Investments October 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||
State | Municipal Bonds | (000) | Value | ||||
Florida - 138% | Ave Maria Stewardship Community District, Florida, Revenue Bonds, | ||||||
4.80%, 11/01/12 | $ |
1,000 | $ | 866,020 | |||
Beacon Tradeport Community Development District, Florida, Special | |||||||
Assessment Revenue Refunding Bonds (Commercial Project), Series A, | |||||||
5.625%, 5/01/32 (a) | 7,705 | 6,586,234 | |||||
Brevard County, Florida, Health Facilities Authority, Healthcare Facilities | |||||||
Revenue Bonds (Health First, Inc. Project), 5%, 4/01/36 | 2,000 | 1,251,640 | |||||
Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/33 (b) | 1,700 | 1,546,949 | |||||
Capital Projects Finance Authority, Florida, Student Housing | |||||||
Revenue Bonds (Capital Projects Loan Program), | |||||||
Senior Series F-1, 5%, 10/01/31 (c) | 2,800 | 2,370,508 | |||||
Capital Region Community Development District, Florida, Special | |||||||
Assessment Revenue Bonds, Series A, 7%, 5/01/39 | 640 | 538,976 | |||||
Escambia County, Florida, Health Facilities Authority, Health Facility | |||||||
Revenue Bonds (Florida Health Care Facility Loan), 5.95%, 7/01/20 (d) | 799 | 806,761 | |||||
Fort Myers, Florida, Utility System Revenue Refunding | |||||||
Bonds, 5%, 10/01/31 (c) | 1,355 | 1,240,909 | |||||
Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding and | |||||||
Improvement Bonds, Series A, 5.25%, 6/01/26 | 2,500 | 1,975,900 | |||||
Heritage Harbour North Community Development District, Florida, Capital | |||||||
Improvement Bonds, 6.375%, 5/01/38 | 1,500 | 1,113,105 | |||||
Heritage Harbour South Community Development District, Florida, Capital | |||||||
Improvement Special Assessment Bonds, Series A, 6.50%, 5/01/34 | 1,610 | 1,348,971 | |||||
Highlands County, Florida, Health Facilities Authority, Hospital Revenue | |||||||
Bonds (Adventist Health System), Series A, 6%, 11/15/11 (e) | 6,500 | 7,115,680 | |||||
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company | |||||||
Project), 5.50%, 10/01/23 | 1,450 | 1,196,699 | |||||
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company | |||||||
Project), Series A, 5.65%, 5/15/18 | 900 | 839,853 | |||||
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds | |||||||
(Baptist Medical Center Project), 5%, 8/15/37 (b) | 2,280 | 1,994,362 | |||||
Jacksonville, Florida, Sales Tax Revenue Bonds, 5%, 10/01/30 | 4,085 | 3,645,086 | |||||
Jacksonville, Florida, Transit Revenue Bonds, 5%, 10/01/26 (c) | 4,000 | 3,786,800 | |||||
Laguna Lakes Community Development District, Florida, Special Assessment | |||||||
Revenue Refunding Bonds, Series A, 6.40%, 5/01/13 (e) | 1,575 | 1,768,032 | |||||
Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds | |||||||
(Shell Point/Alliance Obligor Group), 5%, 11/15/32 | 1,430 | 917,617 | |||||
Lee Memorial Health System, Florida, Hospital Revenue Bonds, | |||||||
Series A, 5%, 4/01/32 (d) | 1,000 | 878,450 | |||||
Portfolio Abbreviations |
To simplify the listings of the portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have abbreviated according to the list below.
AMT | Alternative Minimum Tax (subject to) | IDA | Industrial Development Authority | |||
CABS | Capital Appreciation Bonds | IDR | Industrial Development Revenue Bonds | |||
COP | Certificates of Participation | PCR | Pollution Control Revenue Bonds | |||
GO | General Obligation Bonds |
1
BlackRock Municipal Income Investment Trust | ||
Schedule of Investments October 31, 2008 (Unaudited) | (Percentages shown are based on Net Assets) |
Par | |||||||
State | Municipal Bonds | (000) | Value | ||||
Madison County, Florida, First
Mortgage Revenue Bonds (Twin Oaks Project), |
|||||||
Series A, 6%, 7/01/25 | $ |
1,620 | $ | 1,289,828 | |||
Melbourne, Florida, Water and Sewer Revenue Bonds, | |||||||
5.23%, 10/01/21 (f)(g)(h) | 2,770 | 1,395,304 | |||||
Miami Beach, Florida, Health Facilities Authority, Hospital Revenue | |||||||
Refunding Bonds (Mount Sinai Medical Center of Florida), | |||||||
6.75%, 11/15/21 | 1,565 | 1,309,389 | |||||
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue | |||||||
Refunding Bonds, 5.125%, 7/01/25 (c)(f) | 1,000 | 961,450 | |||||
Miami-Dade County, Florida, School Board, COP, Refunding, | |||||||
Series B, 5.25%, 5/01/28 (i) | 1,440 | 1,379,016 | |||||
Miami-Dade County, Florida, School Board, COP, Refunding, | |||||||
Series B, 5.25%, 5/01/30 (i) | 1,160 | 1,101,281 | |||||
Miami-Dade County, Florida, Special Obligation Revenue Bonds, | |||||||
Sub-Series B, 5.596%, 10/01/33 (c)(h) | 9,700 | 1,846,298 | |||||
Miami-Dade County, Florida, Special Obligation Revenue Bonds, | |||||||
Sub-Series C, 5.623%, 10/01/28 (c)(h) | 25,000 | 6,793,500 | |||||
Miami-Dade County, Florida, Special Obligation Revenue Refunding Bonds, | |||||||
Sub-Series A, 5.535%, 10/01/19 (c)(h) | 2,595 | 1,355,965 | |||||
New River Community Development District, Florida, Capital Improvement | |||||||
Revenue Bonds, Series B, 5%, 5/01/13 | 1,500 | 948,945 | |||||
Northern Palm Beach County Improvement District, Florida, | |||||||
Water Control and Improvement Revenue Bonds (Unit of Development | |||||||
Number 43), 6.10%, 8/01/11 (e) | 1,155 | 1,239,026 | |||||
Northern Palm Beach County Improvement District, Florida, Water Control | |||||||
and Improvement Revenue Bonds
(Unit of Development Number 43), 6.125%, |
|||||||
8/01/11 (e) | 3,500 | 3,831,660 | |||||
Northern Palm Beach County Improvement District, Florida, | |||||||
Water Control and Improvement Revenue Bonds (Unit of Development | |||||||
Number 43), 6.10%, 8/01/21 | 225 | 201,092 | |||||
Orange County, Florida, Educational Facilities Authority, Educational | |||||||
Facilities Revenue Bonds (Rollins College Project), 5.25%, 12/01/27 (d) | 1,000 | 932,600 | |||||
Orange County, Florida, Health Facilities Authority, Health Care Revenue | |||||||
Refunding Bonds (Orlando Lutheran Towers), 5.375%, 7/01/20 | 655 | 491,021 | |||||
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds | |||||||
(Orlando Regional Healthcare), 5.70%, 7/01/26 | 600 | 425,952 | |||||
Orange County, Florida, Health Facilities Authority, Hospital Revenue | |||||||
Refunding Bonds (Orlando Regional Healthcare), Series B, | |||||||
5.25%, 12/01/29 (b) | 1,200 | 1,138,392 | |||||
Orange County, Florida, Tourist Development, Tax Revenue Refunding | |||||||
Bonds, 5%, 10/01/29 (d) | 1,300 | 1,146,184 | |||||
Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent | |||||||
Contract Payments), Series A, 5.25%, 11/01/38 (i) | 1,000 | 906,490 | |||||
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue | |||||||
Bonds, Series A, 5%, 7/01/32 (b) | 2,000 | 1,809,560 | |||||
Palm Beach County, Florida, School Board, COP, Refunding, | |||||||
Series B, 5%, 8/01/25 (d) | 2,500 | 2,277,300 |
2
BlackRock Municipal Income Investment Trust | ||
Schedule of Investments October 31, 2008 (Unaudited) |
(Percentages shown are based on Net Assets)
|
Par | |||||||
State | Municipal Bonds | (000) | Value | ||||
Pine Ridge Plantation Community Development District, Florida, Capital | |||||||
Improvement and Special Assessment Bonds, Series B, 5%, 5/01/11 | $ |
580 | $ | 532,092 | |||
Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, | |||||||
5%, 10/01/35 (b) | 1,000 | 875,650 | |||||
Saint Johns County, Florida,
Water and Sewer Revenue Bonds, CABS, 5.335%, |
|||||||
6/01/30 (d)(h) | 3,945 | 993,943 | |||||
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds | |||||||
(Baptist Health System Obligation Group), 5.25%, 2/01/13 (e) | 12,000 | 12,930,120 | |||||
South Miami Health Facilities
Authority, Florida, Hospital Revenue Refunding |
|||||||
Bonds (Baptist Health System Obligation Group), 5%, 8/15/32 | 1,000 | 814,340 | |||||
Sumter County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, | |||||||
6.80%, 10/01/32 | 2,655 | 2,267,768 | |||||
Suncoast Community Development District, Florida, Capital Improvement | |||||||
Revenue Bonds, Series A, 5.875%, 5/01/34 | 985 | 758,755 | |||||
Tampa, Florida, Revenue Bonds (University of Tampa Project), | |||||||
5.625%, 4/01/32 (a) | 5,500 | 4,640,515 | |||||
Tampa, Florida, Water and Sewer Revenue Refunding Bonds, | |||||||
Series A, 5%, 10/01/26 | 4,000 | 3,862,080 | |||||
Tolomato Community Development District, Florida, Special Assessment | |||||||
Bonds, 6.55%, 5/01/27 | 1,250 | 1,039,863 | |||||
Village Center Community Development District, Florida, Recreational | |||||||
Revenue Bonds, Series A, 5%, 11/01/32 (c) | 1,795 | 1,504,695 | |||||
Village Community Development District Number 5, Florida, Special | |||||||
Assessment Bonds, Series A, 6%, 5/01/22 | 2,765 | 2,406,075 | |||||
Village Community Development District Number 5, Florida, Special | |||||||
Assessment Bonds, Series A, 6.50%, 5/01/33 | 1,325 | 1,112,921 | |||||
Volusia County, Florida, Educational Facility Authority, Educational | |||||||
Facilities Revenue Bonds (Embry-Riddle Aeronautical University Project), | |||||||
Series A, 5.75%, 10/15/29 | 2,000 | 1,645,740 | |||||
Watergrass Community Development District, Florida, Special Assessment | |||||||
Revenue Bonds, Series B, 5.125%, 11/01/14 | 1,000 | 833,540 | |||||
110,786,902 | |||||||
Nevada - 3.2% | Clark County, Nevada, Water Reclamation District, Limited | ||||||
Tax, GO, 6%, 7/01/38 | 2,500 | 2,545,625 | |||||
New York - 1.7% | New York City, New York, City Municipal Water Finance Authority, Water | ||||||
and Sewer System Revenue Bonds, Series A, 5.75%, 6/15/40 | 1,400 | 1,395,436 | |||||
South Carolina - 2.1% | South Carolina State Public Service Authority, Revenue Refunding Bonds, | ||||||
Series A, 5.50%, 1/01/38 | 1,750 | 1,669,325 | |||||
Texas - 1.5% | North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, | ||||||
Series K-1, 5.75%, 1/01/38 (i) | 1,250 | 1,205,425 | |||||
Puerto Rico - 2.3% | Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior Lien | ||||||
Revenue Bonds, Series A, 6%, 7/01/44 | 2,100 | 1,867,068 | |||||
Total Municipal Bonds - 148.8% | 119,469,781 | ||||||
Municipal Bonds Transferred to | |||||||
Tender Option Bond Trusts (j) | |||||||
Florida - 9.4% | Jacksonville Electric Authority, Florida, Saint John's River Power Park | ||||||
System Revenue Bonds, Issue Three, Series 2, 5%, 10/01/37 | 1,110 |
974,913 |
|||||
3
BlackRock Municipal Income Investment Trust | ||
Schedule of Investments October 31, 2008 (Unaudited) |
(Percentages shown are based on Net Assets) |
Par | |||||||
State | Municipal Bonds | (000) | Value | ||||
Jacksonville, Florida, Economic Development Commission, Health Care | |||||||
Facilities Revenue Bonds (Mayo Clinic-Jacksonville), | |||||||
Series B, 5.50%, 11/15/36 | $ 7,493 |
$ |
6,609,763 | ||||
Total Municipal Bonds Transferred to | |||||||
Tender Option Bond Trusts - 9.4% | 7,584,676 | ||||||
Total Long-Term Investments (Cost - $140,127,400) - 158.2% | 127,054,457 | ||||||
Short-Term Securities | Shares | ||||||
CMA Florida Municipal Money Fund, 1.20% (k)(l) |
11,720,185 |
11,720,185 | |||||
Total Short-Term Securities (Cost - $11,720,185) - 14.6% | 11,720,185 | ||||||
Total Investments (Cost - $151,847,585*) - 172.8% | 138,774,642 | ||||||
Liabilities in Excess of Other Assets - (4.1)% | (3,298,011) | ||||||
Liability for Trust Certificates, Including Interest Expense | |||||||
and Fees Payable - (7.0)% | (5,619,156) | ||||||
Preferred Shares, at Redemption Value - (61.7)% | (49,570,954) | ||||||
Net Assets Applicable to Common Shares - 100.0% |
$ |
80,286,521 |
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2008, as computed for federal income tax purposes, were as follows: |
Aggregate cost | $ | 145,685,423 | ||
Gross unrealized appreciation | $ | 2,812,688 | ||
Gross unrealized depreciation | (15,271,657 | ) |
||
Net unrealized depreciation | $ | (12,458,969 | ) |
(a) |
Radian Insured. |
(b) |
FSA Insured. |
(c) |
MBIA Insured. |
(d) |
AMBAC Insured. |
(e) |
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. |
(f) |
FGIC Insured. |
(g) |
Security is collateralized by Municipal or U.S. Treasury Obligations. |
(h) |
Represents a zero-coupon bond. The interest rate shown is the effective yield at the time of purchase. |
(i) |
Assured Guaranty Insured. |
(j) |
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. |
(k) |
Represents the current yield as of report date. |
(l) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
Net | |||||||
Affiliate | Activity | Income |
|||||
CMA Florida Municipal Money Fund | 5,216,852 | $ 39,136 |
4
BlackRock Municipal Income Investment Trust |
Schedule of Investments October 31, 2008 (Unaudited) |
Level 1 - price quotations in active markets/exchanges for identical securities
Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of investments)
The inputs or methodology 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 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, 2008 in determining the fair valuation of the Trust's investments:
Valuation | Investments in | ||
Inputs | Securities | ||
Level 1 | $ | 11,720,185 | |
Level 2 | 127,054,457 | ||
Level 3 | - | ||
Total | $ | 138,774,642 |
5
Item 2 Controls and Procedures
2(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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/ Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer of | |
BlackRock Municipal Income Investment Trust |
Date: December 19, 2008
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/ Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer (principal executive officer) of | |
BlackRock
Municipal Income Investment Trust |
Date: December 19, 2008
By: | /s/ Neal J. Andrews |
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock
Municipal Income Investment Trust |
Date: December 19, 2008