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: Anne F. Ackerley, 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: 10/31/2010

 

Item 1 – Schedule of Investments

 

 

 

 

Schedule of Investments October 31, 2010 (Unaudited)

BlackRock Municipal Income Investment Trust (BBF)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Arizona — 1.4%

 

 

 

 

 

 

 

Maricopa County Pollution Control Corp.,
Refunding RB, Southern California
Edison Co., Series A, 5.00%, 6/01/35

 

$

695

 

$

710,380

 

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

 

 

625

 

 

645,863

 

 

 

 

 

 

 

 

 

 

 

 

 

1,356,243

 

California — 17.2%

 

 

 

 

 

 

 

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

 

 

1,355

 

 

1,503,928

 

California Health Facilities Financing
Authority, Refunding RB, Series A:

 

 

 

 

 

 

 

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

 

 

890

 

 

968,916

 

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

 

 

1,375

 

 

1,461,653

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

 

2,075

 

 

2,241,062

 

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

 

 

645

 

 

706,965

 

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

 

 

2,020

 

 

1,948,613

 

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

 

 

2,725

 

 

2,827,569

 

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

 

 

1,450

 

 

1,559,722

 

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

 

 

1,600

 

 

1,720,656

 

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

 

 

1,275

 

 

1,464,516

 

 

 

 

 

 

 

 

 

 

 

 

 

16,403,600

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado — 3.2%

 

 

 

 

 

 

 

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

 

$

1,810

 

$

1,908,536

 

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

 

 

1,095

 

 

1,179,348

 

 

 

 

 

 

 

 

 

 

 

 

 

3,087,884

 

District of Columbia — 1.1%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,091,930

 

Florida — 3.9%

 

 

 

 

 

 

 

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

 

 

2,235

 

 

793,447

 

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

 

 

609

 

 

630,982

 

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

 

 

1,795

 

 

1,659,711

 

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

 

 

1,000

 

 

604,900

 

 

 

 

 

 

 

 

 

 

 

 

 

3,689,040

 

Georgia — 6.3%

 

 

 

 

 

 

 

Metropolitan Atlanta Rapid Transit
Authority, RB, Third Series, 5.00%,
7/01/39

 

 

2,450

 

 

2,627,919

 

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

 

 

2,900

 

 

3,354,401

 

 

 

 

 

 

 

 

 

 

 

 

 

5,982,320

 

Illinois — 9.2%

 

 

 

 

 

 

 

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

 

 

1,685

 

 

1,801,652

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

510

 

 

529,130

 

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

 

 

1,600

 

 

1,847,664

 

 

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

EDA

Economic Development Authority

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

Veteran’s Health Administration

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 2010

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,
Series A:

 

 

 

 

 

 

 

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

 

$

1,900

 

$

2,116,638

 

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

 

 

1,000

 

 

1,054,940

 

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

 

 

1,375

 

 

1,438,979

 

 

 

 

 

 

 

 

 

 

 

 

 

8,789,003

 

Indiana — 2.5%

 

 

 

 

 

 

 

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

 

 

2,210

 

 

2,429,674

 

Kansas — 1.8%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,756,416

 

Kentucky — 4.1%

 

 

 

 

 

 

 

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

 

 

660

 

 

699,521

 

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

 

 

1,500

 

 

1,671,705

 

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

 

 

1,450

 

 

1,542,669

 

 

 

 

 

 

 

 

 

 

 

 

 

3,913,895

 

Maryland — 1.1%

 

 

 

 

 

 

 

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

 

 

985

 

 

1,005,685

 

Massachusetts — 2.0%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,098,260

 

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

 

 

750

 

 

821,940

 

 

 

 

 

 

 

 

 

 

 

 

 

1,920,200

 

Michigan — 4.5%

 

 

 

 

 

 

 

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

 

 

1,990

 

 

2,038,934

 

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

 

 

1,000

 

 

1,099,420

 

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

 

 

995

 

 

1,196,050

 

 

 

 

 

 

 

 

 

 

 

 

 

4,334,404

 

Nebraska — 0.3%

 

 

 

 

 

 

 

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

 

 

315

 

 

324,179

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Nevada — 6.9%

 

 

 

 

 

 

 

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

 

$

1,600

 

$

1,789,232

 

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

 

 

1,400

 

 

1,512,406

 

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

 

 

3,075

 

 

3,303,626

 

 

 

 

 

 

 

 

 

 

 

 

 

6,605,264

 

New Jersey — 2.8%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,230,659

 

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

 

 

1,295

 

 

1,441,102

 

 

 

 

 

 

 

 

 

 

 

 

 

2,671,761

 

New York — 6.9%

 

 

 

 

 

 

 

City of Troy New York, Refunding RB,
Rensselaer Polytechnic, Series A,
5.13%, 9/01/40

 

 

1,380

 

 

1,427,886

 

Long Island Power Authority,
Refunding RB, Series A, 5.50%,
4/01/24

 

 

1,055

 

 

1,191,306

 

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

 

 

1,500

 

 

1,623,495

 

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

 

 

605

 

 

648,215

 

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

 

 

1,510

 

 

1,661,393

 

 

 

 

 

 

 

 

 

 

 

 

 

6,552,295

 

North Carolina — 5.3%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, RB, Duke Energy Carolinas,
Series B, 4.38%, 10/01/31

 

 

2,250

 

 

2,206,080

 

North Carolina Medical Care
Commission, RB, Series A:

 

 

 

 

 

 

 

Duke University Health System,
5.00%, 6/01/42

 

 

230

 

 

239,439

 

Novant Health Obligation, 4.75%,
11/01/43 (b)

 

 

2,735

 

 

2,629,293

 

 

 

 

 

 

 

 

 

 

 

 

 

5,074,812

 

Pennsylvania — 3.8%

 

 

 

 

 

 

 

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

 

 

500

 

 

550,185

 

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

 

 

2,945

 

 

3,061,622

 

 

 

 

 

 

 

 

 

 

 

 

 

3,611,807

 

Puerto Rico — 3.0%

 

 

 

 

 

 

 

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

 

 

2,605

 

 

2,828,483

 

 

 

 

 

2

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 2010

 

 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas — 12.2%

 

 

 

 

 

 

 

City of Houston Texas, RB, Senior Lien,
Series A, 5.50%, 7/01/39

 

$

595

 

$

643,022

 

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

 

 

890

 

 

975,841

 

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

 

 

500

 

 

574,975

 

Lower Colorado River Authority, RB:

 

 

 

 

 

 

 

5.75%, 5/15/28

 

 

810

 

 

869,746

 

5.50%, 5/15/33

 

 

2,000

 

 

2,165,600

 

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

 

 

1,000

 

 

1,106,950

 

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

 

 

1,905

 

 

2,034,197

 

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

 

 

3,233,717

 

 

 

 

 

 

 

 

 

 

 

 

 

11,604,048

 

Utah — 1.3%

 

 

 

 

 

 

 

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

 

 

1,205

 

 

1,252,718

 

Virginia — 1.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,167,510

 

West Virginia — 1.2%

 

 

 

 

 

 

 

West Virginia EDA, Refunding RB,
Appalachian Power Co., Amos Project,
Series A, 5.38%, 12/01/38 (c)

 

 

1,095

 

 

1,112,421

 

Wyoming — 1.4%

 

 

 

 

 

 

 

County of Sweetwater Wyoming,
Refunding RB, Idaho Power Co.
Project, 5.25%, 7/15/26

 

 

1,235

 

 

1,334,331

 

Total Municipal Bonds – 104.6%

 

 

 

 

 

99,899,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

 

 

 

 

 

 

California — 19.5%

 

 

 

 

 

 

 

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

 

 

1,995

 

 

2,160,006

 

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

 

 

2,400

 

 

2,453,760

 

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

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

3,898

 

 

4,475,314

 

Series C, 5.25%, 8/01/39

 

 

2,630

 

 

2,829,354

 

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

 

 

400

 

 

415,080

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

4,214

 

$

4,591,851

 

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

 

 

1,500

 

 

1,710,510

 

 

 

 

 

 

 

 

 

 

 

 

 

18,635,875

 

District of Columbia — 3.7%

 

 

 

 

 

 

 

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

 

 

1,395

 

 

1,597,693

 

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

 

 

1,799

 

 

1,961,291

 

 

 

 

 

 

 

 

 

 

 

 

 

3,558,984

 

Florida — 8.0%

 

 

 

 

 

 

 

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

 

 

7,490

 

 

7,653,881

 

Illinois — 3.4%

 

 

 

 

 

 

 

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

 

 

2,800

 

 

3,277,036

 

Nevada — 5.3%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,500

 

 

2,823,850

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,230,319

 

 

 

 

 

 

 

 

 

 

 

 

 

5,054,169

 

New Hampshire — 1.3%

 

 

 

 

 

 

 

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

 

 

1,094

 

 

1,203,099

 

New Jersey — 2.2%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,106,400

 

New York — 6.4%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,410

 

 

1,610,218

 

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

 

 

1,994

 

 

2,251,243

 

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

 

 

2,000

 

 

2,193,700

 

 

 

 

 

 

 

 

 

 

 

 

 

6,055,161

 

Ohio — 1.7%

 

 

 

 

 

 

 

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

 

 

1,560

 

 

1,634,147

 

South Carolina — 2.0%

 

 

 

 

 

 

 

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

 

 

1,755

 

 

1,948,489

 

Texas — 5.4%

 

 

 

 

 

 

 

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

 

 

2,025

 

 

2,239,878

 

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 2010

3

 

 

 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Trust (BBF)
 (Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (d)

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

2,750

 

$

2,923,140

 

 

 

 

 

 

 

 

 

 

 

 

 

5,163,018

 

Virginia — 1.0%

 

 

 

 

 

 

 

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

 

 

899

 

 

979,246

 

Wisconsin — 1.9%

 

 

 

 

 

 

 

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

 

 

1,680

 

 

1,767,072

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 61.8%

 

 

 

 

 

59,036,577

 

Total Long-Term Investments
(Cost – $149,146,703) – 166.4%

 

 

 

 

 

158,936,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.13% (e)(f)

 

 

2,280,068

 

 

2,280,068

 

Total Short-Term Securities
(Cost – $2,280,068) – 2.4%

 

 

 

 

 

2,280,068

 

Total Investments
(Cost – $151,426,771*) – 168.8%

 

 

 

 

 

161,216,568

 

Liabilities in Excess of Other Assets – (0.9)%

 

 

 

 

 

(825,969

)

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (32.1)%

 

 

 

 

 

(30,642,194

)

Preferred Shares, at Redemption Value – (35.8)%

 

 

 

 

 

(34,252,074

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

95,496,331

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of October 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

121,326,816

 

 

 

 

Gross unrealized appreciation

 

$

10,437,882

 

Gross unrealized depreciation

 

 

(1,165,168

)

 

 

 

Net unrealized appreciation

 

$

9,272,714

 

 

 

 

 

 

(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

 

JPMorgan Chase & Co.

 

$

2,629,293

 

$

4,267

 

 

 

(c)

Variable rate security. Rate shown is as of report date.

 

 

(d)

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.

 

 

(e)

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
October 31,
2010

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

4,963,552

 

 

(2,683,484

)

 

2,280,068

 

$

1,065

 

 

 

(f)

Represents the current yield as of report date.

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are 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)

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 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, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

158,936,500

 

 

—

 

$

158,936,500

 

Short-Term
Securities

 

$

2,280,068

 

 

—

 

 

—

 

 

2,280,068

 

Total

 

$

2,280,068

 

$

158,936,500

 

$

—

 

$

161,216,568

 

 

 

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

 

 

 

 

 

BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST

OCTOBER 31, 2010

4

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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock Municipal Income Investment Trust
   
  Date: December 22, 2010
   
  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/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock Municipal Income Investment Trust
   
  Date: December 22, 2010
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock Municipal Income Investment Trust
     
  Date: December 22, 2010