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 52^nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2013

 

Date of reporting period: 04/30/2013

 

Item 1 – Schedule of Investments

Schedule of Investments April 30, 2013 (Unaudited)

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

 

						Par (000)			Value
Municipal Bonds
Alabama — 3.7%
Alabama Incentives Financing Authority, RB, Series A, 5.00%, 9/01/42				$	2,450					$	2,742,506
Birmingham Water Works Board, RB, Series B:
		5.00%, 1/01/38		270						303,674
		5.00%, 1/01/43		570						637,613
Selma IDB, RB, International Paper Company Project, 5.38%, 12/01/35					275				304,241
										3,988,034
Alaska  — 0.3%
Northern Tobacco Securitization Corp., Refunding RB, Asset Backed, Series A, 5.00%, 6/01/46					330				293,981
California — 9.5%
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38					1,315				1,538,234
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39					890				1,068,721
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45					1,000				1,090,110
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38					1,750				2,002,070
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36					1,600				1,859,040
State of California, GO, Various Purpose:
		6.00%, 3/01/33		1,275						1,569,079
		5.00%, 4/01/37		1,000						1,137,350
										10,264,604
Colorado — 1.7%
City & County of Denver Colorado, Refunding ARB, Series B, 5.00%, 11/15/37					450				511,389
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34					1,095				1,277,602
										1,788,991
Florida — 3.1%
City of Jacksonville Florida, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30					565				653,095
JEA Electric System, Refunding RB, Sub-Series C, 5.00%, 10/01/37 (a)					1,695				1,926,622
						Par (000)			Value
Municipal Bonds
Florida (concluded)
Watergrass Community Development District, Special Assessment Bonds, Series B, 5.13%, 11/01/14				$	930					$	760,135
										3,339,852
Georgia  — 1.8%
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23					1,565				1,911,491
Illinois — 15.1%
Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39					1,000				1,141,610
Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue:
		5.25%, 12/01/31		1,060						1,234,094
		5.25%, 12/01/36		310						355,617
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series C (AGM), 6.50%, 1/01/41					2,955				3,827,759
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38					385				442,750
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32					285				326,279
Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/32					135				154,553
Illinois Finance Authority, RB:
		Carle Foundation, Series A, 6.00%, 8/15/41		1,000						1,199,230
		Rush University Medical Center Obligation Group, Series B, 7.25%, 11/01/30		1,600						2,024,816
Illinois Finance Authority, Refunding RB:
		North Western Memorial Healthcare, 5.00%, 8/15/37		225						257,126
		Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39		1,900						2,253,229
Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38 (a)					740				836,844
Metropolitan Pier & Exposition Authority, Refunding RB, Mccormick Place Project, Series B, 5.00%, 12/15/28					1,010				1,174,549
Railsplitter Tobacco Settlement Authority, RB:
		5.50%, 6/01/23		690						843,332
		6.00%, 6/01/28		195						238,132
										16,309,920
Indiana  — 2.4%
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39					2,210				2,625,414

 

Schedule of Investments (continued)

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

 

						Par (000)			Value
Municipal Bonds
Kansas — 3.4%
Kansas Development Finance Authority, Refunding RB, Adventist Health System, Sunbelt Obligated Group:
		5.50%, 11/15/29	$	1,600						$	1,875,344
		5.00%, 11/15/32		1,525						1,758,417
										3,633,761
Kentucky — 1.3%
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40					660				789,585
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34					500				609,295
										1,398,880
Louisiana — 1.0%
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-1, 6.50%, 11/01/35					715				857,557
Louisiana State University & Agricultural & Mechanical College, RB, 5.00%, 7/01/37					220				251,055
										1,108,612
Maine  — 1.5%
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32					1,270				1,627,111
Massachusetts — 2.2%
Massachusetts Health & Educational Facilities Authority, RB, Tufts University, 5.38%, 8/15/38					1,000				1,169,070
University of Massachusetts Building Authority, RB, Senior-Series 2, 5.00%, 11/01/39					1,000				1,157,140
										2,326,210
Michigan — 3.3%
Lansing Board of Water & Light Utilities System, RB, Series A, 5.50%, 7/01/41					915				1,082,518
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38					1,000				1,199,620
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39					995				1,274,764
										3,556,902
						Par (000)			Value
Municipal Bonds
Mississippi — 2.1%
Mississippi Development Bank, Refunding RB:
		Jackson Mississippi Water & Sewer System, Series A, 5.00%, 9/01/30	$	1,495						$	1,736,831
		Jackson Public School District, Series A, 5.00%, 4/01/28		500						570,485
										2,307,316
Nevada — 3.7%
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34					1,600				1,867,968
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42					1,825				2,144,320
										4,012,288
New Jersey — 3.7%
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29					1,140				1,263,792
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A:
		5.88%, 12/15/38		1,295						1,530,755
		5.50%, 6/15/41		1,000						1,171,960
										3,966,507
New York — 5.3%
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47					1,000				1,187,250
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49					605				723,332
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38					3,250				3,777,833
										5,688,415
North Carolina  — 1.5%
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/32					1,335				1,562,137
Ohio  — 1.1%
The Ohio State University, RB, Special Purpose General Receipts, Series A, 5.00%, 6/01/38					1,040				1,206,099
Pennsylvania — 4.0%
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39					500				581,460

Schedule of Investments (continued)

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

 

						Par (000)			Value
Municipal Bonds
Pennsylvania (concluded)
Pennsylvania Turnpike Commission, RB:
		Motor License Fund-Enhanced, 5.00%, 12/01/36	$	280						$	317,607
		Motor License Fund-Enhanced, 5.00%, 12/01/38		245						275,338
		Sub-Series A, 5.63%, 12/01/31		1,250						1,461,875
		Sub-Series A, 6.00%, 12/01/41		1,500						1,704,045
										4,340,325
Puerto Rico  — 2.6%
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 5.75%, 8/01/37					2,605				2,795,217
South Carolina — 1.8%
Charleston Educational Excellence Finance Corp., Refunding RB, Charleston County School (a):
		5.00%, 12/01/29		775						920,863
		5.00%, 12/01/30		890						1,052,176
										1,973,039
Texas — 15.5%
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:
		6.00%, 1/01/41		1,670						1,951,061
		Series A, 5.00%, 1/01/33 (a)		215						236,984
City of Brownsville Texas Utilities System, Refunding RB, Series A, 5.00%, 9/01/29 (a)					615				719,452
City of Houston, GO, Refunding, Public Improvement, Series A, 5.00%, 3/01/38 (a)					395				456,742
City of Houston Texas, Refunding RB, Utility System, Series D, 5.00%, 11/15/42					1,000				1,145,220
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35					890				1,053,716
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%, 12/01/18 (b)					500				663,755
Houston Community College System, GO, Limited Tax, 5.00%, 2/15/36					145				168,690
Lower Colorado River Authority, Refunding RB:
		5.50%, 5/15/19 (b)		5						6,319
		5.50%, 5/15/19 (b)		80						101,100
		5.50%, 5/15/19 (b)		5						6,275
		5.50%, 5/15/33		1,910						2,210,882
						Par (000)			Value
Municipal Bonds
Texas (concluded)
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41				$	1,000					$	1,188,820
North Texas Tollway Authority, Refunding RB:
		First Tier, Series B, 5.00%, 1/01/42		1,070						1,189,080
		System, First Tier, Series K-1 (AGC), 5.75%, 1/01/38			1,000					1,150,220
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45					1,905				2,283,600
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				1,809,552
Texas Transportation Commission, Refunding RB, First Tier, Series A, 5.00%, 8/15/41					330				359,660
										16,701,128
Utah  — 2.1%
Utah Transit Authority, Refunding RB, Sales Tax Revenue, Subordinated, 5.00%, 6/15/42					2,000				2,262,580
Virginia — 5.2%
Fairfax County IDA, RB, Inova Health System Project, Series A, 5.00%, 5/15/40					520				593,413
Norfolk EDA, Refunding RB, Sentara Healthcare, Series B, 5.00%, 11/01/36					3,205				3,668,860
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/18 (b)					1,000				1,308,910
										5,571,183
Wisconsin — 2.9%
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/41					925				1,041,938
Wisconsin Health & Educational Facilities Authority, Refunding RB:
		Froedtert & Community Health Inc., Series A, 5.00%, 4/01/42		235						262,272
		Froedtert & Community Health Inc., Series C, 5.25%, 4/01/39		1,675						1,858,781
										3,162,991
Total Municipal Bonds – 101.8%									109,722,988

Schedule of Investments (continued)

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

 

						Par (000)			Value
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (c)
California — 19.8%
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%,  10/01/39 (d)				$	1,995					$	2,318,050
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40					2,400				2,689,080
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (d)					2,630				3,165,731
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33					3,898				4,825,866
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34					400				458,936
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39					4,214				4,927,674
University of California, RB, Series O, 5.75%, 5/15/34					1,500				1,807,295
University of California, Refunding RB, Series G, 5.00%, 5/15/37					1,000				1,148,845
										21,341,477
District of Columbia — 3.5%
District of Columbia, RB, Series A, 5.50%, 12/01/30 (d)					1,395				1,701,463
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39					1,799				2,101,865
										3,803,328
Florida  — 0.5%
County of Miami-Dade Florida, Refunding RB, Transit System, Sales Surtax, 5.00%, 7/01/42					490				552,117
Illinois — 4.0%
City of Chicago Illinois, Refunding RB, Second Lien Water Project, 5.00%, 11/01/42					760				860,310
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38					2,800				3,445,036
										4,305,346
Massachusetts  — 1.6%
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior, Series B, 5.00%, 10/15/41					1,490				1,719,564
Nevada — 5.0%
Clark County Water Reclamation District, GO:
		Limited Tax, 6.00%, 7/01/38		2,500						3,005,100
						Par (000)			Value
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (c)
Nevada (concluded)
Clark County Water Reclamation District, GO (concluded):
		Series B, 5.50%, 7/01/29	$	1,994						$	2,436,562
										5,441,662
New Hampshire  — 1.2%
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (d)					1,094				1,280,927
New Jersey — 3.8%
New Jersey Transportation Trust Fund Authority, RB, Transportation System:
		Series A (AGM), 5.00%, 12/15/32			2,000					2,263,220
		Series B, 5.25%, 6/15/36 (d)		1,640						1,873,766
										4,136,986
New York — 13.8%
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40					1,410				1,670,087
New York City Municipal Water Finance Authority, Refunding RB:
		Series FF, 5.00%, 6/15/45		1,500						1,697,662
		Series FF-2, 5.50%, 6/15/40		1,994						2,353,985
New York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39					1,500				1,731,600
New York City Transitional Finance Authority, RB, Second Sub-Series E-1, 5.00%, 2/01/42					860				979,934
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43					2,205				2,532,452
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51					1,300				1,541,748
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38					2,000				2,324,820
										14,832,288
Ohio  — 1.6%
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38					1,560				1,751,818
Puerto Rico  — 0.9%
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax, Senior Series C, 5.25%, 8/01/40					880				953,418
Texas — 6.2%
City of San Antonio Texas, Refunding RB, Electric & Gas Systems, Series A, 5.25%, 2/01/31 (d)					2,025				2,381,541

Schedule of Investments (continued)

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

 

						Par (000)			Value
Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (c)
Texas (concluded)
Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Children's Hospital Project, 5.50%, 10/01/39				$	2,750					$	3,230,645
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43					1,005				1,131,700
										6,743,886
Virginia  — 1.0%
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35					899				1,036,202
Washington  — 1.5%
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41					1,380				1,599,443
Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 64.4%									69,498,462
Total Long-Term Investments (Cost – $159,217,632) – 166.2%									179,221,450
						Shares			Value
Short-Term Securities
FFI Institutional Tax-Exempt Fund, 0.03% (e)(f)				2,552,005						$	2,552,005

Total Short-Term Securities (Cost – $2,552,005) – 2.4%									2,552,005
Total Investments (Cost - $161,769,637*) – 168.6%									181,773,455
Liabilities in Excess of Other Assets – (4.2)%									(4,562,138)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (32.7)%									(35,213,158)
VRDP Shares, at Liquidation Value – (31.7)%									(34,200,000)
Net Assets Applicable to Common Shares – 100.0%							$		107,798,159

 

*	As of April 30, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
	Tax cost						$		127,127,166
	Gross unrealized appreciation						$		20,238,271
	Gross unrealized depreciation								(787,772)
	Net unrealized appreciation						$		19,450,499

	Notes to Schedule of Investments
(a)	When-issued security. Unsettled when-issued transactions were as follows:

 

			Counterparty																	Value					Unrealized Appreciation
			JPMorgan Chase & Co.																$	1,073,828			$		11,026
			Pershing LLC																$	1,176,194			$		8,885
			Wells Fargo & Co.																$	3,899,661			$		36,969
(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)				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 agreements, which expire from 10/01/16 to 6/15/19, is $7,176,593.
(e)				Investments in issuers considered to be an affiliate of the Trust during the period ended April 30, 2013, 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, 2012								Net Activity					Shares Held at April 30, 2013					Income
	FFI Institutional Tax-Exempt Fund								1,631,769							920,236						2,552,005				$	175
(f)				Represents the current yield as of report date.

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

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.
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
RB	Revenue Bonds
S/F	Single-Family

 

•

Financial futures contracts as of April 30, 2013 were as follows:

Contracts Sold

Issue

Exchange

Expiration

Notional Value

Unrealized Depreciation

(99)

10-Year US Treasury Note

Chicago Board of Trade

June 2013

$13,202,578

$

(134,016)

•	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 as follows:
	•	Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and 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)
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 level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
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. 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. For information about the Trust's policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its semi-annual report.

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Trust (BBF)

 

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of April 30, 2013:
			Level 1				Level 2		Level 3		Total
Assets:
Investments:
		Long-Term Investments1		—		$	179,221,450		—	$	179,221,450
		Short-Term Securities	$	2,552,005		$	—		—	$	2,552,005
Total			$		2,552,005	$	179,221,450		—	$	181,773,455

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			$	(134,016)		—		—	$	(134,016)
2			Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of April 30, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:
					Level 1		Level 2		Level 3		Total
Assets:
		Cash pledged for financial futures contracts		$	131,000		—		—	$	131,000
Liabilities:
		TOB trust certificates			—	$	(35,195,790)		—		(35,195,790)
		VMTP shares			—		(34,200,000)		—		(34,200,000)
Total				$	131,000	$	(69,395,790)		—	$	(69,264,790)

 

There were no transfers between levels during the period ended April 30, 2013.

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 24, 2013

 

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 24, 2013

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Municipal Income Investment Trust

 

Date: June 24, 2013