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 811-21054

Name of Fund: BlackRock Municipal Bond Investment Trust (BIE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Bond 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: 08/31/2013

Date of reporting period: 05/31/2013

Item 1    –    Schedule of Investments

Schedule of Investments May 31, 2013 (Unaudited)    BlackRock Municipal Bond Investment Trust (BIE)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

   Par
(000) 		     Value  

Alabama – 4.6%

     

Alabama Incentives Financing Authority, RB, Tax-Exempt Special Obligation, Series A,

     

5.00%, 9/01/42

   $ 1,725       $ 1,871,056   

Birmingham Water Works Board, RB, Water Utility Improvements, Series B:

     

5.00%, 1/01/38

     150         163,836   

5.00%, 1/01/43

     300         324,918   

Selma IDB, RB, International Paper Co. Project, Series A,

     

5.38%, 12/01/35

     145         158,754   
     

 

 

 
        2,518,564   
     

 

 

 

Alaska – 0.3%

     

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A,

     

5.00%, 6/01/46

     180         159,055   
     

 

 

 

California – 9.4%

     

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

     

5.25%, 10/01/38

     700         811,545   

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

     

6.00%, 7/01/39

     120         142,519   

Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1,

     

5.25%, 7/01/38

     1,660         1,859,416   

San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A,

     

5.38%, 2/01/36

     850         978,384   

State of California, GO, Various Purpose:

     

6.00%, 3/01/33

     685         836,844   

5.00%, 4/01/37

     500         554,020   
     

 

 

 
        5,182,728   
     

 

 

 

Colorado – 1.2%

     

Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A,

     

5.50%, 7/01/34

     580         667,052   
     

 

 

 

Florida – 3.4%

     

City of Jacksonville Florida, Refunding RB, Better Jacksonville Sales Tax, Series A,

     

5.00%, 10/01/30

     600         675,684   

JEA Electric System Revenue, Refunding RB, Sub-Series C,

     

5.00%, 10/01/37

     890         983,530   

Osceola County Florida School Board, COP, Refunding, Series A,

     

5.00%, 6/01/28(a)

     175         195,578   
     

 

 

 
        1,854,792   
     

 

 

 

Georgia – 1.7%

     

City of Atlanta Georgia Department of Aviation, Refunding GARB, Series B,

     

5.00%, 1/01/37

     250         276,808   

Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D,

     

6.00%, 1/01/23

     555         668,325   
     

 

 

 
        945,133   
     

 

 

 

Illinois – 12.0%

     

Chicago Board of Education, GO, Series A,

     

5.50%, 12/01/39

     500         556,260   

Chicago Transit Authority, RB, Sales Tax Receipts:

     

5.25%, 12/01/36

     165         184,399   

5.25%, 12/01/40

     500         555,310   

City of Chicago Illinois, Refunding RB, Sales Tax Revenue, Series A,

     

5.25%, 1/01/38

     205         228,977   

City of Chicago Illinois O’Hare International, GARB, Third Lien, Series C (AGM),

     

6.50%, 1/01/41

     1,590         2,020,524   

City of Chicago Illinois Wastewater Transmission, RB, Second Lien,

     

5.00%, 1/01/42

     310         336,310   

Illinois Finance Authority, RB, Carle Foundation, Series A,

     

6.00%, 8/15/41

     750         882,682   

Illinois Finance Authority, Refunding RB:

     

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

     1,000         1,173,610   

Northwestern Memorial Healthcare, 5.00%, 8/15/37

     115         128,278   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

     365         435,971   

6.00%, 6/01/28

     105         125,198   
     

 

 

 
        6,627,519   
     

 

 

 

 

    BLACKROCK MUNICIPAL BOND INVESTMENT TRUST    MAY 31, 2013   1

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

 

Municipal Bonds

   Par
(000) 		     Value  

Indiana – 2.5%

     

Indiana Municipal Power Agency, RB, Series B,

     

6.00%, 1/01/39

   $ 1,190       $ 1,399,654   
     

 

 

 

Kansas – 3.4%

     

Kansas Development Finance Authority, Refunding RB, Adventist Health System/Sunbelt Obligated Group:

     

Series A, 5.00%, 11/15/32

     750         834,615   

Series C, 5.50%, 11/15/29

     900         1,034,559   
     

 

 

 
        1,869,174   
     

 

 

 

Kentucky – 2.5%

     

Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A,

     

6.38%, 6/01/40

     350         406,105   

Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A,

     

5.75%, 12/01/34

     800         965,216   
     

 

 

 
        1,371,321   
     

 

 

 

Louisiana – 1.1%

     

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-1,

     

6.50%, 11/01/35

     380         451,159   

Louisiana State University & Agricultural & Mechanical College, RB,

     

5.00%, 7/01/37

     120         132,919   
     

 

 

 
        584,078   
     

 

 

 

Maine – 1.5%

     

Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center,

     

7.50%, 7/01/32

     675         848,462   
     

 

 

 

Massachusetts – 0.8%

     

Massachusetts Development Finance Agency, Refunding RB, Trustees of Deerfield Academy,

     

5.00%, 10/01/40

     375         420,356   
     

 

 

 

Michigan – 3.3%

     

Lansing Board of Water & Light, RB, Series A,

     

5.50%, 7/01/41

     485         557,182   

Michigan State Building Authority, Refunding RB, Facilities Program, Series I,

     

6.00%, 10/15/38

     500         594,660   

Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital,

     

8.25%, 9/01/39

     530         669,687   
     

 

 

 
        1,821,529   
     

 

 

 

Mississippi – 2.9%

     

Mississippi Development Bank, Refunding RB, Special Obligation Series A:

     

City of Jackson Mississippi Water & Sewer System Project (AGM), 5.00%, 9/01/30

     535         605,599   

Jackson Public School District, 5.00%, 4/01/28

     645         716,369   

University of Southern Mississippi, Refunding RB, S.M. Educational Building Corp. Residence Hall Construction
Project(a):

     

5.00%, 3/01/33

     110         124,301   

5.00%, 3/01/38

     150         167,001   
     

 

 

 
        1,613,270   
     

 

 

 

Multi-State – 5.8%

     

Centerline Equity Issuer Trust,

     

7.20%, 10/31/52(b)(c)

     3,000         3,232,950   
     

 

 

 

Nevada – 4.1%

     

City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center,

     

6.00%, 4/01/34

     1,000         1,145,010   

Clark County Nevada, ARB, Series B,

     

5.75%, 7/01/42

     1,000         1,145,150   
     

 

 

 
        2,290,160   
     

 

 

 

New Jersey – 5.8%

     

New Jersey EDA, Refunding RB, School Facilities Construction, Series AA,

     

5.50%, 12/15/29

     750         851,520   

New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC,

     

5.25%, 10/01/29

     610         667,200   

 

2   BLACKROCK MUNICIPAL BOND INVESTMENT TRUST    MAY 31, 2013    

Schedule of Investments (continued)    BlackRock Municipal Bond Investment Trust (BIE)
   (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

   $ 695       $ 814,915   

5.50%, 6/15/41

     500         568,990   

5.00%, 6/15/42

     300         322,800   
     

 

 

 
        3,225,425   
     

 

 

 

New York – 1.0%

     

Hudson New York Yards Infrastructure Corp., RB, Series A,

     

5.75%, 2/15/47

     145         167,253   

New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project,

     

6.38%, 7/15/49

     325         384,849   
     

 

 

 
        552,102   
     

 

 

 

North Carolina – 1.1%

     

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A,

     

5.00%, 6/01/32

     530         605,875   
     

 

 

 

Pennsylvania – 6.3%

     

Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project,

     

6.20%, 4/01/39

     300         343,239   

Pennsylvania Turnpike Commission, RB:

     

Sub-Series A, 5.63%, 12/01/31

     750         858,053   

Sub-Series A, 6.00%, 12/01/41

     1,500         1,690,140   

Sub-Series C (AGC), 6.25%, 6/01/38

     500         595,365   
     

 

 

 
        3,486,797   
     

 

 

 

South Carolina – 1.8%

     

Charleston Educational Excellence Finance Corp., Refunding RB, Charleston County School District:

     

5.00%, 12/01/29

     410         469,860   

5.00%, 12/01/30

     475         541,638   
     

 

 

 
        1,011,498   
     

 

 

 

Texas – 10.7%

     

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:

     

6.00%, 1/01/41

     890         1,024,248   

Series A, 5.00%, 1/01/33

     115         125,030   

City of Brownsville Texas Utilities System, Refunding RB, Series A,

     

5.00%, 9/01/29

     320         364,230   

Conroe ISD, GO, School Building, Series A,

     

5.75%, 2/15/35

     470         551,155   

Houston Community College System, GO, Limited Tax,

     

5.00%, 2/15/36

     205         227,558   

North Texas Tollway Authority, RB, Special Projects System, Series A,

     

5.50%, 9/01/41

     500         576,900   

North Texas Tollway Authority, Refunding RB, System First Tier:

     

Series B, 5.00%, 1/01/42

     750         807,398   

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

     250         281,670   

Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,

     

6.00%, 8/15/45

     1,020         1,200,285   

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

     500         595,525   

Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, First Tier, Series A,

     

5.00%, 8/15/41

     175         186,412   
     

 

 

 
        5,940,411   
     

 

 

 

Utah – 1.5%

     

Utah Transit Authority, Refunding RB, Subordinated Sales Tax,

     

5.00%, 6/15/42

     750         821,303   
     

 

 

 

Virginia – 2.0%

     

Fairfax County IDA, RB, Health Care, Inova Health System Project, Series A,

     

5.00%, 5/15/40

     275         304,246   

Norfolk EDA, Refunding RB, Sentara Healthcare, Series B,

     

5.00%, 11/01/36

     500         557,165   

 

    BLACKROCK MUNICIPAL BOND INVESTMENT TRUST    MAY 31, 2013   3

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

 

Municipal Bonds

   Par
(000) 		     Value  

Virginia (concluded)

     

Virginia Public School Authority, RB, School Financing,

     

6.50%, 12/01/18(d)

   $ 200       $ 257,474   
     

 

 

 
        1,118,885   
     

 

 

 

Washington – 3.0%

     

Port of Seattle, Refunding RB, Intermediate Lien, Series A,

     

5.00%, 8/01/32

     1,000         1,131,790   

Spokane Public Facilities District, RB, Series A,

     

5.00%, 12/01/38

     480         516,374   
     

 

 

 
        1,648,164   
     

 

 

 

Wisconsin – 3.0%

     

Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Alliance, Series D,

     

5.00%, 11/15/41

     485         533,369   

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert Health Inc.:

     

Series A, 5.00%, 4/01/42

     125         134,853   

Series C, 5.25%, 4/01/39

     890         970,509   
     

 

 

 
        1,638,731   
     

 

 

 

Total Municipal Bonds – 96.7%

        53,454,988   
     

 

 

 

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

     

California – 19.5%

     

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

     

5.25%, 10/01/39(f)

     1,005         1,157,468   

Grossmont Union High School District, GO, Election of 2008, Series B,

     

5.00%, 8/01/40

     1,300         1,419,158   

Los Angeles Community College District California, GO, Election of 2008, Series C,

     

5.25%, 8/01/39(f)

     1,410         1,656,108   

Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A,

     

6.00%, 8/01/33

     2,079         2,544,353   

Los Angeles Unified School District California, GO, Series I,

     

5.00%, 1/01/34

     200         221,896   

San Diego Public Facilities Financing Authority, Refunding RB, Series B,

     

5.50%, 8/01/39

     2,234         2,549,420   

University of California, RB, Series O,

     

5.75%, 5/15/34

     810         966,217   

University of California, Refunding RB, Limited Project, Series G,

     

5.00%, 5/15/37

     250         278,623   
     

 

 

 
        10,793,243   
     

 

 

 

District of Columbia – 3.5%

     

District of Columbia, RB, Series A,

     

5.50%, 12/01/30(f)

     735         887,020   

District of Columbia Water & Sewer Authority, Refunding RB, Series A,

     

5.50%, 10/01/39

     899         1,043,117   
     

 

 

 
        1,930,137   
     

 

 

 

Florida – 0.5%

     

County of Miami-Dade Florida Transit System, Refunding RB,

     

5.00%, 7/01/42

     260         281,897   
     

 

 

 

Illinois – 9.0%

     

City of Chicago Illinois Waterworks, Refunding RB, Second Lien,

     

5.00%, 11/01/42

     400         437,831   

Illinois Finance Authority, RB, University of Chicago, Series B,

     

6.25%, 7/01/38

     1,500         1,820,820   

Illinois State Toll Highway Authority, RB:

     

Series A, 5.00%, 1/01/38

     400         439,592   

Series B, 5.50%, 1/01/33

     2,000         2,248,693   
     

 

 

 
        4,946,936   
     

 

 

 

Massachusetts – 1.6%

     

Massachusetts School Building Authority, RB, Sales Tax Senior Series B,

     

5.00%, 10/15/41

     790         885,677   
     

 

 

 

Nevada – 3.2%

     

Clark County Water Reclamation District, GO, Limited Tax,

     

6.00%, 7/01/38

     1,500         1,786,620   
     

 

 

 

New Hampshire – 1.2%

     

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,

     

5.25%, 6/01/39(f)

     585         678,042   
     

 

 

 

 

4   BLACKROCK MUNICIPAL BOND INVESTMENT TRUST    MAY 31, 2013    

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

 

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

   Par
(000) 		     Value  

New Jersey – 3.7%

     

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

     

Series A (AGM), 5.00%, 12/15/32

   $ 1,000       $ 1,115,550   

Series B, 5.25%, 6/15/36(f)

     840         935,987   
     

 

 

 
        2,051,537   
     

 

 

 

New York – 14.5%

     

New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A,

     

5.75%, 6/15/40

     750         879,554   

New York City Municipal Water Finance Authority, Refunding RB:

     

Water & Sewer System, Series FF, 5.00%, 6/15/45

     1,000         1,089,117   

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

     990         1,156,105   

New York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3,

     

5.25%, 1/15/39

     1,000         1,142,972   

New York City Transitional Finance Authority, RB, Future Tax Secured, Fiscal 2012, Series E,

     

5.00%, 2/01/42

     460         508,897   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority,

     

5.25%, 12/15/43

     1,170         1,313,529   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,

     

5.75%, 11/15/51

     680         788,440   

New York State Dormitory Authority, ERB, Series B,

     

5.25%, 3/15/38

     1,000         1,151,390   
     

 

 

 
        8,030,004   
     

 

 

 

Ohio – 1.7%

     

County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A,

     

5.25%, 6/01/38

     840         925,638   
     

 

 

 

Puerto Rico – 0.9%

     

Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C,

     

5.25%, 8/01/40

     460         492,750   
     

 

 

 

Texas – 7.2%

     

City of San Antonio Texas, Refunding RB, Series A,

     

5.25%, 2/01/31(f)

     1,050         1,223,694   

Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Children’s Hospital Project,

     

5.50%, 10/01/39

     1,450         1,682,188   

Waco Educational Finance Corp., Refunding RB, Baylor University,

     

5.00%, 3/01/43

     1,005         1,094,787   
     

 

 

 
        4,000,669   
     

 

 

 

Virginia – 1.0%

     

Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A,

     

5.50%, 5/15/35

     460         519,796   
     

 

 

 

Washington – 1.5%

     

University of Washington, Refunding RB, Series A,

     

5.00%, 7/01/41

     735         822,394   
     

 

 

 

Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 69.0%

        38,145,340   
     

 

 

 

Total Long-Term Investments
(Cost – $83,180,187) – 165.7%

        91,600,328   
     

 

 

 

Short-Term Securities

  
Shares 		        

FFI Institutional Tax-Exempt Fund,

     

0.03%(g)(h)

     654,616         654,616   
     

 

 

 

Total Short-Term Securities
(Cost – $654,616) – 1.2%

        654,616   
     

 

 

 

Total Investments (Cost – $83,834,803*) – 166.9%

        92,254,944   

Other Assets Less Liabilities – 0.9%

        465,374   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (35.6%)

        (19,651,452 ) 

VRDP Shares, at Liquidation Value – (32.2%)

        (17,800,000 ) 
     

 

 

 

Net Assets Applicable to Common Shares – 100.0%

      $ 55,268,866   
     

 

 

 

 

    BlackRock Municipal Bond Investment Trust    May 31, 2013   5

Schedule of Investments (continued)    BlackRock Municipal Bond Investment Trust (BIE)
  

 

 

* As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 64,378,972   
  

 

 

 

Gross unrealized appreciation

   $ 8,762,172   

Gross unrealized depreciation

     (526,252 ) 
  

 

 

 

Net unrealized appreciation

   $ 8,235,920   
  

 

 

 

Notes to Schedule of Investments

 

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

 

Counterparty

   Value      Unrealized
Appreciation
(Depreciation) 		 

Morgan Stanley

   $ 291,302       $ (4,241 ) 

Wells Fargo & Co.

   $ 195,578       $ 284   

 

(b) Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its maturity.

 

(c) 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.

 

(d) 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.

 

(e) 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.

 

(f) 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 October 1, 2016 to June 15, 2019 is $3,737,157.

 

(g) Investments in issuers considered to be an affiliate of the Trust during the period ended May 31, 2013, for purposes of Section 2(a)(3) of the Investment 1940 Act, were as follows:

 

Affiliate

   Shares Held at
August 31,
2012 		     Net Activity      Shares Held at
May 31,
2013 		     Income  

FFI Institutional Tax-Exempt Fund

     159,677         494,939         654,616       $ 143   

 

(h) Represents the current yield as of report date.

 

6   BLACKROCK MUNICIPAL BOND INVESTMENT TRUST    MAY 31, 2013    

Schedule of Investments (continued)    BlackRock Municipal Bond Investment Trust (BIE)
  

 

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 Guarantee Corp.   GARB   General Airport Revenue Bonds
  AGM   Assured Guaranty Municipal Corp.   GO   General Obligation Bonds
  ARB   Airport Revenue Bonds   IDA   Industrial Development Authority
  BARB   Building Aid Revenue Bonds   IDB   Industrial Development Board
  COP   Certificates of Participation   ISD   Independent School District
  EDA   Economic Development Authority   RB   Revenue Bonds
  ERB   Education Revenue Bonds   S/F   Single-Family

 

•  

Financial futures contracts as of May 31, 2013 were as follows:

 

Contracts Sold   

Issue

   Exchange      Expiration      Notional
Value 		     Unrealized
Appreciation 		 
(54)    10-Year US Treasury Note      Chicago Board of Trade         September 2013       $ 6,977,813       $ 54,643   

 

•  

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 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)

The hierarchy gives the highest priority to unadjusted 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.

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, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

 

    BLACKROCK MUNICIPAL BOND INVESTMENT TRUST    May 31, 2013   7

Schedule of Investments (concluded)    BlackRock Municipal Bond Investment Trust (BIE)
  

 

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013:

 

     Level 1      Level 2      Level 3      Total  

Assets:

           

Investments:

           

Long-Term Investments 1

     –       $ 91,600,328         –       $ 91,600,328   

Short-Term Securities

   $ 654,616         –         –         654,616   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 654,616       $ 91,600,328         –       $ 92,254,944   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

1  

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

 

                                                   
       Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments 2

                   

Assets:

                   

Interest rate contracts

     $ 54,643           –           –         $ 54,643   

 

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 May 31, 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

   $ 72,000         –        –       $ 72,000   

Liabilities:

          

TOB trust certificates

     –       $ (19,640,052 )      –         (19,640,052 ) 

VRDP shares

     –         (17,800,000 )      –         (17,800,000 ) 
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 72,000       $ (37,440,052 )      –       $ (37,368,052 ) 
  

 

 

    

 

 

   

 

 

    

 

 

 

There were no transfers between levels during the period ended May 31, 2013.

 

8   BLACKROCK MUNICIPAL BOND INVESTMENT TRUST    MAY 31, 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 Bond Investment Trust    
By:  

/s/ John M. Perlowski

   
  John M. Perlowski    
  Chief Executive Officer (principal executive officer) of  
  BlackRock Municipal Bond Investment Trust    

Date: July 25, 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 Bond Investment Trust    

Date: July 25, 2013

 

By:  

/s/ Neal J. Andrews

   
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of  
  BlackRock Municipal Bond Investment Trust    

Date: July 25, 2013

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