BlackRock Municipal Bond Investment Trust (the Trust) is a non-diversified, closed-end management investment company. The Trust seeks to provide current income exempt from regular federal income taxes. The Trust will invest at least 80% of its total assets in municipal bonds that are investment-grade quality, or determined by the Trust’s investment advisor to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s Investors Service, Standard & Poor’s or Fitch, or that are unrated but judged to be of comparable quality by its investment advisor. The Trust’s investment advisor is BlackRock Advisors, LLC.