BBF Stock, BlackRock Municipal Income Investment Trust Information

To provide high current income exempt form regular Federal income tax and Florida state personal income tax. It will invest 80% of its managed assets in municipal bonds that are of investment grade quality rated Baa or BBB or better by Moodys SP or Fitch or bonds that are unrated but judged to be of comparable quality by the investment advisor. 20% of its managed assets will be in municipal bonds that are rated BaBB or B or bonds that are unrated but judged to be of comparable quality by the investment advisor. It intends to invest primarily in longterm bonds and expects bonds in its portfolio to have a dollar weighted average maturity of 15 years. It may enter into Futures contracts interest rate swap caps floors and Option contracts for hedging purposes. The Funds current nonfundamental investment policy requires under normal market conditions for the Fund to invest at least 80% of its total assets in Florida municipal bonds.