BAF Stock, BlackRock Municipal Income Investment Quality Trust Information

To provide current income exempt from Federal income tax including the alternative minimum tax and Florida intangible personal property tax. It will be invested primarily in municipal bonds rated in the highest category which is Aaa by Moodys or AAA by SP or Fitch or if unrated determined to be of comparable quality by the investment advisor and insured as to timely payment of principal and interest. Up to 20% of the Trusts managed assets may be invested in bonds rated below Aaa or AAA but not lower than BBB or Baa and comparable unrated municipal bonds andor uninsured municipal bonds. It intends to invest primarily in longterm bonds and expects bonds in its portfolio to have a dollar weighted average maturity of 15 years or more under current market conditions. The Trust may utilize certain options futures interest rate swaps and related transactions for hedging purposes.