BlackRock Announces Results of Shareholder Vote at Adjourned Joint Special Shareholder Meeting Relating to the Reorganizations of Four Municipal Closed-End Funds

BlackRock Advisors, LLC announced today that, at a joint special meeting of shareholders (the “Meeting”) of The BlackRock Strategic Municipal Trust (NYSE: BSD), BlackRock MuniYield Investment Quality Fund (NYSE: MFT) and BlackRock Municipal Income Trust II (NYSE: BLE), the requisite votes of shareholders of BSD, MFT and BLE have approved the reorganization of each of BSD and MFT with and into BLE, with BLE continuing as the surviving fund, and the transactions contemplated thereby (collectively, the “Reorganizations”). Shareholders of BlackRock Municipal Income Investment Trust (NYSE: BBF and collectively with BSD, MFT and BLE, the “Funds,” and each, a “Fund”) previously approved the Reorganization of BBF with and into BLE at a joint special meeting of shareholders.

It is currently expected that the Reorganizations will be completed in the beginning of the second quarter of 2021, subject to the satisfaction of customary closing conditions. Each Reorganization, if completed, would occur based on the relative net asset values of the common shares of the applicable Funds. Prior to the Reorganization of BBF with and into BLE, all of the Variable Rate Demand Preferred Shares of BBF will be refinanced into Variable Rate Muni Term Preferred Shares (“VMTP Shares”). Holders of VMTP Shares of BSD, MFT and BBF would receive on a one-for-one basis VMTP Shares of BLE in an amount equal to the aggregate VMTP Share liquidation preference (including any accumulated and unpaid dividends) held by holders of BSD, MFT and BBF VMTP Shares immediately prior to the Reorganizations.

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds.

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