BlackRock Announces Closing of Reorganizations of Four Municipal Closed-End Funds

BlackRock Advisors, LLC today announced that the reorganizations of each of The BlackRock Strategic Municipal Trust (“BSD”, CUSIP: 09248T109), BlackRock MuniYield Investment Quality Fund (“MFT”, CUSIP: 09254T100), BlackRock Municipal Income Investment Trust (“BBF”, CUSIP: 09248H105) with and into BlackRock Municipal Income Trust II (“BLE”, CUSIP: 09249N101 and together with BSD, MFT and BBF, the “Funds”) (the “Reorganizations”) is effective as of the opening for business of the New York Stock Exchange on Monday, April 12, 2021.

In the Reorganizations, common shareholders of BSD, MFT and BBF received an amount of BLE common shares equal to the aggregate net asset value of their holdings of BSD, MFT and BBF common shares as determined at the close of business on April 9, 2021. Fractional shares of BLE common shares were not issued in the Reorganizations and consequently cash will be distributed for any such fractional shares.

Relevant details pertaining to the Reorganizations are as follows:

Fund	Ticker	New Asset Value/Share ($)	Share Conversion Ratio
BlackRock Municipal Income Trust II	BLE	15.0242	N/A
The BlackRock Strategic Municipal Trust	BSD	14.6961	0.97816190
BlackRock MuniYield Investment Quality Fund	MFT	14.3767	0.95690286
BlackRock Municipal Income Investment Trust	BBF	14.3831	0.95732884

In addition, BSD, MFT and BBF preferred shareholders received on a one-for-one basis BLE preferred shares in an amount equal to the aggregate preferred share liquidation preference held by BSD, MFT and BBF preferred shareholders immediately prior to the Reorganizations.

This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any of the BlackRock funds, including BLE, the surviving fund in the Reorganization. Investors should consider BLE’s investment objective, risks, charges and expenses carefully and consider in its entirety the Joint Proxy Statement/Prospectus relating to the Reorganizations, which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about BLE.