Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 68

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 68
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 Statement. As a result of the Reorganizations, however, a shareholder of each Fund may hold a reduced percentage of ownership in the larger Combined Fund than such shareholder did in any of the individual Funds
before the Reorganizations.

If the Issuance with respect to a Fund’s Reorganization(s) is not approved, the Investment Advisor may,
in connection with ongoing management of that Fund and its product line, recommend alternative proposals to the Board of that Fund.

The
Board of the Acquiring Fund recommends that the Acquiring Fund VMTP Holders vote “FOR” each Issuance at the Special Meeting.

Each Issuance contemplated by Proposal 2(A), Proposal 2(B), Proposal 2(C) and Proposal 2(D) requires the affirmative vote of the holders of a
majority of the Acquiring Fund common shares and Acquiring Fund VMTP Shares entitled to be cast voting as a single class.

Subject to the
requisite approval of the shareholders of each Fund with respect to the Reorganizations, as well as certain consents, confirmations and/or waivers from various third parties, is expected that the Closing Date of the Reorganizations will be sometime
during the fourth quarter of 2025, but it may be at a different time as described herein.

The majority of votes entitled to be cast
present at the Special Meeting or represented by proxy of the Acquiring Fund common shares and Acquiring Fund VMTP Shares voting as a single class is required to approve each Issuance. For additional information regarding voting requirements, see
“Vote Required and Manner of Voting Proxies.”

28

INFORMATION ABOUT THE PREFERRED SHARES OF THE FUNDS BLE’s, BYM’s and BFK’s respective Declaration of Trust authorizes the issuance of an unlimited number of common shares of beneficial interest, respectively, par value $0.001 per share and an unlimited number of shares of Series W-7Variable Rate Muni-Term Preferred Shares or any other series of Variable Rate Muni-Term Preferred Shares, respectively, par value $0.001 per share. MUE’s charter authorizes the issuance of 199,989,730 shares of common stock, par value $0.10 per share (the “MUE Fund Common Shares”) and 2,100 shares of Auction Market Preferred Stock, Series A, par value $0.10 per share and liquidation preference of $25,000 per share plus an amount equal to all accumulated but unpaid dividends (whether or not earned or declared) (the “