Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 17

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 17
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     |           | 401.5% |     | 400.3%    |     | 401.7%    |
| Regulatory Leverage Ratio(1) |     |     | 24.9%  |     |     | 24.5%  |     |     | 25.0%  |     |     | 25.2%  |     |           | 24.9%  |     | 25.0%     |     | 24.9%     |
| Effective Leverage Ratio(2)  |     |     | 40.0%  |     |     | 39.8%  |     |     | 40.5%  |     |     | 40.6%  |     |           | 39.9%  |     | 40.1%     |     | 48.2%     |

| (1) | Regulatory leverage consists of preferred shares issued by the Fund, which is a part of the Fund’s                                                        
 capital structure. Regulatory leverage is sometimes referred to as “1940 Act Leverage” and is subject to asset coverage limits set forth in the 1940 Act. |

| (2) | Effective leverage is a Fund’s effective economic leverage and includes both regulatory leverage and the                                                                                                                        
 leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of TOB inverse floater holdings, in addition to any regulatory leverage, are included in effective leverage ratios. |

| Q: | How will the Reorganizations be effected? |

A: Assuming a Reorganization receives the requisite shareholder approvals, as well as certain consents, confirmations and/or waivers from various third parties, the Acquiring Fund will acquire substantially all of a Target Fund’s assets and assume substantially all of such Target Fund’s liabilities in exchange solely for such Target Fund’s receipt of newly issued common shares and VMTP Shares of the Acquiring Fund, which will be distributed to the shareholders of the Target Fund (although cash will be distributed in lieu of fractional common shares). A Target Fund will then terminate its registration under the 1940 Act and liquidate, dissolve and terminate in accordance with its respective charter/declaration of trust and applicable state law. Shareholders of BLE, BYM, BFK and MUE will become shareholders of the Acquiring Fund. Common shareholders of BLE, BYM, BFK and MUE will receive newly issued common shares of the Acquiring