Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 190

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 190
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12 | %  |     |   |       9 | %  |     |   |       7 | % |     |   |      11 | % |     |   |      20 | %  |

| (a) | Based on average common shares outstanding. |

| (b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |

| (c) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in                                                   
 substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |

| (d) | Interest expense, fees and amortization of offering costs related to TOB Trusts and/or VMTP Shares. See Note 4 and Note 10 
 of the Notes to Financial Statements for details.                                                                          |

109

FINANCIAL STATEMENTS

The financial statements of the Acquiring Fund for the fiscal year ended July 31, 2024 are incorporated by reference herein to the
Acquiring Fund’s annual report filed on Form N-CSR on October 3, 2024.

The financial statements of BLE for the fiscal year ended July
31, 2024 are incorporated by reference herein to BLE’s annual report filed on Form N-CSR on October 3, 2024.

The financial statements of BYM for the fiscal year ended July 31,
2024 are incorporated by reference herein to BYM’s annual report filed on Form N-CSR on October 3,
2024.

The financial statements of BFK for the fiscal year ended July
31, 2024 are incorporated by reference herein to BFK’s annual report filed on Form N-CSR on October 3, 2024.

The financial statements of MUE for the fiscal year ended July 31,
2024 are incorporated by reference herein to MUE’s annual report filed on
Form N-CSR on October 3, 2024.

SUPPLEMENTAL FINANCIAL STATEMENTS

A table showing the fees of the Acquiring Fund and each Target Fund, and the fees and expenses of the Acquiring Fund on a pro forma basis after giving effect
to the proposed Reorganizations, is included in the section entitled “Expense Table for Shareholders” of the Proxy Statement.

The
Reorganizations will not result in a material change to each Target Fund’s investment portfolio due to the investment restrictions of the Acquiring Fund