Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 54

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 54
---
 extended. The Reorganizations will not result in any changes to the terms of the Acquiring Fund’s VMTP Shares currently
outstanding.

The newly issued Acquiring Fund VMTP Shares will have terms that are substantially identical to the terms of the currently
outstanding BLE, BYM, BFK and MUE VMTP Shares, including the same term redemption date.

The Board noted that none of the expenses of the
Reorganizations are expected to be borne by the VMTP Holders or the VMTP Holders, as applicable, of the Funds.

Following the
Reorganizations, the VMTP or VMTP Holders of each Fund will be VMTP Holders of the larger Combined Fund that will have a larger asset base and more VMTP Shares outstanding than any Fund individually before the Reorganizations. With respect to
matters requiring all preferred shareholders to vote separately or common and preferred shareholders to vote together as a single class, following the Reorganizations, VMTP Holders of the Combined Fund may hold a smaller percentage of the
outstanding preferred shares of the Combined Fund as compared to their percentage holdings of outstanding preferred shares of their respective Fund prior to the Reorganizations.

Compatibility of Investment Objectives, Investment Strategies and Policies and Related Risks and Risk Profiles. Each Board noted
that its Fund’s shareholders will remain invested in an exchange-listed, closed-end management investment company registered under the 1940 Act that will have substantially greater net assets and the same
(in the case of the Acquiring Fund), or similar (in the case of BLE, BYM, BFK and MUE) investment objective and the same (in the case of the Acquiring Fund) or similar (in the case of BLE, BYM, BFK and MUE) investment strategies, policies and
restrictions. The risk/return profile of the Combined Fund is expected to remain comparable to those of each Fund before the Reorganizations because of the similarities in the investment policies of each Fund.

Consistency of Portfolio Management and Portfolio Composition. Each Board noted that each Fund has the same investment adviser
and a common portfolio manager and that each Fund’s shareholders will benefit from the experience and expertise of the Combined Fund’s anticipated portfolio management team. Each Fund is managed by a team of investment professionals
comprised of Christian Romaglino, CFA, Walter O’Connor, CFA, Michael Kalinoski, CFA, Kevin Maloney, CFA, Kristi Manidis and Phillip Soccio, CFA. Following the Re