Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 173

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 173
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| (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.                                                                          |

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The Financial Highlights table is intended to help you understand BFK’s financial performance for the periods shown. Certain information
reflects the financial results for a single common share of BFK. The total returns in the table represent the rate an investor would have earned or lost on an investment in BFK (assuming reinvestment of all dividends and/or distributions, if
applicable). The information for the six month period ended January 31, 2025 is unaudited. The information for the remaining periods has been audited by [●], BFK’s independent registered public accounting firm. Financial statements
for the fiscal year ended July 31, 2024 and the Report of the Independent Registered Public Accounting Firm thereon appear in BFK’s Annual Report for the fiscal year ended July 31, 2024, and financial statements for the six-month period ended January 31, 2025 appear in BFK’s most recent Semi-Annual Report, each of which is available upon request.

Please see next page for Financial Highlights Table

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|                                                                                                          |     | BFK                  
 Six Months Ended     
 01/31/25 (unaudited) |         |            |     | Year Ended 
 07/31/24   |         |    |     | Year Ended 
 07/31/23   |         |    |     | Period from 
 05/01/22    
 to 07/31/22 |         |         |     | Year Ended 
 04/30/22   |         |    |     | Year Ended 
 04/30/21   |         |    |     | Year Ended 
 04/30/20   |         |    |
|:---------------------------------------------------------------------------------------------------------|:----|:---------------------|--------:|:-----------|:----|:-----------|--------:|:---|