Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 88

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 88
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 the vote
of a majority of the Independent Board Members or a majority of the outstanding voting securities of each Fund), upon 90 days’ written notice by each Fund to the Investment Advisor.

If the Reorganization is consummated, the annual contractual investment management fee rate of the Acquiring Fund will be the annual
contractual investment management fee rate of the Combined Fund, which will be 0.55% of the average daily managed assets of the Combined Fund. The annual contractual investment management fee rate of the Combined Fund is the same as the annual
contractual investment management fee rate for the Acquiring Fund.

Based on a pro forma Broadridge peer expense universe for the
Combined Fund, the estimated total annual fund expense ratio (excluding leverage expenses) is expected to be in the first quartile and the actual investment management fee rate (without giving effect to the Voluntary Waiver) over
managed assets are each expected to be in the second quartile. Each fund in the Broadridge peer expense universe is placed in one of four quartiles for each relevant comparison, with the first quartile including funds with the lowest relative
expenses and the fourth quartile including funds with the highest relative expenses.

There can be no assurance that future expenses of
the Combined Fund will not increase or that any expense savings for any Fund will be realized as a result of any Reorganization.

A
discussion regarding the basis for the approval of the Investment Management Agreement by the Board of each Fund is provided in such Fund’s Form N-CSR for such Fund’s fiscal year ended
July 31, 2025 available at www.sec.gov or by visiting www.blackrock.com.

The Investment Advisor is located at 100 Bellevue Parkway,
Wilmington, Delaware 19809 and is a majority-owned subsidiary of BlackRock. BlackRock is one of the world’s largest publicly-traded investment management firms. As of June 30, 2025, BlackRock’s assets under management were
approximately $12.5 trillion. BlackRock has over 35 years of experience managing closed-end products and, as of June 30, 2025, advised a registered closed-end
family of 49 exchange-listed active funds with approximately $43 billion in assets.

BlackRock is a global leader in investment
management, risk management and advisory services for institutional and retail clients. BlackRock helps clients meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares (exchange-traded funds), and other pooled investment vehicles.