Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 15

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 15
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 of Investing in the Acquiring Fund—Leverage Risk;” and “General Risks of Investing in the Acquiring Fund—Tender Option Bond Risk.” The Acquiring Fund is expected to continue to leverage its assets after the Closing Date of the Reorganizations through the use of VMTP Shares and TOBs. As noted above, the Board of the Acquiring Fund has authorized the redemption of up to 67% of the Fund’s currently outstanding VMTP Shares on one or more occasions between April 1, 2025 and October 1, 2025, which redemption is not subject to shareholder approval of any of the Reorganizations. Please see “Information about the Preferred Shares of the Funds” in the Proxy Statement for additional information about the preferred shares of each Fund. The annualized dividend rates for the preferred shares for each Fund for the twelve-month period ended January 31, 2025 were as follows:

| Fund                 |     | Preferred Shares |     | Rate  |
| BLE                  |     | VMTP Shares      |     | 4.69% |
| BYM                  |     | VMTP Shares      |     | 4.69% |
| BFK                  |     | VMTP Shares      |     | 4.69% |
| MUE                  |     | VMTP Shares      |     | 4.69% |
| Acquiring Fund (MHD) |     | VMTP Shares      |     | 4.69% |

Please see below a comparison of certain important ratios related to (i) each Fund’s use of leverage as of July 31, 2025, (ii) the Combined Fund’s estimated use of leverage, assuming only the Reorganization of MUE into the

Acquiring Fund had taken place as of July 31, 2025, and (iii) the Combined Fund’s estimated use of leverage, assuming the Reorganizations of all the Funds had taken place as of July 31, 2025.

| Ratios                       |     | BLE |        |     | BYM |        |     | BFK |        |     | MUE |        |     | Acquiring 
 Fund      
 (MHD)     |        |     | Pro forma 
 Combined  
 Fund      
 (MUE into 
 MHD)      |        |     | Pro forma 
 Combined  
 Fund      
 (BLE,     
 BYM, BFK  
 and MUE   
 into MHD) |        |
| Asset Coverage Ratio         |