Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 8

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 8
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 to vote as a separate class on a proposal to approve the MUE Reorganization
Agreement and the MUE Reorganization.

Preferred Shareholders of BlackRock MuniHoldings Fund, Inc. (NYSE Ticker: MHD): You and the
Acquiring Fund common shareholders are being asked to vote as a single class on a proposal to approve the issuance of additional common shares of the Acquiring Fund in connection with each Reorganization Agreement (each, an “Issuance”
and collectively, the “Issuances”).

You are also being asked to vote as a separate class on a proposal to approve each
Reorganization Agreement and the transactions contemplated therein, including amendments to the Articles Supplementary of Variable Rate Muni Term Preferred Shares of the Acquiring Fund (the “MHD Articles Supplementary”) in connection
with the issuance of additional Acquiring Fund VMTP Shares.

The term “Combined Fund” refers to the Acquiring Fund as the
surviving Fund after the consummation of each of the Reorganizations.

Each Reorganization is not contingent upon the approval of any other Reorganization. If a Reorganization is not consummated, the Fund for which such Reorganization(s) was not consummated would continue to exist and operate on a standalone basis. Q: Why has each Fund’s Board recommended these proposals? A: The Board of Trustees or the Board of Directors, as applicable (each, a “Board” and each member thereof, a “Board Member”) of each Fund has determined that its Reorganization(s) is in the best interests of its Fund and that the interests of existing common shareholders and preferred shareholders of its Fund will not be diluted with respect to net asset value (“NAV”) and liquidation preference, respectively, as a result of the Reorganization. The Reorganizations seek to achieve certain economies of scale and other operational efficiencies by combining five funds that have similar investment objectives and similar investment strategies, policies and restrictions and are managed by the same investment adviser, BlackRock Advisors, LLC (the “Investment Advisor”). In light of these similarities, the Reorganizations are intended to reduce fund redundancies and create a single, larger fund that may benefit from anticipated operating efficiencies and economies of scale. The Reorganizations are intended to result in the following potential benefits to common shareholders:

| (i) | lower net total expenses (excluding leverage expenses) per Common Share for common shareholders of each Fund                                               
 (as common shareholders of the Combined Fund following the Reorganizations) due to economies of scale resulting from the larger