Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 9

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 9
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 yield on NAV for common shareholders of each Target Fund other than BFK; |

| (iii) | improved secondary market trading of the common shares of the Combined Fund; and |

| (iv) | operating and administrative efficiencies for the Combined Fund, including the potential for the following: |

| (a) | greater investment flexibility and investment options; |

| (b) | greater diversification of portfolio investments; |

| (c) | the ability to trade portfolio securities in larger positions and more favorable transaction terms; |

| (d) | additional sources of leverage or more competitive leverage terms and more favorable transaction terms; |

| (e) | benefits from having fewer closed-end funds offering similar                                                                                                               
 products in the market, including an increased focus by investors on the remaining funds in the market (including the Combined Fund) and additional research coverage; and |

| (f) | benefits from having fewer similar funds in the same fund complex, including a simplified operational model 
 and a reduction in risk of operational, legal and financial errors.                                         |

The Board of each Fund, including Board Members thereof who are not “interested persons” (as defined in the 1940 Act), approved its Reorganization(s), Reorganization Agreement(s) and the Issuances, as applicable, concluding that the 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 NAV and liquidation preference, respectively, as a result of the Reorganization(s). As a result of the Reorganizations, however, common and preferred shareholders of each Fund may hold a reduced percentage of ownership in the larger Combined Fund than they did in any of the individual Funds before the Reorganizations. Each Board’s conclusion was based on each Board Member’s business judgment after consideration of all relevant factors taken as a whole with respect to its Fund and the Fund’s common and preferred shareholders, although individual Board Members may have placed different weight on various factors and assigned different degrees of materiality to various factors. iii

Because the shareholders of each Fund will vote separately on the Fund’s respective Reorganization(s) or Issuances, as applicable, there are multiple potential combinations of Reorganizations. To the extent any Reorganization is not completed, any expected expense savings by the Combined Fund, or other potential benefits resulting from the Reorganizations, may be reduced. If a Reorganization is not consummated, then the Investment Advisor may, in connection with ongoing management of the Fund for which such