Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 12

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 12
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 to the Reorganizations.

| Q: | How similar are the Funds? |

A: The Funds have the same investment adviser, officers and directors. BLE, BYM and BFK are each formed as a Delaware statutory trust and MUE and the Acquiring Fund are each formed as a Maryland corporation. Each of the Acquiring Fund, BLE, BYM, BFK and MUE has its common shares listed on the NYSE. Each Fund has privately placed VMTP Shares outstanding. Each Fund is managed by a team of investment professionals comprised of Walter O’Connor, CFA, Christian Romaglino, CFA, Kevin Maloney, CFA, Phillip Soccio, CFA, Michael Kalinoski, CFA, and Kristi Manidis. Following the Reorganizations, it is expected that the Combined Fund will be managed by the same team of investment professionals. The investment objective, significant investment strategies and operating policies, and investment restrictions of the Combined Fund will be those of the Acquiring Fund, which are similar to those of BLE, BYM, BFK and MUE, although there are some differences. Investment Objective:

| BLE                                                                                                    |     | BYM                                                                                                           |     | BFK                                                                                            |     | MUE                                                                                                       |     | Acquiring Fund                                                                                            |
|                                                                                                        |     |                                                                                                               |     |                                                                                                |     |                                                                                                           |     | -MHD                                                                                                      |
| The Fund’s investment objective is to provide current income exempt from regular federal income taxes. |     | The Fund’s investment objective is to provide current income exempt from U.S. federal income taxes, including 
 the alternative minimum tax.                                                                                  |     | The Fund’s investment objective is to provide current income exempt from federal income taxes. |     | The Fund’s investment objective is to provide stockholders with current income exempt from federal income 
 taxes.                                                                                                    |     | The Fund’s investment objective is to provide stockholders with current income exempt from federal income 
 taxes.                                                                                                    |

Municipal Bonds: Below is a comparison of each Fund’s investment policy with respect to municipal bonds, the interest of which is exempt from federal income tax.

| BLE                                                                                                                                                                                                                          |     | BYM                                                                                                                                                                                                                           |     | BFK                                                                                                                                                                                                                |     | MUE                                                                                                                                                                                                                           |     | Acquiring Fund                                                                                                                                                                                                                |
|                                                                                                                                                                                                                              |     |                                                                                                                                                                                                                               |     |                                                                                                                                                                                                                    |     |                                                                                                                                                                                                                               |     | -MHD                                                                                                                                                                                                                          |
| As a fundamental