Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 77

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 77
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 and AA from Fitch. The annualized dividend rates for the preferred shares for each Fund for the twelve-month period ended January 31, 2025 were as follows:

| Fund |     | Rate  |
| BLE  |     | 4.69% |
| BYM  |     | 4.69% |
| BFK  |     | 4.69% |
| MUE  |     | 4.69% |

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RISK FACTORS AND SPECIAL CONSIDERATIONS

Comparison of Risks

Because of their similar investment objectives and similar investment strategies, each Fund is subject to similar investment risks associated
with an investment in common shares of the relevant Fund. With respect to the differences in risks, those risks of BLE, BYM, BFK and/or MUE that are not shared with the Acquiring Fund are generally a result of differences in the Funds’
principal investment strategies described above under “Summary—Investment Objective and Policies.”

The Combined Fund will
be managed in accordance with the same investment objective, investment strategies and investment policies, and subject to the same risks, as the Acquiring Fund. The Funds have similar investment objectives and similar investment strategies,
policies and restrictions and are subject to similar investment risks. Risk is inherent in all investing. The value of your investment in the Acquiring Fund, as well as the amount of return you receive on your investment, may fluctuate significantly
from day to day and over time. The Acquiring Fund is not meant to provide a vehicle for those who wish to exploit short-term swings in the stock market and is intended for long-term investors. An investment in common shares of the Acquiring Fund
should not be considered a complete investment program. Each shareholder should take into account the Acquiring Fund’s investment objective as well as the shareholder’s other investments when considering an investment in the Acquiring
Fund. You may lose part or all of your investment in the Acquiring Fund or your investment may not perform as well as other similar investments.

Each Fund utilizes leverage through the issuance of VMTP Shares and TOBs. See “The Acquiring Fund’s Investments—Leverage;”
“General Risks 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. After