Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 76

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 76
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 be required to
register its VMTP Shares for sale under the Securities Act under certain circumstances. In addition, amendments to each Fund’s VMTP Shares’ governing documents generally require the consent of the holders of VMTP Shares.

Each Fund’s VMTP Shares rank prior to each Fund’s common shares as to the payment of dividends by each Fund and distribution of
assets upon dissolution or liquidation of each Fund. The 1940 Act prohibits the declaration of any dividend on each Fund’s common shares or the repurchase of each Fund’s common shares if each Fund fails to maintain asset coverage of at
least 200% of the liquidation preference of each Fund’s outstanding VMTP Shares. In addition, pursuant to the VMTP Shares’ governing instruments, each Fund is restricted from declaring and paying dividends on classes of shares ranking
junior to or on parity with each Fund’s VMTP Shares or repurchasing such shares if each Fund fails to declare and pay dividends on the VMTP Shares, redeem any VMTP Shares required to be redeemed under the VMTP Shares’ governing instruments
or comply with the basic maintenance amount requirement of the ratings agencies rating the VMTP Shares.

The holders of each Fund’s
VMTP Shares have voting rights equal to the voting rights of the holders of their respective common shares (one vote per share) and will vote together with holders of their respective common shares (one vote

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per share) as a single class on certain matters. However, the holders of each Fund’s VMTP Shares, voting as a separate class, are also entitled to elect two trustees to the Board of each Fund. The holders of each Fund’s VMTP Shares are also entitled to elect each Fund’s full board of trustees if dividends on the VMTP Shares are not paid for a period of two years. The holders of each Fund’s VMTP Shares are also generally entitled to a separate class vote to amend the VMTP Shares’ governing documents. In addition, the 1940 Act requires the approval of the holders of a majority of any outstanding VMTP Shares, voting as a separate class, to (a) adopt any plan of reorganization that would adversely affect the VMTP Shares, (b) change each Fund’s sub-classification as a closed-end investmentcompany or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company. As of June 30, 2025, the VMTP Shares of each Fund were assigned a long-term rating of Aa1 from Moody’s