Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 50

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 50
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 the market (including the Combined Fund) and additional research coverage; and |

| • |     | 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 anticipated tax-free nature of the Reorganizations (except with                                                                                                         
 respect to taxable distributions, if any, from any Fund prior to, or after, the consummation of the Reorganizations, and the receipt of cash in lieu of fractional Shares); |

| • |     | the potential effects on the Funds’ capital loss carryforwards; |

| • |     | the potential effects on each Fund’s undistributed net investment income; |

| • |     | the expected costs of the Reorganizations; |

| • |     | the terms of the Reorganizations and whether the Reorganizations would dilute the interests of shareholders of 
 the Funds;                                                                                                     |

| • |     | the effect of the Reorganizations on shareholder rights; |

| • |     | alternatives to the Reorganizations for each Fund; and |

| • |     | any potential benefits of the Reorganizations to the Investment Advisor and its affiliates. |

Potential for Improved Economies of Scale and Potential for a Lower Expense Ratio. Each Board considered the fees and Total Operating Expenses of its Fund (including estimated expenses of the Combined Fund after the Reorganizations). In the Investment Advisor’s view, the most likely outcome is the Reorganizations of all of the Funds, which is also expected to result in the lowest Total Expense Ratio for the Combined Fund. If the only Reorganization discussed in this Proxy Statement that is completed is the Reorganization of MUE into the Acquiring Fund, the Combined Fund would be expected to have a higher Total Expense Ratio than if any other combination of Reorganizations were completed. [As of July 31, 2025, any combination of Reorganizations is expected to result in a Total Expense Ratio (excluding leverage expenses) for the Combined Fund that is lower than the Total Expense Ratio of each Target Fund. As of July 31, 2025, any combination of Reorganizations is expected to result in a Total Expense Ratio (including leverage expenses) for the Combined Fund that is lower than the Total Expense Ratio of each Target Fund other than BLE for which the Total Expense Ratio for the Combined Fund is expected to be the same as the Total Expense Ratio of BLE.] “Total Expenses” means a Fund’s total annual operating expenses. “Total Expense Ratio”