Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 50

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 50
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 fund’s distribution level over time. A Fund’s earnings and net investment income are variables which depend on many factors, including its 16

asset mix, portfolio turnover level, the amount of leverage utilized by the Fund, the costs of such leverage, the performance of its investments, the movement of interest rates and general market
conditions. In addition, the Combined Fund’s future earnings will vary depending upon the combination of completed Reorganizations. There can be no assurance that the future earnings of a Fund, including the Combined Fund after the
Reorganizations, will remain constant.

Potential Effects of the Reorganizations on Premium/Discount to NAV of Common Shares. Each
Board noted that the common shares of its Fund have historically traded at both a premium and a discount. As of July 31, 2025, the NAV per common share of BLE was $10.75 and the market price per common share of BLE was $9.82, representing a
discount to NAV of (8.65)%, the NAV per common share of BYM was $11.39 and the market price per common share of BYM was $10.42, representing a discount to NAV of (8.52)%, the NAV per common share of BFK was $10.39 and the market price per common
share of BFK was $9.57, representing a discount to NAV of (7.89)%, the NAV per common share of MUE was $10.33 and the market price per common share of MUE was $9.40, representing a discount to NAV of (9.00)%, and the NAV per common share of the
Acquiring Fund was $12.10 and the market price per common share of the Acquiring Fund was $11.12, representing a discount to NAV of (8.10)%. The Boards of BLE, BYM, BFK and MUE noted that to the extent BLE’s, BYM’s, BFK’s and
MUE’s common shares are trading at a wider discount (or a narrower premium) than the Acquiring Fund at the time of the Reorganizations, BLE’s, BYM’s, BFK’s and MUE’s common shareholders would have the potential for an
economic benefit by the narrowing of the discount or widening of the premium. The Boards of BLE, BYM, BFK and MUE also noted that to the extent the BLE’s, BYM’s, BFK’s or MUE’s common shares are trading at a narrower discount