Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 94

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 94
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electric utilities), or issued by a particular municipal issuer, are undervalued. The Investment Advisor may purchase those bonds for the Acquiring Fund’s portfolio because they represent a market sector or issuer that the Investment Advisor
considers undervalued, even if the value of those particular bonds appears to be consistent with the value of similar bonds. MHD Municipal Bonds of particular types (for example, but not limited to hospital bonds, industrial revenue bonds or bonds
issued by a particular municipal issuer) may be undervalued because there is a temporary excess of supply in that market sector, or because of a general decline in the market price of MHD Municipal Bonds of the market sector for reasons that do not
apply to the particular MHD Municipal Bonds that are considered undervalued. The

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Acquiring Fund’s investment in underrated or undervalued MHD Municipal Bonds will be based on the Investment Advisor’s belief that their yield is higher than that available on bonds
bearing equivalent levels of interest rate risk, credit risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. Any capital appreciation realized by the Acquiring Fund will
generally result in capital gain distributions subject to federal capital gains taxation.

The Acquiring Fund ordinarily does not intend
to realize significant investment income not exempt from federal income tax. From time to time, the Acquiring Fund may realize taxable capital gains.

Federal tax legislation has limited the types and volume of bonds the interest on which qualifies for a federal income tax exemption. As a
result, this legislation and legislation that may be enacted in the future may affect the availability of municipal bonds for investment by the Acquiring Fund.

Description of MHD Municipal Bonds

MHD
Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general operating expenses and
loans to other public institutions and facilities. In addition, certain types of private activity bonds (“”) are issued by or on behalf of public authorities to finance various privately owned or operated facilities, including
among other things, airports, public ports, mass commuting facilities, multi-family housing projects, as well as facilities for water supply, gas, electricity, sewage or solid waste disposal and other specialized facilities. Other types of PABs, the
proceeds of which are used for the construction, equipment or improvement of privately operated industrial or commercial facilities, may