Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 66

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 66
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 Combined Fund’s utilization of BLE, BYM, BFK or MUE’s capital loss carryforward as compared with what each Fund’s utilization of its own capital loss carryforward would be without the Reorganizations. The ability of each Fund (and the Combined Fund) to utilize any capital loss carryforwards now or in the future depends on many variables and assumptions, including but not limited to, projected performance of a Fund, the unrealized gain/loss position of a Fund, the types of securities held by a Fund, the current and future market environment (including the level of interest rates), portfolio turnover and applicable law, and is, therefore, highly uncertain. As of July 31, 2025, the Funds’ unused capital loss carryforwards, which have no expiration date and may be carried forward indefinitely, were as follows: Capital Loss Carryforward Amount

| BLE            |     | BYM           |     | BFK            |     | MUE           |     | Acquiring Fund 
 (MHD)          |
| $(103,151,415) |     | $(48,848,489) |     | $(106,918,764) |     | $(40,070,578) |     | $(134,421,377) |

26

Due to the operation of these tax loss limitation rules, it is possible that shareholders of
BLE, BYM, BFK or MUE or the Acquiring Fund would receive taxable distributions of short-term and long-term capital gains earlier than they would have in the absence of the Reorganizations. Such taxable distributions will be treated either as
ordinary income (and not as favorably taxed “qualified dividend income”) if such capital gains are short-term or as favorably taxed capital gain dividends if such capital gains are long-term. The actual financial effect of the loss
limitation rules on a shareholder of BLE, BYM, BFK or MUE whose losses are subject to the loss limitation rules would depend on many variables, including BLE, BYM, BFK or MUE’s expected growth rate if the relevant Reorganization were not to
occur (i.e., whether, in the absence of the Reorganizations, BLE, BYM, BFK or MUE would generate sufficient capital gains against which to utilize its capital loss carryforwards (and certain realized
built-in losses), in excess of what would have been the “annual loss limitation amount” had the relevant Reorganizations occurred), the timing and amount of future capital gains recognized by the
Combined