Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 93

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 93
---
 the insured obligations or the net asset value of the Common Stock. The Acquiring Fund may purchase insured bonds and may purchase insurance for bonds in its portfolio.

The Acquiring Fund may invest in certain tax exempt securities classified as “private activity bonds” (or industrial development
bonds, under pre-1986 law) (in general, bonds that benefit non-governmental entities) that may subject certain investors in the Acquiring Fund to an alternative minimum
tax. The percentage of the Acquiring Fund’s total assets invested in private activity bonds will vary from time to time. The Acquiring Fund has not established any limit on the percentage of its portfolio that may be invested in MHD Municipal
Bonds subject to the federal alternative minimum tax provisions of federal tax law, and the Acquiring Fund expects that a portion of the income it produces will be includable in alternative minimum taxable income. VMTP Shares therefore would not
ordinarily be a suitable investment for investors who are subject to the federal alternative minimum tax or who would become subject to such tax by purchasing VMTP Shares. The suitability of an investment in VMTP Shares will depend upon a comparison
of the after-tax yield likely to be provided from the Acquiring Fund with that from comparable tax-exempt investments not subject to the alternative minimum tax, and
from comparable fully taxable investments, in light of each such investor’s tax position. Special considerations may apply to corporate investors.

The Acquiring Fund also may not invest more than 25% of its total assets (taken at market value at the time of each investment) in MHD
Municipal Bonds whose issuers are located in the same state.

The average maturity of the Acquiring Fund’s portfolio securities
varies from time to time based upon an assessment of economic and market conditions by the Investment Advisor. The Acquiring Fund’s portfolio at any given time may include both long-term, intermediate-term and short-term MHD Municipal Bonds.

The Acquiring Fund’s stated expectation is that it will invest in MHD Municipal Bonds that, in the Investment Advisor’s
opinion, are underrated or undervalued. Underrated MHD Municipal Bonds are those whose ratings do not, in the opinion of the Investment Advisor, reflect their true higher creditworthiness. Undervalued MHD Municipal Bonds are bonds that, in the
opinion of the Investment Advisor, are worth more than the value assigned to them in the marketplace. The Investment Advisor may at times believe that bonds associated with a particular municipal market sector (for example, but not