Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 81

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 81
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 Acquiring Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.                                                                                                               |

| • |     | Moral Obligation Bonds Risks - Moral obligation bonds are generally issued by special                                                                                                                                  
 purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. |

| • |     | Municipal Notes Risks - Municipal notes are shorter term municipal debt obligations. If                                    
 there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Acquiring Fund may lose money. |

| • |     | Municipal Lease Obligations Risks - In a municipal lease obligation, the issuer agrees to                                                                                                                   
 make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. |

| • |     | Tax-Exempt Status Risk - The Acquiring Fund and its                                                                                                                                                                                                      
 investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and payments                                                  
 under derivative securities. Neither the Acquiring Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Acquiring Fund and its shareholders to 
 substantial tax liabilities.                                                                                                                                                                                                                             |

Taxability Risk: The Acquiring Fund intends to minimize the payment of taxable income to shareholders by investing in tax-exemptor municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income subsequent to the Acquiring Fund’s acquisition of the securities. In that event, the treatment of dividends previously paid or to be paid by the Acquiring Fund as “exempt interest dividends” could be adversely affected, subjecting the Acquiring Fund’s shareholders to increased U.S. federal income tax liabilities. Alternatively, the Acquiring Fund might enter into an agreement with the IRS to pay an agreed upon amount in lieu of the IRS adjusting individual shareholders’ income tax liabilities. If the Acquiring