Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 145

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 145
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 common shares. BFK may purchase insured bonds and may purchase insurance for bonds in its portfolio.

BFK 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 BFK to an alternative minimum tax. The percentage of BFK’s
total assets invested in private activity bonds will vary from time to time. BFK has not established any limit on the percentage of its portfolio that may be invested in Municipal Bonds subject to the alternative minimum tax provisions of federal
tax law, and BFK expects that a portion of the income it produces will be includable in alternative minimum taxable income.

The average
maturity of BFK’s portfolio securities varies from time to time based upon an assessment of economic and market conditions by the Manager. BFK’s portfolio at any given time may include both long-term and intermediate-term Municipal
Bonds.

BFK’s stated expectation is that it will invest in Municipal Bonds that, in the Manager’s opinion, are underrated or
undervalued. Underrated Municipal Bonds are those whose ratings do not, in the opinion of the Manager, reflect their true higher creditworthiness. Undervalued Municipal Bonds are bonds that, in the opinion of the Manager, are worth more than the
value assigned to them in the marketplace. The Manager may at times believe that bonds associated with a particular municipal market sector (for example, but not limited to electric utilities), or issued by a particular municipal issuer, are
undervalued. The Manager may purchase those bonds for BFK’s portfolio because they represent a market sector or issuer that the Manager considers undervalued, even if the value of those particular bonds appears to be consistent with the value
of similar bonds. 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 Municipal Bonds of the market sector for reasons that do not apply to the particular Municipal Bonds that are considered undervalued. BFK’s investment in underrated or
undervalued Municipal Bonds will be based on the Manager’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