Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 96

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 96
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 analysis of the tax status of the interest paid by MHD Municipal Bonds held by the Acquiring Fund, but will rely on the opinion of counsel to the issuer of each
such instrument. The Acquiring Fund may also invest in MHD Municipal Bonds issued by United States Territories (such as Puerto Rico or Guam) that are exempt from regular Federal income tax. In addition to the types of MHD Municipal Bonds described
in this Proxy Statement, the Acquiring Fund may invest in other securities that pay interest or income that is, or make other distributions that are, exempt from regular Federal income tax and/or state and local personal taxes, regardless of the
technical structure of the issuer of the instrument. The Acquiring Fund treats all of such tax-exempt securities as MHD Municipal Bonds.

The yields on MHD Municipal Bonds are dependent on a variety of factors, including prevailing interest rates and the condition of the general
money market and the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. The market value of MHD Municipal Bonds will vary with changes in interest rate levels and as a result of
changing evaluations of the ability of bond issuers to meet interest and principal payments.

The Acquiring Fund has not established any
limit on the percentage of its portfolio that may be invested in PABs. The Acquiring Fund may not be a suitable investment for investors who are already subject to the federal alternative minimum tax or who would become subject to the federal
alternative minimum tax as a result of an investment in the Acquiring Fund’s Common Stock.

General Obligation Bonds. General
obligation bonds are typically secured by the issuer’s pledge of its faith, credit and taxing power for the repayment of principal and the payment of interest. The taxing power of any governmental entity may be limited, however, by provisions
of its state constitution or laws, and an entity’s creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s industrial base or
inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on federal or
state aid, access to capital markets or other factors beyond the

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state’s or entity’s control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment