Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 83

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 83
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| • |     | the risk that fluctuations in interest rates or dividend rates on any leverage that the Acquiring Fund must 
 pay will reduce the return to the common shareholders;                                                      |

| • |     | the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset                                                 
 value of the common shares than if the Acquiring Fund were not leveraged, which may result in a greater decline in the market price of the common shares; |

| • |     | leverage may increase operating costs, which may reduce total return. |

Any decline in the net asset value of the Acquiring Fund’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Acquiring Fund’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Acquiring Fund were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares. Tender Option Bonds Risk: The Acquiring Fund’s participation in tender option bond transactions may reduce the Acquiring Fund’s returns and/or increase volatility. Investments in tender option bond transactions expose the Acquiring Fund to counterparty risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid to the Acquiring Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for fixed rate municipal securities in a rising interest rate environment. The Acquiring Fund may invest special purpose trusts formed for the purpose of holding municipal bonds contributed by one or more funds (“TOB Trusts”) on either a non-recourseor recourse basis. If the Acquiring Fund invests in a TOB Trust on a recourse basis, it could suffer losses in excess of the value of its TOB Residuals. Illiquid Investments Risk:The Acquiring Fund may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Acquiring Fund may not be able to readily dispose of such investments at prices that approximate those at which the Ac