Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 94

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 94
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 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 limited to electric utilities), or issued by a particular municipal issuer, are undervalued. The Investment Advisor may purchase those bonds for the Acquiring Fund’s portfolio because they represent
a market sector or issuer that the Investment Advisor considers undervalued, even if the value of those particular bonds appears to be consistent with the value of similar bonds. MHD 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 MHD
Municipal Bonds of the market sector for reasons that do not apply to the particular MHD Municipal Bonds that are considered undervalued. The Acquiring Fund’s investment in underrated or undervalued MHD Municipal Bonds will be based on the
Investment Advisor’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 to the market, to
reflect their true value. Any capital appreciation realized by the Acquiring Fund will generally result in capital gain distributions subject to federal capital gains taxation.

The Acquiring Fund ordinarily does not intend to realize significant investment income not exempt from federal income tax. From time to time,
the Acquiring Fund may realize taxable capital gains.

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Federal tax legislation has limited the types and volume of bonds the interest on which
qualifies for a federal income tax exemption. As a result, this legislation and legislation that may be enacted in the future may affect the availability of municipal bonds for investment by the Ac