Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 82

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 82
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 shares. The Acquiring Fund cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Acquiring Fund employs may not be successful. Leverage involves risks and special considerations for common shareholders, including:

| ● |     | the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares 
 than a comparable portfolio without leverage;                                                                |

| ● |     | 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