Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 153

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 153
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 it produces will be
includable in alternative minimum taxable income.

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

MUE’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 MUE’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. MUE’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 to the
market, to reflect their true value. Any capital appreciation realized by MUE will generally result in capital gain distributions subject to federal capital gains taxation.

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

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 MUE.

: MUE may utilize leverage to seek to enhance the yield and net asset value of its common shares