Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 80

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 80
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 revenues derived from another source.             |

| ● |     | Private Activity Bonds Risks - Municipalities and other public authorities issue private                                                                                                                                                                  
 activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. 
 The Acquiring Fund’s investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum tax.                                                                                                               |

| ● |     | Moral Obligation Bonds Risks - Moral obligation bonds are generally issued by special                                                                                                                                  
 purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality. |

| ● |     | Municipal Notes Risks - Municipal notes are shorter term municipal debt obligations. If                                    
 there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Acquiring Fund may lose money. |

| ● |     | Municipal Lease Obligations Risks - In a municipal lease obligation, the issuer agrees to                                                                                                                   
 make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. |

| ● |     | Tax-Exempt Status Risk - The Acquiring Fund and its                                                                                                                                                                                               
 investment manager will rely on the opinion of issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds and                                                    
 payments under derivative securities. Neither the Acquiring Fund nor its investment manager will independently review the bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Acquiring Fund and its 
 shareholders to substantial tax liabilities.                                                                                                                                                                                                      |

Taxability Risk: The Acquiring Fund intends to minimize the payment of taxable income to shareholders by investing in tax-exemptor municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined to pay, or have paid, taxable income subsequent to the Acquiring Fund’s acquisition of the securities. In that event, the