Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 153

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 153
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 the market value of the insured obligations or the net asset value of the common shares. MUE may purchase insured bonds and may purchase insurance for bonds in its
portfolio.

MUE may invest in certain tax exempt securities classified as “private activity bonds” (or industrial development bonds, under pre-1986 law) (“PABs”) (in general, bonds that benefit non-governmental entities) that may subject certain investors in MUE to an alternative minimum tax. The
percentage of MUE’s total assets invested in PABs will vary from time to time. MUE has not established any limit on the percentage of its portfolio that may be invested in Municipal Bonds subject to the federal alternative minimum tax
provisions of federal tax law, and MUE expects that a portion of the income 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