Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 103

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 103
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 securities it has committed to purchase before those securities are delivered to the Acquiring Fund on the settlement
date. In these cases the Acquiring Fund may realize a taxable capital gain or loss.

When the Acquiring Fund engages in when-issued,
delayed delivery or forward commitment transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Acquiring Fund’s incurring a loss or missing an opportunity to obtain a price
considered to be advantageous.

The market value of the securities underlying a commitment to purchase securities, and any subsequent
fluctuations in their market value, is taken into account when determining the market value of the Acquiring Fund starting on the day the Acquiring Fund agrees to purchase the securities. The Acquiring Fund does not earn interest on the securities
it has committed to purchase until they are paid for and delivered on the settlement date.

54

Rule 18f-4 under the 1940 Act permits the Acquiring
Fund to enter into when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“”) commitments, and
dollar rolls) and non-standard settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Acquiring Fund intends to
physically settle the transaction and the transaction will settle within 35 days of its trade date (the “”). If a when-issued, forward-settling or
non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then it is treated as a derivatives transaction under Rule 18f-4.

Yields. Yields on MHD Municipal Bonds are dependent on a variety of factors, including the general condition of the money market
and of the municipal bond market, the size of a particular offering, the financial condition of the issuer, the maturity of the obligation and the rating of the issue. The ability of the Acquiring Fund to achieve its investment objective is also
dependent on the continuing ability of the issuers of the securities in which the Acquiring Fund invests to meet their obligations for the payment of interest and principal when due. There are variations in the risks involved in holding MHD
Municipal Bonds, both within a particular classification and between classifications, depending on numerous factors. Furthermore, the rights of owners of MHD Municipal Bonds and the obligations of the issuer of such MHD Municipal Bonds may be
subject to