Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 79

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 79
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 option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Acquiring Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Acquiring Fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Acquiring Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Acquiring Fund’s performance.

| ● |     | Extension Risk - When interest rates rise, certain obligations will be paid off by the 
 obligor more slowly than anticipated, causing the value of these obligations to fall.  |

| ● |     | Prepayment Risk - When interest rates fall, certain obligations will be paid off by the                                                   
 obligor more quickly than originally anticipated, and the Acquiring Fund may have to invest the proceeds in securities with lower yields. |

Municipal Securities Risks: Municipal securities risks include the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative 35

changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:

| ● |     | General Obligation Bonds Risks - Timely payments depend on the issuer’s credit       
 quality, ability to raise tax revenues and ability to maintain an adequate tax base. |

| ● |     | Revenue Bonds Risks - These payments depend on the money earned by the particular facility 
 or class of facilities, or the amount of