Fund Description: The BlackRock Municipal Income Trust is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. <p> INVESTMENT OBJECTIVE: The BlackRock Municipal Income Trust II seeks to provide current income exempt from regular Federal income tax. The Trust will invest primarily in municipal bonds that pay interest that is exempt from regular Federal income tax. The Trust will invest in municipal bonds that, in the opinion of the Trust's investment advisor and sub-advisor, are underrated or undervalued. Under normal market conditions, the Trust expects to be fully invested in these tax-exempt municipal bonds. The Trust will invest at least 80% of its total assets in municipal bonds that at the time of investment are investment grade quality. The Trust may invest directly in such securities or synthetically through the use of derivatives. <p> TRUST MANAGEMENT: BlackRock Advisors, LLC serves as the Fund’s investment advisor. BlackRock Financial Management, Inc. serves as the Fund's sub-advisor.