Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 254

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 254
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 guarantee or letter of credit would be considered a separate security and would be treated as an issue of such government, other entity or bank. When a municipal security is insured by bond insurance, it shall not be considered a security that is issued or guaranteed by the insurer; instead, the issuer of such municipal security will be determined in accordance with the principles set forth above. The foregoing restrictions do not limit the percentage of BFK’s assets that may be invested in municipal securities insured by any given insurer. Under the 1940 Act, BFK may invest up to 10% of its total assets in the aggregate in shares of other investment companies and up to 5% of its total assets in any one investment company, provided the investment does not represent more than 3% of the voting stock of the acquired investment company at the time such shares are purchased. BFK may invest a greater percentage of its assets in money market funds to the extent permitted by the 1940 Act or the Securities and Exchange Commission. As a fundamental policy, under normal market conditions, BFK will invest at least 80% of its Managed Assets in investments the interest of which is exempt from regular federal income tax (except that the interest may be subject to the federal alternative minimum tax). Non-Fundamental Investment Restrictions.Additional investment restrictions adopted by BFK, which may be changed by the Board without shareholder approval, provide that BFK may not:

| A. | Make any short sale of securities except in conformity with applicable laws, rules and regulations and                                                                                                                                        
 unless after giving effect to such sale, the market value of all securities sold short does not exceed 25% of the value of BFK’s total assets and BFK’s aggregate short sales of a particular class of securities does not exceed 25% of the  
 then outstanding securities of that class. BFK may also make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale, BFK owns or has the immediate and unconditional right to 
 acquire at no additional cost the identical security.                                                                                                                                                                                         |

| B. | Purchase securities                                                                                                                               
 of open-end or closed-end investment companies except in compliance with the 1940 Act or any regulations promulgated or exemptive relief obtained 
 thereunder.                                                                                                                                       |

| C. | Purchase securities of companies for the purpose of exercising control. |

The restrictions and other limitations set forth herein will apply only at the time of purchase of securities and will not be considered violated unless an