Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 252

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 252
---
 that if the security is backed only by the assets and revenues of a non-governmententity then the entity with the ultimate responsibility for the payment of interest and principal may be regarded as the sole issuer. These tax-relatedlimitations may be changed by the Board of Trustees of BYM to the extent necessary to comply with changes in the federal tax requirements. In order to obtain and maintain the desired ratings for the VMTP Shares from Moody’s and Fitch and to comply with the Eligible Assets requirement of the Statement of Preferences, BYM will be required to comply with investment B-5

quality, diversification and other guidelines established by Moody’s and Fitch. Such guidelines will likely be more restrictive than the restrictions set forth above. BFK The following are fundamental investment restrictions of BFK and may not be changed without the approval of the holders of a majority of BFK’s outstanding Common Stock and outstanding shares of VMTP Shares and any other Preferred Stock, voting together as a single class, and a majority of the outstanding shares of VMTP Shares and any other Preferred Stock, voting as a separate class (which for this purpose and under the 1940 Act means the lesser of (i) 67% of the shares of each class of capital stock represented at a meeting at which more than 50% of the outstanding shares of each class of capital stock are represented or (ii) more than 50% of the outstanding shares of each class of capital stock). Fundamental Investment Restrictions. Under these fundamental investment restrictions, BFK may not:

| 1. | Invest 25% or more of the value of its total assets in any one industry, provided that this limitation does                                                                                              
 not apply to securities of the U.S. Government, any state government or their respective agencies, or instrumentalities and securities backed by the credit of any federal or state governmental entity. |

| 2. | Issue senior securities or borrow money other than as permitted by the 1940 Act or pledge its assets other                                                                
 than to secure such issuances or in connection with hedging transactions, short sales, when-issued and forward commitment transactions and similar investment strategies. |

| 3. | Make loans of money or property to any person, except through loans of portfolio securities, the purchase of             
 fixed income securities consistent with BFK’s investment objective and policies or the entry into repurchase agreements. |

| 4. | Underwrite the securities of other issuers, except to the extent that in connection with the disposition of 
 portfolio securities or the sale of