Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 245

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 245
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 financial futures contracts and options 
 thereon; or                                                                                                                                                                                                                                   |

B-1

| 3. | Purchase any securities on margin, except that the Acquiring Fund may obtain such short-term credit as may                                                                                                                                          
 be necessary for the clearance of purchases and sales of portfolio securities (the deposit or payment by the Acquiring Fund of initial or variation margin in connection with financial futures contracts and options thereon is not considered the 
 purchase of a security on margin).                                                                                                                                                                                                                  |

| 4. | Make short sales of securities or maintain a short position or invest in put, call, straddle or spread                                                                                                                                                  
 options, except that the Acquiring Fund may write, purchase and sell options and futures on New York municipal bonds, municipal bonds, U.S. Government obligations and related indices or otherwise in connection with bona fide hedging activities and 
 may purchase and sell a New York municipal bond or municipal bond issuer’s rights to call all or a portion of such New York municipal bond or municipal bond for mandatory tender for purchase to require mandatory tender for the purchase of          
 related New York municipal bonds and municipal bonds.                                                                                                                                                                                                   |

If a percentage restriction on the investment or use of assets set forth above is adhered to at the time a transaction is effected, later changes in percentages resulting from changing values will not be considered a violation. BLE BLE has adopted restrictions and policies relating to the investment of BLE’s assets and its activities. Certain of the restrictions are fundamental policies of BLE and may not be changed without the approval of the holders of a majority of BLE’s outstanding common shares and outstanding preferred shares, including VMTP Shares, voting together as a single class, and a majority of the outstanding preferred shares, including the VMTP Shares, 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 shares represented at a meeting at which more than 50% of the outstanding shares of each class of shares are represented or (ii) more than 50% of the outstanding shares of each class of shares). Fundamental Investment Restrictions. Under these fundamental investment restrictions, BLE may not:

| 1. | Invest 25% or more of the value of its Managed Assets in any one industry, provided that this limitation                                                                                                                                        
 does not apply to municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities (“Municipal Bonds”) other than those Municipal Bonds 
 backed only