Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 254

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 254
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. 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 by assets and revenues of non-governmental issuers (“Managed Assets” means the total assets of BLE (including any assets attributable to money borrowed for investment                                                  
 purposes) minus the sum of BLE’s accrued liabilities (other than money borrowed for investment purposes, including liabilities represented by tender option bond (“TOB”) leverage and the liquidation preference of BLE’s VMTP            
 Shares).                                                                                                                                                                                                                                  |

| 2. | With respect to 75% of its Managed Assets, invest more than 5% of the value of its Managed Assets in the   
 securities of any single issuer or purchase more than 10% of the outstanding securities of any one issuer. |

| 3. | 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. |

| 4. | Make loans of money or property to any person, except through loans of portfolio securities, the purchase of             
 fixed income securities consistent with BLE’s investment objective and policies or the entry into repurchase agreements. |

| 5. | Underwrite the securities of other issuers, except to the extent that in connection with the disposition of 
 portfolio securities or the