Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 135

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 135
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 borrowings in the aggregate, or (ii) treats such transactions as derivatives transactions under Rule
18f-4.

Future regulatory requirements or SEC guidance may necessitate more onerous contractual or
regulatory requirements, which may increase the costs or reduce the degree of potential economic benefits of TOB Trust transactions or limit BLE’s ability to enter into or manage TOB Trust transactions.

Lending of Securities

See “The
Acquiring Fund’s Investments—Lending of Securities” for a discussion of the securities lending arrangements applicable to BLE.

BYM’s Investment Objective and Policies

BYM’s investment objective is to provide current income exempt from federal income taxes, including the alternative minimum tax.
BYM’s investment policies provide that, under normal circumstances, BYM as a fundamental policy will invest at least 80% of its managed assets in securities that pay interest that is, or make other distributions that are, exempt from federal
income tax, including the alternative minimum tax and/or state and local personal taxes, regardless of the technical structure of the issuer of the instrument (“Municipal Bonds”) that pay interest that is exempt from federal income tax,
including the alternative minimum tax. BYM’s investment policies provide that BYM will not invest in any bond if the interest on that bond is subject to the alternative minimum tax. BYM may invest directly in securities or synthetically
through the use of derivatives. BYM cannot change its investment objectives or its policy of investing 80% of its managed assets in bonds that pay interest that is exempt from federal income tax, including the alternative minimum tax without the
approval of the holders of a majority of the outstanding common shares and the outstanding preferred shares, including the Variable Rate Muni Term Preferred Shares (“VMTP Shares”), voting together as a single class, and of the holders of
a majority of the outstanding preferred shares, including the VMTP Shares, voting as a separate class. A majority of the outstanding means (1) 67% or more of the shares present at a meeting, if the holders of more than 50% of the outstanding shares
are present or represented by proxy, or (2) more than 50% of the outstanding shares, whichever is less.

BYM invests at least 80% of
its managed assets in municipal bonds that are investment grade quality at the time of investment. Investment grade quality means that such bonds are rated, at the time of investment, within the four highest grades (Baa or BBB or better by
Moody’s Investors Service