Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 252

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 252
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APPENDIX B FUNDAMENTAL AND NON-FUNDAMENTALINVESTMENT RESTRICTIONS Acquiring Fund The following are fundamental investment restrictions of the Acquiring Fund and may not be changed without the approval of the holders of a majority of the Acquiring Fund’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). The Acquiring Fund may not:

| 1. | Make investments for the purpose of exercising control or management; |

| 2. | Purchase or sell real estate, commodities or commodity contracts; provided, that the Acquiring Fund may                                                                                                                               
 invest in securities secured by real estate or interests therein or issued by entities that invest in real estate or interests therein, and the Acquiring Fund may purchase and sell financial futures contracts and options thereon; |

| 3. | Issue senior securities or borrow money except as permitted by Section 18 of the 1940 Act; |

| 4. | Underwrite securities of other issuers except insofar as the Acquiring Fund may be deemed an underwriter 
 under the Securities Act in selling portfolio securities;                                                |

| 5. | Make loans to other persons, except that the Acquiring Fund may purchase municipal bonds, municipal bonds                                
 and other debt securities and enter into repurchase agreements in accordance with its investment objective, policies and limitations; or |

| 6. | Invest more than 25% of its total assets (taken at market value at the time of each investment) in                                                                                                  
 securities of issuers in a single industry; provided, that for purposes of this restriction, states, municipalities and their political subdivisions are not considered to be part of any industry. |

For purposes of restriction (6), the exception for states, municipalities and their political subdivisions applies only to tax-exemptsecurities issued by such entities. Additional investment restrictions adopted by the Acquiring Fund, which may be changed by the Acquiring Fund’s Board without shareholder approval, provide that the Acquiring Fund may not:

|