Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 246

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 246
---
 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 sale of its own securities BLE may be deemed to be an underwriter.              |

| 6. | Purchase or sell real estate or interests therein other than municipal securities secured by real estate or                                
 interests therein, provided that BLE may hold and sell any real estate acquired in connection with its investment in portfolio securities. |

B-2

| 7. | Purchase or sell commodities or commodity contracts for any purposes except as, and to the extent, permitted                                   
 by applicable law without BLE becoming subject to registration with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool. |

For purposes of applying the limitation set forth in subparagraph (1) above, 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 are not considered to represent industries. However, obligations backed only by the assets and revenues of non-governmental issuersmay for this purpose be deemed to be issued by such non-governmental issuers.Thus, the 25% limitation would apply to such obligations. It is nonetheless possible that BLE may invest more than 25% of its total assets in a broader economic sector of the