Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 251

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 251
---
 leverage risks described herein and in this Proxy Statement. The net asset value and market value of leveraged shares will be more volatile and the yield to shareholders will tend to fluctuate more than the yield generated by unleveraged shares. In addition to the foregoing fundamental investment policies, BYM is also subject to the following non-fundamental restrictions and policies, which may be changed by the board of trustees. BYM may not:

| a) | make any short sale of securities except in conformity with applicable laws, rules and regulations and                                                                                                                                          
 unless, after giving effect to such sale, the market value of all securities sold short does not exceed 25% of the value of BYM’s Managed Assets and BYM’s aggregate short sales of a particular class of securities does not exceed 25% of the 
 then outstanding securities of that class. BYM may also make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale, BYM owns or has the immediate and unconditional right to   
 acquire at no additional cost the identical security;                                                                                                                                                                                           |

| b) | purchase securities of open-end or                                                                                     
 closed-end investment companies except in compliance with the 1940 Act or any exemptive relief obtained thereunder; or |

| c) | purchase securities of companies for the purpose of exercising control. |

If a percentage restriction on the investment policies or the investment or use of assets set forth above is adhered to at the time a transaction is effected, later changes in percentage resulting from changing values will not be considered a violation. BYM is classified as diversified within the meaning of the 1940 Act, which means that BYM is limited by the 1940 Act in the proportion of its assets that it may invest in securities of a single issuer. To qualify, BYM must comply with certain requirements, including limiting its investments so that at the close of each quarter of the taxable year, with respect to 75% of the market value of its total assets, not more than 5% of the market value of its total assets will be invested in the securities of a single issuer and BYM will not own more than 10% of the outstanding voting securities of a single issuer. For purposes of this restriction, BYM will regard each state and each political subdivision, agency or instrumentality of such state and each multi-state agency of which such state is a member and each public authority which issues securities on behalf of a private entity as a separate issuer, except