Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 91

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 91
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 objective by investing, as a fundamental policy at least 80% of an
aggregate of the Acquiring Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in a portfolio of municipal obligations issued by or on behalf of states,
territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax
purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) (“MHD Municipal Bonds”). The Acquiring Fund may invest directly in such securities or synthetically through the use
of derivatives.

The Acquiring Fund’s investment objective and its policy of investing at least 80% of an aggregate of the Acquiring
Fund’s net assets (including proceeds from the issuance of any preferred stock) and the proceeds of any borrowings for investment purposes, in MHD Municipal Bonds are fundamental policies that may not be changed without the approval of the
holders of a majority of the outstanding Common Stock and the outstanding preferred stock, including the VMTP Shares, voting together as a single class, and of the holders of a majority of the outstanding preferred stock, 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.

The Acquiring Fund’s investment policies provide that it will invest at least 75% of its
total assets in a portfolio of MHD Municipal Bonds that are commonly referred to as “investment grade” securities, which are obligations rated at the time of purchase within the four highest quality ratings as determined by either
Moody’s (currently Aaa, Aa, A and Baa), S&P (currently AAA, AA, A and BBB) or Fitch (currently AAA, AA, A and BBB). In the case of short-term notes, the investment grade rating categories are SP-1+
through SP-2 for S&P, MIG-1 through MIG-3 for Moody’s and F-1+ through F-3 for Fitch. In the case of tax exempt commercial paper, the investment grade rating categories are