Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 142

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 142
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 permits BYM to enter into TOB Trust
transactions, reverse repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that BYM either (i) complies
with the 300% asset coverage ratio with respect to such transactions and any other 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 BYM’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 BYM.

BFK’s Investment Objective and Policies

BFK’s investment objective is to provide current income exempt from federal income taxes. As a matter of fundamental policy, under
normal market conditions, BFK will invest at least 80% of its Managed Assets in investments the income from which is exempt from federal income tax (except that the interest may be subject to the alternative minimum tax). “Managed
Assets” means BFK’s total assets (including any assets attributable to

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money borrowed for investment purposes) minus the sum of BFK’s accrued liabilities (other than money borrowed for investment purposes). BFK may invest directly in securities or
synthetically through the use of derivatives. BFK cannot change its investment objectives or the foregoing fundamental policy without the approval of the holders of a majority of the outstanding common shares and the outstanding preferred shares,
including BFK’s 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.

BFK’s investment policies provide that, under normal market conditions, BFK will invest at least 80% of its total
assets in investment grade quality municipal obligations issued by or on behalf of states, territories and possessions of the United