Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 248

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 248
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 exceed 25% of the 
 then outstanding securities of that class. BLE 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, BLE 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 regulations promulgated or exemptive relief obtained 
 thereunder.                                                                                                                                       |

| C. | Purchase securities of companies for the purpose of exercising control. |

The restrictions and other limitations set forth in BLE’s Prospectus and the SAI will apply only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of the acquisition of securities. Any investment policy or restriction described in the Prospectus or in this SAI is deemed to be a non-fundamental policyor restriction of BLE, unless otherwise stated. B-3

BLE’s VMTP Shares are assigned long-term ratings by Moody’s and Fitch. In order to maintain the required ratings, BLE is required to comply with certain investment quality, diversification and other guidelines established by Moody’s and Fitch. Such guidelines may be more restrictive than the restrictions set forth above. BLE does not anticipate that such guidelines would have a material adverse effect on its ability to achieve its investment objective. Moody’s and Fitch receive fees in connection with their ratings issuances. BLE is also subject to certain covenants and requirements under the terms of the VMTP Shares and related documents. Such requirements may be more restrictive than the restrictions set forth above. BLE does not anticipate that such requirements would have a material adverse effect on its ability to achieve its investment objective. BYM The following are fundamental investment restrictions of BYM and may not be changed without the approval of the holders of a majority of BYM’s outstanding Common Shares and outstanding Preferred Shares, voting together as a single class, and a majority of the outstanding Preferred Shares, 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 shares represented at a meeting at which more than 50% of the outstanding shares of each class of shares are represented or (ii) more than 50% of the outstanding shares of each class of shares). BYM may not:

| 1.