Company: BLE
Filing Date: 2025-08-07
Form Type: PRE 14A
Source: 0001193125-25-175555
Chunk: 249

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-08-07
Form: PRE 14A
Chunk 249
---
 | invest 25% or more of the value of its Managed Assets in any one industry, provided that this limitation                           
 does not apply to Municipal Bonds other than those Municipal Bonds backed only by assets and revenues of non-governmental issuers; |

| 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 BYM’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 BYM may be deemed to be an underwriter;              |

| 6. | purchase or sell real estate or interests therein other than Municipal Bonds secured by real estate or                                        
 interests therein; provided that BYM may hold and sell any real estate acquired in connection with its investment in portfolio securities; or |

| 7. | purchase or sell commodities or commodity contracts for any purposes except as, and to the extent, permitted                                   
 by applicable law without BYM 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, its agencies, or instrumentalities, and securities backed by the credit of a governmental entity are not considered to represent industries. However, obligations backed only by the assets and revenues of non-governmental issuers may for this purpose be deemed to be issued by such non-governmentalissuers. Thus, the 25% limitation would apply to such obligations. It is nonetheless possible that BYM may invest more than 25% of its Managed Assets in a broader economic sector of the market for Municipal Bonds, such as revenue obligations of hospitals and other health care facilities or electrical utility revenue obligations. BYM reserves the right to invest more than 25