Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 261

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 261
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 each class of capital stock are represented or (ii) more than 50% of the outstanding shares of each class of capital stock). Fundamental Investment Restrictions. Under these fundamental investment restrictions, BFK may not:

| 1. | Invest 25% or more of the value of its total assets in any one industry, provided that this limitation does                                                                                              
 not apply to securities of the U.S. Government, any state government or their respective agencies, or instrumentalities and securities backed by the credit of any federal or state governmental entity. |

| 2. | 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. |

| 3. | Make loans of money or property to any person, except through loans of portfolio securities, the purchase of             
 fixed income securities consistent with BFK’s investment objective and policies or the entry into repurchase agreements. |

| 4. | 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 BFK may be deemed to be an underwriter.              |

| 5. | Purchase or sell real estate or interests therein other than municipal securities secured by real estate or                                
 interests therein, provided that BFK may hold and sell any real estate acquired in connection with its investment in portfolio securities. |

B-6

| 6. | Purchase or sell commodities or commodity contracts for any purposes except as, and to the extent, permitted                                   
 by applicable law without BFK 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, any state government or their respective agencies, or instrumentalities and securities backed by the credit of any federal or state governmental entity are not considered to represent industries. However, obligations backed only by the assets and revenues of non-governmental issuersmay for this purpose be deemed to be issued by such non-governmental issuers.Thus, the 25% limitation would apply to such obligations. It is nonetheless possible that BFK may invest more than 25% of its total assets in a broader economic sector of the market for municipal obligations, such as revenue obligations of hospitals and other health care facilities or