Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 257

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 257
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. 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. | 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