Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 256

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 256
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 of credit would be considered a separate security and would be treated as an issue of such government, other entity or bank. When a municipal security is insured by bond insurance, it shall not be considered a security that is issued or guaranteed by the insurer; instead, the issuer of such municipal security will be determined in accordance with the principles set forth above. The foregoing restrictions do not limit the percentage of BLE’s assets that may be invested in municipal securities insured by any given insurer. As a fundamental policy, under normal market conditions, BLE will invest at least 80% of its Managed Assets in Municipal Bonds, the interest of which is exempt from regular federal income tax (except that the interest may be subject to the federal alternative minimum tax). Non-Fundamental Investment Restrictions.Additional investment restrictions adopted by BLE, which may be changed by the Board without shareholder approval, provide that the Trust may not:

| A. | Make any short sale of securities except in conformity with applicable laws, rules and regulations and                                                                                                                                      
 unless, after giving effect to such sale, the market value of all securities sold short does not exceed 25% of the value of BLE’s Managed Assets and BLE’s aggregate short sales of a particular class of securities does not 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.                                                                                                                                       |

B-3

| 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. 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