Company: BLE
Filing Date: 2025-09-08
Form Type: DEF 14A
Source: 0001193125-25-198164
Chunk: 259

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-09-08
Form: DEF 14A
Chunk 259
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 be determined in accordance with the principles set forth above. The foregoing restrictions do not limit the percentage of BYM’s assets that may be invested in Municipal Bonds insured by any given insurer. As a fundamental policy, under normal market conditions, BYM will invest at least 80% of its Managed Assets in Municipal Bonds, the interest of which is exempt from federal income tax, including the alternative minimum tax. Under the 1940 Act, BYM may invest up to 10% of its total assets in the aggregate in shares of other investment companies and up to 5% of its total assets in any one investment company, provided the investment does not represent more than 3% of the voting stock of the acquired investment company at the time such shares are purchased. As a shareholder in any investment company, BYM will bear its ratable share of that investment company’s expenses, and will remain subject to payment of BYM’s advisory fees and other expenses with respect to assets so invested. Holders of common shares will therefore be subject to duplicative expenses to the extent BYM invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks described herein and in this Proxy Statement. The net asset value and market value of leveraged shares will be more volatile and the yield to shareholders will tend to fluctuate more than the yield generated by unleveraged shares. In addition to the foregoing fundamental investment policies, BYM is also subject to the following non-fundamental restrictions and policies, which may be changed by the board of trustees. BYM 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 BYM’s Managed Assets and BYM’s aggregate short sales of a particular class of securities does not exceed 25% of 
 the then outstanding securities of that class. BYM 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, BYM 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 exemptive relief obtained thereunder; or |

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