Company: BLE
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230217
Chunk: 7

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 7
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 by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication                                                                                            
 of future results.                                                                                                                                                                                                                                                  |
| (b) | Tax equivalent yield assumes the maximum marginal U.S. federal tax rate of 40.8%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income,                                                                                                 
 exemptions anddeductions. Lower taxes will result in lower tax equivalent                                                                                                                                                                                           
 yields.                                                                                                                                                                                                                                                             |
| (c) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.                                                                                                               |
| (d) | Represents VMTP Sharesand TOB Trustsas a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOBTrusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other 
 instruments that may give rise to economic leverage. For a discussion of leveraging techniquesutilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.                                                           |

Market Price and Net Asset Value Per Share Summary

|                      | 07/31/25 | 07/31/24 |   Change |   High |    Low |
| Closing Market Price |   $10.63 |   $12.19 | (12.80)% | $13.15 | $10.45 |
| Net Asset Value      |    11.62 |    13.07 |   -11.09 |  13.37 |  11.31 |

GROWTH OF $10,000 INVESTMENT (a) Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices. (b) A benchmark that is designed to track the USD-denominated long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Fund Summary 5

Fund Summary as of July 31, 2025 (continued) BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Performance Returns for the period ended July 31, 2025 were as follows:

|                                            | Average Annual Total Returns |         |          |
|                                            |                       1 Year | 5 Years | 10 Years |
| Fund at NAV(a)(b)                          |