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

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 25
---
 Quality Fund II, Inc. (MQT)

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)                          |                      (5.60)% | (1.54)% |    2.12% |
| Fund at Market Price(a)(b)                 |                        -4.74 |   -1.84 |     2.23 |
| National Customized Reference Benchmark(c) |                        -0.09 |    0.35 |      N/A |
| Bloomberg Municipal Bond Index             |                         0.00 |    0.13 |     2.11 |

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results. The Fund is presenting the performance of one or more indices for informational purposes only. The Fund is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Fund’s investment strategies, portfolio components or past or future performance. More information about the Fund’s historical performance can be found in the “Closed End Funds” section of blackrock.com . The following discussion relates to the Fund’s absolute performance based on NAV: Income was the largest contributor to absolute performance, but the benefit was offset by the adverse impact of falling municipal bond prices. The Fund’s use of leverage helped augment income due to the combination of lower borrowing costs—a function of interest rate cuts by the U.S. Federal Reserve—and rising yields on longer-term bonds. Holdings in bonds with maturities of less than ten years generally produced positive returns. On the other hand, bonds with maturities greater than ten years and/or lower coupon structures generally posted negative returns given their higher interest rate sensitivity. At the sector level, corporate-backed was the only positive contributor. This was largely a function of the sector’s shorter maturity profile. Transportation, healthcare, and taxed-backed were the largest detractors. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.

24 2025 BlackRock Annual Report to Shareholders

Fund Summary as of July 31