Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 21

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 21
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 certain of these unrated securities as investment grade quality. As of January 31, 2025, the marketvalue of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.                                                                                            |

16 2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of January 31, 2025 BlackRock MuniYield Quality Fund II, Inc. (MQT)

Investment Objective BlackRock MuniYield Quality Fund II, Inc. ’ s ( MQT ) (the “ Fund ”) investment objective is to provide shareholders with as high a level of current income exempt from U.S federal income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from U.S. federal income taxes (except that the interest may be subject to the U.S federal alternative minimum tax). The Fund invests in municipal bonds which are in the three highest quality rating categories (A or better), or are deemed to be of comparable quality by the investment adviser at the time of investment. The Fund invests primarily in long-term municipal bonds with maturities of more than ten years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives. No assurance can be given that the Fund’s investment objective will be achieved. On January 20, 2025, the Board of Directors/Trustees of BlackRock Investment Quality Municipal Trust, Inc. (BKN), BlackRock MuniYield Fund, Inc. (MYD) and the Fund (collectively, the “Target Funds”) approved the reorganization of each Target Fund into BlackRock MuniYield Quality Fund, Inc. (MQY), with MQY continuing as the surviving Fund. Subject to the requisite approvals by each Fund’s respective common and preferred shareholders and the satisfaction of customary closing conditions, the reorganizations are expected to be completed in the second half of 2025. Fund Information

| Symbol on New York Stock Exchange                                
 Initial Offering Date                                            
 Yield on Closing Market Price as of January 31, 2025 ($10.18)(a) |             MQT 
 August 28, 1992 
           6.01% |
|:-----------------------------------------------------------------|----------------:|
| Tax Equivalent Yield(b)                                          |          10.15% |
| Current Monthly Distribution per Common Share(c)                 |