Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 11

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 11
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/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit qualityratings are subject to change. |
| (e) | The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis ofsectors and individual investments. Using this approach, the investment adviser has deemed 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 1.0% of total investments.                                                                                                      |

8 2025 BlackRock Semi-Annual Report to Shareholders

Fund Summary as of January 31, 2025 BlackRock Municipal Income Trust II (BLE)

Investment Objective BlackRock Municipal Income Trust II ’ s ( BLE ) (the “ Fund ”) investment objective is to provide current income exempt from regular U.S. federal income tax. The Fund seeks to achieve its investment objective by investing primarily 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, under normal market conditions, at least 80% of its managed assets in municipal bonds that are investment grade quality at the time of investment or, if unrated, determined to be of comparable quality by the investment adviser at the time of investment. The Fund may invest directly in 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 Trustees of each of BlackRock Municipal Income Trust (BFK), BlackRock Municipal Income Quality Trust (BYM) and the Fund, (collectively, the “Target Funds”) approved the reorganization of each Target Fund into BlackRock MuniHoldings Fund, Inc. (MHD), with MHD 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 ($10.71)(a) |           BLE 
 July 30, 2002 
         6.05% |
|:-----------------------------------------------------------------|--------------:|
| Tax Equivalent Yield