Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 12

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 12
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    1.53 |                         6.48 |   -2.78 |     1.00 |
| National Customized Reference Benchmark(c) |    1.12 |                         2.62 |    0.90 |      N/A |
| Bloomberg Municipal Bond Index(d)          |    1.05 |                         2.08 |    0.73 |     2.12 |

| (a) 
 (b) 
 (c) | All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.                                                                                                                                                
 TheFund’s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.                                                                                                                                                  
 The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg MunicipalBond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016. |
|:----|:-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.                                                                                                                              |

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 .

Fund Summary 9

Fund Summary as of January 31, 2025 (continued) BlackRock Municipal Income Trust II (BLE) The following discussion relates to the Fund’s absolute performance based on NAV: Income contributed to the Fund’s return during the reporting period, but the benefit was largely offset by the impact of falling prices. The bond market faced headwinds from concerns that robust economic growth and sticky inflation would prompt the U.S. Federal Reserve to slow the pace of its interest rate cuts. In this environment, the Fund’s holdings in longer-maturity bonds generally experienced