Company: BLE
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230217
Chunk: 0

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 0
---
UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company
Act file number: 811-21126

Name of Fund: BlackRock Municipal Income Trust II (BLE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust II, 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2025

Date of reporting period:
07/31/2025

| Item 1 – | Reports to Stockholders |

(a) The Reports to Shareholders are attached herewith.

July 31, 2025

| 2025 Annual Report |

| BlackRock Investment Quality Municipal Trust, Inc. (BKN) |
| BlackRock Municipal Income Trust (BFK)                   |
| BlackRock Municipal Income Trust II (BLE)                |
| BlackRock MuniHoldings Fund, Inc. (MHD)                  |
| BlackRock MuniVest Fund, Inc. (MVF)                      |
| BlackRock MuniVest Fund II, Inc. (MVT)                   |
| BlackRock MuniYield Quality Fund II, Inc. (MQT)          |

| Not FDIC Insured • May Lose Value • No Bank Guarantee |

Table of Contents

Page

| AnnualReport:                                           |     |
| Municipal Market Overview                               |   3 |
| The Benefits and Risks of Leveraging                    |   4 |
| Derivative Financial Instruments                        |   4 |
| Fund Summary                                            |   5 |
| Financial Statements:                                   |     |
| Schedules of Investments                                |  26 |
| Statements of Assets and Liabilities                    |  78 |
| Statements of Operations                                |  80 |
| Statements of Changes in Net Assets                     |  82 |
| Statements of Cash Flows                                |  86 |
| Financial Highlights                                    |  88 |
| Notes to Financial Statements                           |  95 |
| Report of Independent Registered Public Accounting Firm | 107 |
| Important Tax Information                               | 108 |
| Disclosure of Investment