Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 8

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 8
---
6 2025 BlackRock Semi-Annual Report to Shareholders

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

Investment Objective BlackRock Municipal Income Trust ’ s ( BFK ) (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 that pay interest that is 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 assets in municipal bonds that are investment grade, or if unrated, deemed to be of comparable quality by the investment adviser, 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 Trustees of the Fund and the Board of Trustees of each BlackRock Municipal Income Trust II (BLE) and BlackRock Municipal Income Quality Trust (BYM), (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 ($10.25)(a) |           BFK 
 July 31, 2001 
         5.85% |
|:-----------------------------------------------------------------|--------------:|
| Tax Equivalent Yield(b)                                          |         9.88% |
| Current Monthly Distribution per Common Share(c)                 |     $0.050000 |
| Current Annualized Distribution per Common Share(c)              |     $0.600000 |
| Leverage as of January 31, 2025(d)                               |           38% |

| (a) | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.                                                                                                                                                                                                                                                                                   |
| (b) | Tax equivalent yield assumes the maximum marginal U.S.