Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 0

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 0
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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: 01/31/2025

| Item 1 – | Reports to Stockholders |

(a) The Reports to Shareholders are attached herewith.

January 31, 2025

| 2025 Semi-Annual Report(Unaudited) |

| 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

| Semi-AnnualReport:                    |     |
| Municipal Market Overview             |   3 |
| The Benefits and Risks of Leveraging  |   4 |
| Derivative Financial Instruments      |   4 |
| Fund Summary                          |   5 |
| Financial Statements:                 |     |
| Schedules of Investments              |  19 |
| Statements of Assets and Liabilities  |  74 |
| Statements of Operations              |  76 |
| Statements of Changes in Net Assets   |  78 |
| Statements of Cash Flows              |  82 |
| Financial Highlights                  |  84 |
| Notes to Financial Statements         |  96 |
| Additional Information                | 107 |
| Glossary of Terms Used in this Report | 110 |

2

Municipal Market Overview For