Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 7

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 7
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 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 5

Fund Summary as of January 31, 2025 (continued) BlackRock Investment Quality Municipal Trust, Inc. (BKN) 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. Holdings in high yield and lower-rated investment-grade bond made a positive contribution to absolute performance. At the sector level, corporate-backed was the best performer driven by both spread tightening and income. On the other hand, holdings in longer-duration investment-grade issues detracted. (Duration is a measure of interest rate sensitivity.) The Fund’s strategy of using U.S. Treasury futures to manage interest rate risk was also a modest detractor from performance. The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results. Overview of the Fund’s Total Investments

| SECTOR ALLOCATION                            |                                |
| Sector(a)                                    | Percent of TotalInvestments(b) |
| Transportation                               |                          23.1% |
| County/City/Special District/School District |                           21.6 |
| Corporate                                    |                           14.0 |
| Utilities                                    |                           12.3 |
| State                                        |                            8.6 |
| Health                                       |                            7.7 |
| Housing                                      |                            6.1 |
| Education                                    |                            4.4 |