Company: BLE
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230217
Chunk: 15

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 15
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 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 75% of its assets in municipal bonds rated investment grade or, if unrated, are deemed to be of comparable quality by the investment adviser at the time of investment and invests primarily in long-term municipal bonds with a maturity of more than ten years 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 each of BlackRock Municipal Income Trust (BFK), BlackRock Municipal Income Trust II (BLE) and BlackRock Municipal Income Quality Trust (BYM) (collectively, the “Target Funds”) and the Board of Directors of the Fund approved the reorganization of the Target Funds into MHD, with MHD continuing as the surviving Fund. On June 6, 2025, the Board of Directors of each of BlackRock MuniHoldings Quality Fund II, Inc. (MUE) and the Fund each approved the reorganization of MUE into 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 occur in the fourth quarter of 2025. Fund Information

| Symbol on New York Stock Exchange                             
 Initial Offering Date                                         
 Yield on Closing Market Price as of July 31, 2025 ($11.12)(a) |         MHD 
 May 2, 1997 
       6.42% |
|:--------------------------------------------------------------|------------:|
| Tax Equivalent Yield(b)                                       |      10.84% |
| Current Monthly Distribution per Common Share(c)              |   $0.059500 |
| Current Annualized Distribution per Common                    
 Share(c)                                                      |   $0.714000 |
| Leverage as of July 31, 2025(d)                               |         41% |

| (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. federal tax rate of 40.8%, which includes the 3.8