BlackRock Municipal Income Trust II NCSR Certified annual shareholder report (management investment company)

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: 07/31/2024

Date of reporting period:

07/31/2024

Item 1 –

Reports to Stockholders

(a) The Reports to Shareholders are attached herewith.

July 31, 2024

2024 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

Municipal Market Overview

For the Reporting Period Ended July 31, 2024

Municipal Market Conditions

Municipals struggled at the start of the period as recent monetary policy tightening—in which the U.S. Federal Reserve (the “Fed”) raised the Fed Funds rate to

5.25%−5.50%—weighed on the market. However, after the Fed paused in September, falling inflation and weakening economic growth quickly led to more dovish

expectations, causing a strong interest rate rally into year-end. As a result, municipals posted their strongest performance since the mid-1980s during the fourth quarter of

2023. Since, economic data has weakened slower than expected and the Fed has remained on hold, prompting mixed performance and increased volatility throughout most

of 2024. Lower-rated credits and the long-end of the yield curve performed best during the period.

Bloomberg Municipal Bond Index (a)
Total Returns as of July 31, 2024
6	months:	1.02%
12	months:	3.74%

During the 12-months ended July 31, 2024, municipal bond funds experienced net outflows totaling $12 billion (based

on data from the Investment Company Institute), as demand shifted from funds to individual bonds and ETFs. At the

same time, the market absorbed $434 billion in issuance, a large increase from the $323 billion issued during the prior

12-month period, boosted by increased borrowing needs from issuers on the back of slowing revenue growth, less

fiscal stimulus, and pent-up demand.

A Closer Look at Yields

AAA Municipal Yield Curves

Source: Thomson Municipal Market Data.

From July 31, 2023, to July 31, 2024, yields on AAA-rated 30-year municipal

bonds increased by 17 basis points (bps) from 3.51% to 3.68%, ten-year yields

increased by 25 bps from 2.57% to 2.82%, five-year yields increased by 9 bps

from 2.66% to 2.75%, and two-year yields decreased by 15 bps from 3.00% to

2.85% (as measured by Refinitiv Municipal Market Data). As a result, the

municipal yield curve steepened over the 12-month period with the spread

between two- and 30-year maturities steepening by 32 bps to a slope of 83 bps,

significantly steeper than the U.S. Treasury curve.

Outperformance throughout the period kept relative valuations at historically rich

levels, and municipal-to-Treasury ratios ended well through their five-year

averages across the curve, limiting interest from crossover investors.

Financial Conditions of Municipal Issuers

With reserves at all-time highs, debt service burden near a 50-year low, and a strong equity market fortifying pension plans, states are well-positioned to weather a potential

economic slowdown. Tax receipts have normalized with two consecutive quarters of positive growth; however, expenditures remain elevated due to inflation. Forty-six states

began their new fiscal year in July, with only three states—Massachusetts, Pennsylvania, and South Carolina—starting without a budget, though none experienced significant

disruptions. We believe the fundamental outlook remains stable for states. Local governments and school districts are particularly well situated since they continue to benefit

from the strength in the U.S. residential housing market.

Regarding revenue sectors, no subsector is immune to an economic contraction; however, most municipal issuers are ultra-defensive since they provide essential services and

can raise user fees or taxes to cover operations. Across all municipal sectors, borrowing has increased dramatically in 2024, primarily as issuers address deferred

maintenance. With the uncertainty surrounding the election, we anticipate the spike in issuance will continue, providing better options in the second half of 2024 to buy solid

credits in the primary market or discounted names in the secondary market.

The opinions expressed are those of BlackRock as of July 31, 2024 and are subject to change at any time due to changes in market or economic conditions. The comments should not be

construed as a recommendation of any individual holdings or market sectors. Investing involves risk including loss of principal. Bond values fluctuate in price so the value of your investment

can go down depending on market conditions. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values.

Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers

than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to Alternative Minimum Tax (“AMT”). Capital gains

distributions, if any, are taxable.

(a)

The Bloomberg Municipal Bond Index, a broad, market value-weighted index, seeks to measure the performance of the U.S. municipal bond market. All bonds in the index are exempt

from U.S. federal income taxes or subject to the AMT. Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. It is not possible to

invest directly in an index.

Municipal Market Overview

The Benefits and Risks of Leveraging

The Funds may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, there is no

guarantee that these objectives can be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income

earned by a Fund on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of each Fund (including the assets

obtained from leverage) are invested in higher-yielding portfolio investments, each Fund

’

s shareholders benefit from the incremental net income. The interest earned on

securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings

(less the leverage liability) is reflected in the per share NAV.

To illustrate these concepts, assume a Fund

’

s Common Shares capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of

$130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has

a strongly positive slope. In this case, a Fund

’

s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the

same time, the securities purchased by a Fund with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Fund

’

s financing cost of

leverage is significantly lower than the income earned on a Fund

’

s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common

Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit Common Shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If

interest and other costs of leverage exceed a Fund

’

s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Fund had not used leverage.

In such circumstance, the investment adviser may nevertheless determine to maintain a Fund

’

s leverage if it deems such action to be appropriate. Furthermore, the value of

the Funds’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments.

In contrast, the amount of each Fund

’

s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in

interest rates can influence the Funds’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no

assurance that a Fund

’

s intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Fund

’

s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining

market, leverage is likely to cause a greater decline in the NAV and market price of a Fund’s Common Shares than if the Fund were not leveraged. In addition, each Fund may

be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as

required by the terms of leverage instruments, which may cause the Fund to incur losses. The use of leverage may limit a Fund’s ability to invest in certain types of securities

or use certain types of hedging strategies. Each Fund incurs expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce

income to the Common Shares. Moreover, to the extent the calculation of each Fund

’

s investment advisory fees includes assets purchased with the proceeds of leverage, the

investment advisory fees payable to the Funds’ investment adviser will be higher than if the Funds did not use leverage.

To obtain leverage, each Fund has issued Variable Rate Muni Term Preferred Shares (“VMTP Shares" or “Preferred Shares”) and/or leveraged its assets through the use of

tender option bond trusts (“TOB Trusts”) as described in the Notes to Financial Statements.

Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Fund is permitted to borrow money (including through the use of TOB Trusts) or issue debt

securities up to 33 1/3% of its total managed assets or equity securities (e.g., Preferred Shares) up to 50% of its total managed assets. A Fund may voluntarily elect to limit its

leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Fund may also be subject to certain asset coverage, leverage or portfolio composition

requirements imposed by the Preferred Shares’ governing instruments or by agencies rating the Preferred Shares, which may be more stringent than those imposed by the

1940 Act.

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets

without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency

exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect

correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument.

Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or

comply with an outer limit on fund leverage risk based on value-at-risk. The Funds

’

successful use of a derivative financial instrument depends on the investment adviser’s

ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used,

may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these

instruments, if any, are discussed in detail in the Notes to Financial Statements.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Investment Objective

BlackRock Investment Quality Municipal Trust, Inc.

’

s (BKN) (the “Fund”)

investment objective is to provide high current income exempt from regular U.S. federal income

tax consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations 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). Under normal market conditions,

the Fund invests at least 80% of its assets in securities rated investment grade at the time of investment. The Fund may invest up to 20% of its assets in unrated securities that

are deemed by the investment adviser to be of comparable quality. 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 October 30, 2023, the Board of Directors of the Fund and the Board of Directors of BlackRock MuniYield Quality Fund III, Inc. (MYI) announced the withdrawal of the merger

proposal that was previously approved by the Boards pursuant to which the Fund would have been merged into MYI, with MYI continuing as the surviving fund.

Fund Information

Symbol on New York Stock Exchange	BKN
Initial Offering Date	February 28, 1993
Yield on Closing Market Price as of July 31, 2024 ($12.19) (a)	5.61%
Tax Equivalent Yield (b)	9.48%
Current Monthly Distribution per Common Share (c)	$0.057000
Current Annualized Distribution per Common Share (c)	$0.684000
Leverage as of July 31, 2024 (d)	31%

(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% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 12.19	$ 11.75	3.74 %	$ 12.51	$ 9.60
Net Asset Value	13.07	13.21	(1.06 )	13.34	11.54

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Fund Summary

as of July 31, 2024

(continued)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Performance

Returns for the period ended July 31, 2024 were as follows:

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Fund at NAV (a)(b)	4.28 %	0.59 %	3.71 %
Fund at Market Price (a)(b)	9.34	0.03	3.45
National Customized Reference Benchmark (c)	4.30	1.38	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b)	The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

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

The following discussion relates to the Fund’s absolute performance based on NAV:

The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns. Municipal bonds were also well supported by positive

economic growth, strong issuer fundamentals, and favorable supply-and-demand conditions.

Consistent with trends in the broader market, income was the largest contributor to the Fund’s performance. In terms of credit tiers, AA rated bonds were the most notable

contributors due to their large weighting in the New York municipal market. BBB rated securities, which consisted mainly of holdings in the transportation and higher education

sectors, also performed well. Holdings in the tax-backed sector further contributed, as did positions in Puerto Rico. Yield curve positioning also helped performance. A large

percentage of the Fund is held in longer-maturities, which outperformed the front and intermediate parts of the curve.

The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance. The Fund continued to use leverage, but the benefit was dampened by

increased borrowing costs brought about by the high-rate environment. A long duration positioning detracted, as well. (Duration is a measure of interest rate sensitivity.) The

Fund’s cash position had not material impact on 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.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

(continued)

BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Overview of the Fund’s Total Investments

SECTOR ALLOCATION
Sector (a)	Percent of Total Investments (b)
Transportation	24.3 %
County/City/Special District/School District	20.8
Corporate	15.5
Utilities	9.9
Health	8.4
State	7.4
Housing	6.1
Education	5.2
Tobacco	2.4

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31, (c)	Percent (b)
2024	4.2 %
2025	1.9
2026	3.7
2027	10.7
2028	6.2

CREDIT QUALITY ALLOCATION
Credit Rating (d)	Percent of Total Investments (b)
AAA/Aaa	5.1 %
AA/Aa	43.3
A	32.4
BBB/Baa	7.4
BB/Ba	3.1
B	1.5
N/R (e)	7.2

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

Fund Summary

as of July 31, 2024

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.

Fund Information

Symbol on New York Stock Exchange	BFK
Initial Offering Date	July 31, 2001
Yield on Closing Market Price as of July 31, 2024 ($10.23) (a)	5.87%
Tax Equivalent Yield (b)	9.92%
Current Monthly Distribution per Common Share (c)	$0.050000
Current Annualized Distribution per Common Share (c)	$0.600000
Leverage as of July 31, 2024 (d)	34%

(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% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 10.23	$ 10.11	1.19 %	$ 10.45	$ 8.59
Net Asset Value	11.43	11.66	(1.97 )	11.66	10.38

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

(continued)

BlackRock Municipal Income Trust (BFK)

Performance

Returns for the period ended July 31, 2024 were as follows:

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Fund at NAV (a)(b)	3.27 %	0.17 %	2.94 %
Fund at Market Price (a)(b)	6.60	(1.65 )	2.50
National Customized Reference Benchmark (c)	4.30	1.38	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b)	The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

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

The following discussion relates to the Fund’s absolute performance based on NAV:

The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns. Municipal bonds were also well supported by positive

economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.

The Fund’s positions in higher-quality, investment-grade bonds with longer duration characteristics provided positive returns. (Duration is a measure of interest rate sensitivity.)

On the other hand, securities with lower duration, higher coupons, and shorter call dates underperformed.

All sectors delivered positive returns in the period, but the transportation and corporate-backed sectors made the most significant contributions due to their large weightings in

the portfolio.

The Fund continued to use leverage, but the benefit was dampened by increased borrowing costs brought about by the high-rate environment. The Fund continued to use

U.S. Treasury futures on a limited basis in an effort to mitigate interest rate risk. This aspect of its strategy had a minimal effect on results. The Fund reduced the extent of the

risk-management strategy throughout the course of the period and was not employing it as of July 31, 2024.

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.

Fund Summary

as of July 31, 2024

(continued)

BlackRock Municipal Income Trust (BFK)

Overview of the Fund’s Total Investments

SECTOR ALLOCATION
Sector (a)	Percent of Total Investments (b)
Transportation	23.1 %
County/City/Special District/School District	21.5
Corporate	13.8
State	13.1
Utilities	9.8
Health	7.6
Tobacco	6.4
Housing	2.9
Education	1.8

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31, (c)	Percent (b)
2024	7.8 %
2025	3.8
2026	7.7
2027	8.8
2028	16.8

CREDIT QUALITY ALLOCATION
Credit Rating (d)	Percent of Total Investments (b)
AAA/Aaa	16.1 %
AA/Aa	36.4
A	31.3
BBB/Baa	6.3
BB/Ba	2.5
B	0.7
N/R (e)	6.7

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.1% of total investments.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

BlackRock Municipal Income Trust II (BLE)

Investment Objective

BlackRock Municipal Income Trust II

’

s (BLE) (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 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 managed assets in municipal bonds that are investment grade quality at the

time of investment or, if unrated, determined to be of comparable quality by the investment adviser at the time of investment. The Fund may invest directly in securities or

synthetically through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on New York Stock Exchange	BLE
Initial Offering Date	July 30, 2002
Yield on Closing Market Price as of July 31, 2024 ($10.86) (a)	5.75%
Tax Equivalent Yield (b)	9.71%
Current Monthly Distribution per Common Share (c)	$0.052000
Current Annualized Distribution per Common Share (c)	$0.624000
Leverage as of July 31, 2024 (d)	32%

(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% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The monthly distribution per Common Share, declared on September 12, 2024, was increased to $0.054000 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 10.86	$ 10.45	3.92 %	$ 10.91	$ 8.81
Net Asset Value	12.15	12.09	0.50	12.37	10.63

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Fund Summary

as of July 31, 2024

(continued)

BlackRock Municipal Income Trust II (BLE)

Performance

Returns for the period ended July 31, 2024 were as follows:

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Fund at NAV (a)(b)	5.93 %	0.86 %	3.21 %
Fund at Market Price (a)(b)	9.54	(1.54 )	2.71
National Customized Reference Benchmark (c)	4.30	1.38	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b)	The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

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

The following discussion relates to the Fund’s absolute performance based on NAV:

The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns. Municipal bonds were also well supported by positive

economic growth, strong issuer fundamentals, and favorable supply-and-demand trends.

The Fund benefited from the contribution from income at a time of elevated yields, as well as tightening credit spreads. Together, these factors helped offset the adverse effect

of rising U.S. Treasury yields. (Prices and yields move in opposite directions.)

Positions in lower-quality securities and longer-dated bonds (those with maturities of 20 to 25 years) also contributed positively. In terms of sectors, corporate-backed and

transportation issues made the largest contributions. The Fund’s use of U.S. Treasury futures to mitigate interest rate risk further enhanced results.

While holdings in high yield municipals made a meaningful contribution overall, there were several individual positions that detracted from performance. The Fund continued

to use leverage, but the benefit was dampened by increased borrowing costs brought about by the high-rate environment. The Fund’s cash position had no material impact on

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.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

(continued)

BlackRock Municipal Income Trust II (BLE)

Overview of the Fund’s Total Investments

SECTOR ALLOCATION
Sector (a)	Percent of Total Investments (b)
Transportation	23.3 %
County/City/Special District/School District	16.5
Corporate	11.4
Health	10.9
Housing	10.1
Utilities	9.2
State	9.0
Education	6.5
Tobacco	3.1

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31, (c)	Percent (b)
2024	7.9 %
2025	0.9
2026	3.0
2027	5.1
2028	12.3

CREDIT QUALITY ALLOCATION
Credit Rating (d)	Percent of Total Investments (b)
AAA/Aaa	8.5 %
AA/Aa	41.8
A	27.2
BBB/Baa	11.5
BB/Ba	2.3
B	0.8
N/R (e)	7.9

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

Fund Summary

as of July 31, 2024

BlackRock MuniHoldings Fund, Inc. (MHD)

Investment Objective

BlackRock MuniHoldings Fund, Inc.

’

s (MHD) (the “Fund”)

investment objective is to provide shareholders with current income exempt from U.S. federal income taxes. The

Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds 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 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.

Fund Information

Symbol on New York Stock Exchange	MHD
Initial Offering Date	May 2, 1997
Yield on Closing Market Price as of July 31, 2024 ($12.04) (a)	5.23%
Tax Equivalent Yield (b)	8.83%
Current Monthly Distribution per Common Share (c)	$0.052500
Current Annualized Distribution per Common Share (c)	$0.630000
Leverage as of July 31, 2024 (d)	31%

(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% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The monthly distribution per Common Share, declared on September 12, 2024, was increased to $0.059500 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 12.04	$ 11.84	1.69 %	$ 12.17	$ 9.96
Net Asset Value	13.61	13.62	(0.07 )	13.87	11.98

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

(continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

Performance

Returns for the period ended July 31, 2024 were as follows:

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Fund at NAV (a)(b)	4.86 %	0.34 %	2.96 %
Fund at Market Price (a)(b)	6.71	(2.42 )	2.53
National Customized Reference Benchmark (c)	4.30	1.38	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b)	The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

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

The following discussion relates to the Fund’s absolute performance based on NAV:

The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns. Municipal bonds were also well supported by positive

economic growth, strong issuer fundamentals, and favorable supply-and-demand conditions.

Consistent with trends in the broader market, income was the largest contributor to Fund performance. The Fund’s allocation to high yield (below investment-grade) bonds was

a key contributor, as the category outperformed on the strength of its above-average income and tightening yield spreads. Holdings in the A and BBB categories (the lower end

of the investment-grade space), helped performance, as well. At the sector level, tax-backed, corporate-backed, and higher education issues stood out as contributors. Yield

curve positioning also helped results. A large percentage of the Fund is held in longer maturities, which outperformed the front and intermediate parts of the curve.

The Fund’s use of U.S. Treasury futures to manage interest rate risk detracted from performance. The Fund continued to use leverage, but the benefit was dampened by

increased borrowing costs brought about by the high-rate environment. A long duration positioning detracted, as well. (Duration is a measure of interest rate sensitivity.)

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.

Fund Summary

as of July 31, 2024

(continued)

BlackRock MuniHoldings Fund, Inc. (MHD)

Overview of the Fund’s Total Investments

SECTOR ALLOCATION
Sector (a)	Percent of Total Investments (b)
Transportation	28.4 %
Corporate	13.9
County/City/Special District/School District	13.9
Health	11.0
Utilities	10.1
State	9.5
Housing	6.1
Education	5.6
Tobacco	1.5

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31, (c)	Percent (b)
2024	6.0 %
2025	1.8
2026	2.3
2027	5.7
2028	9.0

CREDIT QUALITY ALLOCATION
Credit Rating (d)	Percent of Total Investments (b)
AAA/Aaa	5.9 %
AA/Aa	45.4
A	31.0
BBB/Baa	6.5
BB/Ba	2.4
B	1.0
N/R (e)	7.8

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

BlackRock MuniVest Fund, Inc. (MVF)

Investment Objective

BlackRock MuniVest Fund, Inc.

’

s (MVF) (the “Fund”)

investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal income

taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of an

aggregate of the Fund

’

s net assets (including proceeds from the issuance of any preferred shares) and the proceeds of any borrowing for investment purposes, in municipal

obligations exempt from U.S. federal income taxes (except that the interest may be subject to the U.S. federal alternative minimum tax). Under normal market conditions, the

Fund primarily invests in long term municipal obligations rated investment grade at the time of investment (or, if unrated, are considered by the Fund

’

s investment adviser to

be of comparable quality at the time of investment) and in long term municipal obligations with maturities of more than ten years at the time of investment. The Fund may invest

up to 20% of its total assets in securities rated below investment grade or deemed equivalent at the time of purchase. The Fund may invest directly in securities or synthetically

through the use of derivatives.

No assurance can be given that the Fund’s investment objective will be achieved.

Fund Information

Symbol on New York Stock Exchange	MVF
Initial Offering Date	September 29, 1988
Yield on Closing Market Price as of July 31, 2024 ($7.35) (a)	4.90%
Tax Equivalent Yield (b)	8.28%
Current Monthly Distribution per Common Share (c)	$0.030000
Current Annualized Distribution per Common Share (c)	$0.360000
Leverage as of July 31, 2024 (d)	31%

(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% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The monthly distribution per Common Share, declared on September 12, 2024, was increased to $0.036000 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 7.35	$ 6.83	7.61 %	$ 7.41	$ 5.85
Net Asset Value	8.05	7.90	1.90	8.17	7.08

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

Fund Summary

as of July 31, 2024

(continued)

BlackRock MuniVest Fund, Inc. (MVF)

Performance

Returns for the period ended July 31, 2024 were as follows:

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Fund at NAV (a)(b)	6.78 %	0.90 %	2.98 %
Fund at Market Price (a)(b)	12.77	(0.46 )	2.50
National Customized Reference Benchmark (c)	4.30	1.38	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b)	The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.

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

The following discussion relates to the Fund’s absolute performance based on NAV:

The municipal bond market gained ground during the reporting period, with income playing the largest role in total returns. Municipal bonds were also well supported by positive

economic growth, strong issuer fundamentals, and favorable supply-and-demand conditions.

Consistent with trends in the broader market, income was the largest contributor to Fund performance. The Fund’s allocation to high yield (below investment-grade) bonds was

a key contributor, as the category outperformed on the strength of its above-average income and tightening yield spreads. Holdings in the A and BBB categories (the lower end

of the investment-grade space), helped performance, as well. At the sector level, tax-backed, corporate-backed, and healthcare issues stood out as contributors. Yield curve

positioning also helped results. A large percentage of the Fund is held in longer maturities, which outperformed the front and intermediate parts of the curve.

The Fund continued to use leverage, but the benefit was dampened by increased borrowing costs brought about by the high-rate environment.

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.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

(continued)

BlackRock MuniVest Fund, Inc. (MVF)

Overview of the Fund’s Total Investments

SECTOR ALLOCATION
Sector (a)	Percent of Total Investments (b)
Transportation	26.3 %
State	15.2
Health	13.0
Corporate	12.8
County/City/Special District/School District	11.2
Education	9.5
Utilities	4.4
Housing	4.0
Tobacco	3.6

CALL/MATURITY SCHEDULE
Calendar Year Ended December 31, (c)	Percent (b)
2024	10.8 %
2025	6.8
2026	2.5
2027	13.4
2028	8.4

CREDIT QUALITY ALLOCATION
Credit Rating (d)	Percent of Total Investments (b)
AAA/Aaa	2.9 %
AA/Aa	49.9
A	24.6
BBB/Baa	7.1
BB/Ba	3.9
B	2.0
N/R (e)	9.6

(a)	For purposes of this report, sector sub-classifications may differ from those utilized for compliance purposes.
(b)	Excludes short-term securities.
(c)	Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years.
(d)	For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.
(e)	The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of July 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents 1.2% of total investments.

Fund Summary

as of July 31, 2024

BlackRock MuniVest Fund II, Inc. (MVT)

Investment Objective

BlackRock MuniVest Fund II, Inc.

’

s (MVT) (the “Fund”)

investment objective is to provide shareholders with as high a level of current income exempt from U.S. federal

income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80%

of its assets in municipal bonds 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 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.

Fund Information

Symbol on New York Stock Exchange	MVT
Initial Offering Date	March 29, 1993
Yield on Closing Market Price as of July 31, 2024 ($11.04) (a)	5.49%
Tax Equivalent Yield (b)	9.27%
Current Monthly Distribution per Common Share (c)	$0.050500
Current Annualized Distribution per Common Share (c)	$0.606000
Leverage as of July 31, 2024 (d)	31%

(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% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields.
(c)	The monthly distribution per Common Share, declared on September 12, 2024, was increased to $0.054000 per share. The yield on closing market price, tax equivalent yield, current monthly distribution per Common Share, and current annualized distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. A portion of the distribution may be deemed a return of capital or net realized gain.
(d)	Represents VMTP Shares and TOB Trusts as a percentage of total managed assets, which is the total assets of the Fund, including any assets attributable to VMTP Shares and TOB Trusts, minus the sum of its accrued liabilities. Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments.

Market Price and Net Asset Value Per Share Summary

	07/31/24	07/31/23	Change	High	Low
Closing Market Price	$ 11.04	$ 10.66	3.56 %	$ 11.10	$ 9.02
Net Asset Value	12.40	12.36	0.32	12.63	10.88

GROWTH OF $10,000 INVESTMENT

(a)

Represents the Fund’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

(b)

An unmanaged index that tracks the U.S. long term tax-exempt bond market, including state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds.

2024

BlackRock Annual Report to Shareholders

Fund Summary

as of July 31, 2024

(continued)

BlackRock MuniVest Fund II, Inc. (MVT)

Performance

Returns for the period ended July 31, 2024 were as follows:

	Average Annual Total Returns
	1 Year	5 Years	10 Years
Fund at NAV (a)(b)	5.47 %	0.66 %	3.01 %
Fund at Market Price (a)(b)	8.88	(1.81 )	1.99
National Customized Reference Benchmark (c)	4.30	1.38	N/A
Bloomberg Municipal Bond Index	3.74	1.18	2.47

(a)	All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Fund’s use of leverage, if any.
(b)	The Fund ’ s discount to NAV narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV.
(c)	The National Customized Reference Benchmark is comprised of the Bloomberg Municipal Bond Index Total Return Index Value Unhedged (90%) and the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (10%). The National Customized Reference Benchmark commenced on September 30, 2016.