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BlackRock Municipal Income Trust II is a closed-end management investment company that seeks to provide current income exempt from federal income taxes by investing primarily in municipal bonds. Managed by BlackRock Advisors, LLC, the fund invests in a diversified portfolio of investment-grade and below-investment-grade municipal securities issued by or on behalf of states, territories, possessions of the United States, and their political subdivisions, agencies, and instrumentalities. The fund aims to deliver attractive tax-equivalent yields to shareholders through professional management and credit analysis across the municipal bond market. The fund's portfolio includes municipal bonds issued for various public purposes including infrastructure development, education facilities, healthcare institutions, utilities, transportation systems, and other governmental functions. Municipal bonds provide interest income exempt from federal income tax, and potentially from state and local taxes for residents of the issuing state, offering substantial after-tax yield advantages particularly for investors in higher tax brackets. The fund's investment team conducts credit research across the quality spectrum, including high-yield municipal bonds offering enhanced yields with correspondingly higher credit risk, while maintaining portfolio diversification to manage overall risk. As a closed-end fund, BlackRock Municipal Income Trust II issues a fixed number of shares that trade on stock exchanges, often at premiums or discounts to the fund's net asset value (NAV). The fund employs leverage through borrowings, tender option bonds, or other financial instruments to potentially enhance returns and income generation, though leverage also increases interest rate sensitivity and risk. The trust provides monthly distributions of tax-exempt income to shareholders. The fund serves income-focused investors seeking federal tax-exempt income through a professionally managed, diversified municipal bond portfolio. Performance is influenced by interest rate movements, credit spreads, state and local fiscal health, tax policy changes, and overall municipal bond market conditions.