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

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 25
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 notional value of contracts — short | $5,278,910 |

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements. Fair Value Hierarchy as of Period End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund ’ s financial instruments into major categories is disclosed in the Schedule of Investments above.

|                                                          | Level 1 |      Level 2 | Level 3 |        Total |
| Assets                                                   |         |              |         |              |
| Investments                                              |         |              |         |              |
| Long-Term Investments                                    |         |              |         |              |
| Municipal Bonds                                          | $—      | $239,821,936 | $—      | $239,821,936 |
| Municipal Bonds Transferred to Tender Option Bond Trusts | —       |  103,777,136 | —       |  103,777,136 |

Schedule of Investments 25

Schedule of Investments (unaudited) (continued) January 31, 2025 BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fair Value Hierarchy as of Period End (continued)

|                                     |    Level 1 |      Level 2 | Level 3 |        Total |
| Short-Term Securities               |            |              |         |              |
| Money Market Funds                  | $2,533,007 |           $— | $—      |   $2,533,007 |
|                                     | $2,533,007 | $343,599,072 | $—      | $346,132,079 |
| Derivative Financial Instruments(a) |            |              |         |              |
| Liabilities                         |            |              |         |              |
| Interest Rate Contracts             | $(120,547) |           $— | $—      |   $(120,547) |

| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, such assets and/or liabilities are categorized within the fair