Company: BLE
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230217
Chunk: 28

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 28
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—              | $—              | $—                               | $(1,020,899)          | $—             | $(1,020,899) |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

| Futures contracts:                          |            |
| Average notional value of contracts — long  |      $—(a) |
| Average notional value of contracts — short | 10,418,608 |

| (a) | Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an 
 indicator of activity during the period.                                                          |

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                                          |         $— | $477,388,738 | $—      | $477,388,738 |
| Municipal Bonds Transferred to Tender Option Bond Trusts |          — |  292,660,002 | —       |  292,660,002 |
| Short-Term Securities                                    |            |              |         |              |
| Money Market Funds                                       |  7,786,970 |            — | —       |    7,786,970 |
|                                                          | $7,786,970 | $770,048,740 | $—      | $777,835,710 |

Schedule of Investments 37

Schedule of Investments (continued) July 31, 2025 BlackRock Municipal Income Trust (BFK)

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 value hierarchy as follows:

|                                  | Level 1 |        Level 2 | Level 3 |          Total |