Company: BLE
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230217
Chunk: 34

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 34
---
000.                                                                                                                                                                                                                                                                                        |
| (k) | Calculated by subtracting the Fund’s total liabilities (not including VMTPShares) from the Fund’s total assets and dividing this by the liquidation value of the VMTPShares, and by multiplyingthe results by 100,000.                                                                          |
| (l) | Effective July 18, 2022, TOB Trust Certificates are treated as senior securities pursuant to Rule 18f-4 of the 1940 Act. Calculated by subtracting the Fund’s total liabilities (not includingVMTPShares and TOBs) from the Fund’s total assets and dividing this by the amount of TOBs, and by 
 multiplying the results by 1,000.                                                                                                                                                                                                                                                               |

See notes to financial statements.

Financial Highlights 89

Financial Highlights (continued) (For a share outstanding throughout each period)

|                                                                                                                                                          |                BLE |                    |                    |                                |                    |                    |
|                                                                                                                                                          | Year Ended07/31/25 | Year Ended07/31/24 | Year Ended07/31/23 | Period from09/01/21to 07/31/22 | Year Ended08/31/21 | Year Ended08/31/20 |
| Net asset value, beginning of period                                                                                                                     |             $12.15 |             $12.09 |             $12.60 |                         $15.18 |             $14.79 |             $15.16 |
| Net investment income(a)                                                                                                                                 |               0.47 |               0.43 |               0.44 |                           0.57 |               0.69 |               0.73 |
| Net realized and unrealized gain (loss)                                                                                                                  |              -1.23 |               0.18 |              -0.48 |                          -2.52 |               0.44 |              -0.40 |
| Net increase (decrease) from investment operations                                                                                                       |              -0.76 |               0.61 |              -0.04 |                          -1.95 |               1.13 |               0.33 |
| Distributions to Common Shareholders(b)                                                                                                                  |                    |                    |                    |                                |                    |                    |
| From net investment income                                                                                                                               |              -0.43 |              -0.48 |              -0.39 |                          -0.63 |              -0.74 |              -0.70 |
| Return