Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 55

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 55
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2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

| Fund Name |     Tax Cost | Gross UnrealizedAppreciation | Gross UnrealizedDepreciation | Net UnrealizedAppreciation(Depreciation) |
| BKN       | $272,171,694 |                  $15,772,400 |                 $(2,840,174) |                              $12,932,226 |
| BFK       |  618,445,607 |                   22,557,170 |                   -4,460,905 |                               18,096,265 |
| BLE       |  715,423,484 |                   18,945,162 |                   -7,959,850 |                               10,985,312 |
| MHD       |  879,367,162 |                   32,240,869 |                  -10,070,239 |                               22,170,630 |
| MVF       |  619,407,636 |                   13,303,554 |                  -10,297,327 |                                3,006,227 |
| MVT       |  321,732,322 |                    9,659,576 |                   -2,581,168 |                                7,078,408 |
| MQT       |  316,422,819 |                   15,064,973 |                   -3,308,549 |                               11,756,424 |

9. PRINCIPAL RISKS In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability;

Notes to Financial Statements 101

Notes to Financial Statements (unaudited) (continued) (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions