Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 65

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 65
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 dividend rates for the VMTP Shares were as follows:

|                | BKN   | BFK   | BLE   | MHD   | MVF   | MVT   | MQT   |
| Dividend rates | 4.44% | 4.44% | 4.44% | 4.44% | 4.44% | 4.44% | 4.44% |

For the six months ended January 31, 2025, VMTP Shares issued and outstanding of each VMTP Fund remained constant.

Offering Costs: The Funds incurred costs in connection with the issuance of VMTP Shares, which were recorded as a direct deduction from the carrying value of the related debt liability and will be amortized over the life of the VMTP Shares. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.

Financial Reporting: The VMTP Shares are considered debt of the issuer; therefore, the liquidation preference, which approximates fair value of the VMTP Shares, is recorded as a liability in the Statements of Assets and Liabilities net of deferred offering costs. Unpaid dividends are included in interest expense and fees payable in the Statements of Assets and Liabilities, and the dividends accrued and paid on the VMTP Shares are included as a component of interest expense, fees and amortization of offering costs in the Statements of Operations. The VMTP Shares are treated as equity for tax purposes. Dividends paid to holders of the VMTP Shares are generally classified as tax-exempt income for tax-reporting purposes. Dividends and amortization of deferred offering costs on VMTP Shares are included in interest expense, fees and amortization of offering costs in the Statements of Operations:

| Fund Name |  Dividends | Deferred OfferingCosts Amortization |
| BKN       | $1,518,078 | $—                                  |
| BFK       |  3,449,914 | —                                   |
| BLE       |  3,895,367 | —                                   |
| MHD       |  4,793,124 | —                                   |
| MVF       |  3,436,694 | —                                   |
| MVT       |  1,738,484 | —                                   |

Notes to Financial Statements 105

Notes to Financial Statements (unaudited) (continued)

| Fund Name |  Dividends | Deferred OfferingCosts Amortization |
| MQ