Company: BLE
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230217
Chunk: 29

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 29
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 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                                          | $—      | $565,438,103 | $—      | $565,438,103 |
| Municipal Bonds Transferred to Tender Option Bond Trusts | —       |  289,926,202 | —       |  289,926,202 |
|                                                          | $—      | $855,364,305 | $—      | $855,364,305 |

Schedule of Investments 45

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

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 |
| Liabilities                      |         |                |         |                |
| TOB Trust Certificates           | $—      | $(177,677,849) | $—      | $(177,677,849) |
| VMTP Shares at Liquidation Value | —       |   -174,100,000 | —       |   -174,100,000 |
|                                  | $—      | $(351,777,849) | $—      | $(351,777,849) |

See notes to financial statements.

46 2025 BlackRock Annual Report to Shareholders

Schedule of Investments July 31, 2025 BlackRock MuniHoldings Fund, Inc. (MHD) (Percentages shown are based on Net Assets)

| Security                                                                                                                
 Municipal Bonds                                                                                                         
 Alabama — 6.7%                                                                                                          
 Black Belt Energy Gas District, RB(a)                                                                                   |   | Par(000) |      Value |
|:------------------------------------------------------------------------------------------------------------------------|:--|---------:|-----------:|
| Series A, 5.25%, 01/01/54