Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 27

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 27
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 | Total      |
| Net Realized Gain (Loss) from:                           |                    |                 |                 |                                  |                       |                |            |
| Futures contracts                                        | $—                 | $—              | $—              | $—                               | $(85,268)             | $—             | $(85,268)  |
| Net Change in Unrealized Appreciation (Depreciation) on: |                    |                 |                 |                                  |                       |                |            |
| Futures contracts                                        | $—                 | $—              | $—              | $—                               | $(687,214)            | $—             | $(687,214) |

Average Quarterly Balances of Outstanding Derivative Financial Instruments

| Futures contracts:                          |            |
| Average notional value of contracts — long  |      $—(a) |
| Average notional value of contracts — short | 20,837,215 |

| (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                                          | $—      | $470,536,508 | $—      | $470,536,508 |
| Municipal Bonds Transferred to Tender Option Bond Trusts | —       |  311,632,916 | —       |  311,632,916 |

Schedule of Investments 31

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

Fair Value Hierarchy as of Period End (continued)

|                                     |    Level 1 |      Level 2 | Level