Company: BLE
Filing Date: 2025-04-07
Form Type: N-CSRS
Source: 0001193125-25-074469
Chunk: 26

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-04-07
Form: N-CSRS
Chunk 26
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549,643 |             4,549,188 | $69,951 | $—                                           |

| (a) | Represents net amount purchased (sold). |

30 2025 BlackRock Semi-Annual Report to Shareholders

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

Derivative Financial Instruments Outstanding as of Period End Futures Contracts

| Description                | Number ofContracts | ExpirationDate | NotionalAmount (000) | Value/UnrealizedAppreciation(Depreciation) |
| Short Contracts            |                    |                |                      |                                            |
| 10-Year U.S. Treasury Note |                128 | 03/20/25       |              $13,950 |                                 $(212,182) |
| U.S. Long Bond             |                117 | 03/20/25       |               13,342 |                                   -321,924 |
| 5-Year U.S. Treasury Note  |                135 | 03/31/25       |               14,383 |                                   -153,108 |
|                            |                    |                |                      |                                 $(687,214) |

Derivative Financial Instruments Categorized by Risk Exposure As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

|                                                                  | CommodityContracts | CreditContracts | EquityContracts | ForeignCurrencyExchangeContracts | InterestRateContracts | OtherContracts |    Total |
| Liabilities — Derivative Financial Instruments                   |                    |                 |                 |                                  |                       |                |          |
| Futures contractsUnrealized depreciation on futures contracts(a) | $—                 | $—              | $—              | $—                               |              $687,214 | $—             | $687,214 |

| (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assetsand Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulatedearnings (loss). |

For the period ended January 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

|                                                          | CommodityContracts | CreditContracts | EquityContracts | ForeignCurrencyExchangeContracts | InterestRateContracts | OtherContracts