Company: BLE
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230217
Chunk: 54

Company: BLACKROCK MUNICIPAL INCOME TRUST II
Filing Date: 2025-10-03
Form: N-CSR
Chunk 54
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 of which were classified as Preferred Shares, par value $0.10 per share. Common Shares For the year ended July 31, 2025, shares issued and outstanding remained constant for BKN, BFK, BLE, MHD, MVT and MQT. The Funds participated in an open market share repurchase program (the “Repurchase Program”) through November 30, 2024. From December 1, 2023 through November 30, 2024, each Fund could repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2023, subject to certain conditions. The Repurchase Program had an accretive effect as shares were purchased at a discount to the Fund’s NAV. The Repurchase Program expired on November 30, 2024 and was not renewed. For the period ended November 30, 2024, the Funds did not repurchase any shares. The total cost of the shares repurchased is reflected in each Fund ’ s Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs, were as follows:

Notes to Financial Statements 103

Notes to Financial Statements (continued)

BKN, BFK and BLE had previously filed a prospectus with the SEC allowing the Funds to issue an additional 5,000,000, 10,000,000 and 15,000,000 Common Shares, respectively, through an equity Shelf Offering. The Funds are no longer actively engaged in a Shelf Offering and have no effective registration statement or current prospectus for the sale of Common Shares. Under the Shelf Offering, BKN, BFK and BLE subject to market conditions, could raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Fund’s NAV per Common Share (calculated within 48 hours of pricing). For the year ended July 31, 2025, Common Shares issued and outstanding under the Shelf Offering remained constant. Initial costs incurred by BKN, BFK and BLE in connection with their Shelf Offerings were recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares were sold, a portion of the costs attributable to the shares sold were charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period were charged to expense. MVF had previously adopted a discount management program (the “