NPORT-EX 2 BRMunicipalIncomeTrustII.htm EX-BLE

Schedule of Investments  (unaudited)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 130.3%

 

Alabama — 2.2%

 

County of Jefferson Alabama Sewer, Refunding RB:

    

Senior Lien, Series A (AGM),
5.00%, 10/01/44

   $ 540     $ 608,899  

5.25%, 10/01/48

     1,320       1,500,021  

Sub-Lien, Series D, 7.00%, 10/01/51

     3,220       3,879,102  

Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46

     1,170       1,624,580  
   

 

 

  
      7,612,602  
Arizona — 3.5%  

City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a)

     1,825       1,954,885  

City of Phoenix Civic Improvement Corp., ARB, Series A, 4.00%, 07/01/45(b)

     1,425       1,571,191  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     5,635       7,264,867  

5.00%, 12/01/37

     1,000       1,337,360  
   

 

 

  
      12,128,303  
California — 8.2%  

California Educational Facilities Authority, RB, Stanford University, Series V-1, 5.00%, 05/01/49

     2,315       3,552,576  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(c)

     3,500       3,621,975  

California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%, 07/01/33

     1,365       1,535,338  

California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing, Series A:

    

5.25%, 08/15/39

     160       179,005  

5.25%, 08/15/49

     395       437,846  

California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45(a)

     1,655       1,758,570  

California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A, 5.00%, 12/01/46(a)

     490       547,394  
Security   Par
(000)		     Value  
California (continued)  

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Senior, Series A, 5.00%, 05/15/40

   $ 6,500     $ 6,611,800  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%, 10/01/23(c)

     380       438,326  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-1:

    

5.00%, 06/01/47

     3,195       3,288,006  

5.25%, 06/01/47

     590       610,845  

San Marcos Unified School District, GO, CAB, Election of 2010, Series B(d):

    

0.00%, 08/01/33

     3,000       2,175,150  

0.00%, 08/01/43

     2,500       1,314,800  

State of California, GO, Various Purposes, 6.00%, 03/01/33

     1,760       1,781,296  

State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.00%, 11/01/38

     825       935,583  
   

 

 

  
      28,788,510  
Colorado — 1.7%  

Colorado Health Facilities Authority, RB, Commonspirit Health, Series A, 4.00%, 08/01/49

     1,610       1,719,947  

Colorado Health Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44

     335       360,376  

County of Arapahoe Colorado School District No. 6 Littleton, GO, Series A, 5.50%, 12/01/43

     1,915       2,464,510  

State of Colorado, COP, Building Excellent Schools, 4.00%, 03/15/44(b)

     1,405       1,561,826  
   

 

 

  
      6,106,659  
Delaware — 2.0%  

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40

     1,240       1,286,798  

Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55

     1,260       1,434,207  

State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45

     4,275       4,377,301  
   

 

 

  
      7,098,306  
District of Columbia — 5.5%  

District of Columbia, Refunding RB:

    

Georgetown University, 5.00%, 04/01/35

     465       557,921  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
District of Columbia (continued)  

Georgetown University Issue, 5.00%, 04/01/42

   $ 380     $ 453,602  

Kipp Charter School, Series A,
6.00%, 07/01/23(c)

     820       957,121  

The Catholic University of America Issue, 5.00%, 10/01/48

     2,525       2,972,430  

District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 05/15/40

     11,500       11,885,365  

Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Projects, Series A, 5.00%, 10/01/53

     2,195       2,337,192  
   

 

 

  
      19,163,631  
Florida — 4.3%  

City of Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38

     1,665       1,803,095  

County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45

     1,450       1,633,628  

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%, 10/01/20(c)

     1,255       1,298,825  

County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/20(c)

     5,000       5,159,200  

Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(c)

     3,300       3,660,129  

Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35(e)(f)

     1,795       1,453,950  
   

 

 

  
      15,008,827  
Georgia — 3.0%  

County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%, 08/15/48

     1,325       1,427,277  

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A (GTD), 5.50%, 08/15/54

     555       650,266  
Security   Par
(000)		     Value  
Georgia (continued)  

Georgia Housing & Finance Authority, Refunding RB, S/F Housing, Mortgage Bonds, Series A, 3.60%, 12/01/44

   $ 1,585     $ 1,656,880  

Main Street Natural Gas, Inc., RB, Series A:

    

5.00%, 05/15/35

     540       706,331  

5.00%, 05/15/36

     540       711,147  

5.00%, 05/15/37

     595       788,863  

5.00%, 05/15/38

     325       426,062  

5.00%, 05/15/49

     1,095       1,483,889  

Municipal Electric Authority of Georgia, RB, Plant Vogtle Units 3 & 4 Project, 4.00%, 01/01/49

     1,720       1,811,813  

Municipal Electric Authority of Georgia, Refunding RB, Series A, 4.00%, 01/01/49

     670       720,538  
   

 

 

  
      10,383,066  
Hawaii — 0.4%  

State of Hawaii Harbor System, ARB, Series A, 5.25%, 07/01/30

     1,480       1,514,528  
   

 

 

  
Idaho — 0.3%  

Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46

     805       959,246  
   

 

 

  
Illinois — 14.0%  

Chicago Board of Education, GO, Series C:

    

Dedicated Revenues, Series H, 5.00%, 12/01/36

     495       567,988  

Project, 5.25%, 12/01/35

     1,600       1,775,584  

Chicago Board of Education, GO, Refunding:

    

Dedicated Revenues, Series D, 5.00%, 12/01/27

     920       1,071,506  

Dedicated Revenues, Series F, 5.00%, 12/01/22

     675       729,392  

Dedicated Revenues, Series G, 5.00%, 12/01/34

     495       569,938  

5.00%, 12/01/25

     705       801,578  

Chicago Board of Education, GO:

    

, 5.00%, 12/01/46

     585       663,776  

, 5.00%, 12/01/46

     1,505       1,610,245  

City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien:

    

Series A, 5.75%, 01/01/21(c)

     4,200       4,406,892  

Series A, 5.75%, 01/01/39

     800       834,448  

Series C, 6.50%, 01/01/21(c)

     6,430       6,797,925  

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40

     1,150       1,214,135  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

   $ 845     $ 930,176  

Metropolitan Pier & Exposition Authority, Refunding RB:

    

Mccormick Place Expansion Project,
Series B (AGM), 0.00%, 06/15/43(d)

     5,700       2,518,830  

McCormick Place Expansion Project,
Series B (AGM), 5.00%, 06/15/50

     6,725       6,861,047  

McCormick Place Expansion Project,
Series B-2, 5.00%, 06/15/50

     2,725       2,759,825  

Railsplitter Tobacco Settlement Authority, RB(c):

    

5.50%, 06/01/21

     520       553,493  

6.00%, 06/01/21

     1,255       1,344,682  

State of Illinois, GO:

    

5.00%, 02/01/39

     1,640       1,764,181  

Series A, 5.00%, 04/01/35

     2,500       2,673,725  

Series A, 5.00%, 04/01/38

     3,885       4,138,652  

State of Illinois Toll Highway Authority, RB,
Series C, 5.00%, 01/01/37

     3,005       3,428,344  

University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44

     1,050       1,171,915  
   

 

 

  
      49,188,277  
Indiana — 4.1%  

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

    

6.75%, 01/01/34

     845       978,316  

7.00%, 01/01/44

     3,535       4,044,217  

Indiana Finance Authority, RB, Series A:

    

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

     3,510       3,736,711  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT,
5.00%, 07/01/44

     485       526,167  

5.00%, 07/01/48

     1,610       1,740,861  

5.25%, 01/01/51

     435       473,845  

Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32

     1,180       1,236,321  
Security   Par
(000)		     Value  
Indiana (continued)  

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40

   $ 1,380     $ 1,516,689  
   

 

 

  
      14,253,127  
Iowa — 1.7%  

Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project:

    

Series B, 5.25%, 12/01/50(g)

     3,060       3,305,749  

Midwestern Disaster Area, 5.25%, 12/01/25

     500       540,945  

5.88%, 12/01/26(a)

     445       464,010  

Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22

     155       158,252  

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46

     1,610       1,610,032  
   

 

 

  
      6,078,988  
Kentucky — 0.7%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c)

     1,060       1,186,681  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 6.75%, 07/01/43(h)

     1,280       1,371,737  
   

 

 

  
      2,558,418  
Louisiana — 3.0%  

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

     3,650       3,795,270  

Parish of St. John the Baptist Louisiana, Refunding RB, Marathon Oil Corporation Project(g):

    

2.10%, 06/01/37

     500       503,150  

2.20%, 06/01/37

     520       521,440  

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

    

5.50%, 05/15/30

     1,100       1,121,461  

5.25%, 05/15/31

     935       977,477  

5.25%, 05/15/32

     1,195       1,284,231  

5.25%, 05/15/33

     1,300       1,396,434  

5.25%, 05/15/35

     795       875,080  
   

 

 

  
      10,474,543  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Maryland — 1.1%  

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25

   $ 800     $ 820,648  

Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

     455       542,324  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project, 6.25%, 01/01/21(c)

     2,400       2,531,184  
   

 

 

  
      3,894,156  
Michigan — 3.0%  

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

     4,825       5,253,026  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital:

    

5.50%, 05/15/20(c)

     830       846,052  

5.50%, 05/15/36

     670       682,435  

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

     940       1,013,376  

Michigan State University, Refunding RB, Board of Trustees, Series B, 5.00%, 02/15/48

     1,100       1,335,070  

Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

     1,165       1,363,901  
   

 

 

  
      10,493,860  
Minnesota — 1.1%  

Duluth Economic Development Authority, Refunding RB, Essentia Health Obligated Group, Series A:

    

4.25%, 02/15/48

     1,115       1,229,867  

5.25%, 02/15/53

     2,230       2,643,732  
   

 

 

  
      3,873,599  
Missouri — 1.1%  

370/Missouri Bottom Road/Taussig Road Transportation Development District, RB, 7.20%, 05/01/33(e)(f)

     6,000       2,130,000  
Security   Par
(000)		     Value  
Missouri (continued)  

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44

   $ 275     $ 298,639  

State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services, 5.50%, 02/01/42

     1,135       1,141,787  

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project, 5.50%, 05/01/43

     265       288,151  
   

 

 

  
      3,858,577  
Nebraska — 1.6%  

Central Plains Nebraska Energy Project, RB, Gas Project No. 3:

    

5.25%, 09/01/37

     895       978,190  

5.00%, 09/01/42

     1,570       1,705,632  

County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%, 01/01/40

     1,245       1,249,146  

County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.63%, 01/01/40

     1,635       1,640,445  
   

 

 

  
      5,573,413  
New Hampshire — 0.8%  

New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta
Project(a):

    

Series B, 4.63%, 11/01/42

     1,860       1,919,631  

Series C, AMT, 4.88%, 11/01/42

     975       1,008,433  
   

 

 

  
      2,928,064  
New Jersey — 15.9%  

Casino Reinvestment Development Authority, Inc., Refunding RB:

    

5.25%, 11/01/39

     1,805       1,946,963  

5.25%, 11/01/44

     1,640       1,765,509  

County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a)

     1,165       1,178,106  

New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23

     2,130       2,287,513  

New Jersey EDA, RB:

    

Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29

     2,130       2,320,039  

School Facilities Construction, 5.00%, 06/15/49

     2,535       2,893,069  

Series EEE, 5.00%, 06/15/48

     4,020       4,551,766  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT, 5.00%, 10/01/47

   $ 1,570     $ 1,790,978  

New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 04/01/28

     7,475       8,815,417  

New Jersey State Turnpike Authority, RB:

    

Series A, 5.00%, 07/01/22(c)

     1,355       1,488,224  

Series A, 5.00%, 01/01/43

     770       831,723  

Series E, 5.00%, 01/01/45

     2,810       3,212,055  

New Jersey Transportation Trust Fund Authority, RB:

    

Series BB, 4.00%, 06/15/50

     1,645       1,709,484  

Series BB, 5.00%, 06/15/50

     5,395       6,116,743  

Transportation Program, Series AA, 5.00%, 06/15/44

     1,355       1,448,603  

Transportation Program, Series AA, 5.00%, 06/15/44

     730       790,130  

Transportation System, Series B, 5.25%, 06/15/36

     2,690       2,820,626  

Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23(c)

     570       642,869  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.25%, 06/01/46

     580       675,636  

Sub-Series B, 5.00%, 06/01/46

     7,830       8,654,264  
   

 

 

  
      55,939,717  
New York — 8.0%  

City of New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42

     2,680       2,871,620  

Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(a)

     2,000       2,027,300  

County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44

     775       842,966  

Metropolitan Transportation Authority, RB,
Series B:

    

5.25%, 11/15/38

     2,555       2,920,442  

5.25%, 11/15/39

     910       1,038,292  

New York Liberty Development Corp., Refunding RB:

    

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 01/15/20(c)

     1,335       1,343,317  
Security   Par
(000)		     Value  
New York (continued)  

3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a)

   $ 4,320     $ 4,769,021  

3 World Trade Center Project, Class 2, 5.15%, 11/15/34(a)

     365       407,238  

3 World Trade Center Project, Class 2, 5.38%, 11/15/40(a)

     910       1,027,417  

New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT, 5.00%, 08/01/31

     1,620       1,693,872  

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8:

    

6.00%, 12/01/42

     1,635       1,699,795  

Special Project, 6.00%, 12/01/36

     1,410       1,469,488  

State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B, 5.00%, 06/15/48

     1,945       2,372,102  

State of New York Thruway Authority, Refunding RB, Series B, 4.00%, 01/01/50

     3,165       3,517,549  
   

 

 

  
      28,000,419  
North Carolina — 1.2%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Solid Waste Disposal Facility, Duke Energy Carolinas Project, Series B, 4.63%, 11/01/40

     1,000       1,025,830  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage:

    

Aldersgate, 6.25%, 07/01/35

     1,530       1,702,125  

Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(c)

     625       676,131  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
North Carolina (continued)  

University of North Carolina at Chapel Hill, RB, University of North Carolina Hospital at Chapal Hills, 5.00%, 02/01/49(b)

   $ 590     $ 858,049  
   

 

 

  
      4,262,135  
North Dakota — 0.3%  

County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B, 5.25%, 02/15/58

     1,035       1,220,493  
   

 

 

  
Ohio — 2.9%  

Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 6.50%, 06/01/47

     3,550       3,635,875  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/20(c)

     3,405       3,474,224  

County of Franklin Ohio, RB:

    

Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40

     710       773,758  

Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46

     435       513,352  

Ohio Air Quality Development Authority, RB, AMG Vanadium Project, AMT, 5.00%, 07/01/49(a)

     810       893,381  

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53

     870       964,169  
   

 

 

  
      10,254,759  
Oklahoma — 1.8%  

City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48

     2,230       2,439,888  

Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48

     1,275       1,502,077  

Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42

     2,120       2,355,935  
   

 

 

  
      6,297,900  
Pennsylvania — 4.3%  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 05/01/42

     2,500       2,613,550  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 07/01/42

   $ 685     $ 739,718  

County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University, Series A:

    

4.00%, 09/01/49

     615       661,285  

5.00%, 09/01/43

     1,350       1,597,833  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     3,030       3,415,992  

Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40

     2,065       2,069,873  

Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System Obligation, 4.00%, 08/15/49(b)

     2,545       2,803,317  

Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44

     1,190       1,355,184  
   

 

 

  
      15,256,752  
Puerto Rico — 5.6%  

Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds:

    

5.50%, 05/15/39

     715       725,839  

5.63%, 05/15/43

     740       751,218  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A:

    

5.00%, 07/01/33

     2,690       2,797,250  

5.13%, 07/01/37

     770       800,423  

Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A:

    

6.00%, 07/01/38

     795       806,703  

6.00%, 07/01/44

     1,445       1,466,285  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

CAB, Series A-1, 0.00%, 07/01/46(d)

     2,181       578,183  

Series A-1, 4.75%, 07/01/53

     1,721       1,777,019  

Series A-1, 5.00%, 07/01/58

     6,833       7,182,371  

Series A-2, 4.33%, 07/01/40

     906       916,464  

Series A-2, 4.78%, 07/01/58

     1,758       1,812,850  
   

 

 

  
      19,614,605  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Rhode Island — 2.3%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

   $ 1,690     $ 1,900,287  

Series B, 4.50%, 06/01/45

     2,850       2,976,882  

Series B, 5.00%, 06/01/50

     3,175       3,383,026  
   

 

 

  
      8,260,195  
South Carolina — 4.4%  

South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48

     3,340       3,902,356  

State of South Carolina Ports Authority, ARB, 5.25%, 07/01/20(c)

     3,595       3,679,518  

State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54

     3,575       4,030,205  

State of South Carolina Public Service Authority, Refunding RB:

    

Series A, 5.00%, 12/01/50

     1,545       1,752,710  

Series E, 5.25%, 12/01/55

     1,840       2,121,851  
   

 

 

  
      15,486,640  
Tennessee — 1.1%  

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/23(c)

     1,470       1,647,532  

City of Chattanooga Health Educational & Housing Facility Board, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44

     170       182,878  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40

     740       862,026  

County of Nashville & Davidson Metropolitan Government Health & Educational Facilities Board, Refunding RB, Lipscomb University Project, Series A, 5.25%, 10/01/58

     1,055       1,266,137  
   

 

 

  
      3,958,573  
Texas — 13.1%  

Central Texas Regional Mobility Authority, Refunding RB:

    

Senior Lien, 6.25%, 01/01/21(c)

     2,350       2,476,853  
Security   Par
(000)		     Value  
Texas (continued)  

Sub-Lien, 5.00%, 01/01/33

   $ 390     $ 426,227  

City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39

     665       754,928  

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29

     460       512,702  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48

     1,260       1,533,256  

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 01/01/23(c)

     485       570,132  

County of Harris Texas Houston Sports Authority, Refunding RB, 3rd Lien, Series A (NPFGC)(d):

    

0.00%, 11/15/24(c)

     2,300       1,051,790  

0.00%, 11/15/36

     23,075       9,850,487  

County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A, 0.00%, 09/15/37(d)

     6,055       3,085,991  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Christus Health, Series B, 5.00%, 07/01/48

     4,955       5,899,027  

New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A, 5.13%, 08/15/47(a)

     1,085       1,106,863  

San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48

     2,720       3,285,352  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:

    

LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     3,000       3,095,520  

NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

     2,250       2,259,000  

Texas Transportation Commission, RB, First Tier Toll Revenue, 5.00%, 08/01/57

     1,270       1,474,762  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

Texas Water Development Board, RB, State Water Implementation Fund, Series A, 4.00%, 10/15/49

   $ 7,600     $ 8,583,440  
   

 

 

  
      45,966,330  
Utah — 0.6%  

City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT:

    

5.00%, 07/01/48

     955       1,126,604  

5.00%, 07/01/47

     995       1,162,279  
   

 

 

  
      2,288,883  
Virginia — 1.5%  

County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group, 4.00%, 01/01/50

     865       928,448  

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT:

    

5.25%, 01/01/32

     1,755       1,913,564  

6.00%, 01/01/37

     2,120       2,340,310  
   

 

 

  
      5,182,322  
Washington — 4.0%  

City of Bellingham Washington Water & Sewer, RB, 5.00%, 08/01/36

     5,050       5,340,728  

Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 01/01/43

     2,335       2,720,508  

Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43

     1,615       1,891,859  

Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40

     815       917,120  

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 01/01/45

     2,445       2,736,640  

Washington Health Care Facilities Authority, Refunding RB, Commonspirit Health, Series A, 4.00%, 08/01/44

     375       403,406  
   

 

 

  
      14,010,261  
   

 

 

  

Total Municipal Bonds — 130.3%
(Cost — $428,294,542)

 

     457,938,684  
   

 

 

  
Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(i)

 

California — 2.2%

    

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge,
4.00%, 04/01/42(j)

   $ 3,358     $ 3,759,446  

Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds, 5.00%, 10/01/47

     3,345       3,997,779  
   

 

 

  
      7,757,225  
Colorado — 0.8%  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series A, AMT, 5.25%, 12/01/48(j)

     2,463       2,977,781  
   

 

 

  
Illinois — 0.5%  

Illinois Finance Authority, Refunding RB, Presence Health Network, Series C:

    

4.00%, 02/15/27(c)

     4       4,207  

4.00%, 02/15/41

     1,540       1,677,177  
   

 

 

  
      1,681,384  
Massachusetts — 3.1%  

Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A, 4.00%, 06/01/45

     2,237       2,430,811  

Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System, 5.00%, 07/01/47

     4,979       5,829,309  

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/21(c)

     2,461       2,640,875  
   

 

 

  
      10,900,995  
New York — 12.3%  

City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH, 5.00%, 06/15/31(j)

     9,150       9,679,602  

Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012(j):

    

5.75%, 02/15/21(c)

     1,083       1,140,270  

5.75%, 02/15/47

     667       701,459  

New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43

     11,670       12,579,793  

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(j)

     7,040       7,612,134  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

Port Authority of New York & New Jersey, Refunding ARB, Series194th, 5.25%, 10/15/55

   $ 2,790     $ 3,312,707  

State of New York Urban Development Corp., RB, State Personal Income Tax, General Purpose, Series A, 4.00%, 03/15/46

     7,217       8,108,005  
   

 

 

  
    43,133,970  
North Carolina — 0.9%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/55

     2,740       3,216,568  
   

 

 

  
Pennsylvania — 0.9%  

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     2,521       3,037,208  
   

 

 

  
Rhode Island — 0.5%  

Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/43

     1,695       1,775,241  
   

 

 

  
Texas — 3.7%  

City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43

     2,660       2,940,704  

County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41

     3,720       3,954,620  

Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project, 4.00%, 05/15/43

     2,241       2,331,111  
Security   Par
(000)		     Value  
Texas (continued)  

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43

   $ 3,346     $ 3,641,231  
   

 

 

  
      12,867,666  
Wisconsin — 0.9%            

State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of Wisconsin, Inc., 4.00%, 12/01/46

     3,072       3,315,379  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 25.8%
(Cost — $84,938,761)

 

     90,663,417  
   

 

 

  

Total Long-Term Investments — 156.1%
(Cost — $513,233,303)

 

     548,602,101  
   

 

 

  
     Shares         
Short-Term Securities — 2.2%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.95%(k)(l)

     7,616,330       7,617,092  
   

 

 

  

Total Short-Term Securities — 2.2%
(Cost — $7,617,092)

 

     7,617,092  
   

 

 

  

Total Investments — 158.3%
(Cost — $520,850,395)

 

     556,219,193  

Liabilities in Excess of Other Assets — (0.2)%

 

     (771,482 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (15.0)%

 

     (52,768,478 ) 

VMTP Shares, at Liquidation Value, Net of Deferred Offering Costs — (43.1)%

 

     (151,300,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 351,379,233  
   

 

 

  
 
(a)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

When-issued security.

(c) 

U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

(d) 

Zero-coupon bond.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

(h) 

Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

(i) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

(j) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between August 15, 2020 to June 1, 2026, is $15,290,307.

(k) 

Annualized 7-day yield as of period end.

 

 

     9  

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

 

(l) 

During the period ended November 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
08/31/19		        Net
Activity		        Shares
Held at
11/30/19		        Value at
11/30/19		        Income        Net
Realized
Gain (Loss) (a)		       

Change in

Unrealized
Appreciation
(Depreciation)

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      7,110,938          505,392          7,616,330        $ 7,617,092        $ 21,220        $ 284        $ 534  
                 

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

Portfolio Abbreviations

AGM — Assured Guaranty Municipal Corp.

AMT — Alternative Minimum Tax (subject to)

ARB — Airport Revenue Bonds

CAB — Capital Appreciation Bonds

COP — Certificates of Participation

EDA — Economic Development Authority

EDC — Economic Development Corp.

GARB — General Airport Revenue Bonds

GO — General Obligation Bonds

GTD — Guaranteed

IDA — Industrial Development Authority

LRB — Lease Revenue Bonds

NPFGC — National Public Finance Guarantee Corp.

RB — Revenue Bonds

S/F — Single-Family

SRF — State Revolving Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		        Expiration
Date		        Notional
Amount (000)		        Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts

                  

10-Year U.S. Treasury Note

      25          03/20/20        $ 3,234        $ 3,885  

U.S. Treasury Long Bond

      87          03/20/20          13,830          31,001  

5-Year U.S. Treasury Note

      21          03/31/20          2,498          1,586  
                 

 

 

  
                  $ 36,472  
                 

 

 

  

 

 

10   

Schedule of Investments  (unaudited) (continued)

November 30, 2019

   

BlackRock Municipal Income Trust II (BLE)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 548,602,101        $ —        $ 548,602,101  

Short-Term Securities

     7,617,092          —          —          7,617,092  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 7,617,092        $ 548,602,101        $ —        $ 556,219,193  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                 

Interest rate contracts

   $ 36,472        $ —        $ —        $ 36,472  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each state or political subdivision.

 
  (b) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $ —        $ (52,628,869 )       $ —        $ (52,628,869 ) 

VMTP Shares at Liquidation Value

     —          (151,300,000 )         —          (151,300,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (203,928,869 )       $ —        $ (203,928,869 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     11