NPORT-EX 2 NPORT_11632344867554686.htm EX-BLE

Schedule of Investments  (unaudited)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 128.2%

 

Alabama — 2.2%

 

County of Jefferson Alabama Sewer Revenue, Refunding RB:

    

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

   $ 540     $ 598,568  

Senior Lien, Series A (AGM), 5.25%, 10/01/48

      1,320       1,479,311  

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

     3,220       3,789,264  

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

     1,170       1,522,381  
   

 

 

  
      7,389,524  
Arizona — 3.0%  

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

     1,825       1,717,891  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     5,635       7,087,196  

5.00%, 12/01/37

     1,000       1,288,750  
   

 

 

  
      10,093,837  
Arkansas — 0.5%  

Arkansas Development Finance Authority, RB, Big River Steel Project, AMT, 4.50%, 09/01/49(a)

     1,920       1,668,346  
   

 

 

  
California — 7.0%  

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

     2,315       3,809,819  

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

     3,500       3,541,650  

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

     1,365       1,508,530  

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

    

5.25%, 08/15/39

     160       175,954  

5.25%, 08/15/49

     395       425,857  

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

     1,655       1,692,519  

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

     2,545       2,551,770  
Security   Par
(000)		     Value  
California (continued)  

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

   $ 380     $ 455,795  

Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47

      3,195       3,186,980  

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

    

0.00%, 08/01/33

     3,000       2,292,480  

0.00%, 08/01/43

     2,500       1,381,900  

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

     590       592,442  

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

     825       925,650  

State of Golden Tobacco Securitization Corp., Refunding RB, Series A-1, 5.25%, 06/01/47

     590       592,944  
   

 

 

  
      23,134,290  
Colorado — 1.8%  

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

     1,945       1,979,582  

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

     1,915       2,485,249  

State of Colorado, COP, Building Excellent Schools, Series O, 4.00%, 03/15/44

     1,405       1,639,073  
   

 

 

  
      6,103,904  
Connecticut — 1.4%  

State of Connecticut, GO, Series A, 4.00%, 01/15/38

     3,435       3,837,685  

State of Connecticut Special Tax Revenue, Special Tax Bonds:

    

4.00%, 05/01/36

     365       415,472  

4.00%, 05/01/39

     230       259,753  
   

 

 

  
      4,512,910  
Delaware — 2.1%  

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

     1,240       1,256,108  

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

     4,275       4,287,782  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Delaware (continued)            

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

   $ 1,260     $ 1,424,064  
   

 

 

  
      6,967,954  
District of Columbia — 5.8%            

District of Columbia, Refunding RB:

    

Georgetown University, 5.00%, 04/01/35

     465       522,084  

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

     820       969,945  

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

     2,525       2,935,414  

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

      11,500        11,799,805  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail and Capital Improvement Projects, Series B, 4.00%, 10/01/49

     845       853,847  

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

     2,195       2,236,990  
   

 

 

  
      19,318,085  
Florida — 5.0%            

City of Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/22(b)

     1,665       1,846,219  

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

     1,450       1,648,896  

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

     1,255       1,276,473  

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

     5,000       5,079,200  

County of Volusia Educational Facility Authority, Refunding RB, Embry Riddle Aeronautical Project, 5.00%, 10/15/49

     1,930       2,163,935  

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

     3,300       3,609,276  
Security   Par
(000)		     Value  
Florida (continued)            

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

   $ 1,795     $ 861,600  
   

 

 

  
      16,485,599  
Georgia — 2.1%            

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

     555       642,274  

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

    

5.00%, 05/15/35

     540       661,295  

5.00%, 05/15/36

     540       662,272  

5.00%, 05/15/37

     595       731,981  

5.00%, 05/15/38

     325       397,676  

5.00%, 05/15/49

      1,095       1,361,786  

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

     1,720       1,702,869  

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

     670       687,272  
   

 

 

  
      6,847,425  
Hawaii — 0.5%            

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

     1,480       1,484,973  
   

 

 

  
Idaho — 0.3%            

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

     805       918,521  
   

 

 

  
Illinois — 14.6%            

Chicago Board of Education, GO, Series C:

    

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

     495       495,277  

Project, 5.25%, 12/01/35

     1,600        1,614,848  

Chicago Board of Education, GO, Refunding:

    

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

     920       941,620  

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

     675       700,211  

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

     495       495,243  

5.00%, 12/01/25

     705       732,784  

Chicago Board of Education, GO:

    

, 5.00%, 12/01/46

     585       553,024  

, 5.00%, 12/01/46

     1,505       1,422,737  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)            

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

    

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

   $ 4,200     $ 4,334,232  

Series A, 5.75%, 01/01/39

     800       816,752  

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

      6,430        6,664,373  

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

     1,150       1,215,366  

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

     845       873,392  

Metropolitan Pier & Exposition Authority, RB, McCormick Place Expansion Project Bonds, Series A, 5.00%, 06/15/57

     960       924,250  

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

    

4.00%, 06/15/50

     1,475       1,236,551  

Series B (AGM), 0.00%, 06/15/43(c)

     5,700       2,123,763  

Series B (AGM), 5.00%, 06/15/50

     6,725       6,730,851  

Series B-2, 5.00%, 06/15/50

     2,725       2,725,708  

Railsplitter Tobacco Settlement Authority, RB, 6.00%, 06/01/21(b)

     1,255       1,326,686  

State of Illinois, GO:

    

5.00%, 02/01/39

     1,640       1,645,658  

Series A, 5.00%, 04/01/35

     2,500       2,506,250  

Series A, 5.00%, 04/01/38

     3,885       3,895,373  

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

     3,005       3,411,697  

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

     1,050       1,128,645  
   

 

 

  
      48,515,291  
Indiana — 4.1%            

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

    

6.75%, 01/01/34

     845       891,762  

7.00%, 01/01/44

     3,535       3,729,036  

Indiana Finance Authority, RB, Series A:

    

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

     3,510       3,710,632  

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

     485       503,522  
Security   Par
(000)		     Value  
Indiana (continued)            

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48

   $ 1,610     $ 1,668,540  

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51

     435       451,934  

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

      1,180       1,186,266  

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

     1,380       1,522,913  
   

 

 

  
       13,664,605  
Iowa — 1.7%            

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

    

Series B, 5.25%, 12/01/50(g)

     3,060       2,972,668  

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

     500       504,385  

Midwestern Disaster Area, 5.88%, 12/01/26(a)

     445       457,148  

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

     1,610       1,610,129  
   

 

 

  
      5,544,330  
Kentucky — 0.7%            

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

     1,060       1,194,747  

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 07/01/43(h)

     1,280       1,269,555  
   

 

 

  
      2,464,302  
Louisiana — 2.7%            

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

     3,650       3,707,451  

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

    

5.50%, 05/15/30

     875       876,383  

5.25%, 05/15/31

     935       961,657  

5.25%, 05/15/32

     1,195       1,261,848  

5.25%, 05/15/33

     1,300       1,371,890  

5.25%, 05/15/35

     795       851,604  
   

 

 

  
      9,030,833  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

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 Terminal, Inc., 5.75%, 09/01/25

   $ 800     $ 804,080  

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

     455       519,164  

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

      2,400       2,484,720  
   

 

 

  
       3,807,964  
Michigan — 2.9%            

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

     4,825       5,225,957  

State of Michigan Finance Authority, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48

     1,165       1,224,706  

State of Michigan Finance Authority, Refunding RB:

    

Board of Trustees, Series B, 5.00%, 02/15/48

     1,100       1,325,324  

Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 07/01/44

     940       999,352  

Series A, 4.00%, 12/01/49

     895       964,819  
   

 

 

  
      9,740,158  
Minnesota — 1.1%            

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

    

4.25%, 02/15/48

     1,115       1,179,904  

5.25%, 02/15/53

     2,230       2,519,677  
   

 

 

  
      3,699,581  
Missouri — 0.8%            

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

     6,000       2,130,000  

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

     275       298,312  
Security   Par
(000)		     Value  
Missouri (continued)            

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

   $ 265     $ 281,846  
   

 

 

  
      2,710,158  
Nebraska — 0.8%            

Central Plains Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/42

     1,570       1,680,387  

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 09/01/37

     895       962,859  
   

 

 

  
      2,643,246  
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       1,790,045  

Series C, AMT, 4.88%, 11/01/42

     975       940,193  
   

 

 

  
      2,730,238  
New Jersey — 14.8%            

Casino Reinvestment Development Authority, Inc., Refunding RB:

    

5.25%, 11/01/39

      1,805        1,829,855  

5.25%, 11/01/44

     1,640       1,646,855  

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

     1,165       1,164,942  

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

     2,130       2,098,540  

New Jersey EDA, RB:

    

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

     2,535       2,581,872  

Series EEE, 5.00%, 06/15/48

     4,020       4,090,149  

Transit transportation Project, 4.00%, 11/01/38

     560       522,463  

Transit transportation Project, 4.00%, 11/01/39

     450       418,878  

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

     1,570       1,571,805  

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

     7,475       8,126,446  

New Jersey Transportation Trust Fund Authority, RB:

    

Series BB, 4.00%, 06/15/50

     1,645       1,495,437  

Series BB, 5.00%, 06/15/50

     5,395       5,485,366  

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

     730       738,373  

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

     1,355       1,366,951  

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

     2,690       2,707,028  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)            

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

   $ 570     $ 650,376  

State of New Jersey Turnpike Authority, RB:

    

Series A, 5.00%, 01/01/43

     770       821,775  

Series E, 5.00%, 01/01/45

     2,810       3,145,121  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.25%, 06/01/46

     580       643,278  

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

      7,830       8,173,345  
   

 

 

  
       49,278,855  
New York — 8.5%            

City of New York Housing Development Corp., RB, Sustainable Development Bonds, M/F Housing, Series A, 3.00%, 11/01/55(i)

     1,170       1,167,789  

City of New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 2(a):

    

5.15%, 11/15/34

     365       365,668  

5.38%, 11/15/40

     910       860,350  

City of New York Transitional Finance Authority Future Tax Secured Revenue, RB:

    

4.00%, 05/01/40

     480       560,477  

Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42

     2,680       2,847,420  

Future Tax Secured Subordinate Bonds, Series C, 4.00%, 05/01/45

     1,200       1,379,952  

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

     2,000       2,000,520  

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

     775       814,841  

Metropolitan Transportation Authority, RB, Series B:

    

5.25%, 11/15/38

     2,555       2,664,814  

5.25%, 11/15/39

     910       949,922  

Metropolitan Transportation Authority, Refunding RB:

    

Green Bond, Sereis C-1, 5.25%, 11/15/55

     845       929,441  

Green Bonds, Series C, 5.00%, 11/15/50

     575       621,414  

Green Bonds, Series C-1, 4.75%, 11/15/45

     1,760       1,870,686  
Security   Par
(000)		     Value  
New York (continued)            

New York Liberty Development Corp., Refunding RB, 3 World Trade Center Project, Class 1, 5.00%, 11/15/44(a)

   $ 4,320     $ 4,246,603  

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

    

6.00%, 12/01/42

      1,635        1,648,979  

Special Project, 6.00%, 12/01/36

     1,410       1,421,506  

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

     1,945       2,394,937  

Triborough Bridge & Tunnel Authority, RB, Series A:

    

MTA Bridges and Tunnels, 4.00%, 11/15/54

     290       326,990  

5.00%, 11/15/54

     935       1,155,716  
   

 

 

  
      28,228,025  
North Carolina — 0.8%            

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       1,014,230  

North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b)

     625       660,262  

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

     590       857,636  
   

 

 

  
      2,532,128  
North Dakota — 0.4%            

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

     1,035       1,164,002  
   

 

 

  
Ohio — 4.3%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Senior:

    

Class 1, Series A-2, 4.00%, 06/01/37

     315       351,165  

Class 1, Series A-2, 4.00%, 06/01/38

     315       350,979  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)  

Class 1, Series A-2, 4.00%, 06/01/39

   $ 315     $ 350,028  

Class 1, Series A-2, 4.00%, 06/01/48

     825       870,235  

Class 2, Series B-2, 5.00%, 06/01/55

     3,640       3,670,103  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 06/01/38

     3,405       3,405,000  

County of Franklin Ohio, RB:

    

OPRS Communities Obligation Group, Series A, 6.13%, 07/01/22(b)

     40       44,924  

OPRS Communities Obligation Group, Series A, 6.13%, 07/01/40

     670       687,588  

Series A, 4.00%, 12/01/49

     555       604,229  

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

     435       498,962  

County of Hamilton Ohio, Refunding RB, Trihealth, Inc. Obligated Group Project:

    

4.00%, 08/15/50

     660       684,915  

Series A, 3.75%, 08/15/50

     1,155       1,173,226  

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

     870       981,543  

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

     810       773,671  
   

 

 

  
      14,446,568  
Oklahoma — 1.9%  

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

     2,230       2,477,864  

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

     1,275       1,372,053  

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

     2,120       2,387,735  
   

 

 

  
      6,237,652  
Pennsylvania — 3.8%  

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

     2,500       2,560,100  
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     $ 712,325  

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

    

4.00%, 09/01/49

     615       636,279  

5.00%, 09/01/43

     1,350       1,528,146  

Pennsylvania Economic Development Financing Authority, RB, The Pennsylvania Rapid Bridge Replacement Project, 5.00%, 06/30/42

     3,030       3,196,862  

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

     2,545       2,789,371  

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

     1,190       1,330,146  
   

 

 

  
      12,753,229  
Puerto Rico — 6.0%  

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

    

5.50%, 05/15/39

     715       716,759  

5.63%, 05/15/43

     740       741,783  

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

    

5.00%, 07/01/33

     2,690       2,629,556  

5.13%, 07/01/37

     770       762,531  

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

    

6.00%, 07/01/38

     795       795,294  

6.00%, 07/01/44

     1,445       1,445,217  

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

    

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

     6,135       1,563,689  

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

     2,135       2,061,385  

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

     6,633       6,616,948  

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

     1,052       1,006,869  

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

     1,812       1,746,768  
   

 

 

  
      20,086,799  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Rhode Island — 2.5%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

   $   1,690     $   1,841,407  

Series B, 4.50%, 06/01/45

     2,850       2,960,609  

Series B, 5.00%, 06/01/50

     3,175       3,377,628  
   

 

 

  
      8,179,644  
South Carolina — 4.4%  

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

     3,340       3,552,123  

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

     3,595       3,609,524  

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

     3,575       3,855,173  

State of South Carolina Public Service Authority, Refunding RB:

    

Series A, 5.00%, 12/01/50

     1,545       1,657,893  

Series E, 5.25%, 12/01/55

     1,840       2,008,802  
   

 

 

  
      14,683,515  
Tennessee — 1.1%  

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

     1,470       1,654,353  

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

     170       173,023  

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

     740       827,327  

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

     1,055       1,133,059  
   

 

 

  
      3,787,762  
Texas — 10.3%  

Central Texas Regional Mobility Authority, Refunding RB:

    

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

     2,350       2,432,321  

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

     390       411,251  
Security   Par
(000)		     Value  
Texas (continued)  

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

   $ 665     $ 733,156  

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

     460       461,306  

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

     1,260       1,586,138  

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

     485       568,750  

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

    

0.00%, 11/15/24(b)

     2,300       1,101,631  

0.00%, 11/15/36

     23,075       9,274,996  

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

     6,055       3,226,770  

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

     4,955       5,657,025  

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

     1,085       972,659  

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

     2,720       3,380,335  

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, LBJ Infrastructure Group LLC, 7.00%, 06/30/40

     3,000       3,011,970  

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

     1,270       1,341,996  
   

 

 

  
      34,160,304  
Utah — 0.7%  

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

    

5.00%, 07/01/48

     955       1,076,724  

5.00%, 07/01/47

     995       1,103,694  
   

 

 

  
      2,180,418  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Virginia — 1.5%  

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

   $ 865     $ 923,413  

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

    

5.25%, 01/01/32

     1,755       1,807,808  

6.00%, 01/01/37

     2,120       2,219,746  
   

 

 

  
      4,950,967  
Washington — 4.2%  

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

     5,050       5,286,087  

County of Grant Public Utility District No. 2, Refunding RB, Series A, 5.00%, 01/01/26(b)

     2,335       2,922,533  

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

     1,615       1,830,473  

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

     815       893,069  

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

     2,445       2,674,512  

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

     375       381,668  
   

 

 

  
      13,988,342  
   

 

 

  

Total Municipal Bonds — 128.2%
(Cost — $412,892,479)

 

     426,134,284  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(j) — 36.8%

 

California — 2.3%

 

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

     3,358       3,752,126  
Security   Par
(000)		     Value  
California (continued)  

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

   $   3,345     $   3,977,945  
   

 

 

  
      7,730,071  
Colorado — 0.9%  

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

     2,463       2,895,331  
   

 

 

  
Georgia — 0.9%  

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

     1,321       1,413,375  

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

     1,582       1,703,835  
   

 

 

  
      3,117,210  
Illinois — 0.5%  

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

    

4.00%, 02/15/27(b)

     4       4,173  

4.00%, 02/15/41

     1,540       1,663,826  
   

 

 

  
      1,667,999  
Massachusetts — 3.2%  

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

     2,238       2,462,475  

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

     4,979       5,588,631  

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

     2,461       2,627,168  
   

 

 

  
      10,678,274  
New York — 16.5%  

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

     9,150       9,571,541  

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

    

5.75%, 02/15/21(b)

     1,083       1,122,329  

5.75%, 02/15/47

     666       690,423  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

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

   $   11,670     $   12,299,250  

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

     7,040       7,410,638  

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

     2,790       3,151,277  

State of New York Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47(a)(g)

     6,576       7,484,771  

State of New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60(a)(g)

     1,459       1,677,977  

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

     3,164       3,397,292  

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

     7,217       8,091,478  
   

 

 

  
    54,896,976  
North Carolina — 1.0%  

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%, 10/01/25(b)

     2,740       3,399,162  
   

 

 

  
Pennsylvania — 0.9%  

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

     2,521       2,925,191  
   

 

 

  
Rhode Island — 0.6%  

Narragansett Bay Commission, Refunding RB, Wastewater System, Series A, 4.00%, 09/01/22(a)(b)(g)

     1,695       1,836,821  
   

 

 

  
Texas — 6.6%  

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

     2,660       2,927,729  

County of Harris Texas Sales & Use Tax Metropolitan Transit Revenue Authority, Refunding RB, Series A, 5.00%, 11/01/21(b)

     3,720       3,972,811  

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

     2,241       2,320,311  
Security   Par
(000)		     Value  
Texas (continued)  

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

   $ 7,600     $ 9,012,764  

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

     3,347       3,645,582  
   

 

 

  
    21,879,197  
Virginia — 1.8%  

Virginia Small Business Financing Authority, Refunding RB, Bon Secours Health System, Series A, 4.00%, 12/01/49

     5,320       5,812,845  
   

 

 

  
Washington — 0.6%  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Subordinate, Dulles Metrorail And Capital Improvement Projects, Series B (AGM), 4.00%, 10/01/53(a)(g)

     1,978       2,099,602  
   

 

 

  
Wisconsin — 1.0%  

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

     3,072       3,354,090  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.8%
(Cost — $116,198,476)

 

     122,292,769  
 

 

 

  

Total Long-Term Investments — 165.0%
(Cost — $529,090,955)

 

     548,427,053  
   

 

 

  
     Shares         

Short-Term Securities — 1.4%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class,
    0.04%(l)(m)

     4,740,194       4,741,616  
   

 

 

  

Total Short-Term Securities — 1.4%
(Cost — $4,741,020)

 

     4,741,616  
   

 

 

  

Total Investments — 166.4%
(Cost — $533,831,975)

 

     553,168,669  

Other Assets Less Liabilities — 1.4%

 

     4,567,100  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.3)%

 

     (73,998,387 ) 

VMTP Shares, at Liquidation Value — (45.5)%

 

     (151,300,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 332,437,382  
   

 

 

  
 

 

 

     9  

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

 

(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) 

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.

(c) 

Zero-coupon bond.

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(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) 

When-issued security.

(j) 

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.

(k) 

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 $15,290,306.

(l) 

Annualized 7-day yield as of period end.

(m) 

Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended May 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer

    

 Shares
Held at
08/31/19

 		     

 Shares

Purchased

  

 

     

 Shares

Sold

  

 

     

 Shares
Held at
05/31/20

 		     

 Value at

05/31/20

  

 

      Income       

 Net

Realized

Gain (Loss) (a)

 

 

     

Change in
Unrealized
Appreciation

(Depreciation

  

  

) 

BlackRock Liquidity Funds, MuniCash, Institutional Class

      7,110,938        —        (2,370,744 )(b)       4,740,194      $ 4,741,616      $ 48,900      $ 942      $ 1,130  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

 

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
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family
SRF    State Revolving Fund

 

 

10   

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

BlackRock Municipal Income Trust II (BLE)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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)

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 is based on the pricing transparency of the investments 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, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments categorized in the disclosure hierarchy:

 

      Level 1      Level 2      Level 3      Total  

Assets:

           

Investments:

           

Long-Term Investments(a)

    $ —      $ 547,565,453      $ 861,600      $ 548,427,053  

Short-Term Securities

     4,741,616        —        —        4,741,616  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 4,741,616      $ 547,565,453      $ 861,600      $ 553,168,669  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

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

 

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:

           

Loan for TOB Trust Certificates

    $ —      $ (840,608 )     $ —      $ (840,608 ) 

TOB Trust Certificates

     —        (72,922,750 )       —        (72,922,750 ) 

VMTP Shares at Liquidation Value

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

 

 

     

 

 

     

 

 

     

 

 

  
   $             —      $ (225,063,358 )     $             —      $ (225,063,358 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

 

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