NPORT-EX 2 NPORT_D1Z1_5228637987.htm EX-BLE

Schedule of Investments  (unaudited) 

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    

Alabama — 1.8%

 

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

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

   $ 540     $ 598,541  

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

         1,320       1,467,603  

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

     4,335       5,101,341  

Health Care Authority of the City of Huntsville, RB

    

Series B1, 4.00%, 06/01/45

     855       999,555  

Series B1, (AGM), 3.00%, 06/01/50

     2,375       2,490,639  

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

     1,170       1,776,481  

Selma Industrial Development Board, RB,
Series A, 5.38%, 12/01/35

     770       788,334  
   

 

 

  
      13,222,494  
Alaska — 0.0%            

Northern Tobacco Securitization Corp., Refunding RB, Series A, 4.63%, 06/01/23

     25       25,040  
   

 

 

  
Arizona — 2.6%            

Arizona Industrial Development Authority, RB(a)

    

4.38%, 07/01/39

     225       241,801  

Series A, 5.00%, 07/01/39

     190       202,040  

Series A, 5.00%, 07/01/49

     210       220,872  

Series A, 5.00%, 07/01/54

     165       172,908  

Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(a)

     1,185       1,319,699  

Glendale Industrial Development Authority, RB

    

5.00%, 05/15/41

     100       113,438  

5.00%, 05/15/56

     400       445,384  

Industrial Development Authority of the City of Phoenix, RB

    

5.00%, 07/01/59

     465       554,201  

Series A, 5.00%, 07/01/46(a)

    1,825       2,004,835  

Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35(a)

    275       302,437  

Industrial Development Authority of the County of Pima, RB(a)

    

5.00%, 06/15/47

     325       332,088  

5.00%, 07/01/49

     350       367,833  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/39(a)

    100       117,092  

5.00%, 07/01/54(a)

    210       238,608  

Series A, 4.13%, 09/01/38

     820       962,590  

Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40

     1,250       1,381,425  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     5,635       7,445,300  

5.00%, 12/01/37

     2,000       2,790,160  
   

 

 

  
      19,212,711  
Arkansas — 0.5%            

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

    3,305       3,632,063  
   

 

 

  
Security  

Par

(000)

     Value  
California — 7.6%            

California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36

   $ 350     $ 353,574  

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

         2,315       3,661,242  

California Health Facilities Financing Authority, Refunding RB

    

5.00%, 08/01/50

     1,000       1,216,260  

Series A, 5.00%, 07/01/33

     1,765       1,937,211  

Series A, 4.00%, 03/01/39

     890       997,619  

Series A, 4.00%, 04/01/45

     1,220       1,411,674  

California Municipal Finance Authority, ARB, AMT,
Senior Lien, 4.00%, 12/31/47

     780       861,931  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     205       222,985  

Series A, 5.25%, 08/15/49

     510       548,959  

California Pollution Control Financing Authority, RB,
Series A, AMT, 5.00%, 11/21/45(a)

    2,130       2,220,355  

California School Finance Authority, Refunding RB,
Series A, 5.00%, 07/01/51(a)

    1,700       1,922,071  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     2,015       2,234,877  

Series I, 5.50%, 11/01/31

     3,100       3,480,277  

Series I, 5.50%, 11/01/33

     1,500       1,682,085  

Series I, 5.00%, 11/01/38

     1,065       1,178,827  

California Statewide Communities Development Authority, Refunding RB(a)

   

Series A, 5.00%, 06/01/36

     990       1,125,006  

Series A, 5.00%, 06/01/46

     1,220       1,364,106  

City of Los Angeles Department of Airports, Refunding ARB

    

Series A, AMT, 5.00%, 05/15/31

     375       500,078  

Series A, AMT, 5.00%, 05/15/32

     450       598,630  

Series A, AMT, 5.00%, 05/15/33

     445       587,307  

Series A, AMT, 5.00%, 05/15/34

     465       611,331  

Series A, AMT, 5.00%, 05/15/35

     735       963,379  

Series A, AMT, 5.00%, 05/15/38

     315       410,363  

Series A, AMT, 5.00%, 05/15/39

     340       441,969  

Series A, AMT, 5.00%, 05/15/40

     715       927,255  

Series A, AMT, 5.00%, 05/15/41

     765       989,619  

Golden State Tobacco Securitization Corp., Refunding RB

    

Series A-1, 5.00%, 06/01/47

     620       641,632  

Series A-1, 5.25%, 06/01/47

     590       612,060  

Series A-2, 5.00%, 06/01/47

     4,725       4,889,855  

Kern Community College District, GO,
Series C, 5.50%, 11/01/23(b)

    2,155       2,429,224  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB

    

Series J, 5.25%, 05/15/23(b)

    3,905       4,291,283  

Series J, 5.25%, 05/15/38

     1,110       1,211,476  

Riverside County Public Financing Authority, RB,
5.25%, 11/01/40

     2,000       2,378,260  

San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB

    

Series A, AMT, 5.50%, 05/01/28

     720       789,696  

Series A, AMT, 5.25%, 05/01/33

     560       610,238  

San Marcos Unified School District, GO, CAB(c)

   

Series B, Election 2010, 0.00%, 08/01/33

     3,000       2,408,760  

Series B, Election 2010, 0.00%, 08/01/43

     2,500       1,513,475  
 

 

 

1

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
California (continued)            

State of California, GO, 3.00%, 12/01/46

   $ 550     $ 593,967  

Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(b)

    490       559,310  

Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40

     830       936,198  
   

 

 

  
      56,314,424  
Colorado — 1.9%            

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

     1,915       2,509,129  

Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(a)

    250       262,220  

City & County of Denver Colorado Airport System Revenue, ARB

    

Series B, 5.25%, 11/15/32

         1,750       1,952,930  

Series A, AMT, 5.50%, 11/15/28

     500       559,805  

Series A, AMT, 5.50%, 11/15/30

     225       251,568  

Series A, AMT, 5.50%, 11/15/31

     270       301,687  

City & County of Denver Colorado, RB, CAB,
Series A-2, 0.00%, 08/01/38(c)

    1,835       1,045,546  

Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(a)

    320       352,307  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A,
5.00%, 10/01/59(a)

    425       466,710  

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

     1,945       2,228,036  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

     1,325       1,526,267  

Denver International Business Center Metropolitan District No.1, GO, Series A, 4.00%, 12/01/48

     495       509,108  

Haskins Station Metropolitan District, GO,
Series A, 5.00%, 12/01/39

     650       697,515  

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

     1,405       1,636,994  
   

 

 

  
      14,299,822  
Connecticut — 0.6%            

State of Connecticut Special Tax Revenue, RB

    

Series A, 4.00%, 05/01/36

     365       439,427  

Series A, 4.00%, 05/01/39

     230       275,073  

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

     3,435       4,085,589  
   

 

 

  
      4,800,089  
Delaware — 0.2%            

Delaware Transportation Authority, RB,
5.00%, 06/01/55

     1,260       1,445,321  
   

 

 

  
District of Columbia — 2.9%            

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

     11,500       11,834,535  

District of Columbia, Refunding RB

    

5.00%, 04/01/35

     465       559,744  

5.00%, 10/01/48

     2,525       3,013,890  

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

    820       919,171  

District of Columbia, TA, 5.13%, 06/01/41

     690       692,553  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Series A, 5.00%, 10/01/53

     2,195       2,268,598  

Series B, Subordinate, 4.00%, 10/01/49

     1,995       2,277,073  
   

 

 

  
      21,565,564  
Security  

Par

(000)

     Value  
Florida — 6.1%            

Capital Projects Finance Authority, Refunding RB

    

Series A-1, 5.00%, 10/01/32

   $ 215     $ 261,756  

Series A-1, 5.00%, 10/01/33

     240       290,966  

Series A-1, 5.00%, 10/01/34

     240       289,598  

Series A-1, 5.00%, 10/01/35

     80       96,247  

Capital Trust Agency, Inc., RB

    

Series A, 5.00%, 06/01/45(a)

    190       200,399  

Series A, 5.00%, 12/15/49

     140       154,298  

Series A, 5.00%, 12/15/54

     125       137,628  

Celebration Pointe Community Development District, SAB(a)

    

5.00%, 05/01/32

     215       239,547  

5.00%, 05/01/48

     530       574,266  

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

     1,450       1,650,854  

County of Broward Florida Airport System Revenue, ARB

    

Series A, AMT, 5.00%, 10/01/45

     575       658,312  

Series A, AMT, 4.00%, 10/01/49

     330       376,886  

County of Lee Florida Airport Revenue, Refunding RB, Series A, AMT, 5.38%, 10/01/32

     1,000       1,010,190  

County of Miami-Dade Florida Aviation Revenue, Refunding RB

    

Series A, 4.00%, 10/01/37

     355       423,288  

Series A, 4.00%, 10/01/38

     355       422,077  

Series A, 4.00%, 10/01/39

     265       313,845  

Series A, AMT, 5.00%, 10/01/22(b)

        2,165       2,297,628  

County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 5.25%, 10/01/23(b)

    500       557,920  

County of Miami-Dade Seaport Department, ARB

    

Series A, 6.00%, 10/01/38

     7,515       8,445,432  

Series A, 5.50%, 10/01/42

     2,125       2,359,281  

Series B, AMT, 6.00%, 10/01/26

     590       664,305  

Series B, AMT, 6.00%, 10/01/27

     775       872,263  

Series B, AMT, 6.25%, 10/01/38

     310       348,437  

Series B, AMT, 6.00%, 10/01/42

     410       459,930  

County of Miami-Dade Seaport Department, Refunding RB,
Series D, AMT, 6.00%, 10/01/26

     735       827,566  

County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c)

   

Series A-2, 0.00%, 10/01/46

     1,665       733,249  

Series A-2, 0.00%, 10/01/47

     1,610       682,640  

Series A-2, 0.00%, 10/01/48

     1,135       463,477  

Series A-2, 0.00%, 10/01/49

     935       367,642  

Florida Development Finance Corp., RB

    

Series A, 5.00%, 06/15/40

     240       271,754  

Series A, 5.00%, 06/15/50

     795       888,182  

Series A, 5.00%, 06/15/55

     475       530,328  

AMT, 5.00%, 05/01/29(a)

    180       194,243  

Series A, AMT, 5.00%, 08/01/29(a)(d)

    100       103,749  

Florida Development Finance Corp., Refunding RB,
Series C, 5.00%, 09/15/50(a)

    105       114,991  

Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/29

     1,170       1,303,637  

Jacksonville Port Authority, Refunding ARB, AMT,
5.00%, 11/01/22(b)

    1,665       1,774,923  

Lakewood Ranch Stewardship District, SAB

    

5.25%, 05/01/37

     180       201,956  

5.38%, 05/01/47

     185       205,313  
 

 

 

S C H E D U L E  O F  I N V E S T M E N T S  

2

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Florida (continued)            

Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40

   $ 40     $ 40,450  

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

        4,250       4,350,470  

Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41

     1,000       1,110,720  

Osceola Chain Lakes Community Development District, SAB

    

4.00%, 05/01/40

     270       288,668  

4.00%, 05/01/50

     260       273,525  

Reedy Creek Improvement District, GO,
Series A, 5.25%, 06/01/23(b)

    1,585       1,743,341  

Sarasota County Florida Utility System Revenue, RB

    

Series A, 5.00%, 10/01/45

     475       615,871  

Series A, 5.00%, 10/01/50

     715       917,717  

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

    1,670       1,057,991  

Village Community Development District No.10, SAB, 5.13%, 05/01/43

     675       700,576  

Volusia County Educational Facility Authority, Refunding RB, 5.00%, 10/15/49

     1,930       2,405,803  
   

 

 

  
      45,274,135  
Georgia — 3.4%            

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54

     715       827,384  

George L Smith II Congress Center Authority, RB, 4.00%, 01/01/54

     390       454,584  

Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 2.50%, 06/01/50

     795       797,011  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     540       747,441  

Series A, 5.00%, 05/15/36

     540       755,363  

Series A, 5.00%, 05/15/37

     595       841,015  

Series A, 5.00%, 05/15/38

     325       464,795  

Series A, 5.00%, 05/15/49

     7,195       10,819,409  

Municipal Electric Authority of Georgia, RB

    

4.00%, 01/01/49

     3,585       4,042,443  

4.00%, 01/01/59

     3,525       3,926,427  

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

     1,360       1,533,618  
   

 

 

  
      25,209,490  
Hawaii — 0.3%            

State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45

     1,000       1,155,010  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     250       275,317  

AMT, 5.25%, 08/01/26

     810       891,705  
   

 

 

  
      2,322,032  
Idaho — 0.2%            

Idaho Health Facilities Authority, RB

    

4.00%, 12/01/43

     605       697,892  

Series 2017, 5.00%, 12/01/46

     805       971,240  
   

 

 

  
      1,669,132  
Illinois — 11.6%            

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/36

     405       505,995  

Series A, 5.00%, 12/01/38

     200       248,610  

Series A, 5.00%, 12/01/39

     100       124,259  
Security  

Par

(000)

     Value  
Illinois (continued)            

Chicago Board of Education, GO (continued)

    

Series A, 5.00%, 12/01/40

   $ 310     $ 382,990  

Series A, 5.00%, 12/01/41

     210       258,602  

Series C, 5.25%, 12/01/35

         2,790       3,112,942  

Series D, 5.00%, 12/01/46

     3,605       3,957,062  

Series H, 5.00%, 12/01/36

     495       587,120  

Series H, 5.00%, 12/01/46

     215       249,333  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     1,215       1,423,336  

Series D, 5.00%, 12/01/27

     1,600       1,959,616  

Series D, 5.00%, 12/01/31

     150       178,590  

Series F, 5.00%, 12/01/22

     880       937,094  

Series F, 5.00%, 12/01/23

     290       320,366  

Series G, 5.00%, 12/01/34

     710       844,410  

Series G, 5.00%, 12/01/44

     150       174,455  

Chicago Midway International Airport, Refunding ARB, Series A, 2nd Lien, AMT, 5.00%, 01/01/41

     1,010       1,110,879  

Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/37

     1,035       1,240,147  

Chicago Transit Authority Sales Tax Receipts Fund,

    

RB, 5.25%, 12/01/21(b)

    6,290       6,449,200  

Chicago Transit Authority, Refunding RB, Second

    

Series, (AGM-CR), 5.00%, 06/01/28

     3,000       3,007,620  

City of Chicago Illinois Wastewater Transmission

    

Revenue, RB, 2nd Lien, 5.00%, 01/01/42

     1,375       1,410,172  

City of Chicago Illinois Waterworks Revenue,

    

Refunding RB, 2nd Lien, 5.00%, 11/01/42

     500       527,910  

Cook County Community College District No. 508, GO

    

5.50%, 12/01/38

     2,670       2,912,810  

5.25%, 12/01/43

     3,850       4,127,854  

Illinois Finance Authority, RB

    

Series A, 5.00%, 02/15/37

     480       534,643  

Series A, 6.00%, 08/15/41

     3,305       3,345,123  

Illinois Finance Authority, Refunding RB

    

Series A, 5.00%, 11/15/21(b)

    305       311,686  

Series A, 4.00%, 05/15/50

     600       697,896  

Series C, 5.00%, 02/15/41

     1,600       1,896,352  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/45

     1,420       1,812,942  

Series C, 5.00%, 01/01/37

     3,005       3,458,004  

Metropolitan Pier & Exposition Authority, RB

    

Series A, 5.50%, 06/15/53

     280       326,920  

Series A, 5.00%, 06/15/57

     2,745       3,266,632  

Metropolitan Pier & Exposition Authority, RB, CAB,

    

(BAM-TCRS), 0.00%, 12/15/56(c)

    2,165       747,791  

Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50

     2,705       3,075,179  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB(c)

   

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

     5,700       3,100,629  

Series B, (AGM), 0.00%, 06/15/44

     2,980       1,567,033  

Series B, 0.00%, 12/15/54

     3,020       1,000,858  

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

    2,765       2,765,000  

State of Illinois, GO

    

5.25%, 02/01/31

     730       800,598  

5.25%, 02/01/32

     2,500       2,736,275  

5.50%, 07/01/33

     3,000       3,259,170  

5.00%, 03/01/37

     455       468,454  

5.50%, 07/01/38

     620       670,629  

5.00%, 02/01/39

     1,640       1,780,417  
 

 

 

3

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Illinois (continued)            

State of Illinois, GO (continued)

    

Series A, 5.00%, 04/01/35

   $ 3,500     $ 3,705,030  

Series A, 5.00%, 04/01/38

         5,020       5,295,397  

Series C, 4.00%, 11/01/43

     440       497,319  

Series D, 5.00%, 11/01/28

     505       612,419  

State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27

     180       220,428  

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

     1,360       1,518,318  
   

 

 

  
      85,522,514  
Indiana — 2.6%            

City of Valparaiso Indiana, RB

    

AMT, 6.75%, 01/01/34

     1,090       1,202,957  

AMT, 7.00%, 01/01/44

     4,625       5,144,619  

Indiana Finance Authority, RB

    

Series A, 1st Lien, 5.25%, 10/01/38

     4,530       4,604,790  

Series A, AMT, 5.00%, 07/01/40

     375       403,264  

Series A, AMT, 5.00%, 07/01/44

     625       669,331  

Series A, AMT, 5.00%, 07/01/48

     2,075       2,237,555  

Series A, AMT, 5.25%, 01/01/51

     560       609,902  

Indiana Finance Authority, Refunding RB, 4.75%, 03/01/22(b)

    2,030       2,099,101  

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

     1,780       1,911,328  
   

 

 

  
      18,882,847  
Iowa — 1.2%            

Iowa Finance Authority, Refunding RB

    

5.25%, 12/01/25

     1,270       1,372,680  

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

    4,855       5,290,542  

Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39

     2,425       2,488,147  
   

 

 

  
      9,151,369  
Kansas — 0.1%            

City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43

     475       511,423  
   

 

 

  
Kentucky — 1.1%            

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

    1,385       1,496,146  

Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24(c)

    5,000       4,887,750  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(g)

    1,655       1,989,873  
   

 

 

  
      8,373,769  
Louisiana — 0.8%            

Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29

     1,000       1,125,030  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.25%, 05/15/31

     435       436,053  

Series A, 5.25%, 05/15/32

     1,540       1,606,220  

Series A, 5.25%, 05/15/33

     1,675       1,747,042  

Series A, 5.25%, 05/15/35

     955       1,034,761  
   

 

 

  
      5,949,106  
Security  

Par

(000)

     Value  
Maine — 0.1%            

Maine Health & Higher Educational Facilities Authority, RB, 7.50%, 07/01/21(b)

  $ 680     $ 684,039  
   

 

 

  
Maryland — 0.1%            

City of Baltimore Maryland, Refunding RB,
Series A, 4.50%, 09/01/33

     135       143,917  

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

     455       549,003  
   

 

 

  
      692,920  
Massachusetts — 0.9%            

Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47

     1,975       2,282,053  

Massachusetts Development Finance Agency, Refunding RB

    

5.00%, 01/01/41

     525       594,694  

5.00%, 01/01/45

     375       420,581  

Series A, 4.00%, 07/01/44

     685       768,392  

Massachusetts Housing Finance Agency, RB, M/F Housing, Series D-1, 2.55%, 12/01/50

     420       424,948  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51

     1,220       1,555,475  

Metropolitan Boston Transit Parking Corp., Refunding RB, 5.25%, 07/01/36

     300       301,227  
   

 

 

  
      6,347,370  
Michigan — 1.8%            

City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien,
5.25%, 07/01/22(b)

    6,750       7,118,955  

City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM),
6.25%, 07/01/36.

     5       5,024  

Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44

         1,110       1,365,011  

Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22(b)

    275       289,289  

Michigan Finance Authority, Refunding RB,
Series A, 4.00%, 12/01/49

     895       1,038,665  

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

     1,100       1,378,245  

Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48

     1,680       2,021,477  
   

 

 

  
      13,216,666  
Minnesota — 2.1%            

City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49

     1,790       2,177,195  

Duluth Economic Development Authority, Refunding RB

    

Series A, 4.25%, 02/15/48

     7,760       8,802,245  

Series A, 5.25%, 02/15/53

     2,230       2,732,352  

Series A, 5.25%, 02/15/58

     1,435       1,758,392  
   

 

 

  
      15,470,184  
Mississippi — 0.2%            

Mississippi Development Bank, RB, (AGM),
6.88%, 12/01/40.

     1,190       1,361,443  

Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(b)

    260       288,322  
   

 

 

  
      1,649,765  
 

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

4

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Missouri — 1.6%            

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

  $     6,000     $ 2,130,000  

Health & Educational Facilities Authority of the State of Missouri Refunding RB,
Series A, 4.00%, 07/01/40

     1,830       2,195,268  

Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53

     3,180       3,674,490  

Health & Educational Facilities Authority of the State of Missouri, Refunding RB

    

5.50%, 05/01/43

     345       370,302  

Series A, 4.00%, 07/01/46

     655       775,055  

Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57

     975       1,120,451  

Missouri Housing Development Commission, RB, S/F Housing

    

(FHLMC, FNMA, GNMA), 2.35%, 11/01/46

     465       469,459  

(FHLMC, FNMA, GNMA), 2.40%, 11/01/51

     480       483,989  

St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37

     500       572,775  
   

 

 

  
      11,791,789  
Montana — 0.0%            

City of Kalispell Montana, Refunding RB,
Series A, 5.25%, 05/15/37

     125       130,699  
   

 

 

  
Nebraska — 0.5%            

Central Plains Energy Project, RB

    

5.25%, 09/01/37

     1,155       1,225,432  

5.00%, 09/01/42

     2,025       2,141,215  
   

 

 

  
      3,366,647  
New Hampshire(a) — 0.6%            

New Hampshire Business Finance Authority, Refunding RB

    

Series A, 3.63%, 07/01/43(d)

    170       177,084  

Series B, 4.63%, 11/01/42

     2,350       2,460,638  

Series B, AMT, 3.75%, 07/01/45(d)

    270       281,723  

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

     1,260       1,325,659  
   

 

 

  
      4,245,104  
New Jersey — 13.1%            

Casino Reinvestment Development Authority, Inc., Refunding RB

    

5.25%, 11/01/39

     2,390       2,590,378  

5.25%, 11/01/44

     2,250       2,421,427  

Hudson County Improvement Authority, RB,
4.00%, 10/01/46

     1,830       2,161,376  

Middlesex County Improvement Authority, RB,
Series B, 6.25%, 01/01/37(e)(f)

    645       12,900  

New Jersey Economic Development Authority, RB

    

4.00%, 11/01/38

     560       639,162  

4.00%, 11/01/39

     450       512,388  

5.00%, 06/15/49

     2,535       3,068,567  

Series EEE, 5.00%, 06/15/43

     3,710       4,499,933  

Series EEE, 5.00%, 06/15/48

     4,020       4,795,498  

AMT, 5.13%, 09/15/23

     2,485       2,641,431  

AMT, (AGM), 5.00%, 01/01/31

     530       584,468  

AMT, 5.38%, 01/01/43

     1,500       1,659,060  

New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47

     1,570       1,810,650  
Security  

Par

(000)

     Value  
New Jersey (continued)            

New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31

   $ 775     $ 956,497  

New Jersey Economic Development Authority, Refunding SAB

    

6.50%, 04/01/28

         7,475       8,234,834  

5.75%, 04/01/31

     705       746,376  

New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT,
3.63%, 12/01/49

     665       682,430  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series A, (HUD SECT 8), 2.30%, 11/01/40

     1,150       1,136,384  

New Jersey Transportation Trust Fund Authority, RB

    

5.00%, 06/15/46

     2,930       3,524,087  

Series A, 5.50%, 06/15/21(b)

    575       576,144  

Series A, 5.00%, 06/15/28

     500       594,350  

Series AA, 5.50%, 06/15/39

     3,845       4,208,160  

Series AA, 5.00%, 06/15/44

     2,085       2,267,994  

Series AA, 4.00%, 06/15/45

     855       978,736  

Series AA, 5.00%, 06/15/45

     415       469,718  

Series B, 5.25%, 06/15/36

     3,480       3,486,264  

Series BB, 4.00%, 06/15/50

     1,645       1,839,965  

Series BB, 5.00%, 06/15/50

     5,395       6,405,645  

Series S, 5.25%, 06/15/43

     1,145       1,429,235  

New Jersey Turnpike Authority, RB

    

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

    770       810,525  

Series A, 4.00%, 01/01/42

     800       957,184  

Series A, 4.00%, 01/01/48

     1,190       1,361,015  

Series E, 5.00%, 01/01/45

     2,810       3,211,577  

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

    735       803,149  

State of New Jersey, GO

    

Series A, 4.00%, 06/01/31

     620       776,240  

Series A, 3.00%, 06/01/32

     1,430       1,666,651  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,605       1,976,927  

Series A, 5.25%, 06/01/46

     4,415       5,325,638  

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

     12,780       14,998,352  
   

 

 

  
      96,821,315  
New Mexico — 0.0%            

City of Santa Fe New Mexico, RB,
Series A, 5.00%, 05/15/44

     100       111,753  
   

 

 

  
New York — 14.6%            

Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35

     500       565,235  

City of New York, GO

    

Series C, 5.00%, 08/01/42

     1,870       2,396,554  

Series D-1, 4.00%, 03/01/44

     515       603,024  

Hudson Yards Infrastructure Corp., RB,
5.75%, 02/15/47

     525       527,515  

Metropolitan Transportation Authority, RB

    

Series A, 5.25%, 11/15/21(b)

    500       511,635  

Series B, 5.25%, 11/15/38

     3,305       3,732,369  

Series B, 5.25%, 11/15/39

     910       1,026,762  

Series C, 4.00%, 11/15/33

     100       106,723  

Metropolitan Transportation Authority, Refunding RB

    

Series B, 5.00%, 11/15/22

     400       427,380  

Series C-1, 5.00%, 11/15/25

     100       119,350  
 

 

 

5

  

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
New York (continued)            

Metropolitan Transportation Authority, Refunding RB (continued)

    

Series C-1, 5.00%, 11/15/26

   $ 65     $ 79,379  

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

         6,795       8,246,072  

Series C-1, 5.00%, 11/15/50

     575       707,227  

Series C-1, 5.25%, 11/15/55

     845       1,055,312  

Monroe County Industrial Development Corp., Refunding RB

    

4.00%, 12/01/46

     1,090       1,251,832  

Series A, 4.00%, 07/01/50

     1,175       1,379,838  

New York City Housing Development Corp., RB, M/F Housing

    

Series A, 3.00%, 11/01/55

     3,375       3,466,429  

Series C-1A, 4.20%, 11/01/44

     3,000       3,129,900  

Series H, 2.55%, 11/01/45

     925       933,223  

Series I-1, (FHA), 2.65%, 11/01/50

     7,135       7,182,234  

New York City Housing Development Corp., Refunding RB, M/F Housing, Series D-1-B, (FHA 542 (C)), 2.50%, 11/01/55

     1,500       1,492,245  

New York City Industrial Development Agency, Refunding RB (AGM),

    

3.00%, 03/01/49

     2,060       2,193,076  

3.00%, 03/01/49

     1,645       1,703,776  

Series A, Class A, (AGM), 3.00%, 01/01/37

     235       255,602  

Series A, Class A, (AGM), 3.00%, 01/01/39

     235       253,899  

Series A, Class A, (AGM), 3.00%, 01/01/40

     165       178,215  

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

    

Sub-Series B-1, 4.00%, 11/01/45

     5,000       5,869,400  

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

     3,450       3,555,018  

Series C, Subordinate, 4.00%, 05/01/45

     1,200       1,416,108  

Sub-Series C-1, Subordinate, 4.00%, 05/01/40

     480       575,875  

New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(a)

    3,400       3,451,204  

New York Liberty Development Corp., Refunding RB(a)

   

Series 1, Class 1, 5.00%, 11/15/44

     6,110       6,752,772  

Series 2, Class 2, 5.15%, 11/15/34

     470       531,810  

Series 2, Class 2, 5.38%, 11/15/40

     1,175       1,334,001  

New York Power Authority, Refunding RB,
Series A, 4.00%, 11/15/60

     1,225       1,421,257  

New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/45

     1,530       1,899,296  

New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48

     1,945       2,440,489  

New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.60%, 11/01/50

     2,200       2,236,894  

New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/45

     3,110       3,610,368  

New York State Urban Development Corp., RB

    

Series A, 4.00%, 03/15/49

     8,750       10,295,337  

Series A, 3.00%, 03/15/50

     1,420       1,515,467  

New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50

     1,600       1,800,848  

New York Transportation Development Corp., RB

    

AMT, 5.00%, 10/01/35

     640       809,280  

AMT, 5.00%, 10/01/40

     1,825       2,275,994  

AMT, 4.00%, 04/30/53

     425       483,884  

Port Authority of New York & New Jersey, ARB
4.00%, 09/01/45

     2,500       2,913,050  
Security  

Par

(000)

     Value  
New York (continued)            

Port Authority of New York & New Jersey,
ARB (continued)
4.00%, 09/01/49

   $     1,500     $ 1,739,370  

Port Authority of New York & New Jersey, Refunding ARB, AMT, 4.00%, 07/15/40

     1,350       1,612,251  

Triborough Bridge & Tunnel Authority, RB

    

Series A, 4.00%, 11/15/54

     1,085       1,272,054  

Series A, 5.00%, 11/15/54

     935       1,186,730  

Series A, 5.00%, 11/15/56

     1,640       2,098,118  

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

     1,023       1,139,207  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42

     240       261,960  
   

 

 

  
      108,022,848  
North Carolina — 0.7%            

County of Union North Carolina Enterprise System Revenue, RB, 3.00%, 06/01/51

     2,255       2,441,556  

North Carolina Medical Care Commission, RB

    

Series A, 4.00%, 10/01/40

     125       141,006  

Series A, 5.00%, 10/01/40

     190       231,810  

Series A, 4.00%, 10/01/45

     565       632,196  

Series A, 5.00%, 10/01/45

     340       411,961  

Series A, 4.00%, 10/01/50

     145       161,650  

Series A, 5.00%, 10/01/50

     380       453,427  

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

     590       907,739  
   

 

 

  
      5,381,345  
North Dakota — 0.2%            

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

     1,035       1,264,811  
   

 

 

  
Ohio — 3.2%            

Buckeye Tobacco Settlement Financing Authority, Refunding RB

    

Series A-2, Class 1, 4.00%, 06/01/37

     315       370,887  

Series A-2, Class 1, 4.00%, 06/01/38

     315       369,756  

Series A-2, Class 1, 4.00%, 06/01/39

     315       368,641  

Series A-2, Class 1, 4.00%, 06/01/48

     825       952,644  

Series B-2, Class 2, 5.00%, 06/01/55

     8,295       9,601,214  

County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44

     450       483,106  

County of Franklin Ohio, RB

    

Series 2017, 5.00%, 12/01/46

     435       524,593  

Series A, 6.13%, 07/01/22(b)

    55       58,555  

Series A, 6.13%, 07/01/40

     865       907,714  

Series A, 4.00%, 12/01/49

     555       646,403  

County of Hamilton Ohio, Refunding RB

    

4.00%, 08/15/50

     2,415       2,828,689  

Series A, 3.75%, 08/15/50

     1,155       1,309,862  

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

    1,060       1,183,766  

Ohio Turnpike & Infrastructure Commission, RB,

    

Series A-1, Junior Lien, 5.25%, 02/15/31

     2,885       3,130,052  

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

     870       979,942  
   

 

 

  
      23,715,824  
 

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

6

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Oklahoma — 1.3%            

Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/37

   $ 400     $ 475,884  

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

         2,225       2,710,428  

Oklahoma Turnpike Authority, RB

    

Series A, 4.00%, 01/01/48

     2,230       2,505,985  

Series C, 4.00%, 01/01/42

     2,120       2,419,874  

Tulsa County Industrial Authority, Refunding RB,
5.25%, 11/15/45

     1,435       1,579,992  
   

 

 

  
      9,692,163  
Oregon — 0.6%            

Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)

    1,445       813,824  

Multnomah & Clackamas Counties School District No.10JT Gresham-Barlow, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)

    470       295,329  

Oregon State Facilities Authority, RB, (AGM),
5.00%, 07/01/22(b)

    715       752,380  

Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT,
5.00%, 07/01/45

     1,980       2,469,912  
   

 

 

  
      4,331,445  
Pennsylvania — 3.0%            

Allentown Neighborhood Improvement Zone Development Authority, RB(a)

    

5.00%, 05/01/42

     420       477,662  

Subordinate, 5.00%, 05/01/28

     80       91,693  

Subordinate, 5.13%, 05/01/32

     100       118,233  

Subordinate, 5.38%, 05/01/42

     145       169,073  

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

     2,500       2,586,625  

Bristol Township School District, GO, (SAW),
5.25%, 06/01/37

     1,530       1,671,846  

Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42

     885       928,126  

Montgomery County Higher Education and Health Authority, Refunding RB

    

Series A, 5.00%, 09/01/43

     1,350       1,646,177  

Series A, 4.00%, 09/01/49

     615       685,301  

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42

     3,680       4,267,328  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT,
5.50%, 11/01/44

     480       511,262  

Pennsylvania Higher Educational Facilities Authority, RB

    

4.00%, 08/15/44

     1,150       1,337,174  

4.00%, 08/15/49

     2,545       2,946,321  

Pennsylvania Turnpike Commission, RB

    

Series A, 5.00%, 12/01/44

     1,535       1,761,750  

Subordinate, 4.00%, 12/01/46

     2,500       2,899,725  
   

 

 

  
      22,098,296  
Puerto Rico — 5.8%            

Children’s Trust Fund, Refunding RB

    

5.50%, 05/15/39

     715       733,175  

5.63%, 05/15/43

     1,755       1,775,797  

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33

     4,655       4,832,961  
Security  

Par

(000)

     Value  
Puerto Rico (continued)            

Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB (continued) Series A,
Senior Lien, 5.13%, 07/01/37

   $ 1,335     $ 1,387,172  

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

    

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

         5,224       5,856,209  

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

     15,367       17,481,960  

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

     2,333       2,587,880  

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

     3,256       3,658,376  

Series B-1, Restructured, 4.75%, 07/01/53

     164       183,467  

Series B-2, Restructured, 4.78%, 07/01/58

     159       178,560  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured,
0.00%, 07/01/46(c)

    12,023       3,899,299  
   

 

 

  
      42,574,856  
Rhode Island — 2.2%            

Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37

     320       342,365  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     1,690       1,933,647  

Series A, 5.00%, 06/01/40

     950       1,058,272  

Series B, 4.50%, 06/01/45

     6,550       7,098,759  

Series B, 5.00%, 06/01/50

     4,880       5,454,522  
   

 

 

  
      15,887,565  
South Carolina — 5.9%            

Charleston County Airport District, ARB

    

Series A, AMT, 5.50%, 07/01/26

     1,810       1,999,977  

Series A, AMT, 6.00%, 07/01/38

     1,155       1,280,179  

Series A, AMT, 5.50%, 07/01/41

     1,000       1,096,430  

County of Charleston South Carolina, ARB,
5.25%, 12/01/38

     3,295       3,676,627  

South Carolina Jobs-Economic Development Authority, RB(a)

    

5.00%, 01/01/40

     385       404,920  

5.00%, 01/01/55

     335       342,541  

South Carolina Jobs-Economic Development Authority, Refunding RB

    

5.00%, 02/01/38

     2,710       3,218,504  

Series A, 5.00%, 05/01/43

     2,430       2,910,314  

Series A, 5.00%, 05/01/48

     4,620       5,459,685  

South Carolina Ports Authority, ARB, AMT,
5.25%, 07/01/25(b)

    1,085       1,285,969  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     4,810       5,454,203  

Series E, 5.50%, 12/01/53

     2,040       2,270,520  

South Carolina Public Service Authority, Refunding RB

    

Series A, 5.00%, 12/01/50

     1,755       2,001,876  

Series A, 5.00%, 12/01/55

     465       530,863  

Series C, 5.00%, 12/01/46

     1,795       2,031,922  

Series E, 5.25%, 12/01/55

     3,750       4,383,825  

South Carolina State Housing Finance & Development Authority, RB, S/F Housing,
Series B, 2.45%, 07/01/51

     5,000       4,922,550  
   

 

 

  
      43,270,905  
South Dakota — 0.2%            

South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50

     1,295       1,506,914  
   

 

 

  
 

 

 

7

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Tennessee — 4.4%            

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

  $ 1,910     $ 2,063,430  

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

     170       193,064  

Memphis-Shelby County Airport Authority, ARB,
Series A, AMT, 5.00%, 07/01/45

         1,760       2,212,725  

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

     740       876,841  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB

    

Series A, 4.00%, 10/01/49

     445       485,451  

Series A, 5.25%, 10/01/58

     3,840       4,579,123  

Tennergy Corp., RB, Series A, 4.00%,
12/01/51(d)

    15,000       17,849,100  

Tennessee Housing Development Agency, RB, S/F Housing, 2.45%, 07/01/50

     4,000       4,037,000  
   

 

 

  
      32,296,734  
Texas — 7.1%            

Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate,
3.00%, 04/01/40

     380       360,149  

Central Texas Regional Mobility Authority, RB, Series E, Senior Lien, 4.00%, 01/01/50

     2,390       2,759,614  

Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23(b)

    505       543,168  

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

     665       759,350  

City of Beaumont Texas, GO, 5.25%, 03/01/23(b)

    2,070       2,252,408  

City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27

     100       117,116  

City of Houston Texas Airport System Revenue, Refunding RB

    

AMT, 5.00%, 07/01/29

     595       653,280  

Series A, AMT, 5.00%, 07/01/27

     100       117,027  

Series A, AMT, 6.63%, 07/15/38

     150       150,969  

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

     1,260       1,573,387  

Clifton Higher Education Finance Corp., RB,
6.00%, 08/15/43

     230       254,684  

Dallas Fort Worth International Airport, ARB, Series H, AMT, 5.00%, 11/01/21(b)

    980       999,237  

Dallas Fort Worth International Airport, Refunding RB, Series E, AMT, 5.50%, 11/01/27

     2,500       2,800,975  

Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%,
01/01/23(b)

    630       697,681  

Harris County-Houston Sports Authority, Refunding RB(c)

   

Series A, 3rd Lien, (NPFGC), 0.00%,
11/15/24(b)

    2,300       1,109,911  

Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36

     13,075       5,859,431  

Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38(c)

    4,750       2,210,555  

Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33

     730       800,131  

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

    10,540       5,680,006  

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

     1,085       1,089,123  
Security  

Par

(000)

     Value  
Texas (continued)            

New Hope Cultural Education Facilities Finance Corp., RB(a) (continued)
Series A, 5.00%, 08/15/50

   $ 180     $ 188,435  

North Texas Tollway Authority, RB, Series A,
5.50%, 09/01/21(b)

        3,620       3,667,350  

North Texas Tollway Authority, RB, CAB,
Series B, 0.00%, 09/01/31(b)(c)

    640       344,864  

North Texas Tollway Authority, Refunding RB,
4.25%, 01/01/49

     3,185       3,611,472  

Red River Education Finance Corp., RB,
5.25%, 03/15/23(b)

    940       1,024,309  

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

     1,370       1,694,950  

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

     4,955       6,050,005  

Texas City Industrial Development Corp., RB,
Series 2012, 4.13%, 12/01/45

     95       102,578  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55

     975       1,102,306  

Texas Transportation Commission, RB,
Series A, 5.00%, 08/01/57

     1,715       2,003,051  

Texas Transportation Commission, RB, CAB(c)

    

0.00%, 08/01/40

     500       233,565  

0.00%, 08/01/41

     2,000       884,680  

0.00%, 08/01/42

     2,345       988,980  
   

 

 

  
      52,684,747  
Utah — 0.5%            

County of Utah, RB

    

Series A, 4.00%, 05/15/43

     240       285,367  

Series A, 3.00%, 05/15/50

     1,085       1,153,029  

Salt Lake City Corp. Airport Revenue, ARB

    

Series A, AMT, 5.00%, 07/01/47

     995       1,164,329  

Series A, AMT, 5.00%, 07/01/48

     955       1,130,959  

Utah Charter School Finance Authority, RB,
Series A, 5.00%, 06/15/39(a)

    100       108,028  

Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(a)

    135       154,964  
   

 

 

  
      3,996,676  
Vermont — 0.7%            

Vermont Educational & Health Buildings Financing Agency, Refunding RB

    

5.00%, 11/01/49

     1,915       2,408,936  

4.00%, 11/01/50

     1,725       2,004,864  

Vermont Student Assistance Corp., RB,
Series A, AMT, 3.38%, 06/15/36

     400       416,388  
   

 

 

  
      4,830,188  
Virginia — 1.6%            

Ballston Quarter Community Development Authority, TA

    

Series A, 5.00%, 03/01/26

     405       411,950  

Series A, 5.13%, 03/01/31

     790       799,986  

Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50

     865       939,528  

Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/45

     305       332,188  

Lexington Industrial Development Authority, RB,
5.00%, 01/01/22(b)

    805       827,717  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     1,010       1,020,413  
 

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

8

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Virginia (continued)            

Virginia Housing Development Authority, RB, M/F Housing, Series 1, (FHLMC, FNMA, GNMA), 2.55%, 11/01/50

   $     1,520     $ 1,537,677  

Virginia Small Business Financing Authority, RB

    

AMT, Senior Lien, 5.25%, 01/01/32

     2,005       2,105,370  

AMT, Senior Lien, 6.00%, 01/01/37

     3,440       3,634,429  
   

 

 

  
      11,609,258  
Washington — 2.7%            

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

     5,050       5,090,652  

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

    2,335       2,807,464  

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     1,615       1,903,940  

Series C, AMT, 5.00%, 04/01/40

     1,050       1,184,557  

Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(b)

    3,160       3,436,279  

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

     375       423,233  

Washington State Housing Finance Commission, RB, M/F Housing,
3.50%, 12/20/35

     1,980       2,302,659  

Washington State Housing Finance Commission, Refunding RB(a)

    

5.00%, 01/01/43

     1,000       1,147,220  

5.00%, 01/01/48

     1,405       1,601,180  
   

 

 

  
      19,897,184  
West Virginia — 0.1%            

City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43

     570       591,723  
   

 

 

  
Wisconsin — 0.3%            

Public Finance Authority, RB

    

Series A, 5.00%, 11/15/41

     205       246,839  

Series A, 5.00%, 07/01/55(a)

    120       129,949  

Series A-1, 4.50%, 01/01/35(a)

    210       239,648  

Public Finance Authority, Refunding RB(a)

    

5.25%, 05/15/52

     735       803,803  

5.00%, 09/01/54

     115       117,061  

Wisconsin Housing & Economic Development Authority, RB, M/F Housing,
Series A, 4.70%, 07/01/47

     660       707,170  
   

 

 

  
      2,244,470  
   

 

 

  

Total Municipal Bonds — 121.6%
(Cost: $818,963,691)

       897,809,548  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

California — 2.8%

    

Bay Area Toll Authority, Refunding RB,
4.00%, 04/01/42(i)

    3,358       3,862,198  

City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46

     4,050       4,732,101  

Fremont Union High School District, Refunding GO, Series A, 4.00%, 08/01/46

     1,839       2,110,537  
Security  

Par

(000)

     Value  
California (continued)            

Sacramento Area Flood Control Agency, Refunding SAB

    

5.00%, 10/01/47

   $ 3,344     $ 4,007,545  

Series A, 5.00%, 10/01/43

         4,725       5,669,811  
   

 

 

  
      20,382,192  
Colorado — 1.2%            

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

    2,463       3,004,008  

Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49(i)

    3,920       4,439,518  

County of Adams Colorado, Refunding COP,
4.00%, 12/01/45

     1,180       1,310,540  
   

 

 

  
      8,754,066  
Connecticut — 0.2%            

Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45

     1,216       1,448,109  
   

 

 

  
District of Columbia — 1.4%            

District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA),
4.10%, 09/01/39

     2,361       2,672,748  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, (AGM), 4.00%, 10/01/53

     6,986       7,925,097  
   

 

 

  
      10,597,845  
Florida — 0.9%            

Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(i)

    5,672       6,519,071  
   

 

 

  
Georgia — 0.9%            

Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48

     4,396       4,970,985  

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

     1,582       1,713,595  
   

 

 

  
      6,684,580  
Idaho — 0.7%            

Idaho State Building Authority, RB, Series A,
4.00%, 09/01/48

     4,800       5,425,584  
   

 

 

  
Illinois — 0.9%            

Illinois Finance Authority, Refunding RB

    

Series C, 4.00%, 02/15/27(b)

    4       4,320  

Series C, 4.00%, 02/15/41

     1,540       1,722,111  

Illinois State Toll Highway Authority, RB, Series C,
5.00%, 01/01/38

     4,244       4,881,334  
   

 

 

  
      6,607,765  
Iowa — 0.4%            

Iowa Finance Authority, Refunding RB,
Series E, 4.00%, 08/15/46

     2,730       3,021,782  
   

 

 

  
Massachusetts — 2.1%            

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

     2,238       2,495,191  

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

     4,979       5,895,229  

Massachusetts Housing Finance Agency, RB,
Series A-1, (FHA), 3.10%, 06/01/60

     2,643       2,754,242  
 

 

 

9

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Massachusetts (continued)            

Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47

   $     1,273     $ 1,378,484  

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

    3,181       3,238,281  
   

 

 

  
      15,761,427  
Michigan — 1.4%            

Michigan Finance Authority, RB, 4.00%, 02/15/47

     4,376       5,022,659  

Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53

     5,000       5,520,249  
   

 

 

  
      10,542,908  
Nevada — 0.6%            

Las Vegas Valley Water District, Refunding GO,
Series C, 5.00%, 06/01/28

     4,200       4,200,000  
   

 

 

  
New Jersey — 0.7%            

New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%, 12/01/50

     1,804       1,934,697  

New Jersey Transportation Trust Fund Authority, RB, Series B, 5.25%, 06/15/36(i)

    3,481       3,491,934  
   

 

 

  
      5,426,631  
New York — 12.5%            

City of New York, GO, Sub-Series-D1,
Series D, 5.00%, 12/01/43(i)

    2,380       2,966,004  

Hudson Yards Infrastructure Corp., RB,
5.75%, 02/15/47(i)

    1,216       1,222,149  

New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38

     5,270       5,879,528  

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, 3.00%, 05/01/46

     3,020       3,254,256  

New York City Water & Sewer System, Refunding RB

    

Series BB, 5.25%, 06/15/21(b)

    2,999       3,081,347  

Series FF, 5.00%, 06/15/45

     2,499       2,616,097  

Series HH, 5.00%, 06/15/31(i)

    9,150       9,166,379  

New York Liberty Development Corp., ARB,
5.25%, 12/15/43

     21,419       21,978,448  

New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(i)

    12,821       13,098,265  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60

     1,459       1,692,315  

New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47.

     6,576       7,679,482  

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

     3,164       3,654,611  

New York State Urban Development Corp., RB,
Series A, 4.00%, 03/15/46

     7,217       8,306,182  

Port Authority of New York & New Jersey, ARB,
Series 221, AMT, 4.00%, 07/15/60

     2,818       3,216,271  

Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55

     3,600       4,271,184  
   

 

 

  
      92,082,518  
Security  

Par

(000)

     Value  
North Carolina — 0.9%            

North Carolina Capital Facilities Finance Agency,

    

Refunding RB, Series B, 5.00%, 10/01/25(b)

  $     3,540     $ 4,237,876  

North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA),
4.00%, 01/01/48

     2,238       2,476,343  
   

 

 

  
      6,714,219  
Pennsylvania — 3.0%            

County of Lehigh Pennsylvania, Refunding RB,
Series A, 4.00%, 07/01/49(i)

    7,498       8,666,678  

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

     7,079       8,603,990  

Pennsylvania Turnpike Commission, Refunding RB, Sub-Series B-2, (AGM),
5.00%, 06/01/35

     3,110       3,816,748  

Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38

     1,034       1,193,342  
   

 

 

  
      22,280,758  
Rhode Island — 1.1%            

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

    1,695       1,775,953  

Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47

     5,571       6,129,968  
   

 

 

  
      7,905,921  
Texas — 3.9%            

Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43

     4,322       4,555,112  

City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(b)

    3,440       3,709,799  

Lower Colorado River Authority, Refunding, RB,
4.00%, 05/15/43

     2,241       2,307,809  

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

    4,800       4,895,952  

Texas Department of Housing & Community Affairs, RB, S/F Housing

    

Series A, (GNMA), 3.63%, 09/01/44

     1,814       1,987,377  

Series A, (GNMA), 3.75%, 09/01/49

     1,814       1,987,377  

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

     7,600       9,013,068  
   

 

 

  
      28,456,494  
Virginia — 2.4%            

Hampton Roads Transportation Accountability Commission, RB(i)

   

Series A, Senior Lien, 5.50%, 07/01/57

     4,553       5,717,178  

Series A, Senior Lien, 4.00%, 07/01/60

     5,115       5,946,853  

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

     5,320       6,161,784  
   

 

 

  
      17,825,815  
West Virginia — 0.6%            

Morgantown Utility Board, Inc., RB,
Series B, 4.00%, 12/01/48(i)

    4,222       4,728,101  
   

 

 

  
Wisconsin — 1.4%            

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46

     3,072       3,431,790  
 

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

10

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Wisconsin (continued)            

Wisconsin Housing & Economic Development Authority, RB, M/F Housing

    

Series A, 4.10%, 11/01/43

   $ 2,658     $ 2,951,453  

Series A, 4.45%, 05/01/57

     3,322       3,689,316  
   

 

 

  
      10,072,559  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 40.0%
(Cost: $275,245,277)

       295,438,345  
   

 

 

  

Total Long-Term Investments — 161.6%
(Cost: $1,094,208,968)

       1,193,247,893  
   

 

 

  
     Shares         
Short-Term Securities            
Money Market Funds — 0.4%            

BlackRock Liquidity Funds, MuniCash,
Institutional Class, 0.01%(j)(k)

    2,637,291       2,637,818  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost: $2,637,818)

 

     2,637,818  
   

 

 

  

Total Investments — 162.0%
(Cost: $1,096,846,786)

 

     1,195,885,711  

Other Assets Less Liabilities — 1.6%

 

     12,234,961  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (22.6)%

 

     (167,045,026 ) 

VMTP Shares at Liquidation Value — (41.0)%

 

     (302,671,068 ) 
   

 

 

  

Net Assets Applicable to Common
Shares — 100.0%

 

   $ 738,404,578  
   

 

 

  

 

(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) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(e)

Issuer filed for bankruptcy and/or is in default.

(f)

Non-income producing security.

(g)

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(h) 

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.

(i)

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 April 1, 2025 to November 15, 2051, is $41,049,661.

(j)

Affiliate of the Trust.

(k)

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended May 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
08/31/20		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
05/31/21		      Shares
Held at
05/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 14,396,675      $ —      $ (11,758,949 )(a)     $ 523      $ (431 )     $ 2,637,818        2,637,291      $ 874      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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 Notes

      242        09/21/21      $ 31,899      $ (15,543 ) 

U.S. Long Bond

      143        09/21/21        22,330        (69,474 ) 
           

 

 

  
            $ (85,017 ) 
           

 

 

  

 

 

11

       

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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); and

 

  •  

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 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’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

    $ —        $ 897,809,548        $             —        $ 897,809,548  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          295,438,345          —          295,438,345  

Short-Term Securities

                  

Money Market Funds

      2,637,818          —          —          2,637,818  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 2,637,818        $ 1,193,247,893        $ —        $ 1,195,885,711  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts

    $ (85,017 )       $ —        $ —        $ (85,017 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

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 fair value hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities

                  

TOB Trust Certificates

    $             —        $ (166,989,683 )       $             —        $ (166,989,683 ) 

VMTP Shares at Liquidation Value

      —          (302,700,000 )         —          (302,700,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (469,689,683 )       $ —        $ (469,689,683 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AGM-CR    AGM Insured Custodial Receipt
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
Portfolio Abbreviation (continued)
BAM-TCRS   

Build America Mutual Assurance Co.- Transferable Custodial Receipts

CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHA    Federal Housing Administration
FHLMC    Federal Home Loan Mortgage Corp.
 

 

 

S C H E D U L E   O F  I N V E S T M E N T S  

12

Schedule of Investments  (unaudited) (continued)

May 31, 2021

   

BlackRock Municipal Income Trust II (BLE)

 

Portfolio Abbreviation (continued)
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
HUD SECT 8   

U.S. Department of Housing and Urban Development Section 8

M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding
SONYMA    State of New York Mortgage Agency
TA    Tax Allocation

    

 

 

 

13