NPORT-EX 2 NPORT_D1Z1_24382330_1022.htm BlackRock Municipal Income Trust II

Schedule of Investments  (unaudited)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 4.4%

 

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

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

   $           540     $ 544,308  

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

     1,320       1,336,813  

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

     4,335       4,609,627  

Health Care Authority of the City of Huntsville, RB, Series B1, (AGM), 3.00%, 06/01/50

     2,375       1,563,006  

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

     1,170       1,091,580  

Southeast Energy Authority A Cooperative District, RB(a)

    

Series A-1, 5.50%, 01/01/53(b)

     1,960       1,997,865  

Series B, 4.00%, 12/01/51

     7,255       6,531,618  

Series B-1, 5.00%, 05/01/53

     5,290       5,199,229  
   

 

 

  
          22,874,046  

Arizona — 2.7%

    

Arizona Industrial Development Authority, RB(c)
4.38%, 07/01/39

     225       194,158  

Series A, 5.00%, 07/01/39

     190       174,695  

Series A, 5.00%, 07/01/49

     210       180,899  

Series A, 5.00%, 07/01/54

     165       138,688  

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

     1,185       1,078,598  

Glendale Industrial Development Authority, RB

    

5.00%, 05/15/41

     100       88,680  

5.00%, 05/15/56

     400       329,267  

Industrial Development Authority of the City of Phoenix, RB

    

5.00%, 07/01/59

     465       395,106  

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

     1,825       1,600,275  

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

     275       259,223  

Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(c)

     350       302,567  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/39(c)

     100       91,460  

5.00%, 07/01/54(c)

     210       177,978  

Series A, 4.13%, 09/01/38

     820       732,838  

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

     1,250       997,700  

Salt Verde Financial Corp., RB

    

5.00%, 12/01/32

     5,635       5,556,048  

5.00%, 12/01/37

     2,000       1,965,290  
   

 

 

  
      14,263,470  

Arkansas(c) — 0.5%

    

Arkansas Development Finance Authority, RB

    

Series A, AMT, 4.50%, 09/01/49

     2,665       2,090,429  

Series A, AMT, 4.75%, 09/01/49

     430       349,207  
   

 

 

  
      2,439,636  

California — 15.1%

    

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

     3,355       3,073,331  

California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a)

     11,505       10,714,054  
Security   Par
(000)		     Value  

California (continued)

    

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

   $           350     $ 350,227  

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

     2,315             2,431,414  

California Health Facilities Financing Authority, RB, 4.00%, 11/15/45

     1,460       1,185,905  

California Health Facilities Financing Authority, Refunding RB

    

5.00%, 08/01/50

     1,000       942,803  

Series A, 5.00%, 07/01/23(d)

     1,765       1,786,898  

Series A, 4.00%, 03/01/39

     890       777,835  

Series A, 4.00%, 04/01/45

     1,220       995,305  

California Housing Finance Agency, RB, M/F Housing

    

Class A, 3.25%, 08/20/36

     2,598       2,129,821  

Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35

     4,935       4,594,332  

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

     780       607,200  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     205       205,376  

Series A, 5.25%, 08/15/49

     510       510,579  

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

     2,130       2,014,620  

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

     1,700       1,521,775  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     2,015       2,045,602  

Series I, 5.50%, 11/01/31

     3,100       3,167,940  

Series I, 5.50%, 11/01/33

     1,500       1,532,637  

Series I, 5.00%, 11/01/38

     1,065       1,077,828  

California Statewide Communities Development Authority, Refunding RB(c)

    

Series A, 5.00%, 06/01/36

     990       924,602  

Series A, 5.00%, 06/01/46

     1,220       1,040,661  

City of Los Angeles Department of Airports, ARB, AMT, 5.25%, 05/15/47

     4,400       4,440,867  

City of Los Angeles Department of Airports, Refunding ARB

    

AMT, 4.00%, 05/15/39

     435       384,374  

AMT, 4.00%, 05/15/40

     470       410,745  

AMT, 4.00%, 05/15/41

     550       474,521  

Series D, AMT, Subordinate, 5.00%, 05/15/46

     1,270       1,241,148  

CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(c)

     525       324,146  

CSCDA Community Improvement Authority, RB, M/F Housing(c)

    

4.00%, 10/01/56

     245       179,328  

4.00%, 12/01/56

     355       227,088  

Series A, 4.00%, 06/01/58

     1,500       1,096,260  

Senior Lien, 3.13%, 06/01/57

     1,290       779,857  

Series A, Senior Lien, 4.00%, 12/01/58

     755       512,710  

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

     1,835       1,622,454  

Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52

     2,405       2,133,043  

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

     2,155       2,204,102  

Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53

     3,810       3,160,967  
 

 

1

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

California (continued)

    

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

    

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

   $        3,905     $       3,949,677  

Series J, 5.25%, 05/15/38

     1,110       1,118,756  

Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(d)

     2,000       2,113,826  

Riverside County Transportation Commission, Refunding RB

    

2nd Lien, 4.00%, 06/01/47

     715       579,317  

Class B1, Senior Lien, 4.00%, 06/01/46

     2,255       1,884,199  

Class B1, Senior Lien, 3.00%, 06/01/49

     490       317,163  

San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56

     1,445       1,108,519  

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

    

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

     720       726,333  

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

     560       561,333  

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

    

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

     3,000       1,939,536  

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

     2,500       917,650  

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

     490       503,718  

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

     830       841,121  
   

 

 

  
      79,383,503  

Colorado — 3.5%

    

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

     1,915       2,048,548  

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

     250       209,755  

City & County of Denver Colorado Airport System Revenue, ARB

    

Series B, 5.25%, 11/15/32

     1,750       1,781,323  

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

     500       507,750  

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

     225       228,399  

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

     270       274,044  

City & County of Denver Colorado Airport System Revenue, Refunding ARB

    

Series A, AMT, 4.13%, 11/15/53

     1,290       1,028,513  

Series A, AMT, 5.50%, 11/15/53

     1,365       1,385,558  

City & County of Denver Colorado Dedicated Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(e)

     1,835       905,428  

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

     320       271,431  

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

     425       341,114  

Colorado Health Facilities Authority, RB

    

5.25%, 11/01/39

     595       602,133  

5.50%, 11/01/47

     370       374,102  

5.25%, 11/01/52

     920       903,203  

Colorado Health Facilities Authority, Refunding RB

    

Series A, 4.00%, 08/01/44

     1,945       1,568,213  

Series A, 4.00%, 08/01/49

     3,920       3,037,353  

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

     1,325       1,307,839  
Security   Par
(000)		     Value  

Colorado (continued)

    

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

   $           495     $ 399,792  

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

     1,405       1,244,886  
   

 

 

  
          18,419,384  

Connecticut — 0.8%

    

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

     1,210       1,159,829  

State of Connecticut, GO, Series A, 4.00%, 01/15/37

     3,015       2,821,147  
   

 

 

  
      3,980,976  

Delaware — 0.2%

    

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

     1,260       1,222,404  
   

 

 

  

District of Columbia — 4.6%

    

District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-1, (FHA), 2.55%, 03/01/42

     1,120       735,858  

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

     11,500       11,821,873  

District of Columbia, Refunding RB

    

5.00%, 04/01/35

     465       469,958  

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

     820       835,398  

Catholic Health Services, 5.00%, 10/01/48

     2,525       2,489,695  

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

     690       690,134  

Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB

    

Class B, Subordinate, (AGM), 4.00%, 10/01/53

     6,980       5,518,402  

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

     1,995       1,588,066  
   

 

 

  
      24,149,384  

Florida — 6.2%

    

Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/52

     3,310       3,133,511  

Capital Projects Finance Authority, Refunding RB

    

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

     215       210,359  

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

     240       232,371  

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

     240       230,129  

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

     80       75,913  

Capital Trust Agency, Inc., RB

    

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

     190       152,789  

Series A, 5.00%, 12/15/49

     140       126,206  

Series A, 5.00%, 12/15/54

     125       108,826  

Series A, 5.50%, 06/01/57(c)

     100       81,488  

Celebration Pointe Community Development District No.1, SAB(c)

    

5.00%, 05/01/32

     215       205,554  

5.00%, 05/01/48

     530       466,800  

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

     1,450       1,451,612  

County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45

     575       545,578  

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

     500       509,088  

County of Miami-Dade Seaport Department, ARB(d)

    

Series A, 5.50%, 10/01/23

     2,125       2,167,659  

Series A, 6.00%, 10/01/23

     7,515       7,700,613  

Series B, AMT, 6.00%, 10/01/23

     1,775       1,812,482  

Series B, AMT, 6.25%, 10/01/23

     310       317,480  

County of Miami-Dade Seaport Department, Refunding RB, Series D, AMT, 6.00%, 10/01/23(d)

     735       750,148  
 

 

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)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Florida (continued)

    

County of Osceola Florida Transportation Revenue, Refunding RB(e)

    

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

   $        1,665     $ 394,740  

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

     1,610       357,742  

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

     1,135       236,034  

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

     935       162,354  

Florida Development Finance Corp., RB

    

6.50%, 06/30/57(c)

     750       686,018  

Series A, 5.00%, 06/15/40

     240       225,618  

Series A, 5.00%, 06/15/50

     795       710,486  

Series A, 5.00%, 06/15/55

     475       417,286  

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

     180       168,596  

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

     105       87,635  

Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(d)

     1,170       1,188,907  

Lakewood Ranch Stewardship District, SAB

    

5.25%, 05/01/37

     180       172,559  

5.38%, 05/01/47

     185       172,627  

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

     15       15,006  

Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51

     525       325,210  

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

     1,000       1,042,367  

Osceola Chain Lakes Community Development District, SAB

    

4.00%, 05/01/40

     270       218,647  

4.00%, 05/01/50

     260       192,132  

Palm Beach County Health Facilities Authority, RB

    

Series A, 5.00%, 11/01/47

     440       402,648  

Series A, 5.00%, 11/01/52

     630       567,498  

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

     1,585       1,603,801  

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

     1,670       1,057,991  

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

     1,930       1,944,876  
   

 

 

  
          32,629,384  

Georgia — 5.2%

    

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

     4,400       3,618,468  

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(c)

     435       362,998  

Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(d)

    715       749,005  

Georgia Housing & Finance Authority, RB, S/F Housing

    

3.60%, 12/01/44

     1,585       1,255,493  

Series B, 2.50%, 06/01/50

     795       464,625  

Georgia Ports Authority, ARB, 4.00%, 07/01/47

     1,480       1,253,383  

Main Street Natural Gas Inc., RB

    

Series A, 5.00%, 05/15/35

     540       525,302  

Series A, 5.00%, 05/15/36

     540       522,369  

Series A, 5.00%, 05/15/37

     595       569,942  

Series A, 5.00%, 05/15/38

     325       308,850  

Series A, 5.00%, 05/15/49

     7,195       6,531,081  

Series C, 4.00%, 03/01/50(a)

     2,755       2,631,425  
Security   Par
(000)		     Value  

Georgia (continued)

    

Municipal Electric Authority of Georgia, RB

    

4.00%, 01/01/49

   $        3,585     $ 2,837,113  

4.00%, 01/01/59

     3,525       2,697,062  

Series A, 5.00%, 07/01/52

     1,870       1,738,591  

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

     1,360       1,092,654  
   

 

 

  
          27,158,361  

Hawaii — 0.4%

    

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

     1,000       933,785  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     250       252,972  

AMT, 5.25%, 08/01/26

     810       819,486  
   

 

 

  
      2,006,243  

Idaho — 1.7%

    

Idaho Health Facilities Authority, RB

    

4.00%, 12/01/43

     605       505,597  

Series 2017, 5.00%, 12/01/46

     805       773,363  

Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51

     2,845       1,708,448  

Idaho Housing & Finance Association, RB

    

5.00%, 08/15/41

     1,725       1,825,193  

5.00%, 08/15/42

     685       722,181  

(GTD), 5.50%, 05/01/52

     1,250       1,205,350  

Idaho Housing & Finance Association, Refunding RB

    

(GTD), 4.00%, 05/01/42

     1,400       1,199,397  

(GTD), 4.00%, 05/01/52

     1,095       874,806  
   

 

 

  
          8,814,335  

Illinois — 11.2%

    

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,035       984,012  

Series A, 5.00%, 12/01/40

     535       485,680  

Series A, 5.00%, 12/01/47

     310       267,206  

Series C, 5.25%, 12/01/35

     2,790       2,660,647  

Series D, 5.00%, 12/01/46

     3,605       3,127,701  

Series H, 5.00%, 12/01/36

     495       455,909  

Series H, 5.00%, 12/01/46

     215       187,494  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

     1,215       1,211,808  

Series D, 5.00%, 12/01/27

     1,600       1,583,506  

Series D, 5.00%, 12/01/31

     150       145,453  

Series F, 5.00%, 12/01/23

     290       291,848  

Series G, 5.00%, 12/01/34

     710       674,140  

Series G, 5.00%, 12/01/44

     150       131,423  

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

     1,010       963,159  

Chicago O’Hare International Airport RB, Class A, AMT, Senior Lien, 5.50%, 01/01/55

     2,565       2,592,641  

Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/36

     1,035       955,582  

Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49

     2,210       1,727,526  

City of Chicago Illinois Wastewater Transmission Revenue, RB, 2nd Lien, 5.00%, 01/01/42

     1,375       1,336,292  

Cook County Community College District No.508, GO

    

5.50%, 12/01/38

     2,670       2,694,391  

5.25%, 12/01/43

     3,850       3,864,769  
 

 

3

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Illinois (continued)             

Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37

   $ 480      $ 433,298  

Illinois Finance Authority, Refunding RB

     

Series A, 4.00%, 05/15/50

     600        468,808  

Series C, 5.00%, 02/15/41

            1,600        1,612,605  

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

     3,005        3,059,601  

Metropolitan Pier & Exposition Authority, RB

     

Series A, 5.50%, 06/15/53

     280        274,996  

Series A, 5.00%, 06/15/57

     2,745        2,477,848  

Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(e)

     2,165        327,554  

Metropolitan Pier & Exposition Authority, Refunding RB

     

4.00%, 06/15/50

     2,315        1,743,515  

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

     8,680        2,662,894  

Series B, 0.00%, 12/15/54(e)

     3,020        433,856  

State of Illinois, GO

     

5.25%, 02/01/31

     730        731,714  

5.25%, 02/01/32

     2,500        2,504,315  

5.50%, 07/01/33

     3,000        3,008,322  

5.50%, 07/01/38

     620        620,562  

5.00%, 02/01/39

     1,640        1,554,766  

Series A, 5.00%, 04/01/35

     3,500        3,387,857  

Series A, 5.00%, 04/01/38

     5,020        4,774,773  

Series D, 5.00%, 11/01/28

     505        505,643  

State of Illinois, GO, BAB, Series C, 4.00%, 11/01/43

     440        345,591  

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

     180        180,881  

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

     1,360        1,365,851  
    

 

 

  
           58,816,437  
Indiana — 2.1%             

City of Valparaiso Indiana, RB

     

AMT, 6.75%, 01/01/34

     1,090        1,106,587  

AMT, 7.00%, 01/01/44

     4,625        4,697,071  

Indiana Finance Authority, RB(d)

     

Series A, AMT, 5.00%, 07/01/23

     3,075        3,098,341  

Series A, AMT, 5.25%, 07/01/23

     560        565,325  

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

     1,780        1,784,584  
    

 

 

  
       11,251,908  
Iowa — 0.1%             

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

     400        314,115  
    

 

 

  
Kansas — 0.1%             

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

     400        370,620  
    

 

 

  
Kentucky — 1.8%             

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

     5,000        4,660,395  

Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)

     3,500        3,199,623  

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

     1,655        1,726,868  
    

 

 

  
       9,586,886  
Security  

Par

(000)

      Value  
Louisiana — 0.7%             

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

   $        1,000      $ 1,018,255  

Tobacco Settlement Financing Corp., Refunding RB

     

Series A, 5.25%, 05/15/33

     1,450        1,476,569  

Series A, 5.25%, 05/15/35

     955        959,710  
    

 

 

  
             3,454,534  
Maryland — 0.4%             

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

     135        127,096  

Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47

     1,550        1,510,446  

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

     455        452,067  
    

 

 

  
       2,089,609  
Massachusetts — 2.3%             

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

     1,975        1,854,626  

Massachusetts Development Finance Agency, Refunding RB

     

5.00%, 01/01/41

     525        508,615  

5.00%, 01/01/45

     375        354,713  

Series A, 4.00%, 07/01/44

     685        520,007  

Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-1, (FHA 542(C)), 3.10%, 06/01/60

     2,645        1,597,059  

Massachusetts Port Authority, ARB

     

Series E, AMT, 5.00%, 07/01/46

     6,320        6,173,016  

Series E, AMT, 5.00%, 07/01/51

     1,220        1,174,721  
    

 

 

  
       12,182,757  
Michigan — 2.5%             

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

     5        5,011  

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

     1,110        1,080,235  

Michigan Finance Authority, RB

     

4.00%, 02/15/47(b)

     4,380        3,518,143  

4.00%, 02/15/44

     895        753,329  

Michigan State Housing Development Authority, RB, M/F Housing

     

Series A, 4.15%, 10/01/53(b)

     5,000        4,111,215  

Series A, 2.70%, 10/01/56

     1,890        1,105,367  

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

     1,100        1,122,812  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,680        1,486,042  
    

 

 

  
       13,182,154  
Minnesota — 2.6%             

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

     1,790        1,734,761  

Duluth Economic Development Authority, Refunding RB

     

Series A, 4.25%, 02/15/48

     7,760        6,570,159  

Series A, 5.25%, 02/15/53

     615        615,125  
 

 

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)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

Minnesota (continued)

     

Duluth Economic Development Authority, Refunding RB (continued)

     

Series A, 5.25%, 02/15/58

   $        3,050      $ 3,051,009  

Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47

     1,495        1,446,833  
    

 

 

  
           13,417,887  
Mississippi — 0.3%             

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

     1,190        1,227,849  

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

     260        264,024  
    

 

 

  
       1,491,873  
Missouri — 1.9%             

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

     3,180        2,558,444  

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

     

5.50%, 05/01/43

     345        348,847  

Series A, 4.00%, 07/01/46

     2,485        2,144,185  

Kansas City Industrial Development Authority, ARB

     

AMT, (AGM), 4.00%, 03/01/57

     975        738,436  

Class B, AMT, 5.00%, 03/01/54

     3,435        3,192,795  

Missouri Housing Development Commission, RB, S/F Housing

     

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

     425        314,276  

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

     440        319,256  

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

     500        449,656  
    

 

 

  
       10,065,895  
Montana — 0.6%             

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

     125        114,643  

Montana State Board of Regents, Refunding RB

     

Series G, 3.00%, 11/15/43

     1,020        781,748  

Series G, 4.00%, 11/15/46

     2,250        2,024,089  
    

 

 

  
       2,920,480  
New Hampshire(c) — 0.6%             

New Hampshire Business Finance Authority, Refunding RB

     

Series B, 4.63%, 11/01/42

     2,350        1,961,959  

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

     270        205,769  

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

     1,260        1,060,507  
    

 

 

  
       3,228,235  
New Jersey — 12.8%             

Casino Reinvestment Development Authority, Inc., Refunding RB

     

Class D, 5.25%, 11/01/39

     2,390        2,399,899  

Class D, 5.25%, 11/01/44

     2,250        2,250,925  

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

     1,830        1,604,335  

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

     645        12,900  

New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23

     880        880,613  

New Jersey Economic Development Authority, RB

     

4.00%, 11/01/38

     560        486,776  

4.00%, 11/01/39

     450        386,357  

5.00%, 06/15/49

     2,535        2,400,054  
Security  

Par

(000)

      Value  

New Jersey (continued)

     

New Jersey Economic Development Authority, RB (continued)

     

Series EEE, 5.00%, 06/15/43

   $        3,710      $       3,571,164  

Series EEE, 5.00%, 06/15/48

     4,020        3,812,347  

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

     530        529,675  

AMT, 5.38%, 01/01/43

     1,500        1,418,972  

New Jersey Economic Development Authority, Refunding RB

     

Series BBB, 5.50%, 12/15/26(d)

     775        840,831  

AMT, 5.00%, 10/01/47

     1,570        1,459,555  

New Jersey Economic Development Authority, Refunding SAB

     

6.50%, 04/01/28

     6,560        6,704,343  

5.75%, 04/01/31

     705        627,097  

New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51

     4,980        3,249,480  

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

     1,810        1,428,094  

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

     665        499,738  

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

     1,150        777,062  

New Jersey Transportation Trust Fund Authority, RB

     

Series A, 5.00%, 06/15/28

     500        515,321  

Series AA, 5.50%, 06/15/39

     3,845        3,853,840  

Series AA, 5.00%, 06/15/44

     1,355        1,298,983  

Series AA, 4.00%, 06/15/45

     855        698,623  

Series AA, 5.00%, 06/15/45

     415        396,525  

Series AA, 4.00%, 06/15/50

     1,730        1,368,743  

Series BB, 5.00%, 06/15/50

     2,050        1,939,977  

Series S, 5.25%, 06/15/43

     1,145        1,139,285  

Series S, 5.00%, 06/15/46

     2,930        2,791,144  

New Jersey Turnpike Authority, RB

     

Series A, 4.00%, 01/01/48

     1,190        1,016,256  

Series B, 5.00%, 01/01/46(b)

     5,385        5,481,031  

Series E, 5.00%, 01/01/45

     2,810        2,830,027  

Tobacco Settlement Financing Corp., Refunding RB

     

Series A, 5.00%, 06/01/35

     1,605        1,606,055  

Series A, 5.25%, 06/01/46

     4,415        4,234,219  

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

     3,170        2,904,173  
    

 

 

  
       67,414,419  
New Mexico — 0.0%             

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

     100        82,962  
    

 

 

  
New York — 20.0%             

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

     500        483,953  

City of New York, GO

     

Series A-1, 4.00%, 09/01/46

     1,550        1,311,165  

Series B, 5.25%, 10/01/39

     1,030        1,100,423  

Series B, 5.25%, 10/01/40

     790        843,980  

Series C, 5.00%, 08/01/43

     1,870        1,911,897  

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

     515        449,089  

Series F-1, 4.00%, 03/01/47

     4,410        3,802,161  

Metropolitan Transportation Authority, RB

     

Series B, 5.25%, 11/15/39

     910        902,964  
 

 

5

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

New York (continued)

     

Metropolitan Transportation Authority, RB (continued)
Series C, 4.00%, 11/15/33

   $ 100      $ 89,842  

Metropolitan Transportation Authority, Refunding RB

     

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

     100        102,759  

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

     65        66,685  

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

            6,795              6,003,328  

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

     575        521,056  

Monroe County Industrial Development Corp., Refunding RB

     

4.00%, 12/01/46

     1,090        832,279  

Series A, 4.00%, 07/01/50

     2,935        2,446,179  

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

     

Series A, 3.00%, 11/01/55

     3,375        2,039,924  

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

     3,000        2,590,572  

Series H, 2.55%, 11/01/45

     925        569,482  

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        855,401  

New York City Industrial Development Agency, Refunding RB

     

3.00%, 03/01/49

     1,645        1,039,370  

Series A, (AGM), 3.00%, 01/01/36

     95        76,066  

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

     350        252,900  

New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45

     810        698,339  

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

     

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

     5,000        4,386,325  

Subordinate, 3.00%, 05/01/46

     3,020        2,122,930  

Series A-1, Subordinate, 4.00%, 08/01/48

     2,240        1,884,319  

Series B-1, Subordinate, 4.00%, 08/01/48

     2,500        2,120,623  

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

     1,200        1,036,282  

Series F-1, Subordinate, 5.00%, 02/01/47

     3,260        3,318,054  

Series F-1, Subordinate, 4.00%, 02/01/51

     3,095        2,602,106  

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

     3,300        3,281,457  

New York Liberty Development Corp., Refunding RB

     

Series 1, 5.00%, 11/15/44(c)

     6,110        5,347,405  

Series 2, 5.15%, 11/15/34(c)

     470        452,786  

Series 2, 5.38%, 11/15/40(c)

     1,175        1,132,218  

Series A, 2.88%, 11/15/46

     3,840        2,409,185  

Series A, 3.00%, 11/15/51

     1,190        739,111  

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

     2,685        2,218,127  

New York State Dormitory Authority, Refunding RB

     

Series A, 5.00%, 03/15/45

     1,530        1,553,187  

Series A, 4.00%, 03/15/46

     2,100        1,816,754  

Series A, 4.00%, 03/15/49

     3,295        2,793,573  

Series D, 4.00%, 02/15/47

     6,570        5,628,716  

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

     1,945        1,992,324  

New York State Housing Finance Agency, RB, M/F Housing, Series G, (SONYMA), 2.60%, 11/01/46

     2,205        1,367,166  

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

     3,165        2,557,716  

New York State Thruway Authority, Refunding RB

     

Series A, 4.00%, 03/15/42

     750        672,563  

Series B, Subordinate, 4.00%, 01/01/45

     3,110        2,587,551  
Security  

Par

(000)

      Value  

New York (continued)

     

New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/45

   $        6,575      $       5,735,116  

New York Transportation Development Corp., ARB

     

AMT, 5.00%, 12/01/39

     2,250        2,079,747  

Series A, AMT, 5.00%, 07/01/46

     1,600        1,451,742  

New York Transportation Development Corp., RB

     

AMT, 5.00%, 10/01/35

     1,910        1,850,037  

AMT, 4.00%, 04/30/53

     425        311,279  

Port Authority of New York & New Jersey, ARB

     

4.00%, 09/01/45

     2,500        2,199,533  

4.00%, 09/01/49

     1,500        1,300,221  

Port Authority of New York & New Jersey, Refunding ARB

     

Series 223, AMT, 4.00%, 07/15/41

     1,150        995,019  

Series 223, AMT, 4.00%, 07/15/46

     350        289,104  

State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44

     2,145        1,405,211  

Triborough Bridge & Tunnel Authority, RB

     

Series A, 5.00%, 11/15/49

     945        955,962  

Series A, 4.00%, 11/15/54

     1,085        902,759  

Triborough Bridge & Tunnel Authority, Sales Tax Revenue, RB, Series A, 5.25%, 05/15/57

     1,640        1,686,891  

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

     976        909,903  

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

     210        199,076  
    

 

 

  
       105,281,892  
North Carolina — 0.3%             

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

     340        333,614  

North Carolina Medical Care Commission, RB

     

Series A, 4.00%, 10/01/40

     125        104,019  

Series A, 5.00%, 10/01/40

     190        179,606  

Series A, 4.00%, 10/01/45

     565        444,348  

Series A, 5.00%, 10/01/45

     340        310,675  

Series A, 4.00%, 10/01/50

     145        109,589  

Series A, 5.00%, 10/01/50

     380        339,588  
    

 

 

  
       1,821,439  
North Dakota — 0.2%             

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

     1,035        1,012,853  
    

 

 

  
Ohio — 3.1%             

Buckeye Tobacco Settlement Financing Authority, Refunding RB

     

Series A-2, Class 1, 4.00%, 06/01/48

     1,740        1,385,572  

Series B-2, Class 2, 5.00%, 06/01/55

     7,150        6,001,975  

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

     450        370,718  

County of Franklin Ohio, RB

     

Series 2017, 5.00%, 12/01/46

     435        421,421  

Series A, 4.00%, 12/01/44

     555        464,257  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     590        557,171  

County of Hamilton Ohio, Refunding RB

     

4.00%, 08/15/50

     2,415        1,897,990  

Series A, 3.75%, 08/15/50

     1,155        860,307  
 

 

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)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

Ohio (continued)

     

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

   $ 860      $ 721,445  

Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/31

            2,885        2,902,584  

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

     870        785,234  
    

 

 

  
           16,368,674  
Oklahoma — 1.4%             

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

     400        392,050  

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

     2,225        1,817,431  

Oklahoma Turnpike Authority, RB

     

Series A, 4.00%, 01/01/48

     2,230        2,039,890  

Series C, 4.00%, 01/01/42

     2,120        1,971,708  

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

     1,435        1,360,598  
    

 

 

  
       7,581,677  
Oregon — 0.7%             

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

     1,445        681,443  

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

     470        212,772  

Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52

     960        772,209  

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

     1,980        1,920,499  
    

 

 

  
       3,586,923  
Pennsylvania — 4.3%             

Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(d)

     1,530        1,548,378  

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

     1,910        1,512,063  

Montgomery County Higher Education and Health Authority, Refunding RB

     

4.00%, 09/01/49

     2,765        2,237,444  

4.00%, 09/01/51

     2,260        1,814,739  

Series A, 5.00%, 09/01/43

     1,350        1,331,413  

Series A, 4.00%, 09/01/49

     615        497,659  

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

     3,680        3,435,218  

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

     480        457,745  

Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44

     3,695        3,181,842  

Pennsylvania Turnpike Commission, RB

     

Series A, 5.00%, 12/01/44

     1,535        1,490,640  

Series A, Subordinate, 4.00%, 12/01/45

     435        353,321  

Series A, Subordinate, 4.00%, 12/01/46

     2,065        1,668,574  

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

     3,110        3,218,290  
    

 

 

  
       22,747,326  
Puerto Rico — 4.8%             

Children’s Trust Fund, Refunding RB

     

5.50%, 05/15/39

     715        711,139  

5.63%, 05/15/43

     1,755        1,754,909  
Security  

Par

(000)

      Value  

Puerto Rico (continued)

     

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

     

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

   $ 5,224      $ 4,370,085  

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

     12,597            10,776,998  

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

     3,256        2,700,044  

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

            2,333        1,979,620  

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

     164        136,508  

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

     159        131,159  

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

     12,023        2,609,256  
    

 

 

  
       25,169,718  
Rhode Island — 2.4%             

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

     260        226,460  

Tobacco Settlement Financing Corp., Refunding RB

     

Series A, 5.00%, 06/01/35

     1,690        1,679,583  

Series A, 5.00%, 06/01/40

     950        935,429  

Series B, 4.50%, 06/01/45

     5,685        5,249,921  

Series B, 5.00%, 06/01/50

     4,880        4,747,791  
    

 

 

  
       12,839,184  
South Carolina — 6.6%             

Charleston County Airport District, ARB(d)

     

Series A, AMT, 5.50%, 07/01/23

     2,810        2,845,729  

Series A, AMT, 6.00%, 07/01/23

     1,155        1,173,035  

County of Charleston South Carolina, ARB, 5.25%, 12/01/23(d)

     3,295        3,366,152  

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

     

5.00%, 01/01/40

     385        332,299  

5.00%, 01/01/55

     335        262,172  

South Carolina Jobs-Economic Development Authority, Refunding RB

     

5.00%, 02/01/38

     2,710        2,731,008  

Series A, 5.00%, 05/01/43

     2,430        2,356,915  

Series A, 5.00%, 05/01/48

     4,620        4,389,929  

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

     1,085        1,131,185  

South Carolina Public Service Authority, RB

     

Series A, 5.50%, 12/01/54

     4,810        4,819,740  

Series E, 5.50%, 12/01/53

     2,040        2,040,455  

South Carolina Public Service Authority, Refunding RB

     

Series A, 4.00%, 12/01/33

     2,225        2,035,292  

Series A, 5.00%, 12/01/50

     1,755        1,636,471  

Series A, 5.00%, 12/01/55

     465        428,528  

Series C, 5.00%, 12/01/46

     1,795        1,733,125  

Series E, 5.25%, 12/01/55

     3,750        3,612,150  
    

 

 

  
       34,894,185  
South Dakota — 0.2%             

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

     1,295        1,052,142  
    

 

 

  
Tennessee — 0.9%             

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

     170        136,905  

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

     740        723,385  
 

 

7

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Tennessee (continued)

 

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

    

Series A, 4.00%, 10/01/49

   $ 445     $ 328,608  

Series A, 5.25%, 10/01/58

            3,840       3,614,765  
   

 

 

  
      4,803,663  

Texas — 9.3%

 

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

     380       259,575  

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

     665       667,111  

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

     2,070       2,084,322  

City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38

     150       150,014  

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

     100       98,397  

City of Houston Texas Airport System Revenue, Refunding RB

    

AMT, 5.00%, 07/01/29

     595       585,619  

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

     100       98,854  

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

     1,260       1,272,432  

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

     230       231,742  

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

     2,500       2,536,512  

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

     630       633,947  

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

    

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

     2,300       1,060,295  

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

     13,075       5,754,151  

Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38

     4,750       1,963,659  

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

     730       737,723  

Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%,
09/15/27(d)(e)

         10,540       5,349,461  

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

     180       153,900  

North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(d)(e)

     640       289,605  

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

     3,185             2,735,781  

Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46

     2,110       1,822,669  

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

     940       947,332  

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

     1,370       1,390,046  

Tarrant County Cultural Education Facilities Finance Corp., RB

    

Series A, 4.00%, 07/01/53

     1,435       1,118,456  

Series A, 5.00%, 07/01/53

     880       827,966  

Series B, 5.00%, 07/01/48

     4,955       4,731,014  

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

     95       79,152  
Security   Par
(000)		     Value  

Texas (continued)

 

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

   $ 975     $ 868,585  

Texas Transportation Commission State Highway 249 System, RB, CAB, Series A, 5.00%, 08/01/57

     1,715       1,571,724  

Texas Transportation Commission, RB, CAB(e)

    

0.00%, 08/01/40

     500       169,530  

0.00%, 08/01/41

            2,000       632,024  

0.00%, 08/01/42

     2,345       692,786  

Texas Water Development Board, RB

    

4.45%, 10/15/36

     675       686,229  

Series A, 4.00%, 10/15/49

     7,600       6,499,049  
   

 

 

  
          48,699,662  

Utah — 0.6%

 

City of Salt Lake City Utah Airport Revenue, ARB

    

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

     995       951,145  

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

     955       906,814  

County of Utah, RB

    

Series A, 4.00%, 05/15/43

     240       220,681  

Series A, 3.00%, 05/15/50

           1,085       723,525  

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

     100       90,017  

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

     135       117,917  
   

 

 

  
      3,010,099  

Vermont — 0.4%

 

Vermont Educational & Health Buildings Financing Agency, Refunding RB, 5.00%, 11/01/49

     1,915       1,964,036  

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

     285       246,297  
   

 

 

  
      2,210,333  

Virginia — 1.5%

 

Ballston Quarter Community Development Authority, TA

    

Series A, 5.00%, 03/01/26

     370       350,647  

Series A, 5.13%, 03/01/31

     790       640,131  

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

     865       691,458  

Hampton Roads Transportation Accountability Commission, RB

    

Series A, Senior Lien, 4.00%, 07/01/55

     1,575       1,332,637  

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

     3,535       2,895,483  

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

     1,010       878,043  

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

     1,520       914,280  
   

 

 

  
      7,702,679  

Washington — 2.4%

 

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

     2,335       2,452,294  

Port of Seattle Washington, ARB

    

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

     1,615       1,557,154  

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

     1,050       1,036,808  

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

     3,160       3,173,648  
 

 

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)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Washington (continued)

 

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

   $ 375     $ 301,997  

Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35

            1,940       1,661,097  

Washington State Housing Finance Commission, Refunding RB(c)

    

5.00%, 01/01/43

     1,000       922,555  

5.00%, 01/01/48

     1,405       1,258,908  
   

 

 

  
          12,364,461  

West Virginia — 0.1%

 

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

     570       519,765  
   

 

 

  

Wisconsin — 1.3%

 

Public Finance Authority, RB

    

Series A, 5.00%, 11/15/41

     205       193,839  

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

     120       95,966  

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

     210       184,670  

AMT, 4.00%, 09/30/51

     1,925       1,356,016  

AMT, 4.00%, 03/31/56

     1,835       1,245,611  

Public Finance Authority, Refunding RB(c)

    

5.25%, 05/15/52

     735       600,842  

5.00%, 09/01/54

     115       88,399  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51

     3,280       2,636,838  

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

     660       605,087  
   

 

 

  
      7,007,268  
   

 

 

  

Total Municipal Bonds — 145.8%

    

(Cost: $854,701,274)

       765,885,840  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

California — 2.3%

 

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

     4,050       3,937,220  

Sacramento Area Flood Control Agency, Refunding SAB

    

5.00%, 10/01/47

         3,345       3,384,005  

Series A, 5.00%, 10/01/43

     4,725       4,804,572  
   

 

 

  
          12,125,797  

Colorado — 0.6%

 

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

     2,463       2,385,573  

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

     1,180       1,025,582  
   

 

 

  
      3,411,155  

District of Columbia — 0.4%

 

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

     2,361       2,100,465  
   

 

 

  

Florida — 0.8%

 

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

     5,672       4,425,866  
   

 

 

  
Security   Par
(000)		     Value  

Georgia — 1.7%

 

Main Street Natural Gas Inc., RB, Series B, 5.00%, 12/01/52

   $        9,020     $ 8,905,270  
   

 

 

  

Illinois — 0.6%

 

Illinois Finance Authority, Refunding RB

    

Series C, 4.00%, 02/15/27

     4       3,449  

Series C, 4.00%, 02/15/41

     1,540       1,374,849  

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

     1,997             2,017,595  
   

 

 

  
      3,395,893  

Iowa — 0.4%

 

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

     2,740       2,175,259  
   

 

 

  

Massachusetts — 1.5%

 

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

         2,238       1,997,010  

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

     4,979       4,781,650  

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

     1,056       933,403  
   

 

 

  
          7,712,063  

Nebraska — 1.0%

 

Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53

     5,241       5,134,246  
   

 

 

  

New York — 3.6%

 

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

     2,380       2,426,171  

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

     5,159       4,684,416  

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

     7,220       5,681,031  

Port Authority of New York & New Jersey, Refunding ARB

    

194th Series, 5.25%, 10/15/55

     3,600       3,648,367  

Series 221, AMT, 4.00%, 07/15/55

     2,820       2,256,757  
   

 

 

  
      18,696,742  

North Carolina — 0.7%

 

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

     165       162,122  

Township of North Bergen New Jersey, Refunding GO, Series B, 5.00%, 10/01/25

     3,540       3,721,676  
   

 

 

  
      3,883,798  

Pennsylvania — 1.6%

 

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

     7,079       7,201,902  

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

     1,034       1,048,785  
   

 

 

  
      8,250,687  

Rhode Island — 0.9%

 

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

     5,570       4,728,637  
   

 

 

  

Texas — 1.2%

 

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

     3,440       3,456,233  
 

 

9

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Texas (continued)

 

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

    

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

   $ 1,823     $ 1,511,875  

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

     1,297       1,076,066  
   

 

 

  
      6,044,174  

Virginia — 0.8%

 

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

     5,311       4,336,796  
   

 

 

  

West Virginia — 0.7%

 

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

     4,222       3,451,475  
   

 

 

  

Wisconsin — 1.4%

 

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

     3,070       2,573,983  

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

    

Series A, 4.10%, 11/01/43

     2,658       2,234,608  

Series A, 4.45%, 05/01/57

     3,322       2,793,260  
   

 

 

  
      7,601,851  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 20.2%

    

(Cost: $119,872,106)

       106,380,174  
   

 

 

  

Total Long-Term Investments — 166.0%

    

(Cost: $974,573,380)

       872,266,014  
   

 

 

  
     Shares         

Short-Term Securities

    

Money Market Funds — 3.4%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%(j)(k)

     17,799,656       17,797,876  
   

 

 

  

Total Short-Term Securities — 3.4%

    

(Cost: $17,797,876)

       17,797,876  
   

 

 

  

Total Investments — 169.4%

 

  

(Cost: $992,371,256)

       890,063,890  

Other Assets Less Liabilities — 0.7%

 

     3,656,483  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.5)%

 

     (65,544,609 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (57.6)%

 

     (302,700,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $   525,475,764  
   

 

 

  

 

 

(a) 

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.

(b) 

When-issued security.

(c) 

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.

(d) 

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.

(e) 

Zero-coupon bond.

(f) 

Issuer filed for bankruptcy and/or is in default.

(g) 

Non-income producing security.

(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 June 1, 2026 to February 15, 2028, is $8,113,224.

(j)

Affiliate of the Trust.

(k) 

Annualized 7-day yield as of period end.

 

For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

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

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Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
07/31/22		     

Purchases

at Cost

      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/22		     

Shares

Held at
10/31/22

      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 2,826,073      $ 14,973,751 (a)     $ —      $ (1,315 )     $ (633 )     $ 17,797,876        17,799,656      $ 27,627      $ —  
        

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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 Note

      324        12/20/22      $ 35,863      $ 1,901,591  

U.S. Long Bond

      551        12/20/22        66,602        6,725,115  

5-Year U.S. Treasury Note

      289        12/30/22        30,819        1,058,734  
           

 

 

  
            $ 9,685,440  
           

 

 

  

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 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 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

    $ —        $ 765,885,840        $             —        $ 765,885,840  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          106,380,174          —          106,380,174  

Short-Term Securities

                  

Money Market Funds

      17,797,876          —          —          17,797,876  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 17,797,876        $ 872,266,014        $ —        $ 890,063,890  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

11

  

Schedule of Investments  (unaudited) (continued)

October 31, 2022

   

BlackRock Municipal Income Trust II (BLE)

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(a)

                  

Assets

                  

Interest Rate Contracts

    $ 9,685,440        $                   —        $             —        $      9,685,440  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (65,269,470 )       $ —        $ (65,269,470 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (367,969,470 )       $             —        $ (367,969,470 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAB    Build America Bond
BAM    Build America Mutual Assurance Co.
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.
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
MT    Mandatory Tender
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

 

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