NPORT-EX 2 NPORT_D1Z1_91141961_0423.htm BlackRock Municipal Income Trust II

Schedule of Investments (unaudited) 

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds

 

Alabama — 4.5%

 

Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a)

   $       2,925     $ 2,908,790  

County of Jefferson Alabama Sewer Revenue, Refunding RB

    

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

     540       549,038  

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

     1,320       1,351,669  

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

     4,335       4,605,040  

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

     2,375       1,770,389  

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

     1,170       1,188,267  

Southeast Energy Authority A Cooperative District, RB(a)

   

Series A, 4.00%, 11/01/51

     5,290       5,256,784  

Series A-1, 5.50%, 01/01/53

     1,960       2,115,577  

Series B, 4.00%, 12/01/51

     6,290       6,221,892  
   

 

 

  
          25,967,446  

Arizona — 2.5%

    

Arizona Industrial Development Authority,
RB(b)

    

4.38%, 07/01/39

     225       198,429  

Series A, 5.00%, 07/01/49

     210       189,077  

Series A, 5.00%, 07/01/54

     165       146,261  

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

    1,185       1,115,235  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     500       423,317  

Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b)

    1,825       1,649,937  

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

    275       272,753  

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

    350       310,472  

Maricopa County Industrial Development Authority, Refunding RB

    

5.00%, 07/01/54(b)

    210       184,371  

Series A, 4.13%, 09/01/38

     820       824,621  

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

     1,250       1,095,709  

Salt Verde Financial Corp., RB
5.00%, 12/01/32

     5,635       5,983,863  

5.00%, 12/01/37

     2,000       2,080,210  
   

 

 

  
      14,474,255  

Arkansas(b) — 0.5%

    

Arkansas Development Finance Authority, RB

    

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

     1,920       1,717,161  

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

     1,175       1,079,783  
   

 

 

  
      2,796,944  

California — 14.6%

    

Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47

     3,355       3,336,403  

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

    11,505       11,562,088  

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

     350       349,978  

California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46

     2,315       2,727,371  
Security   Par
(000)		     Value  

California (continued)

    

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

  $           855     $ 847,850  

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

     1,460             1,405,500  

California Health Facilities Financing Authority, Refunding RB

    

5.00%, 08/01/55

     1,500       1,521,037  

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

    1,765       1,770,535  

Series A, 4.00%, 03/01/39

     890       850,950  

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

     780       679,845  

California Municipal Finance Authority, RB, S/F Housing

    

Series A, 5.25%, 08/15/39

     205       206,526  

Series A, 5.25%, 08/15/49

     510       513,099  

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

    2,130       2,129,847  

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

    1,700       1,705,318  

California State Public Works Board, RB

    

Series F, 5.25%, 09/01/33

     2,015       2,030,314  

Series I, 5.50%, 11/01/31

     3,100       3,141,221  

Series I, 5.50%, 11/01/33

     1,500       1,520,041  

Series I, 5.00%, 11/01/38

     1,065       1,076,509  

California Statewide Communities Development Authority, Refunding RB(b)

   

Series A, 5.00%, 06/01/36

     990       979,386  

Series A, 5.00%, 06/01/46

     1,220       1,138,127  

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

     4,400       4,732,266  

Series B, AMT, 5.00%, 05/15/46

     4,050       4,106,546  

City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/46

     1,265       1,342,337  

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

    525       363,116  

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

    

4.00%, 10/01/56

     245       198,653  

4.00%, 12/01/56

     355       254,776  

Series A, 4.00%, 06/01/58

     1,500       1,170,473  

Senior Lien, 3.13%, 06/01/57

     1,290       887,070  

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

     655       506,882  

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

     2,405       2,403,480  

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

    2,155       2,180,145  

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

     3,810       3,586,265  

Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/23(c)

    5,015       5,018,626  

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

    2,000       2,127,118  

Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46

     2,255       2,169,378  

Sacramento Area Flood Control Agency, Refunding SAB 5.00%, 10/01/43

     4,725       4,937,176  
 

 

1

  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

California (continued)

    

Sacramento Area Flood Control Agency, Refunding SAB (continued) 5.00%, 10/01/47

   $           3,345     $ 3,476,753  

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

    

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

     720       721,121  

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

     560       560,797  

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

   

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

     3,000       2,221,008  

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

     2,500       1,092,590  

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

    490       496,428  

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

     830       852,105  
   

 

 

  
          84,897,054  

Colorado — 2.2%

    

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

    250       216,599  

City & County of Denver Colorado Airport System Revenue, ARB

    

Series B, 5.25%, 11/15/32

     1,750       1,770,319  

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

     500       504,945  

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

     225       227,256  

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

     270       272,727  

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

    

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

     1,290       1,212,417  

Series D, AMT, 5.75%, 11/15/45

     1,315       1,484,751  

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

    1,835       930,387  

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

    320       301,540  

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

    425       375,823  

Colorado Health Facilities Authority, RB
5.25%, 11/01/39

     595       643,404  

5.50%, 11/01/47

     370       397,411  

5.25%, 11/01/52

     920       966,668  

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

     1,610       1,510,042  

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

     1,325       1,336,441  

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

     495       426,581  
   

 

 

  
      12,577,311  

Connecticut — 0.5%

    

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

     3,015       3,106,695  
   

 

 

  

Delaware — 0.2%

    

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

     1,260       1,287,488  
   

 

 

  

District of Columbia — 4.1%

    

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

     11,500       11,822,897  

District of Columbia, Refunding RB
5.00%, 10/01/48

     2,525       2,579,967  

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

    820       823,683  

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

     690       691,253  
Security   Par
(000)		     Value  

District of Columbia (continued)

    

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

   $ 5,985     $ 5,619,023  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB

    

Series A, 4.00%, 07/15/46

     1,310       1,295,621  

Series A, 4.13%, 07/15/47

     1,285       1,276,802  
   

 

 

  
          24,109,246  

Florida — 6.2%

    

Brevard County Health Facilities Authority, Refunding RB

    

Series A, 5.00%, 04/01/47

     1,365       1,440,734  

Series A, 5.00%, 04/01/52

     1,945       2,032,589  

Capital Trust Agency, Inc., RB

    

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

    190       164,754  

Series A, 5.00%, 12/15/49

     140       133,760  

Series A, 5.00%, 12/15/54

     125       119,045  

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

    100       88,506  

Celebration Pointe Community Development District No. 1, SAB
5.00%, 05/01/32

     200       200,597  

5.00%, 05/01/48

     530       495,970  

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

     1,450       1,457,069  

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

     575       582,470  

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

    500       504,060  

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

   

Series A, 5.50%, 10/01/23

     2,125       2,144,416  

Series A, 6.00%, 10/01/23

     7,515       7,598,973  

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

     1,775       1,791,524  

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

     310       313,201  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A, AMT, 5.25%, 10/01/52

     1,455       1,547,266  

Series D, AMT, 6.00%, 10/01/23(c)

    735       741,842  

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

   

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

     1,665       452,519  

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

     1,610       411,511  

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

     1,135       272,815  

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

     935       211,304  

County of Pasco Florida, RB

    

(AGM), 5.00%, 09/01/48

     5,330       5,588,724  

(AGM), 5.75%, 09/01/54

     955       1,054,614  

Florida Development Finance Corp., RB 6.50%, 06/30/57(b)

    750       741,785  

Series A, 5.00%, 06/15/56

     115       111,315  

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

    180       168,461  

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

    105       84,628  

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

    1,170       1,178,515  

Lakewood Ranch Stewardship District, SAB
5.25%, 05/01/37

     180       181,598  

5.38%, 05/01/47

     185       184,013  
 

 

 

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)

April 30, 2023

   

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

   $ 15     $ 15,018  

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

           1,000       1,033,966  

Osceola Chain Lakes Community Development District, SAB
4.00%, 05/01/40

     270       234,041  

4.00%, 05/01/50

     260       204,861  

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

    1,585       1,587,463  

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

    1,670       1,057,991  
   

 

 

  
          36,131,918  

Georgia — 4.1%

    

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

    435       389,920  

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

    715       746,715  

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

     1,480       1,485,716  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/35

     540       570,587  

Series A, 5.00%, 05/15/36

     540       562,905  

Series A, 5.00%, 05/15/37

     595       611,578  

Series A, 5.00%, 05/15/38

     325       332,066  

Series A, 5.00%, 05/15/49

     7,195       7,082,729  

Series A, 5.00%, 06/01/53(a)

    5,160       5,434,982  

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

     1,200       1,057,619  

4.00%, 01/01/59

     3,525       3,162,806  

Series A, 5.00%, 07/01/52

     1,870       1,937,094  

Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51

     520       450,730  
   

 

 

  
      23,825,447  

Hawaii — 0.4%

    

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

     1,000       1,014,110  

State of Hawaii Airports System Revenue, COP

    

AMT, 5.25%, 08/01/25

     250       250,973  

AMT, 5.25%, 08/01/26

     810       813,215  
   

 

 

  
      2,078,298  

Idaho — 0.9%

    

Idaho Health Facilities Authority, RB
4.00%, 12/01/43

     605       569,661  

Series 2017, 5.00%, 12/01/46

     805       820,928  

Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52

     1,250       1,338,064  

Idaho Housing & Finance Association, Refunding RB

    

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

     1,400       1,367,370  

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

     1,095       991,268  
   

 

 

  
      5,087,291  

Illinois — 12.2%

    

Chicago Board of Education, GO

    

Series A, 5.00%, 12/01/34

     1,035       1,070,851  

Series A, 5.00%, 12/01/40

     535       539,163  

Series A, 5.00%, 12/01/47

     100       98,425  

Series C, 5.25%, 12/01/35

     2,790       2,818,698  

Series D, 5.00%, 12/01/46

     3,605       3,563,267  
Security   Par
(000)		     Value  

Illinois (continued)

    

Chicago Board of Education, GO (continued)

    

Series H, 5.00%, 12/01/36

   $ 495     $ 500,410  

Chicago Board of Education, Refunding GO

    

Series C, 5.00%, 12/01/25

             1,215             1,236,654  

Series D, 5.00%, 12/01/27

     1,600       1,652,664  

Series D, 5.00%, 12/01/31

     150       154,512  

Series F, 5.00%, 12/01/23

     290       290,833  

Series G, 5.00%, 12/01/34

     710       726,837  

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

     1,010       1,014,188  

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

     2,565       2,719,564  

Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53

     1,585       1,648,105  

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

     2,210       2,015,893  

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

     1,375       1,376,317  

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

     2,670       2,677,540  

5.25%, 12/01/43

     3,850       3,851,321  

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

     480       485,472  

Illinois Finance Authority, Refunding RB

    

Series A, 4.00%, 07/15/47

     3,920       3,744,682  

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

    70       73,354  

Series C, 4.00%, 02/15/41

     1,470       1,449,886  

Series C, 5.00%, 02/15/41

     1,600       1,664,931  

Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52

     3,690       4,066,373  

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

     2,000       2,066,594  

Metropolitan Pier & Exposition Authority, RB

    

Series A, 5.50%, 06/15/53

     280       284,630  

Series A, 5.00%, 06/15/57

     2,745       2,753,400  

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

    2,165       403,656  

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

     2,315       1,996,099  

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

    8,680       3,207,859  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(d)

    3,020       587,348  

State of Illinois, GO
5.25%, 02/01/31

     730       737,057  

5.25%, 02/01/32

     2,500       2,524,828  

5.50%, 07/01/33

     3,000       3,010,896  

5.50%, 07/01/38

     620       622,393  

5.00%, 02/01/39

     1,640       1,645,853  

Series A, 5.00%, 04/01/35

     3,500       3,513,912  

Series A, 5.00%, 04/01/38

     5,020       5,040,728  

Series B, 5.25%, 05/01/43(g)

    1,115       1,204,863  

Series D, 5.00%, 11/01/28

     505       542,185  

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

     180       192,652  

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

     1,360       1,373,132  
   

 

 

  
      71,148,025  
 

 

3

  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  
Indiana — 1.9%             

City of Valparaiso Indiana, RB

     

AMT, 6.75%, 01/01/34

   $       1,090      $ 1,108,025  

AMT, 7.00%, 01/01/44

     4,625        4,691,674  

Indiana Finance Authority, RB(c)

    

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

     3,075        3,081,651  

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

     560        561,638  

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

     1,780        1,781,442  
    

 

 

  
           11,224,430  
Iowa — 0.1%             

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

     400        376,288  
    

 

 

  
Kansas — 0.1%             

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

     400        366,093  
    

 

 

  
Kentucky — 1.6%             

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

    5,000        4,769,245  

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

    2,950        2,903,915  

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

     1,655        1,887,435  
    

 

 

  
       9,560,595  
Louisiana — 0.7%             

Lafayette Parish School Board Sale Tax Revenue, RB
4.00%, 04/01/48

     555        522,834  

4.00%, 04/01/53

     355        323,805  

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

     1,000        1,013,479  

Tobacco Settlement Financing Corp., Refunding RB

     

Series A, 5.25%, 05/15/33

     1,450        1,468,360  

Series A, 5.25%, 05/15/35

     780        783,888  
    

 

 

  
       4,112,366  
Maryland — 0.4%             

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

     135        132,972  

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

     1,550        1,587,896  

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

     455        468,003  
    

 

 

  
       2,188,871  
Massachusetts — 3.2%             

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

    2,240        2,201,530  

Commonwealth of Massachusetts, GO

     

Series C, 5.00%, 10/01/47

     1,810        2,005,788  

Series C, 5.00%, 10/01/52

     1,875        2,055,688  

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

     4,555        4,569,471  

Massachusetts Development Finance Agency, Refunding RB
5.00%, 01/01/41

     525        526,957  

5.00%, 01/01/45

     375        376,234  
Security  

Par

(000)

      Value  
Massachusetts (continued)             

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

   $ 4,985      $ 5,122,257  

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

     685        662,661  

Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46

     1,220        1,281,736  
    

 

 

  
       18,802,322  
Michigan — 4.4%             

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

     5        5,013  

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

     1,110        1,136,096  

Michigan Finance Authority, RB, 4.00%, 02/15/50

     5,250        4,887,787  

Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52

     555        532,929  

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

     

Series A, 5.00%, 10/01/48

     12,960        13,189,198  

Series A, AMT, 4.15%, 10/01/53

     4,615        4,036,214  

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

     1,680        1,702,549  
    

 

 

  
       25,489,786  
Minnesota — 2.6%             

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

     1,790        1,826,541  

Duluth Economic Development Authority, Refunding RB

     

Series A, 4.25%, 02/15/48

     5,760        5,556,303  

Series A, 5.25%, 02/15/53

     615        635,557  

Series A, 5.25%, 02/15/58

           3,050        3,144,007  

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

     1,495        1,569,798  

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53

     2,150        2,348,056  
    

 

 

  
           15,080,262  
Mississippi — 0.2%             

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

     1,190        1,208,232  

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

    260        261,280  
    

 

 

  
       1,469,512  
Missouri — 1.6%             

Health & Educational Facilities Authority of the State of Missouri, Refunding RB
5.50%, 05/01/43

     345        345,000  

Series A, 4.00%, 07/01/46

     1,830        1,749,004  

Series C, 4.00%, 11/15/49

     3,455        3,193,584  

Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54

     3,435        3,518,337  

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

     500        453,854  
    

 

 

  
       9,259,779  
 

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

Montana — 0.0%

     

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

   $ 125      $ 110,478  
    

 

 

  
New Hampshire(b) — 0.6%             

New Hampshire Business Finance Authority, Refunding RB

     

Series B, 4.63%, 11/01/42

          2,350        1,977,121  

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

    270        204,188  

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

     1,260        1,094,843  
    

 

 

  
       3,276,152  
New Jersey — 11.5%             

Casino Reinvestment Development Authority, Inc., Refunding RB

     

5.25%, 11/01/39

     2,390        2,423,441  

5.25%, 11/01/44

     2,250        2,267,910  

Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37

     645        6,624  

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

     880        876,387  

New Jersey Economic Development Authority, RB
5.00%, 12/15/28(c)

    1,375        1,554,114  

5.00%, 06/15/43

     2,335        2,460,595  

Series EEE, 5.00%, 06/15/48

     6,405        6,694,737  

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

     530        533,757  

AMT, 5.38%, 01/01/43

     1,500        1,503,372  

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

     1,570        1,481,110  

New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(c)

    775        851,731  

New Jersey Economic Development Authority, Refunding SAB

     

6.50%, 04/01/28

     6,251        6,558,644  

5.75%, 04/01/31

     705        691,235  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     4,980        4,683,152  

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

     1,810        1,655,833  

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

     665        537,896  

New Jersey Transportation Trust Fund Authority, RB Series A,
5.00%, 06/15/28

     500        527,273  

Series AA, 5.50%, 06/15/39

     3,845        3,854,843  

Series AA, 5.00%, 06/15/44

     1,355        1,357,828  

Series AA, 5.00%, 06/15/45

     415        423,468  

Series AA, 4.00%, 06/15/50

     1,730        1,589,998  

Series S, 5.25%, 06/15/43

     1,145        1,221,576  

Series S, 5.00%, 06/15/46

     4,980        5,223,512  

New Jersey Turnpike Authority, RB

     

Series B, 5.00%, 01/01/46

     5,385        5,880,835  

Series E, 5.00%, 01/01/45

     2,810        2,870,286  

Tobacco Settlement Financing Corp., Refunding RB

     

Series A, 5.00%, 06/01/35

     1,605        1,699,872  

Series A, 5.25%, 06/01/46

     4,415        4,599,622  

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

     3,170        3,144,944  
    

 

 

  
           67,174,595  
Security  

Par

(000)

      Value  

New Mexico — 0.0%

     

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

   $ 100      $ 87,377  
    

 

 

  
New York — 21.7%             

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

     500        508,372  

City of New York, GO

     

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

          1,550        1,506,899  

Series B, 5.25%, 10/01/39

     1,030        1,185,825  

Series B, 5.25%, 10/01/40

     790        906,543  

Series C, 5.00%, 08/01/43

     1,870        2,037,952  

Series D, 5.00%, 12/01/43

     2,380        2,547,019  

Series D-1, 4.00%, 03/01/42

     455        453,549  

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

     4,410            4,241,406  

Metropolitan Transportation Authority, RB

     

Series B, 5.25%, 11/15/39

     910        924,890  

Series C, 4.00%, 11/15/33

     100        100,020  

Metropolitan Transportation Authority, Refunding RB

     

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

     100        103,108  

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

     65        68,037  

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

     6,795        6,877,661  

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

     575        589,757  

Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50

     1,760        1,679,783  

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

     

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

     3,000        2,942,145  

Series H, 2.55%, 11/01/45

     925        644,164  

New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52

     1,080        1,208,809  

New York City Municipal Water Finance Authority, Refunding RB

     

Series BB-1, 4.00%, 06/15/45

     810        804,967  

Series DD, 4.13%, 06/15/46

     7,250        7,170,591  

Series DD, 4.13%, 06/15/47

     3,430        3,386,991  

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

     

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

     5,000        4,893,430  

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

     2,240        2,155,091  

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

     2,500        2,419,477  

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

     3,260        3,541,729  

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

    3,300        3,300,488  

New York Liberty Development Corp., Refunding RB

     

Class 2, 5.38%, 11/15/40(b)

    1,175        1,176,030  

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

    6,110        5,894,836  

Series A, 2.88%, 11/15/46

     530        376,433  

Series A, 3.00%, 11/15/51

     2,040        1,477,933  

Series A, (BAM-TCRS), 3.00%, 11/15/51

     1,270        890,819  

New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55

     2,685        2,540,762  

New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47

     810        794,597  

New York State Dormitory Authority, Refunding RB

     

Series A, 4.00%, 03/15/44

     1,200        1,172,861  

Series A, 5.00%, 03/15/45

     1,530        1,630,444  

Series A, 4.00%, 03/15/47

     3,830        3,746,617  

Series A, 4.00%, 03/15/48

     1,420        1,371,318  

New York State Thruway Authority, Refunding RB Series A, 4.00%, 03/15/42

     750        753,842  
 

 

5

  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

New York (continued)

     

New York State Thruway Authority, Refunding RB (continued)

     

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

   $         3,110      $ 2,994,463  

New York State Urban Development Corp., RB

     

Series A, 4.00%, 03/15/46

     7,220        6,981,523  

Series A, 4.00%, 03/15/49

     4,625        4,489,145  

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

     6,575        6,444,914  

4.00%, 03/15/49

     2,205        2,115,204  

New York Transportation Development Corp., ARB

     

AMT, 5.00%, 12/01/40

     2,250        2,349,380  

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

     1,600        1,583,325  

New York Transportation Development Corp., RB

     

AMT, 5.00%, 10/01/35

     1,910        2,005,084  

AMT, 4.00%, 10/31/46

     425        370,140  

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

     2,500        2,501,567  

218th Series, AMT, 4.00%, 11/01/47

     380        360,919  

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

     3,605        3,726,020  

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

     1,150        1,127,046  

Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB

     

Series A, 4.00%, 05/15/48

     6,855        6,699,906  

Series A, 5.00%, 05/15/48

     900        988,831  

Series A, 5.25%, 05/15/57

     1,640        1,807,410  

Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49

     945        1,013,533  

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

     976        970,225  

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

     210        207,196  
    

 

 

  
           126,761,026  
North Carolina — 0.4%             

North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53

     2,335        2,549,127  
    

 

 

  
North Dakota — 0.2%             

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

     1,035        1,063,442  
    

 

 

  
Ohio — 2.7%             

Buckeye Tobacco Settlement Financing Authority, Refunding RB

     

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

     915        808,826  

Series B-2, Class 2, 5.00%, 06/01/55

     8,645        8,055,575  

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

     450        439,486  

County of Franklin Ohio, RB

     

Series 2017, 5.00%, 12/01/46

     435        447,803  

Series A, 4.00%, 12/01/44

     555        528,583  

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

     590        656,973  

County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50

     2,415        2,250,906  
Security  

Par

(000)

      Value  

Ohio (continued)

     

County of Hamilton Ohio, Refunding RB (continued)

     

Series A, 3.75%, 08/15/50

   $         1,155      $ 1,021,910  

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

    860        791,787  

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

     870        870,590  
    

 

 

  
           15,872,439  
Oklahoma — 0.9%             

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

     400        389,694  

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

     2,225        2,069,323  

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

     1,040        1,018,615  

Oklahoma Water Resources Board, RB, 4.00%, 04/01/48(g)

    240        237,794  

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

     1,435        1,432,121  
    

 

 

  
       5,147,547  
Oregon — 0.5%             

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

    1,445        749,116  

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

    470        244,059  

Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48

     1,630        1,799,474  
    

 

 

  
       2,792,649  
Pennsylvania — 5.1%             

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

    1,530        1,532,397  

Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/51

     2,260        2,037,343  

Series A, 5.00%, 09/01/48

     385        394,183  

Series A, 4.00%, 09/01/49

     615        558,764  

Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45

     205        194,482  

Pennsylvania Economic Development Financing Authority, RB

     

AMT, 5.00%, 06/30/42

     3,680        3,689,664  

AMT, 5.75%, 06/30/48

     1,405        1,526,503  

AMT, 5.25%, 06/30/53

     2,330        2,412,039  

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

     480        480,431  

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

     3,695        3,602,780  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53

     2,990        2,800,213  

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

     1,535        1,560,105  

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

     2,065        1,984,339  

Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50

     810        785,799  
 

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Pennsylvania (continued)

    

Pennsylvania Turnpike Commission, Refunding RB

    

Series B-2, (AGM), 5.00%, 06/01/35

   $         3,110     $ 3,336,122  

Series C, 4.00%, 12/01/51

     2,355       2,236,103  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

     440       470,900  
   

 

 

  
      29,602,167  
Puerto Rico — 4.7%            

Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31

     1,596       1,720,072  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53

     5,908       5,546,673  

Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(d)

    12,023       3,269,210  

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

    

Series A1, Restructured, 5.00%, 07/01/58

     11,913       11,456,291  

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

     3,256       3,015,756  

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

     2,333       2,167,100  

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

     164       153,327  

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

     159       147,554  
   

 

 

  
          27,475,983  
Rhode Island — 0.3%            

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

     250       238,650  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/35

     800       808,744  

Series A, 5.00%, 06/01/40

     950       952,184  
   

 

 

  
      1,999,578  
South Carolina — 5.6%            

Charleston County Airport District, ARB(c)

   

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

     1,000       1,002,816  

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

     1,155       1,159,182  

Charleston County Airport District, RB, Series A, AMT, 5.50%, 07/01/23(c)

    1,810       1,815,097  

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

    3,295       3,332,547  

South Carolina Jobs-Economic Development Authority, RB(b)
5.00%, 01/01/40

     385       362,438  

5.00%, 01/01/55

     335       285,265  

South Carolina Jobs-Economic Development Authority, Refunding RB
5.00%, 02/01/38

     2,710       2,757,040  

Series A, 5.00%, 05/01/43

     2,430       2,485,210  

Series A, 5.00%, 05/01/48

     3,395       3,446,489  

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

    1,085       1,123,234  

South Carolina Public Service Authority, RB

    

Series A, 5.50%, 12/01/54

     4,810       4,853,550  

Series E, 5.50%, 12/01/53

     2,040       2,049,980  

South Carolina Public Service Authority, Refunding RB

    

Series A, 5.00%, 12/01/50

     1,755       1,764,805  

Series A, 5.00%, 12/01/55

     465       467,616  
Security  

Par

(000)

     Value  

South Carolina (continued)

    

South Carolina Public Service Authority, Refunding RB (continued)

    

Series C, 5.00%, 12/01/46

   $         1,795     $ 1,806,159  

Series E, 5.25%, 12/01/55

     3,750       3,806,066  
   

 

 

  
          32,517,494  
Tennessee — 1.5%            

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

     740       757,237  

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

    

Series A, 4.00%, 10/01/49

     445       342,954  

Series A, 5.25%, 10/01/58

     2,445       2,388,146  

Metropolitan Nashville Airport Authority, ARB

    

Series B, AMT, 5.25%, 07/01/35

     950       1,065,159  

Series B, AMT, 5.50%, 07/01/36

     795       901,112  

Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)

    3,130       3,367,141  
   

 

 

  
      8,821,749  
Texas — 8.8%            

Arlington Higher Education Finance Corp., RB(b)
7.50%, 04/01/62

     965       1,024,329  

7.88%, 11/01/62

     815       838,167  

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

     665       674,594  

Series B, AMT, 5.00%, 11/15/44

     1,980       2,054,628  

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

     150       150,036  

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

     100       101,674  

City of Houston Texas Airport System Revenue, Refunding RB

    

AMT, 5.00%, 07/01/29

     595       594,985  

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

     100       101,879  

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

     230       231,500  

Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48(g)

    1,415       1,390,403  

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

     2,500       2,523,870  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     670       659,382  

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

   

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

    2,300       1,082,789  

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

     13,075       6,002,183  

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

     4,750       2,032,306  

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

     730       731,330  

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

    10,540       5,672,322  

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

    180       156,860  

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

    640       318,063  

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

     3,185       3,135,569  
 

 

7

  

Schedule of Investments  (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Texas (continued)

 

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

   $         2,110     $ 2,034,749  

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

     1,370       1,431,049  

Tarrant County Cultural Education Facilities Finance Corp., RB
5.00%, 11/15/51

     1,280       1,356,395  

Series A, 4.00%, 07/01/53

     1,435       1,307,040  

Series A, 5.00%, 07/01/53

     880       915,978  

Series B, 5.00%, 07/01/48

     4,955       5,101,891  

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

     95       82,960  

Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA COLL), 3.75%, 09/01/49

     1,240       1,202,845  

Texas Private Activity Bond Surface Transportation Corp., RB

    

AMT, 5.00%, 06/30/58

     3,110       3,112,637  

AMT, Senior Lien, 5.00%, 12/31/55

     975       967,362  

Texas Transportation Commission State Highway 249 System, RB, CAB(d)
0.00%, 08/01/40

     500       191,459  

0.00%, 08/01/41

     2,000       717,536  

0.00%, 08/01/42

     2,345       788,237  

Texas Water Development Board, RB
4.45%, 10/15/36

     675       742,225  

4.00%, 10/15/45

     1,810       1,796,329  
   

 

 

  
          51,225,561  

Utah — 0.4%

 

City of Salt Lake City Utah Airport Revenue, ARB

    

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

     995       1,013,983  

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

     955       974,663  

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

    100       93,872  

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

    135       125,706  
   

 

 

  
      2,208,224  

Vermont — 0.0%

 

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

     250       238,309  
   

 

 

  

Virginia — 2.6%

 

Ballston Quarter Community Development Authority, TA

    

Series A, 5.00%, 03/01/26

     290       277,366  

Series A, 5.13%, 03/01/31

     755       636,572  

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

     865       801,010  

Hampton Roads Transportation Accountability Commission, RB

    

Series A, 4.00%, 07/01/52

     2,780       2,672,395  

Series A, Senior Lien, 4.00%, 07/01/50

     1,265       1,204,016  

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

     1,575       1,511,527  

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

     1,010       947,665  
Security   Par
(000)		     Value  

Virginia (continued)

 

Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.05%, 11/01/47

   $         1,825     $ 1,926,457  

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

     5,310       5,114,528  
   

 

 

  
          15,091,536  

Washington — 1.2%

 

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

    2,335       2,466,094  

Port of Seattle Washington, ARB

    

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

     1,615       1,661,520  

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

     1,050       1,063,545  

Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43(b)

    2,165       1,827,585  
   

 

 

  
      7,018,744  

West Virginia — 0.1%

 

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

     570       551,744  
   

 

 

  

Wisconsin — 1.8%

 

Public Finance Authority, RB

    

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

    120       104,436  

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

    210       187,206  

AMT, 4.00%, 09/30/51

     5,615       4,584,221  

AMT, 4.00%, 03/31/56

     1,835       1,453,173  

Public Finance Authority, Refunding RB(b)
5.25%, 05/15/52

     735       636,051  

5.00%, 09/01/54

     115       88,162  

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

     3,280       3,048,330  

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

     660       663,890  
   

 

 

  
      10,765,469  
   

 

 

  

Total Municipal Bonds — 140.3%

    

(Cost: $820,152,398)

       817,769,112  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

Alabama — 1.2%

 

Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53

     6,702       7,105,210  
   

 

 

  

Colorado — 1.6%

 

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53

     7,685       8,389,460  

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

     1,180       1,145,636  
   

 

 

  
      9,535,096  

District of Columbia — 0.4%

 

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

     2,361       2,303,528  
   

 

 

  

Florida — 0.9%

 

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

    5,672       5,057,702  
   

 

 

  
 

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Georgia — 1.6%

 

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

   $         9,020     $ 9,448,382  
   

 

 

  

Iowa — 0.4%

 

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

     2,740       2,580,642  
   

 

 

  

Nebraska — 0.9%

 

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

     5,241       5,468,970  
   

 

 

  

New York — 1.3%

 

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

     5,159       5,016,615  

Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/55

     2,820       2,575,154  
   

 

 

  
      7,591,769  

Rhode Island — 0.9%

 

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

     5,570       5,146,532  
   

 

 

  

West Virginia — 0.7%

 

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

    4,222       4,005,850  
   

 

 

  

Wisconsin — 1.5%

 

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

     3,070       2,919,825  

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

    

Series A, 4.10%, 11/01/43

     2,658       2,495,065  

Series A, 4.45%, 05/01/57

     3,322       3,118,831  
   

 

 

  
      8,533,721  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.4%

 

  

(Cost: $68,745,414)

       66,777,402  
   

 

 

  

Total Long-Term Investments — 151.7%

    

(Cost: $888,897,812)

           884,546,514  
   

 

 

  

 

Security  

    

Shares

     Value  

Short-Term Securities

    

Money Market Funds — 5.0%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(j)(k)

    28,933,328     $ 28,930,435  
   

 

 

  

Total Short-Term Securities — 5.0%

    

(Cost: $28,928,668)

       28,930,435  
   

 

 

  

Total Investments — 156.7%

 

  

(Cost: $917,826,480)

       913,476,949  

Other Assets Less Liabilities — 1.5%

 

     8,676,554  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.3)%

 

     (36,481,704 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (51.9)%

 

     (302,700,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $   582,971,799  
   

 

 

  

 

(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) 

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.

(c) 

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

(d) 

Zero-coupon bond.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

When-issued 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 $5,152,987.

(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended April 30, 2023 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
04/30/23		     

Shares

Held at
04/30/23

      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

    $ 2,826,073      $ 26,103,379 (a)     $ —      $ (151 )     $ 1,134      $ 28,930,435        28,933,328      $ 276,499      $ —  
        

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

 

9

  

Schedule of Investments (unaudited) (continued)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

 

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

      115        06/21/23      $ 13,277      $ (417,755 ) 

U.S. Long Bond

      184        06/21/23        24,265        (929,555 ) 

5-Year U.S. Treasury Note

      100        06/30/23        10,995        (262,350 ) 
           

 

 

  
            $ (1,609,660 ) 
           

 

 

  

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

    $ —        $ 817,769,112        $ —        $ 817,769,112  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          66,777,402          —          66,777,402  

Short-Term Securities

                  

Money Market Funds

      28,930,435          —          —          28,930,435  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 28,930,435        $ 884,546,514        $ —        $ 913,476,949  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Interest Rate Contracts

    $ (1,609,660 )       $ —        $             —        $ (1,609,660 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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

    $ —        $ (36,111,734 )       $ —        $ (36,111,734 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $ (338,811,734 )       $             —        $ (338,811,734 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

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)

April 30, 2023

   

BlackRock Municipal Income Trust II (BLE)

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BAM-TCRS    Build America Mutual Assurance Co.- Transferable
    Custodial Receipts
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
GTD    GTD Guaranteed
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding
TA    Tax Allocation

 

11