NPORT-EX 1 NPORT_5751143458483127.htm EX-BLE

Schedule of Investments  (unaudited)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 127.2%

 

Alabama — 2.2%

 

County of Jefferson Alabama Sewer, Refunding RB:

    

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

   $ 540     $ 606,771  

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

     1,320       1,496,946  

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

     3,220       3,910,948  

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

     1,170       1,554,930  
   

 

 

  
      7,569,595  
Arizona — 3.0%  

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

     1,825       1,927,218  

Salt Verde Financial Corp., RB, Senior:

    

5.00%, 12/01/32

     5,635       7,110,243  

5.00%, 12/01/37

     1,000       1,293,730  
   

 

 

  
      10,331,191  
California — 8.5%  

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

     2,315       3,410,111  

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

     3,500       3,694,285  

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

     1,365       1,535,298  

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

    

5.25%, 08/15/39

     160       179,902  

5.25%, 08/15/49

     395       438,663  

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

     1,655       1,762,029  

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

     490       540,406  

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

     6,500       6,713,135  
Security   Par
(000)		     Value  
California (continued)  

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A,
6.25%, 10/01/38

   $ 380     $ 451,451  

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

    

5.00%, 06/01/47

     3,195       3,169,568  

5.25%, 06/01/47

     590       593,723  

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

    

0.00%, 08/01/33

     3,000       2,059,620  

0.00%, 08/01/43

     2,500       1,211,175  

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

     1,760       1,820,544  

State of California Public Works Board, LRB, Various Capital Projects:

    

Series I, 5.00%, 11/01/38

     825       932,935  

Sub-Series I-1, 6.38%, 11/01/19(b)

     1,280       1,306,829  
   

 

 

  
      29,819,674  
Colorado — 1.4%  

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A,
5.50%, 07/01/34

     2,330       2,337,270  

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

     1,915       2,422,666  
   

 

 

  
      4,759,936  
Connecticut — 0.3%  

State of Connecticut Health & Educational Facility Authority, RB, Ascension Health Senior Credit, Series A, 5.00%, 11/15/40

     1,005       1,019,341  
   

 

 

  
Delaware — 2.0%  

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

     1,240       1,307,233  

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

     1,260       1,423,094  

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

     4,275       4,432,320  
   

 

 

  
      7,162,647  
District of Columbia — 6.2%  

District of Columbia, Refunding RB:

    

Georgetown University, 5.00%, 04/01/35

     465       557,135  

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

     380       448,343  

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

     820       966,394  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

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

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

   $ 2,525     $ 2,935,641  

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

     11,500       11,873,980  

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

     2,195       2,337,346  

Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A:

    

5.00%, 10/01/39

     550       555,280  

5.25%, 10/01/44

     2,000       2,019,100  
   

 

 

  
      21,693,219  
Florida — 4.3%  

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

     1,665       1,801,730  

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

     1,450       1,616,895  

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

     1,255       1,319,557  

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

     5,000       5,232,700  

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

     3,300       3,723,753  

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

     1,795       1,436,000  
   

 

 

  
      15,130,635  
Georgia — 2.0%  

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

     1,325       1,427,171  

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

     555       646,680  
Security   Par
(000)		     Value  
Georgia (continued)  

DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39

   $ 915     $ 929,027  

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

    

5.00%, 05/15/35

     540       683,003  

5.00%, 05/15/36

     540       686,475  

5.00%, 05/15/37

     595       760,023  

5.00%, 05/15/38

     325       416,393  

5.00%, 05/15/49

     1,095       1,449,835  
   

 

 

  
      6,998,607  
Hawaii — 0.4%  

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

     1,480       1,536,832  
   

 

 

  
Idaho — 0.3%  

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

     805       937,414  
   

 

 

  
Illinois — 16.3%  

Chicago Board of Education, GO, Series C:

    

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

     495       544,366  

Project, 5.25%, 12/01/35

     1,600       1,736,432  

Chicago Board of Education, GO, Refunding:

    

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

     920       1,051,827  

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

     675       721,406  

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

     495       547,698  

5.00%, 12/01/25

     705       788,803  

Chicago Board of Education, GO, Series D:

    

5.00%, 12/01/46

     585       637,580  

5.00%, 12/01/46

     1,505       1,582,237  

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

    

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

     4,200       4,484,256  

Series A, 5.75%, 01/01/39

     800       849,288  

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

     6,430       6,938,999  

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

     1,150       1,215,286  

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

     845       898,970  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Illinois Finance Authority, Refunding RB:

    

Ascension Health, Series A,
5.00%, 11/15/37

   $ 1,060     $ 1,139,670  

Central Dupage Health, Series B,
5.50%, 11/01/19(b)

     1,750       1,778,647  

Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 06/15/30

     7,445       7,530,990  

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

    

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

     6,725       6,893,596  

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

     2,725       2,767,128  

Railsplitter Tobacco Settlement Authority, RB(b):

    

5.50%, 06/01/21

     520       560,664  

6.00%, 06/01/21

     1,255       1,365,402  

State of Illinois, GO:

    

5.00%, 02/01/39

     1,640       1,744,796  

Series A, 5.00%, 04/01/35

     2,500       2,654,550  

Series A, 5.00%, 04/01/38

     3,885       4,107,067  

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

     3,005       3,428,284  

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

     1,050       1,161,615  
   

 

 

  
      57,129,557  
Indiana — 4.4%  

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

    

6.75%, 01/01/34

     845       982,405  

7.00%, 01/01/44

     3,535       4,140,758  

Indiana Finance Authority, RB, Series A:

    

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

     3,510       3,777,532  

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

     485       526,972  

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

     1,610       1,745,208  

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

     435       475,499  

Sisters of St. Francis Health Services,
5.25%, 11/01/19(b)

     915       929,054  

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

     1,180       1,220,568  
Security   Par
(000)		     Value  
Indiana (continued)  

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

   $ 1,380     $ 1,512,949  
   

 

 

  
      15,310,945  
Iowa — 1.7%  

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

    

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

     3,060       3,304,066  

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

     500       543,440  

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

     445       467,731  

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

     155       161,274  

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

     1,610       1,609,919  
   

 

 

  
      6,086,430  
Kentucky — 0.7%  

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/45

     1,060       1,169,593  

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

     1,280       1,323,725  
   

 

 

  
      2,493,318  
Louisiana — 2.7%  

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

     3,650       3,876,811  

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

    

5.50%, 05/15/30

     1,100       1,148,081  

5.25%, 05/15/31

     935       986,117  

5.25%, 05/15/32

     1,195       1,289,214  

5.25%, 05/15/33

     1,300       1,397,500  

5.25%, 05/15/35

     795       867,917  
   

 

 

  
      9,565,640  
Maryland — 1.1%  

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

     800       825,288  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Maryland (continued)  

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

   $ 455     $ 535,926  

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

     2,400       2,575,200  
   

 

 

  
      3,936,414  
Michigan — 3.0%  

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

     4,825       5,249,069  

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

    

5.50%, 05/15/20(b)

     830       860,785  

5.50%, 05/15/36

     670       690,730  

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

     940       1,010,556  

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

     1,100       1,334,652  

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

     1,165       1,354,045  
   

 

 

  
      10,499,837  
Minnesota — 1.1%  

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

    

4.25%, 02/15/48

     1,115       1,206,943  

5.25%, 02/15/53

     2,230       2,604,707  
   

 

 

  
      3,811,650  
Missouri — 1.1%  

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

     6,000       2,160,000  

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

     275       302,646  

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

     1,135       1,152,967  
Security   Par
(000)		     Value  
Missouri (continued)  

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

   $ 265     $ 286,202  
   

 

 

  
      3,901,815  
Nebraska — 1.6%  

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

    

5.25%, 09/01/37

     895       977,573  

5.00%, 09/01/42

     1,570       1,702,665  

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

     1,245       1,270,722  

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

     1,635       1,668,779  
   

 

 

  
      5,619,739  
New Hampshire — 0.8%  

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

    

Series B, 4.63%, 11/01/42

     1,860       1,900,455  

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

     975       1,003,431  
   

 

 

  
      2,903,886  
New Jersey — 12.9%  

Casino Reinvestment Development Authority, Refunding RB:

    

5.25%, 11/01/39

     1,805       1,958,425  

5.25%, 11/01/44

     1,640       1,776,891  

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

     1,165       1,175,240  

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

     2,130       2,300,272  

New Jersey EDA, RB:

    

Continental Airlines, Inc. Project, AMT,
4.88%, 09/15/19

     235       236,657  

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

     2,130       2,335,311  

Series EEE, 5.00%, 06/15/48

     4,020       4,549,112  

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

     1,570       1,733,814  

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

     7,475       8,794,711  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey State Turnpike Authority, RB:

    

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

   $ 1,355     $ 1,500,866  

Series A, 5.00%, 01/01/43

     770       839,816  

Series E, 5.00%, 01/01/45

     2,810       3,183,589  

New Jersey Transportation Trust Fund Authority, RB:

    

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

     730       791,656  

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

     1,355       1,453,414  

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

     2,690       2,834,587  

Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/43

     570       633,122  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.25%, 06/01/46

     580       661,565  

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

     7,830       8,361,579  
   

 

 

  
      45,120,627  
New York — 7.0%  

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

     2,680       2,896,088  

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

     2,000       2,048,020  

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

     790       866,702  

Metropolitan Transportation Authority, RB, Series B:

    

5.25%, 11/15/38

     2,555       2,924,351  

5.25%, 11/15/39

     910       1,041,450  

New York Liberty Development Corp., Refunding RB:

    

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3,
6.38%, 07/15/49

     1,335       1,374,009  

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

     4,320       4,719,341  

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

     365       408,052  

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

     910       1,013,494  

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

     1,620       1,703,268  
Security   Par
(000)		     Value  
New York (continued)  

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

    

6.00%, 12/01/42

   $ 1,635     $ 1,730,974  

Special Project, 6.00%, 12/01/36

     1,410       1,493,345  

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

     1,945       2,349,249  
   

 

 

  
      24,568,343  
North Carolina — 1.0%  

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

     1,000       1,031,540  

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

    

Aldersgate, 6.25%, 07/01/35

     1,530       1,690,895  

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

     625       690,281  
   

 

 

  
      3,412,716  
North Dakota — 0.3%  

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

     1,035       1,182,550  
   

 

 

  
Ohio — 3.2%  

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

     3,550       3,549,929  

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

     3,405       3,528,840  

County of Franklin Ohio, RB:

    

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

     710       777,003  

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

     435       506,553  

County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 05/01/39

     1,970       1,975,299  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio (continued)  

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

   $ 870     $ 940,801  
   

 

 

  
      11,278,425  
Oklahoma — 1.8%  

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

     2,230       2,405,858  

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

     1,275       1,478,872  

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

     2,120       2,303,995  
   

 

 

  
      6,188,725  
Pennsylvania — 3.6%  

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

     2,500       2,612,600  

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

     685       740,300  

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

    

5.00%, 09/01/43

     1,350       1,583,928  

4.00%, 09/01/49

     615       656,002  

Pennsylvania Economic Development Financing Authority, RB:

    

AMT, 5.00%, 06/30/42

     3,030       3,384,298  

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

     2,065       2,094,158  

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

     1,190       1,348,032  
   

 

 

  
      12,419,318  
Puerto Rico — 4.7%  

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

    

5.50%, 05/15/39

     715       722,507  

5.63%, 05/15/43

     740       747,644  

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

    

5.00%, 07/01/33

     2,690       2,669,825  

5.13%, 07/01/37

     770       764,225  
Security   Par
(000)		     Value  
Puerto Rico (continued)  

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

    

6.00%, 07/01/38

   $ 795     $ 795,000  

6.00%, 07/01/44

     1,445       1,445,000  

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

    

Series A-1, 4.50%, 07/01/34

     30       30,750  

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

     1,201       1,158,593  

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

     6,633       6,593,534  

Series A-2, 5.00%, 07/01/58

     1,476       1,411,425  
   

 

 

  
      16,338,503  
Rhode Island — 2.3%  

Tobacco Settlement Financing Corp., Refunding RB:

    

Series A, 5.00%, 06/01/35

     1,690       1,859,490  

Series B, 4.50%, 06/01/45

     2,850       2,897,567  

Series B, 5.00%, 06/01/50

     3,175       3,328,860  
   

 

 

  
      8,085,917  
South Carolina — 4.9%  

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

     3,340       3,866,818  

State of South Carolina Ports Authority, ARB:

    

5.25%, 07/01/20(b)

     3,595       3,740,562  

AMT, 5.25%, 07/01/55

     1,390       1,576,482  

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

     3,575       4,031,599  

State of South Carolina Public Service Authority, Refunding RB:

    

Series A, 5.00%, 12/01/50

     1,545       1,738,140  

Series E, 5.25%, 12/01/55

     1,840       2,108,898  
   

 

 

  
      17,062,499  
Tennessee — 1.1%  

City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 01/01/45

     1,470       1,621,983  

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

     740       848,713  
 

 

 

6   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Tennessee (continued)  

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

   $ 1,055     $ 1,239,499  
   

 

 

  
      3,710,195  
Texas — 11.8%  

Central Texas Regional Mobility Authority, Refunding RB:

    

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

     2,350       2,521,550  

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

     390       426,231  

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

     665       749,728  

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

     460       512,532  

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

     1,260       1,520,719  

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

     485       577,320  

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

    

0.00%, 11/15/24(b)

     2,300       1,028,790  

0.00%, 11/15/36

     23,075       9,529,513  

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

     6,055       2,953,871  

County of Tarrant Texas Cultural Education Facilities Finance Corp., RB:

    

Christus Health, Series B, 5.00%, 07/01/48

     4,955       5,840,211  

Scott & White Healthcare, 6.00%, 08/15/20(b)

     4,085       4,302,690  

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

     1,085       1,105,105  

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

     2,720       3,256,792  

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

    

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

     3,000       3,164,550  
Security   Par
(000)		     Value  
Texas (continued)  

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

   $ 2,250     $ 2,314,980  

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

     1,270       1,463,027  
   

 

 

  
      41,267,609  
Utah — 0.8%  

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

    

5.00%, 07/01/48

     955       1,121,972  

5.00%, 07/01/47

     995       1,153,225  

Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A,
3.25%, 10/15/42

     390       368,819  
   

 

 

  
      2,644,016  
Virginia — 1.5%  

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

     865       912,843  

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

    

5.25%, 01/01/32

     1,755       1,899,665  

6.00%, 01/01/37

     2,120       2,346,225  
   

 

 

  
      5,158,733  
Washington — 3.9%  

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

     5,050       5,390,370  

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

     2,335       2,685,764  

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

     1,615       1,864,178  

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

     815       909,190  
 

 

 

     7  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Washington (continued)  

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

   $ 2,445     $ 2,766,566  
   

 

 

  
      13,616,068  
Wisconsin — 0.3%  

State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E,
5.00%, 11/15/33

     910       923,104  
   

 

 

  
Wyoming — 1.0%  

County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing,
5.25%, 07/15/26

     3,355       3,380,498  
   

 

 

  

Total Municipal Bonds — 127.2%
(Cost — $416,821,678)

 

     444,576,168  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(h)

 

California — 5.7%  

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

     3,358       3,639,677  

City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%, 11/01/19(b)

     10,335       10,492,505  

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

     3,345       3,916,254  

San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(b)

     1,840       1,851,755  
   

 

 

  
      19,900,191  
Colorado — 0.8%  

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

     2,463       2,971,438  
   

 

 

  
Illinois — 0.5%  

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

    

4.00%, 02/15/27(b)

     4       4,164  
Security   Par
(000)		     Value  
Illinois (continued)  

4.00%, 02/15/41

   $ 1,540     $ 1,660,331  
   

 

 

  
      1,664,495  
Massachusetts — 3.1%  

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

     2,237       2,391,332  

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

     4,979       5,742,750  

Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41

     2,461       2,632,982  
   

 

 

  
      10,767,064  
New York — 12.8%  

City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2,
5.50%, 06/15/40

     1,365       1,369,031  

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

     9,150       9,795,105  

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

    

5.75%, 02/15/21(b)(i)

     1,083       1,159,458  

5.75%, 02/15/47

     667       713,264  

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

     11,670       12,710,326  

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

     7,040       7,720,166  

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

     2,790       3,263,761  
 

 

 

8   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
New York (continued)  

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

   $ 7,217     $ 7,940,115  
   

 

 

  
    44,671,226  
North Carolina — 0.9%  

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

     2,740       3,154,480  
   

 

 

  
Pennsylvania — 0.9%  

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

     2,521       3,000,655  
   

 

 

  
Rhode Island — 0.5%  

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

     1,695       1,764,823  
   

 

 

  
Texas — 3.7%  

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

     2,660       2,925,375  

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

     3,720       3,993,569  

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

     2,241       2,309,147  
Security   Par
(000)		     Value  
Texas (continued)            

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

   $ 3,346     $ 3,656,385  
   

 

 

  
      12,884,476  
Utah — 1.1%            

City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(b)

     3,959       3,986,634  
   

 

 

  
Wisconsin — 0.9%            

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

     3,072       3,283,823  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 30.9%
(Cost — $102,645,132)

 

     108,049,305  
   

 

 

  

Total Long-Term Investments — 158.1%
(Cost — $519,466,810)

 

     552,625,473  
   

 

 

  
     Shares         
Short-Term Securities — 1.8%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.36%(j)(k)

     6,088,170       6,089,388  
   

 

 

  

Total Short-Term Securities — 1.8%
(Cost — $6,089,330)

 

     6,089,388  
   

 

 

  

Total Investments — 159.9%
(Cost — $525,556,140)

 

     558,714,861  

Other Assets Less Liabilities — 1.9%

 

     6,638,603  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.5)%

 

     (64,602,672 ) 

VMTP Shares at Liquidation Value — (43.3)%

 

     (151,300,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 349,450,792  
   

 

 

  
 
(a) 

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

(b) 

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

(c) 

Zero-coupon bond.

(d) 

Issuer filed for bankruptcy and/or is in default.

(e) 

Non-income producing security.

(f) 

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

(g) 

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

(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 security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expires between June 15, 2019 to June 1,2026 is $15,290,307.

 

 

     9  

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

 

(j) 

Annualized 7-day yield as of period end.

(k) 

During the period ended May 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
08/31/18		        Net
Activity		        Shares
Held at
05/31/19		        Value at
05/31/19		        Income       

Net

Realized
Gain (Loss) (a)

        Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      4,902,849          1,185,321          6,088,170        $ 6,089,388        $ 36,792        $ 44        $ (169 ) 
                 

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

Portfolio Abbreviations

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

AMT — Alternative Minimum Tax (subject to)

ARB — Airport Revenue Bonds

CAB — Capital Appreciation Bonds

EDA — Economic Development Authority

EDC — Economic Development Corp.

GARB — General Airport Revenue Bonds

GO — General Obligation Bonds

GTD — Guaranteed

IDA — Industrial Development Authority

LRB — Lease Revenue Bonds

NPFGC — National Public Finance Guarantee Corp.

RB — Revenue Bonds

S/F — Single-Family

SRF — State Revolving Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts		       

Expiration

Date

        Notional
Amount (000)		        Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts:

                  

10-Year U.S. Treasury Note

      34          09/19/19        $ 4,310        $ (28,406 ) 

Long U.S. Treasury Bond

      105          09/19/19          16,140          (167,992 ) 

5-Year U.S. Treasury Note

      26          09/30/19          3,052          (12,432 ) 
                 

 

 

  
                  $ (208,830 ) 
                 

 

 

  

 

 

10   

Schedule of Investments  (unaudited) (continued)

May 31, 2019

   

BlackRock Municipal Income Trust II (BLE)

 

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

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

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

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 552,625,473        $ —        $ 552,625,473  

Short-Term Securities

     6,089,388          —          —          6,089,388  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 6,089,388        $ 552,625,473        $ —        $ 558,714,861  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments (b)

                  

Liabilities:

                 

Interest rate contracts

   $ (208,830 )       $ —        $ —        $ (208,830 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 
  (b) 

Derivative financial instruments are futures contracts which 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 statement purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $ —        $ (64,292,879 )       $ —        $ (64,292,879 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (215,592,879 )       $ —        $ (215,592,879 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     11