NPORT-EX 2 NPORT_D1Z1_51771193_0425.htm EDGAR HTML
April 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Municipal Income Trust II (BLE)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 3.5%
Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a)
$
2,925
$ 2,919,962
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.25%, 10/01/49
 
4,580
4,604,736
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46
 
2,170
2,209,595
Southeast Energy Authority A Cooperative District, RB(a)
 
Series A, 4.00%, 11/01/51
 
5,290
5,259,456
Series A, 5.00%, 01/01/56
 
1,720
1,761,993
Series A-1, 5.50%, 01/01/53
 
1,960
2,076,988
 
 
18,832,730
Arizona — 2.8%
Arizona Industrial Development Authority, RB(b)
 
4.38%, 07/01/39
 
225
198,784
Series A, 5.00%, 07/01/49
 
210
183,074
Series A, 5.00%, 07/01/54
 
165
139,511
Arizona Industrial Development Authority, Refunding RB,
Series A, 5.38%, 07/01/50(b)
 
1,185
1,163,480
City of Phoenix Civic Improvement Corp., RB, Junior Lien,
5.25%, 07/01/47
 
1,740
1,842,979
Glendale Industrial Development Authority, RB, 5.00%,
05/15/56
 
100
90,111
Industrial Development Authority of the City of Phoenix
Arizona, RB, Series A, 5.00%, 07/01/46(b)
 
1,825
1,703,844
Industrial Development Authority of the County of Pima, RB,
5.00%, 07/01/49(b)
 
350
318,091
Maricopa County Industrial Development Authority, RB,
6.38%, 07/01/58(b)
 
620
593,837
Maricopa County Industrial Development Authority,
Refunding RB, Series A, 4.13%, 09/01/38
 
820
771,822
Salt Verde Financial Corp., RB
 
5.00%, 12/01/32
 
5,635
5,908,735
5.00%, 12/01/37
 
2,000
2,078,149
 
 
14,992,417
Arkansas — 0.7%
Arkansas Development Finance Authority, RB
 
AMT, 4.50%, 09/01/49(b)
 
1,920
1,691,985
AMT, 4.75%, 09/01/49(b)
 
1,175
1,071,987
AMT, Sustainability Bonds, 5.70%, 05/01/53
 
975
981,025
 
 
3,744,997
California — 4.5%
California County Tobacco Securitization Agency, Refunding
RB, Series A, 5.00%, 06/01/36
 
335
334,631
California Educational Facilities Authority, RB, Series U-7,
5.00%, 06/01/46
 
2,315
2,510,171
California Enterprise Development Authority, RB, 8.00%,
11/15/62(b)
 
855
832,905
California Health Facilities Financing Authority, Refunding
RB, Sustainability Bonds, 5.00%, 08/01/55
 
1,500
1,505,891
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(a)(b)
 
2,555
2,457,382
California Municipal Finance Authority, ARB, AMT, Senior
Lien, 4.00%, 12/31/47
 
780
660,773
California Pollution Control Financing Authority, RB, AMT,
5.00%, 11/21/45(b)
 
2,130
2,089,410
California School Finance Authority, Refunding RB,
Series A, 5.00%, 07/01/51(b)
 
1,700
1,683,278
City of Los Angeles Department of Airports, Refunding ARB
 
AMT, Subordinate, 5.00%, 05/15/46
 
1,265
1,277,002
Security
 
Par
(000)
Value
California (continued)
City of Los Angeles Department of Airports, Refunding
ARB (continued)
 
Series A, AMT, Sustainability Bonds, 5.50%, 05/15/55
$
2,320
$ 2,425,357
Indio Finance Authority, Refunding RB, Series A, (BAM),
4.50%, 11/01/52
 
2,405
2,314,337
Riverside County Transportation Commission, Refunding
RB, Class B1, Senior Lien, 4.00%, 06/01/46
 
2,255
1,999,751
San Marcos Unified School District, GO, CAB(c)
 
Series B, Election 2010, 0.00%, 08/01/33
 
3,000
2,212,545
Series B, Election 2010, 0.00%, 08/01/43
 
2,500
1,059,329
Washington Township Health Care District, GO, Series B,
Election 2004, 5.50%, 08/01/40
 
830
831,695
 
 
24,194,457
Colorado — 1.1%
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)
 
250
222,816
City & County of Denver Colorado Airport System Revenue,
Refunding ARB
 
Series A, AMT, 4.13%, 11/15/53
 
1,290
1,140,302
Series D, AMT, 5.75%, 11/15/45
 
1,315
1,400,625
Colorado Health Facilities Authority, RB
 
5.25%, 11/01/39
 
595
623,036
5.50%, 11/01/47
 
370
384,555
5.25%, 11/01/52
 
920
944,923
Denver Convention Center Hotel Authority, Refunding RB,
5.00%, 12/01/40
 
1,325
1,284,686
 
 
6,000,943
District of Columbia — 4.1%
District of Columbia Income Tax Revenue, RB, Series A,
5.25%, 05/01/48
 
890
937,987
District of Columbia Tobacco Settlement Financing Corp.,
Refunding RB, 6.75%, 05/15/40
 
9,630
9,808,286
District of Columbia, Refunding GO, Series A, 5.25%,
01/01/48
 
1,700
1,783,465
District of Columbia, Refunding RB, 5.00%, 10/01/48
 
2,525
2,397,312
District of Columbia, TA, 5.13%, 06/01/41
 
540
540,546
Metropolitan Washington Airports Authority Dulles Toll Road
Revenue, Refunding RB, Series B, Subordinate, 4.00%,
10/01/49
 
5,985
5,155,666
Washington Metropolitan Area Transit Authority Dedicated
Revenue, RB, Series A, Sustainability Bonds, 4.13%,
07/15/47
 
1,285
1,168,039
 
 
21,791,301
Florida — 6.9%
Brevard County Health Facilities Authority, Refunding RB,
Series A, 5.00%, 04/01/47
 
2,460
2,493,237
Capital Trust Agency, Inc., RB(b)
 
Series A, 5.00%, 06/01/45
 
190
157,290
Series A, 5.50%, 06/01/57
 
100
82,881
Celebration Pointe Community Development District No. 1,
SAB
 
5.00%, 05/01/32
 
160
158,400
5.00%, 05/01/48
 
530
524,700
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/48
 
2,920
3,150,254
City of Tampa Florida, RB, CAB, Series A, 0.00%,
09/01/45(c)
 
6,275
2,316,978
County of Lee Florida Airport Revenue, ARB, Series B, AMT,
5.00%, 10/01/46
 
2,230
2,229,174
County of Miami-Dade Seaport Department, Refunding RB,
Series A, AMT, 5.25%, 10/01/52
 
6,370
6,454,282
2
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Florida (continued)
County of Pasco Florida, RB
 
(AGM), 5.00%, 09/01/48
$
8,525
$ 8,684,148
(AGM), 5.75%, 09/01/54
 
955
1,013,896
Florida Development Finance Corp., RB
 
6.50%, 06/30/57(b)(d)(e)
 
427
113,221
Series A, 5.00%, 06/15/56
 
115
104,842
AMT, 5.00%, 05/01/29(b)
 
180
181,816
Florida State Board of Governors, RB, Series A, (BAM),
4.25%, 10/01/48
 
7,000
6,494,307
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 5.25%, 11/15/49
 
465
487,668
Lakewood Ranch Stewardship District, SAB
 
5.25%, 05/01/37
 
180
180,179
5.38%, 05/01/47
 
185
180,746
6.30%, 05/01/54
 
475
491,908
Osceola Chain Lakes Community Development District,
SAB
 
4.00%, 05/01/40
 
270
233,782
4.00%, 05/01/50
 
260
202,700
Stevens Plantation Community Development District, SAB,
Series A, 7.10%, 05/01/35(d)(e)
 
1,670
956,271
 
 
36,892,680
Georgia — 2.7%
East Point Business & Industrial Development Authority, RB,
Series A, 5.25%, 06/15/62(b)
 
435
293,625
Main Street Natural Gas, Inc., RB
 
Series A, 5.00%, 05/15/38
 
325
341,593
Series A, 5.00%, 05/15/49
 
6,195
6,230,695
Series B, 5.00%, 12/01/52(a)
 
5,000
5,152,642
Municipal Electric Authority of Georgia, RB, Series A,
5.00%, 07/01/52
 
1,870
1,883,439
Municipal Electric Authority of Georgia, Refunding RB,
Series A, 4.00%, 01/01/51
 
520
434,008
 
 
14,336,002
Hawaii — 0.2%
State of Hawaii Airports System Revenue, COP
 
AMT, 5.25%, 08/01/25
 
250
250,170
AMT, 5.25%, 08/01/26
 
810
811,500
 
 
1,061,670
Idaho — 0.9%
Idaho Housing & Finance Association, RB
 
(GTD), 5.50%, 05/01/52
 
1,250
1,285,916
Series A, 5.25%, 08/15/48
 
3,460
3,652,186
 
 
4,938,102
Illinois — 8.2%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/40
 
535
521,316
Series C, 5.25%, 12/01/35
 
2,790
2,790,257
Series D, 5.00%, 12/01/46
 
3,605
3,411,096
Series H, 5.00%, 12/01/36
 
495
467,241
Chicago Board of Education, Refunding GO
 
Series D, 5.00%, 12/01/27
 
1,600
1,620,171
Series D, 5.00%, 12/01/31
 
150
150,585
Series G, 5.00%, 12/01/34
 
710
709,918
Chicago O’Hare International Airport, ARB, Class A, AMT,
Senior Lien, 5.50%, 01/01/55
 
2,565
2,621,404
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd
Lien, 5.00%, 12/01/46
 
1,385
1,387,031
Security
 
Par
(000)
Value
Illinois (continued)
City of Chicago Illinois Wastewater Transmission Revenue,
RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48
$
2,665
$ 2,760,890
City of Chicago Illinois Waterworks Revenue, RB, Series A,
2nd Lien, (AGM), 5.25%, 11/01/48
 
5,125
5,313,392
Illinois Finance Authority, Refunding RB
 
4.00%, 02/15/27(f)
 
45
45,639
4.00%, 02/15/41
 
1,360
1,251,462
Series A, 4.00%, 07/15/47
 
3,920
3,492,669
Series C, 5.00%, 02/15/41
 
1,600
1,607,123
Illinois Housing Development Authority, RB, S/F Housing
 
Series G, Sustainability Bonds, (FHLMC, FNMA, GNMA),
6.25%, 10/01/52
 
3,060
3,272,692
Series N, Sustainability Bonds, (FHLMC, FNMA, GNMA),
6.25%, 04/01/54
 
1,760
1,888,949
Metropolitan Pier & Exposition Authority, RB
 
5.00%, 06/15/57
 
2,745
2,605,231
Series A, 5.50%, 06/15/53
 
280
280,283
Metropolitan Pier & Exposition Authority, RB, CAB(c)
 
(BAM-TCRS), 0.00%, 12/15/56
 
2,165
402,683
Series A, 0.00%, 12/15/56
 
3,020
533,823
Metropolitan Pier & Exposition Authority, Refunding RB
 
4.00%, 06/15/50
 
1,680
1,387,849
Series B, (AGM), 0.00%, 06/15/44(c)
 
8,680
3,384,936
State of Illinois, GO
 
Series B, 5.25%, 05/01/43
 
1,115
1,150,221
Series D, 5.00%, 11/01/28
 
505
520,320
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27
 
180
185,923
 
 
43,763,104
Kansas — 0.1%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%,
05/15/43
 
400
376,472
Kentucky — 1.7%
Kentucky Economic Development Finance Authority,
Refunding RB, Series A, 5.00%, 08/01/44
 
1,115
1,094,129
Kentucky Public Energy Authority, RB, Series A-1, 4.00%,
08/01/52(a)
 
6,085
6,031,508
Kentucky Public Transportation Infrastructure Authority, RB,
CAB, Convertible, 6.75%, 07/01/43(g)
 
1,655
1,875,384
 
 
9,001,021
Louisiana — 0.9%
City of Lafayette Louisiana Utilities Revenue, RB, (AGC),
5.00%, 11/01/49
 
770
786,360
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53
 
2,705
2,689,986
Parish of East Baton Rouge Capital Improvements District,
RB, 5.00%, 08/01/46
 
1,370
1,424,085
 
 
4,900,431
Maryland — 0.3%
City of Baltimore Maryland, Refunding RB, Series A, 4.50%,
09/01/33
 
135
134,035
Maryland Economic Development Corp., RB, Class B, AMT,
Sustainability Bonds, 5.25%, 06/30/47
 
1,550
1,555,194
 
 
1,689,229
Massachusetts — 1.9%
Commonwealth of Massachusetts, GO
 
Series C, 5.00%, 10/01/47
 
1,810
1,869,944
Series C, 5.00%, 10/01/52
 
1,875
1,922,195
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Massachusetts (continued)
Massachusetts Development Finance Agency, RB, Series A,
5.00%, 01/01/47
$
4,555
$ 4,325,320
Massachusetts Housing Finance Agency, Refunding RB,
Series A, AMT, 4.50%, 12/01/47
 
645
601,620
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%,
07/01/46
 
1,220
1,224,467
 
 
9,943,546
Michigan — 1.3%
City of Detroit Michigan Water Supply System Revenue, RB,
Series B, 2nd Lien, (AGM), 6.25%, 07/01/36
 
5
5,008
Michigan Finance Authority, RB, 4.00%, 02/15/50
 
5,250
4,629,075
Michigan State Building Authority, Refunding RB, Series I,
4.00%, 10/15/52
 
555
477,190
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
 
1,680
1,679,997
 
 
6,791,270
Minnesota — 2.3%
Duluth Economic Development Authority, Refunding RB
 
Series A, 4.25%, 02/15/48
 
5,685
5,052,116
Series A, 5.25%, 02/15/53
 
615
616,646
Series A, 5.25%, 02/15/58
 
3,050
3,050,840
Minnesota Higher Education Facilities Authority, RB,
Series A, Sustainability Bonds, 5.00%, 10/01/47
 
1,495
1,513,627
Minnesota Housing Finance Agency, RB, S/F Housing,
Series M, Sustainability Bonds, (FHLMC, FNMA, GNMA),
6.00%, 01/01/53
 
1,815
1,903,554
 
 
12,136,783
Mississippi — 0.2%
Mississippi Development Bank, RB, (AGM), 6.88%,
12/01/40
 
1,190
1,207,964
Missouri — 1.3%
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB, Series C, 4.00%, 11/15/49
 
3,455
2,914,948
Kansas City Industrial Development Authority, ARB
 
AMT, (AGM), 5.00%, 03/01/49
 
1,710
1,696,261
AMT, (AGM), 5.00%, 03/01/55
 
1,725
1,710,776
St. Johns County Industrial Development Authority,
Refunding RB, 5.00%, 09/01/37
 
500
494,929
 
 
6,816,914
New Hampshire — 0.4%
New Hampshire Business Finance Authority, Series 2025-1,
Class A1, 4.17%, 01/20/41(a)
 
829
787,499
New Hampshire Business Finance Authority, RB, M/F
Housing, Class B, 5.75%, 04/28/42
 
1,050
1,058,201
 
 
1,845,700
New Jersey — 10.5%
New Jersey Economic Development Authority, RB
 
5.00%, 12/15/28(f)
 
1,375
1,464,798
5.00%, 06/15/43
 
2,335
2,366,176
Series EEE, 5.00%, 06/15/48
 
6,405
6,439,547
AMT, (AGM), 5.00%, 01/01/31
 
530
532,392
AMT, 5.38%, 01/01/43
 
1,500
1,500,489
New Jersey Economic Development Authority, Refunding
RB, Series BBB, 5.50%, 12/15/26(f)
 
775
803,963
New Jersey Economic Development Authority, Refunding
SAB
 
6.50%, 04/01/28
 
4,190
4,285,727
5.75%, 04/01/31
 
705
721,165
Security
 
Par
(000)
Value
New Jersey (continued)
New Jersey Health Care Facilities Financing Authority, RB,
4.00%, 07/01/51
$
4,980
$ 4,458,272
New Jersey Higher Education Student Assistance Authority,
RB, Series C, AMT, Subordinate, 4.25%, 12/01/50
 
1,810
1,520,703
New Jersey Higher Education Student Assistance Authority,
Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49
 
665
491,323
New Jersey Transportation Trust Fund Authority, RB
 
5.00%, 12/15/28(f)
 
1,740
1,853,617
5.00%, 06/15/46
 
3,240
3,258,550
Series AA, 5.00%, 06/15/45
 
415
409,444
Series AA, 4.00%, 06/15/50
 
1,730
1,502,058
Series BB, 5.00%, 06/15/46
 
3,465
3,528,719
Series S, 5.25%, 06/15/43
 
1,145
1,172,021
New Jersey Transportation Trust Fund Authority, Refunding
RB, Series A, 4.25%, 06/15/40
 
7,330
7,111,207
New Jersey Turnpike Authority, RB, Series B, 5.25%,
01/01/49
 
5,385
5,715,425
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
 
275
273,273
Series A, 5.25%, 06/01/46
 
4,140
4,158,002
Sub-Series B, 5.00%, 06/01/46
 
2,760
2,642,447
 
 
56,209,318
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%,
05/15/44
 
100
95,144
New York — 17.6%
Buffalo & Erie County Industrial Land Development Corp.,
Refunding RB, Series A, 5.00%, 06/01/35
 
500
510,450
City of New York, GO
 
Series A-1, 4.00%, 09/01/46
 
1,550
1,409,972
Series B, 5.25%, 10/01/39
 
1,030
1,113,217
Series B, 5.25%, 10/01/40
 
790
851,460
Series -G-1, 5.25%, 02/01/53
 
445
469,206
Empire State Development Corp., RB, Series A, 4.00%,
03/15/49
 
2,940
2,634,784
Empire State Development Corp., Refunding RB, 4.00%,
03/15/45
 
6,575
6,073,482
Metropolitan Transportation Authority, Refunding RB
 
Series C-1, Sustainability Bonds, 5.00%, 11/15/25
 
100
100,884
Series C-1, Sustainability Bonds, 5.00%, 11/15/26
 
65
66,525
Series C-1, Sustainability Bonds, 4.75%, 11/15/45
 
6,795
6,765,578
Series C-1, Sustainability Bonds, 5.00%, 11/15/50
 
575
577,606
Monroe County Industrial Development Corp., Refunding
RB, Series A, 4.00%, 07/01/50
 
1,760
1,580,901
New York City Municipal Water Finance Authority, RB
 
Series AA-1, 5.25%, 06/15/52
 
1,080
1,130,831
Series BB, 5.25%, 06/15/55
 
1,075
1,142,075
New York City Municipal Water Finance Authority, Refunding
RB
 
Series DD, 4.13%, 06/15/46
 
7,250
6,872,085
Series DD, 4.13%, 06/15/47
 
3,165
2,969,099
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Series A-1, Subordinate, 4.00%, 08/01/48
 
2,240
2,037,192
Series B-1, Subordinate, 4.00%, 08/01/48
 
2,500
2,228,788
New York City Transitional Finance Authority, RB
 
Series E, 5.00%, 11/01/53
 
3,260
3,357,437
Series H-1, 5.00%, 11/01/50
 
3,055
3,145,804
New York Counties Tobacco Trust IV, Refunding RB,
Series A, 6.25%, 06/01/41(b)
 
3,100
3,099,940
4
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New York (continued)
New York Liberty Development Corp., Refunding RB
 
Class 1, 5.00%, 11/15/44(b)
$
4,910
$ 4,879,491
Class 2, 5.38%, 11/15/40(b)
 
1,175
1,174,955
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%,
11/15/51
 
1,270
843,165
Series A, Sustainability Bonds, 3.00%, 11/15/51
 
1,040
714,291
New York State Dormitory Authority, Refunding RB
 
Series A, 4.00%, 03/15/44
 
1,200
1,121,904
Series A, 4.00%, 03/15/47
 
3,830
3,509,885
Series A, 5.00%, 03/15/55
 
1,700
1,742,362
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
1,050
1,087,985
AMT, 5.00%, 12/01/40
 
2,250
2,267,258
Series A, AMT, 5.00%, 07/01/46
 
1,600
1,578,936
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
1,910
1,936,684
AMT, 4.00%, 10/31/46
 
425
357,607
AMT, Sustainability Bonds, (AGM), 5.00%, 06/30/49
 
1,880
1,864,357
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60
 
4,380
4,411,492
AMT, Sustainability Bonds, 5.50%, 06/30/60
 
2,525
2,545,781
Port Authority of New York & New Jersey, ARB, Series 218,
AMT, 4.00%, 11/01/47
 
380
327,761
Port Authority of New York & New Jersey, Refunding ARB,
Series 223, AMT, 4.00%, 07/15/41
 
1,150
1,046,574
Triborough Bridge & Tunnel Authority Sales Tax Revenue,
RB
 
Series A, 4.00%, 05/15/48
 
6,855
6,171,150
Series A, 5.25%, 05/15/52
 
900
938,020
Triborough Bridge & Tunnel Authority, Refunding RB,
Series C, 5.00%, 05/15/47
 
6,930
7,138,744
Westchester Tobacco Asset Securitization Corp., Refunding
RB, Sub-Series C, 4.00%, 06/01/42
 
190
166,000
 
 
93,961,718
North Carolina — 0.4%
North Carolina Housing Finance Agency, RB, S/F Housing,
Sustainability Bonds, (FHLMC, FNMA, GNMA), 6.00%,
07/01/53
 
2,090
2,204,796
North Dakota — 0.9%
County of Cass North Dakota, Refunding RB, Series B,
5.25%, 02/15/58
 
1,035
1,043,446
North Dakota Housing Finance Agency, RB, S/F Housing,
Series C, Sustainability Bonds, 4.75%, 07/01/49
 
3,985
3,921,633
 
 
4,965,079
Ohio — 0.9%
Buckeye Tobacco Settlement Financing Authority, Refunding
RB
 
Series A-2, Class 1, 4.00%, 06/01/48
 
915
769,932
Series B-2, Class 2, 5.00%, 06/01/55
 
3,155
2,716,210
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47
 
435
436,011
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49
 
590
609,052
 
 
4,531,205
Oklahoma — 0.6%
Oklahoma Development Finance Authority, RB, Series B,
5.50%, 08/15/52
 
1,640
1,642,010
Security
 
Par
(000)
Value
Oklahoma (continued)
Oklahoma Water Resources Board, RB, (OK CERF), 4.00%,
04/01/48
$
240
$ 218,915
Tulsa County Industrial Authority, Refunding RB, 5.25%,
11/15/45
 
1,435
1,444,632
 
 
3,305,557
Oregon — 0.1%
Clackamas County School District No. 12 North Clackamas,
GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)
 
1,445
762,157
Pennsylvania — 6.0%
Allegheny County Airport Authority, ARB, Series A, AMT,
(AGM), 5.50%, 01/01/48
 
535
555,412
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, RB, Series C, (AGC), 5.25%, 09/01/49
 
1,540
1,612,360
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, Refunding RB, Series B, (AGM), 5.50%,
09/01/53
 
5,195
5,487,921
Montgomery County Higher Education and Health Authority,
Refunding RB, 5.00%, 09/01/48
 
385
375,925
Montgomery County Industrial Development Authority, RB,
Series C, 5.00%, 11/15/45
 
205
203,514
Pennsylvania Economic Development Financing Authority,
RB
 
5.00%, 06/30/42
 
3,680
3,624,371
AMT, 5.75%, 06/30/48
 
1,405
1,444,988
AMT, 5.25%, 06/30/53
 
2,330
2,335,549
Pennsylvania Economic Development Financing Authority,
Refunding RB, AMT, 5.50%, 11/01/44
 
480
476,944
Pennsylvania Higher Educational Facilities Authority, RB,
4.00%, 08/15/44
 
3,695
3,359,430
Pennsylvania Higher Educational Facilities Authority,
Refunding RB
 
Series B-1, (AGC), 5.25%, 11/01/48
 
1,075
1,110,401
Series B-1, (AGC), 4.25%, 11/01/51
 
4,635
4,085,646
Pennsylvania Turnpike Commission Oil Franchise Tax
Revenue, Refunding RB, Series B, 4.00%, 12/01/53
 
2,915
2,484,474
Pennsylvania Turnpike Commission, RB
 
Sub-Series B-1, 5.25%, 06/01/47
 
2,500
2,523,182
Series A, Subordinate, 4.00%, 12/01/46
 
2,065
1,865,146
Philadelphia Authority for Industrial Development, RB,
5.25%, 11/01/52
 
440
450,467
 
 
31,995,730
Puerto Rico — 4.5%
Commonwealth of Puerto Rico, GO, Series A-1,
Restructured, 5.75%, 07/01/31
 
1,596
1,680,399
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
5,838
5,380,152
Series A-1, Restructured, 5.00%, 07/01/58
 
11,913
11,320,883
Series A-2, Restructured, 4.78%, 07/01/58
 
3,256
2,975,178
Series B-2, Restructured, 4.78%, 07/01/58
 
159
145,774
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue,
RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)
 
8,343
2,674,622
 
 
24,177,008
South Carolina — 2.4%
South Carolina Jobs-Economic Development Authority, RB
 
5.00%, 01/01/55(b)
 
335
278,957
Series A, 5.50%, 11/01/46
 
2,640
2,839,948
Series A, 5.50%, 11/01/48
 
1,890
2,030,134
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority,
Refunding RB
 
Series A, 5.00%, 05/01/43
$
2,430
$ 2,453,833
Series A, 5.00%, 05/01/48
 
3,395
3,408,011
South Carolina Public Service Authority, Refunding RB,
Series B, 5.00%, 12/01/51
 
1,785
1,794,020
 
 
12,804,903
Tennessee — 1.0%
Metropolitan Government Nashville & Davidson County
Health & Educational cilities Board, Refunding RB,
4.00%, 10/01/49
 
445
354,729
Metropolitan Nashville Airport Authority, ARB
 
Series B, AMT, 5.25%, 07/01/35
 
950
1,004,493
Series B, AMT, 5.50%, 07/01/36
 
795
853,638
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
3,130
3,279,163
 
 
5,492,023
Texas — 12.4%
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
965
926,916
7.88%, 11/01/62
 
815
825,886
City of Austin Texas Airport System Revenue, ARB,
Series B, AMT, 5.00%, 11/15/44
 
1,980
1,986,409
City of Garland Texas Electric Utility System Revenue,
Refunding RB, (AGM), 4.25%, 03/01/48
 
425
397,117
City of Houston Texas Airport System Revenue, ARB,
Series B, AMT, 5.50%, 07/15/37
 
720
724,294
City of Houston Texas Airport System Revenue, Refunding
RB, AMT, 5.00%, 07/01/29
 
595
595,218
City of Houston Texas, GOL, Series A, 5.25%, 03/01/49
 
3,085
3,238,749
City of Houston Texas, Refunding GOL, Series A, 5.25%,
03/01/42
 
470
502,064
City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49
 
1,065
963,519
Clifton Higher Education Finance Corp., Refunding RB,
Series A, (PSF-GTD), 4.13%, 08/15/49
 
2,595
2,330,685
County of Harris Texas Toll Road Revenue, Refunding RB,
Series A, 1st Lien, 4.00%, 08/15/49
 
3,750
3,324,567
County of Harris Texas, Refunding GO, Series A, 4.25%,
09/15/48
 
890
831,942
Cypress-Fairbanks Independent School District, GO, (PSF-
GTD), 4.00%, 02/15/48
 
1,415
1,258,181
Harris County-Houston Sports Authority, Refunding RB,
Series A, Senior Lien, (AGM NPFGC), 0.00%,
11/15/38(c)
 
4,750
2,222,439
Hutto Independent School District, GO, (PSF), 5.00%,
08/01/48
 
200
207,033
Midland County Fresh Water Supply District No. 1, RB,
CAB, Series A, 0.00%, 09/15/27(c)(f)
 
10,540
5,904,833
New Caney Independent School District, GO, (PSF), 4.00%,
02/15/49
 
1,575
1,403,514
New Hope Cultural Education Facilities Finance Corp., RB,
Series A, 5.00%, 08/15/50(b)
 
180
139,711
North Texas Tollway Authority, RB, Series B, 0.00%,
09/01/31(c)(f)
 
640
320,097
North Texas Tollway Authority, Refunding RB, 4.25%,
01/01/49
 
2,340
2,096,282
Permanent University Fund - Texas A&M University System,
Refunding RB, Series A, 5.00%, 07/01/54
 
1,435
1,489,558
Permanent University Fund - University of Texas System,
Refunding RB, Series A, 5.00%, 07/01/50
 
3,450
3,575,413
Port Authority of Houston of Harris County Texas, ARB
 
4.00%, 10/01/46
 
2,110
1,912,530
Security
 
Par
(000)
Value
Texas (continued)
Port Authority of Houston of Harris County Texas,
ARB (continued)
 
1st Lien, 5.00%, 10/01/48
$
1,470
$ 1,518,593
Tarrant County Cultural Education Facilities Finance Corp.,
RB
 
5.00%, 11/15/51
 
1,280
1,305,368
Series A, 4.00%, 07/01/53
 
1,435
1,267,407
Series B, 5.00%, 07/01/48
 
4,955
4,965,148
Texas City Industrial Development Corp., RB, Series 2012,
4.13%, 12/01/45
 
95
82,354
Texas Department of Housing & Community Affairs, RB, S/F
Housing, Series C, (GNMA), 5.00%, 09/01/48
 
3,650
3,656,623
Texas Private Activity Bond Surface Transportation Corp.,
RB, AMT, 5.00%, 06/30/58
 
3,110
3,046,531
Texas State University System, Refunding RB, 4.00%,
03/15/49
 
4,690
4,180,601
Texas Transportation Commission State Highway
249 System, RB, CAB(c)
 
0.00%, 08/01/40
 
500
241,652
0.00%, 08/01/41
 
2,000
907,328
0.00%, 08/01/42
 
2,345
1,001,831
Texas Water Development Board, RB, 4.45%, 10/15/36
 
675
706,251
University of Houston, Refunding RB, Series A, 5.00%,
02/15/56
 
2,500
2,519,594
Waller Consolidated Independent School District, GO,
Series A, (PSF), 4.00%, 02/15/48
 
1,710
1,543,228
Waxahachie Independent School District, GO, (PSF),
4.00%, 02/15/49
 
2,515
2,294,624
 
 
66,414,090
Utah(b) — 0.1%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53
 
305
296,831
Utah Charter School Finance Authority, RB, 5.00%,
06/15/39
 
100
94,384
Utah Charter School Finance Authority, Refunding RB,
5.00%, 06/15/40
 
135
129,012
 
 
520,227
Virginia — 1.5%
Ballston Quarter Community Development Authority, TA,
Series A-1, 5.50%, 03/01/46
 
416
430,647
Ballston Quarter Community Development Authority, TA,
CAB, Series A-2, 7.13%, 03/01/59(g)
 
997
828,535
Henrico County Economic Development Authority, RB,
11/01/48(h)
 
1,485
1,488,579
Tobacco Settlement Financing Corp., Refunding RB,
Series B-1, 5.00%, 06/01/47
 
1,010
893,147
Virginia Housing Development Authority, RB, M/F Housing
 
Series A, 4.60%, 09/01/49
 
2,330
2,240,988
Series G, 5.05%, 11/01/47
 
1,825
1,854,530
 
 
7,736,426
Washington — 1.1%
State of Washington, GO, Series C, 5.00%, 02/01/47
 
3,455
3,562,011
Washington State Housing Finance Commission, Refunding
RB, 5.00%, 01/01/43(b)
 
2,165
2,005,139
 
 
5,567,150
West Virginia — 0.1%
City of Martinsburg West Virginia, RB, M/F Housing,
Series A-1, 4.63%, 12/01/43
 
570
486,338
6
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Wisconsin — 2.2%
Public Finance Authority, RB
 
Series A, 5.00%, 07/01/55(b)
$
120
$ 100,957
Series A-1, 4.50%, 01/01/35(b)
 
195
188,686
AMT, Sustainability Bonds, 4.00%, 09/30/51
 
5,615
4,467,103
AMT, Sustainability Bonds, 4.00%, 03/31/56
 
1,835
1,423,334
Public Finance Authority, Refunding RB, 5.00%, 09/01/49(b)
 
120
109,481
Wisconsin Health & Educational Facilities Authority,
Refunding RB, 4.00%, 12/01/51
 
3,280
2,830,322
Wisconsin Housing & Economic Development Authority
Home Ownership Revenue, RB, S/F Housing
 
Series A, Sustainability Bonds, (FHLMC, FNMA, GNMA),
4.85%, 09/01/43
 
720
727,731
Series C, Sustainability Bonds, (FHLMC, FNMA, GNMA),
4.75%, 03/01/51
 
2,075
1,975,882
 
 
11,823,496
Total Municipal Bonds — 108.3%
(Cost: $586,452,162)
578,310,098
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
Alabama(a) — 3.8%
Black Belt Energy Gas District, RB
 
Series B, 5.25%, 12/01/53
 
12,500
13,228,364
Series C-1, 5.25%, 02/01/53
 
6,702
6,997,573
 
 
20,225,937
California — 1.9%
California Community Choice Financing Authority, RB,
Series E-1, Sustainability Bonds, 5.00%, 02/01/54(a)
 
10,000
10,445,316
Colorado — 1.5%
City & County of Denver Colorado Airport System Revenue,
Refunding ARB, Series A, AMT, 5.50%, 11/15/53
 
7,685
8,011,487
District of Columbia — 2.7%
District of Columbia Housing Finance Agency, RB, M/F
Housing, Series B-2, 4.10%, 09/01/39
 
2,361
2,277,803
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.50%,
10/01/54
 
11,620
11,972,615
 
 
14,250,418
Florida — 5.7%
City of Melbourne Florida Water & Sewer Revenue, RB,
5.00%, 11/15/50
 
6,910
7,074,843
Greater Orlando Aviation Authority, RB, 5.25%, 10/01/49
 
8,660
8,888,220
Hillsborough County Aviation Authority, ARB
 
Class B, AMT, 5.50%, 10/01/54
 
6,920
7,172,869
Series B, AMT, 5.50%, 10/01/49
 
6,920
7,231,479
 
 
30,367,411
Illinois — 0.9%
Chicago Transit Authority Sales Tax Receipts Fund,
Refunding RB, Series A, 5.00%, 12/01/49
 
4,635
4,702,649
Michigan — 2.5%
Michigan State Housing Development Authority, RB, M/F
Housing, Series A, 5.00%, 10/01/48
 
12,964
13,186,458
Security
 
Par
(000)
Value
Missouri — 1.2%
Missouri Housing Development Commission, RB, Series E,
(FHLMC, FNMA, GNMA), 4.60%, 11/01/49
$
6,920
$ 6,657,493
Nebraska — 1.0%
Central Plains Energy Project, RB, Series 1, 5.00%,
05/01/53(a)
 
5,240
5,391,151
New York — 11.1%
New York City Housing Development Corp., RB, M/F
Housing, Series E-1, Sustainability Bonds, 4.70%,
11/01/48(j)
 
5,540
5,367,381
New York City Transitional Finance Authority, RB, Series C,
5.25%, 05/01/48
 
9,510
10,053,009
New York State Dormitory Authority, RB, Series E, 5.00%,
03/15/46
 
8,820
8,967,178
New York State Dormitory Authority, Refunding RB
 
Series A, 5.00%, 03/15/47
 
10,370
10,789,149
Series A, 5.00%, 03/15/53
 
6,971
7,162,846
Port Authority of New York & New Jersey, ARB, Series 221,
AMT, 4.00%, 07/15/55
 
2,820
2,410,014
Port Authority of New York & New Jersey, Refunding ARB,
Series 234, AMT, 5.25%, 08/01/47
 
8,838
9,016,727
Triborough Bridge & Tunnel Authority, Refunding RB,
Series B-1, Sustainability Bonds, 5.25%, 05/15/54
 
5,336
5,598,501
 
 
59,364,805
Oregon — 2.3%
Port of Portland Oregon Airport Revenue, Refunding ARB,
Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48
 
11,628
12,144,875
Pennsylvania — 6.4%
Pennsylvania Housing Finance Agency, RB, Series 147 A,
Sustainability Bonds, 4.70%, 10/01/49
 
6,750
6,589,310
Pennsylvania Housing Finance Agency, RB, S/F Housing
 
Series 143A, Sustainability Bonds, 6.25%, 10/01/53
 
10,701
11,562,809
Series 145A, Sustainability Bonds, 4.75%, 10/01/49
 
8,620
8,613,317
Pennsylvania Turnpike Commission, Refunding RB,
Series B, 5.25%, 12/01/47
 
7,107
7,470,087
 
 
34,235,523
South Carolina — 1.0%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)
 
4,842
5,115,053
Texas — 3.6%
City of San Antonio Texas Electric & Gas Systems Revenue,
Refunding RB, Series A, 5.25%, 02/01/49
 
6,702
7,065,513
Lamar Consolidated Independent School District, GO,
(AGM), 5.50%, 02/15/58
 
11,760
12,369,338
 
 
19,434,851
Utah — 1.8%
City of Salt Lake City Utah Airport Revenue, ARB, Series A,
AMT, 5.50%, 07/01/53
 
9,063
9,413,488
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Washington — 3.6%
Port of Seattle Washington, Refunding ARB
 
Series B, AMT, Intermediate Lien, 5.25%, 07/01/49
$
6,912
$ 7,010,254
Series C, AMT, 5.00%, 08/01/46
 
12,100
12,024,936
 
 
19,035,190
Wisconsin — 1.0%
Wisconsin Housing & Economic Development Authority
Housing Revenue, RB
 
Series A, 4.10%, 11/01/43
 
2,658
2,438,628
Series A, 4.45%, 05/01/57
 
3,322
3,048,285
 
 
5,486,913
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 52.0%
(Cost: $279,536,637)
277,469,018
Total Investments — 160.3%
(Cost: $865,988,799)
855,779,116
Other Assets Less Liabilities — 3.1%
16,486,479
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (30.8)%
(164,292,836
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(32.6)%
(174,100,000
)
Net Assets Applicable to Common Shares — 100.0%
$  533,872,759
 
(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)
Zero-coupon bond.
(d)
Issuer filed for bankruptcy and/or is in default.
(e)
Non-income producing security.
(f)
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.
(g)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
in effect.
(h)
When-issued security.
(i)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing.
(j)
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Fund could ultimately be required to pay under the
agreement, which expires on July 1, 2031 to October 1, 2042, is $38,517,021.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
04/30/25
Shares
Held at
04/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares(a)
$ 3,534,225
$ —
$ (3,534,225
)(b)
$ 1,060
$ (1,060
)
$ —
—
$ 65,113
$ —
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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 Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
8
Schedule of Investments (unaudited)(continued)
April 30, 2025
BlackRock Municipal Income Trust II (BLE)
 
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’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
$ —
$ 578,310,098
$ —
$ 578,310,098
Municipal Bonds Transferred to Tender Option Bond Trusts
—
277,469,018
—
277,469,018
 
$—
$855,779,116
$—
$855,779,116
The Fund 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
$—
$(163,256,385
)
$—
$(163,256,385
)
VMTP Shares at Liquidation Value
—
(174,100,000
)
—
(174,100,000
)
 
$—
$(337,356,385
)
$—
$(337,356,385
)
 
Portfolio Abbreviation 
AGC
 Assured Guaranty Corp.
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
GOL
 General Obligation Ltd.
GTD
 GTD Guaranteed
M/F
 Multi-Family
NPFGC
 National Public Finance Guarantee Corp.
PSF
 Permanent School Fund
PSF-GTD
 Permanent School Fund Guaranteed
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAN
 State Aid Notes
TA
 Tax Allocation
Schedule of Investments
9