BlackRock Municipal Income Trust II (BLE) NPORT-P BlackRock Municipal Income Trust II (Nov 2021 report)

Schedule of Investments  (unaudited)  November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 2.4%
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44	$	540	$	587,241
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		1,320		1,438,848
Series D, Sub Lien, 7.00%, 10/01/51		4,335		4,978,271
Health Care Authority of the City of Huntsville, RB
Series B1, 4.00%, 06/01/45		855		984,701
Series B1, (AGM), 3.00%, 06/01/50		2,375		2,503,554
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		1,170		1,730,432
Selma Industrial Development Board, RB, Series A, 5.38%, 12/01/35		770		772,828
Southeast Energy Authority A Cooperative District, RB, Series B, 4.00%, 12/01/51(a)		3,795		4,602,310
				17,598,185
Arizona — 2.6%
Arizona Industrial Development Authority, RB(b)
4.38%, 07/01/39		225		246,008
Series A, 5.00%, 07/01/39		190		200,568
Series A, 5.00%, 07/01/49		210		220,056
Series A, 5.00%, 07/01/54		165		172,657
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(b)		1,185		1,344,665
Glendale Industrial Development Authority, RB 5.00%, 05/15/41		100		115,392
5.00%, 05/15/56		400		454,293
Industrial Development Authority of the City of Phoenix, RB 5.00%, 07/01/59		465		551,452
Series A, 5.00%, 07/01/46(b)		1,825		2,003,098
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35(b)		275		305,290
Industrial Development Authority of the County of Pima, RB(b) 5.00%, 06/15/47		325		329,189
5.00%, 07/01/49		350		369,243
Maricopa County Industrial Development Authority, Refunding RB 5.00%, 07/01/39(b)		100		117,385
5.00%, 07/01/54(b)		210		240,492
Series A, 4.13%, 09/01/38		820		948,788
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40		1,250		1,379,405
Salt Verde Financial Corp., RB 5.00%, 12/01/32		5,635		7,359,186
5.00%, 12/01/37		2,000		2,797,820
				19,154,987
Arkansas — 0.5%
Arkansas Development Finance Authority, RB, Series A, AMT, 4.50%, 09/01/49(b)		3,305		3,649,497
California — 9.8%
California Community Choice Financing Authority RB, Series A, 4.00%, 10/01/52(a)		4,325		4,999,397
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36		350		350,446

Security	Par (000)		Value
California (continued)
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49.	$	2,315	$	3,662,161
California Health Facilities Financing Authority Refunding RB, 4.00%, 08/15/48(c)		1,680		1,992,430
California Health Facilities Financing Authority, Refunding RB 5.00%, 08/01/50		1,000		1,255,079
Series A, 5.00%, 07/01/33		1,765		1,890,592
Series A, 4.00%, 03/01/39		890		989,180
Series A, 4.00%, 04/01/45		1,220		1,408,048
California Housing Finance Agency, RB, M/F Housing Class A, 3.25%, 08/20/36		2,635		2,985,804
Class A, (FHLMC COLL), 3.75%, 03/25/35		4,990		5,896,460
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		780		861,909
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		205		219,311
Series A, 5.25%, 08/15/49		510		543,285
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b)		2,130		2,214,584
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(b)		1,700		1,895,962
California State Public Works Board, RB
Series F, 5.25%, 09/01/33		2,015		2,182,578
Series I, 5.50%, 11/01/31		3,100		3,400,551
Series I, 5.50%, 11/01/33		1,500		1,644,156
Series I, 5.00%, 11/01/38		1,065		1,154,732
California Statewide Communities Development Authority, Refunding RB(b)
Series A, 5.00%, 06/01/36		990		1,126,952
Series A, 5.00%, 06/01/46		1,220		1,367,183
City of Los Angeles Department of Airports, Refunding ARB
Series A, AMT, 5.00%, 05/15/31		375		494,838
Series A, AMT, 5.00%, 05/15/32		450		591,089
Series A, AMT, 5.00%, 05/15/33		445		584,037
Series A, AMT, 5.00%, 05/15/38		315		406,570
Series A, AMT, 5.00%, 05/15/39		340		438,239
Golden State Tobacco Securitization Corp., Refunding RB
Series A-1, 5.00%, 06/01/47		620		630,825
Series A-1, 5.25%, 06/01/47		590		601,035
Series A-2, 5.00%, 06/01/47		4,725		4,808,420
Kern Community College District, GO, Series C, 5.50%, 11/01/23(d)		2,155		2,366,084
Regents of the University of California Medical Center Pooled Revenue, Refunding RB
Series J, 5.25%, 05/15/23(d)		3,905		4,183,962
Series J, 5.25%, 05/15/38		1,110		1,185,378
Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(d)		2,000		2,367,496
Riverside County Transportation Commission Refunding RB, 4.00%, 06/01/40		1,685		1,996,376
Riverside County Transportation Commission, Refunding RB 4.00%, 06/01/47		715		821,299
3.00%, 06/01/49		490		516,997

1

Schedule of Investments  (unaudited) (continued) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.50%, 05/01/28	$	720	$	770,813
Series A, AMT, 5.25%, 05/01/33		560		596,790
San Marcos Unified School District, GO, CAB(e)
Series B, Election 2010, 0.00%, 08/01/33		3,000		2,433,714
Series B, Election 2010, 0.00%, 08/01/43		2,500		1,553,863
State of California, Refunding GO, 3.00%, 12/01/46		550		598,977
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(d)		490		543,546
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40		830		933,259
				71,464,407
Colorado — 1.9%
Arapahoe County School District No.6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43		1,915		2,473,826
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(b)		250		261,644
City & County of Denver Colorado Airport System Revenue, ARB
Series B, 5.25%, 11/15/32.		1,750		1,906,250
Series A, AMT, 5.50%, 11/15/28		500		547,283
Series A, AMT, 5.50%, 11/15/30		225		246,068
Series A, AMT, 5.50%, 11/15/31		270		295,122
City & County of Denver Colorado, RB, CAB, Series A-2, 0.00%, 08/01/38(e)		1,835		1,051,248
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b)		320		353,243
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(b)		425		473,765
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		1,945		2,233,097
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,325		1,517,008
Denver International Business Center Metropolitan District No.1, GO, Series A, 4.00%, 12/01/48		495		508,674
Haskins Station Metropolitan District, GO, Series A, 5.00%, 12/01/39		650		699,018
State of Colorado, COP, Series O, 4.00%, 03/15/44		1,405		1,632,180
				14,198,426
Connecticut — 0.7%
State of Connecticut Special Tax Revenue, RB
Series A, 4.00%, 05/01/36.		365		437,205
Series A, 4.00%, 05/01/39		230		273,766
State of Connecticut, GO, Series A, 4.00%, 01/15/38		3,435		4,075,002
				4,785,973
Delaware — 0.2%
Delaware Transportation Authority, RB, 5.00%, 06/01/55		1,260		1,418,904
District of Columbia — 3.1%
District of Columbia Housing Finance Agency RB, M/F Housing, Series B-1, (FHA 542(C)), 2.55%, 03/01/42		1,120		1,127,554
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		11,500		11,851,935
District of Columbia, Refunding RB 5.00%, 04/01/35		465		554,541
5.00%, 10/01/48		2,525		3,054,730
Series A, 6.00%, 07/01/23(d)		820		894,238

Security	Par (000)		Value
District of Columbia (continued)
District of Columbia, TA, 5.13%, 06/01/41	$	690	$	692,459
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Series A, 5.00%, 10/01/53.		2,195		2,223,425
Series B, Subordinate, 4.00%, 10/01/49		1,995		2,260,028
				22,658,910
Florida — 5.4%
Capital Projects Finance Authority, Refunding RB
Series A-1, 5.00%, 10/01/32.		215		268,815
Series A-1, 5.00%, 10/01/33		240		299,277
Series A-1, 5.00%, 10/01/34		240		298,568
Series A-1, 5.00%, 10/01/35		80		99,241
Capital Trust Agency, Inc., RB
Series A, 5.00%, 06/01/45(b)		190		202,462
Series A, 5.00%, 12/15/49		140		157,715
Series A, 5.00%, 12/15/54		125		140,558
Celebration Pointe Community Development District, SAB(b) 5.00%, 05/01/32		215		238,011
5.00%, 05/01/48		530		576,394
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		1,450		1,624,853
County of Broward Florida Airport System Revenue, ARB
Series A, AMT, 5.00%, 10/01/45		575		651,562
Series A, AMT, 4.00%, 10/01/49		330		373,613
County of Miami-Dade Florida Aviation Revenue, Refunding RB
Series A, 4.00%, 10/01/37.		355		421,996
Series A, 4.00%, 10/01/38		355		420,919
Series A, 4.00%, 10/01/39		265		313,807
Series A, AMT, 5.00%, 10/01/22(d)		2,165		2,249,706
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 5.25%, 10/01/23(d)		500		545,371
County of Miami-Dade Seaport Department, ARB(d)
Series A, 5.50%, 10/01/23		2,125		2,327,521
Series A, 6.00%, 10/01/23		7,515		8,299,761
Series B, AMT, 6.00%, 10/01/23		1,775		1,958,216
Series B, AMT, 6.25%, 10/01/23		310		343,302
County of Miami-Dade Seaport Department, Refunding RB, Series D, AMT, 6.00%, 10/01/23(d)		735		810,610
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(e)
Series A-2, 0.00%, 10/01/46.		1,665		745,472
Series A-2, 0.00%, 10/01/47		1,610		694,197
Series A-2, 0.00%, 10/01/48		1,135		471,237
Series A-2, 0.00%, 10/01/49		935		374,719
Florida Development Finance Corp., RB(b)
Series A, 5.00%, 06/15/40		240		276,726
Series A, 5.00%, 06/15/50		795		909,554
Series A, 5.00%, 06/15/55		475		543,496
AMT, 5.00%, 05/01/29		180		191,442
Series A, AMT, 5.00%, 08/01/29(a)		100		102,418
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b)		105		115,482
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/29		1,170		1,276,291
Jacksonville Port Authority, Refunding ARB, AMT, 5.00%, 11/01/22(d)		1,665		1,736,172

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) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Lakewood Ranch Stewardship District, SAB 5.25%, 05/01/37	$	180	$	200,573
5.38%, 05/01/47		185		204,769
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (GNMA/FNMA/FHLMC), 6.00%, 09/01/40		40		40,142
Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41		1,000		1,090,900
Osceola Chain Lakes Community Development District, SAB 4.00%, 05/01/40		270		289,599
4.00%, 05/01/50		260		275,385
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(d)		1,585		1,703,493
Sarasota County Florida Utility System Revenue, RB
Series A, 5.00%, 10/01/45.		475		610,249
Series A, 5.00%, 10/01/50		715		915,977
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(f)(g)		1,670		1,057,991
Village Community Development District No.10, SAB, 5.13%, 05/01/43		665		682,331
Volusia County Educational Facility Authority, Refunding RB, 5.00%, 10/15/49		1,930		2,369,909
				39,500,802
Georgia — 4.0%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(d)		715		830,114
Georgia Housing & Finance Authority, RB, S/F Housing, Series B, 2.50%, 06/01/50		795		805,747
Main Street Natural Gas, Inc., RB
Series A, 5.00%, 05/15/35		540		748,872
Series A, 5.00%, 05/15/36		540		760,353
Series A, 5.00%, 05/15/37		595		849,571
Series A, 5.00%, 05/15/38		325		470,499
Series A, 5.00%, 05/15/49		7,195		10,955,553
Series C, 4.00%, 05/01/52(a)		3,910		4,602,070
Municipal Electric Authority of Georgia, RB 4.00%, 01/01/49		3,585		4,006,080
4.00%, 01/01/59		3,525		3,930,453
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		1,360		1,529,846
				29,489,158
Hawaii — 0.3%
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45		1,000		1,130,247
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		250		269,269
AMT, 5.25%, 08/01/26		810		872,209
				2,271,725
Idaho — 0.6%
Idaho Health Facilities Authority Refunding RB, 3.00%, 03/01/51(c)		2,845		2,952,948
Idaho Health Facilities Authority, RB 4.00%, 12/01/43		605		709,144
Series 2017, 5.00%, 12/01/46		805		971,754
				4,633,846

Security		Par (000)		Value
Illinois — 10.4%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/36.		$	405	$	509,068
Series A, 5.00%, 12/01/38.			200		250,390
Series A, 5.00%, 12/01/39			100		124,909
Series A, 5.00%, 12/01/40			310		386,264
Series A, 5.00%, 12/01/41			210		261,308
Series C, 5.25%, 12/01/35			2,790		3,099,453
Series D, 5.00%, 12/01/46			3,605		3,961,904
Series H, 5.00%, 12/01/36			495		583,786
Series H, 5.00%, 12/01/46			215		251,408
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25			1,215		1,407,118
Series D, 5.00%, 12/01/27			1,600		1,935,118
Series D, 5.00%, 12/01/31			150		179,554
Series F, 5.00%, 12/01/22			880		920,038
Series F, 5.00%, 12/01/23			290		315,570
Series G, 5.00%, 12/01/34			710		840,023
Series G, 5.00%, 12/01/44			150		175,188
Chicago Midway International Airport, Refunding ARB, Series A, 2nd Lien, AMT, 5.00%, 01/01/41			1,010		1,091,027
Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/37	��		1,035		1,215,919
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(d)			6,290		6,290,000
City of Chicago Illinois Wastewater Transmission Revenue, RB, 2nd Lien, 5.00%, 01/01/42			1,375		1,379,364
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, 5.00%, 11/01/42			500		519,113
Cook County Community College District No. 508, GO 5.50%, 12/01/38			2,670		2,891,068
5.25%, 12/01/43			3,850		4,111,777
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37			480		551,930
Illinois Finance Authority, Refunding RB
Series A, 4.00%, 05/15/50			600		684,757
Series C, 5.00%, 02/15/41			1,600		1,910,006
Illinois State Toll Highway Authority, RB
Series A, 5.00%, 01/01/45			1,420		1,794,617
Series C, 5.00%, 01/01/37			3,005		3,385,391
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53			280		325,502
Series A, 5.00%, 06/15/57			2,745		3,204,832
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(e)			2,165		809,418
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50			2,705		3,038,470
Metropolitan Pier & Exposition Authority, Refunding RB, CAB(e)
Series B, (AGM), 0.00%, 06/15/43			5,700		3,216,601
Series B, (AGM), 0.00%, 06/15/44			2,980		1,628,320
Series B, 0.00%, 12/15/54			3,020		1,097,843
State of Illinois, GO 5.25%, 02/01/31			730		797,081
5.25%, 02/01/32			2,500		2,729,730
5.50%, 07/01/33			3,000		3,213,135
5.00%, 03/01/37			455		459,665
5.50%, 07/01/38			620		666,248
5.00%, 02/01/39			1,640		1,773,998
Series A, 5.00%, 04/01/35			3,500		3,692,903
Series A, 5.00%, 04/01/38			5,020		5,296,677
Series C, 4.00%, 11/01/43			440		498,932

3

Schedule of Investments  (unaudited) (continued) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
State of Illinois, GO (continued)
Series D, 5.00%, 11/01/28	$	505	$	605,001
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27		180		216,703
University of Illinois, RB, Series A, 5.00%, 04/01/44		1,360		1,489,061
				75,786,188
Indiana — 1.9%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		1,090		1,208,154
AMT, 7.00%, 01/01/44		4,625		5,147,162
Indiana Finance Authority, RB(d)
Series A, AMT, 5.00%, 07/01/23		3,075		3,300,382
Series A, AMT, 5.25%, 07/01/23		560		603,335
Indiana Finance Authority, Refunding RB, 4.75%, 03/01/22(d)		2,030		2,052,965
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		1,780		1,868,639
				14,180,637
Iowa — 1.3%
Iowa Finance Authority, Refunding RB 5.25%, 12/01/25		1,270		1,377,334
Series B, 5.25%, 12/01/50(a)		4,855		5,282,818
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		2,425		2,514,621
				9,174,773
Kansas — 0.1%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43		475		512,217
Kentucky — 1.1%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23(d)		1,385		1,459,512
Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24(e)		5,000		4,840,835
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(h)		1,655		2,050,538
				8,350,885
Louisiana — 0.8%
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29		1,000		1,104,220
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 05/15/31		435		436,095
Series A, 5.25%, 05/15/32		1,540		1,571,444
Series A, 5.25%, 05/15/33		1,675		1,709,105
Series A, 5.25%, 05/15/35		955		1,015,937
				5,836,801
Maryland — 0.1%
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33		135		149,329
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		455		550,044
				699,373

Security	Par (000)		Value
Massachusetts — 0.8%
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47.	$	1,975	$	2,290,623
Massachusetts Development Finance Agency, Refunding RB 5.00%, 01/01/41		525		585,709
5.00%, 01/01/45		375		417,078
Series A, 4.00%, 07/01/44		685		771,371
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/51		1,220		1,545,669
				5,610,450
Michigan — 2.0%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22(d)		6,750		6,950,252
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36		5		5,022
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44		1,110		1,357,415
Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22(d)		275		282,742
Michigan Finance Authority, Refunding RB, Series A, 4.00%, 12/01/49		895		1,027,551
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 2.70%, 10/01/56		1,890		1,902,797
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48		1,100		1,370,459
Michigan Strategic Fund, RB, AMT, 5.00%, 06/30/48		1,680		2,002,464
				14,898,702
Minnesota — 2.1%
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49.		1,790		2,180,342
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		7,760		8,714,806
Series A, 5.25%, 02/15/53		2,230		2,699,143
Series A, 5.25%, 02/15/58		1,435		1,737,267
				15,331,558
Mississippi — 0.2%
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40		1,190		1,322,881
Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(d)		260		281,226
				1,604,107
Missouri — 1.6%
370/Missouri Bottom Road/Taussig Road Transportation Development District, RB, 7.20%, 05/01/33(f)(g)		6,000		2,130,000
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		3,180		3,653,057
Health & Educational Facilities Authority of the State of Missouri, Refunding RB 5.50%, 05/01/43		345		364,326
Series A, 4.00%, 07/01/40		1,830		2,199,731
Series A, 4.00%, 07/01/46		655		773,360

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) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Missouri (continued)
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57.	$	975	$	1,103,558
Missouri Housing Development Commission, RB, S/F Housing
(GNMA/FNMA/FHLMC COLL), 2.35%, 11/01/46		450		456,334
(GNMA/FNMA/FHLMC COLL), 2.40%, 11/01/51		465		455,480
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37		500		567,535
				11,703,381
Montana — 0.6%
City of Kalispell Montana, Refunding RB, Series A, 5.25%, 05/15/37		125		137,120
Montana State Board of Regents Refunding RB
Series G, 3.00%, 11/15/43		1,120		1,210,555
Series G, 4.00%, 11/15/46		2,750		3,274,067
				4,621,742
Nebraska — 0.5%
Central Plains Energy Project, RB 5.25%, 09/01/37		1,155		1,194,873
5.00%, 09/01/42		2,025		2,091,193
				3,286,066
New Hampshire(b) — 0.6%
New Hampshire Business Finance Authority, Refunding RB
Series A, 3.63%, 07/01/43(a)		170		180,991
Series B, 4.63%, 11/01/42		2,350		2,449,703
Series B, AMT, 3.75%, 07/01/45(a)		270		286,342
Series C, AMT, 4.88%, 11/01/42		1,260		1,318,319
				4,235,355
New Jersey — 12.6%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		2,390		2,639,774
5.25%, 11/01/44		2,250		2,455,628
Hudson County Improvement Authority, RB, 4.00%, 10/01/46		1,830		2,135,707
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(f)(g)		645		12,900
New Jersey Economic Development Authority, RB 4.00%, 11/01/38		560		638,759
4.00%, 11/01/39		450		511,091
5.00%, 06/15/49		2,535		3,075,761
Series EEE, 5.00%, 06/15/43		3,710		4,500,497
Series EEE, 5.00%, 06/15/48		4,020		4,880,602
AMT, 5.13%, 09/15/23		1,705		1,762,083
AMT, (AGM), 5.00%, 01/01/31		530		576,165
AMT, 5.38%, 01/01/43		1,500		1,635,444
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47		1,570		1,817,062
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31		775		938,736
New Jersey Economic Development Authority, Refunding SAB 6.50%, 04/01/28		7,475		8,239,872
5.75%, 04/01/31		705		756,622

Security	Par (000)		Value
New Jersey (continued)
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49	$	665	$	679,473
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series A, (HUD SECT 8), 2.30%, 11/01/40		1,150		1,155,643
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.00%, 06/15/28.		500		586,016
Series AA, 5.50%, 06/15/39		3,845		4,116,011
Series AA, 5.00%, 06/15/44		2,085		2,231,311
Series AA, 4.00%, 06/15/45		855		978,838
Series AA, 5.00%, 06/15/45		415		468,078
Series BB, 4.00%, 06/15/50		1,645		1,845,420
Series BB, 5.00%, 06/15/50		5,395		6,521,071
Series S, 5.25%, 06/15/43		1,145		1,426,233
Series S, 5.00%, 06/15/46		2,930		3,563,343
New Jersey Turnpike Authority, RB
Series A, 5.00%, 07/01/22(d)		770		791,513
Series A, 4.00%, 01/01/42		800		947,720
Series A, 4.00%, 01/01/48		1,190		1,368,920
Series E, 5.00%, 01/01/45		2,810		3,148,377
Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23(d)		735		784,473
State of New Jersey, GO
Series A, 4.00%, 06/01/31		620		764,445
Series A, 3.00%, 06/01/32		1,430		1,627,307
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,605		1,946,870
Series A, 5.25%, 06/01/46		4,415		5,332,287
Sub-Series B, 5.00%, 06/01/46		12,780		14,919,462
				91,779,514
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		100		111,527
New York — 15.5%
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35		500		558,399
City of New York, GO
Series A-1, 5.00%, 08/01/47		4,530		5,820,746
Series C, 5.00%, 08/01/42		1,870		2,387,597
Series D-1, 4.00%, 03/01/44		515		600,374
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/38		3,305		3,628,179
Series B, 5.25%, 11/15/39		910		998,144
Series C, 4.00%, 11/15/33		100		104,595
Metropolitan Transportation Authority, Refunding RB
Series B, 5.00%, 11/15/22		400		417,672
Series C-1, 5.00%, 11/15/25		100		115,413
Series C-1, 5.00%, 11/15/26		65		76,788
Series C-1, 4.75%, 11/15/45		6,795		8,145,717
Series C-1, 5.00%, 11/15/50		575		696,595
Series C-1, 5.25%, 11/15/55		845		1,039,587
Monroe County Industrial Development Corp., Refunding RB 4.00%, 12/01/46		1,090		1,237,855
Series A, 4.00%, 07/01/50		1,175		1,364,512

5

Schedule of Investments  (unaudited) (continued) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
New York City Housing Development Corp., RB, M/F Housing
Series A, 3.00%, 11/01/55.	$	3,375	$	3,408,143
Series C-1A, 4.20%, 11/01/44		3,000		3,089,088
Series H, 2.55%, 11/01/45		925		904,918
New York City Housing Development Corp., Refunding RB, M/F Housing, Series D-1-B, (FHA 542 (C)), 2.50%, 11/01/55		1,500		1,390,926
New York City Industrial Development Agency, Refunding RB
(AGM), 3.00%, 03/01/49		2,060		2,167,989
3.00%, 03/01/49		1,645		1,701,682
Series A, Class A, (AGM), 3.00%, 01/01/37		235		250,619
Series A, Class A, (AGM), 3.00%, 01/01/39		235		250,311
Series A, Class A, (AGM), 3.00%, 01/01/40		165		175,328
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Sub-Series B-1, 4.00%, 11/01/45		5,000		5,847,015
Sub-Series E-1, 5.00%, 02/01/42		3,450		3,475,416
Series C, Subordinate, 4.00%, 05/01/45		1,200		1,418,324
Sub-Series C-1, Subordinate, 4.00%, 05/01/40		480		574,028
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b)		3,400		3,452,176
New York Liberty Development Corp., Refunding RB 2.88%, 11/15/46		5,210		5,306,630
3.00%, 11/15/51		1,190		1,237,061
Series 1, Class 1, 5.00%, 11/15/44(b)		6,110		6,686,295
Series 2, Class 2, 5.15%, 11/15/34(b)		470		524,459
Series 2, Class 2, 5.38%, 11/15/40(b)		1,175		1,313,592
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		1,225		1,423,238
New York State Dormitory Authority, Refunding RB, Series A, 5.00%, 03/15/45.		1,530		1,891,394
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48		1,945		2,414,307
New York State Housing Finance Agency RB, M/F Housing, Series G, (SONYMA), 2.60%, 11/01/46		2,205		2,195,627
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/45		3,110		3,587,015
New York State Urban Development Corp., RB
Series A, 4.00%, 03/15/49.		8,750		10,221,356
Series A, 3.00%, 03/15/50		1,420		1,507,091
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,600		1,771,830
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		640		793,546
AMT, 5.00%, 10/01/40		1,825		2,227,115
AMT, 4.00%, 04/30/53		425		485,964
Port Authority of New York & New Jersey, ARB 4.00%, 09/01/45		2,500		2,911,188
4.00%, 09/01/49		1,500		1,725,692
Port Authority of New York & New Jersey, Refunding ARB, Series 223, AMT, 4.00%, 07/15/40		1,350		1,597,991
State of New York Mortgage Agency RB, S/F Housing, (SONYMA), 2.60%, 10/01/44		2,145		2,161,615
Triborough Bridge & Tunnel Authority, RB
Series A, 4.00%, 11/15/54		1,085		1,271,769
Series A, 5.00%, 11/15/54		935		1,183,091

Security	Par (000)		Value
New York (continued)
Triborough Bridge & Tunnel Authority, RB (continued)
Series A, 5.00%, 11/15/56.	$	1,640	$	2,093,127
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		1,001		1,094,280
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		240		261,685
				113,185,094
North Carolina — 0.7%
County of Union North Carolina Enterprise System Revenue, RB, 3.00%, 06/01/51.		2,255		2,448,932
North Carolina Medical Care Commission, RB
Series A, 4.00%, 10/01/40		125		140,878
Series A, 5.00%, 10/01/40		190		230,906
Series A, 4.00%, 10/01/45		565		632,912
Series A, 5.00%, 10/01/45		340		412,274
Series A, 4.00%, 10/01/50		145		162,442
Series A, 5.00%, 10/01/50		380		456,160
University of North Carolina at Chapel Hill, RB, 5.00%, 02/01/49		590		928,022
				5,412,526
North Dakota — 0.2%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58		1,035		1,253,823
Ohio — 3.2%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/37		315		368,398
Series A-2, Class 1, 4.00%, 06/01/38		315		366,698
Series A-2, Class 1, 4.00%, 06/01/39		315		364,576
Series A-2, Class 1, 4.00%, 06/01/48		825		932,297
Series B-2, Class 2, 5.00%, 06/01/55		8,295		9,497,692
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44		450		478,637
County of Franklin Ohio, RB
Series 2017, 5.00%, 12/01/46		435		521,823
Series A, 6.13%, 07/01/22(d)		920		951,529
Series A, 4.00%, 12/01/49		555		644,771
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50		2,415		2,775,813
Series A, 3.75%, 08/15/50		1,155		1,287,870
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)		960		1,119,487
Ohio Turnpike & Infrastructure Commission, RB,
Series A-1, Junior Lien, 5.25%, 02/15/31		2,885		3,049,560
State of Ohio, RB, AMT, 5.00%, 06/30/53		870		961,212
				23,320,363
Oklahoma — 1.3%
Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/37		400		468,150
Oklahoma Development Finance Authority, RB, Series B, 5.25%, 08/15/48		2,225		2,703,139
Oklahoma Turnpike Authority, RB Series A, 4.00%, 01/01/48		2,230		2,538,228

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) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oklahoma (continued)
Oklahoma Turnpike Authority, RB (continued)
Series C, 4.00%, 01/01/42	$	2,120	$	2,419,787
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		1,435		1,612,550
				9,741,854
Oregon — 0.6%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(e)		1,445		816,760
Multnomah & Clackamas Counties School District No.10JT Gresham-Barlow, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(e)		470		295,768
Oregon State Facilities Authority, RB, (AGM), 5.00%, 07/01/22(d)		715		734,987
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45		1,980		2,456,828
				4,304,343
Pennsylvania — 3.4%
Allentown Neighborhood Improvement Zone Development Authority, RB(b) 5.00%, 05/01/42		420		482,172
Subordinate, 5.00%, 05/01/28		80		90,672
Subordinate, 5.13%, 05/01/32		100		118,072
Subordinate, 5.38%, 05/01/42		145		168,502
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A, 5.00%, 05/01/42		2,500		2,544,182
Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(d)		1,530		1,637,046
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		885		908,577
Montgomery County Higher Education and Health Authority, Refunding RB
Series A, 5.00%, 09/01/43.		1,350		1,635,867
Series A, 4.00%, 09/01/49		615		687,890
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		3,680		4,230,947
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		480		508,896
Pennsylvania Higher Educational Facilities Authority, RB 4.00%, 08/15/44		1,150		1,343,513
4.00%, 08/15/49		2,545		2,942,239
Pennsylvania Housing Finance Agency RB, S/F Housing, 2.45%, 10/01/41(c)		2,865		2,874,767
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/44		1,535		1,724,708
Series A, Subordinate, 4.00%, 12/01/46		2,500		2,885,715
				24,783,765
Puerto Rico — 5.9%
Children’s Trust Fund, Refunding RB
5.50%, 05/15/39		715		733,392
5.63%, 05/15/43		1,755		1,776,364
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		4,655		4,784,791
Series A, Senior Lien, 5.13%, 07/01/37		1,335		1,373,181

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53	$	5,224	$	5,957,183
Series A-1, Restructured, 5.00%, 07/01/58		15,367		17,664,210
Series A-2, Restructured, 4.33%, 07/01/40		2,333		2,623,528
Series A-2, Restructured, 4.78%, 07/01/58		3,256		3,716,095
Series B-1, Restructured, 4.75%, 07/01/53		164		186,660
Series B-2, Restructured, 4.78%, 07/01/58		159		180,780
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e)		12,023		4,013,638
				43,009,822
Rhode Island — 2.2%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		310		328,489
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,690		1,895,355
Series A, 5.00%, 06/01/40		950		1,062,205
Series B, 4.50%, 06/01/45		6,550		7,124,330
Series B, 5.00%, 06/01/50		4,880		5,408,772
				15,819,151
South Carolina — 5.2%
Charleston County Airport District, ARB
Series A, AMT, 5.50%, 07/01/26		1,810		1,954,052
Series A, AMT, 6.00%, 07/01/38		1,155		1,250,485
Series A, AMT, 5.50%, 07/01/41		1,000		1,073,233
County of Charleston South Carolina, ARB, 5.25%, 12/01/23(d)		3,295		3,621,077
South Carolina Jobs-Economic Development Authority, RB(b) 5.00%, 01/01/40		385		415,731
5.00%, 01/01/55		335		353,632
South Carolina Jobs-Economic Development Authority, Refunding RB 5.00%, 02/01/38		2,710		3,137,947
Series A, 5.00%, 05/01/43		2,430		2,923,864
Series A, 5.00%, 05/01/48		4,620		5,522,512
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(d)		1,085		1,264,586
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		4,810		5,337,176
Series E, 5.50%, 12/01/53		2,040		2,221,707
South Carolina Public Service Authority, Refunding RB
Series A, 5.00%, 12/01/50		1,755		1,978,915
Series A, 5.00%, 12/01/55		465		523,234
Series C, 5.00%, 12/01/46		1,795		1,999,971
Series E, 5.25%, 12/01/55		3,750		4,329,904
				37,908,026
South Dakota — 0.2%
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50		1,295		1,495,864
Tennessee — 3.7%
Chattanooga Health Educational & Housing Facility Board, RB, Series A, 5.25%, 01/01/23(d)		1,910		2,013,199
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44		170		195,325

7

Schedule of Investments  (unaudited) (continued) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tennessee (continued)
Memphis-Shelby County Airport Authority, ARB, Series A, AMT, 5.00%, 07/01/45	$	1,760	$	2,222,702
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40.		740		862,833
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
Series A, 4.00%, 10/01/49.		445		497,521
Series A, 5.25%, 10/01/58		3,840		4,677,727
Tennergy Corp., RB, Series A, 4.00%, 12/01/51(a)		11,500		13,413,358
Tennessee Energy Acquisition Corp., RB, Series A, 5.00%, 05/01/52(a)		2,680		3,461,550
				27,344,215
Texas — 6.6%
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		380		360,842
Central Texas Regional Mobility Authority, RB, Series E, Senior Lien, 4.00%, 01/01/50		2,390		2,716,321
Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23(d)		505		531,095
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39		665		741,796
City of Beaumont Texas, GO, 5.25%, 03/01/23(d)		2,070		2,198,054
City of Houston Texas Airport System Revenue, RB, Series A, AMT, 6.63%, 07/15/38		150		150,671
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		100		115,997
City of Houston Texas Airport System Revenue, Refunding RB AMT, 5.00%, 07/01/29		595		642,945
Series A, AMT, 5.00%, 07/01/27		100		115,736
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48		1,260		1,565,537
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43		230		249,429
Dallas Fort Worth International Airport, Refunding RB, Series E, AMT, 5.50%, 11/01/27		2,500		2,737,970
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(d)		630		675,774
Harris County-Houston Sports Authority, Refunding RB(e)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(d)		2,300		1,114,286
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36		13,075		5,958,160
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38(e)		4,750		2,370,982
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33		730		780,358
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37(e)		10,540		5,764,126
New Hope Cultural Education Facilities Finance Corp., RB(b)
Series A, 5.13%, 08/15/47.		1,085		1,085,763
Series A, 5.00%, 08/15/50		180		192,851
North Texas Tollway Authority, RB, CAB, Series B, 0.00%, 09/01/31(d)(e)		640		344,007

Security	Par (000)		Value
Texas (continued)
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49	$	3,185	$	3,684,430
Red River Education Finance Corp., RB, 5.25%, 03/15/23(d)		940		1,000,562
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		1,370		1,684,011
Tarrant County Cultural Education Facilities Finance Corp., RB, Series B, 5.00%, 07/01/48		4,955		6,087,133
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		95		102,046
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		975		1,107,748
Texas Transportation Commission, RB, Series A, 5.00%, 08/01/57		1,715		1,985,348
Texas Transportation Commission, RB, CAB(e) 0.00%, 08/01/40		500		240,856
0.00%, 08/01/41		2,000		909,418
0.00%, 08/01/42		2,345		1,005,832
				48,220,084
Utah — 0.6%
County of Utah, RB
Series A, 4.00%, 05/15/43.		240		281,661
Series A, 3.00%, 05/15/50		1,085		1,141,547
Salt Lake City Corp. Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/47		995		1,174,817
Series A, AMT, 5.00%, 07/01/48		955		1,145,759
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(b)		100		107,998
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b)		135		156,457
				4,008,239
Vermont — 0.7%
Vermont Educational & Health Buildings Financing Agency, Refunding RB 5.00%, 11/01/49		1,915		2,404,801
4.00%, 11/01/50		1,725		1,988,318
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		345		355,920
				4,749,039
Virginia — 1.7%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26.		405		411,355
Series A, 5.13%, 03/01/31		790		800,784
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50		865		948,937
Henrico County Economic Development Authority, Refunding RB, 4.00%, 10/01/45		305		336,752
Lexington Industrial Development Authority, RB, 5.00%, 01/01/22(d)		805		808,126
Lynchburg Economic Development Authority Refunding RB, 3.00%, 01/01/51		525		542,686
Lynchburg Economic Development Authority, Refunding RB, 4.00%, 01/01/55		365		424,545
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,010		1,027,567

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) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia (continued)
Virginia Housing Development Authority, RB, M/F Housing, Series 1, (GNMA/FNMA/FHLMC), 2.55%, 11/01/50	$	1,520	$	1,508,954
Virginia Small Business Financing Authority, RB
AMT, Senior Lien, 5.25%, 01/01/32		2,005		2,056,859
AMT, Senior Lien, 6.00%, 01/01/37		3,440		3,542,825
				12,409,390
Washington — 3.1%
Grant County Public Utility District No.2 Priest Rapids Hydroelectric Project, Refunding RB, Series A, 5.00%, 01/01/26(d)		2,335		2,753,712
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		1,615		1,905,897
Series C, AMT, 5.00%, 04/01/40		1,050		1,167,150
Port of Seattle Washington, Refunding ARB, Series C, AMT, 5.00%, 08/01/46		6,320		8,005,102
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(d)		3,160		3,348,892
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44		375		429,256
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		1,966		2,293,268
Washington State Housing Finance Commission, Refunding RB(b)
5.00%, 01/01/43		1,000		1,162,147
5.00%, 01/01/48		1,405		1,627,407
				22,692,831
West Virginia — 0.1%
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43.		570		620,885
Wisconsin — 1.4%
Public Finance Authority, RB
Series A, 5.00%, 11/15/41.		205		248,851
Series A, 5.00%, 07/01/55(b)		120		130,859
Series A-1, 4.50%, 01/01/35(b)		210		230,791
AMT, 4.00%, 09/30/51		1,835		2,031,194
AMT, 4.00%, 03/31/56		1,925		2,131,052
Public Finance Authority, Refunding RB(b) 5.25%, 05/15/52		735		800,830
5.00%, 09/01/54		115		124,010
Wisconsin Health & Educational Facilities Authority RB, 4.00%, 08/15/46		3,280		3,819,485
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47		660		701,755
				10,218,827
Total Municipal Bonds — 124.5% (Cost: $833,657,059)				909,046,237
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
California — 3.6%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42(j)		3,358		3,806,458
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		4,050		4,704,120

Security	Par (000)		Value
California (continued)
Fremont Union High School District, Refunding GO, Series A, 4.00%, 08/01/46.	$	1,839	$	2,115,489
Sacramento Area Flood Control Agency, Refunding SAB
5.00%, 10/01/47		3,344		3,951,821
Series A, 5.00%, 10/01/43		4,725		5,584,961
San Diego County Regional Airport Authority, ARB(c)(j)
Series B, AMT, Subordinate, 4.00%, 07/01/56		1,441		1,655,785
Series B, AMT, Subordinate, 5.00%, 07/01/56		3,436		4,292,014
				26,110,648
Colorado — 1.2%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(j)		2,463		3,044,012
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49(j)		3,920		4,449,296
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45		1,180		1,303,386
				8,796,694
Connecticut — 0.2%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45		1,216		1,416,196
District of Columbia — 1.4%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		2,361		2,606,098
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, (AGM), 4.00%, 10/01/53		6,986		7,952,878
				10,558,976
Florida — 0.9%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(j)		5,672		6,357,349
Georgia — 0.9%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48.		4,396		5,010,114
Georgia Housing & Finance Authority, Refunding RB, Series A, 3.60%, 12/01/44.		1,582		1,705,119
				6,715,233
Idaho — 0.7%
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48		4,800		5,479,270
Illinois — 0.9%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/41		1,540		1,755,267
Series C, 4.00%, 02/15/41(d)		4		4,403
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		4,244		4,778,596
				6,538,266
Iowa — 0.4%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		2,730		3,000,500
Massachusetts — 1.7%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45		2,238		2,454,574

9

Schedule of Investments  (unaudited) (continued) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47	$	4,979	$	5,827,820
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-1, (FHA), 3.10%, 06/01/60		2,642		2,685,232
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,273		1,352,032
				12,319,658
Michigan — 1.4%
Michigan Finance Authority, RB, 4.00%, 02/15/47		4,376		5,047,044
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53		5,000		5,407,549
				10,454,593
New Jersey — 0.3%
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%, 12/01/50		1,804		1,930,581
New York — 9.3%
City of New York, GO, Sub-Series-D1, Series D, 5.00%, 12/01/43(j)		2,380		2,964,931
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		5,270		5,809,445
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, Subordinate, 3.00%, 05/01/46		3,020		3,222,082
New York City Water & Sewer System, Refunding RB
Series BB, 5.25%, 06/15/44(d)		2,999		3,004,330
Series FF, 5.00%, 06/15/45		2,499		2,558,434
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		21,419		21,457,602
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		1,459		1,694,673
New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47		6,576		7,613,221
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/50		3,164		3,627,489
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/46.		7,217		8,315,434
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		2,818		3,196,746
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		3,600		4,163,906
				67,628,293
North Carolina — 0.8%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/55(d)		3,540		4,116,831
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		1,841		2,000,840
				6,117,671

Security	Par (000)		Value
Pennsylvania — 3.0%
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49(j)	$	7,498	$	8,546,662
Pennsylvania Turnpike Commission, RB, Sub- Series A, 5.50%, 12/01/42.		7,079		8,553,846
Pennsylvania Turnpike Commission, Refunding RB, Sub-Series B-2, (AGM), 5.00%, 06/01/35		3,110		3,768,263
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38		1,034		1,177,626
				22,046,397
Rhode Island — 1.1%
Narragansett Bay Commission, Refunding RB, Series A, 4.00%, 09/01/43(d)		1,695		1,743,263
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		5,571		6,274,879
				8,018,142
Texas — 3.2%
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43		4,322		4,457,439
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/43(d)		3,440		3,631,126
Lower Colorado River Authority, Refunding, RB, 4.00%, 05/15/43		2,240		2,274,478
Texas Department of Housing & Community Affairs, RB, S/F Housing
Series A, (GNMA), 3.63%, 09/01/44		1,814		1,975,991
Series A, (GNMA), 3.75%, 09/01/49		1,814		1,975,991
Texas Water Development Board, RB, Series A, 4.00%, 10/15/49		7,600		8,861,587
				23,176,612
Virginia — 2.4%
Hampton Roads Transportation Accountability Commission, RB(j)
Series A, Senior Lien, 5.50%, 07/01/57		4,553		5,670,419
Series A, Senior Lien, 4.00%, 07/01/60		5,115		5,944,630
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		5,320		6,130,934
				17,745,983
West Virginia — 0.7%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j)		4,222		4,814,395
Wisconsin — 1.4%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46		3,072		3,439,101

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) November 30, 2021 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wisconsin (continued)
Wisconsin Housing & Economic Development Authority, RB, M/F Housing
Series A, 4.10%, 11/01/43.	$	2,658	$	2,946,272
Series A, 4.45%, 05/01/57.		3,322		3,682,840
				10,068,213
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 35.5% (Cost: $240,971,298)				259,293,670
Total Long-Term Investments — 160.0% (Cost: $1,074,628,357)				1,168,339,907
	Shares
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l)		11,247,003		11,248,128
Total Short-Term Securities — 1.5% (Cost: $11,248,128)				11,248,128
Total Investments — 161.5% (Cost: $1,085,876,485)				1,179,588,035
Other Assets Less Liabilities — 0.1%			1,102,220
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (20.2)%				(147,652,486	)
VMTP Shares at Liquidation Value — (41.4)%			(302,700,000)
Net Assets Applicable to Common Shares — 100.0%			$730,337,769

^(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)  When-issued security.

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

^(e)  Zero-coupon bond.

^(f)  Issuer filed for bankruptcy and/or is in default.

^(g)  Non-income producing security.

^(h)  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.

⁽ⁱ⁾  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.

^(j)  All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between April 1, 2025 to July 1, 2029, is $27,945,222.

^(k)  Affiliate of the Trust.

^(l)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended November 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 11/30/21		Shares Held at 11/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	15,829,553	$	—		$ (4,580,399)(a)	$	(1,026	)	$	—	$	11,248,128		11,247,003	$	183	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		303		03/22/22	$        39,627	$	(514,848	)
U.S. Long Bond		242		03/22/22	39,249		(796,573	)
5-Year U.S. Treasury Note		132		03/31/22	16,020		(125,070	)
						$	(1,436,491	)

11

Schedule of Investments  (unaudited) (continued) November 30, 2021 BlackRock Municipal Income Trust II (BLE)

Fair Value Hierarchy as of Period End

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

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

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

• Level  3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

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

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds	$	—		$	909,046,237	$	—	$	909,046,237
Municipal Bonds Transferred to Tender Option Bond Trusts		—			259,293,670		—		259,293,670
Short-Term Securities
Money Market Funds		11,248,128			—		—		11,248,128
	$	11,248,128		$	1,168,339,907	$	—	$	1,179,588,035
Derivative Financial Instruments(a)
Liabilities
Interest Rate Contracts	$	(1,436,491	)	$	—	$	—	$	(1,436,491)

^(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	$	—	$	(147,625,589	)	$	—	$	(147,625,589	)
VMTP Shares at Liquidation Value		—		(302,700,000	)		—		(302,700,000	)
	$	—	$	(450,325,589	)	$	—	$	(450,325,589	)

Portfolio Abbreviation		Portfolio Abbreviation (continued)
AGM	Assured Guaranty Municipal Corp.	CAB	Capital Appreciation Bonds
AMT	Alternative Minimum Tax	COP	Certificates of Participation
ARB	Airport Revenue Bonds	FHA	Federal Housing Administration
BAM	Build America Mutual Assurance Co.	FHLMC	Federal Home Loan Mortgage Corp.
BAM-TCRS	Build America Mutual Assurance Co.- Transferable	FNMA	Federal National Mortgage Association
	Custodial Receipts	GNMA	Government National Mortgage Association

S C H E D U L E    O F    I N V E S T M E N T  S 12

Schedule of Investments  (unaudited) (continued) November 30, 2021 BlackRock Municipal Income Trust II (BLE)

Portfolio Abbreviation (continued)
GO	General Obligation Bonds
GTD	GTD Guaranteed
HUD SECT 8	U.S. Department of Housing and Urban Development
	Section 8
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SAW	State Aid Withholding
SONYMA	State of New York Mortgage Agency
TA	Tax Allocation

13