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 | 100 | 115,392 | ||||||
5.00%, 05/15/56 | 400 | 454,293 | ||||||
Industrial Development Authority of the City of Phoenix, RB | 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) | 325 | 329,189 | ||||||
5.00%, 07/01/49 | 350 | 369,243 | ||||||
Maricopa County Industrial Development Authority, Refunding RB | 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 | 5,635 | 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 | 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 | 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 | 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 | 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) | 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 | $ | 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 | 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, | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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, | 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, | 2,225 | 2,703,139 | ||||||
Oklahoma Turnpike Authority, RB | 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) | 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 | 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) | 385 | 415,731 | ||||||
5.00%, 01/01/55 | 335 | 353,632 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | 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 | 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) | 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 | 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) | 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 | 660 | 701,755 | ||||||
|
| |||||||
10,218,827 | ||||||||
|
| |||||||
Total Municipal Bonds — 124.5% |
| 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% |
| 259,293,670 | ||||||
|
| |||||||
Total Long-Term Investments — 160.0% | 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% | 11,248,128 | |||||||
|
| |||||||
Total Investments — 161.5% | 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 | $ | — | |||||||||||||||||||
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(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 | ) | |||||||||
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$ | (1,436,491 | ) | ||||||||||||
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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 | ||||||||||||
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$ | 11,248,128 | $ | 1,168,339,907 | $ | — | $ | 1,179,588,035 | |||||||||
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Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (1,436,491 | ) | $ | — | $ | — | $ | (1,436,491) | |||||||
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(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 | ) | ||||||||||
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$ | — | $ | (450,325,589 | ) | $ | — | $ | (450,325,589 | ) | |||||||
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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 |