Schedule of Investments (unaudited) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds |
| |||||||
Alabama — 4.5% |
| |||||||
Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a) | $ | 2,925 | $ | 2,908,790 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 540 | 549,038 | ||||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 | 1,320 | 1,351,669 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 4,335 | 4,605,040 | ||||||
Health Care Authority of the City of Huntsville, RB, Series B1, (AGM), 3.00%, 06/01/50 | 2,375 | 1,770,389 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 | 1,170 | 1,188,267 | ||||||
Southeast Energy Authority A Cooperative District, RB(a) | ||||||||
Series A, 4.00%, 11/01/51 | 5,290 | 5,256,784 | ||||||
Series A-1, 5.50%, 01/01/53 | 1,960 | 2,115,577 | ||||||
Series B, 4.00%, 12/01/51 | 6,290 | 6,221,892 | ||||||
|
| |||||||
25,967,446 | ||||||||
Arizona — 2.5% | ||||||||
Arizona Industrial Development Authority, | ||||||||
4.38%, 07/01/39 | 225 | 198,429 | ||||||
Series A, 5.00%, 07/01/49 | 210 | 189,077 | ||||||
Series A, 5.00%, 07/01/54 | 165 | 146,261 | ||||||
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(b) | 1,185 | 1,115,235 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 500 | 423,317 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) | 1,825 | 1,649,937 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, Series A, 5.00%, 07/01/35(b) | 275 | 272,753 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(b) | 350 | 310,472 | ||||||
Maricopa County Industrial Development Authority, Refunding RB | ||||||||
5.00%, 07/01/54(b) | 210 | 184,371 | ||||||
Series A, 4.13%, 09/01/38 | 820 | 824,621 | ||||||
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 | 1,250 | 1,095,709 | ||||||
Salt Verde Financial Corp., RB | 5,635 | 5,983,863 | ||||||
5.00%, 12/01/37 | 2,000 | 2,080,210 | ||||||
|
| |||||||
14,474,255 | ||||||||
Arkansas(b) — 0.5% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
Series A, AMT, 4.50%, 09/01/49 | 1,920 | 1,717,161 | ||||||
Series A, AMT, 4.75%, 09/01/49 | 1,175 | 1,079,783 | ||||||
|
| |||||||
2,796,944 | ||||||||
California — 14.6% | ||||||||
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/47 | 3,355 | 3,336,403 | ||||||
California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a) | 11,505 | 11,562,088 | ||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 | 350 | 349,978 | ||||||
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 | 2,315 | 2,727,371 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) | $ | 855 | $ | 847,850 | ||||
California Health Facilities Financing Authority, RB, 4.00%, 11/15/45 | 1,460 | 1,405,500 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 08/01/55 | 1,500 | 1,521,037 | ||||||
Series A, 5.00%, 07/01/23(c) | 1,765 | 1,770,535 | ||||||
Series A, 4.00%, 03/01/39 | 890 | 850,950 | ||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 | 780 | 679,845 | ||||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 205 | 206,526 | ||||||
Series A, 5.25%, 08/15/49 | 510 | 513,099 | ||||||
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(b) | 2,130 | 2,129,847 | ||||||
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(b) | 1,700 | 1,705,318 | ||||||
California State Public Works Board, RB | ||||||||
Series F, 5.25%, 09/01/33 | 2,015 | 2,030,314 | ||||||
Series I, 5.50%, 11/01/31 | 3,100 | 3,141,221 | ||||||
Series I, 5.50%, 11/01/33 | 1,500 | 1,520,041 | ||||||
Series I, 5.00%, 11/01/38 | 1,065 | 1,076,509 | ||||||
California Statewide Communities Development Authority, Refunding RB(b) | ||||||||
Series A, 5.00%, 06/01/36 | 990 | 979,386 | ||||||
Series A, 5.00%, 06/01/46 | 1,220 | 1,138,127 | ||||||
City of Los Angeles Department of Airports, ARB | 4,400 | 4,732,266 | ||||||
Series B, AMT, 5.00%, 05/15/46 | 4,050 | 4,106,546 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/46 | 1,265 | 1,342,337 | ||||||
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(b) | 525 | 363,116 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | ||||||||
4.00%, 10/01/56 | 245 | 198,653 | ||||||
4.00%, 12/01/56 | 355 | 254,776 | ||||||
Series A, 4.00%, 06/01/58 | 1,500 | 1,170,473 | ||||||
Senior Lien, 3.13%, 06/01/57 | 1,290 | 887,070 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 655 | 506,882 | ||||||
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 | 2,405 | 2,403,480 | ||||||
Kern Community College District, GO, Series C, 5.50%, 11/01/23(c) | 2,155 | 2,180,145 | ||||||
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53 | 3,810 | 3,586,265 | ||||||
Regents of the University of California Medical Center Pooled Revenue, Refunding RB, Series J, 5.25%, 05/15/23(c) | 5,015 | 5,018,626 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(c) | 2,000 | 2,127,118 | ||||||
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 | 2,255 | 2,169,378 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB 5.00%, 10/01/43 | 4,725 | 4,937,176 |
1 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
Sacramento Area Flood Control Agency, Refunding SAB (continued) 5.00%, 10/01/47 | $ | 3,345 | $ | 3,476,753 | ||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.50%, 05/01/28 | 720 | 721,121 | ||||||
Series A, AMT, 5.25%, 05/01/33 | 560 | 560,797 | ||||||
San Marcos Unified School District, GO, CAB(d) | ||||||||
Series B, Election 2010, 0.00%, 08/01/33 | 3,000 | 2,221,008 | ||||||
Series B, Election 2010, 0.00%, 08/01/43 | 2,500 | 1,092,590 | ||||||
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(c) | 490 | 496,428 | ||||||
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 | 830 | 852,105 | ||||||
|
| |||||||
84,897,054 | ||||||||
Colorado — 2.2% | ||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) | 250 | 216,599 | ||||||
City & County of Denver Colorado Airport System Revenue, ARB | ||||||||
Series B, 5.25%, 11/15/32 | 1,750 | 1,770,319 | ||||||
Series A, AMT, 5.50%, 11/15/28 | 500 | 504,945 | ||||||
Series A, AMT, 5.50%, 11/15/30 | 225 | 227,256 | ||||||
Series A, AMT, 5.50%, 11/15/31 | 270 | 272,727 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 4.13%, 11/15/53 | 1,290 | 1,212,417 | ||||||
Series D, AMT, 5.75%, 11/15/45 | 1,315 | 1,484,751 | ||||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(d) | 1,835 | 930,387 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b) | 320 | 301,540 | ||||||
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(b) | 425 | 375,823 | ||||||
Colorado Health Facilities Authority, RB | 595 | 643,404 | ||||||
5.50%, 11/01/47 | 370 | 397,411 | ||||||
5.25%, 11/01/52 | 920 | 966,668 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44 | 1,610 | 1,510,042 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 | 1,325 | 1,336,441 | ||||||
Denver International Business Center Metropolitan District No. 1, GO, Series A, 4.00%, 12/01/48 | 495 | 426,581 | ||||||
|
| |||||||
12,577,311 | ||||||||
Connecticut — 0.5% | ||||||||
State of Connecticut, GO, Series A, 4.00%, 01/15/37 | 3,015 | 3,106,695 | ||||||
|
| |||||||
Delaware — 0.2% | ||||||||
Delaware Transportation Authority, RB, 5.00%, 06/01/55 | 1,260 | 1,287,488 | ||||||
|
| |||||||
District of Columbia — 4.1% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 11,500 | 11,822,897 | ||||||
District of Columbia, Refunding RB | 2,525 | 2,579,967 | ||||||
Series A, 6.00%, 07/01/23(c) | 820 | 823,683 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 | 690 | 691,253 |
Security | Par (000) | Value | ||||||
District of Columbia (continued) | ||||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 | $ | 5,985 | $ | 5,619,023 | ||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB | ||||||||
Series A, 4.00%, 07/15/46 | 1,310 | 1,295,621 | ||||||
Series A, 4.13%, 07/15/47 | 1,285 | 1,276,802 | ||||||
|
| |||||||
24,109,246 | ||||||||
Florida — 6.2% | ||||||||
Brevard County Health Facilities Authority, Refunding RB | ||||||||
Series A, 5.00%, 04/01/47 | 1,365 | 1,440,734 | ||||||
Series A, 5.00%, 04/01/52 | 1,945 | 2,032,589 | ||||||
Capital Trust Agency, Inc., RB | ||||||||
Series A, 5.00%, 06/01/45(b) | 190 | 164,754 | ||||||
Series A, 5.00%, 12/15/49 | 140 | 133,760 | ||||||
Series A, 5.00%, 12/15/54 | 125 | 119,045 | ||||||
Series A, 5.50%, 06/01/57(b) | 100 | 88,506 | ||||||
Celebration Pointe Community Development District No. 1, SAB | 200 | 200,597 | ||||||
5.00%, 05/01/48 | 530 | 495,970 | ||||||
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 | 1,450 | 1,457,069 | ||||||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45 | 575 | 582,470 | ||||||
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 5.25%, 10/01/23(c) | 500 | 504,060 | ||||||
County of Miami-Dade Seaport Department, ARB(c) | ||||||||
Series A, 5.50%, 10/01/23 | 2,125 | 2,144,416 | ||||||
Series A, 6.00%, 10/01/23 | 7,515 | 7,598,973 | ||||||
Series B, AMT, 6.00%, 10/01/23 | 1,775 | 1,791,524 | ||||||
Series B, AMT, 6.25%, 10/01/23 | 310 | 313,201 | ||||||
County of Miami-Dade Seaport Department, Refunding RB | ||||||||
Series A, AMT, 5.25%, 10/01/52 | 1,455 | 1,547,266 | ||||||
Series D, AMT, 6.00%, 10/01/23(c) | 735 | 741,842 | ||||||
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(d) | ||||||||
Series A-2, 0.00%, 10/01/46 | 1,665 | 452,519 | ||||||
Series A-2, 0.00%, 10/01/47 | 1,610 | 411,511 | ||||||
Series A-2, 0.00%, 10/01/48 | 1,135 | 272,815 | ||||||
Series A-2, 0.00%, 10/01/49 | 935 | 211,304 | ||||||
County of Pasco Florida, RB | ||||||||
(AGM), 5.00%, 09/01/48 | 5,330 | 5,588,724 | ||||||
(AGM), 5.75%, 09/01/54 | 955 | 1,054,614 | ||||||
Florida Development Finance Corp., RB 6.50%, 06/30/57(b) | 750 | 741,785 | ||||||
Series A, 5.00%, 06/15/56 | 115 | 111,315 | ||||||
AMT, 5.00%, 05/01/29(b) | 180 | 168,461 | ||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b) | 105 | 84,628 | ||||||
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(c) | 1,170 | 1,178,515 | ||||||
Lakewood Ranch Stewardship District, SAB | 180 | 181,598 | ||||||
5.38%, 05/01/47 | 185 | 184,013 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 | $ | 15 | $ | 15,018 | ||||
Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41 | 1,000 | 1,033,966 | ||||||
Osceola Chain Lakes Community Development District, SAB | 270 | 234,041 | ||||||
4.00%, 05/01/50 | 260 | 204,861 | ||||||
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(c) | 1,585 | 1,587,463 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(e)(f) | 1,670 | 1,057,991 | ||||||
|
| |||||||
36,131,918 | ||||||||
Georgia — 4.1% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 435 | 389,920 | ||||||
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(c) | 715 | 746,715 | ||||||
Georgia Ports Authority, ARB, 4.00%, 07/01/47 | 1,480 | 1,485,716 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/35 | 540 | 570,587 | ||||||
Series A, 5.00%, 05/15/36 | 540 | 562,905 | ||||||
Series A, 5.00%, 05/15/37 | 595 | 611,578 | ||||||
Series A, 5.00%, 05/15/38 | 325 | 332,066 | ||||||
Series A, 5.00%, 05/15/49 | 7,195 | 7,082,729 | ||||||
Series A, 5.00%, 06/01/53(a) | 5,160 | 5,434,982 | ||||||
Municipal Electric Authority of Georgia, RB | 1,200 | 1,057,619 | ||||||
4.00%, 01/01/59 | 3,525 | 3,162,806 | ||||||
Series A, 5.00%, 07/01/52 | 1,870 | 1,937,094 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51 | 520 | 450,730 | ||||||
|
| |||||||
23,825,447 | ||||||||
Hawaii — 0.4% | ||||||||
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45 | 1,000 | 1,014,110 | ||||||
State of Hawaii Airports System Revenue, COP | ||||||||
AMT, 5.25%, 08/01/25 | 250 | 250,973 | ||||||
AMT, 5.25%, 08/01/26 | 810 | 813,215 | ||||||
|
| |||||||
2,078,298 | ||||||||
Idaho — 0.9% | ||||||||
Idaho Health Facilities Authority, RB | 605 | 569,661 | ||||||
Series 2017, 5.00%, 12/01/46 | 805 | 820,928 | ||||||
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52 | 1,250 | 1,338,064 | ||||||
Idaho Housing & Finance Association, Refunding RB | ||||||||
(GTD), 4.00%, 05/01/42 | 1,400 | 1,367,370 | ||||||
(GTD), 4.00%, 05/01/52 | 1,095 | 991,268 | ||||||
|
| |||||||
5,087,291 | ||||||||
Illinois — 12.2% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/34 | 1,035 | 1,070,851 | ||||||
Series A, 5.00%, 12/01/40 | 535 | 539,163 | ||||||
Series A, 5.00%, 12/01/47 | 100 | 98,425 | ||||||
Series C, 5.25%, 12/01/35 | 2,790 | 2,818,698 | ||||||
Series D, 5.00%, 12/01/46 | 3,605 | 3,563,267 |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Chicago Board of Education, GO (continued) | ||||||||
Series H, 5.00%, 12/01/36 | $ | 495 | $ | 500,410 | ||||
Chicago Board of Education, Refunding GO | ||||||||
Series C, 5.00%, 12/01/25 | 1,215 | 1,236,654 | ||||||
Series D, 5.00%, 12/01/27 | 1,600 | 1,652,664 | ||||||
Series D, 5.00%, 12/01/31 | 150 | 154,512 | ||||||
Series F, 5.00%, 12/01/23 | 290 | 290,833 | ||||||
Series G, 5.00%, 12/01/34 | 710 | 726,837 | ||||||
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41 | 1,010 | 1,014,188 | ||||||
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55 | 2,565 | 2,719,564 | ||||||
Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53 | 1,585 | 1,648,105 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 | 2,210 | 2,015,893 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, 2nd Lien, 5.00%, 01/01/42 | 1,375 | 1,376,317 | ||||||
Cook County Community College District No. 508, GO | 2,670 | 2,677,540 | ||||||
5.25%, 12/01/43 | 3,850 | 3,851,321 | ||||||
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37 | 480 | 485,472 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series A, 4.00%, 07/15/47 | 3,920 | 3,744,682 | ||||||
Series C, 4.00%, 02/15/27(c) | 70 | 73,354 | ||||||
Series C, 4.00%, 02/15/41 | 1,470 | 1,449,886 | ||||||
Series C, 5.00%, 02/15/41 | 1,600 | 1,664,931 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 | 3,690 | 4,066,373 | ||||||
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 | 2,000 | 2,066,594 | ||||||
Metropolitan Pier & Exposition Authority, RB | ||||||||
Series A, 5.50%, 06/15/53 | 280 | 284,630 | ||||||
Series A, 5.00%, 06/15/57 | 2,745 | 2,753,400 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(d) | 2,165 | 403,656 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB | 2,315 | 1,996,099 | ||||||
Series B, (AGM), 0.00%, 06/15/44(d) | 8,680 | 3,207,859 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(d) | 3,020 | 587,348 | ||||||
State of Illinois, GO | 730 | 737,057 | ||||||
5.25%, 02/01/32 | 2,500 | 2,524,828 | ||||||
5.50%, 07/01/33 | 3,000 | 3,010,896 | ||||||
5.50%, 07/01/38 | 620 | 622,393 | ||||||
5.00%, 02/01/39 | 1,640 | 1,645,853 | ||||||
Series A, 5.00%, 04/01/35 | 3,500 | 3,513,912 | ||||||
Series A, 5.00%, 04/01/38 | 5,020 | 5,040,728 | ||||||
Series B, 5.25%, 05/01/43(g) | 1,115 | 1,204,863 | ||||||
Series D, 5.00%, 11/01/28 | 505 | 542,185 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 | 180 | 192,652 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 1,360 | 1,373,132 | ||||||
|
| |||||||
71,148,025 |
3 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Indiana — 1.9% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | $ | 1,090 | $ | 1,108,025 | ||||
AMT, 7.00%, 01/01/44 | 4,625 | 4,691,674 | ||||||
Indiana Finance Authority, RB(c) | ||||||||
Series A, AMT, 5.00%, 07/01/23 | 3,075 | 3,081,651 | ||||||
Series A, AMT, 5.25%, 07/01/23 | 560 | 561,638 | ||||||
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 | 1,780 | 1,781,442 | ||||||
|
| |||||||
11,224,430 | ||||||||
Iowa — 0.1% | ||||||||
Iowa Student Loan Liquidity Corp, Refunding RB, Series B, AMT, 3.00%, 12/01/39 | 400 | 376,288 | ||||||
|
| |||||||
Kansas — 0.1% | ||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 | 400 | 366,093 | ||||||
|
| |||||||
Kentucky — 1.6% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(d) | 5,000 | 4,769,245 | ||||||
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a) | 2,950 | 2,903,915 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43 | 1,655 | 1,887,435 | ||||||
|
| |||||||
9,560,595 | ||||||||
Louisiana — 0.7% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB | 555 | 522,834 | ||||||
4.00%, 04/01/53 | 355 | 323,805 | ||||||
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29 | 1,000 | 1,013,479 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.25%, 05/15/33 | 1,450 | 1,468,360 | ||||||
Series A, 5.25%, 05/15/35 | 780 | 783,888 | ||||||
|
| |||||||
4,112,366 | ||||||||
Maryland — 0.4% | ||||||||
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 | 135 | 132,972 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 | 1,550 | 1,587,896 | ||||||
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46 | 455 | 468,003 | ||||||
|
| |||||||
2,188,871 | ||||||||
Massachusetts — 3.2% | ||||||||
Commonwealth of Massachusetts Transportation Fund Revenue, RB, Series A, 4.00%, 06/01/45(g) | 2,240 | 2,201,530 | ||||||
Commonwealth of Massachusetts, GO | ||||||||
Series C, 5.00%, 10/01/47 | 1,810 | 2,005,788 | ||||||
Series C, 5.00%, 10/01/52 | 1,875 | 2,055,688 | ||||||
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47 | 4,555 | 4,569,471 | ||||||
Massachusetts Development Finance Agency, Refunding RB | 525 | 526,957 | ||||||
5.00%, 01/01/45 | 375 | 376,234 |
Security | Par (000) | Value | ||||||
Massachusetts (continued) | ||||||||
Massachusetts Development Finance Agency, Refunding RB (continued) 5.00%, 07/01/47 | $ | 4,985 | $ | 5,122,257 | ||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 | 685 | 662,661 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 | 1,220 | 1,281,736 | ||||||
|
| |||||||
18,802,322 | ||||||||
Michigan — 4.4% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 | 5 | 5,013 | ||||||
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44 | 1,110 | 1,136,096 | ||||||
Michigan Finance Authority, RB, 4.00%, 02/15/50 | 5,250 | 4,887,787 | ||||||
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52 | 555 | 532,929 | ||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, 5.00%, 10/01/48 | 12,960 | 13,189,198 | ||||||
Series A, AMT, 4.15%, 10/01/53 | 4,615 | 4,036,214 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 | 1,680 | 1,702,549 | ||||||
|
| |||||||
25,489,786 | ||||||||
Minnesota — 2.6% | ||||||||
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49 | 1,790 | 1,826,541 | ||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 5,760 | 5,556,303 | ||||||
Series A, 5.25%, 02/15/53 | 615 | 635,557 | ||||||
Series A, 5.25%, 02/15/58 | 3,050 | 3,144,007 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 | 1,495 | 1,569,798 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 | 2,150 | 2,348,056 | ||||||
|
| |||||||
15,080,262 | ||||||||
Mississippi — 0.2% | ||||||||
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 | 1,190 | 1,208,232 | ||||||
Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(c) | 260 | 261,280 | ||||||
|
| |||||||
1,469,512 | ||||||||
Missouri — 1.6% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB | 345 | 345,000 | ||||||
Series A, 4.00%, 07/01/46 | 1,830 | 1,749,004 | ||||||
Series C, 4.00%, 11/15/49 | 3,455 | 3,193,584 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 | 3,435 | 3,518,337 | ||||||
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37 | 500 | 453,854 | ||||||
|
| |||||||
9,259,779 |
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Montana — 0.0% | ||||||||
City of Kalispell Montana, Refunding RB, Series A, 5.25%, 05/15/37 | $ | 125 | $ | 110,478 | ||||
|
| |||||||
New Hampshire(b) — 0.6% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 2,350 | 1,977,121 | ||||||
Series B, AMT, 3.75%, 07/01/45(a) | 270 | 204,188 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,260 | 1,094,843 | ||||||
|
| |||||||
3,276,152 | ||||||||
New Jersey — 11.5% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 2,390 | 2,423,441 | ||||||
5.25%, 11/01/44 | 2,250 | 2,267,910 | ||||||
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37 | 645 | 6,624 | ||||||
New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23 | 880 | 876,387 | ||||||
New Jersey Economic Development Authority, RB | 1,375 | 1,554,114 | ||||||
5.00%, 06/15/43 | 2,335 | 2,460,595 | ||||||
Series EEE, 5.00%, 06/15/48 | 6,405 | 6,694,737 | ||||||
AMT, (AGM), 5.00%, 01/01/31 | 530 | 533,757 | ||||||
AMT, 5.38%, 01/01/43 | 1,500 | 1,503,372 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | 1,570 | 1,481,110 | ||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(c) | 775 | 851,731 | ||||||
New Jersey Economic Development Authority, Refunding SAB | ||||||||
6.50%, 04/01/28 | 6,251 | 6,558,644 | ||||||
5.75%, 04/01/31 | 705 | 691,235 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 4,980 | 4,683,152 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 | 1,810 | 1,655,833 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 | 665 | 537,896 | ||||||
New Jersey Transportation Trust Fund Authority, RB Series A, | 500 | 527,273 | ||||||
Series AA, 5.50%, 06/15/39 | 3,845 | 3,854,843 | ||||||
Series AA, 5.00%, 06/15/44 | 1,355 | 1,357,828 | ||||||
Series AA, 5.00%, 06/15/45 | 415 | 423,468 | ||||||
Series AA, 4.00%, 06/15/50 | 1,730 | 1,589,998 | ||||||
Series S, 5.25%, 06/15/43 | 1,145 | 1,221,576 | ||||||
Series S, 5.00%, 06/15/46 | 4,980 | 5,223,512 | ||||||
New Jersey Turnpike Authority, RB | ||||||||
Series B, 5.00%, 01/01/46 | 5,385 | 5,880,835 | ||||||
Series E, 5.00%, 01/01/45 | 2,810 | 2,870,286 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 1,605 | 1,699,872 | ||||||
Series A, 5.25%, 06/01/46 | 4,415 | 4,599,622 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 3,170 | 3,144,944 | ||||||
|
| |||||||
67,174,595 |
Security | Par (000) | Value | ||||||
New Mexico — 0.0% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 | $ | 100 | $ | 87,377 | ||||
|
| |||||||
New York — 21.7% | ||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35 | 500 | 508,372 | ||||||
City of New York, GO | ||||||||
Series A-1, 4.00%, 09/01/46 | 1,550 | 1,506,899 | ||||||
Series B, 5.25%, 10/01/39 | 1,030 | 1,185,825 | ||||||
Series B, 5.25%, 10/01/40 | 790 | 906,543 | ||||||
Series C, 5.00%, 08/01/43 | 1,870 | 2,037,952 | ||||||
Series D, 5.00%, 12/01/43 | 2,380 | 2,547,019 | ||||||
Series D-1, 4.00%, 03/01/42 | 455 | 453,549 | ||||||
Series F-1, 4.00%, 03/01/47 | 4,410 | 4,241,406 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series B, 5.25%, 11/15/39 | 910 | 924,890 | ||||||
Series C, 4.00%, 11/15/33 | 100 | 100,020 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 5.00%, 11/15/25 | 100 | 103,108 | ||||||
Series C-1, 5.00%, 11/15/26 | 65 | 68,037 | ||||||
Series C-1, 4.75%, 11/15/45 | 6,795 | 6,877,661 | ||||||
Series C-1, 5.00%, 11/15/50 | 575 | 589,757 | ||||||
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 | 1,760 | 1,679,783 | ||||||
New York City Housing Development Corp., RB, M/F Housing | ||||||||
Series C-1A, 4.20%, 11/01/44 | 3,000 | 2,942,145 | ||||||
Series H, 2.55%, 11/01/45 | 925 | 644,164 | ||||||
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 | 1,080 | 1,208,809 | ||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series BB-1, 4.00%, 06/15/45 | 810 | 804,967 | ||||||
Series DD, 4.13%, 06/15/46 | 7,250 | 7,170,591 | ||||||
Series DD, 4.13%, 06/15/47 | 3,430 | 3,386,991 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Sub-Series B-1, 4.00%, 11/01/45 | 5,000 | 4,893,430 | ||||||
Series A-1, Subordinate, 4.00%, 08/01/48 | 2,240 | 2,155,091 | ||||||
Series B-1, Subordinate, 4.00%, 08/01/48 | 2,500 | 2,419,477 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/47 | 3,260 | 3,541,729 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) | 3,300 | 3,300,488 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
Class 2, 5.38%, 11/15/40(b) | 1,175 | 1,176,030 | ||||||
Series 1, 5.00%, 11/15/44(b) | 6,110 | 5,894,836 | ||||||
Series A, 2.88%, 11/15/46 | 530 | 376,433 | ||||||
Series A, 3.00%, 11/15/51 | 2,040 | 1,477,933 | ||||||
Series A, (BAM-TCRS), 3.00%, 11/15/51 | 1,270 | 890,819 | ||||||
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/55 | 2,685 | 2,540,762 | ||||||
New York State Dormitory Authority, RB, Series A, 4.00%, 03/15/47 | 810 | 794,597 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/44 | 1,200 | 1,172,861 | ||||||
Series A, 5.00%, 03/15/45 | 1,530 | 1,630,444 | ||||||
Series A, 4.00%, 03/15/47 | 3,830 | 3,746,617 | ||||||
Series A, 4.00%, 03/15/48 | 1,420 | 1,371,318 | ||||||
New York State Thruway Authority, Refunding RB Series A, 4.00%, 03/15/42 | 750 | 753,842 |
5 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York State Thruway Authority, Refunding RB (continued) | ||||||||
Series B, Subordinate, 4.00%, 01/01/45 | $ | 3,110 | $ | 2,994,463 | ||||
New York State Urban Development Corp., RB | ||||||||
Series A, 4.00%, 03/15/46 | 7,220 | 6,981,523 | ||||||
Series A, 4.00%, 03/15/49 | 4,625 | 4,489,145 | ||||||
New York State Urban Development Corp., Refunding RB | 6,575 | 6,444,914 | ||||||
4.00%, 03/15/49 | 2,205 | 2,115,204 | ||||||
New York Transportation Development Corp., ARB | ||||||||
AMT, 5.00%, 12/01/40 | 2,250 | 2,349,380 | ||||||
Series A, AMT, 5.00%, 07/01/46 | 1,600 | 1,583,325 | ||||||
New York Transportation Development Corp., RB | ||||||||
AMT, 5.00%, 10/01/35 | 1,910 | 2,005,084 | ||||||
AMT, 4.00%, 10/31/46 | 425 | 370,140 | ||||||
Port Authority of New York & New Jersey, ARB | 2,500 | 2,501,567 | ||||||
218th Series, AMT, 4.00%, 11/01/47 | 380 | 360,919 | ||||||
Port Authority of New York & New Jersey, Refunding ARB | 3,605 | 3,726,020 | ||||||
Series 223, AMT, 4.00%, 07/15/41 | 1,150 | 1,127,046 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB | ||||||||
Series A, 4.00%, 05/15/48 | 6,855 | 6,699,906 | ||||||
Series A, 5.00%, 05/15/48 | 900 | 988,831 | ||||||
Series A, 5.25%, 05/15/57 | 1,640 | 1,807,410 | ||||||
Triborough Bridge & Tunnel Authority, RB, Series A, 5.00%, 11/15/49 | 945 | 1,013,533 | ||||||
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44 | 976 | 970,225 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 | 210 | 207,196 | ||||||
|
| |||||||
126,761,026 | ||||||||
North Carolina — 0.4% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 | 2,335 | 2,549,127 | ||||||
|
| |||||||
North Dakota — 0.2% | ||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 | 1,035 | 1,063,442 | ||||||
|
| |||||||
Ohio — 2.7% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, 4.00%, 06/01/48 | 915 | 808,826 | ||||||
Series B-2, Class 2, 5.00%, 06/01/55 | 8,645 | 8,055,575 | ||||||
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44 | 450 | 439,486 | ||||||
County of Franklin Ohio, RB | ||||||||
Series 2017, 5.00%, 12/01/46 | 435 | 447,803 | ||||||
Series A, 4.00%, 12/01/44 | 555 | 528,583 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 | 590 | 656,973 | ||||||
County of Hamilton Ohio, Refunding RB 4.00%, 08/15/50 | 2,415 | 2,250,906 |
Security | Par (000) | Value | ||||||
Ohio (continued) | ||||||||
County of Hamilton Ohio, Refunding RB (continued) | ||||||||
Series A, 3.75%, 08/15/50 | $ | 1,155 | $ | 1,021,910 | ||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 860 | 791,787 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 870 | 870,590 | ||||||
|
| |||||||
15,872,439 | ||||||||
Oklahoma — 0.9% | ||||||||
Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/37 | 400 | 389,694 | ||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 | 2,225 | 2,069,323 | ||||||
Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 | 1,040 | 1,018,615 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48(g) | 240 | 237,794 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 | 1,435 | 1,432,121 | ||||||
|
| |||||||
5,147,547 | ||||||||
Oregon — 0.5% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d) | 1,445 | 749,116 | ||||||
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(d) | 470 | 244,059 | ||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 | 1,630 | 1,799,474 | ||||||
|
| |||||||
2,792,649 | ||||||||
Pennsylvania — 5.1% | ||||||||
Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(c) | 1,530 | 1,532,397 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB | 2,260 | 2,037,343 | ||||||
Series A, 5.00%, 09/01/48 | 385 | 394,183 | ||||||
Series A, 4.00%, 09/01/49 | 615 | 558,764 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 | 205 | 194,482 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
AMT, 5.00%, 06/30/42 | 3,680 | 3,689,664 | ||||||
AMT, 5.75%, 06/30/48 | 1,405 | 1,526,503 | ||||||
AMT, 5.25%, 06/30/53 | 2,330 | 2,412,039 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 480 | 480,431 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 | 3,695 | 3,602,780 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 | 2,990 | 2,800,213 | ||||||
Pennsylvania Turnpike Commission, RB | 1,535 | 1,560,105 | ||||||
Series A, Subordinate, 4.00%, 12/01/46 | 2,065 | 1,984,339 | ||||||
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 | 810 | 785,799 |
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Pennsylvania (continued) | ||||||||
Pennsylvania Turnpike Commission, Refunding RB | ||||||||
Series B-2, (AGM), 5.00%, 06/01/35 | $ | 3,110 | $ | 3,336,122 | ||||
Series C, 4.00%, 12/01/51 | 2,355 | 2,236,103 | ||||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 | 440 | 470,900 | ||||||
|
| |||||||
29,602,167 | ||||||||
Puerto Rico — 4.7% | ||||||||
Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31 | 1,596 | 1,720,072 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53 | 5,908 | 5,546,673 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(d) | 12,023 | 3,269,210 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A1, Restructured, 5.00%, 07/01/58 | 11,913 | 11,456,291 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 3,256 | 3,015,756 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 2,333 | 2,167,100 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 164 | 153,327 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 159 | 147,554 | ||||||
|
| |||||||
27,475,983 | ||||||||
Rhode Island — 0.3% | ||||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 | 250 | 238,650 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/35 | 800 | 808,744 | ||||||
Series A, 5.00%, 06/01/40 | 950 | 952,184 | ||||||
|
| |||||||
1,999,578 | ||||||||
South Carolina — 5.6% | ||||||||
Charleston County Airport District, ARB(c) | ||||||||
Series A, AMT, 5.50%, 07/01/23 | 1,000 | 1,002,816 | ||||||
Series A, AMT, 6.00%, 07/01/23 | 1,155 | 1,159,182 | ||||||
Charleston County Airport District, RB, Series A, AMT, 5.50%, 07/01/23(c) | 1,810 | 1,815,097 | ||||||
County of Charleston South Carolina, ARB, 5.25%, 12/01/23(c) | 3,295 | 3,332,547 | ||||||
South Carolina Jobs-Economic Development Authority, RB(b) | 385 | 362,438 | ||||||
5.00%, 01/01/55 | 335 | 285,265 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | 2,710 | 2,757,040 | ||||||
Series A, 5.00%, 05/01/43 | 2,430 | 2,485,210 | ||||||
Series A, 5.00%, 05/01/48 | 3,395 | 3,446,489 | ||||||
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(c) | 1,085 | 1,123,234 | ||||||
South Carolina Public Service Authority, RB | ||||||||
Series A, 5.50%, 12/01/54 | 4,810 | 4,853,550 | ||||||
Series E, 5.50%, 12/01/53 | 2,040 | 2,049,980 | ||||||
South Carolina Public Service Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/01/50 | 1,755 | 1,764,805 | ||||||
Series A, 5.00%, 12/01/55 | 465 | 467,616 |
Security | Par (000) | Value | ||||||
South Carolina (continued) | ||||||||
South Carolina Public Service Authority, Refunding RB (continued) | ||||||||
Series C, 5.00%, 12/01/46 | $ | 1,795 | $ | 1,806,159 | ||||
Series E, 5.25%, 12/01/55 | 3,750 | 3,806,066 | ||||||
|
| |||||||
32,517,494 | ||||||||
Tennessee — 1.5% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40 | 740 | 757,237 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB | ||||||||
Series A, 4.00%, 10/01/49 | 445 | 342,954 | ||||||
Series A, 5.25%, 10/01/58 | 2,445 | 2,388,146 | ||||||
Metropolitan Nashville Airport Authority, ARB | ||||||||
Series B, AMT, 5.25%, 07/01/35 | 950 | 1,065,159 | ||||||
Series B, AMT, 5.50%, 07/01/36 | 795 | 901,112 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) | 3,130 | 3,367,141 | ||||||
|
| |||||||
8,821,749 | ||||||||
Texas — 8.8% | ||||||||
Arlington Higher Education Finance Corp., RB(b) | 965 | 1,024,329 | ||||||
7.88%, 11/01/62 | 815 | 838,167 | ||||||
City of Austin Texas Airport System Revenue, ARB | 665 | 674,594 | ||||||
Series B, AMT, 5.00%, 11/15/44 | 1,980 | 2,054,628 | ||||||
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38 | 150 | 150,036 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27 | 100 | 101,674 | ||||||
City of Houston Texas Airport System Revenue, Refunding RB | ||||||||
AMT, 5.00%, 07/01/29 | 595 | 594,985 | ||||||
Series A, AMT, 5.00%, 07/01/27 | 100 | 101,879 | ||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 | 230 | 231,500 | ||||||
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48(g) | 1,415 | 1,390,403 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series E, AMT, 5.50%, 11/01/27 | 2,500 | 2,523,870 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 670 | 659,382 | ||||||
Harris County-Houston Sports Authority, Refunding RB(d) | ||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(c) | 2,300 | 1,082,789 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36 | 13,075 | 6,002,183 | ||||||
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 | 4,750 | 2,032,306 | ||||||
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33 | 730 | 731,330 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(c)(d) | 10,540 | 5,672,322 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) | 180 | 156,860 | ||||||
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(c)(d) | 640 | 318,063 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 3,185 | 3,135,569 |
7 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) |
| |||||||
Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46 | $ | 2,110 | $ | 2,034,749 | ||||
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48 | 1,370 | 1,431,049 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | 1,280 | 1,356,395 | ||||||
Series A, 4.00%, 07/01/53 | 1,435 | 1,307,040 | ||||||
Series A, 5.00%, 07/01/53 | 880 | 915,978 | ||||||
Series B, 5.00%, 07/01/48 | 4,955 | 5,101,891 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 95 | 82,960 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA COLL), 3.75%, 09/01/49 | 1,240 | 1,202,845 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB | ||||||||
AMT, 5.00%, 06/30/58 | 3,110 | 3,112,637 | ||||||
AMT, Senior Lien, 5.00%, 12/31/55 | 975 | 967,362 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB(d) | 500 | 191,459 | ||||||
0.00%, 08/01/41 | 2,000 | 717,536 | ||||||
0.00%, 08/01/42 | 2,345 | 788,237 | ||||||
Texas Water Development Board, RB | 675 | 742,225 | ||||||
4.00%, 10/15/45 | 1,810 | 1,796,329 | ||||||
|
| |||||||
51,225,561 | ||||||||
Utah — 0.4% |
| |||||||
City of Salt Lake City Utah Airport Revenue, ARB | ||||||||
Series A, AMT, 5.00%, 07/01/47 | 995 | 1,013,983 | ||||||
Series A, AMT, 5.00%, 07/01/48 | 955 | 974,663 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(b) | 100 | 93,872 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b) | 135 | 125,706 | ||||||
|
| |||||||
2,208,224 | ||||||||
Vermont — 0.0% |
| |||||||
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36 | 250 | 238,309 | ||||||
|
| |||||||
Virginia — 2.6% |
| |||||||
Ballston Quarter Community Development Authority, TA | ||||||||
Series A, 5.00%, 03/01/26 | 290 | 277,366 | ||||||
Series A, 5.13%, 03/01/31 | 755 | 636,572 | ||||||
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50 | 865 | 801,010 | ||||||
Hampton Roads Transportation Accountability Commission, RB | ||||||||
Series A, 4.00%, 07/01/52 | 2,780 | 2,672,395 | ||||||
Series A, Senior Lien, 4.00%, 07/01/50 | 1,265 | 1,204,016 | ||||||
Series A, Senior Lien, 4.00%, 07/01/55 | 1,575 | 1,511,527 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 1,010 | 947,665 |
Security | Par (000) | Value | ||||||
Virginia (continued) |
| |||||||
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.05%, 11/01/47 | $ | 1,825 | $ | 1,926,457 | ||||
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49 | 5,310 | 5,114,528 | ||||||
|
| |||||||
15,091,536 | ||||||||
Washington — 1.2% |
| |||||||
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Refunding RB, Series A, 5.00%, 01/01/26(c) | 2,335 | 2,466,094 | ||||||
Port of Seattle Washington, ARB | ||||||||
Series A, AMT, 5.00%, 05/01/43 | 1,615 | 1,661,520 | ||||||
Series C, AMT, 5.00%, 04/01/40 | 1,050 | 1,063,545 | ||||||
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43(b) | 2,165 | 1,827,585 | ||||||
|
| |||||||
7,018,744 | ||||||||
West Virginia — 0.1% |
| |||||||
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43 | 570 | 551,744 | ||||||
|
| |||||||
Wisconsin — 1.8% |
| |||||||
Public Finance Authority, RB | ||||||||
Series A, 5.00%, 07/01/55(b) | 120 | 104,436 | ||||||
Series A-1, 4.50%, 01/01/35(b) | 210 | 187,206 | ||||||
AMT, 4.00%, 09/30/51 | 5,615 | 4,584,221 | ||||||
AMT, 4.00%, 03/31/56 | 1,835 | 1,453,173 | ||||||
Public Finance Authority, Refunding RB(b) | 735 | 636,051 | ||||||
5.00%, 09/01/54 | 115 | 88,162 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 | 3,280 | 3,048,330 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 660 | 663,890 | ||||||
|
| |||||||
10,765,469 | ||||||||
|
| |||||||
Total Municipal Bonds — 140.3% | ||||||||
(Cost: $820,152,398) | 817,769,112 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(h) |
| |||||||
Alabama — 1.2% |
| |||||||
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53 | 6,702 | 7,105,210 | ||||||
|
| |||||||
Colorado — 1.6% |
| |||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.50%, 11/15/53 | 7,685 | 8,389,460 | ||||||
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45 | 1,180 | 1,145,636 | ||||||
|
| |||||||
9,535,096 | ||||||||
District of Columbia — 0.4% |
| |||||||
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, 4.10%, 09/01/39 | 2,361 | 2,303,528 | ||||||
|
| |||||||
Florida — 0.9% |
| |||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(i) | 5,672 | 5,057,702 | ||||||
|
|
SCHEDULE OF INVESTMENTS | 8 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Georgia — 1.6% |
| |||||||
Main Street Natural Gas, Inc., RB, Series B, 5.00%, 12/01/52 | $ | 9,020 | $ | 9,448,382 | ||||
|
| |||||||
Iowa — 0.4% |
| |||||||
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46 | 2,740 | 2,580,642 | ||||||
|
| |||||||
Nebraska — 0.9% |
| |||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53 | 5,241 | 5,468,970 | ||||||
|
| |||||||
New York — 1.3% |
| |||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 5,159 | 5,016,615 | ||||||
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/55 | 2,820 | 2,575,154 | ||||||
|
| |||||||
7,591,769 | ||||||||
Rhode Island — 0.9% |
| |||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 | 5,570 | 5,146,532 | ||||||
|
| |||||||
West Virginia — 0.7% |
| |||||||
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(i) | 4,222 | 4,005,850 | ||||||
|
| |||||||
Wisconsin — 1.5% |
| |||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46 | 3,070 | 2,919,825 | ||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing | ||||||||
Series A, 4.10%, 11/01/43 | 2,658 | 2,495,065 | ||||||
Series A, 4.45%, 05/01/57 | 3,322 | 3,118,831 | ||||||
|
| |||||||
8,533,721 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.4% |
| |||||||
(Cost: $68,745,414) | 66,777,402 | |||||||
|
| |||||||
Total Long-Term Investments — 151.7% | ||||||||
(Cost: $888,897,812) | 884,546,514 | |||||||
|
|
Security |
Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 5.0% |
| |||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(j)(k) | 28,933,328 | $ | 28,930,435 | |||||
|
| |||||||
Total Short-Term Securities — 5.0% | ||||||||
(Cost: $28,928,668) | 28,930,435 | |||||||
|
| |||||||
Total Investments — 156.7% |
| |||||||
(Cost: $917,826,480) | 913,476,949 | |||||||
Other Assets Less Liabilities — 1.5% |
| 8,676,554 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (6.3)% |
| (36,481,704 | ) | |||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (51.9)% |
| (302,700,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 582,971,799 | |||||
|
|
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | Zero-coupon bond. |
(e) | Issuer filed for bankruptcy and/or is in default. |
(f) | Non-income producing security. |
(g) | When-issued security. |
(h) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. |
(i) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between June 1, 2026 to February 15, 2028, is $5,152,987. |
(j) | Affiliate of the Trust. |
(k) | Annualized 7-day yield as of period end. |
For Trust compliance purposes, the Trust’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/23 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 2,826,073 | $ | 26,103,379 | (a) | $ | — | $ | (151 | ) | $ | 1,134 | $ | 28,930,435 | 28,933,328 | $ | 276,499 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
9 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 115 | 06/21/23 | $ | 13,277 | $ | (417,755 | ) | |||||||||
U.S. Long Bond | 184 | 06/21/23 | 24,265 | (929,555 | ) | |||||||||||
5-Year U.S. Treasury Note | 100 | 06/30/23 | 10,995 | (262,350 | ) | |||||||||||
|
| |||||||||||||||
$ | (1,609,660 | ) | ||||||||||||||
|
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 817,769,112 | $ | — | $ | 817,769,112 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 66,777,402 | — | 66,777,402 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 28,930,435 | — | — | 28,930,435 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 28,930,435 | $ | 884,546,514 | $ | — | $ | 913,476,949 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Interest Rate Contracts | $ | (1,609,660 | ) | $ | — | $ | — | $ | (1,609,660 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (36,111,734 | ) | $ | — | $ | (36,111,734 | ) | ||||||
VMTP Shares at Liquidation Value | — | (302,700,000 | ) | — | (302,700,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (338,811,734 | ) | $ | — | $ | (338,811,734 | ) | |||||||
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS | 10 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock Municipal Income Trust II (BLE) |
Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
BAM | Build America Mutual Assurance Co. | |
BAM-TCRS | Build America Mutual Assurance Co.- Transferable Custodial Receipts | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
PSF | Permanent School Fund | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAW | State Aid Withholding | |
TA | Tax Allocation |
11 |