Schedule of Investments (unaudited) October 31, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds |
| |||||||
Alabama — 3.4% |
| |||||||
Black Belt Energy Gas District, RB, 4.00%, 10/01/52(a) | $ | 2,925 | $ | 2,818,426 | ||||
County of Jefferson Alabama Sewer Revenue, Refunding RB | ||||||||
Series A, Senior Lien, (AGM), 5.00%, 10/01/44 | 540 | 532,037 | ||||||
Series A, Senior Lien, (AGM), 5.25%, 10/01/48 | 1,320 | 1,321,128 | ||||||
Series D, Sub Lien, 7.00%, 10/01/51 | 4,335 | 4,545,630 | ||||||
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 | 1,170 | 1,099,369 | ||||||
Southeast Energy Authority A Cooperative District, RB(a) | ||||||||
Series A, 4.00%, 11/01/51 | 5,290 | 4,994,110 | ||||||
Series A-1, 5.50%, 01/01/53 | 1,960 | 1,978,408 | ||||||
|
| |||||||
17,289,108 | ||||||||
Arizona — 3.0% | ||||||||
Arizona Industrial Development Authority, | ||||||||
4.38%, 07/01/39 | 225 | 176,671 | ||||||
Series A, 5.00%, 07/01/49 | 210 | 169,188 | ||||||
Series A, 5.00%, 07/01/54 | 165 | 129,526 | ||||||
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(b) | 1,185 | 1,033,544 | ||||||
City of Phoenix Civic Improvement Corp., RB, 5.25%, 07/01/47(c) | 1,740 | 1,805,837 | ||||||
Glendale Industrial Development Authority, RB, 5.00%, 05/15/56 | 500 | 372,375 | ||||||
Industrial Development Authority of the City of Phoenix Arizona, RB, Series A, 5.00%, 07/01/46(b) | 1,825 | 1,550,990 | ||||||
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(b) | 350 | 280,627 | ||||||
Maricopa County Industrial Development Authority, RB, 6.38%, 07/01/58(b) | 620 | 561,240 | ||||||
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38 | 820 | 720,937 | ||||||
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40 | 1,250 | 959,987 | ||||||
Salt Verde Financial Corp., RB | ||||||||
5.00%, 12/01/32 | 5,635 | 5,560,063 | ||||||
5.00%, 12/01/37 | 2,000 | 1,938,161 | ||||||
|
| |||||||
15,259,146 | ||||||||
Arkansas — 0.7% | ||||||||
Arkansas Development Finance Authority, RB | ||||||||
AMT, 5.70%, 05/01/53 | 975 | 885,228 | ||||||
AMT, 4.75%, 09/01/49(b) | 1,175 | 1,078,551 | ||||||
Series A, AMT, 4.50%, 09/01/49(b) | 1,920 | 1,687,976 | ||||||
|
| |||||||
3,651,755 | ||||||||
California — 5.8% | ||||||||
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36 | 350 | 328,078 | ||||||
California Educational Facilities Authority, RB, Series U-7, 5.00%, 06/01/46 | 2,315 | 2,402,214 | ||||||
California Enterprise Development Authority, RB, 8.00%, 11/15/62(b) | 855 | 755,099 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 08/01/55 | 1,500 | 1,309,461 | ||||||
Series A, 4.00%, 03/01/39 | 890 | 767,123 |
Security | Par (000) | Value | ||||||
California (continued) | ||||||||
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47 | $ | 780 | $ | 625,036 | ||||
California Municipal Finance Authority, RB, S/F Housing | ||||||||
Series A, 5.25%, 08/15/39 | 205 | 200,193 | ||||||
Series A, 5.25%, 08/15/49 | 510 | 496,786 | ||||||
California Pollution Control Financing Authority, RB, AMT, 5.00%, 11/21/45(b) | 2,130 | 2,011,400 | ||||||
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(b) | 1,700 | 1,512,970 | ||||||
City of Los Angeles Department of Airports, ARB, AMT, 5.25%, 05/15/47 | 4,400 | 4,370,492 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, Subordinate, 5.00%, 05/15/46 | 1,265 | 1,239,556 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(b) | 245 | 184,481 | ||||||
4.00%, 12/01/56 | 355 | 224,038 | ||||||
Series A, 4.00%, 06/01/58 | 1,220 | 832,269 | ||||||
Senior Lien, 3.13%, 06/01/57 | 1,290 | 738,061 | ||||||
Series A, Senior Lien, 4.00%, 12/01/58 | 655 | 442,966 | ||||||
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52 | 2,405 | 2,183,222 | ||||||
Kern Community College District, GO, Series C, 5.50%, 11/01/23(d) | 2,155 | 2,155,000 | ||||||
Riverside County Transportation Commission, Refunding RB, Class B1, Senior Lien, 4.00%, 06/01/46 | 2,255 | 1,880,078 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.50%, 05/01/28 | 720 | 720,656 | ||||||
Series A, AMT, 5.25%, 05/01/33 | 560 | 560,298 | ||||||
San Marcos Unified School District, GO, CAB(e) | ||||||||
Series B, Election 2010, 0.00%, 08/01/33 | 3,000 | 2,021,776 | ||||||
Series B, Election 2010, 0.00%, 08/01/43 | 2,500 | 932,997 | ||||||
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40 | 830 | 830,288 | ||||||
|
| |||||||
29,724,538 | ||||||||
Colorado — 2.0% | ||||||||
Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b) | 250 | 203,858 | ||||||
City & County of Denver Colorado Airport System Revenue, ARB | ||||||||
Series B, 5.25%, 11/15/32 | 1,750 | 1,751,573 | ||||||
Series A, AMT, 5.50%, 11/15/28 | 500 | 500,351 | ||||||
Series A, AMT, 5.50%, 11/15/30 | 225 | 225,160 | ||||||
Series A, AMT, 5.50%, 11/15/31 | 270 | 270,191 | ||||||
City & County of Denver Colorado Airport System Revenue, Refunding ARB | ||||||||
Series A, AMT, 4.13%, 11/15/53 | 1,290 | 1,027,481 | ||||||
Series D, AMT, 5.75%, 11/15/45 | 1,315 | 1,369,715 | ||||||
City & County of Denver Colorado Pledged Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(e) | 1,835 | 809,969 | ||||||
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(b) | 320 | 253,967 | ||||||
Colorado Health Facilities Authority, RB 5.25%, 11/01/39 | 595 | 593,572 |
1 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Colorado (continued) | ||||||||
Colorado Health Facilities Authority, RB (continued) | ||||||||
5.50%, 11/01/47 | $ | 370 | $ | 370,459 | ||||
5.25%, 11/01/52 | 920 | 875,899 | ||||||
Colorado Health Facilities Authority, Refunding RB, Series A, 5.00%, 08/01/44 | 495 | 471,137 | ||||||
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 | 1,325 | 1,216,357 | ||||||
Denver International Business Center Metropolitan District No. 1, GO, Series A, 4.00%, 12/01/48 | 495 | 377,232 | ||||||
|
| |||||||
10,316,921 | ||||||||
District of Columbia — 5.2% | ||||||||
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40 | 11,165 | 11,484,831 | ||||||
District of Columbia, Refunding RB, 5.00%, 10/01/48 | 2,525 | 2,390,918 | ||||||
District of Columbia, TA, 5.13%, 06/01/41 | 690 | 690,164 | ||||||
Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48 | 5,280 | 5,197,893 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49 | 5,985 | 4,689,975 | ||||||
Washington Metropolitan Area Transit Authority Dedicated Revenue, RB | ||||||||
Series A, 4.00%, 07/15/46 | 1,310 | 1,114,249 | ||||||
Series A, 4.13%, 07/15/47 | 1,285 | 1,104,167 | ||||||
|
| |||||||
26,672,197 | ||||||||
Florida — 5.2% | ||||||||
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/47 | 2,460 | 2,337,226 | ||||||
Capital Trust Agency, Inc., RB | ||||||||
Series A, 5.00%, 06/01/45(b) | 190 | 149,212 | ||||||
Series A, 5.00%, 12/15/49 | 140 | 122,184 | ||||||
Series A, 5.00%, 12/15/54 | 125 | 107,799 | ||||||
Series A, 5.50%, 06/01/57(b) | 100 | 79,416 | ||||||
Celebration Pointe Community Development District No. 1, SAB | ||||||||
5.00%, 05/01/32 | 200 | 192,451 | ||||||
5.00%, 05/01/48 | 530 | 457,127 | ||||||
City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/48 | 2,920 | 3,100,317 | ||||||
City of Tampa Florida, RB, CAB, Series A, 0.00%, 09/01/45(e) | 6,275 | 1,621,180 | ||||||
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45 | 575 | 551,340 | ||||||
County of Lee Florida Airport Revenue, ARB, | 2,230 | 2,130,494 | ||||||
County of Miami-Dade Seaport Department, Refunding RB, Series A, AMT, 5.25%, 10/01/52 | 1,455 | 1,388,996 | ||||||
County of Pasco Florida, RB | ||||||||
(AGM), 5.00%, 09/01/48 | 5,330 | 5,306,667 | ||||||
(AGM), 5.75%, 09/01/54 | 955 | 1,002,149 | ||||||
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45 | 5,675 | 4,391,364 | ||||||
Florida Development Finance Corp., RB 6.50%, 06/30/57(b) | 750 | 646,466 | ||||||
Series A, 5.00%, 06/15/56 | 115 | 100,328 | ||||||
AMT, 5.00%, 05/01/29(b) | 180 | 163,857 |
Security | Par (000) | Value | ||||||
Florida (continued) | ||||||||
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(b) | $ | 105 | $ | 78,327 | ||||
Lakewood Ranch Stewardship District, SAB | 180 | 168,809 | ||||||
5.38%, 05/01/47 | 185 | 164,286 | ||||||
6.30%, 05/01/54 | 480 | 467,218 | ||||||
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40 | 15 | 15,000 | ||||||
Osceola Chain Lakes Community Development District, SAB | 270 | 213,470 | ||||||
4.00%, 05/01/50 | 260 | 181,447 | ||||||
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(f)(g) | 1,670 | 1,118,935 | ||||||
|
| |||||||
26,256,065 | ||||||||
Georgia — 3.6% | ||||||||
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b) | 435 | 343,001 | ||||||
Main Street Natural Gas, Inc., RB | ||||||||
Series A, 5.00%, 05/15/38 | 325 | 309,668 | ||||||
Series A, 5.00%, 05/15/49 | 7,195 | 6,697,900 | ||||||
Series B, 5.00%, 12/01/52(a) | 5,000 | 4,933,171 | ||||||
Municipal Electric Authority of Georgia, RB | 1,200 | 996,202 | ||||||
4.00%, 01/01/59 | 3,525 | 2,776,586 | ||||||
Series A, 5.00%, 07/01/52 | 1,870 | 1,755,021 | ||||||
Municipal Electric Authority of Georgia, Refunding RB, 4.00%, 01/01/51 | 520 | 406,907 | ||||||
|
| |||||||
18,218,456 | ||||||||
Hawaii — 0.2% | ||||||||
State of Hawaii Airports System Revenue, COP | ||||||||
AMT, 5.25%, 08/01/25 | 250 | 250,033 | ||||||
AMT, 5.25%, 08/01/26 | 810 | 810,196 | ||||||
|
| |||||||
1,060,229 | ||||||||
Idaho — 0.6% | ||||||||
Idaho Housing & Finance Association, RB, (GTD), 5.50%, 05/01/52 | 1,250 | 1,239,439 | ||||||
Idaho Housing & Finance Association, Refunding RB | ||||||||
(GTD), 4.00%, 05/01/42 | 1,400 | 1,118,215 | ||||||
(GTD), 4.00%, 05/01/52 | 1,095 | 798,722 | ||||||
|
| |||||||
3,156,376 | ||||||||
Illinois — 11.1% | ||||||||
Chicago Board of Education, GO | ||||||||
Series A, 5.00%, 12/01/34 | 1,035 | 1,008,275 | ||||||
Series A, 5.00%, 12/01/40 | 535 | 487,053 | ||||||
Series A, 5.00%, 12/01/47 | 100 | 87,738 | ||||||
Series C, 5.25%, 12/01/35 | 2,790 | 2,720,035 | ||||||
Series D, 5.00%, 12/01/46 | 3,605 | 3,185,323 | ||||||
Series H, 5.00%, 12/01/36 | 495 | 466,805 | ||||||
Chicago Board of Education, Refunding GO | ||||||||
Series D, 5.00%, 12/01/27 | 1,600 | 1,607,616 | ||||||
Series D, 5.00%, 12/01/31 | 150 | 148,225 | ||||||
Series G, 5.00%, 12/01/34 | 710 | 690,423 | ||||||
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41 | 1,010 | 952,011 | ||||||
Chicago O’Hare International Airport, ARB, Class A, AMT, Senior Lien, 5.50%, 01/01/55 | 2,565 | 2,561,452 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Illinois (continued) | ||||||||
Chicago O’Hare International Airport, Refunding ARB, Series B, Senior Lien, 5.00%, 01/01/53 | $ | 1,585 | $ | 1,550,715 | ||||
Chicago Transit Authority Sales Tax Receipts Fund, RB, 2nd Lien, 5.00%, 12/01/46 | 1,385 | 1,302,449 | ||||||
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49 | 2,210 | 1,726,140 | ||||||
City of Chicago Illinois Wastewater Transmission Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 01/01/48 | 2,665 | 2,687,267 | ||||||
City of Chicago Illinois Waterworks Revenue, RB, Series A, 2nd Lien, (AGM), 5.25%, 11/01/48 | 1,430 | 1,445,159 | ||||||
Cook County Community College District No. 508, GO | 2,670 | 2,605,363 | ||||||
5.25%, 12/01/43 | 3,850 | 3,483,500 | ||||||
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37 | 480 | 446,080 | ||||||
Illinois Finance Authority, Refunding RB | ||||||||
Series A, 4.00%, 07/15/47 | 3,920 | 3,234,856 | ||||||
Series C, 4.00%, 02/15/41 | 1,405 | 1,217,660 | ||||||
Series C, 5.00%, 02/15/41 | 1,600 | 1,557,527 | ||||||
Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 6.25%, 10/01/52 | 3,575 | 3,720,668 | ||||||
Illinois State Toll Highway Authority, RB, Series B, 5.00%, 01/01/40 | 2,000 | 2,007,088 | ||||||
Metropolitan Pier & Exposition Authority, RB 5.00%, 06/15/57 | 2,745 | 2,507,690 | ||||||
Series A, 5.50%, 06/15/53 | 280 | 277,485 | ||||||
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(e) | 2,165 | 330,410 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB | 1,680 | 1,300,412 | ||||||
Series B, (AGM), 0.00%, 06/15/44(e) | 8,680 | 2,817,958 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, 0.00%, 12/15/54(e) | 3,020 | 490,398 | ||||||
State of Illinois, GO | 730 | 731,493 | ||||||
5.25%, 02/01/32 | 2,500 | 2,505,120 | ||||||
5.00%, 02/01/39 | 1,640 | 1,604,473 | ||||||
Series B, 5.25%, 05/01/43 | 1,115 | 1,098,891 | ||||||
Series D, 5.00%, 11/01/28 | 505 | 517,141 | ||||||
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27 | 180 | 184,442 | ||||||
University of Illinois, RB, Series A, 5.00%, 04/01/44 | 1,360 | 1,361,697 | ||||||
|
| |||||||
56,627,038 | ||||||||
Indiana — 1.1% | ||||||||
City of Valparaiso Indiana, RB | ||||||||
AMT, 6.75%, 01/01/34 | 1,090 | 1,092,545 | ||||||
AMT, 7.00%, 01/01/44 | 4,625 | 4,635,019 | ||||||
|
| |||||||
5,727,564 | ||||||||
Iowa — 0.0% | ||||||||
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39 | 245 | 215,652 | ||||||
|
|
Security | Par (000) | Value | ||||||
Kansas — 0.1% | ||||||||
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43 | $ | 400 | $ | 338,102 | ||||
|
| |||||||
Kentucky — 2.6% | ||||||||
Kentucky Economic Development Finance Authority, Refunding RB, Series A, 5.00%, 08/01/44 | 1,115 | 1,053,981 | ||||||
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(e) | 5,000 | 4,801,671 | ||||||
Kentucky Public Energy Authority, RB, | 6,085 | 5,633,691 | ||||||
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Convertible, 6.75%, 07/01/43(h) | 1,655 | 1,812,978 | ||||||
|
| |||||||
13,302,321 | ||||||||
Louisiana — 0.7% | ||||||||
Lafayette Parish School Board Sale Tax Revenue, RB | 555 | 476,350 | ||||||
4.00%, 04/01/53 | 355 | 296,205 | ||||||
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29 | 1,000 | 1,001,566 | ||||||
New Orleans Aviation Board, ARB, Series B, AMT, 5.00%, 01/01/48 | 995 | 903,344 | ||||||
Tobacco Settlement Financing Corp. Refunding RB, Series A, 5.25%, 05/15/35 | 780 | 780,325 | ||||||
|
| |||||||
3,457,790 | ||||||||
Maryland — 0.3% | ||||||||
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33 | 135 | 122,378 | ||||||
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47 | 1,550 | 1,454,703 | ||||||
|
| |||||||
1,577,081 | ||||||||
Massachusetts — 2.0% | ||||||||
Commonwealth of Massachusetts, GO | ||||||||
Series C, 5.00%, 10/01/47 | 1,810 | 1,837,625 | ||||||
Series C, 5.00%, 10/01/52 | 1,875 | 1,899,116 | ||||||
Massachusetts Development Finance Agency, RB, | 4,555 | 4,117,362 | ||||||
Massachusetts Development Finance Agency, Refunding RB | 525 | 490,360 | ||||||
5.00%, 01/01/45 | 375 | 343,693 | ||||||
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47 | 675 | 581,447 | ||||||
Massachusetts Port Authority, ARB, Series E, AMT, 5.00%, 07/01/46 | 1,220 | 1,181,802 | ||||||
|
| |||||||
10,451,405 | ||||||||
Michigan — 5.3% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36 | 5 | 5,009 | ||||||
City of Lansing Michigan, Refunding GO, | 3,450 | 3,430,331 | ||||||
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44 | 1,110 | 1,063,786 | ||||||
Michigan Finance Authority, RB, 4.00%, 02/15/50 | 5,250 | 4,243,137 |
3 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Michigan (continued) | ||||||||
Michigan State Building Authority, Refunding RB, Series I, 4.00%, 10/15/52 | $ | 555 | $ | 448,120 | ||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, 5.00%, 10/01/48 | 12,960 | 12,290,136 | ||||||
Series A, AMT, 4.15%, 10/01/53 | 4,615 | 3,732,413 | ||||||
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43 . | 1,680 | 1,562,039 | ||||||
|
| |||||||
26,774,971 | ||||||||
Minnesota — 2.3% | ||||||||
Duluth Economic Development Authority, Refunding RB | ||||||||
Series A, 4.25%, 02/15/48 | 5,685 | 4,734,592 | ||||||
Series A, 5.25%, 02/15/53 | 615 | 592,054 | ||||||
Series A, 5.25%, 02/15/58 | 3,050 | 2,921,625 | ||||||
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47 | 1,495 | 1,473,247 | ||||||
Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 6.00%, 01/01/53 | 2,130 | 2,207,511 | ||||||
|
| |||||||
11,929,029 | ||||||||
Mississippi — 0.2% | ||||||||
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40 | 1,190 | 1,192,573 | ||||||
|
| |||||||
Missouri — 1.6% | ||||||||
Health & Educational Facilities Authority of the State of Missouri, Refunding RB | ||||||||
Series A, 4.00%, 07/01/46 | 1,830 | 1,515,668 | ||||||
Series C, 4.00%, 11/15/49 | 3,455 | 2,783,197 | ||||||
Kansas City Industrial Development Authority, ARB, Class B, AMT, 5.00%, 03/01/54 | 3,435 | 3,171,995 | ||||||
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37 | 500 | 440,544 | ||||||
|
| |||||||
7,911,404 | ||||||||
New Hampshire(b) — 0.6% | ||||||||
New Hampshire Business Finance Authority, Refunding RB | ||||||||
Series B, 4.63%, 11/01/42 | 2,350 | 1,853,768 | ||||||
Series B, AMT, 3.75%, 07/01/45(a) | 270 | 180,234 | ||||||
Series C, AMT, 4.88%, 11/01/42 | 1,260 | 976,486 | ||||||
|
| |||||||
3,010,488 | ||||||||
New Jersey — 11.3% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | 2,390 | 2,310,181 | ||||||
5.25%, 11/01/44 | 2,250 | 2,094,626 | ||||||
Middlesex County Improvement Authority, RB, Series B, | 645 | 7,966 | ||||||
New Jersey Economic Development Authority, RB | 1,375 | 1,462,764 | ||||||
5.00%, 06/15/43 | 2,335 | 2,301,214 | ||||||
Series EEE, 5.00%, 06/15/48 | 6,405 | 6,261,496 | ||||||
AMT, (AGM), 5.00%, 01/01/31 | 530 | 524,123 | ||||||
AMT, 5.38%, 01/01/43 | 1,500 | 1,452,318 | ||||||
New Jersey Economic Development Authority, Refunding ARB, AMT, 5.00%, 10/01/47 | 1,570 | 1,430,771 |
Security | Par (000) | Value | ||||||
New Jersey (continued) | ||||||||
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 12/15/26(d) | $ | 775 | $ | 816,383 | ||||
New Jersey Economic Development Authority, Refunding SAB | 5,584 | 5,626,993 | ||||||
5.75%, 04/01/31 | 705 | 630,619 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51 | 4,980 | 4,076,038 | ||||||
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50 | 1,810 | 1,415,993 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49 | 665 | 461,013 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
Series AA, 5.00%, 06/15/45 | 415 | 408,375 | ||||||
Series AA, 4.00%, 06/15/50 | 1,730 | 1,422,135 | ||||||
Series S, 5.25%, 06/15/43 | 1,145 | 1,156,349 | ||||||
Series S, 5.00%, 06/15/46 | 4,980 | 4,837,483 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB, Series A, 4.25%, 06/15/40 | 7,330 | 6,674,568 | ||||||
New Jersey Turnpike Authority, RB, Series B, 5.00%, 01/01/46 | 5,385 | 5,405,882 | ||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | 275 | 259,200 | ||||||
Series A, 5.25%, 06/01/46 | 4,140 | 4,069,825 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 2,955 | 2,744,060 | ||||||
|
| |||||||
57,850,375 | ||||||||
New Mexico — 0.0% | ||||||||
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44 | 100 | 78,489 | ||||||
|
| |||||||
New York — 16.3% | ||||||||
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35 | 500 | 497,502 | ||||||
City of New York, GO | ||||||||
Series A-1, 4.00%, 09/01/46 | 1,550 | 1,317,200 | ||||||
Series B, 5.25%, 10/01/39 | 1,030 | 1,079,335 | ||||||
Series B, 5.25%, 10/01/40 | 790 | 824,679 | ||||||
Series D-1, 4.00%, 03/01/42 | 455 | 403,652 | ||||||
Metropolitan Transportation Authority, RB | ||||||||
Series B, 5.25%, 11/15/39 | 910 | 910,592 | ||||||
Series C, 4.00%, 11/15/33 | 100 | 95,309 | ||||||
Metropolitan Transportation Authority, Refunding RB | ||||||||
Series C-1, 5.00%, 11/15/25 | 100 | 101,178 | ||||||
Series C-1, 5.00%, 11/15/26 | 65 | 66,310 | ||||||
Series C-1, 4.75%, 11/15/45 | 6,795 | 6,249,501 | ||||||
Series C-1, 5.00%, 11/15/50 | 575 | 542,445 | ||||||
Monroe County Industrial Development Corp., Refunding RB, Series A, 4.00%, 07/01/50 | 1,760 | 1,472,282 | ||||||
New York City Housing Development Corp., RB, M/F Housing, Series H, Sustainability Bonds, 2.55%, 11/01/45 | 925 | 577,184 | ||||||
New York City Municipal Water Finance Authority, RB, Series AA-1, 5.25%, 06/15/52 | 1,080 | 1,108,290 | ||||||
New York City Municipal Water Finance Authority, Refunding RB | ||||||||
Series BB-1, 4.00%, 06/15/45 | 810 | 709,251 |
SCHEDULE OF INVESTMENTS | 4 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) | ||||||||
New York City Municipal Water Finance Authority, Refunding RB (continued) | ||||||||
Series DD, 4.13%, 06/15/46 | $ | 7,250 | $ | 6,356,776 | ||||
Series DD, 4.13%, 06/15/47 | 3,430 | 2,988,926 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, RB | ||||||||
Series A-1, Subordinate, 4.00%, 08/01/48 | 2,240 | 1,894,419 | ||||||
Series B-1, Subordinate, 4.00%, 08/01/48 | 2,500 | 2,119,031 | ||||||
Series F-1, Subordinate, 5.00%, 02/01/47 | 3,260 | 3,271,754 | ||||||
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(b) | 3,200 | 3,199,901 | ||||||
New York Liberty Development Corp., Refunding RB | ||||||||
Class 1, 5.00%, 11/15/44(b) | 4,910 | 4,381,484 | ||||||
Class 2, 5.38%, 11/15/40(b) | 1,175 | 1,086,036 | ||||||
Series A, 3.00%, 11/15/51 | 2,040 | 1,322,465 | ||||||
Series A, (BAM-TCRS), 3.00%, 11/15/51 | 1,270 | 817,470 | ||||||
New York State Dormitory Authority, Refunding RB | ||||||||
Series A, 4.00%, 03/15/44 | 1,200 | 1,037,083 | ||||||
Series A, 4.00%, 03/15/47 | 3,830 | 3,275,180 | ||||||
Series A, 4.00%, 03/15/48 | 1,420 | 1,205,986 | ||||||
New York State Thruway Authority, Refunding RB, Series A, 4.00%, 03/15/42 | 750 | 672,118 | ||||||
New York State Urban Development Corp., RB, Series A, 4.00%, 03/15/49 | 4,625 | 3,875,784 | ||||||
New York State Urban Development Corp., Refunding RB | 6,575 | 5,730,341 | ||||||
4.00%, 03/15/49 | 2,205 | 1,847,416 | ||||||
New York Transportation Development Corp., ARB AMT, | 2,250 | 2,163,911 | ||||||
Series A, AMT, 5.00%, 07/01/46 | 1,600 | 1,474,809 | ||||||
New York Transportation Development Corp., RB | 1,050 | 1,038,998 | ||||||
AMT, 5.00%, 10/01/35 | 1,910 | 1,822,719 | ||||||
AMT, 4.00%, 10/31/46 | 425 | 333,857 | ||||||
Port Authority of New York & New Jersey, ARB, 218th Series, AMT, 4.00%, 11/01/47 | 380 | 304,385 | ||||||
Port Authority of New York & New Jersey, Refunding ARB, 223rd Series, AMT, 4.00%, 07/15/41 | 1,150 | 978,020 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Revenue, RB | ||||||||
Series A, 4.00%, 05/15/48 | 6,855 | 5,782,743 | ||||||
Series A, 5.25%, 05/15/52 | 900 | 918,311 | ||||||
Triborough Bridge & Tunnel Authority, Refunding RB, | ||||||||
Series C, 5.00%, 05/15/47 | 6,930 | 6,931,153 | ||||||
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42 | 195 | 172,991 | ||||||
|
| |||||||
82,958,777 | ||||||||
North Carolina — 0.5% | ||||||||
North Carolina Housing Finance Agency, RB, S/F Housing, (FHLMC, FNMA, GNMA), 6.00%, 07/01/53 | 2,325 | 2,402,775 | ||||||
|
| |||||||
North Dakota — 0.2% | ||||||||
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58 | 1,035 | 987,075 | ||||||
|
|
Security | Par (000) | Value | ||||||
Ohio — 2.1% | ||||||||
Buckeye Tobacco Settlement Financing Authority, Refunding RB | ||||||||
Series A-2, 4.00%, 06/01/48 | $ | 915 | $ | 731,292 | ||||
Series B-2, 5.00%, 06/01/55 | 6,585 | 5,384,565 | ||||||
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47 | 435 | 422,509 | ||||||
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49 | 590 | 569,446 | ||||||
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50 | 2,415 | 1,949,392 | ||||||
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b) | 860 | 685,511 | ||||||
State of Ohio, RB, AMT, 5.00%, 06/30/53 | 870 | 782,548 | ||||||
|
| |||||||
10,525,263 | ||||||||
Oklahoma — 0.6% | ||||||||
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52 | 1,640 | 1,412,583 | ||||||
Oklahoma Water Resources Board, RB, 4.00%, 04/01/48 | 240 | 207,044 | ||||||
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45 | 1,435 | 1,284,493 | ||||||
|
| |||||||
2,904,120 | ||||||||
Oregon — 2.4% | ||||||||
Clackamas County School District No. 12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(e) | 1,445 | 641,976 | ||||||
Port of Portland Oregon Airport Revenue, Refunding ARB, 29th Series, AMT, 5.50%, 07/01/48 | 11,630 | 11,815,628 | ||||||
|
| |||||||
12,457,604 | ||||||||
Pennsylvania — 6.0% | ||||||||
Allegheny County Airport Authority, ARB, (AGM), 5.50%, 01/01/48 | 535 | 540,203 | ||||||
Montgomery County Higher Education and Health Authority, Refunding RB | 2,260 | 1,766,285 | ||||||
5.00%, 09/01/48 | 385 | 360,184 | ||||||
Montgomery County Industrial Development Authority, RB, Series C, 5.00%, 11/15/45 | 205 | 183,455 | ||||||
Pennsylvania Economic Development Financing Authority, RB | ||||||||
AMT, 5.00%, 06/30/42 | 3,680 | 3,381,883 | ||||||
AMT, 5.75%, 06/30/48 | 1,405 | 1,437,029 | ||||||
AMT, 5.25%, 06/30/53 | 2,330 | 2,256,232 | ||||||
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44 | 480 | 430,159 | ||||||
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44 | 3,695 | 3,117,339 | ||||||
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series B, 4.00%, 12/01/53 | 2,990 | 2,382,298 | ||||||
Pennsylvania Turnpike Commission, RB | 7,110 | 7,255,859 | ||||||
Sub-Series B-1, 5.25%, 06/01/47 | 2,500 | 2,509,553 | ||||||
Series A, Subordinate, 4.00%, 12/01/46 | 2,065 | 1,707,913 | ||||||
Series A, Subordinate, (BAM-TCRS), 4.00%, 12/01/50 | 810 | 669,443 |
5 |
Schedule of Investments (unaudited) (continued) October 31, 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 C, 4.00%, 12/01/51 | $ | 2,355 | $ | 1,913,040 | ||||
Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52 | 440 | 428,017 | ||||||
|
| |||||||
30,338,892 | ||||||||
Puerto Rico — 4.5% | ||||||||
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 | 1,596 | 1,641,077 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 5,908 | 4,983,737 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 11,913 | 10,324,204 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 3,256 | 2,726,117 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 159 | 132,944 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e) | 12,023 | 2,971,947 | ||||||
|
| |||||||
22,780,026 | ||||||||
Rhode Island — 0.9% | ||||||||
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47 | 5,575 | 4,491,758 | ||||||
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37 | 250 | 212,115 | ||||||
|
| |||||||
4,703,873 | ||||||||
South Carolina — 2.0% | ||||||||
South Carolina Jobs-Economic Development Authority, RB, 5.00%, 01/01/55(b) | 335 | 252,129 | ||||||
South Carolina Jobs-Economic Development Authority, Refunding RB | 2,710 | 2,717,814 | ||||||
Series A, 5.00%, 05/01/43 | 2,430 | 2,347,771 | ||||||
Series A, 5.00%, 05/01/48 | 3,395 | 3,219,719 | ||||||
South Carolina Public Service Authority, Refunding RB, Series B, 5.00%, 12/01/51 | 1,785 | 1,692,769 | ||||||
|
| |||||||
10,230,202 | ||||||||
Tennessee — 1.4% | ||||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB | 1,820 | 1,645,089 | ||||||
Series A, 4.00%, 10/01/49 | 445 | 329,877 | ||||||
Metropolitan Nashville Airport Authority, ARB | ||||||||
Series B, AMT, 5.25%, 07/01/35 | 950 | 977,395 | ||||||
Series B, AMT, 5.50%, 07/01/36 | 795 | 828,397 | ||||||
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a) | 3,130 | 3,140,119 | ||||||
|
| |||||||
6,920,877 | ||||||||
Texas — 15.2% | ||||||||
Arlington Higher Education Finance Corp., RB(b) | 965 | 844,295 | ||||||
7.88%, 11/01/62 | 815 | 767,304 | ||||||
City of Austin Texas Airport System Revenue, ARB, Series B, AMT, 5.00%, 11/15/44 | 1,980 | 1,888,680 | ||||||
City of Garland Texas Electric Utility System Revenue, Refunding RB, (AGM), 4.25%, 03/01/48 | 425 | 362,919 | ||||||
City of Houston Texas Airport System Revenue, Refunding ARB, Series A, AMT, 1st Lien, Subordinate, (AGM), 5.25%, 07/01/48 | 5,180 | 5,066,874 |
Security | Par (000) | Value | ||||||
Texas (continued) | ||||||||
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29 | $ | 595 | $ | 578,858 | ||||
City of Houston Texas, GO, 5.25%, 03/01/42 | 470 | 490,231 | ||||||
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43 | 230 | 230,031 | ||||||
County of Harris Texas, Refunding GO, Series A, 4.25%, 09/15/48 | 890 | 769,267 | ||||||
Crowley Independent School District, GO, (PSF), 5.00%, 02/01/48 | 3,455 | 3,509,186 | ||||||
Cypress-Fairbanks Independent School District, GO, (PSF), 4.00%, 02/15/48 | 1,415 | 1,212,030 | ||||||
Dallas Fort Worth International Airport, Refunding RB, Series E, AMT, 5.50%, 11/01/27 | 2,500 | 2,500,000 | ||||||
Denton Independent School District, GO, (PSF), 5.00%, 08/15/48 | 2,975 | 3,023,936 | ||||||
Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48 | 670 | 575,784 | ||||||
Harris County-Houston Sports Authority, Refunding RB(e) | ||||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(d) | 2,300 | 1,090,730 | ||||||
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36 | 13,075 | 5,784,721 | ||||||
Series A, Senior Lien, (AGM NPFGC), 0.00%, 11/15/38 | 4,750 | 1,945,708 | ||||||
Hutto Independent School District, GO, (PSF), 5.00%, 08/01/48 | 200 | 203,423 | ||||||
Klein Independent School District, GO, (PSF), 4.00%, 08/01/47 | 5,185 | 4,575,090 | ||||||
Midland County Fresh Water Supply District No. 1, RB, CAB, Series A, 0.00%, 09/15/27(d)(e) | 10,540 | 5,517,385 | ||||||
New Caney Independent School District, Refunding GO, (PSF), 5.00%, 02/15/48 | 11,750 | 11,933,071 | ||||||
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(b) | 180 | 141,048 | ||||||
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(d)(e) | 640 | 296,911 | ||||||
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49 | 3,185 | 2,681,728 | ||||||
Port Authority of Houston of Harris County Texas, ARB | 2,110 | 1,742,081 | ||||||
1st Lien, 5.00%, 10/01/48 | 1,470 | 1,469,524 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., RB | 1,280 | 1,220,740 | ||||||
Series A, 4.00%, 07/01/53 | 1,435 | 1,113,358 | ||||||
Series A, 5.00%, 07/01/53 | 880 | 834,751 | ||||||
Series B, 5.00%, 07/01/48 | 4,955 | 4,763,227 | ||||||
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45 | 95 | 73,755 | ||||||
Texas Department of Housing & Community Affairs, RB, S/F Housing, Series A, (GNMA), 3.75%, 09/01/49 | 1,240 | 996,849 | ||||||
Texas Private Activity Bond Surface Transportation Corp., RB | ||||||||
AMT, 5.00%, 06/30/58 | 3,110 | 2,834,163 | ||||||
AMT, Senior Lien, 5.00%, 12/31/55 | 975 | 899,370 | ||||||
Texas Transportation Commission State Highway 249 System, RB, CAB(e) | 500 | 183,351 | ||||||
0.00%, 08/01/41 | 2,000 | 686,240 | ||||||
0.00%, 08/01/42 | 2,345 | 751,718 |
SCHEDULE OF INVESTMENTS | 6 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Texas (continued) |
| |||||||
Texas Water Development Board, RB | $ | 675 | $ | 673,741 | ||||
4.00%, 10/15/45 | 1,810 | 1,579,250 | ||||||
Waller Consolidated Independent School District, GO, Series A, (PSF), 4.00%, 02/15/48 | 1,710 | 1,461,586 | ||||||
|
| |||||||
77,272,914 | ||||||||
Utah — 1.2% |
| |||||||
City of Salt Lake City Utah Airport Revenue, ARB | ||||||||
Series A, AMT, 5.00%, 07/01/48 | 955 | 903,314 | ||||||
Series A, AMT, 5.25%, 07/01/48 | 5,235 | 5,151,054 | ||||||
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(b) | 100 | 84,942 | ||||||
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(b) | 135 | 116,157 | ||||||
|
| |||||||
6,255,467 | ||||||||
Vermont — 0.0% |
| |||||||
Vermont Student Assistance Corp., RB, | 220 | 189,095 | ||||||
|
| |||||||
Virginia — 1.5% |
| |||||||
Ballston Quarter Community Development Authority, TA(f)(g) | ||||||||
Series A, 5.00%, 03/01/26 | 290 | 277,557 | ||||||
Series A, 5.13%, 03/01/31 | 755 | 611,089 | ||||||
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47 | 1,010 | 869,963 | ||||||
Virginia Housing Development Authority, RB, M/F Housing, Series G, 5.05%, 11/01/47 | 1,825 | 1,735,625 | ||||||
Virginia Small Business Financing Authority, Refunding RB, 4.00%, 12/01/49 | 5,310 | 4,267,415 | ||||||
|
| |||||||
7,761,649 | ||||||||
Washington — 0.6% |
| |||||||
Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 | 1,615 | 1,551,018 | ||||||
Washington State Housing Finance Commission, Refunding RB, 5.00%, 01/01/43(b) | 2,165 | 1,667,324 | ||||||
|
| |||||||
3,218,342 | ||||||||
West Virginia — 0.8% |
| |||||||
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43 | 570 | 477,667 | ||||||
Morgantown Utility Board, Inc. RB, 4.00%, 12/01/48 | 4,225 | 3,396,484 | ||||||
|
| |||||||
3,874,151 | ||||||||
Wisconsin — 1.9% |
| |||||||
Public Finance Authority, RB | ||||||||
Series A, 5.00%, 07/01/55(b) | 120 | 87,513 | ||||||
Series A-1, 4.50%, 01/01/35(b) | 205 | 171,914 | ||||||
AMT, 4.00%, 09/30/51 | 5,615 | 4,071,622 |
Security | Par (000) | Value | ||||||
Wisconsin (continued) |
| |||||||
Public Finance Authority, RB (continued) | $ | 1,835 | $ | 1,288,070 | ||||
Public Finance Authority, Refunding RB, 5.00%, 09/01/49(b) | 120 | 85,699 | ||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51 | 3,280 | 2,588,445 | ||||||
Wisconsin Housing & Economic Development Authority Home Ownership Revenue, RB, S/F Housing, Series A, (FHLMC, FNMA, GNMA), 4.85%, 09/01/43 | 720 | 690,325 | ||||||
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47 | 660 | 580,130 | ||||||
|
| |||||||
9,563,718 | ||||||||
|
| |||||||
Total Municipal Bonds — 127.0% |
| 647,393,893 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(i) |
| |||||||
Alabama(a) — 3.8% |
| |||||||
Black Belt Energy Gas District RB, Series B, 5.25%, 12/01/53 | 12,500 | 12,581,236 | ||||||
Black Belt Energy Gas District, RB, Series C-1, 5.25%, 02/01/53 | 6,702 | 6,709,779 | ||||||
|
| |||||||
19,291,015 | ||||||||
Colorado — 1.5% |
| |||||||
City & County of Denver Colorado Airport System Revenue, Refunding RB, Series A, AMT, 5.50%, 11/15/53 | 7,685 | 7,771,687 | ||||||
|
| |||||||
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 | 2,027,940 | ||||||
|
| |||||||
Iowa — 0.4% |
| |||||||
Iowa Finance Authority, Refunding RB, | 2,740 | 2,212,469 | ||||||
|
| |||||||
Nebraska — 1.0% |
| |||||||
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53(a) | 5,241 | 5,167,549 | ||||||
|
| |||||||
New York — 4.9% |
| |||||||
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38 | 4,810 | 4,256,847 | ||||||
New York City Transitional Finance Authority Building Aid Revenue, RB, 5.25%, 05/01/48 | 9,510 | 9,790,318 |
7 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
New York (continued) |
| |||||||
New York Power Authority, Refunding RB, Series E, 5.00%, 03/15/46 | $ | 8,820 | $ | 8,824,204 | ||||
Port Authority of New York & New Jersey, RB, Series 221, AMT, 4.00%, 07/15/55 | 2,820 | 2,169,466 | ||||||
|
| |||||||
25,040,835 | ||||||||
Wisconsin — 1.0% |
| |||||||
Wisconsin Housing & Economic Development Authority Housing Revenue, RB, M/F Housing | ||||||||
Series A, 4.10%, 11/01/43 | 2,658 | 2,200,736 | ||||||
Series A, 4.45%, 05/01/57 | 3,322 | 2,750,920 | ||||||
|
| |||||||
4,951,656 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 13.0% |
| |||||||
(Cost: $70,447,370) | 66,463,151 | |||||||
|
| |||||||
Total Long-Term Investments — 140.0% | ||||||||
(Cost: $774,405,761) | 713,857,044 | |||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 24.8% |
| |||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(j)(k) | 126,225,454 | 126,225,454 | ||||||
|
| |||||||
Total Short-Term Securities — 24.8% | ||||||||
(Cost: $126,222,065) | 126,225,454 | |||||||
|
| |||||||
Total Investments — 164.8% |
| |||||||
(Cost: $900,627,826) | 840,082,498 | |||||||
Other Assets Less Liabilities — 1.9% |
| 9,544,615 | ||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (7.3)% |
| (37,178,351 | ) | |||||
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (59.4)% |
| (302,700,000 | ) | |||||
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Net Assets Applicable to Common Shares — 100.0% |
| $ | 509,748,762 | |||||
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(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) | 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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
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Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 10/31/23 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
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BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 37,886,667 | $ | 88,339,464 | (a) | $ | — | $ | (677 | ) | $ | — | $ | 126,225,454 | 126,225,454 | $ | 368,542 | $ | — | |||||||||||||||||
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(a) | Represents net amount purchased (sold). |
SCHEDULE OF INVESTMENTS | 8 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | 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 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.
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Municipal Bonds | $ | — | $ | 647,393,893 | $ | — | $ | 647,393,893 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 66,463,151 | — | 66,463,151 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 126,225,454 | — | — | 126,225,454 | ||||||||||||
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$ | 126,225,454 | $ | 713,857,044 | $ | — | $ | 840,082,498 | |||||||||
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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:
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Level 1 | Level 2 | Level 3 | Total | |||||||||||||
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Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (36,982,300 | ) | $ | — | $ | (36,982,300 | ) | ||||||
VMTP Shares at Liquidation Value | — | (302,700,000 | ) | — | (302,700,000 | ) | ||||||||||
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$ | — | $ | (339,682,300 | ) | $ | — | $ | (339,682,300 | ) | |||||||
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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 |
Portfolio Abbreviation (continued) | ||
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 | |
ST | Special Tax | |
TA | Tax Allocation |
9 |