BlackRock Municipal Income Trust II (BLE) NPORT-P BlackRock Municipal Income Trust II (Oct 2023 report)

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, RB(b)
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) 4.00%, 10/01/56		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, Series B, AMT, 5.00%, 10/01/46		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 5.25%, 05/01/37		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 4.00%, 05/01/40		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 4.00%, 01/01/49		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 5.50%, 12/01/38		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 4.00%, 06/15/50		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 5.25%, 02/01/31		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, Series A-1, 4.00%, 08/01/52(a)		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 4.00%, 04/01/48		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, Series A, 5.00%, 01/01/47		4,555		4,117,362
Massachusetts Development Finance Agency, Refunding RB 5.00%, 01/01/41		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, Series B, (AGM), 5.00%, 06/01/48		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 5.25%, 11/01/39		2,390		2,310,181
5.25%, 11/01/44		2,250		2,094,626
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(f)(g)		645		7,966
New Jersey Economic Development Authority, RB 5.00%, 12/15/28(d)		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 6.50%, 04/01/28		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 4.00%, 03/15/45		6,575		5,730,341
4.00%, 03/15/49		2,205		1,847,416
New York Transportation Development Corp., ARB AMT, 5.00%, 12/01/40		2,250		2,163,911
Series A, AMT, 5.00%, 07/01/46		1,600		1,474,809
New York Transportation Development Corp., RB 5.63%, 04/01/40(c)		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 4.00%, 09/01/51		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 Series B, 5.25%, 12/01/47		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 5.00%, 02/01/38		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 5.25%, 10/01/58		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) 7.50%, 04/01/62		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 4.00%, 10/01/46		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 5.00%, 11/15/51		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) 0.00%, 08/01/40		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 4.45%, 10/15/36	$	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, Series A, AMT, 3.38%, 06/15/36		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) AMT, 4.00%, 03/31/56	$	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% (Cost: $703,958,391)				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, Series E, 4.00%, 08/15/46		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	)
Net Assets Applicable to Common Shares — 100.0%			$	509,748,762

^(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:

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 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	37,886,667	$	88,339,464	(a)	$	—	$	(677	)	$	—	$	126,225,454		126,225,454	$	368,542	$	—

^(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.

	Level 1		Level 2		Level 3		Total
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
	$	126,225,454	$	713,857,044	$	—	$	840,082,498

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	$	—	$	(36,982,300	)	$	—	$	(36,982,300	)
VMTP Shares at Liquidation Value		—		(302,700,000	)		—		(302,700,000	)
	$	—	$	(339,682,300	)	$	—	$	(339,682,300	)

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