Schedule of Investments  (unaudited) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 4.4%
County of Jefferson Alabama Sewer Revenue, Refunding RB
Series A, Senior Lien, (AGM), 5.00%, 10/01/44	$	540	$	544,308
Series A, Senior Lien, (AGM), 5.25%, 10/01/48		1,320		1,336,813
Series D, Sub Lien, 7.00%, 10/01/51		4,335		4,609,627
Health Care Authority of the City of Huntsville, RB, Series B1, (AGM), 3.00%, 06/01/50		2,375		1,563,006
Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46		1,170		1,091,580
Southeast Energy Authority A Cooperative District, RB(a)
Series A-1, 5.50%, 01/01/53(b)		1,960		1,997,865
Series B, 4.00%, 12/01/51		7,255		6,531,618
Series B-1, 5.00%, 05/01/53		5,290		5,199,229
				22,874,046
Arizona — 2.7%
Arizona Industrial Development Authority, RB(c) 4.38%, 07/01/39		225		194,158
Series A, 5.00%, 07/01/39		190		174,695
Series A, 5.00%, 07/01/49		210		180,899
Series A, 5.00%, 07/01/54		165		138,688
Arizona Industrial Development Authority, Refunding RB, Series A, 5.38%, 07/01/50(c)		1,185		1,078,598
Glendale Industrial Development Authority, RB
5.00%, 05/15/41		100		88,680
5.00%, 05/15/56		400		329,267
Industrial Development Authority of the City of Phoenix, RB
5.00%, 07/01/59		465		395,106
Series A, 5.00%, 07/01/46(c)		1,825		1,600,275
Industrial Development Authority of the City of Phoenix, Refunding RB, Series A, 5.00%, 07/01/35(c)		275		259,223
Industrial Development Authority of the County of Pima, RB, 5.00%, 07/01/49(c)		350		302,567
Maricopa County Industrial Development Authority, Refunding RB
5.00%, 07/01/39(c)		100		91,460
5.00%, 07/01/54(c)		210		177,978
Series A, 4.13%, 09/01/38		820		732,838
Maricopa County Pollution Control Corp., Refunding RB, Series B, 3.60%, 04/01/40		1,250		997,700
Salt Verde Financial Corp., RB
5.00%, 12/01/32		5,635		5,556,048
5.00%, 12/01/37		2,000		1,965,290
				14,263,470
Arkansas(c) — 0.5%
Arkansas Development Finance Authority, RB
Series A, AMT, 4.50%, 09/01/49		2,665		2,090,429
Series A, AMT, 4.75%, 09/01/49		430		349,207
				2,439,636
California — 15.1%
Bay Area Toll Authority, Refunding RB, 4.00%, 04/01/42(b)		3,355		3,073,331
California Community Choice Financing Authority, RB, Series B-1, 4.00%, 02/01/52(a)		11,505		10,714,054

Security	Par (000)		Value
California (continued)
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36	$	350	$	350,227
California Educational Facilities Authority, RB, Series V-1, 5.00%, 05/01/49		2,315		2,431,414
California Health Facilities Financing Authority, RB, 4.00%, 11/15/45		1,460		1,185,905
California Health Facilities Financing Authority, Refunding RB
5.00%, 08/01/50		1,000		942,803
Series A, 5.00%, 07/01/23(d)		1,765		1,786,898
Series A, 4.00%, 03/01/39		890		777,835
Series A, 4.00%, 04/01/45		1,220		995,305
California Housing Finance Agency, RB, M/F Housing
Class A, 3.25%, 08/20/36		2,598		2,129,821
Series 2021-2, Class A, (FHLMC), 3.75%, 03/25/35		4,935		4,594,332
California Municipal Finance Authority, ARB, AMT, Senior Lien, 4.00%, 12/31/47		780		607,200
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		205		205,376
Series A, 5.25%, 08/15/49		510		510,579
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(c)		2,130		2,014,620
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(c)		1,700		1,521,775
California State Public Works Board, RB
Series F, 5.25%, 09/01/33		2,015		2,045,602
Series I, 5.50%, 11/01/31		3,100		3,167,940
Series I, 5.50%, 11/01/33		1,500		1,532,637
Series I, 5.00%, 11/01/38		1,065		1,077,828
California Statewide Communities Development Authority, Refunding RB(c)
Series A, 5.00%, 06/01/36		990		924,602
Series A, 5.00%, 06/01/46		1,220		1,040,661
City of Los Angeles Department of Airports, ARB, AMT, 5.25%, 05/15/47		4,400		4,440,867
City of Los Angeles Department of Airports, Refunding ARB
AMT, 4.00%, 05/15/39		435		384,374
AMT, 4.00%, 05/15/40		470		410,745
AMT, 4.00%, 05/15/41		550		474,521
Series D, AMT, Subordinate, 5.00%, 05/15/46		1,270		1,241,148
CMFA Special Finance Agency XII, RB, M/F Housing, Series A, 3.25%, 02/01/57(c)		525		324,146
CSCDA Community Improvement Authority, RB, M/F Housing(c)
4.00%, 10/01/56		245		179,328
4.00%, 12/01/56		355		227,088
Series A, 4.00%, 06/01/58		1,500		1,096,260
Senior Lien, 3.13%, 06/01/57		1,290		779,857
Series A, Senior Lien, 4.00%, 12/01/58		755		512,710
Fremont Union High School District, Refunding GO, Series A, 4.00%, 08/01/46		1,835		1,622,454
Indio Finance Authority, Refunding RB, Series A, (BAM), 4.50%, 11/01/52		2,405		2,133,043
Kern Community College District, GO, Series C, 5.50%, 11/01/23(d)		2,155		2,204,102
Regents of the University of California Medical Center Pooled Revenue, RB, Series P, 4.00%, 05/15/53		3,810		3,160,967

1

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Regents of the University of California Medical Center Pooled Revenue, Refunding RB
Series J, 5.25%, 05/15/23(d)	$	3,905	$	3,949,677
Series J, 5.25%, 05/15/38		1,110		1,118,756
Riverside County Public Financing Authority, RB, 5.25%, 11/01/25(d)		2,000		2,113,826
Riverside County Transportation Commission, Refunding RB
2nd Lien, 4.00%, 06/01/47		715		579,317
Class B1, Senior Lien, 4.00%, 06/01/46		2,255		1,884,199
Class B1, Senior Lien, 3.00%, 06/01/49		490		317,163
San Diego County Regional Airport Authority, ARB, Series B, AMT, Subordinate, 4.00%, 07/01/56		1,445		1,108,519
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB
Series A, AMT, 5.50%, 05/01/28		720		726,333
Series A, AMT, 5.25%, 05/01/33		560		561,333
San Marcos Unified School District, GO, CAB(e)
Series B, Election 2010, 0.00%, 08/01/33		3,000		1,939,536
Series B, Election 2010, 0.00%, 08/01/43		2,500		917,650
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(d)		490		503,718
Washington Township Health Care District, GO, Series B, Election 2004, 5.50%, 08/01/40		830		841,121
				79,383,503
Colorado — 3.5%
Arapahoe County School District No.6 Littleton, GO, Series A, (SAW), 5.50%, 12/01/43		1,915		2,048,548
Centerra Metropolitan District No.1, TA, 5.00%, 12/01/47(c)		250		209,755
City & County of Denver Colorado Airport System Revenue, ARB
Series B, 5.25%, 11/15/32		1,750		1,781,323
Series A, AMT, 5.50%, 11/15/28		500		507,750
Series A, AMT, 5.50%, 11/15/30		225		228,399
Series A, AMT, 5.50%, 11/15/31		270		274,044
City & County of Denver Colorado Airport System Revenue, Refunding ARB
Series A, AMT, 4.13%, 11/15/53		1,290		1,028,513
Series A, AMT, 5.50%, 11/15/53		1,365		1,385,558
City & County of Denver Colorado Dedicated Excise Tax Revenue, RB, CAB, Series A-2, 0.00%, 08/01/38(e)		1,835		905,428
Colorado Educational & Cultural Facilities Authority, RB, 5.00%, 03/01/50(c)		320		271,431
Colorado Educational & Cultural Facilities Authority, Refunding RB, Class A, 5.00%, 10/01/59(c)		425		341,114
Colorado Health Facilities Authority, RB
5.25%, 11/01/39		595		602,133
5.50%, 11/01/47		370		374,102
5.25%, 11/01/52		920		903,203
Colorado Health Facilities Authority, Refunding RB
Series A, 4.00%, 08/01/44		1,945		1,568,213
Series A, 4.00%, 08/01/49		3,920		3,037,353
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,325		1,307,839

Security	Par (000)		Value
Colorado (continued)
Denver International Business Center Metropolitan District No.1, GO, Series A, 4.00%, 12/01/48	$	495	$	399,792
State of Colorado, COP, BAB, Series O, 4.00%, 03/15/44		1,405		1,244,886
				18,419,384
Connecticut — 0.8%
Connecticut State Health & Educational Facilities Authority, Refunding RB, 5.00%, 12/01/45(b)		1,210		1,159,829
State of Connecticut, GO, Series A, 4.00%, 01/15/37		3,015		2,821,147
				3,980,976
Delaware — 0.2%
Delaware Transportation Authority, RB, 5.00%, 06/01/55		1,260		1,222,404
District of Columbia — 4.6%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-1, (FHA), 2.55%, 03/01/42		1,120		735,858
District of Columbia Tobacco Settlement Financing Corp., Refunding RB, 6.75%, 05/15/40		11,500		11,821,873
District of Columbia, Refunding RB
5.00%, 04/01/35		465		469,958
Series A, 6.00%, 07/01/23(d)		820		835,398
Catholic Health Services, 5.00%, 10/01/48		2,525		2,489,695
District of Columbia, TA, 5.13%, 06/01/41		690		690,134
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB
Class B, Subordinate, (AGM), 4.00%, 10/01/53		6,980		5,518,402
Series B, Subordinate, 4.00%, 10/01/49		1,995		1,588,066
				24,149,384
Florida — 6.2%
Brevard County Health Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/52		3,310		3,133,511
Capital Projects Finance Authority, Refunding RB
Series A-1, 5.00%, 10/01/32		215		210,359
Series A-1, 5.00%, 10/01/33		240		232,371
Series A-1, 5.00%, 10/01/34		240		230,129
Series A-1, 5.00%, 10/01/35		80		75,913
Capital Trust Agency, Inc., RB
Series A, 5.00%, 06/01/45(c)		190		152,789
Series A, 5.00%, 12/15/49		140		126,206
Series A, 5.00%, 12/15/54		125		108,826
Series A, 5.50%, 06/01/57(c)		100		81,488
Celebration Pointe Community Development District No.1, SAB(c)
5.00%, 05/01/32		215		205,554
5.00%, 05/01/48		530		466,800
Collier County Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45		1,450		1,451,612
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 5.00%, 10/01/45		575		545,578
County of Miami-Dade Florida Water & Sewer System Revenue, Refunding RB, Series B, 5.25%, 10/01/23(d)		500		509,088
County of Miami-Dade Seaport Department, ARB(d)
Series A, 5.50%, 10/01/23		2,125		2,167,659
Series A, 6.00%, 10/01/23		7,515		7,700,613
Series B, AMT, 6.00%, 10/01/23		1,775		1,812,482
Series B, AMT, 6.25%, 10/01/23		310		317,480
County of Miami-Dade Seaport Department, Refunding RB, Series D, AMT, 6.00%, 10/01/23(d)		735		750,148

S C H E D U L E   O F   I N V E S T M E N T S 2

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
County of Osceola Florida Transportation Revenue, Refunding RB(e)
Series A-2, 0.00%, 10/01/46	$	1,665	$	394,740
Series A-2, 0.00%, 10/01/47		1,610		357,742
Series A-2, 0.00%, 10/01/48		1,135		236,034
Series A-2, 0.00%, 10/01/49		935		162,354
Florida Development Finance Corp., RB
6.50%, 06/30/57(c)		750		686,018
Series A, 5.00%, 06/15/40		240		225,618
Series A, 5.00%, 06/15/50		795		710,486
Series A, 5.00%, 06/15/55		475		417,286
AMT, 5.00%, 05/01/29(c)		180		168,596
Florida Development Finance Corp., Refunding RB, Series C, 5.00%, 09/15/50(c)		105		87,635
Hillsborough County Aviation Authority, Refunding RB, Sub-Series A, AMT, 5.50%, 10/01/23(d)		1,170		1,188,907
Lakewood Ranch Stewardship District, SAB
5.25%, 05/01/37		180		172,559
5.38%, 05/01/47		185		172,627
Lee County Housing Finance Authority, RB, S/F Housing, Series A-2, AMT, (FHLMC, FNMA, GNMA), 6.00%, 09/01/40		15		15,006
Miami Beach Health Facilities Authority, RB, 3.00%, 11/15/51		525		325,210
Orange County Health Facilities Authority, Refunding RB, 5.00%, 08/01/41		1,000		1,042,367
Osceola Chain Lakes Community Development District, SAB
4.00%, 05/01/40		270		218,647
4.00%, 05/01/50		260		192,132
Palm Beach County Health Facilities Authority, RB
Series A, 5.00%, 11/01/47		440		402,648
Series A, 5.00%, 11/01/52		630		567,498
Reedy Creek Improvement District, GO, Series A, 5.25%, 06/01/23(d)		1,585		1,603,801
Stevens Plantation Community Development District, SAB, Series A, 7.10%, 05/01/35(f)(g)		1,670		1,057,991
Volusia County Educational Facility Authority, Refunding RB, 5.00%, 10/15/49		1,930		1,944,876
				32,629,384
Georgia — 5.2%
Dalton Whitfield County Joint Development Authority, 4.00%, 08/15/48		4,400		3,618,468
East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(c)		435		362,998
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 02/15/25(d)		715		749,005
Georgia Housing & Finance Authority, RB, S/F Housing
3.60%, 12/01/44		1,585		1,255,493
Series B, 2.50%, 06/01/50		795		464,625
Georgia Ports Authority, ARB, 4.00%, 07/01/47		1,480		1,253,383
Main Street Natural Gas Inc., RB
Series A, 5.00%, 05/15/35		540		525,302
Series A, 5.00%, 05/15/36		540		522,369
Series A, 5.00%, 05/15/37		595		569,942
Series A, 5.00%, 05/15/38		325		308,850
Series A, 5.00%, 05/15/49		7,195		6,531,081
Series C, 4.00%, 03/01/50(a)		2,755		2,631,425

Security	Par (000)		Value
Georgia (continued)
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49	$	3,585	$	2,837,113
4.00%, 01/01/59		3,525		2,697,062
Series A, 5.00%, 07/01/52		1,870		1,738,591
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		1,360		1,092,654
				27,158,361
Hawaii — 0.4%
State of Hawaii Airports System Revenue, ARB, Series A, AMT, 5.00%, 07/01/45		1,000		933,785
State of Hawaii Airports System Revenue, COP
AMT, 5.25%, 08/01/25		250		252,972
AMT, 5.25%, 08/01/26		810		819,486
				2,006,243
Idaho — 1.7%
Idaho Health Facilities Authority, RB
4.00%, 12/01/43		605		505,597
Series 2017, 5.00%, 12/01/46		805		773,363
Idaho Health Facilities Authority, Refunding RB, 3.00%, 03/01/51		2,845		1,708,448
Idaho Housing & Finance Association, RB
5.00%, 08/15/41		1,725		1,825,193
5.00%, 08/15/42		685		722,181
(GTD), 5.50%, 05/01/52		1,250		1,205,350
Idaho Housing & Finance Association, Refunding RB
(GTD), 4.00%, 05/01/42		1,400		1,199,397
(GTD), 4.00%, 05/01/52		1,095		874,806
				8,814,335
Illinois — 11.2%
Chicago Board of Education, GO
Series A, 5.00%, 12/01/34		1,035		984,012
Series A, 5.00%, 12/01/40		535		485,680
Series A, 5.00%, 12/01/47		310		267,206
Series C, 5.25%, 12/01/35		2,790		2,660,647
Series D, 5.00%, 12/01/46		3,605		3,127,701
Series H, 5.00%, 12/01/36		495		455,909
Series H, 5.00%, 12/01/46		215		187,494
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		1,215		1,211,808
Series D, 5.00%, 12/01/27		1,600		1,583,506
Series D, 5.00%, 12/01/31		150		145,453
Series F, 5.00%, 12/01/23		290		291,848
Series G, 5.00%, 12/01/34		710		674,140
Series G, 5.00%, 12/01/44		150		131,423
Chicago Midway International Airport, Refunding ARB, Series A, AMT, 2nd Lien, 5.00%, 01/01/41		1,010		963,159
Chicago O’Hare International Airport RB, Class A, AMT, Senior Lien, 5.50%, 01/01/55		2,565		2,592,641
Chicago O’Hare International Airport, Refunding RB, Series A, Senior Lien, 4.00%, 01/01/36		1,035		955,582
Chicago Transit Authority Sales Tax Receipts Fund, Refunding RB, Series A, Senior Lien, 4.00%, 12/01/49		2,210		1,727,526
City of Chicago Illinois Wastewater Transmission Revenue, RB, 2nd Lien, 5.00%, 01/01/42		1,375		1,336,292
Cook County Community College District No.508, GO
5.50%, 12/01/38		2,670		2,694,391
5.25%, 12/01/43		3,850		3,864,769

3

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Illinois Finance Authority, RB, Series A, 5.00%, 02/15/37	$	480	$	433,298
Illinois Finance Authority, Refunding RB
Series A, 4.00%, 05/15/50		600		468,808
Series C, 5.00%, 02/15/41		1,600		1,612,605
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/37		3,005		3,059,601
Metropolitan Pier & Exposition Authority, RB
Series A, 5.50%, 06/15/53		280		274,996
Series A, 5.00%, 06/15/57		2,745		2,477,848
Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(e)		2,165		327,554
Metropolitan Pier & Exposition Authority, Refunding RB
4.00%, 06/15/50		2,315		1,743,515
Series B, (AGM), 0.00%, 06/15/44(e)		8,680		2,662,894
Series B, 0.00%, 12/15/54(e)		3,020		433,856
State of Illinois, GO
5.25%, 02/01/31		730		731,714
5.25%, 02/01/32		2,500		2,504,315
5.50%, 07/01/33		3,000		3,008,322
5.50%, 07/01/38		620		620,562
5.00%, 02/01/39		1,640		1,554,766
Series A, 5.00%, 04/01/35		3,500		3,387,857
Series A, 5.00%, 04/01/38		5,020		4,774,773
Series D, 5.00%, 11/01/28		505		505,643
State of Illinois, GO, BAB, Series C, 4.00%, 11/01/43		440		345,591
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27		180		180,881
University of Illinois, RB, Series A, 5.00%, 04/01/44		1,360		1,365,851
				58,816,437
Indiana — 2.1%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		1,090		1,106,587
AMT, 7.00%, 01/01/44		4,625		4,697,071
Indiana Finance Authority, RB(d)
Series A, AMT, 5.00%, 07/01/23		3,075		3,098,341
Series A, AMT, 5.25%, 07/01/23		560		565,325
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		1,780		1,784,584
				11,251,908
Iowa — 0.1%
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		400		314,115
Kansas — 0.1%
City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43		400		370,620
Kentucky — 1.8%
Kentucky Economic Development Finance Authority, Refunding RB, CAB, Series B, (NPFGC), 0.00%, 10/01/24(e)		5,000		4,660,395
Kentucky Public Energy Authority, RB, Series A-1, 4.00%, 08/01/52(a)		3,500		3,199,623
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43		1,655		1,726,868
				9,586,886

Security	Par (000)		Value
Louisiana — 0.7%
Lake Charles Harbor & Terminal District, ARB, Series B, AMT, (AGM), 5.50%, 01/01/29	$	1,000	$	1,018,255
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.25%, 05/15/33		1,450		1,476,569
Series A, 5.25%, 05/15/35		955		959,710
				3,454,534
Maryland — 0.4%
City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33		135		127,096
Maryland Economic Development Corp., RB, Class B, AMT, 5.25%, 06/30/47		1,550		1,510,446
Maryland Health & Higher Educational Facilities Authority, RB, Series 2017, 5.00%, 12/01/46		455		452,067
				2,089,609
Massachusetts — 2.3%
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47		1,975		1,854,626
Massachusetts Development Finance Agency, Refunding RB
5.00%, 01/01/41		525		508,615
5.00%, 01/01/45		375		354,713
Series A, 4.00%, 07/01/44		685		520,007
Massachusetts Housing Finance Agency, RB, M/F Housing, Series A-1, (FHA 542(C)), 3.10%, 06/01/60		2,645		1,597,059
Massachusetts Port Authority, ARB
Series E, AMT, 5.00%, 07/01/46		6,320		6,173,016
Series E, AMT, 5.00%, 07/01/51		1,220		1,174,721
				12,182,757
Michigan — 2.5%
City of Detroit Michigan Water Supply System Revenue, RB, Series B, 2nd Lien, (AGM), 6.25%, 07/01/36		5		5,011
Grand Traverse County Hospital Finance Authority, RB, Series A, 5.00%, 07/01/44		1,110		1,080,235
Michigan Finance Authority, RB
4.00%, 02/15/47(b)		4,380		3,518,143
4.00%, 02/15/44		895		753,329
Michigan State Housing Development Authority, RB, M/F Housing
Series A, 4.15%, 10/01/53(b)		5,000		4,111,215
Series A, 2.70%, 10/01/56		1,890		1,105,367
Michigan State University, Refunding RB, Series B, 5.00%, 02/15/48		1,100		1,122,812
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43		1,680		1,486,042
				13,182,154
Minnesota — 2.6%
City of Minneapolis Minnesota, Refunding RB, Series A, 5.00%, 11/15/49		1,790		1,734,761
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		7,760		6,570,159
Series A, 5.25%, 02/15/53		615		615,125

S C H E D U L E   O F   I N V E S T M E N T S 4

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Minnesota (continued)
Duluth Economic Development Authority, Refunding RB (continued)
Series A, 5.25%, 02/15/58	$	3,050	$	3,051,009
Minnesota Higher Education Facilities Authority, RB, Series A, 5.00%, 10/01/47		1,495		1,446,833
				13,417,887
Mississippi — 0.3%
Mississippi Development Bank, RB, (AGM), 6.88%, 12/01/40		1,190		1,227,849
Mississippi State University Educational Building Corp., Refunding RB, 5.25%, 08/01/23(d)		260		264,024
				1,491,873
Missouri — 1.9%
Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53		3,180		2,558,444
Health & Educational Facilities Authority of the State of Missouri, Refunding RB
5.50%, 05/01/43		345		348,847
Series A, 4.00%, 07/01/46		2,485		2,144,185
Kansas City Industrial Development Authority, ARB
AMT, (AGM), 4.00%, 03/01/57		975		738,436
Class B, AMT, 5.00%, 03/01/54		3,435		3,192,795
Missouri Housing Development Commission, RB, S/F Housing
(FHLMC, FNMA, GNMA), 2.35%, 11/01/46		425		314,276
(FHLMC, FNMA, GNMA), 2.40%, 11/01/51		440		319,256
St. Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37		500		449,656
				10,065,895
Montana — 0.6%
City of Kalispell MT, Refunding RB, Series A, 5.25%, 05/15/37		125		114,643
Montana State Board of Regents, Refunding RB
Series G, 3.00%, 11/15/43		1,020		781,748
Series G, 4.00%, 11/15/46		2,250		2,024,089
				2,920,480
New Hampshire(c) — 0.6%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		2,350		1,961,959
Series B, AMT, 3.75%, 07/01/45(a)		270		205,769
Series C, AMT, 4.88%, 11/01/42		1,260		1,060,507
				3,228,235
New Jersey — 12.8%
Casino Reinvestment Development Authority, Inc., Refunding RB
Class D, 5.25%, 11/01/39		2,390		2,399,899
Class D, 5.25%, 11/01/44		2,250		2,250,925
Hudson County Improvement Authority, RB, 4.00%, 10/01/46		1,830		1,604,335
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(f)(g)		645		12,900
New Jersey Economic Development Authority, ARB, AMT, 5.13%, 09/15/23		880		880,613
New Jersey Economic Development Authority, RB
4.00%, 11/01/38		560		486,776
4.00%, 11/01/39		450		386,357
5.00%, 06/15/49		2,535		2,400,054

Security	Par (000)		Value
New Jersey (continued)
New Jersey Economic Development Authority, RB (continued)
Series EEE, 5.00%, 06/15/43	$	3,710	$	3,571,164
Series EEE, 5.00%, 06/15/48		4,020		3,812,347
AMT, (AGM), 5.00%, 01/01/31		530		529,675
AMT, 5.38%, 01/01/43		1,500		1,418,972
New Jersey Economic Development Authority, Refunding RB
Series BBB, 5.50%, 12/15/26(d)		775		840,831
AMT, 5.00%, 10/01/47		1,570		1,459,555
New Jersey Economic Development Authority, Refunding SAB
6.50%, 04/01/28		6,560		6,704,343
5.75%, 04/01/31		705		627,097
New Jersey Health Care Facilities Financing Authority, RB, 3.00%, 07/01/51		4,980		3,249,480
New Jersey Higher Education Student Assistance Authority, RB, Series C, AMT, Subordinate, 4.25%, 12/01/50		1,810		1,428,094
New Jersey Higher Education Student Assistance Authority, Refunding RB, Sub-Series C, AMT, 3.63%, 12/01/49		665		499,738
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing, Series A, (HUD SECT 8), 2.30%, 11/01/40		1,150		777,062
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.00%, 06/15/28		500		515,321
Series AA, 5.50%, 06/15/39		3,845		3,853,840
Series AA, 5.00%, 06/15/44		1,355		1,298,983
Series AA, 4.00%, 06/15/45		855		698,623
Series AA, 5.00%, 06/15/45		415		396,525
Series AA, 4.00%, 06/15/50		1,730		1,368,743
Series BB, 5.00%, 06/15/50		2,050		1,939,977
Series S, 5.25%, 06/15/43		1,145		1,139,285
Series S, 5.00%, 06/15/46		2,930		2,791,144
New Jersey Turnpike Authority, RB
Series A, 4.00%, 01/01/48		1,190		1,016,256
Series B, 5.00%, 01/01/46(b)		5,385		5,481,031
Series E, 5.00%, 01/01/45		2,810		2,830,027
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,605		1,606,055
Series A, 5.25%, 06/01/46		4,415		4,234,219
Sub-Series B, 5.00%, 06/01/46		3,170		2,904,173
				67,414,419
New Mexico — 0.0%
City of Santa Fe New Mexico, RB, Series A, 5.00%, 05/15/44		100		82,962
New York — 20.0%
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35		500		483,953
City of New York, GO
Series A-1, 4.00%, 09/01/46		1,550		1,311,165
Series B, 5.25%, 10/01/39		1,030		1,100,423
Series B, 5.25%, 10/01/40		790		843,980
Series C, 5.00%, 08/01/43		1,870		1,911,897
Series D-1, 4.00%, 03/01/44		515		449,089
Series F-1, 4.00%, 03/01/47		4,410		3,802,161
Metropolitan Transportation Authority, RB
Series B, 5.25%, 11/15/39		910		902,964

5

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Metropolitan Transportation Authority, RB (continued) Series C, 4.00%, 11/15/33	$	100	$	89,842
Metropolitan Transportation Authority, Refunding RB
Series C-1, 5.00%, 11/15/25		100		102,759
Series C-1, 5.00%, 11/15/26		65		66,685
Series C-1, 4.75%, 11/15/45		6,795		6,003,328
Series C-1, 5.00%, 11/15/50		575		521,056
Monroe County Industrial Development Corp., Refunding RB
4.00%, 12/01/46		1,090		832,279
Series A, 4.00%, 07/01/50		2,935		2,446,179
New York City Housing Development Corp., RB, M/F Housing
Series A, 3.00%, 11/01/55		3,375		2,039,924
Series C-1A, 4.20%, 11/01/44		3,000		2,590,572
Series H, 2.55%, 11/01/45		925		569,482
New York City Housing Development Corp., Refunding RB, M/F Housing, Series D-1-B, (FHA 542 (C)), 2.50%, 11/01/55		1,500		855,401
New York City Industrial Development Agency, Refunding RB
3.00%, 03/01/49		1,645		1,039,370
Series A, (AGM), 3.00%, 01/01/36		95		76,066
Series A, (AGM), 3.00%, 01/01/40		350		252,900
New York City Municipal Water Finance Authority, Refunding RB, Series BB-1, 4.00%, 06/15/45		810		698,339
New York City Transitional Finance Authority Future Tax Secured Revenue, RB
Sub-Series B-1, 4.00%, 11/01/45		5,000		4,386,325
Subordinate, 3.00%, 05/01/46		3,020		2,122,930
Series A-1, Subordinate, 4.00%, 08/01/48		2,240		1,884,319
Series B-1, Subordinate, 4.00%, 08/01/48		2,500		2,120,623
Series C, Subordinate, 4.00%, 05/01/45		1,200		1,036,282
Series F-1, Subordinate, 5.00%, 02/01/47		3,260		3,318,054
Series F-1, Subordinate, 4.00%, 02/01/51		3,095		2,602,106
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(c)		3,300		3,281,457
New York Liberty Development Corp., Refunding RB
Series 1, 5.00%, 11/15/44(c)		6,110		5,347,405
Series 2, 5.15%, 11/15/34(c)		470		452,786
Series 2, 5.38%, 11/15/40(c)		1,175		1,132,218
Series A, 2.88%, 11/15/46		3,840		2,409,185
Series A, 3.00%, 11/15/51		1,190		739,111
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60(b)		2,685		2,218,127
New York State Dormitory Authority, Refunding RB
Series A, 5.00%, 03/15/45		1,530		1,553,187
Series A, 4.00%, 03/15/46		2,100		1,816,754
Series A, 4.00%, 03/15/49		3,295		2,793,573
Series D, 4.00%, 02/15/47		6,570		5,628,716
New York State Environmental Facilities Corp., RB, Series B, Subordinate, 5.00%, 06/15/48		1,945		1,992,324
New York State Housing Finance Agency, RB, M/F Housing, Series G, (SONYMA), 2.60%, 11/01/46		2,205		1,367,166
New York State Thruway Authority, Series B, Subordinate, 4.00%, 01/01/50		3,165		2,557,716
New York State Thruway Authority, Refunding RB
Series A, 4.00%, 03/15/42		750		672,563
Series B, Subordinate, 4.00%, 01/01/45		3,110		2,587,551

Security	Par (000)		Value
New York (continued)
New York State Urban Development Corp., Refunding RB, 4.00%, 03/15/45	$	6,575	$	5,735,116
New York Transportation Development Corp., ARB
AMT, 5.00%, 12/01/39		2,250		2,079,747
Series A, AMT, 5.00%, 07/01/46		1,600		1,451,742
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		1,910		1,850,037
AMT, 4.00%, 04/30/53		425		311,279
Port Authority of New York & New Jersey, ARB
4.00%, 09/01/45		2,500		2,199,533
4.00%, 09/01/49		1,500		1,300,221
Port Authority of New York & New Jersey, Refunding ARB
Series 223, AMT, 4.00%, 07/15/41		1,150		995,019
Series 223, AMT, 4.00%, 07/15/46		350		289,104
State of New York Mortgage Agency, RB, S/F Housing, Series 239, (SONYMA), 2.60%, 10/01/44		2,145		1,405,211
Triborough Bridge & Tunnel Authority, RB
Series A, 5.00%, 11/15/49		945		955,962
Series A, 4.00%, 11/15/54		1,085		902,759
Triborough Bridge & Tunnel Authority, Sales Tax Revenue, RB, Series A, 5.25%, 05/15/57		1,640		1,686,891
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		976		909,903
Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 4.00%, 06/01/42		210		199,076
				105,281,892
North Carolina — 0.3%
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		340		333,614
North Carolina Medical Care Commission, RB
Series A, 4.00%, 10/01/40		125		104,019
Series A, 5.00%, 10/01/40		190		179,606
Series A, 4.00%, 10/01/45		565		444,348
Series A, 5.00%, 10/01/45		340		310,675
Series A, 4.00%, 10/01/50		145		109,589
Series A, 5.00%, 10/01/50		380		339,588
				1,821,439
North Dakota — 0.2%
County of Cass North Dakota, Refunding RB, Series B, 5.25%, 02/15/58		1,035		1,012,853
Ohio — 3.1%
Buckeye Tobacco Settlement Financing Authority, Refunding RB
Series A-2, Class 1, 4.00%, 06/01/48		1,740		1,385,572
Series B-2, Class 2, 5.00%, 06/01/55		7,150		6,001,975
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44		450		370,718
County of Franklin Ohio, RB
Series 2017, 5.00%, 12/01/46		435		421,421
Series A, 4.00%, 12/01/44		555		464,257
County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49		590		557,171
County of Hamilton Ohio, Refunding RB
4.00%, 08/15/50		2,415		1,897,990
Series A, 3.75%, 08/15/50		1,155		860,307

S C H E D U L E   O F   I N V E S T M E N T S 6

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ohio (continued)
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(c)	$	860	$	721,445
Ohio Turnpike & Infrastructure Commission, RB, Series A-1, Junior Lien, 5.25%, 02/15/31		2,885		2,902,584
State of Ohio, RB, AMT, 5.00%, 06/30/53		870		785,234
				16,368,674
Oklahoma — 1.4%
Norman Regional Hospital Authority, Refunding RB, 5.00%, 09/01/37		400		392,050
Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52		2,225		1,817,431
Oklahoma Turnpike Authority, RB
Series A, 4.00%, 01/01/48		2,230		2,039,890
Series C, 4.00%, 01/01/42		2,120		1,971,708
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		1,435		1,360,598
				7,581,677
Oregon — 0.7%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(e)		1,445		681,443
Multnomah & Clackamas Counties School District No.10JT Gresham-Barlow, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(e)		470		212,772
Oregon State Facilities Authority, RB, Series A, 4.13%, 06/01/52		960		772,209
Port of Portland Oregon Airport Revenue, Refunding ARB, Series 27-A, AMT, 5.00%, 07/01/45		1,980		1,920,499
				3,586,923
Pennsylvania — 4.3%
Bristol Township School District, GO, (SAW), 5.25%, 06/01/23(d)		1,530		1,548,378
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49		1,910		1,512,063
Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/49		2,765		2,237,444
4.00%, 09/01/51		2,260		1,814,739
Series A, 5.00%, 09/01/43		1,350		1,331,413
Series A, 4.00%, 09/01/49		615		497,659
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		3,680		3,435,218
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		480		457,745
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44		3,695		3,181,842
Pennsylvania Turnpike Commission, RB
Series A, 5.00%, 12/01/44		1,535		1,490,640
Series A, Subordinate, 4.00%, 12/01/45		435		353,321
Series A, Subordinate, 4.00%, 12/01/46		2,065		1,668,574
Pennsylvania Turnpike Commission, Refunding RB, Series B-2, (AGM), 5.00%, 06/01/35		3,110		3,218,290
				22,747,326
Puerto Rico — 4.8%
Children’s Trust Fund, Refunding RB
5.50%, 05/15/39		715		711,139
5.63%, 05/15/43		1,755		1,754,909

Security	Par (000)		Value
Puerto Rico (continued)
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53	$	5,224	$	4,370,085
Series A-1, Restructured, 5.00%, 07/01/58		12,597		10,776,998
Series A-2, Restructured, 4.78%, 07/01/58		3,256		2,700,044
Series A-2, Restructured, 4.33%, 07/01/40		2,333		1,979,620
Series B-1, Restructured, 4.75%, 07/01/53		164		136,508
Series B-2, Restructured, 4.78%, 07/01/58		159		131,159
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e)		12,023		2,609,256
				25,169,718
Rhode Island — 2.4%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		260		226,460
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		1,690		1,679,583
Series A, 5.00%, 06/01/40		950		935,429
Series B, 4.50%, 06/01/45		5,685		5,249,921
Series B, 5.00%, 06/01/50		4,880		4,747,791
				12,839,184
South Carolina — 6.6%
Charleston County Airport District, ARB(d)
Series A, AMT, 5.50%, 07/01/23		2,810		2,845,729
Series A, AMT, 6.00%, 07/01/23		1,155		1,173,035
County of Charleston South Carolina, ARB, 5.25%, 12/01/23(d)		3,295		3,366,152
South Carolina Jobs-Economic Development Authority, RB(c)
5.00%, 01/01/40		385		332,299
5.00%, 01/01/55		335		262,172
South Carolina Jobs-Economic Development Authority, Refunding RB
5.00%, 02/01/38		2,710		2,731,008
Series A, 5.00%, 05/01/43		2,430		2,356,915
Series A, 5.00%, 05/01/48		4,620		4,389,929
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(d)		1,085		1,131,185
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		4,810		4,819,740
Series E, 5.50%, 12/01/53		2,040		2,040,455
South Carolina Public Service Authority, Refunding RB
Series A, 4.00%, 12/01/33		2,225		2,035,292
Series A, 5.00%, 12/01/50		1,755		1,636,471
Series A, 5.00%, 12/01/55		465		428,528
Series C, 5.00%, 12/01/46		1,795		1,733,125
Series E, 5.25%, 12/01/55		3,750		3,612,150
				34,894,185
South Dakota — 0.2%
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50		1,295		1,052,142
Tennessee — 0.9%
Chattanooga Health Educational & Housing Facility Board, Refunding RB, Series A, 4.00%, 08/01/44		170		136,905
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series A, 5.00%, 07/01/40		740		723,385

7

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tennessee (continued)
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB
Series A, 4.00%, 10/01/49	$	445	$	328,608
Series A, 5.25%, 10/01/58		3,840		3,614,765
				4,803,663
Texas — 9.3%
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		380		259,575
City of Austin Texas Airport System Revenue, ARB, AMT, 5.00%, 11/15/39		665		667,111
City of Beaumont Texas, GO, 5.25%, 03/01/23(d)		2,070		2,084,322
City of Houston Texas Airport System Revenue, ARB, Series A, AMT, 6.63%, 07/15/38		150		150,014
City of Houston Texas Airport System Revenue, Refunding ARB, AMT, 5.00%, 07/15/27		100		98,397
City of Houston Texas Airport System Revenue, Refunding RB
AMT, 5.00%, 07/01/29		595		585,619
Series A, AMT, 5.00%, 07/01/27		100		98,854
City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, Series A, 5.00%, 02/01/48		1,260		1,272,432
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43		230		231,742
Dallas Fort Worth International Airport, Refunding RB, Series E, AMT, 5.50%, 11/01/27		2,500		2,536,512
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(d)		630		633,947
Harris County-Houston Sports Authority, Refunding RB(e)
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/24(d)		2,300		1,060,295
Series A, 3rd Lien, (NPFGC), 0.00%, 11/15/36		13,075		5,754,151
Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38		4,750		1,963,659
Lower Colorado River Authority, Refunding RB, 5.50%, 05/15/33		730		737,723
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/27(d)(e)		10,540		5,349,461
New Hope Cultural Education Facilities Finance Corp., RB, Series A, 5.00%, 08/15/50(c)		180		153,900
North Texas Tollway Authority, RB, Series B, 0.00%, 09/01/31(d)(e)		640		289,605
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		3,185		2,735,781
Port Authority of Houston of Harris County Texas, ARB, 4.00%, 10/01/46		2,110		1,822,669
Red River Education Finance Corp., RB, 5.25%, 03/15/23(d)		940		947,332
San Antonio Water System, Refunding RB, Series A, Junior Lien, 5.00%, 05/15/48		1,370		1,390,046
Tarrant County Cultural Education Facilities Finance Corp., RB
Series A, 4.00%, 07/01/53		1,435		1,118,456
Series A, 5.00%, 07/01/53		880		827,966
Series B, 5.00%, 07/01/48		4,955		4,731,014
Texas City Industrial Development Corp., RB, Series 2012, 4.13%, 12/01/45		95		79,152

Security	Par (000)		Value
Texas (continued)
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55	$	975	$	868,585
Texas Transportation Commission State Highway 249 System, RB, CAB, Series A, 5.00%, 08/01/57		1,715		1,571,724
Texas Transportation Commission, RB, CAB(e)
0.00%, 08/01/40		500		169,530
0.00%, 08/01/41		2,000		632,024
0.00%, 08/01/42		2,345		692,786
Texas Water Development Board, RB
4.45%, 10/15/36		675		686,229
Series A, 4.00%, 10/15/49		7,600		6,499,049
				48,699,662
Utah — 0.6%
City of Salt Lake City Utah Airport Revenue, ARB
Series A, AMT, 5.00%, 07/01/47		995		951,145
Series A, AMT, 5.00%, 07/01/48		955		906,814
County of Utah, RB
Series A, 4.00%, 05/15/43		240		220,681
Series A, 3.00%, 05/15/50		1,085		723,525
Utah Charter School Finance Authority, RB, Series A, 5.00%, 06/15/39(c)		100		90,017
Utah Charter School Finance Authority, Refunding RB, 5.00%, 06/15/40(c)		135		117,917
				3,010,099
Vermont — 0.4%
Vermont Educational & Health Buildings Financing Agency, Refunding RB, 5.00%, 11/01/49		1,915		1,964,036
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		285		246,297
				2,210,333
Virginia — 1.5%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		370		350,647
Series A, 5.13%, 03/01/31		790		640,131
Front Royal & Warren County Industrial Development Authority, RB, 4.00%, 01/01/50		865		691,458
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 4.00%, 07/01/55		1,575		1,332,637
Series A, Senior Lien, 4.00%, 07/01/60		3,535		2,895,483
Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47		1,010		878,043
Virginia Housing Development Authority, RB, M/F Housing, Series 1, (FHLMC, FNMA, GNMA), 2.55%, 11/01/50		1,520		914,280
				7,702,679
Washington — 2.4%
Grant County Public Utility District No.2 Priest Rapids Hydroelectric Project, Refunding RB, Series A, 5.00%, 01/01/26(d)		2,335		2,452,294
Port of Seattle Washington, ARB
Series A, AMT, 5.00%, 05/01/43		1,615		1,557,154
Series C, AMT, 5.00%, 04/01/40		1,050		1,036,808
Washington Health Care Facilities Authority, RB, Series A, Catholic Health Services, 5.75%, 01/01/23(d)		3,160		3,173,648

S C H E D U L E   O F   I N V E S T M E N T S 8

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington (continued)
Washington Health Care Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/44	$	375	$	301,997
Washington State Housing Finance Commission, RB, M/F Housing, Series A-1, 3.50%, 12/20/35		1,940		1,661,097
Washington State Housing Finance Commission, Refunding RB(c)
5.00%, 01/01/43		1,000		922,555
5.00%, 01/01/48		1,405		1,258,908
				12,364,461
West Virginia — 0.1%
City of Martinsburg West Verginia, RB, M/F Housing, Series A-1, 4.63%, 12/01/43		570		519,765
Wisconsin — 1.3%
Public Finance Authority, RB
Series A, 5.00%, 11/15/41		205		193,839
Series A, 5.00%, 07/01/55(c)		120		95,966
Series A-1, 4.50%, 01/01/35(c)		210		184,670
AMT, 4.00%, 09/30/51		1,925		1,356,016
AMT, 4.00%, 03/31/56		1,835		1,245,611
Public Finance Authority, Refunding RB(c)
5.25%, 05/15/52		735		600,842
5.00%, 09/01/54		115		88,399
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/51		3,280		2,636,838
Wisconsin Housing & Economic Development Authority, RB, M/F Housing, Series A, 4.70%, 07/01/47		660		605,087
				7,007,268
Total Municipal Bonds — 145.8%
(Cost: $854,701,274)				765,885,840
Municipal Bonds Transferred to Tender Option Bond Trusts(h)
California — 2.3%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		4,050		3,937,220
Sacramento Area Flood Control Agency, Refunding SAB
5.00%, 10/01/47		3,345		3,384,005
Series A, 5.00%, 10/01/43		4,725		4,804,572
				12,125,797
Colorado — 0.6%
City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.25%, 12/01/48(i)		2,463		2,385,573
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45		1,180		1,025,582
				3,411,155
District of Columbia — 0.4%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		2,361		2,100,465
Florida — 0.8%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(i)		5,672		4,425,866

Security	Par (000)		Value
Georgia — 1.7%
Main Street Natural Gas Inc., RB, Series B, 5.00%, 12/01/52	$	9,020	$	8,905,270
Illinois — 0.6%
Illinois Finance Authority, Refunding RB
Series C, 4.00%, 02/15/27		4		3,449
Series C, 4.00%, 02/15/41		1,540		1,374,849
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,997		2,017,595
				3,395,893
Iowa — 0.4%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		2,740		2,175,259
Massachusetts — 1.5%
Commonwealth of Massachusetts Transportation Fund Revenue, RB, BAB, Series A, 4.00%, 06/01/45		2,238		1,997,010
Massachusetts Development Finance Agency, Refunding RB, 5.00%, 07/01/47		4,979		4,781,650
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,056		933,403
				7,712,063
Nebraska — 1.0%
Central Plains Energy Project, RB, Series 1, 5.00%, 05/01/53		5,241		5,134,246
New York — 3.6%
City of New York, GO, Series D, 5.00%, 12/01/43(i)		2,380		2,426,171
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		5,159		4,684,416
New York State Urban Development Corp., Refunding RB, Series A, 4.00%, 03/15/46(b)		7,220		5,681,031
Port Authority of New York & New Jersey, Refunding ARB
194th Series, 5.25%, 10/15/55		3,600		3,648,367
Series 221, AMT, 4.00%, 07/15/55		2,820		2,256,757
				18,696,742
North Carolina — 0.7%
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		165		162,122
Township of North Bergen New Jersey, Refunding GO, Series B, 5.00%, 10/01/25		3,540		3,721,676
				3,883,798
Pennsylvania — 1.6%
Pennsylvania Turnpike Commission, RB, Series A, 5.50%, 12/01/42		7,079		7,201,902
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38		1,034		1,048,785
				8,250,687
Rhode Island — 0.9%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		5,570		4,728,637
Texas — 1.2%
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23		3,440		3,456,233

9

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Texas Department of Housing & Community Affairs, RB, S/F Housing
Series A, (GNMA), 3.63%, 09/01/44	$	1,823	$	1,511,875
Series A, (GNMA), 3.75%, 09/01/49		1,297		1,076,066
				6,044,174
Virginia — 0.8%
Virginia Small Business Financing Authority, Refunding RB, Series A, 4.00%, 12/01/49		5,311		4,336,796
West Virginia — 0.7%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(i)		4,222		3,451,475
Wisconsin — 1.4%
Wisconsin Health & Educational Facilities Authority, Refunding RB, 4.00%, 12/01/46(b)		3,070		2,573,983
Wisconsin Housing & Economic Development Authority, RB, M/F Housing
Series A, 4.10%, 11/01/43		2,658		2,234,608
Series A, 4.45%, 05/01/57		3,322		2,793,260
				7,601,851
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 20.2%
(Cost: $119,872,106)				106,380,174
Total Long-Term Investments — 166.0%
(Cost: $974,573,380)				872,266,014
	Shares
Short-Term Securities
Money Market Funds — 3.4%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.83%(j)(k)		17,799,656		17,797,876
Total Short-Term Securities — 3.4%
(Cost: $17,797,876)				17,797,876
Total Investments — 169.4%
(Cost: $992,371,256)				890,063,890
Other Assets Less Liabilities — 0.7%				3,656,483
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (12.5)%				(65,544,609	)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (57.6)%				(302,700,000	)
Net Assets Applicable to Common Shares — 100.0%			$	525,475,764

^(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)  When-issued security.

^(c)  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.

^(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)  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 $8,113,224.

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 10

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2022 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 10/31/22		Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	2,826,073	$	14,973,751	(a)	$	—	$	(1,315	)	$	(633	)	$	17,797,876		17,799,656	$	27,627	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		324		12/20/22	$	35,863	$	1,901,591
U.S. Long Bond		551		12/20/22		66,602		6,725,115
5-Year U.S. Treasury Note		289		12/30/22		30,819		1,058,734
							$	9,685,440

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	$	—	$	765,885,840	$	—	$	765,885,840
Municipal Bonds Transferred to Tender Option Bond Trusts		—		106,380,174		—		106,380,174
Short-Term Securities
Money Market Funds		17,797,876		—		—		17,797,876
	$	17,797,876	$	872,266,014	$	—	$	890,063,890

11

Schedule of Investments  (unaudited) (continued) October 31, 2022 BlackRock Municipal Income Trust II (BLE)

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	9,685,440	$	—	$	—	$	9,685,440

^(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	$	—	$	(65,269,470	)	$	—	$	(65,269,470	)
VMTP Shares at Liquidation Value		—		(302,700,000	)		—		(302,700,000	)
	$	—	$	(367,969,470	)	$	—	$	(367,969,470	)

Portfolio Abbreviation
AGM	Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
ARB	Airport Revenue Bonds
BAB	Build America Bond
BAM	Build America Mutual Assurance Co.
BAM-TCRS	Build America Mutual Assurance Co.- Transferable     Custodial Receipts
CAB	Capital Appreciation Bonds
COP	Certificates of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
GTD	GTD Guaranteed
HUD SECT 8	U.S. Department of Housing and Urban Development     Section 8
M/F	Multi-Family
MT	Mandatory Tender
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SAW	State Aid Withholding
SONYMA	State of New York Mortgage Agency
TA	Tax Allocation

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