BLACKROCK MUNICIPAL INCOME TRUST II
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number: 811-21126
Name of Fund: BlackRock Municipal Income Trust II (BLE)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name
and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Municipal Income Trust II, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2016
Date of reporting period:
05/31/2016
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments May 31, 2016 (Unaudited) |
|
BlackRock Municipal Income Trust II
(BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Alabama — 3.3% |
|
| County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19 |
|
$ |
1,620 |
|
|
$ |
1,629,509 |
|
| County of Jefferson Alabama Sewer, Refunding RB: |
|
|
|
|
|
|
|
|
| Senior Lien, Series A (AGM), 5.00%, 10/01/44 |
|
|
540 |
|
|
|
606,323 |
|
| Senior Lien, Series A (AGM), 5.25%, 10/01/48 |
|
|
1,320 |
|
|
|
1,493,263 |
|
| Sub-Lien, Series D, 7.00%, 10/01/51 |
|
|
3,220 |
|
|
|
4,022,231 |
|
| Lower Alabama Gas District, RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 9/01/34 |
|
|
1,945 |
|
|
|
2,432,184 |
|
| 5.00%, 9/01/46 |
|
|
1,555 |
|
|
|
2,019,261 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
12,202,771 |
|
| Arizona — 2.2% |
|
| Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/32 |
|
|
5,635 |
|
|
|
6,894,817 |
|
| 5.00%, 12/01/37 |
|
|
1,000 |
|
|
|
1,247,900 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
8,142,717 |
|
| California — 11.0% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 4/01/19 (a) |
|
|
2,480 |
|
|
|
2,802,945 |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 8/15/42 |
|
|
3,500 |
|
|
|
4,210,885 |
|
| California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A,
5.00%,
7/01/33 |
|
|
1,365 |
|
|
|
1,619,313 |
|
| California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 8/15/39 |
|
|
160 |
|
|
|
182,013 |
|
| 5.25%, 8/15/49 |
|
|
395 |
|
|
|
447,618 |
|
| California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%,
11/21/45 (b) |
|
|
1,655 |
|
|
|
1,822,287 |
|
| California Statewide Communities Development Authority, RB, Loma Linda University Medical Center,
Series A (b): |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/41 |
|
|
565 |
|
|
|
627,427 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A (b)
(continued): |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/46 |
|
$ |
685 |
|
|
$ |
758,268 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A: |
|
|
|
|
|
|
|
|
| Senior, 5.00%, 5/15/40 |
|
|
6,500 |
|
|
|
7,386,080 |
|
| 5.25%, 5/15/39 |
|
|
860 |
|
|
|
962,417 |
|
| City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A,
6.25%, 10/01/38 |
|
|
380 |
|
|
|
476,083 |
|
| San Marcos Unified School District, GO, CAB, Election of 2010, Series B (c): |
|
|
|
|
|
|
|
|
| 0.00%, 8/01/33 |
|
|
3,000 |
|
|
|
1,710,420 |
|
| 0.00%, 8/01/43 |
|
|
2,500 |
|
|
|
906,325 |
|
| State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
| 6.00%, 3/01/33 |
|
|
1,760 |
|
|
|
2,085,917 |
|
| 6.50%, 4/01/33 |
|
|
10,645 |
|
|
|
12,315,307 |
|
| State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
| Series I, 5.00%, 11/01/38 |
|
|
825 |
|
|
|
988,507 |
|
| Sub-Series I-1, 6.38%, 11/01/34 |
|
|
1,280 |
|
|
|
1,528,077 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
40,829,889 |
|
| Colorado — 0.7% |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series
A,
5.50%, 7/01/34 |
|
|
2,330 |
|
|
|
2,613,911 |
|
| Connecticut — 0.3% |
|
| Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior
Credit, Series A, 5.00%, 11/15/40 |
|
|
1,005 |
|
|
|
1,117,630 |
|
| Delaware — 2.0% |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
1,240 |
|
|
|
1,357,279 |
|
| Delaware Transportation Authority, RB,
5.00%, 6/01/55 |
|
|
1,260 |
|
|
|
1,452,112 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
1 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Delaware (continued) |
|
| State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
$ |
4,275 |
|
|
$ |
4,574,934 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
7,384,325 |
|
| District of Columbia — 4.1% |
|
| District of Columbia, Refunding RB, Kipp Charter School, Series A, 6.00%, 7/01/43 |
|
|
820 |
|
|
|
956,546 |
|
| District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, 6.75%, 5/15/40 |
|
|
11,500 |
|
|
|
11,559,110 |
|
| Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/39 |
|
|
550 |
|
|
|
610,214 |
|
| 5.25%, 10/01/44 |
|
|
2,000 |
|
|
|
2,227,360 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
15,353,230 |
|
| Florida — 5.6% |
|
| City of Atlantic Beach Florida, RB, Health Care Facilities, Fleet Landing Project, Series B, 5.63%, 11/15/43 |
|
|
1,445 |
|
|
|
1,659,250 |
|
| City of Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38 |
|
|
1,665 |
|
|
|
1,852,879 |
|
| County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 5/01/45 |
|
|
1,450 |
|
|
|
1,658,292 |
|
| County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport: |
|
|
|
|
|
|
|
|
| Series A, AMT (AGC), 5.25%, 10/01/38 |
|
|
2,855 |
|
|
|
3,095,762 |
|
| Series A-1, 5.38%, 10/01/41 |
|
|
1,255 |
|
|
|
1,434,139 |
|
| County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/39 |
|
|
5,000 |
|
|
|
5,703,200 |
|
| Mid-Bay Bridge Authority, RB, Springing Lien,
Series A, 7.25%, 10/01/21 (a) |
|
|
3,300 |
|
|
|
4,283,730 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Florida (continued) |
|
| Stevens Plantation Community Development District, Special Assessment, Series A, 7.10%, 5/01/35 (d)(e) |
|
$ |
1,895 |
|
|
$ |
1,326,083 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
21,013,335 |
|
| Georgia — 1.4% |
|
| City of Atlanta Georgia Water & Wastewater, Refunding RB, 5.00%, 11/01/40 |
|
|
2,870 |
|
|
|
3,407,436 |
|
| County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A,
5.50%, 8/15/54 |
|
|
555 |
|
|
|
675,263 |
|
| DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |
|
|
915 |
|
|
|
1,028,149 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,110,848 |
|
| Hawaii — 0.5% |
|
| State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30 |
|
|
1,480 |
|
|
|
1,684,210 |
|
| Illinois — 19.1% |
|
| City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien: |
|
|
|
|
|
|
|
|
| Series A, 5.75%, 1/01/39 |
|
|
5,000 |
|
|
|
5,829,100 |
|
| Series C, 6.50%, 1/01/41 |
|
|
6,430 |
|
|
|
7,791,552 |
|
| City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34 |
|
|
3,050 |
|
|
|
3,028,711 |
|
| City of Chicago Illinois, GO, Refunding, Project,
Series A, 5.25%, 1/01/32 |
|
|
4,940 |
|
|
|
4,934,566 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,150 |
|
|
|
1,261,343 |
|
| City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |
|
|
3,130 |
|
|
|
3,487,039 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38 |
|
|
845 |
|
|
|
965,210 |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Ascension Health, Series A, 5.00%, 11/15/37 |
|
|
1,060 |
|
|
|
1,214,135 |
|
| Central Dupage Health, Series B, 5.50%, 11/01/39 |
|
|
1,750 |
|
|
|
1,997,363 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 6/15/30 |
|
$ |
7,445 |
|
|
$ |
7,473,812 |
|
| Illinois State Toll Highway Authority, RB: |
|
|
|
|
|
|
|
|
| Senior, Series C, 5.00%, 1/01/36 |
|
|
2,815 |
|
|
|
3,305,654 |
|
| Senior, Series C, 5.00%, 1/01/37 |
|
|
3,005 |
|
|
|
3,516,241 |
|
| Series A, 5.00%, 1/01/38 |
|
|
2,520 |
|
|
|
2,880,461 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
| Series B (AGM), 5.00%, 6/15/50 |
|
|
6,725 |
|
|
|
7,217,068 |
|
| Series B-2, 5.00%, 6/15/50 |
|
|
2,725 |
|
|
|
2,866,128 |
|
| Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
|
| 5.50%, 6/01/23 |
|
|
520 |
|
|
|
609,393 |
|
| 6.00%, 6/01/28 |
|
|
1,255 |
|
|
|
1,494,931 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 2/01/39 |
|
|
1,640 |
|
|
|
1,742,828 |
|
| Series A, 5.00%, 4/01/35 |
|
|
2,500 |
|
|
|
2,663,450 |
|
| Series A, 5.00%, 4/01/38 |
|
|
3,885 |
|
|
|
4,110,330 |
|
| State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34 |
|
|
685 |
|
|
|
758,014 |
|
| University of Illinois, RB, Auxiliary Facilities System, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 4/01/39 |
|
|
860 |
|
|
|
974,113 |
|
| 5.00%, 4/01/44 |
|
|
1,050 |
|
|
|
1,184,652 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
71,306,094 |
|
| Indiana — 4.4% |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 6.75%, 1/01/34 |
|
|
845 |
|
|
|
1,037,871 |
|
| 7.00%, 1/01/44 |
|
|
3,535 |
|
|
|
4,368,588 |
|
| Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
3,510 |
|
|
|
4,142,678 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44 |
|
|
485 |
|
|
|
528,053 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48 |
|
|
1,610 |
|
|
|
1,747,687 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Indiana (continued) |
|
| Indiana Finance Authority, RB, Series A (continued): |
|
|
|
|
|
|
|
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT,
5.25%, 1/01/51 |
|
$ |
435 |
|
|
$ |
477,230 |
|
| Sisters of St. Francis Health Services,
5.25%, 11/01/39 |
|
|
915 |
|
|
|
1,024,626 |
|
| Indiana Municipal Power Agency, RB,
Series B, 6.00%, 1/01/19 (a) |
|
|
1,200 |
|
|
|
1,354,272 |
|
| Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40 |
|
|
1,380 |
|
|
|
1,619,665 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
16,300,670 |
|
| Iowa — 2.3% |
|
| Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/19 |
|
|
965 |
|
|
|
994,635 |
|
| 5.50%, 12/01/22 |
|
|
2,550 |
|
|
|
2,644,937 |
|
| 5.25%, 12/01/25 |
|
|
500 |
|
|
|
533,480 |
|
| Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22 |
|
|
1,325 |
|
|
|
1,406,276 |
|
| Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |
|
|
3,095 |
|
|
|
3,090,976 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
8,670,304 |
|
| Kentucky — 0.6% |
|
| Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives,
Series A, 5.25%, 1/01/45 |
|
|
1,060 |
|
|
|
1,197,440 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st Tier, Series C, 0.00%,
7/01/43 (f) |
|
|
1,280 |
|
|
|
1,048,550 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,245,990 |
|
| Louisiana — 2.7% |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp.
Project,
Series A-1, 6.50%, 11/01/35 |
|
|
3,650 |
|
|
|
4,387,191 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
3 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Louisiana (continued) |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 5/15/30 |
|
$ |
1,100 |
|
|
$ |
1,247,059 |
|
| 5.25%, 5/15/31 |
|
|
935 |
|
|
|
1,056,737 |
|
| 5.25%, 5/15/32 |
|
|
1,195 |
|
|
|
1,370,079 |
|
| 5.25%, 5/15/33 |
|
|
1,300 |
|
|
|
1,479,699 |
|
| 5.25%, 5/15/35 |
|
|
545 |
|
|
|
622,559 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
10,163,324 |
|
| Maryland — 1.1% |
|
| Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 6/01/35 |
|
|
475 |
|
|
|
520,082 |
|
| Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25 |
|
|
800 |
|
|
|
774,744 |
|
| Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community Project,
6.25%,
1/01/41 |
|
|
2,400 |
|
|
|
2,770,512 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
4,065,338 |
|
| Massachusetts — 0.7% |
|
| Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT,
5.25%, 11/01/42
(b) |
|
|
1,530 |
|
|
|
1,538,231 |
|
| Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System, Series J1, 5.00%,
7/01/39 |
|
|
955 |
|
|
|
1,061,607 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,599,838 |
|
| Michigan — 2.8% |
|
| City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39 |
|
|
4,825 |
|
|
|
5,390,297 |
|
| Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36 |
|
|
1,500 |
|
|
|
1,695,645 |
|
| Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 7/01/44 |
|
|
940 |
|
|
|
1,033,380 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Michigan (continued) |
|
| Michigan State Hospital Finance Authority, Refunding RB, Henry Ford Health System, Series A,
5.25%, 11/15/46 |
|
$ |
2,305 |
|
|
$ |
2,351,653 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
10,470,975 |
|
| Missouri — 1.9% |
|
| 370/Missouri Bottom Road/Taussig Road Transportation Development District, RB, 7.20%, 5/01/33 |
|
|
6,000 |
|
|
|
5,193,240 |
|
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien, Series A, 5.00%,
10/01/44 |
|
|
275 |
|
|
|
314,682 |
|
| State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran Senior Services,
5.50%,
2/01/42 |
|
|
1,135 |
|
|
|
1,235,255 |
|
| State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project,
5.50%,
5/01/43 |
|
|
265 |
|
|
|
298,167 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
7,041,344 |
|
| Multi-State — 1.9% |
|
| Centerline Equity Issuer Trust (b)(g): |
|
|
|
|
|
|
|
|
| Series A-4-2, 6.00%, 5/15/19 |
|
|
3,500 |
|
|
|
3,896,060 |
|
| Series B-3-2, 6.30%, 5/15/19 |
|
|
3,000 |
|
|
|
3,364,920 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
7,260,980 |
|
| Nebraska — 1.6% |
|
| Central Plains Energy Project Nebraska, RB, Gas Project No. 3: |
|
|
|
|
|
|
|
|
| 5.25%, 9/01/37 |
|
|
895 |
|
|
|
1,014,402 |
|
| 5.00%, 9/01/42 |
|
|
1,570 |
|
|
|
1,747,661 |
|
| County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health Facilities, 5.63%,
1/01/40 |
|
|
1,245 |
|
|
|
1,402,592 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Nebraska (continued) |
|
| County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, 5.63%, 1/01/40 |
|
$ |
1,635 |
|
|
$ |
1,803,144 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,967,799 |
|
| Nevada — 0.7% |
|
| County of Clark Nevada, Refunding RB, Alexander Dawson School Nevada Project, 5.00%,
5/15/29 |
|
|
2,465 |
|
|
|
2,515,385 |
|
| New Jersey — 8.7% |
|
| Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/39 |
|
|
1,100 |
|
|
|
1,147,047 |
|
| 5.25%, 11/01/44 |
|
|
1,640 |
|
|
|
1,704,354 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 7/01/45 (b) |
|
|
1,165 |
|
|
|
1,190,723 |
|
| New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: |
|
|
|
|
|
|
|
|
| 4.88%, 9/15/19 |
|
|
870 |
|
|
|
922,374 |
|
| 5.13%, 9/15/23 |
|
|
2,130 |
|
|
|
2,379,508 |
|
| 5.25%, 9/15/29 |
|
|
2,130 |
|
|
|
2,362,596 |
|
| New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project, 6.50%, 4/01/28 |
|
|
7,475 |
|
|
|
9,246,425 |
|
| New Jersey State Turnpike Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 1/01/43 |
|
|
2,160 |
|
|
|
2,498,558 |
|
| Series E, 5.00%, 1/01/45 |
|
|
2,810 |
|
|
|
3,276,376 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Transportation Program,
Series AA, 5.00%, 6/15/44 |
|
|
3,760 |
|
|
|
4,051,062 |
|
| Transportation System,
Series B, 5.25%, 6/15/36 |
|
|
2,690 |
|
|
|
2,901,837 |
|
| Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%,
5/01/43 |
|
|
570 |
|
|
|
665,105 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
32,345,965 |
|
| New York — 9.5% |
|
| City of New York New York Industrial Development Agency, ARB, American Airlines, Inc., JFK International Airport Project,
AMT,
7.75%, 8/01/31 (h) |
|
|
6,700 |
|
|
|
6,845,591 |
|
| City of New York New York Transitional Finance Authority, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |
|
|
2,680 |
|
|
|
3,136,967 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| County of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 6/01/41 (b) |
|
$ |
2,000 |
|
|
$ |
2,109,460 |
|
| County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |
|
|
832 |
|
|
|
951,606 |
|
| Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
| 5.25%, 11/15/38 |
|
|
2,555 |
|
|
|
3,112,526 |
|
| 5.25%, 11/15/39 |
|
|
910 |
|
|
|
1,106,351 |
|
| New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49 |
|
|
1,335 |
|
|
|
1,501,448 |
|
| 3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (b) |
|
|
4,320 |
|
|
|
4,851,187 |
|
| 3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (b) |
|
|
365 |
|
|
|
407,329 |
|
| 3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (b) |
|
|
910 |
|
|
|
1,019,091 |
|
| New York State Dormitory Authority, Refunding RB, General Purpose, Series A, 5.00%, 6/15/31 |
|
|
1,930 |
|
|
|
2,323,874 |
|
| New York Transportation Development Corp., RB, Laguardia Airport Terminal B Redevelopment Project, Series A (AMT), 5.00%, 7/01/41
(i) |
|
|
640 |
|
|
|
721,466 |
|
| Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42
(b) |
|
|
1,145 |
|
|
|
1,162,038 |
|
| Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8: |
|
|
|
|
|
|
|
|
| 6.00%,12/01/42 |
|
|
1,635 |
|
|
|
1,916,645 |
|
| Special Project, 6.00%, 12/01/36 |
|
|
1,410 |
|
|
|
1,656,214 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
5 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45 |
|
$ |
2,500 |
|
|
$ |
2,500,125 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
35,321,918 |
|
| North Carolina — 3.2% |
|
| County of Gaston North Carolina Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National
Gypsum Co. Project, AMT,
5.75%, 8/01/35 |
|
|
6,500 |
|
|
|
6,520,345 |
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Solid Waste Disposal Facility, Duke Energy Carolinas Project, Series
B,
4.63%, 11/01/40 |
|
|
1,000 |
|
|
|
1,082,220 |
|
| North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/19
(a) |
|
|
1,525 |
|
|
|
1,708,366 |
|
| North Carolina Medical Care Commission, Refunding RB, 1st Mortgage: |
|
|
|
|
|
|
|
|
| Aldersgate, 6.25%, 7/01/35 |
|
|
1,530 |
|
|
|
1,714,426 |
|
| Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41 |
|
|
625 |
|
|
|
716,400 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
11,741,757 |
|
| Ohio — 2.4% |
|
| County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 6/01/38 |
|
|
3,405 |
|
|
|
3,825,586 |
|
| County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%,
7/01/40 |
|
|
710 |
|
|
|
786,282 |
|
| County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 5/01/39 |
|
|
3,025 |
|
|
|
3,257,622 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Ohio (continued) |
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT,
5.00%, 6/30/53 |
|
$ |
870 |
|
|
$ |
962,168 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
8,831,658 |
|
| Pennsylvania — 2.8% |
|
| Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A,
5.00%, 5/01/42 |
|
|
2,500 |
|
|
|
2,693,225 |
|
| City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series
A,
5.63%, 7/01/42 |
|
|
685 |
|
|
|
753,870 |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Aqua Pennsylvania, Inc. Project, Series B,
5.00%, 11/15/40 |
|
|
2,065 |
|
|
|
2,299,646 |
|
| Pennsylvania Bridge Finco LP, AMT,
5.00%, 6/30/42 |
|
|
3,030 |
|
|
|
3,432,536 |
|
| Pennsylvania Turnpike Commission, RB, Series A,
5.00%, 12/01/44 |
|
|
1,190 |
|
|
|
1,386,814 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
10,566,091 |
|
| Rhode Island — 1.7% |
|
| Tobacco Settlement Financing Corp., Refunding RB, Series B: |
|
|
|
|
|
|
|
|
| 4.50%, 6/01/45 |
|
|
2,850 |
|
|
|
2,989,793 |
|
| 5.00%, 6/01/50 |
|
|
3,175 |
|
|
|
3,398,139 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
6,387,932 |
|
| South Carolina — 3.9% |
|
| State of South Carolina Ports Authority, RB: |
|
|
|
|
|
|
|
|
| 5.25%,7/01/40 |
|
|
3,595 |
|
|
|
4,056,167 |
|
| AMT, 5.25%, 7/01/55 |
|
|
1,390 |
|
|
|
1,589,104 |
|
| State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
4,170 |
|
|
|
4,932,609 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| South Carolina (continued) |
|
| State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
$ |
3,385 |
|
|
$ |
4,004,387 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
14,582,267 |
|
| Tennessee — 0.7% |
|
| City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%,
1/01/45 |
|
|
1,470 |
|
|
|
1,660,600 |
|
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Vanderbilt University
Medical Center, Series A, 5.00%, 7/01/46 |
|
|
740 |
|
|
|
863,728 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
2,524,328 |
|
| Texas — 11.6% |
|
| Brazos River Authority, RB, TXU Electric, Series A, AMT,
8.25%, 10/01/30 (d)(e) |
|
|
2,400 |
|
|
|
41,976 |
|
| Central Texas Regional Mobility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Senior Lien, 6.25%, 1/01/21 (a) |
|
|
2,350 |
|
|
|
2,874,144 |
|
| Sub-Lien, 5.00%, 1/01/33 |
|
|
390 |
|
|
|
433,813 |
|
| Central Texas Turnpike System, Refunding RB, Series C,
5.00%, 8/15/42 |
|
|
630 |
|
|
|
727,461 |
|
| City of Austin Texas Airport System, ARB, Revenue, AMT,
5.00%, 11/15/39 |
|
|
665 |
|
|
|
756,750 |
|
| City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35 |
|
|
1,650 |
|
|
|
1,906,773 |
|
| City of Houston Texas Airport System, Refunding ARB: |
|
|
|
|
|
|
|
|
| Senior Lien, Series A, 5.50%, 7/01/39 |
|
|
1,675 |
|
|
|
1,826,370 |
|
| United Airlines, Inc. Terminal E Project, AMT,
5.00%, 7/01/29 |
|
|
460 |
|
|
|
513,691 |
|
| City of Houston Texas Combined Utility System Revenue, Refunding RB, Combined 1st Lien, Series A (AGC): |
|
|
|
|
|
|
|
|
| 6.00%, 5/15/19 (a) |
|
|
8,665 |
|
|
|
9,938,668 |
|
| 6.00%, 11/15/35 |
|
|
480 |
|
|
|
554,736 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project,
Series B,
7.00%, 1/01/48 |
|
$ |
485 |
|
|
$ |
574,565 |
|
| County of Harris Texas-Houston Sports Authority, Refunding RB, 3rd Lien, Series A-3 (NPFGC),
0.00%, 11/15/36 (c) |
|
|
25,375 |
|
|
|
9,054,307 |
|
| County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A,
0.00%, 9/15/37
(c) |
|
|
6,055 |
|
|
|
2,579,369 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare (a): |
|
|
|
|
|
|
|
|
| 6.00%, 8/15/20 |
|
|
325 |
|
|
|
389,568 |
|
| 6.00%, 8/15/20 |
|
|
4,085 |
|
|
|
4,902,123 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
| LBJ Infrastructure Group LLC,
7.00%, 6/30/40 |
|
|
3,000 |
|
|
|
3,587,880 |
|
| NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project,
6.88%, 12/31/39 |
|
|
2,250 |
|
|
|
2,647,913 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
43,310,107 |
|
| Utah — 0.1% |
|
| Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series
A,
3.25%, 10/15/42 |
|
|
435 |
|
|
|
438,423 |
|
| Virginia — 1.4% |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 1/01/32 |
|
|
1,755 |
|
|
|
1,999,191 |
|
| 6.00%, 1/01/37 |
|
|
2,585 |
|
|
|
3,068,524 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,067,715 |
|
| Washington — 4.0% |
|
| City of Bellingham Washington Water & Sewer, RB,
5.00%, 8/01/36 |
|
|
5,050 |
|
|
|
5,823,104 |
|
| Grant County Public Utility District No 2, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 1/01/41 |
|
|
2,035 |
|
|
|
2,418,394 |
|
| 5.00%, 1/01/43 |
|
|
2,335 |
|
|
|
2,770,594 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
7 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par
(000) |
|
|
Value |
|
| Washington (continued) |
|
| Port of Seattle Washington, RB, Series C, AMT, 5.00%, 4/01/40 |
|
$ |
815 |
|
|
$ |
936,305 |
|
| Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |
|
|
2,445 |
|
|
|
2,922,900 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
14,871,297 |
|
| Wisconsin — 0.8% |
|
| State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group, Series E, 5.00%,
11/15/33 |
|
|
910 |
|
|
|
1,031,249 |
|
| Wisconsin Health & Educational Facilities Authority, Refunding RB, Medical College of Wisconsin, Inc., 4.00%,
12/01/46 |
|
|
1,955 |
|
|
|
2,090,794 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
3,122,043 |
|
| Wyoming — 1.5% |
|
| County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%, 7/15/26 |
|
|
3,355 |
|
|
|
3,776,220 |
|
| Wyoming Municipal Power Agency, Inc., RB, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 1/01/33 |
|
|
800 |
|
|
|
852,608 |
|
| 5.50%, 1/01/38 |
|
|
750 |
|
|
|
799,320 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
5,428,148 |
|
| Total Municipal Bonds – 123.2% |
|
|
|
458,600,556 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to
Tender Option Bond Trusts (j) |
|
|
|
|
|
|
| Alabama — 0.7% |
|
| City of Birmingham Alabama Special Care Facilities Financing Authority, Refunding RB,
Ascension Health, Senior Credit, Series C-2, 5.00%, 11/15/16 (a) |
|
|
2,519 |
|
|
|
2,569,809 |
|
| California — 5.2% |
|
| California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (k) |
|
|
2,850 |
|
|
|
3,139,417 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to
Tender Option Bond Trusts (j) |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B, 5.00%,
11/01/39 |
|
$ |
10,335 |
|
|
$ |
11,659,844 |
|
| Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/17 (a) |
|
|
2,530 |
|
|
|
2,659,157 |
|
| San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 |
|
|
1,840 |
|
|
|
2,088,646 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
19,547,064 |
|
| Colorado — 2.0% |
|
| Colorado Health Facilities Authority, RB, Catholic Health (AGM) (a): |
|
|
|
|
|
|
|
|
| Series C-3, 5.10%, 4/29/18 |
|
|
4,230 |
|
|
|
4,575,422 |
|
| Series C-7, 5.00%, 5/01/18 |
|
|
2,710 |
|
|
|
2,926,773 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
7,502,195 |
|
| Connecticut — 2.9% |
|
| Connecticut State Health & Educational Facility Authority, RB, Yale University: |
|
|
|
|
|
|
|
|
| Series T-1, 4.70%, 7/01/29 |
|
|
5,179 |
|
|
|
5,393,095 |
|
| Series X-3, 4.85%, 7/01/37 |
|
|
5,143 |
|
|
|
5,371,527 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
10,764,622 |
|
| Georgia — 1.3% |
|
| Private Colleges & Universities Authority, Refunding RB, Emory University, Series C,
5.00%, 9/01/38 |
|
|
4,638 |
|
|
|
5,051,965 |
|
| Massachusetts — 0.8% |
|
| Massachusetts School Building Authority, RB, Senior, Series B, 5.00%,
10/15/41 |
|
|
2,461 |
|
|
|
2,889,437 |
|
| New Hampshire — 0.7% |
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 6/01/19 (a)(k) |
|
|
2,219 |
|
|
|
2,500,734 |
|
| New York — 10.9% |
|
| City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System: |
|
|
|
|
|
|
|
|
| 2nd General Resolution, Series HH, 5.00%, 6/15/31 (k) |
|
|
9,150 |
|
|
|
10,773,393 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 8 |
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System (continued): |
|
|
|
|
|
|
|
|
| Series FF-2, 5.50%, 6/15/40 |
|
$ |
1,710 |
|
|
$ |
1,934,814 |
|
| Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 2/15/47 (k) |
|
|
1,750 |
|
|
|
2,056,848 |
|
| New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%, 12/15/43 |
|
|
11,670 |
|
|
|
13,905,101 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (k) |
|
|
7,040 |
|
|
|
8,426,630 |
|
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
2,790 |
|
|
|
3,395,904 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
40,492,690 |
|
| North Carolina — 0.9% |
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project,
Series B, 5.00%, 10/01/55 |
|
|
2,740 |
|
|
|
3,259,257 |
|
| Texas — 3.0% |
|
| City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43 |
|
|
2,660 |
|
|
|
3,117,626 |
|
| County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
|
|
3,720 |
|
|
|
4,324,017 |
|
| University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43 |
|
|
3,347 |
|
|
|
3,956,465 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
11,398,108 |
|
| Utah — 1.2% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 8/15/41 |
|
|
3,959 |
|
|
|
4,333,569 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (j) |
|
Par
(000) |
|
|
Value |
|
| Virginia — 1.7% |
|
| University of Virginia, Refunding RB, GO, 5.00%, 6/01/40 |
|
$ |
5,909 |
|
|
$ |
6,387,083 |
|
| Washington — 3.3% |
|
| Central Puget Sound Regional Transit Authority, RB, Series A (AGM), 5.00%, 11/01/17 (a) |
|
|
3,029 |
|
|
|
3,211,069 |
|
| State of Washington, GO, Various Purposes, Series E, 5.00%, 2/01/19 (a) |
|
|
8,113 |
|
|
|
8,987,011 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
12,198,080 |
|
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 34.6% |
|
|
|
128,894,613 |
|
Total Long-Term Investments
(Cost — $533,283,160) — 157.8% |
|
|
|
587,495,169 |
|
|
|
|
|
|
|
|
|
|
| |
|
| Short-Term Securities |
|
Shares |
|
|
|
|
| BlackRock Liquidity Funds,
MuniCash, 0.21% (l)(m) |
|
|
3,113,358 |
|
|
|
3,113,358 |
|
Total Short-Term Securities
(Cost — $3,113,358) — 0.8% |
|
|
|
3,113,358 |
|
| Total Investments(Cost — $536,396,518*) — 158.6% |
|
|
|
590,608,527 |
|
| Other Assets Less Liabilities — 1.3% |
|
|
|
5,041,493 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.3)% |
|
|
|
(71,975,032 |
) |
| VMTP Shares, at Liquidation Value — (40.6)% |
|
|
|
(151,300,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
372,374,988 |
|
|
|
|
|
|
|
|
|
|
| * |
|
As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
|
|
| Tax cost |
|
$ |
465,284,009 |
|
|
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
58,093,433 |
|
| Gross unrealized depreciation |
|
|
(4,694,251 |
) |
|
|
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
53,399,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
9 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
|
|
| Notes to Schedule of
Investments |
| (a) |
|
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. |
| (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. |
| (d) |
|
Issuer filed for bankruptcy and/or is in default of interest payments. |
| (e) |
|
Non-income producing security. |
| (f) |
|
Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
|
| (g) |
|
Represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or
their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity. |
| (h) |
|
Variable rate security. Rate as of period end. |
| (i) |
|
When-issued security. |
| (j) |
|
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.
|
| (k) |
|
All or a portion of 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 October 1, 2016 to November 15, 2019, is $14,496,598. |
| (l) |
|
During the period ended May 31, 2016, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares Held
at August 31,
2015 |
|
|
Net
Activity |
|
|
Shares Held
at May 31,
2016 |
|
|
Value
at May 31,
2016 |
|
|
Income |
|
| BlackRock Liquidity Funds, MuniCash |
|
|
— |
|
|
|
3,113,358 |
|
|
$ |
3,113,358 |
|
|
$ |
3,113,358 |
|
|
$ |
1,319 |
|
| FFI Institutional Tax-Exempt Fund |
|
|
11,886,794 |
|
|
|
(11,886,794 |
) |
|
|
— |
|
|
|
— |
|
|
|
425 |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,113,358 |
|
|
$ |
1,744 |
|
|
|
|
|
|
|
|
|
|
| (m) |
|
Current yield as of period end. |
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments Outstanding as of Period
End |
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contracts
Short |
|
|
Issue |
|
Expiration |
|
Notional
Value |
|
Unrealized
Appreciation
(Depreciation) |
|
| |
(49 |
) |
|
5-Year U.S. Treasury Note |
|
September 2016 |
|
$5,885,742 |
|
$ |
(4,980 |
) |
| |
(58 |
) |
|
10-Year U.S. Treasury Note |
|
September 2016 |
|
$7,521,875 |
|
|
1,723 |
|
| |
(28 |
) |
|
Long U.S. Treasury Bond |
|
September 2016 |
|
$4,572,750 |
|
|
(4,435 |
) |
| |
(7 |
) |
|
Ultra U.S. Treasury Bond |
|
September 2016 |
|
$1,225,875 |
|
|
1,032 |
|
| |
Total |
|
$ |
(6,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMBAC |
|
American Municipal Bond Assurance Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
| ARB |
|
Airport Revenue Bonds |
| CAB |
|
Capital Appreciation Bonds |
| EDA |
|
Economic Development Authority |
| EDC |
|
Economic Development Corp. |
| GARB |
|
General Airport Revenue Bonds |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 10 |
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
| GO |
|
General Obligation Bonds |
| LRB |
|
Lease Revenue Bonds |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
|
| Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments and derivative 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) |
| |
• |
|
Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available
(including the Trust’s own assumptions used in determining the fair value of investments and derivative 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. The significant unobservable inputs used by the Global Valuation
Committee in determining the price for Fair Valued Investments are typically categorized as level 3.
Changes in valuation
techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of
the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained
in its semi-annual report.
The following tables summarize the Trust’s investments and derivative financial instruments
categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
| Investments: |
|
| Long-Term Investments1 |
|
|
— |
|
|
$ |
587,495,169 |
|
|
|
— |
|
|
$ |
587,495,169 |
|
| Short-Term Securities |
|
$ |
3,113,358 |
|
|
|
— |
|
|
|
— |
|
|
|
3,113,358 |
|
|
|
|
|
|
| Total |
|
$ |
3,113,358 |
|
|
$ |
587,495,169 |
|
|
|
— |
|
|
$ |
590,608,527 |
|
|
|
|
|
|
| Derivative Financial
Instruments2 |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
2,755 |
|
|
|
— |
|
|
|
— |
|
|
$ |
2,755 |
|
| Liabilities: |
|
| Interest rate contracts |
|
|
(9,415 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,415 |
) |
|
|
|
|
|
| Total |
|
$ |
(6,660 |
) |
|
|
— |
|
|
|
— |
|
|
$ |
(6,660 |
) |
|
|
|
|
|
| 1 See above Schedule
of Investments for values in each state or political subdivision. |
|
| 2 Derivative
financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
11 |
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock Municipal Income Trust II
(BLE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 disclosure hierarchy as follows:
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
| Cash pledged for futures contracts |
|
$ |
244,800 |
|
|
|
— |
|
|
|
— |
|
|
$ |
244,800 |
|
| Liabilities: |
|
| TOB Trust Certificates |
|
|
— |
|
|
$ |
(71,925,336 |
) |
|
|
— |
|
|
|
(71,925,336 |
) |
| VMTP Shares |
|
|
— |
|
|
|
(151,300,000 |
) |
|
|
— |
|
|
|
(151,300,000 |
) |
| Total |
|
$ |
244,800 |
|
|
$ |
(223,225,336 |
) |
|
|
— |
|
|
$ |
(222,980,536 |
) |
| During the period ended May 31, 2016, there were no transfers
between levels. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 12 |
|
BLACKROCK MUNICIPAL INCOME TRUST II |
|
MAY 31, 2016 |
|
|
Item 2 – Controls and Procedures
|
|
|
| 2(a) – |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under
the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
|
|
| 2(b) – |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially
affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 3 – Exhibits
Certifications – Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
| BlackRock Municipal Income Trust II |
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock Municipal Income Trust II |
|
| Date: July 22, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock Municipal Income Trust II |
|
| Date: July 22, 2016 |
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock Municipal Income Trust II |
|
| Date: July 22, 2016 |