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: 08/31/2019
Date of reporting period:
11/30/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 133.0% |
|
|
| Alabama — 2.1% |
|
| County of Jefferson Alabama Sewer, Refunding RB: |
|
|
|
|
|
|
|
|
| Senior Lien, Series A (AGM), 5.00%, 10/01/44 |
|
$ |
540 |
|
|
$ |
580,527 |
|
| Senior Lien, Series A (AGM), 5.25%, 10/01/48 |
|
|
1,320 |
|
|
|
1,431,698 |
|
| Sub-Lien, Series D, 7.00%, 10/01/51 |
|
|
3,220 |
|
|
|
3,820,272 |
|
| Lower Alabama Gas District, RB, Series A, 5.00%, 09/01/46 |
|
|
1,170 |
|
|
|
1,335,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,167,526 |
|
| Arizona — 2.8% |
|
| City of Phoenix Arizona IDA, RB, Legacy Traditional Schools Projects, Series A, 5.00%, 07/01/46(a) |
|
|
1,825 |
|
|
|
1,827,208 |
|
| Salt Verde Financial Corp., RB, Senior: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/32 |
|
|
5,635 |
|
|
|
6,465,937 |
|
| 5.00%, 12/01/37 |
|
|
1,000 |
|
|
|
1,136,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,429,665 |
|
| California — 12.1% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 04/01/19(b) |
|
|
2,480 |
|
|
|
2,512,885 |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(b) |
|
|
3,500 |
|
|
|
3,751,230 |
|
| California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A,
5.00%, 07/01/33 |
|
|
1,365 |
|
|
|
1,501,132 |
|
| California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 08/15/39 |
|
|
160 |
|
|
|
171,776 |
|
| 5.25%, 08/15/49 |
|
|
395 |
|
|
|
421,982 |
|
| California Municipal Finance Authority, Refunding RB, Community Medical Centers, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 02/01/36 |
|
|
345 |
|
|
|
379,917 |
|
| 5.00%, 02/01/37 |
|
|
260 |
|
|
|
285,285 |
|
| California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination
Project, AMT, 5.00%, 11/21/45(a) |
|
|
4,370 |
|
|
|
4,487,728 |
|
| California Statewide Communities Development Authority, RB, Loma Linda University Medical Center, Series A,
5.00%, 12/01/46(a) |
|
|
490 |
|
|
|
501,241 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
| Senior, 5.00%, 05/15/40 |
|
$
|
6,500 |
|
|
$
|
6,760,325 |
|
| 5.25%, 05/15/39 |
|
|
860 |
|
|
|
873,278 |
|
| City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A,
6.25%, 10/01/38 |
|
|
380 |
|
|
|
442,525 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Series A-1, 5.25%, 06/01/47 |
|
|
1,080 |
|
|
|
1,071,198 |
|
| San Marcos Unified School District, GO, CAB, Election of 2010, Series B(c): |
|
|
|
|
|
|
|
|
| 0.00%, 08/01/33 |
|
|
3,000 |
|
|
|
1,760,370 |
|
| 0.00%, 08/01/43 |
|
|
2,500 |
|
|
|
912,350 |
|
| State of California, GO, Various Purposes: |
|
|
|
|
|
|
|
|
| 6.50%, 04/01/19(b) |
|
|
5,765 |
|
|
|
5,857,528 |
|
| 6.00%, 03/01/33 |
|
|
1,760 |
|
|
|
1,849,390 |
|
| 6.50%, 04/01/33 |
|
|
4,880 |
|
|
|
4,951,785 |
|
| State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
| Series I, 5.00%, 11/01/38 |
|
|
825 |
|
|
|
904,324 |
|
| Sub-Series I-1, 6.38%, 11/01/19(b) |
|
|
1,280 |
|
|
|
1,334,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,731,123 |
|
| Colorado — 0.7% |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A,
5.50%, 07/01/34 |
|
|
2,330 |
|
|
|
2,374,014 |
|
|
|
|
|
|
|
|
|
|
| Connecticut — 0.3% |
|
| State of Connecticut Health & Educational Facility Authority, RB, Ascension Health Senior Credit,
Series A, 5.00%, 11/15/40 |
|
|
1,005 |
|
|
|
1,027,643 |
|
|
|
|
|
|
|
|
|
|
| Delaware — 2.1% |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
1,240 |
|
|
|
1,291,981 |
|
| Delaware Transportation Authority, RB, U.S. 301 Project, 5.00%, 06/01/55 |
|
|
1,260 |
|
|
|
1,362,060 |
|
| State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
|
4,275 |
|
|
|
4,374,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,028,990 |
|
| District of Columbia — 6.4% |
|
| District of Columbia, Refunding RB: |
|
|
|
|
|
|
|
|
| Georgetown University, 5.00%, 04/01/35 |
|
|
465 |
|
|
|
520,707 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| District of Columbia (continued) |
|
| District of Columbia, Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Georgetown University Issue, 5.00%, 04/01/42 |
|
$
|
540 |
|
|
$
|
594,362 |
|
| Kipp Charter School,
Series A,
6.00%, 07/01/23(b) |
|
|
820 |
|
|
|
954,898 |
|
| The Catholic University of America Issue, 5.00%, 10/01/48 |
|
|
2,525 |
|
|
|
2,735,282 |
|
| District of Columbia Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed,
6.75%, 05/15/40 |
|
|
11,500 |
|
|
|
11,869,495 |
|
| Metropolitan Washington Airports Authority, Refunding ARB, Dulles Metrorail And Capital Improvement Project,
AMT, Series A, 5.00%, 10/01/53 |
|
|
2,195 |
|
|
|
2,260,521 |
|
| Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series
A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/39 |
|
|
550 |
|
|
|
561,093 |
|
| 5.25%, 10/01/44 |
|
|
2,000 |
|
|
|
2,040,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,536,458 |
|
| Florida — 4.5% |
|
| City of Jacksonville Florida Port Authority, Refunding RB, AMT, 5.00%, 11/01/38 |
|
|
1,665 |
|
|
|
1,765,333 |
|
| County of Collier Florida Health Facilities Authority, Refunding RB, Series A, 5.00%, 05/01/45 |
|
|
1,450 |
|
|
|
1,517,845 |
|
| County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport, Series A-1, 5.38%,
10/01/20(b) |
|
|
1,255 |
|
|
|
1,331,894 |
|
| County of Miami-Dade Florida Water & Sewer System, (AGM), 5.00%, 10/01/20(b) |
|
|
5,000 |
|
|
|
5,272,900 |
|
| Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A, 7.25%, 10/01/21(b) |
|
|
3,300 |
|
|
|
3,754,872 |
|
| Stevens Plantation Community Development District, RB, Special Assessment, Series A, 7.10%, 05/01/35(d)(e) |
|
|
1,795 |
|
|
|
1,436,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,078,844 |
|
| Georgia — 0.9% |
|
| County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%,
08/15/48 |
|
|
1,325 |
|
|
|
1,328,485 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Georgia (continued) |
|
| County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health
System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
|
$ |
555 |
|
|
$ |
623,853 |
|
| DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |
|
|
915 |
|
|
|
939,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,891,906 |
|
| Hawaii — 0.5% |
|
| State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30 |
|
|
1,480 |
|
|
|
1,546,985 |
|
|
|
|
|
|
|
|
|
|
| Idaho — 0.3% |
|
| Idaho Health Facilities Authority, RB, Trinity Health Credit Group, Series A, 5.00%, 12/01/46 |
|
|
805 |
|
|
|
877,965 |
|
|
|
|
|
|
|
|
|
|
| Illinois — 18.5% |
|
| Chicago Board of Education, GO, Series C: |
|
|
|
|
|
|
|
|
| Dedicated Revenues, Series H, 5.00%, 12/01/36 |
|
|
495 |
|
|
|
499,638 |
|
| Project, 5.25%, 12/01/35 |
|
|
1,600 |
|
|
|
1,623,792 |
|
| Chicago Board of Education, GO, Refunding: |
|
|
|
|
|
|
|
|
| Dedicated Revenues, Series D, 5.00%, 12/01/27 |
|
|
920 |
|
|
|
952,329 |
|
| Dedicated Revenues, Series F, 5.00%, 12/01/22 |
|
|
675 |
|
|
|
700,178 |
|
| Dedicated Revenues, Series G, 5.00%, 12/01/34 |
|
|
495 |
|
|
|
501,435 |
|
| 5.00%, 12/01/25(f) |
|
|
705 |
|
|
|
733,912 |
|
| Chicago Board of Education, GO, Series D(f): |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/46 |
|
|
585 |
|
|
|
562,840 |
|
| 5.00%, 12/01/46 |
|
|
1,505 |
|
|
|
1,458,706 |
|
| City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/34 |
|
|
2,705 |
|
|
|
2,743,330 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: |
|
|
|
|
|
|
|
|
| Series A, 5.75%, 01/01/21(b) |
|
|
4,200 |
|
|
|
4,520,292 |
|
| Series A, 5.75%, 01/01/39 |
|
|
800 |
|
|
|
848,792 |
|
| Series C, 6.50%, 01/01/21(b) |
|
|
6,430 |
|
|
|
7,016,480 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
1,150 |
|
|
|
1,210,985 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago,
5.50%, 12/01/38 |
|
|
845 |
|
|
|
878,572 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Ascension Health, Series A, 5.00%, 11/15/37 |
|
$
|
1,060 |
|
|
$
|
1,130,840 |
|
| Central Dupage Health, Series B,
5.50%, 11/01/19(b) |
|
|
1,750 |
|
|
|
1,805,632 |
|
| Illinois Sports Facilities Authority, RB, State Tax Supported (AMBAC), 5.50%, 06/15/30 |
|
|
7,445 |
|
|
|
7,461,677 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
| Series B (AGM), 5.00%, 06/15/50 |
|
|
6,725 |
|
|
|
6,876,985 |
|
| Series B-2, 5.00%, 06/15/50 |
|
|
2,725 |
|
|
|
2,726,935 |
|
| Railsplitter Tobacco Settlement Authority,
RB(b): |
|
|
|
|
|
|
|
|
| 5.50%, 06/01/21 |
|
|
520 |
|
|
|
561,912 |
|
| 6.00%, 06/01/21 |
|
|
1,255 |
|
|
|
1,371,288 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 02/01/39 |
|
|
1,640 |
|
|
|
1,663,698 |
|
| Series A, 5.00%, 04/01/35 |
|
|
2,500 |
|
|
|
2,562,300 |
|
| Series A, 5.00%, 04/01/38 |
|
|
3,885 |
|
|
|
3,961,845 |
|
| State of Illinois Toll Highway Authority, RB, Series C: |
|
|
|
|
|
|
|
|
| Senior, 5.00%, 01/01/36 |
|
|
2,815 |
|
|
|
3,087,323 |
|
| 5.00%, 01/01/37 |
|
|
3,005 |
|
|
|
3,287,049 |
|
| University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
|
|
1,050 |
|
|
|
1,126,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,875,174 |
|
| Indiana — 4.5% |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 6.75%, 01/01/34 |
|
|
845 |
|
|
|
963,646 |
|
| 7.00%, 01/01/44 |
|
|
3,535 |
|
|
|
4,050,756 |
|
| Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
3,510 |
|
|
|
3,767,809 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
|
|
485 |
|
|
|
506,937 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
|
|
1,610 |
|
|
|
1,678,699 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
|
|
435 |
|
|
|
457,329 |
|
| Sisters of St. Francis Health Services,
5.25%, 11/01/19(b) |
|
|
915 |
|
|
|
942,038 |
|
| Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32 |
|
|
1,180 |
|
|
|
1,190,856 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Indiana (continued) |
|
| Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
|
$
|
1,380 |
|
|
$
|
1,506,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,064,989 |
|
| Iowa — 1.9% |
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 12/01/50(h) |
|
|
3,060 |
|
|
|
3,246,538 |
|
| Midwestern Disaster Area, 5.50%, 12/01/22 |
|
|
10 |
|
|
|
10,011 |
|
| Midwestern Disaster Area, 5.25%, 12/01/25 |
|
|
500 |
|
|
|
528,025 |
|
| Midwestern Disaster Area, 5.88%, 12/01/26(a) |
|
|
445 |
|
|
|
467,579 |
|
| Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT,
5.15%, 12/01/22 |
|
|
460 |
|
|
|
474,881 |
|
| Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 06/01/46 |
|
|
1,610 |
|
|
|
1,597,748 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,324,782 |
|
| Kentucky — 0.7% |
|
| Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/45 |
|
|
1,060 |
|
|
|
1,121,469 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C, 6.75%, 07/01/43(g) |
|
|
1,280 |
|
|
|
1,173,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,295,242 |
|
| Louisiana — 2.8% |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
3,650 |
|
|
|
3,899,149 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/30 |
|
|
1,100 |
|
|
|
1,138,643 |
|
| 5.25%, 05/15/31 |
|
|
935 |
|
|
|
982,909 |
|
| 5.25%, 05/15/32 |
|
|
1,195 |
|
|
|
1,271,528 |
|
| 5.25%, 05/15/33 |
|
|
1,300 |
|
|
|
1,374,113 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Louisiana (continued) |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed,
Series A (continued): |
|
|
|
|
|
|
|
|
| 5.25%, 05/15/35 |
|
$ |
795 |
|
|
$ |
840,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,506,522 |
|
| Maryland — 1.3% |
|
| Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(b) |
|
|
475 |
|
|
|
501,553 |
|
| Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
|
|
800 |
|
|
|
824,632 |
|
| Maryland Health & Higher Educational Facilities Authority, RB, Trinity Health Credit Group,
Series 2017, 5.00%, 12/01/46 |
|
|
455 |
|
|
|
503,562 |
|
| Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community
Project, 6.25%, 01/01/21(b) |
|
|
2,400 |
|
|
|
2,599,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,429,355 |
|
| Massachusetts — 0.3% |
|
| Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System,
Series J1, 5.00%, 07/01/19(b) |
|
|
955 |
|
|
|
972,448 |
|
|
|
|
|
|
|
|
|
|
| Michigan — 2.7% |
|
| City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A,
5.25%, 07/01/39 |
|
|
4,825 |
|
|
|
5,148,130 |
|
| Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/20(b) |
|
|
830 |
|
|
|
870,255 |
|
| 5.50%, 05/15/36 |
|
|
670 |
|
|
|
696,411 |
|
| Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 07/01/44 |
|
|
940 |
|
|
|
997,848 |
|
| State of Michigan Strategic Fund, RB, I-75 Improvement Projects, AMT, 5.00%, 06/30/48 |
|
|
1,165 |
|
|
|
1,231,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,944,445 |
|
| Minnesota — 1.0% |
|
| Duluth EDA, Refunding RB, Essentia Health Obligated Group, Series A: |
|
|
|
|
|
|
|
|
| 4.25%, 02/15/48 |
|
|
1,115 |
|
|
|
1,082,242 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Minnesota (continued) |
|
| Duluth EDA, Refunding RB, Essentia Health Obligated Group, Series A (continued): |
|
|
|
|
|
|
|
|
| 5.25%, 02/15/53 |
|
$ |
2,230 |
|
|
$ |
2,410,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,492,738 |
|
| Missouri — 2.4% |
|
| 370/Missouri Bottom Road/Taussig Road Transportation Development District, RB, 7.20%, 05/01/33(d)(e) |
|
|
6,000 |
|
|
|
3,120,000 |
|
| Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien,
Series A, 5.00%, 10/01/44 |
|
|
275 |
|
|
|
299,228 |
|
| State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran
Senior Services, 5.50%, 02/01/42 |
|
|
1,135 |
|
|
|
1,153,500 |
|
| State of Missouri Health & Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Mercy Health, Series C, 5.00%, 11/15/47 |
|
|
2,825 |
|
|
|
3,095,550 |
|
| St. Louis College of Pharmacy Project, 5.50%, 05/01/43 |
|
|
265 |
|
|
|
280,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,948,749 |
|
| Multi-State — 2.0% |
|
| Centerline Equity Issuer Trust(a): |
|
|
|
|
|
|
|
|
| Series A-4-2, 6.00%, 05/15/19 |
|
|
3,500 |
|
|
|
3,554,950 |
|
| Series B-3-2, 6.30%, 05/15/19 |
|
|
3,000 |
|
|
|
3,050,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,605,680 |
|
| Nebraska — 1.7% |
|
| Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |
|
|
|
|
|
|
|
|
| 5.25%, 09/01/37 |
|
|
895 |
|
|
|
970,350 |
|
| 5.00%, 09/01/42 |
|
|
1,570 |
|
|
|
1,688,347 |
|
| County of Lancaster Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group, Health
Facilities, 5.63%, 01/01/40 |
|
|
1,245 |
|
|
|
1,281,503 |
|
| County of Sarpy Nebraska Hospital Authority No. 1, Refunding RB, Immanuel Obligation Group,
5.63%, 01/01/40 |
|
|
1,635 |
|
|
|
1,682,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,623,138 |
|
| New Hampshire — 1.5% |
|
| New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta
Project(a): |
|
|
|
|
|
|
|
|
| Series B, 4.63%, 11/01/42 |
|
|
1,860 |
|
|
|
1,763,262 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Hampshire (continued) |
|
| New Hampshire Business Finance Authority, Refunding RB, Resource Recovery, Covanta Project(a) (continued): |
|
|
|
|
|
|
|
|
| Series C, AMT, 4.88%, 11/01/42 |
|
$ |
975 |
|
|
$ |
938,330 |
|
| New Hampshire Health and Education Facilities Authority Act, RB, Doartmouth College Issue,
5.25%, 06/01/19(b) |
|
|
2,220 |
|
|
|
2,257,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,959,132 |
|
| New Jersey — 10.8% |
|
| Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/39 |
|
|
1,805 |
|
|
|
1,902,217 |
|
| 5.25%, 11/01/44 |
|
|
1,640 |
|
|
|
1,723,952 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(a) |
|
|
1,165 |
|
|
|
1,167,738 |
|
| New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
|
|
2,130 |
|
|
|
2,279,824 |
|
| New Jersey EDA, RB: |
|
|
|
|
|
|
|
|
| Continental Airlines, Inc. Project, AMT, 4.88%, 09/15/19 |
|
|
235 |
|
|
|
238,802 |
|
| Continental Airlines, Inc. Project, AMT, 5.25%, 09/15/29 |
|
|
2,130 |
|
|
|
2,294,266 |
|
| Series EEE, 5.00%, 06/15/48 |
|
|
4,020 |
|
|
|
4,131,113 |
|
| New Jersey EDA, Refunding ARB, Port Network Container Terminal LLC Project, AMT,
5.00%, 10/01/47 |
|
|
1,570 |
|
|
|
1,645,203 |
|
| New Jersey EDA, Refunding RB, Special Assessment, Kapkowski Road Landfill Project,
6.50%, 04/01/28 |
|
|
7,475 |
|
|
|
8,514,175 |
|
| New Jersey State Turnpike Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 07/01/22(b) |
|
|
1,355 |
|
|
|
1,492,099 |
|
| Series A, 5.00%, 01/01/43 |
|
|
770 |
|
|
|
826,965 |
|
| Series E, 5.00%, 01/01/45 |
|
|
2,810 |
|
|
|
3,031,962 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Transportation Program, Series AA, 5.00%, 06/15/44 |
|
|
1,355 |
|
|
|
1,399,593 |
|
| Transportation Program, Series AA, 5.00%, 06/15/44 |
|
|
730 |
|
|
|
755,827 |
|
| Transportation System, Series B, 5.25%, 06/15/36 |
|
|
2,690 |
|
|
|
2,811,265 |
|
| Rutgers - The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/43 |
|
|
570 |
|
|
|
623,933 |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 06/01/46 |
|
|
580 |
|
|
|
614,678 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
| Tobacco Settlement Financing Corp., Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Sub-Series B, 5.00%, 06/01/46 |
|
$ |
815 |
|
|
$ |
816,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,269,647 |
|
| New York — 7.3% |
|
| City of New York Transitional Finance Authority Future Tax Secured Revenue, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |
|
|
2,680 |
|
|
|
2,846,911 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A,
6.25%, 06/01/41(a) |
|
|
2,000 |
|
|
|
2,048,780 |
|
| County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A,
5.00%, 11/01/44 |
|
|
790 |
|
|
|
833,131 |
|
| Metropolitan Transportation Authority, RB, Series B: |
|
|
|
|
|
|
|
|
| 5.25%, 11/15/38 |
|
|
2,555 |
|
|
|
2,825,651 |
|
| 5.25%, 11/15/39 |
|
|
910 |
|
|
|
1,005,432 |
|
| New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
|
|
1,335 |
|
|
|
1,385,583 |
|
| 3 World Trade Center Project, Class 1,
5.00%, 11/15/44(a) |
|
|
4,320 |
|
|
|
4,408,906 |
|
| 3 World Trade Center Project, Class 2,
5.15%, 11/15/34(a) |
|
|
365 |
|
|
|
379,567 |
|
| 3 World Trade Center Project, Class 2,
5.38%, 11/15/40(a) |
|
|
910 |
|
|
|
950,158 |
|
| New York Transportation Development Corp., Refunding ARB, American Airlines, Inc., AMT: |
|
|
|
|
|
|
|
|
| 5.00%, 08/01/26 |
|
|
675 |
|
|
|
702,898 |
|
| 5.00%, 08/01/31 |
|
|
1,620 |
|
|
|
1,671,953 |
|
| Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series
8: |
|
|
|
|
|
|
|
|
| 6.00%, 12/01/42 |
|
|
1,635 |
|
|
|
1,740,572 |
|
| Special Project, 6.00%, 12/01/36 |
|
|
1,410 |
|
|
|
1,505,866 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| State of New York Environmental Facilities Corp., RB, Subordinated SRF Bonds, Series B,
5.00%, 06/15/48 |
|
$ |
1,945 |
|
|
$ |
2,198,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,503,608 |
|
| North Carolina — 1.5% |
|
| 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 |
|
|
|
1,032,150 |
|
| North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System,
Series A, 5.00%, 06/01/19(b) |
|
|
1,525 |
|
|
|
1,549,003 |
|
| North Carolina Medical Care Commission, Refunding RB, 1st Mortgage: |
|
|
|
|
|
|
|
|
| Aldersgate, 6.25%, 07/01/35 |
|
|
1,530 |
|
|
|
1,673,239 |
|
| Retirement Facilities Whitestone Project, Series A, 7.75%, 03/01/21(b) |
|
|
625 |
|
|
|
699,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,954,386 |
|
| North Dakota — 0.3% |
|
| County of Cass North Dakota, Refunding RB, Essentia Health Obligated Group, Series B,
5.25%, 02/15/58 |
|
|
1,035 |
|
|
|
1,100,888 |
|
|
|
|
|
|
|
|
|
|
| Ohio — 3.3% |
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 6.50%, 06/01/47 |
|
|
3,550 |
|
|
|
3,510,027 |
|
| County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Catholic Healthcare Partners, Series A,
5.25%, 06/01/20(b) |
|
|
3,405 |
|
|
|
3,562,720 |
|
| County of Franklin Ohio, RB: |
|
|
|
|
|
|
|
|
| Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A,
6.13%, 07/01/40 |
|
|
710 |
|
|
|
757,818 |
|
| Trinity Health Credit Group, Series 2017, 5.00%, 12/01/46 |
|
|
435 |
|
|
|
474,428 |
|
| County of Montgomery Ohio, Refunding RB, Catholic Health, Series A, 5.00%, 05/01/39 |
|
|
1,970 |
|
|
|
1,983,672 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Ohio (continued) |
|
| State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/53 |
|
$ |
870 |
|
|
$ |
909,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,198,250 |
|
| Oklahoma — 1.7% |
|
| City of Oklahoma Turnpike Authority, RB, Series A, 4.00%, 01/01/48 |
|
|
2,230 |
|
|
|
2,238,697 |
|
| Oklahoma Development Finance Authority, RB, OU Medicine Project, Series B, 5.25%, 08/15/48 |
|
|
1,275 |
|
|
|
1,359,201 |
|
| Oklahoma Turnpike Authority, RB, 2nd Series C, 4.00%, 01/01/42 |
|
|
2,120 |
|
|
|
2,146,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,744,801 |
|
| Pennsylvania — 3.8% |
|
| Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A,
5.00%, 05/01/42 |
|
|
2,500 |
|
|
|
2,560,400 |
|
| City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, Series B, AMT,
5.00%, 07/01/47 |
|
|
490 |
|
|
|
529,019 |
|
| City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple
University Health System, Series A, 5.63%, 07/01/42 |
|
|
685 |
|
|
|
723,031 |
|
| Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/33 |
|
|
115 |
|
|
|
127,750 |
|
| 5.00%, 06/01/34 |
|
|
150 |
|
|
|
165,995 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A: |
|
|
|
|
|
|
|
|
| 4.00%, 09/01/49 |
|
|
615 |
|
|
|
598,346 |
|
| 5.00%, 09/01/43 |
|
|
1,350 |
|
|
|
1,474,780 |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| AMT, 5.00%, 06/30/42 |
|
|
3,030 |
|
|
|
3,165,744 |
|
| Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40 |
|
|
2,065 |
|
|
|
2,113,775 |
|
| Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
|
1,190 |
|
|
|
1,268,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,727,344 |
|
| Puerto Rico — 1.0% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
2,000 |
|
|
|
2,004,660 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Puerto Rico (continued) |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement
Asset-Backed Bonds (continued): |
|
|
|
|
|
|
|
|
| 5.63%, 05/15/43 |
|
$ |
1,220 |
|
|
$ |
1,222,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,226,929 |
|
| Rhode Island — 2.3% |
|
| Tobacco Settlement Financing Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 06/01/35 |
|
|
1,690 |
|
|
|
1,750,569 |
|
| Series B, 4.50%, 06/01/45 |
|
|
2,850 |
|
|
|
2,622,399 |
|
| Series B, 5.00%, 06/01/50 |
|
|
3,175 |
|
|
|
3,163,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,536,062 |
|
| South Carolina — 4.8% |
|
| South Carolina Jobs EDA, Refunding RB, Prisma Health Obligated Group, Series A, 5.00%, 05/01/48(f) |
|
|
3,340 |
|
|
|
3,556,599 |
|
| State of South Carolina Ports Authority, ARB: |
|
|
|
|
|
|
|
|
| 5.25%, 07/01/20(b) |
|
|
3,595 |
|
|
|
3,775,793 |
|
| AMT, 5.25%, 07/01/55 |
|
|
1,390 |
|
|
|
1,502,882 |
|
| State of South Carolina Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
3,575 |
|
|
|
3,808,019 |
|
| State of South Carolina Public Service Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 12/01/50 |
|
|
1,545 |
|
|
|
1,609,241 |
|
| Series E, 5.25%, 12/01/55 |
|
|
1,840 |
|
|
|
1,951,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,203,964 |
|
| Tennessee — 0.7% |
|
| City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives,
Series A, 5.25%, 01/01/45 |
|
|
1,470 |
|
|
|
1,555,245 |
|
| County of Nashville & Davidson Metropolitan Government Health & Educational Facilities
Board, RB, Vanderbilt University Medical Center, Series A, 5.00%, 07/01/40 |
|
|
740 |
|
|
|
795,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,350,390 |
|
| Texas — 13.7% |
|
| Central Texas Regional Mobility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Senior Lien, 6.25%, 01/01/21(b) |
|
|
2,350 |
|
|
|
2,542,958 |
|
| Sub-Lien, 5.00%, 01/01/33 |
|
|
390 |
|
|
|
416,458 |
|
| City of Austin Texas Airport System, ARB, AMT, 5.00%, 11/15/39 |
|
|
665 |
|
|
|
724,684 |
|
| City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT,
5.00%, 07/01/29 |
|
|
460 |
|
|
|
493,695 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC),
6.00%, 05/15/19(b) |
|
$ |
9,145 |
|
|
$ |
9,313,648 |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian
Homes, Inc. Project, Series B, 7.00%, 01/01/23(b) |
|
|
485 |
|
|
|
572,761 |
|
| County of Harris Texas Houston Sports Authority, Refunding RB, 3rd Lien, Series A (NATL)(c): |
|
|
|
|
|
|
|
|
| 0.00%, 11/15/24(b) |
|
|
2,300 |
|
|
|
973,130 |
|
| 0.00%, 11/15/36 |
|
|
23,075 |
|
|
|
9,053,245 |
|
| County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A,
0.00%, 09/15/37(c) |
|
|
6,055 |
|
|
|
2,722,389 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB: |
|
|
|
|
|
|
|
|
| Christus Health, Series B, 5.00%, 07/01/48 |
|
|
4,955 |
|
|
|
5,314,584 |
|
| Scott & White Healthcare,
6.00%, 08/15/20(b) |
|
|
4,085 |
|
|
|
4,356,898 |
|
| New Hope Cultural Education Facilities Finance Corp., RB, Jubilee Academic Center Project, Series A,
5.13%, 08/15/47(a) |
|
|
1,085 |
|
|
|
1,057,072 |
|
| San Antonio Water System, Refunding RB, Junior Lien, Series A, 5.00%, 05/15/48 |
|
|
2,720 |
|
|
|
3,034,133 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
| LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
|
|
3,000 |
|
|
|
3,186,660 |
|
| NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
|
|
2,250 |
|
|
|
2,343,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,106,230 |
|
| Utah — 0.7% |
|
| City of Salt Lake Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/47 |
|
|
995 |
|
|
|
1,080,271 |
|
| Salt Lake City Corp. Airport Revenue, ARB, Series A, AMT, 5.00%, 07/01/48 |
|
|
955 |
|
|
|
1,041,227 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Utah (continued) |
|
| Utah State Charter School Finance Authority, RB, Ogden Preparatory Academy, Series A,
3.25%, 10/15/42 |
|
$ |
390 |
|
|
$ |
333,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,454,995 |
|
| Virginia — 1.9% |
|
| County of Front Royal & Warren IDA, RB, Valley Health System Obligated Group,
4.00%, 01/01/50 |
|
|
865 |
|
|
|
840,962 |
|
| Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57 |
|
|
1,205 |
|
|
|
1,403,415 |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 01/01/32 |
|
|
1,755 |
|
|
|
1,858,527 |
|
| 6.00%, 01/01/37 |
|
|
2,120 |
|
|
|
2,289,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,392,822 |
|
| Washington — 3.9% |
|
| City of Bellingham Washington Water & Sewer, RB, 5.00%, 08/01/36 |
|
|
5,050 |
|
|
|
5,381,431 |
|
| Grant County Public Utility District No. 2, Refunding RB, Series A, 5.00%, 01/01/43 |
|
|
2,335 |
|
|
|
2,555,564 |
|
| Port of Seattle Washington, ARB, Series A, AMT, 5.00%, 05/01/43 |
|
|
1,615 |
|
|
|
1,745,234 |
|
| Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
|
|
815 |
|
|
|
871,642 |
|
| Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A,
5.75%, 01/01/45 |
|
|
2,445 |
|
|
|
2,656,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,210,584 |
|
| Wisconsin — 0.3% |
|
| State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit
Group, Series E, 5.00%, 11/15/33 |
|
|
910 |
|
|
|
930,766 |
|
|
|
|
|
|
|
|
|
|
| Wyoming — 1.0% |
|
| County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing,
5.25%, 07/15/26 |
|
|
3,355 |
|
|
|
3,427,334 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 133.0%
(Cost — $430,843,956) |
|
|
|
446,072,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (i) 31.7% |
|
|
| California — 5.9% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge,
4.00%, 04/01/42(a)(h)(j) |
|
$ |
3,358 |
|
|
$ |
3,417,413 |
|
| City & County of San Francisco California Public Utilities Commission, RB, Water Revenue,
Series B, 5.00%, 11/01/19(b) |
|
|
10,335 |
|
|
|
10,644,878 |
|
| Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2 Bonds,
5.00%, 10/01/47 |
|
|
3,345 |
|
|
|
3,712,822 |
|
| San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(b) |
|
|
1,839 |
|
|
|
1,882,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,657,980 |
|
| Colorado — 0.8% |
|
| City & County of Denver Colorado Airport System Revenue, Refunding ARB, Subordinate System, Series
A, AMT, 5.25%, 12/01/48(a)(h)(j) |
|
|
2,463 |
|
|
|
2,754,892 |
|
|
|
|
|
|
|
|
|
|
| Illinois — 0.4% |
|
| Illinois Finance Authority, Refunding RB, Presence Health Network, Series C, 4.00%, 02/15/41 |
|
|
1,544 |
|
|
|
1,520,620 |
|
|
|
|
|
|
|
|
|
|
| Massachusetts — 3.1% |
|
| Commonwealth of Massachusetts Transportation Fund Revenue, RB, Rail Enhancement Program, Series A,
4.00%, 06/01/45 |
|
|
2,237 |
|
|
|
2,263,311 |
|
| Massachusetts Development Finance Agency, Refunding RB, Partners Healthcare System,
5.00%, 07/01/47 |
|
|
4,979 |
|
|
|
5,400,110 |
|
| Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
|
|
2,461 |
|
|
|
2,614,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,277,994 |
|
| New York — 11.0% |
|
| City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
1,710 |
|
|
|
1,737,953 |
|
| City of New York Water & Sewer System, Refunding RB, 2nd General Resolution, Series HH,
5.00%, 06/15/31(j) |
|
|
9,150 |
|
|
|
9,727,762 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| Hudson Yards Infrastructure Corp., RB, Senior-Fiscal 2012:(j) |
|
|
|
|
|
|
|
|
| 5.75%, 02/15/21(b) |
|
$ |
1,083 |
|
|
$ |
1,165,542 |
|
| 5.75%, 02/15/47 |
|
|
667 |
|
|
|
717,006 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds,
5.25%, 12/15/43 |
|
|
11,670 |
|
|
|
12,606,269 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(j) |
|
|
7,040 |
|
|
|
7,675,990 |
|
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
2,790 |
|
|
|
3,115,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,745,613 |
|
| North Carolina — 0.9% |
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B,
5.00%, 10/01/55 |
|
|
2,740 |
|
|
|
3,037,578 |
|
|
|
|
|
|
|
|
|
|
| Pennsylvania — 0.8% |
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A,
5.50%, 12/01/42 |
|
|
2,521 |
|
|
|
2,850,429 |
|
|
|
|
|
|
|
|
|
|
| Rhode Island — 0.5% |
|
| Narragansett Bay Commission, Refunding RB, Wastewater System, Series A,
4.00%, 09/01/43(a)(h) |
|
|
1,695 |
|
|
|
1,707,232 |
|
|
|
|
|
|
|
|
|
|
| Texas — 3.8% |
|
| City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
|
|
2,660 |
|
|
|
2,854,134 |
|
| County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A,
5.00%, 11/01/41 |
|
|
3,720 |
|
|
|
3,963,716 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| Lower Colorado River Authority, Refunding RB, LCRA Transmission Services Corporation Project,
4.00%, 05/15/43(a)(h) |
|
$
|
2,241 |
|
|
$ |
2,248,578 |
|
| University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |
|
|
3,346 |
|
|
|
3,623,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,689,909 |
|
| Utah — 1.2% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(b) |
|
|
3,959 |
|
|
|
4,045,308 |
|
|
|
|
|
|
|
|
|
|
| Washington — 2.4% |
|
| State of Washington, GO, Various Purposes, Series E, 5.00%, 02/01/19(b) |
|
|
8,113 |
|
|
|
8,154,060 |
|
|
|
|
|
|
|
|
|
|
| Wisconsin — 0.9% |
|
| State of Wisconsin Health & Educational Facilities Authority, Refunding RB, The Medical College of
Wisconsin, Inc., 4.00%, 12/01/46 |
|
|
3,072 |
|
|
|
3,029,510 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond Trusts — 31.7%
(Cost
— $103,901,137) |
|
|
|
106,471,125 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 164.7%
(Cost — $534,745,093) |
|
|
|
552,543,638 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 164.7%
(Cost — $534,745,093) |
|
|
|
552,543,638 |
|
| Liabilities in Excess of Other Assets — (0.1)% |
|
|
|
(476,640 |
) |
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable —
(19.5)% |
|
|
|
(65,322,261 |
) |
| VMTP Shares, at Liquidation Value — (45.1)% |
|
|
|
(151,300,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
335,444,737 |
|
|
|
|
|
|
|
|
|
|
| (a) |
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. |
| (b) |
U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in
full at the date indicated, typically at a premium to par. |
| (d) |
Non-income producing security. |
| (e) |
Issuer filed for bankruptcy and/or is in default. |
| (f) |
When-issued security. |
| (g) |
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. |
| (h) |
Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates
and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end. |
| (i) |
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These
bonds serve as collateral in a secured borrowing. |
| (j) |
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 expires between February 15, 2019 to June 1, 2026, is $15,285,307. |
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
|
| (k) |
During the period ended November 30, 2018, investments in issuers considered to be an affiliate 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
08/31/18 |
|
|
Net
Activity |
|
|
Shares
Held at
11/30/18 |
|
|
Value at
11/30/18 |
|
|
Income |
|
|
Net Realized
Gain
(Loss) (a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class |
|
|
4,902,849 |
|
|
|
(4,902,849 |
) |
|
|
— |
|
|
$ |
— |
|
|
$ |
18,372 |
|
|
$ |
227 |
|
|
$ |
(227 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
Portfolio Abbreviations
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
GO — General Obligation Bonds
GTD — Guaranteed
IDA — Industrial Development Authority
LRB — Lease Revenue Bonds
RB — Revenue Bonds
S/F — Single-Family
SRF — State Revolving Fund
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 |
|
|
28 |
|
|
|
03/20/19 |
|
|
$3,345 |
|
$ |
(8,061 |
) |
| Long U.S. Treasury Bond |
|
|
100 |
|
|
|
03/20/19 |
|
|
13,991 |
|
|
(60,037 |
) |
| 5-Year U.S. Treasury Note |
|
|
34 |
|
|
|
03/29/19 |
|
|
3,841 |
|
|
(3,110 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(71,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Investments (unaudited) (continued)
November 30, 2018 |
|
BlackRock Municipal Income Trust II (BLE)
|
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. Investments classified within
Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global 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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such
discount estimated by the Global Valuation Committee in the absence of market information.
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 annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments(a) |
|
$ |
— |
|
|
$ |
552,543,638 |
|
|
$ |
— |
|
|
$ |
552,543,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
(71,208 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(71,208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in each state or political subdivision |
|
| |
(b) |
Derivative financial instruments are futures contracts which 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 statement
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 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOB Trust Certificates |
|
$ |
— |
|
|
$ |
(65,118,832 |
) |
|
$ |
— |
|
|
$ |
(65,118,832 |
) |
| VMTP Shares at Liquidation Value |
|
|
— |
|
|
|
(151,300,000 |
) |
|
|
— |
|
|
|
(151,300,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(216,418,832 |
) |
|
$ |
— |
|
|
$ |
(216,418,832 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended November 30, 2018, there were no transfers between levels.
|
|
|
|
|
| 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: January 18, 2019
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: January 18, 2019
|
|
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
|
|
Neal J. Andrews |
|
|
|
|
Chief Financial Officer (principal financial officer) of |
|
|
|
|
BlackRock Municipal Income Trust II |
|
|
Date: January 18, 2019