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<SEC-DOCUMENT>0000930413-05-000380.txt : 20050125
<SEC-HEADER>0000930413-05-000380.hdr.sgml : 20050125
<ACCEPTANCE-DATETIME>20050125105935
ACCESSION NUMBER:		0000930413-05-000380
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041130
FILED AS OF DATE:		20050125
DATE AS OF CHANGE:		20050125
EFFECTIVENESS DATE:		20050125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNICIPAL INCOME TRUST II
		CENTRAL INDEX KEY:			0001176194
		IRS NUMBER:				010722216
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21126
		FILM NUMBER:		05546202

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c35047_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<P align="center">
<FONT face="serif">UNITED STATES<br>
</FONT>
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
Washington, D.C. 20549 </FONT></P>
<center>
  <B><FONT size=4 face="serif">FORM N-Q</FONT></B><BR>
</center>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="center">&nbsp;</P>
<table width="100%"  border="0">
  <tr valign="top">
    <td colspan="2"><center>
      <FONT face="serif">Investment Company Act file number:</FONT>
    </center></td>
    <td width="54%" valign="bottom"><p><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21126</FONT>
    </td>
  </tr>
  <tr valign="top">
    <td width="16%">&nbsp;</td>
    <td width="30%">&nbsp;</td>
    <td><hr align="left" width="140" size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0">
  <tr>
    <td><center>
     <FONT face="serif">BlackRock Municipal Income Trust II</FONT>
    </center></td>
  </tr>
  <tr>
    <td><hr align="center" width="340" size="1" noshade></td>
  </tr>
  <tr>
    <td><center>
      <FONT face="serif">(Exact name of registrant as specified in charter)</FONT>
    </center></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<table width="100%"  border="0">
  <tr valign="bottom">
    <td width="55%">     <center>
      <FONT face="serif">100 Bellevue Parkway, Wilmington, DE</FONT>
    </center></td>
    <td width="45%"><center>
      <font face="serif">19809</font>
    </center></td>
  </tr>
  <tr valign="bottom">
    <td colspan="2"><hr align="center" size="1" noshade></td>
  </tr>
  <tr>
    <td>      <center>
      <FONT face="serif"><FONT face="serif"></FONT>(Address of principal executive offices)</FONT>
    </center></td>
    <td><center>
      <font face="serif">(Zip code</font>)
    </center></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<P align="center">
<FONT face="serif">Robert S. Kapito, President<br>
</FONT>
  <b><FONT face="sans-serif">BlackRock Municipal Income Trust II </FONT></b>
<table width="100%"  border="0">
  <tr>
    <td><center>
        <FONT face="serif">&nbsp;40 East 52nd Street, New York, NY 10022</FONT>
    </center></td>
  </tr>
  <tr>
    <td><hr align="center" size="1" noshade></td>
  </tr>
  <tr>
    <td><center>
      <FONT face="serif">(Name and address of agent for service)</FONT>
    </center></td>
  </tr>
</table>
<P align="center">&nbsp;</P>
<center>
  <table width="100%"  border="0">
    <tr>
      <td width="31%" nowrap><FONT face="serif">Registrant's telephone number, including area code:</FONT></td>
      <td width="69%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257</FONT></td>
    </tr>
    <tr>
      <td>&nbsp;</td>
      <td><hr align="left" size="1" noshade></td>
    </tr>
  </table>
</center>

<table width="100%"  border="0">
  <tr>
    <td width="17%" nowrap><FONT face="serif">Date of fiscal year end:</FONT></td>
    <td width="83%"><FONT face="serif">August 31</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td nowrap><FONT
face="serif">Date of reporting period:</FONT></td>
    <td><FONT face="serif"><FONT face="serif">November 30, 2004</FONT></FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P>&nbsp;</P>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<P>
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">The registrant's unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows: </FONT></P>
<P>&nbsp;</P>
<p><font size="3"><b>PORTFOLIO OF INVESTMENTS<br>NOVEMBER 30, 2004</b><b> (Unaudited)</b></font>
<p><font size="3"><b> BlackRock Municipal Income Trust II (BLE)</b></font>
<p><table width="100%" border="0" cellspacing="0" cellpadding="0">
   <tr valign=top>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="2"><b>Option Call</b></font></td>
      <td align="center">&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td colspan="2" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
      <td colspan="2" align=center><font size="2"><b>(000)</b></font></td>
      <td align=center><font size="2"><b>Description</b></font></td>
      <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
      <td align="center">&nbsp;</td>
      <td align=center><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value</b></font></td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td colspan="9" align=center><HR noshade size=1></td>
   </tr>
   <tr valign=top><td width="5%" align=center></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">LONG-TERM INVESTMENTS&#151;161.5%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">California&#151;17.0%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2">A</font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">$ 2,250</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Agua Caliente Band, Cahuilla Indians
Proj., 6.00%, 7/01/18</font></td>
<td width="10%" align=center><font size="2">07/13 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">$  2,270,880 </font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">A</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">3,500</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">California Mobilehome Park Fin. Auth.,
Palomar Estates East &amp; West, Ser. A, </font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 3/15/34, ACA</font></td>
<td width="10%" align=center><font size="2">03/13 @ 102</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">3,535,735</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">A</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">5,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">California Statewide Cmnty. Dev.
Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33</font></td>
<td width="10%" align=center><font size="2">04/13 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">5,147,600</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Golden St. Tobacco Sec. Corp., Ser.
B,</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">A-</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">16,850</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 6/01/43</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">17,476,989</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">A-</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">8,800</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/01/38</font></td>
<td width="10%" align=center><font size="2">06/13 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">9,227,944</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">B-</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">11,410</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Los Angeles Regl. Arpt. Impvt., Corp.
Lease Rev., Amer. Airlines, Inc., Ser. C, 7.50%, 12/01/24</font></td>
<td width="10%" align=center><font size="2">12/12 @ 102</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">11,048,759</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,620</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">San Francisco City &amp; Cnty. Redev.
Agcy., Cmnty. Facs. Dist., Mission Bay South, 6.625%, 8/01/27</font></td>
<td width="10%" align=center><font size="2">08/11 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,814,918</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">San Marcos Spl. Tax, Cmnty. Facs.
Dist. No. 02-01,</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">990</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 9/01/28</font></td>
<td width="10%" align=center><font size="2">09/10 @ 102</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">993,554</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">1,855</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 9/01/35</font></td>
<td width="10%" align=center><font size="2">09/10 @ 102</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">1,861,641</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">56,378,020</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">Colorado&#151;4.6%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2">AA</font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">10,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Colorado Hlth. Facs. Auth., Catholic
Hlth. Initiatives, Ser. A, 5.50%, 3/01/32</font></td>
<td width="10%" align=center><font size="2">03/12 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">11,068,000</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">AAA</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Northwest Pkwy. Pub. Hwy. Auth.,
Ser. A, 5.25%, 6/15/41, FSA</font></td>
<td width="10%" align=center><font size="2">06/11 @ 102</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,099,400</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">15,167,400</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">Connecticut&#151;0.8%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2">A3</font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">2,500</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Connecticut Dev. Auth., Connecticut
Lt. &amp; Pwr., PCR, Ser. B, 5.95%, 9/01/28</font></td>
<td width="10%" align=center><font size="2">10/08 @ 102</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">2,644,550</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2"><b>District of Columbia&#151;5.9%</b></font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2">A</font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">1,265</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Friendship Pub. Charter Sch., Inc.,
5.25%, 6/01/33, ACA</font></td>
<td width="10%" align=center><font size="2">06/14 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">1,261,281</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Tobacco Settlement Fin. Corp.,</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">BBB</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">7,500</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 5/15/33</font></td>
<td width="10%" align=center><font size="2">No Opt. Call</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">7,199,625</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">BBB</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">11,500</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/15/40</font></td>
<td width="10%" align=center><font size="2">05/11 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">11,317,495</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">19,778,401</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">Florida&#151;18.5%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2">Baa3</font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,500</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Capital Trust Agcy., Air Cargo Fort
Lauderdale Proj., 5.75%, 1/01/32</font></td>
<td width="10%" align=center><font size="2">01/14 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,309,785</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Fishhawk Cmnty. Dev. Dist. II, Spec.
Assmnt. Rev,</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">3,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.25%, 5/01/34</font></td>
<td width="10%" align=center><font size="2">05/13 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">3,095,280</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,190</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 5.00%, 11/01/07</font></td>
<td width="10%" align=center><font size="2">No Opt. Call</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,237,724</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,780</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Lakes by the Bay So. Cmnty. Dev.
Dist., Florida Spl. Assmt., Ser. A, 6.25%, 5/01/34</font></td>
<td width="10%" align=center><font size="2">05/14 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,896,489</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">A-</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">2,650</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Leesburg Hosp., Leesburg Regl. Med.
Ctr. Proj., 5.50%, 7/01/32</font></td>
<td width="10%" align=center><font size="2">07/12 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">2,685,908</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">3,200</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Live Oak Comm. Dev., Dist. No. 1
Spec. Assmnt. Rev., Ser. A, 6.30%, 5/01/34</font></td>
<td width="10%" align=center><font size="2">05/13 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">3,297,216</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">BB</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">6,230</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Miami Beach Hlth. Facs. Auth., Mt.
Sinai Med. Ctr. Proj., 6.75%, 11/15/21</font></td>
<td width="10%" align=center><font size="2">11/14 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">6,594,019</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">A</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">6,850</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Orange Cnty. Hlth. Facs. Auth., Hosp.
Adventist Hlth. Sys. Proj., 5.625%, 11/15/32</font></td>
<td width="10%" align=center><font size="2">11/12 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">7,174,073</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">AA-</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">14,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Pinellas Cnty. Hlth. Fac. Auth.,
Baycare Hlth. Sys. Proj., 5.50%, 11/15/33</font></td>
<td width="10%" align=center><font size="2">05/13 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">14,409,220</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">2,085</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Stevens Plantation Cmnty. Dev. Dist.,
Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35</font></td>
<td width="10%" align=center><font size="2">05/14 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">2,118,214</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,625</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Sumter Cnty. Ind. Dev. Auth., No.
Sumter Util. Co. LLC, 6.90%, 10/01/34</font></td>
<td width="10%" align=center><font size="2">10/09 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,680,870</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">NR<sup>3</sup></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">3,715</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Sumter Landing Cmnty. Dev., Spec.
Assmnt. Rev, 6.875%, 5/01/23</font></td>
<td width="10%" align=center><font size="2">05/13 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">3,863,377</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">61,362,175</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">Georgia&#151;7.9%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Atlanta Arpt. Passenger Fac., Ser.
J, 5.00%, 1/01/34, FSA</font></td>
<td width="10%" align=center><font size="2">01/15 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,016,880</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Atlanta Wtr. &amp; Wstwtr., FSA,</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">AAA</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">5,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/37</font></td>
<td width="10%" align=center><font size="2">11/14 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">5,034,750</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">AAA</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">11,995</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/01/43</font></td>
<td width="10%" align=center><font size="2">11/14 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">12,012,992</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">BBB</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">5,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Milledgeville-Baldwin Cnty. Dev.
Auth., Georgia Coll. &amp; St. Univ. Fndtn., 5.625%, 9/01/30</font></td>
<td width="10%" align=center><font size="2">09/14 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">5,144,300</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td width="5%" align=center><font size="2">&nbsp;</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">&nbsp;</font></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">26,208,922</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">Illinois&#151;16.0%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2">AAA</font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">4,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Bolingbrook, GO, Ser. A, 5.375%,
1/01/38, FGIC</font></td>
<td width="10%" align=center><font size="2">01/12 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">4,158,360</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">NR</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">2,470</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Centerpoint Intermodal Ctr., Ser.
A, 8.00%, 6/15/23</font></td>
<td width="10%" align=center><font size="2">No Opt. Call</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">2,456,613</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">A</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">7,500</font></td>
<td width="3%"><font size="2"><sup>4</sup></font></td>
<td width="64%" align=left><font size="2">Illinois Dev. Fin. Auth., Hosp. Rev.,
Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24</font></td>
<td width="10%" align=center><font size="2">11/09 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">7,783,275</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">AA+</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">1,880</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Illinois Fin. Auth. Rev., Northwestern
Mem. Hosp., Ser. A, 5.50%, 8/15/43</font></td>
<td width="10%" align=center><font size="2">08/14 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">1,926,699</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top><td width="5%" align=center><font size="2">A2</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">8,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Illinois Hlth. Facs. Auth., Elmhurst
Mem. Hlth. Care, 5.50%, 1/01/22</font></td>
<td width="10%" align=center><font size="2">01/13 @ 100</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">8,268,160</font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td width="5%" align=center><font size="2">AAA</font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">15,000</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><font size="2">Illinois Sports Facs. Auth., Ded.
St. Tax Supported Rev., Zero Coupon, 6/15/30, AMBAC</font></td>
<td width="10%" align=center><font size="2">06/15 @ 101</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2">11,559,900</font><td>&nbsp;</td></table>
<p><p>
<p align='center'>1<HR noshade size=2>
<PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust II (BLE) (continued)</b></font>
<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
   <tr valign=top>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
      <td align=center>&nbsp;</td>
      <td align=center><font size="2"><b>Option Call</b></font></td>
      <td align="center">&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td colspan="2" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
      <td colspan="2" align=center><font size="2"><b>(000)</b></font></td>
      <td align=center><font size="2"><b>Description</b></font></td>
      <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
      <td align="center">&nbsp;</td>
      <td align=center><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value</b></font></td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td colspan="9" align=center><HR noshade size=1></td>
   </tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2"></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">Illinois&#151;(continued)</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Met. Pier &amp; Exposition Auth.,
Ded. St. Tax Rev., McCormick Place Expansion Proj., Ser. A, MBIA,</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$45,190</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 6/15/33</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  9,689,640</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 6/15/40</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">724,700</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,290</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">O&#146;Hare Intl. Arpt., Refdg. Gen.
Arpt. 3rd Lien, Ser. C-2, 5.25%, 1/01/30, FSA</font></td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,371,381</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,340</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Schaumburg, Ser. B, 5.00%, 12/01/38,
FGIC</font></td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,347,301</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">53,286,029</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Indiana&#151;9.4%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">Baa2</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fort Wayne, PCR, Gen. Mtrs. Corp.
Proj., 6.20%, 10/15/25</font></td>
<td align=center><font size="2">12/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,746,510</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Indiana Hlth. Fac. Fin. Auth., Ascension
Hlth., Ser. F, 5.375%, 11/15/25</font></td>
<td align=center><font size="2">11/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,076,150</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,735</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Indianapolis Local Pub. Impvt. Bond
Bank, Wtr. Wks. Proj., Ser. A, 5.25%, 7/01/33, MBIA</font></td>
<td align=center><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,356,060</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,178,720</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Louisiana&#151;0.7%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">Baa1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,485</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Louisiana Local Gov&#146;t. Env.
Facs. &amp; Cmnty. Dev. Auth., Oakleigh Apts. Proj., Ser. A, </font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 6/01/38</font></td>
<td align=center><font size="2">06/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,481,571</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Maryland&#151;3.4%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Frederick Cnty. Spl. Oblig., Urbana
Cmnty. Dev. Auth. Proj., Ser. A, 5.95%, 7/01/30</font></td>
<td align=center><font size="2">07/07 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,001,830</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Maryland Econ. Dev. Corp., Student
Hsg. Rev., Univ. of Maryland Proj., Ser. A, 5.75%, 10/01/33</font></td>
<td align=center><font size="2">10/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,174,400</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Maryland Hlth. &amp; Higher Edl.
Facs. Auth.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,240</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medstar Hlth., 5.50%, 8/15/33</font></td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,256,553</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Hosp. of Cecil Cnty. Proj.,
5.625%, 7/01/32</font></td>
<td align=center><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,030,710</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,463,493</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Mississippi&#151;1.7%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lowndes Cnty. Sld. Wst. Disp., PCR,
Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,828,031</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Missouri&#151;1.9%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">NR</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dept. of Transp., Rt. 370/Missouri
Bottom Rd./Taussig Rd. Transp. Dev., 7.20%, 5/01/33</font></td>
<td align=center><font size="2">05/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,202,320</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Nevada&#151;3.0%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,300</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Clark Cnty. Arpt., Ser. A-2, 5.00%,
7/01/36, FGIC</font></td>
<td align=center><font size="2">07/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,290,146</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Henderson Local Impvt. Dist. No.
T-14, 5.80%, 3/01/23</font></td>
<td align=center><font size="2">03/05 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,046,989</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">No. Las Vegas Local Impvt., Spec.
Impvt. Dist. 60 Aliante,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.125%, 12/01/17</font></td>
<td align=center><font size="2">12/04 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,577,725</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/22</font></td>
<td align=center><font size="2">12/04 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,087,720</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,002,580</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">New Jersey&#151;12.3%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Jersey Econ. Dev. Auth.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigarette Tax Rev., 5.50%, 6/15/31</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,936,280</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigarette Tax Rev., 5.75%, 6/15/34</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,061,520</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">B</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continental Airlines, Inc. Proj.,
7.20%, 11/15/30</font></td>
<td align=center><font size="2">11/10 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,268,264</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,475</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kapkowski Road Landfill Proj.,
6.50%, 4/01/28</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,452,730</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kapkowski Road Landfill Proj.,
6.50%, 4/01/31</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,171,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">40,889,994</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">New Mexico&#151;1.4%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">Baa1</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New Mexico Hsg. Auth., Region III,
Villa Delaware Oso Apts. Proj., Ser. A, 6.00%, 1/01/38</font></td>
<td align=center><font size="2">01/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,673,604</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;6.7%</b></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,845</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Env. Facs. Corp., St. Clean Wtr.
&amp; Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, </font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/31</font></td>
<td align=center><font size="2">06/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,884,147</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,775</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Met. Transp. Auth., Svc. Contract,
Ser. A, 5.00%, 7/01/30, AMBAC</font></td>
<td align=center><font size="2">07/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,817,544</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City Mun. Wtr. Fin. Auth.,
Wtr. &amp; Swr. Sys. Rev., Ser. B, 5.00%, 6/15/36, FSA</font></td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,019,500</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,655</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York Dorm. Auth., Montefiore
Hosp. Proj., 5.00%, 8/01/33, FGIC</font></td>
<td align=center><font size="2">02/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,668,009</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Caa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Port Auth. of NY &amp; NJ, Spec.
Oblig. Rev., Contl/Eastn. LaGuardia Proj., 9.00%, 12/01/10</font></td>
<td align=center><font size="2">12/04 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,840,744</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,229,944</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Oklahoma&#151;1.2%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">B-</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,925</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tulsa Mun. Arpt. Trust, Ser. A, 7.75%,
6/01/35</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,990,744</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;3.1%</b></font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">BBB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Monroe Cnty. Hosp. Auth., Hosp. Pocono
Med. Ctr., 6.00%, 1/01/43</font></td>
<td align=center><font size="2">01/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,136,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,175</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pennsylvania Econ. Dev. Fin. Auth.,
Amtrak Proj., Ser. A, 6.375%, 11/01/41</font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,348,725</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,485,675</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
</table>
<p>
<p align='center'>
<p align='center'>2
<HR noshade size=2>
<PAGE><p>
<p><font size="3"><b> BlackRock Municipal Income Trust II (BLE) (continued)</b></font>

<p>
<hr noshade size=1>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr valign=top>
   <td align=center>&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td colspan="2" align=center><font size="2"><b>Principal</b></font></td>
   <td align=center>&nbsp;</td>
   <td align=center>&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td align=center>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign=top>
   <td align=center>&nbsp;</td>
   <td align="center">&nbsp;</td>
   <td colspan="2" align=center><font size="2"><b>Amount</b></font></td>
   <td align=center>&nbsp;</td>
   <td align=center><font size="2"><b>Option Call</b></font></td>
   <td align="center">&nbsp;</td>
   <td align=center>&nbsp;</td>
   <td>&nbsp;</td>
</tr>
<tr valign=top>
   <td colspan="2" align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
   <td colspan="2" align=center><font size="2"><b>(000)</b></font></td>
   <td align=center><font size="2"><b>Description</b></font></td>
   <td align=center><font size="2"><b>Provisions</b><sup><b>2</b></sup></font></td>
   <td align="center">&nbsp;</td>
   <td align=center><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value</b></font></td>
   <td>&nbsp;</td>
</tr>
<tr valign=top>
   <td colspan="9" align=center><HR noshade size=1></td>
   </tr>
<tr valign=top><td width="5%" align=center><font size="2"><font size="2"></font></font></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">South Carolina&#151;6.9%</font></b></td>
<td width="10%" align=right><font size="2">&nbsp;</font></td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right><font size="2"></font></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Greenwood Cnty. Hosp., Self Mem.
Hosp. Facs.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  3,280</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/26</font></td>
<td align=center><font size="2">10/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$  3,360,294</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/31</font></td>
<td align=center><font size="2">10/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,322,020</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,995</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lancaster Cnty. Assmnt., Edgewater
Impvt. Dist. Ser. A, 6.875%, 11/01/35</font></td>
<td align=center><font size="2">11/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,113,532</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">So. Carolina Jobs Econ. Dev. Auth.,
Hosp. Facs. Rev.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2"></font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,750</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Georgetown Mem. Hosp., 5.375%,
2/01/30, RAA</font></td>
<td align=center><font size="2">08/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,864,975</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,640</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Hlth. Alliance, Ser. A,
6.25%, 8/01/31</font></td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,759,935</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palmetto Hlth. Alliance, Ser. C,
6.875%, 8/01/27</font></td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,468,200</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,888,956</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Tennessee&#151;2.6%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">AAA</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,405</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Knox Cnty. Hlth. Edl. &amp; Hsg.
Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/21, FSA</font></td>
<td align=center><font size="2">01/13 @ 63.44</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,530,718</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=left>&nbsp;</td>
  <td align=center>&nbsp;</td>
  <td>&nbsp;</td>
  <td align=right><HR noshade size=1></td>
  <td>&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Texas&#151;18.4%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,650</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Brazos River Auth., PCR, TXU Elec.
Co. Proj., Ser. C, 6.75%, 10/01/38</font></td>
<td align=center><font size="2">10/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,749,792</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,015</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dallas Area Rapid Trans., 5.00%,
12/01/31, AMBAC</font></td>
<td align=center><font size="2">12/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,018,526</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gulf Coast Wst. Disp. Auth., Env.
Impvt. Rev., Ser. A, 6.10%, 8/01/24</font></td>
<td align=center><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">20,880,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">25,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris Cnty. Houston Sports Auth.,
Ser. A-3, Zero Coupon, 11/15/36, MBIA</font></td>
<td align=center><font size="2">11/24 @ 49.423</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,938,961</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sabine River Auth., PCR, TXU Elec.
Co. Proj., Ser. B,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BBB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,900</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 11/01/11</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,384,449</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BBB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 8/01/22</font></td>
<td align=center><font size="2">08/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,145,560</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Texas Tpke. Auth., Central Sys. Rev.,
AMBAC,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">73,370</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/36</font></td>
<td align=center><font size="2">08/12 @ 24.171</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,163,246</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">65,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/37</font></td>
<td align=center><font size="2">08/12 @ 22.708</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,293,050</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">27,600</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 8/15/38</font></td>
<td align=center><font size="2">08/12 @ 21.384</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,716,064</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">61,289,648</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Utah&#151;1.2%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">BBB</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Tooele Cnty. Hazardous Wst. Treat.,
Union Pacific Proj., Ser. A, 5.70%, 11/01/26</font></td>
<td align=center><font size="2">04/08 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,101,600</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Virginia&#151;7.0%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><font size="2">NR<sup>3</sup></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,340</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alexandria Redev. &amp; Hsg. Auth.,
3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34</font></td>
<td align=center><font size="2">04/08 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,641,751</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Halifax Cnty. Indl. Dev. Auth., Exempt
Fac. Rev., Old Dominion Elec. Coop. Proj., </font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 6/01/28, AMBAC</font></td>
<td align=center><font size="2">06/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,497,610</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">23,139,361</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">West Virginia&#151;1.9%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">BBB+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mason Cnty., PCR, Rfdg. Appalachian
Pwr. Co. Proj., Ser. L, 5.50%, 10/01/22</font></td>
<td align=center><font size="2">10/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,061,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,115</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">West Virginia Econ. Dev. Auth., Correctional
Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,130,989</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,192,939</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Wisconsin&#151;4.1%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wisconsin Hlth. &amp; Edl. Facs.
Auth.,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,930</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurora Hlth. Care, 6.40%, 4/15/33</font></td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,243,575</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synergy Hlth., Inc., 6.00%, 11/15/32</font></td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,136,880</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Franciscan Svcs., 5.75%,
8/15/25</font></td>
<td align=center><font size="2">02/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,228,800</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,609,255</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">Multi-State&#151;3.9%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Charter Mac Equity Issuer Trust,</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.75%, 4/30/15</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,042,910</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,500</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 6.00%, 4/30/19</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,651,095</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,000</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.00%, 4/30/15</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,211,950</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,000</font></td>
<td><font size="2"><sup>5</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 6.30%, 4/30/19</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,141,960</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">&nbsp;</font></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,047,915</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Long-Term Investments (cost
$518,694,920)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">537,052,565</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">SHORT-TERM INVESTMENTS&#151;0.5%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">California&#151;0.0%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A1+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">75</font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">California Hlth. Facs. Fin. Auth.,
Ins. Scripps Hlth., Ser. B, 1.59%, 12/01/04, MBIA FRDD</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">75,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><font size="2"><b>&nbsp;</b></font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><b><font size="2">New York&#151;0.1%</font></b></td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">A1+</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">200</font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">New York City Mun. Wtr. Fin. Auth.,
Wtr. &amp; Swr. Sys. Rev., Ser. C, 1.66%, 12/01/04,  FRDD</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">200,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
</table>

<p>
<p><p align='center'>3<HR noshade size=2>
<PAGE><p>

<p><font size="3"><b> BlackRock Municipal Income Trust II (BLE) (continued)</b></font>

<p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
   <tr valign=top>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td colspan="2" align=center><font size="2">&nbsp;</font></td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>Shares</b></font></td>
      <td align=center>&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align=center>&nbsp;</td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td colspan="2" align=center>&nbsp;</td>
      <td colspan="2" align=center><font size="2"><b>(000)</b></font></td>
      <td align=center><font size="2"><b>Description</b></font></td>
      <td align=center>&nbsp;</td>
      <td align="center">&nbsp;</td>
      <td align=center><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value</b></font></td>
      <td>&nbsp;</td>
   </tr>
   <tr valign=top>
      <td colspan="9" align=center><HR noshade size=1></td>
   </tr>
<tr valign=top>
   <td align=center></td>
   <td>&nbsp;</td>
   <td align=right>&nbsp;</td>
   <td>&nbsp;</td>
   <td align=left>&nbsp;</td>
   <td>&nbsp;</td>
   <td>&nbsp;</td>
   <td align=right></td>
   <td>&nbsp;</td>
</tr>
<tr valign=top><td width="5%" align=center></td>
<td width="2%">&nbsp;</td>
<td width="5%" align=right><font size="2">&nbsp;</font></td>
<td width="3%">&nbsp;</td>
<td width="64%" align=left><b><font size="2">MONEY MARKET FUND&#151;0.4%</font></b></td>
<td width="10%">&nbsp;</td>
<td width="1%">&nbsp;</td>
<td width="9%" align=right></td>

<td width="1%">&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><font size="2">&nbsp;</font></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,400</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">$  1,400,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Short-Term Investments (cost
$1,675,000)</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">1,675,000</font></td>

<td>&nbsp;</td></tr>
<tr valign=top>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Total Investments&#151;162.0%
(cost $520,369,920)</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">$538,727,565</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liabilities in excess of other assets&#151;(0.2)%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">(685,934</font></td>

<td><font size="2">)</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Preferred shares at redemption value,
including dividends payable&#151;(61.8)%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">(205,590,524</font></td>

<td><font size="2">)</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=1></td>
   <td >&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Net Assets Applicable to Common
Shareholders&#151;100%</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=right><font size="2">$332,451,107</font></td>

<td>&nbsp;</td></tr>
<tr valign=top><td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td >&nbsp;</td>
   <td ><HR noshade size=3></td>
   <td >&nbsp;</td>
</tr>
</table>

<p><p><table border="0" cellspacing="0" cellpadding="0"><tr valign=top><td COLSPAN='4' ><HR align="left" width="140" size=1 noshade></td></tr>
<tr valign=top>
   <td width="2%" align=left><font size="2"><sup><font size="2">1</font></sup></font></td>
   <td width="98%" align=left><font size="2"><font size="2"><sup></sup></font><sup></sup><font size="2">Using
the higher of S&amp;P&#146;s, Moody&#146;s or Fitch&#146;s rating.</font></font></td>
</tr>
<tr valign=top>
   <td width="2%" align=left><font size="2"><sup>2</sup></font></td>
   <td width="98%" align=left><font size="2">Date (month/year)
and price of the earliest optional call or redemption. There may be other call provisions
at varying prices at later dates.</font></td>
</tr>
<tr valign=top>
   <td width="2%" align=left><font size="2"><sup>3</sup></font></td>
   <td width="98%" align=left><font size="2">Security is deemed
to be of investment grade quality by the investment advisor.</font></td>
</tr>
<tr valign=top>
   <td width="2%" align=left><font size="2"><sup>4</sup></font></td>
   <td width="98%" align=left><font size="2">Entire or partial
principal amount pledged as collateral for financial futures contracts.</font></td>
</tr>
<tr valign=top>
   <td width="2%" align=left><font size="2"><sup>5</sup></font></td>
   <td width="98%" align=left><font size="2">Security is not registered
under the Securities Act of 1933. These securities may be resold in transactions
in accordance with Rule 144A under that Act, to qualified institutional buyers.
As of November 30, 2004, the Trust held 3.9% of it nets assets, with a current market
value of $13,047,915, in securities restricted as to resale.</font></td>
</tr>
<tr valign=top>
   <td width="2%" align=left><font size="2"><sup>6</sup></font></td>
   <td width="98%" align=left><font size="2">For purposes of amortized
cost valuation, the maturity date of these instruments is considered to be the earlier
of the next date on which the security can be redeemed at par, or the next date
on which the rate of interest is adjusted. Rate shown as of November 30, 2004.</font></td>
</tr>
</table>
<p>
<table width="100%"  border="0">
   <tr>
      <td colspan="5"><HR noshade size=1></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td colspan="4"><center>
            <font size="2"><b>KEY TO ABBREVIATIONS</b></font>
      </center></td>
   </tr>
   <tr>
      <td width="6%">&nbsp;</td>
      <td width="6%"><font size="2">ACA</font></td>
      <td width="39%" align="left"><font size="2">&#151; American Capital Access</font></td>
      <td width="6%"><font size="2">GO</font></td>
      <td width="43%" align="left"><font size="2">&#151; General Obligation</font></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td><font size="2">AMBAC</font></td>
      <td align="left"><font size="2">&#151; American Municipal Bond Assurance
      Corporation</font></td>
      <td><font size="2">MBIA</font></td>
      <td align="left"><font size="2">&#151; Municipal Bond Insurance
      Association</font></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td><font size="2">FGIC</font></td>
      <td align="left"><font size="2">&#151; Financial Guaranty Insurance
      Company</font></td>
      <td><font size="2">PCR</font></td>
      <td align="left"><font size="2">&#151; Pollution Control Revenue</font></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td><font size="2">FRDD</font></td>
      <td align="left"><font size="2">&#151; Floating Rate Daily Demand</font></td>
      <td><font size="2">RAA</font></td>
      <td align="left"><font size="2">&#151; Radian Asset Assurance</font></td>
   </tr>
   <tr>
      <td>&nbsp;</td>
      <td><font size="2">FSA</font></td>
      <td align="left"><font size="2">&#151; Financial Security Assurance</font></td>
      <td>&nbsp;</td>
      <td align="left">&nbsp;</td>
   </tr>
   <tr>
      <td colspan="5"><HR noshade size=1></td>
   </tr>
</table>
<p><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
<p align='center'>4<HR noshade size=2><PAGE><p>
<P>&nbsp;</P>
<P>
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B><FONT face="serif"> </FONT></P>
<P>
<FONT face="serif">(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure
controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely. </FONT></P>
<P>
<FONT face="serif">(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. </FONT></P>
<B><FONT face="serif">Item 3. Exhibits.</FONT></B><BR>
<P>
<FONT face="serif">Separate certifications of the registrant's principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.</FONT></P>

<HR noshade align="center" width="100%" size=2>

<PAGE>
<center>
  <B><FONT face="serif">SIGNATURES</FONT></B><BR>
</center>
<P>
<FONT face="serif"> 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.
</FONT></P>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td width="8%"><FONT face="serif">(Registrant)</FONT></td>
    <td width="92%"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II</FONT></td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><hr align="left" size="1" noshade></td>
  </tr>
</table>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">By:</FONT></td>
    <td><FONT face="serif">/s/ Henry Gabbay</FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">Name: Henry Gabbay <br>
Title: Treasurer <br>
Date: January 20, 2005 </FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>
<FONT face="serif"> 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. </FONT></P>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">By:</FONT></td>
    <td><FONT face="serif">/s/ Robert S. Kapito</FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">Name: Robert S. Kapito<br>
      Title: Principal Executive Officer<br>
      Date: January 20, 2005 </FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">By:</FONT></td>
    <td><FONT face="serif">/s/ Henry Gabbay</FONT></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%"><hr align="left" size="1" noshade></td>
  </tr>
  <tr>
    <td colspan="2"><FONT face="serif">Name: Henry Gabbay<br>
      Title: Principal Executive Officer<br>
      Date: January 20, 2005 </FONT></td>
  </tr>
</table>
<P>&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c35047_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<center>
  <p><B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></p>
  <p align="left"><BR>
      <FONT face="serif">I, Robert S. Kapito, certify that:</FONT><BR>
  </p>
</center>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust II; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and </FONT></P>

<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT><p></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">Date:<u></u></FONT></td>
    <td width="1%">&nbsp;</td>
    <td width="95%">January 20, 2005</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td colspan="2"><hr align="left" width="140" size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0">
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td width="29%">      <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Robert S. Kapito</FONT>
      </div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><hr align="left" width="180" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td>      <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert S. Kapito</FONT> </div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td>      <div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;Principal Executive Officer</FONT>
        </div></td>
  </tr>
</table>
<p>&nbsp;
</p>
<HR noshade align="center" width="100%" size=2>

<PAGE>
<div align="right"><B><FONT face="serif">EX-99.CERT</FONT></B><BR>
</div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER</FONT></B></P>
<p align="center"><B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B></p>
<p><BR>
  <FONT face="serif">I, Henry Gabbay, certify that:</FONT>
</p>
<P>
<FONT face="serif">1. I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust II; </FONT></P>
<P>
<FONT face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report; </FONT></P>
<P>
<FONT face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; </FONT></P>
<P>
<FONT face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<P>
<FONT face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></P>
<P>
<FONT face="serif">(b) Not applicable prior to the first report on Form N-Q following the first annual report on Form N-CSR for a fiscal year ending on or after November 15, 2004; </FONT></P>
<P>
<FONT face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report, based on such evaluation; and</FONT><FONT size=2 face="sans-serif"> </FONT></P>
<P>
<FONT face="serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting; and </FONT></P>

<FONT face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT><p></P>
<P>
<FONT face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and </FONT></P>
<P>
<FONT face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. </FONT></P>
<table width="100%"  border="0">
  <tr>
    <td><FONT face="serif">Date:<u></u></FONT></td>
    <td width="1%">&nbsp;</td>
    <td width="95%">January 20, 2005</td>
  </tr>
  <tr>
    <td width="4%">&nbsp;</td>
    <td colspan="2"><hr align="left" width="140" size="1" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
<table width="100%"  border="0">
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td width="29%"><div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Henry Gabbay</FONT></div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><hr align="left" width="180" size="1" noshade></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><div align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Gabbay </FONT></div></td>
  </tr>
  <tr valign="top">
    <td width="71%">&nbsp;</td>
    <td><div align="left"><FONT face="serif">&nbsp;&nbsp;Principal Financial Officer</FONT> </div></td>
  </tr>
</table>
<p>&nbsp;
</p>
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