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<SEC-DOCUMENT>0000930413-06-005401.txt : 20060726
<SEC-HEADER>0000930413-06-005401.hdr.sgml : 20060726
<ACCEPTANCE-DATETIME>20060726154725
ACCESSION NUMBER:		0000930413-06-005401
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060531
FILED AS OF DATE:		20060726
DATE AS OF CHANGE:		20060726
EFFECTIVENESS DATE:		20060726

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:		06981584

	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>c43246_nq.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<center>
  <FONT face="serif">UNITED STATES </FONT><BR>
  <FONT face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT><BR>
  <FONT face="serif">Washington, D.C. 20549 </FONT><BR>
</center>
<P align="center">
<B><FONT size=4 face="serif">FORM N-Q </FONT></B></P>
<center>
  <B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED </FONT></B><BR>
  <B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B><BR>
</center>
<P>
<FONT face="serif">Investment Company Act file number:&nbsp;</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-21126&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<center>
  <p><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><BR>
      <FONT face="serif">(Exact name of registrant as specified in charter)</FONT></p>
  <p>&nbsp;    </p>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD width=68% align=center> <u><font face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100
    Bellevue Parkway, Wilmington, DE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;

        </u></TD>
        <TD width=29% align=center> <font face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19809&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font>&nbsp; </TD>
</TR>
<TR valign="bottom">
        <TD width=68% align=right>
      <center>
        <FONT face="serif">(Address of principal executive offices)</FONT>&nbsp;
      </center></TD>
        <TD width=29% align=right>
      <center>
        <FONT face="serif">(Zip code)</FONT>&nbsp;
      </center></TD>
</TR>
</TABLE>
<center>
  <BR>
  <FONT face="serif"> Robert S. Kapito, President  </FONT><BR>
  <FONT face="serif"> </FONT><FONT face="sans-serif">BlackRock Municipal Income Trust II</FONT><BR>
  <FONT face="serif"> 40 East 52nd Street, New York, NY 10022  </FONT><BR>
  <FONT face="serif"> (Name and address of agent for service) </FONT><BR>
</center>
<P>
<FONT face="serif">Registrant's telephone number, including area code:&nbsp;</FONT><U><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888-825-2257&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<P>
<FONT face="serif">Date of fiscal year end:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="serif">Date of reporting period:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 31, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">Item 1. Schedule of Investments.</FONT></B>
<FONT face="serif"><br>
The Registrant&#146;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><font size="3"><font face="Serif"><b>PORTFOLIO OF INVESTMENTS
(</b><b>unaudited</b><b>)<br>MAY 31, 2006</b></font></font>
<p><font size="3"><font face="Serif"><b>BlackRock Municipal
Income Trust II (BLE)</b></font></font>
<p><p><table width="100%" border="0" cellpadding="0" cellspacing="0"><tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Principal</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</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>&nbsp;</td>
<td align=center><font size="2"><b>Value</b></font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=3></td></tr> <tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp; &nbsp; &nbsp;</td>
<td align=left><font size="2"><b>LONG-TERM INVESTMENTS&#151;156.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Alabama&#151;1.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">Birmingham Wtr. Wks. &amp; Swr. Brd.
RB,</font></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">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$ 1,010</font></td>
<td>&nbsp;</td>
<td align=left><font size="2"> &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 4.50%, 1/01/35, FSA</font></td>
<td align=center><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$    &nbsp; &nbsp; 973,771</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">3,255</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/40, FSA</font></td>
<td align=center><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,331,981</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">1,930</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/43, FSA</font></td>
<td align=center><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,972,653</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,278,405</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;8.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">2,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Agua Caliente Band RB, Cahuilla Indians
Proj., 6.00%, 7/01/18</font></td>
<td align=center><font size="2">07/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,379,667</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">California Cnty. Tobacco RB,</font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</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">1,840</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, Zero Coupon, 6/01/46 </font></td>
<td align=center><font size="2">06/16 @ 17.602</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">154,615</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">BB</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,710</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. C, Zero Coupon, 6/01/55 </font></td>
<td align=center><font size="2">06/16 @ 8.90</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">368,592</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">12,410</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. D, Zero Coupon, 6/01/55 </font></td>
<td align=center><font size="2">06/16 @ 6.219</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">315,214</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">California St. GO,</font></td>
<td align=center><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">4,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 2/01/32 </font></td>
<td align=center><font size="2">08/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,570,020</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">2,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/01/34 </font></td>
<td align=center><font size="2">12/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,744,793</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">1,395<sup> </sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Infrastructure &amp; Econ. Dev. RB,
Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,496,626</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">3,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mobilehome Park Fin. Auth. RB, Palomar
Estates East &amp; West Proj., </font></td>
<td align=center><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;Ser. A, 5.25%, 3/15/34, ACA</font></td>
<td align=center><font size="2">03/13 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,568,740</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">4,620</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">San Francisco City &amp; Cnty. Redev.
Agcy. Cmnty. Facs. Dist. ST,</font></td>
<td align=center><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;Mission Bay South Proj., 6.625%,
8/01/27</font></td>
<td align=center><font size="2">08/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,961,741</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">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Statewide Cmnty. Dev. Auth. RB, Mem.
Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33</font></td>
<td align=center><font size="2">04/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,210,050</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">5,755</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Univ. of California Ltd. Proj. RB,
Ser. B, 4.75%, 5/15/38</font></td>
<td align=center><font size="2">05/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,680,243</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">31,450,301</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Colorado&#151;4.9%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">10,000<sup> </sup></font></td>
<td><font size="2"><sup>4</sup></font></td>
<td align=left><font size="2">Hlth. Facs. Auth. RB, Catholic Hlth.
Initiatives Proj., Ser. A, 5.50%, 3/01/32</font></td>
<td align=center><font size="2">ETM</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,586,100</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">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Northwest Pkwy. Pub. Hwy. Auth. RB,
Ser. A, 5.25%, 6/15/41, FSA</font></td>
<td align=center><font size="2">06/11 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,157,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Park Creek Met. Dist. Ppty. Tax RB,
5.50%, 12/01/37</font></td>
<td align=center><font size="2">12/15 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,400,932</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">1,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Springs Co. Utils. RB, Ser. C, 5.00%,
11/15/45, FSA</font></td>
<td align=center><font size="2">11/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,398,788</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">17,542,820</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>District of Columbia&#151;6.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">1,265</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Friendship Pub. Charter Sch. RB,
Income Proj., 5.25%, 6/01/33, ACA</font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,273,197</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">Tobacco Settlement Financing Corp.
RB,</font></td>
<td align=center><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">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.50%, 5/15/33 </font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,480,400</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">11,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;6.75%, 5/15/40 </font></td>
<td align=center><font size="2">05/11 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,394,930</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,148,527</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Florida&#151;15.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Fishhawk Cmnty. Dev. Dist. II TA,
Ser. B, 5.00%, 11/01/07</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">248,857</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">1,670</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">JEA Wtr. &amp; Swr. Sys. RB, Ser.
A, 4.75%, 10/01/36, MBIA</font></td>
<td align=center><font size="2">04/11 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,648,741</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">4,780</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lakes by the Bay So. Cmnty. Dev.
Dist. RB, Ser. A, 6.25%, 5/01/34</font></td>
<td align=center><font size="2">05/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,038,168</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">2,650</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Leesburg Hosp. RB, Leesburg Regl.
Med. Ctr. Proj., 5.50%, 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">2,710,208</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">NR<sup>5</sup></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,125</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Live Oak Comm. Dev. Dist. No. 1 SA,
Ser. A, 6.30%, 5/01/34</font></td>
<td align=center><font size="2">05/13 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,237,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,230</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Miami Beach Hlth. Facs. Auth. RB,
Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21</font></td>
<td align=center><font size="2">11/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,944,082</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">6,850</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Orange Cnty. Hlth. Facs. Auth. RB,
Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32</font></td>
<td align=center><font size="2">11/12 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,225,928</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">3,990</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Orange Cnty. Tourist Dev. Tax RB,
4.75%, 10/01/32</font></td>
<td align=center><font size="2">10/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">3,983,776</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">14,000<sup> </sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Pinellas Cnty. Hlth. Fac. Auth. RB,
Baycare Hlth. Sys. Proj., 5.50%, 5/15/13</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">15,315,300</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">2,065</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Stevens Plantation Cmnty. Dev. Dist.
SA, Ser. A, 7.10%, 5/01/35</font></td>
<td align=center><font size="2">05/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,144,358</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">4,575</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sumter Cnty. Ind. Dev. Auth. RB,
No. Sumter Util. Co. LLC Proj., 6.90%, 10/01/34</font></td>
<td align=center><font size="2">10/09 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,762,804</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">53,259,222</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Georgia&#151;2.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Atlanta Arpt. Passenger Fac. RB,
Ser. J, 5.00%, 1/01/34, FSA</font></td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,100,760</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">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Milledgeville-Baldwin Cnty. Dev.
Auth. RB, Georgia Coll. &amp; St. Univ. Fndtn. Proj., </font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</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;5.625%, 9/01/30</font></td>
<td align=center><font size="2">09/14 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,208,600</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,309,360</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;17.1%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Bolingbrook GO, Ser. A, 5.375%, 1/01/38,
FGIC</font></td>
<td align=center><font size="2">01/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,170,680</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">2,470</font></td>
<td><font size="2"><sup> 6</sup></font></td>
<td align=left><font size="2">Centerpoint Intermodal Ctr. Prog.
Trust TA, Ser. A, 8.00%, 6/15/23</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,470,568</font></td></tr></table>
<p><p>
<p><p align='center'>1<HR noshade size=4><PAGE><p><font size="3"><font face="Serif"><b>BlackRock Municipal
Income Trust II (BLE)</b></font></font>
<p><p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Principal</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center><font size="2"><b>Option Call</b></font></td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</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>&nbsp;</td>
<td align=center><font size="2"><b>Value</b></font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=3></td></tr> <tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Illinois&#151;(cont&#146;d)</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">$ 7,500</font></td>
<td><font size="2"><sup> 3,7</sup></font> &nbsp; &nbsp;</td>
<td align=left><font size="2">Dev. Fin. Auth. Hosp. RB, Adventist
Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$   &nbsp; &nbsp;8,007,225</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">Fin. Auth. RB,</font></td>
<td align=center><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">BB+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">910</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Friendship Vlg. Schaumburg Proj.,
Ser. A, 5.625%, 2/15/37 </font></td>
<td align=center><font size="2">02/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">916,042</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">1,880</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Northwestern Mem. Hosp. Proj.,
Ser. A, 5.50%, 8/15/43 </font></td>
<td align=center><font size="2">08/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,977,252</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2">Baa2</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,125</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Student Hsg., MJH Ed. Asst. Living
Proj., Ser. A, 5.125%, 6/01/35 </font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,125,619</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">900</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Student Hsg., MJH Ed. Asst. Living
Proj., Ser. B, 5.375%, 6/01/35 </font></td>
<td align=center><font size="2">06/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">900,351</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">8,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hlth. Facs. Auth. RB, Elmhurst Mem.
Hlth. Care Proj., 5.50%, 1/01/22</font></td>
<td align=center><font size="2">01/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">8,312,160</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">Met. Pier &amp; Exposition Auth.
Ded. St. Tax RB, McCormick Place Expansion Proj.,</font></td>
<td align=center><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">45,190</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 6/15/33, MBIA</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">12,180,513</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">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, Zero Coupon, 6/15/40, MBIA</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">931,450</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">O&#146;Hare Intl. Arpt. RB,</font></td>
<td align=center><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">AAA</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,100</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 1/01/30, MBIA</font></td>
<td align=center><font size="2">01/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,148,426</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">4,290</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;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">4,422,175</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">15,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Sports Facs. Auth. Ded. St. Tax Supported
RB, Zero coupon, 6/15/30, AMBAC</font></td>
<td align=center><font size="2">06/15 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,096,500</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">60,658,961</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Indiana&#151;8.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">Hlth. Fac. Fin. Auth. RB, Ascension
Hlth. Proj., 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">5,197,050</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<sup> </sup></font></td>
<td><font size="2"><sup>3</sup></font></td>
<td align=left><font size="2">Indianapolis Local Pub. Impvt. Bond
Bank RB, Wtr. Wks. Proj., Ser. A, 5.25%, 7/01/12, MBIA</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,273,146</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">4,200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Mun. Pwr. Sply. Sys. RB, Ser. A,
4.50%, 1/01/32, AMBAC</font></td>
<td align=center><font size="2">01/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,009,446</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">30,479,642</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Maryland&#151;1.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">3,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Frederick Cnty. ST, 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">3,034,170</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">Hlth. &amp; Higher Edl. Facs. Auth.
RB,</font></td>
<td align=center><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">2,240</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Medstar Hlth. Proj.,  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">2,315,891</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">1,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &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">1,040,840</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,390,901</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Massachusetts&#151;0.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">785</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">St. Wtr. Res. Auth. Gen. RB, Ser.
A, 5.00%, 8/01/41</font></td>
<td align=center><font size="2">08/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">804,437</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Mississippi&#151;1.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">4,950</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lowndes Cnty. Sld. Wst. Disp. PCRB,
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">5,837,931</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Missouri&#151;1.9%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">6,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dept. of Transp. RB, Rt. 370/Missouri
Bottom Rd./Taussig Rd. Proj., 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">6,695,460</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Multi-State&#151;3.7%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">Charter Mac Equity Issuer Trust,</font></td>
<td align=center><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">A3</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,000<sup> </sup></font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">  &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">1,056,250</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">3,500<sup> </sup></font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">  &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">3,774,295</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">5,000<sup> </sup></font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">  &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">5,180,950</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">3,000<sup> </sup></font></td>
<td><font size="2"><sup>6</sup></font></td>
<td align=left><font size="2">  &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">3,159,870</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,171,365</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Nevada&#151;0.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">2,830</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Henderson Local Impvt. Dist. No.
T-14 SA, 5.80%, 3/01/23</font></td>
<td align=center><font size="2">09/06 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,918,607</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Jersey&#151;12.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">Econ. Dev. Auth.,</font></td>
<td align=center><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">9,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;RB, Cigarette Tax,  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">9,349,470</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">4,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;RB, Cigarette Tax,  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">4,215,640</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><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;RB, 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">10,269,175</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;RB, Kapkowski Rd. 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">11,431,800</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;SA, Kapkowski Rd. 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">8,787,087</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">44,053,172</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New Mexico&#151;1.5%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">5,200</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Hsg. Auth. Region III RB, 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">5,150,288</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;14.3%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">985</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Albany Indl. Dev. Agcy. RB, New Covenant
Charter Sch. Proj., Ser. A, 7.00%, 5/01/35</font></td>
<td align=center><font size="2">05/15 @ 102</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">918,020</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">2,645</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Convention Ctr. Dev. RB, Hotel Unit
Fee Secured, 5.00%, 11/15/44, AMBAC</font></td>
<td align=center><font size="2">11/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,713,003</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">2,845</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Env. Facs. Corp., St. Clean Wtr.
&amp; Drinking Wtr. RB, NYC Mun. Wtr. Proj., </font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</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><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. B, 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">2,925,371</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">22,145</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Liberty Dev. Corp. RB, 5.25%, 10/01/35</font></td>
<td align=center><font size="2">No Opt. Call</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">23,959,783</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
RB, 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">3,874,207</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">6,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">New York City Indl. Dev. Agcy. RB,
American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31</font></td>
<td align=center><font size="2">08/16 @ 101</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,465,542</font></td><TD></TD></tr></table>
<p><p>
<p><p align='center'>2<HR noshade size=4><PAGE><p><font size="3"><font face="Serif"><b>BlackRock Municipal
Income Trust II (BLE) </b></font></font>
<p><p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Principal</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Description</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Value</b></font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=3></td></tr> <tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td align=left><font size="2"><b>New York&#151;(cont&#146;d)</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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 RB, Contl/Eastn.
LaGuardia Proj., 9.00%, 12/01/10</font></td>
<td align=center><font size="2">07/06 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$   8,945,552</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">50,801,478</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>North Carolina&#151;2.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">7,500</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gaston Cnty. Indl. Facs. Fin. Auth.
PCRB, 5.75%, 8/01/35</font></td>
<td align=center><font size="2">08/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">7,830,975</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Ohio&#151;3.9%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">9,140</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Air Qual. Dev. Auth. RB, 4.80%, 1/01/34,
FGIC</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,098,139</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">4,800</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Wtr. Dev. Auth. Facs. PCRB, Dayton
Pwr. &amp; Lt. Proj., Ser. A, 4.80%, 1/01/34, FGIC</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,741,968</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,840,107</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Oklahoma&#151;1.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">B-</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 RB, 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">4,287,631</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Pennsylvania&#151;6.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">Econ. Dev. Fin. Auth. RB,</font></td>
<td align=center><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">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">  &nbsp;&nbsp;&nbsp;&nbsp;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">5,514,532</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">BB-</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,565</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Exempt Facs., Reliant Energy Conv.
Proj., Ser. A, 6.75%, 12/01/36 </font></td>
<td align=center><font size="2">12/09 @ 103</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">11,307,614</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">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Monroe Cnty. Hosp. Auth. RB, Hosp.
Pocono Med. Ctr. Proj., 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">5,241,150</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">22,063,296</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>South Carolina&#151;5.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">Greenwood Cnty. Hosp. RB, Self Mem.
Hosp. Facs. Proj.,</font></td>
<td align=center><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">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;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">3,419,302</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">3,250</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &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">3,374,052</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">Jobs Econ. Dev. Auth. Hosp. Facs.
RB,</font></td>
<td align=center><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">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;Georgetown Mem. Hosp. Proj., 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">3,883,537</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">4,450</font></td>
<td><font size="2"><sup> 3</sup></font></td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Palmetto Hlth. Proj., 6.875%, 8/01/13
</font></td>
<td align=center><font size="2">N/A</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">5,232,933</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">550</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Palmetto Hlth. Proj., 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">624,080</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;Palmetto Hlth. Alliance Proj.,
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">2,829,710</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">19,363,614</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Tennessee&#151;2.6%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></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">20,405</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Knox Cnty. Hlth. Edl. &amp; Hsg.
Facs. Brd. Hosp. Facs. RB, 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">9,232,242</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Texas&#151;20.4%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">1,825</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alliance Arpt. Auth., Inc. Spl. Fac.
RB, Fedex Corp. Proj., 4.85%, 4/01/21</font></td>
<td align=center><font size="2">04/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,805,874</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">2,015</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Dallas Area Rapid Trans. RB, 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">2,051,733</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">20,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Gulf Coast Wst. Disp. Auth. Env.
Impvt. RB, 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">21,359,000</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">25,375</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Harris Cnty. Houston Sports Auth.
RB, 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">4,847,894</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">1,305</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Lower Colorado River Auth. RB, 5.00%,
5/15/31, MBIA</font></td>
<td align=center><font size="2">05/13 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,336,476</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">930</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Montgomery Cnty. Mun. Util. Dist.
No. 46 Wtr. Wks. &amp; Swr. Sys. GO, 4.75%, 3/01/30, MBIA</font></td>
<td align=center><font size="2">03/14 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">923,388</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">Tpke. Auth. Central Sys. RB,</font></td>
<td align=center><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;Zero Coupon, 8/15/36, AMBAC</font></td>
<td align=center><font size="2">08/12 @ 24.171</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,153,040</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;Zero Coupon, 8/15/37, AMBAC</font></td>
<td align=center><font size="2">08/12 @ 22.708</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,949,250</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;Zero Coupon, 8/15/38, AMBAC</font></td>
<td align=center><font size="2">08/12 @ 21.384</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">4,378,188</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">9,150</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Ser. A, 5.00%, 8/15/42, AMBAC</font></td>
<td align=center><font size="2">08/12 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">9,266,022</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">2,300</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Transp. Commn St. Hwy. RB, 5.00%,
4/01/26</font></td>
<td align=center><font size="2">04/16 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,388,481</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">72,459,346</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Virginia&#151;6.2%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">NR<sup>5</sup></font></td>
<td>&nbsp;</td>
<td align=right><font size="2">13,130</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Alexandria Redev. &amp; Hsg. Auth.
RB, 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">12,418,223</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. RB, Old Dominion Elec. Coop. Proj., </font></td>
<td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</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;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">9,573,750</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">21,991,973</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>West Virginia&#151;1.8%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">1,115</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Econ. Dev. Auth. RB, Correctional
Juvenile Safety Proj., 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">1,150,546</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">Mason Cnty. PCRB, 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">5,089,500</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">6,240,046</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Wisconsin&#151;3.0%</b></font></td>
<td align=center><font size="2"><b>&nbsp;</b></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">Hlth. &amp; Edl. Facs. Auth. RB,</font></td>
<td align=center><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;Aurora Hlth. Care Proj.,  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">4,291,206</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">5,000</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Franciscan Svcs. Proj.,
 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">5,254,200</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">1,140</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%,
7/01/37, AMBAC</font></td>
<td align=center><font size="2">07/15 @ 100</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1,167,520</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></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=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">10,712,926</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></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 Long-Term Investments (cost
$523,855,496)</b></font></td>
<td align=center><font size="2">&nbsp;</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">554,973,033</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='9' ><HR noshade size=1></td></tr></table>
<p><p>
<p><p align='center'>3<HR noshade size=4><PAGE><p><font size="3"><font face="Serif"><b>BlackRock Municipal
Income Trust II (BLE)</b></font></font>
<p><p><table width="100%" border="0" cellpadding="0" cellspacing="0">
  <tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Principal</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#FFFFFF'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Amount</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td align=center></td>
<td>&nbsp;</td>
</tr>
<tr valign=top><td align=center><font size="2"><b>Rating</b><sup><b>1</b></sup></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>(000)</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Description</b></font></td>
<td align=center><font size="2"><b>Value</b></font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=3></td></tr> <tr valign=top><td align=center></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td><font size="2"> &nbsp; &nbsp; &nbsp;</font></td>
<td align=left><font size="2"><b>SHORT-TERM INVESTMENTS&#151;2.5%</b></font></td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>California&#151;0.0%</b></font></td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-1</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">$&nbsp; &nbsp;   75</font></td>
<td><font size="2"><sup> 8</sup></font></td>
<td align=left><font size="2">Hlth. Facs. Fin. Auth. RB, Scripps
Hlth. Proj., Ser. B, 3.10%, 6/07/06, MBIA, FRWD</font></td>
<td align=right><font size="2">$    &nbsp;&nbsp;  &nbsp; &nbsp;  75,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>New York&#151;0.5%</b></font></td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-1+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">1.800<sup> </sup></font></td>
<td><font size="2"><sup>8</sup></font></td>
<td align=left><font size="2">Triborough Brdg. &amp; Tunl. Auth.
RB, 3.49%, 6/01/06, FRWD</font></td>
<td align=right><font size="2">1,800,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>Missouri&#151;0.7%</b></font></td>
<td align=right></td>
<td>&nbsp;</td></tr>
<tr valign=top><td align=center><font size="2">A-1+</font></td>
<td>&nbsp;</td>
<td align=right><font size="2">2,300<sup> </sup></font></td>
<td><font size="2"><sup>8</sup></font></td>
<td align=left><font size="2">St. Hlth. &amp; Edl. Fac. RB, Med.
Research Facs. Stowers Inst. Proj., </font></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><font size="2">  &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 6/01/06, MBIA, FRWD</font></td>
<td align=right><font size="2">2,300,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>Shares</b></font></td>
<td>&nbsp;</td>
<td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td align=center bgcolor="#FFFFFF"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align=center bgcolor="#FFFFFF"><font size="2"><b>(000)</b></font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
<td align=center bgcolor="#FFFFFF"><font size="2"><b>&nbsp;</b></font></td>
<td bgcolor="#FFFFFF">&nbsp;</td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='9' ><HR noshade size=1></td>
</tr>
<tr valign=top><td align=center><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=right><font size="2"><b>&nbsp;</b></font></td>
<td>&nbsp;</td>
<td align=left><font size="2"><b>MONEY MARKET FUNDS&#151;1.3%</b></font></td>
<td align=right></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">4,700</font></td>
<td>&nbsp;</td>
<td align=left><font size="2">AIM Tax Free Investment Co. Cash
Reserve Portfolio</font></td>
<td align=right><font size="2">4,700,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></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
$8,875,000)</b></font></td>
<td align=right><font size="2">8,875,000</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=1></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;158.6%
(cost $532,730,496</b><sup><b>9</b></sup><b>)</b></font></td>
<td align=right><font size="2">$ &nbsp;563,848,033</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;(0.8)%</font></td>
<td align=right><font size="2">(2,704,360</font></td>
<td align=left><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;(57.8)%</font></td>
<td align=right><font size="2">(205,627,142</font></td>
<td align=left><font size="2">)</font></td>
</tr>
<tr valign=top bgcolor='#DDDDDD'><td COLSPAN='7' ><HR noshade size=1></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 align=right><font size="2">$ &nbsp;355,516,531</font></td>
<td>&nbsp;</td></tr>
<tr valign=top><td COLSPAN='7' ><HR noshade size=3></td>
</tr>
</table>

<p><font face="Serif">&nbsp;
</font>

<table width="100%"  border="0">
  <tr align="left" valign="top">
    <td colspan="2"><hr align="left" noshade width="100" size="1" color=black></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>1</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">Using the higher of Standard &amp;&nbsp;Poor&#146;s, Moody&#146;s Investors Service or Fitch&#146;s rating. </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>2</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">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></font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>3</sup>&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">&nbsp;This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>4</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">Security is collateralized by Municipal or U.S. Treasury obligations. </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>5</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">Security is deemed to be of investment grade quality by the investment advisor. </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>6</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">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 May 31, 2006, the Trust held 4.4% of its net assets, with a current market value of $15,641,933, in securities restricted as to resale. </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>7</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">Security pledged as collateral. </font></font></td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>8</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><p align='justify'><font size="2"><font face="Serif">For purposes of amortized cost valuation, the maturity date of this instrument 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 is rate as of May 31, 2006. </font></font>  </td>
  </tr>
  <tr align="left" valign="top">
    <td><font size="2"><font face="Serif"><sup>9</sup>&nbsp;&nbsp;&nbsp;</font></font></td>
    <td><font size="2"><font face="Serif">Cost for Federal income tax purposes is $532,686,354. The net unrealized appreciation on a tax basis is $31,161,679, consisting of $33,207,301 gross unrealized appreciation and $2,045,622 gross unrealized depreciation. </font></font></td>
  </tr>
</table>

<p align="center">
<font size="2"><b>KEY TO ABBREVIATIONS</b></font>
<p align="center">
<p><p align='center'><div style="border:1px solid #000000; padding:1px"><table width="80%" border="0" align="center" cellpadding="0" cellspacing="0" bgcolor="#FFFFFF">
  <tr valign=top><td width="6%" align=left><font size="2"><font face="Serif">ACA</font></font></td>
<td width="50%" align=left><font size="2">&#151;&nbsp; American Capital Access</font></td>
<td width="4%" align=left><font size="2">MBIA&nbsp;</font></td>
<td width="40%" align=left><font size="2">&#151;&nbsp; Municipal
Bond Insurance Assoc.</font></td>
</tr>
<tr valign=top bgcolor='#FFFFFF'><td align=left><font size="2">AMBAC&nbsp;</font></td>
<td align=left><font size="2">&#151;&nbsp; American Municipal Bond Assurance
Corp.</font></td>
<td align=left><font size="2">PCRB</font></td>
<td align=left><font size="2">&#151;&nbsp; Pollution
Control Revenue Bond</font></td>
</tr>
<tr valign=top bgcolor="#FFFFFF"><td align=left><font size="2">ETM</font></td>
<td align=left><font size="2">&#151;&nbsp; Escrowed to Maturity</font></td>
<td align=left><font size="2">RAA</font></td>
<td align=left><font size="2">&#151;&nbsp; Radian Asset
Assurance</font></td>
</tr>
<tr valign=top bgcolor='#FFFFFF'><td align=left><font size="2">FGIC</font></td>
<td align=left><font size="2">&#151;&nbsp; Financial Guaranty Insurance
Co.</font></td>
<td align=left><font size="2">RB</font></td>
<td align=left><font size="2">&#151;&nbsp; Revenue Bonds</font></td>
</tr>
<tr valign=top bgcolor="#FFFFFF"><td align=left><font size="2">FRWD</font></td>
<td align=left><font size="2">&#151;&nbsp; Floating Rate Weekly Demand</font></td>
<td align=left><font size="2">SA</font></td>
<td align=left><font size="2">&#151;&nbsp; Special Assessment</font></td>
</tr>
<tr valign=top bgcolor='#FFFFFF'><td align=left><font size="2">FSA</font></td>
<td align=left><font size="2">&#151;&nbsp; Financial Security Assurance</font></td>
<td align=left><font size="2">ST</font></td>
<td align=left><font size="2">&#151;&nbsp; Special Tax</font></td>
</tr>
<tr valign=top bgcolor="#FFFFFF"><td align=left><font size="2">GO</font></td>
<td align=left><font size="2">&#151;&nbsp; General Obligation</font></td>
<td align=left><font size="2">TA</font></td>
<td align=left><font size="2">&#151;&nbsp; Tax Allocation</font></td>
</tr>
</table></DIV>
<br>
<p>
<p align='center'><p><p><p>
<p><p align='center'>4<p>



<HR noshade  width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P>
<B><FONT face="serif">Item 2. Controls and Procedures.</FONT></B> <FONT face="serif"><br>
(a)
The Registrant's principal executive and principal financial officers have evaluated
the Registrant's disclosure controls and procedures within 90 days of this filing
and have concluded, as of that date, that the Registrant&#146;s disclosure controls
and procedures were reasonably designed to ensure that information required to
be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized,
and reported within the required time periods and that information to be disclosed
by the Registrant in this Form N-Q was accumulated and communicated to the Registrant&#146;s
management, including its principal executive and principal financial officers,
as appropriate, to allow timely decisions regarding required disclosure. </FONT> </P>
<P><FONT face="serif">(b)
  There were no changes in the Registrant's internal control over financial reporting
  (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred
  during the Registrant's last fiscal quarter that have materially affected, or
  are reasonably likely to materially affect, the Registrant's internal control
  over financial reporting. </FONT> </P>
<P><B><FONT face="serif">Item 3. Exhibits.</FONT></B> <br>
  <FONT face="serif">Separate
    certifications of the Registrant&#146;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>

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<P align="center"><B><FONT face="serif">SIGNATURES</FONT></B>  </P>
<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><FONT face="serif">(Registrant)&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Municipal Income Trust II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
<P><FONT face="serif">By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Henry
    Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
  Name: Henry Gabbay <br>
  Title: Treasurer and Principal Financial Officer <br>
  Date: July 26, 2006</FONT>  </P>
<P><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT face="serif">By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Robert
    S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Robert S. Kapito<br>
Title: President and Principal Executive Officer<br>
Date: July 26, 2006</FONT> </P>
<P><FONT face="serif">By:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Henry
    Gabbay&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Henry Gabbay<br>
Title: Treasurer and Principal Financial Officer<br>
Date: July 26, 2006</FONT> </P>
<P>&nbsp;</P>

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<FILENAME>c43246_ex99-cert.htm
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<div align="right"><B><FONT face="serif">EX-99.CERT </FONT></B></div>
<P align="center">
<B><FONT face="serif">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER</FONT></B></P>
<P align="center">
  <B><U><FONT face="serif">CERTIFICATIONS</FONT></U></B> </P>
<P>
<FONT face="serif">I, Robert S. Kapito, 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
    reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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> </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>
<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><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>
<P><FONT face="serif">Date: July 26, 2006</FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td align="center"><FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;Robert
          S. Kapito&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
Robert S. Kapito <br>
President and Principal Executive Officer </FONT></td>
  </tr>
</table>
<P>&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> <BR>
</FONT></P>
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<P align="right">
<B><FONT face="serif">EX-99.CERT </FONT></B></P>
<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>
<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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
    reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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> </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>
<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><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>
<P><FONT face="serif">Date: July 26, 2006</FONT></P>
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    <td width="50%">&nbsp;</td>
    <td align="center"><FONT face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/&nbsp;&nbsp;Henry
        Gabbay</u><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><BR>
      Henry Gabbay<br>
      Treasurer and Principal Financial Officer </FONT></td>
  </tr>
</table>
<P>&nbsp;</P>
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