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<SEC-DOCUMENT>0000930413-08-000626.txt : 20080129
<SEC-HEADER>0000930413-08-000626.hdr.sgml : 20080129
<ACCEPTANCE-DATETIME>20080129105653
ACCESSION NUMBER:		0000930413-08-000626
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071130
FILED AS OF DATE:		20080129
DATE AS OF CHANGE:		20080129
EFFECTIVENESS DATE:		20080129

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:		08556416

	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>c51905_n-q.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE> -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="center">
<FONT size=2 face="serif">UNITED STATES</FONT>
<BR>
<FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT size=2 face="serif">Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT size=2 face="serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT size=2 face="serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-21126 </FONT><BR>
<BR>
<FONT size=2 face="serif">Name of Fund: BlackRock Municipal Income Trust II (BLE) </FONT><BR>
<BR>
<FONT size=2 face="serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809 </FONT></P>
<div style="margin-left:45px;text-indent:-45px">
<P align="left">
<FONT size=2 face="serif">Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Trust II, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
</FONT></P></div>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of fiscal year end: 08/31/2008 </FONT><BR>
<BR>
<FONT size=2 face="serif">Date of reporting period: 09/01/2007 &#150; 11/30/2007 </FONT><BR>
<BR>

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

<P STYLE="page-break-before:always"></P><PAGE><br>

<FONT size=2 face="serif">Item 1 &#150; Schedule of Investments </FONT>
<BR><BR>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>


<TR valign="bottom">
  <TD colspan="8" align=left nowrap><B><FONT size=4 face="serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
  <TD>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT face="serif"><B><FONT face="serif">Schedule
    of Investments as of November 30, 2007 (Unaudited)</FONT></B></FONT></B></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=2 face="serif">(in
    Thousands)</FONT></B></div></TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD align=right nowrap>&nbsp;</TD>
	<TD align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>	</TD>
    <TD width="1%" align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Alabama - 1.3%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=left nowrap>
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="3%" align=right>
<FONT size=2 face="serif">2,525</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:0px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:0px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="serif">(Ascension Health Credit), Series C-2, 5% due 11/15/2036</FONT>	</TD>
	<TD width="1%" style="border-bottom:0px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:0px solid #000000;">
<FONT size=2 face="serif">2,530</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,825</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(Ascension Health Credit), Series C-2, 5% due 11/15/2039</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,827</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Arizona - 4.6%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,525</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pima County, Arizona, IDA, Education Revenue Bonds (American Charter Schools Foundation), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A, 5.625% due 7/01/2038</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,443</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">393</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT, 5.23%</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 4/25/2008 (k)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">393</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,635</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,432</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,890</FONT>	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2037</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,559</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">California - 11.7%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,250</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds, 6% due 7/01/2018</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,331</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,840</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">County Tobacco Funding Corporation), Sub-Series B, 5.875% due 6/01/2046 (o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">123</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">9,710</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">County Tobacco Funding Corporation), Sub-Series C, 6.30% due 6/01/2055 (o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">280</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">12,410</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">County Tobacco Funding Corporation), Sub-Series D,
7.251% due 6/01/2055 (o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">287</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">9,100</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California Health Facilities Financing Authority Revenue
Bonds (Sutter Health), Series A, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.25% due 11/15/2046</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">9,273</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California Mobilehome Park Finance Authority Revenue
Bonds (Palomar Estates East </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">and West), Series A, 5.25% due 3/15/2034 (a)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,224</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">6,425</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California State, GO, Refunding, 5% due 6/01/2032</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">6,515</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,700</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California State, Various Purpose, GO, Refunding, 5% due 6/01/2034</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,728</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">California Statewide Communities Development Authority,
Health Facility Revenue Bonds </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Memorial Health Services), Series A, 5.50% due 10/01/2033</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,106</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,620</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">San Francisco, California, City and County Redevelopment
Agency, Community Facilities </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District Number 1, Special Tax Bonds (Mission Bay South
Public Improvements Project), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
  <TD width="3%" align=left nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=left nowrap><FONT size=2 face="serif">6.625% due 8/01/2027</FONT></TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
  <TD width="4%" align=right nowrap><FONT size=2 face="serif">4,817</FONT></TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,755</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">University of California Revenue Bonds, Series B, 4.75% due 5/15/2038</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,809</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap colspan=7 style="border-top:1px solid #000000; border-bottom:1px solid #000000;"><B><FONT face="serif">Portfolio
          Abbreviations</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="7" align=left nowrap><FONT size=2 face="serif">To simplify the listings
        of BlackRock Municipal Income Trust II's portfolio holdings in the Schedule
    of Investments, we have abbreviated the names of</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="7" align=left nowrap><FONT size=2 face="serif">many of the securities according
    to the list below.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD width="4%" align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">AMT</FONT></B> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Alternative Minimum
        Tax (subject to)</FONT> </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%" align=left nowrap><B><FONT size=2 face="serif">IDR</FONT></B> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%" align=left nowrap><FONT size=2 face="serif">Industrial Development Revenue
        Bonds</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="4%" align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">EDA</FONT></B> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Economic Development Authority</FONT> </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%" align=left nowrap><B><FONT size=2 face="serif">M/F</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD width="50%" align=left nowrap><FONT size=2 face="serif">Multi-Family</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="4%" align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">EDR</FONT></B> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Economic Development Revenue
        Bonds</FONT> </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%" align=left nowrap><B><FONT size=2 face="serif">PCR</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD width="50%" align=left nowrap><FONT size=2 face="serif">Pollution Control Revenue
        Bonds</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="4%" align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">GO</FONT></B> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">General Obligation Bonds</FONT> </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%" align=left nowrap><B><FONT size=2 face="serif">S/F</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD width="50%" align=left nowrap><FONT size=2 face="serif">Single-Family</FONT> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="4%" align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><FONT size=2 face="serif">IDA</FONT></B> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD align=left nowrap><FONT size=2 face="serif">Industrial Development Authority</FONT> </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%" align=left nowrap><B><FONT size=2 face="serif">VRDN</FONT></B> </TD>
    <TD>&nbsp;</TD>
    <TD width="50%" align=left nowrap><FONT size=2 face="serif">Variable Rate Demand Notes</FONT> </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>


  <TR valign="bottom">
    <TD colspan="8" align=left nowrap><B><FONT size=4 face="serif">BlackRock
    Municipal Income Trust II</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT face="serif">Schedule
    of Investments as of November 30, 2007 (Unaudited)</FONT></B></TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B></div></TD>
  </TR>
  <TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>	</TD>
    <TD width="1%" align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Colorado - 5.1%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="3%" align=right>
<FONT size=2 face="serif">10,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Colorado Health Facilities Authority Revenue Bonds
(Catholic Health Initiatives), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A, 5.50% due 3/01/2032 (d)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">10,633</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,375</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Colorado Springs, Colorado, Utilities System Improvement
Revenue Bonds, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Subordinate Lien, Series C, 5% due 11/15/2045 (f)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">1,418</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Northwest Parkway Public Highway Authority, Colorado,
Senior Revenue Bonds, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A, 5.25% due 6/15/2011 (f)(i)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">4,299</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,375</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Park Creek Metropolitan District, Colorado, Senior
Limited Tax Supported Revenue </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Refunding Bonds, 5.50% due 12/01/2037</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,324</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">District of Columbia - 5.9%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,265</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District of Columbia, Revenue Refunding Bonds (Friendship
Public Charter School, Inc.), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.25% due 6/01/2033 (a)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">1,159</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District of Columbia Tobacco Settlement Financing Corporation,
Asset-Backed Revenue </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Refunding Bonds, 6.50% due 5/15/2033</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">7,603</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">11,500</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District of Columbia Tobacco Settlement Financing Corporation,
Asset-Backed Revenue </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Refunding Bonds, 6.75% due 5/15/2040</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">11,770</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Florida - 13.3%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,650</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Leesburg, Florida, Hospital Revenue Bonds (Leesburg
Regional Medical Center Project), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.50% due 7/01/2032</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,668</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,125</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Live Oak Community Development District Number 001,
Florida, Special Assessment </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bonds, Series A, 6.30% due 5/01/2034</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,281</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">6,230</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Miami Beach, Florida, Health Facilities Authority,
Hospital Revenue Refunding Bonds </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Mount Sinai Medical Center of Florida), 6.75% due
11/15/2021</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">6,590</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">6,850</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Orange County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Health System), 5.625% due 11/15/2012 (i)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">7,588</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,990</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 4.75% </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
  <TD width="3%" align=right nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=left nowrap><FONT size=2 face="serif">due 10/01/2032
    (n)</FONT></TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
  <TD width="4%" align=right nowrap><FONT size=2 face="serif">3,991</FONT></TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">14,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pinellas County, Florida, Health Facilities Authority
Revenue Bonds (BayCare Health </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">System Inc.), 5.50% due 5/15/2013 (i)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">15,455</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,040</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Stevens Plantation Community Development District,
Florida, Special Assessment </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Revenue Bonds, Series A, 7.10% due 5/01/2035</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,105</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,465</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Sumter County, Florida, IDA, IDR (North Sumter Utility
Company LLC), AMT, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">6.90%
    due 10/01/2034</FONT></TD>
  <TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">4,500</FONT></TD>
  <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Georgia - 1.6%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Milledgeville-Baldwin County, Georgia, Development
Authority Revenue Bonds </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(Georgia College and State University Foundation),
5.625% due 9/01/2014 (i)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,683</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Illinois - 16.0%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bolingbrook, Illinois, GO, Refunding, Series A, 5.375% due 1/01/2012 (e)(i)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">4,316</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,470</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation Bonds, Class A, 8%</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 6/15/2023 (m)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,423</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,290</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Chicago, Illinois, O'Hare International Airport Revenue
Refunding Bonds, Third Lien, AMT, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series C-2, 5.25% due 1/01/2030 (f)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">4,366</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">900</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Financing Authority, Student Housing Revenue
Bonds (MJH Education </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Assistance IV LLC), Sub-Series B, 5.375% due 6/01/2035</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">619</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">8,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Health Facilities Authority, Revenue Refunding
Bonds (Elmhurst Memorial Healthcare), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.50% due 1/01/2022</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">8,294</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,340</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50% due 2/01/2035 (e)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">4,143</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">15,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois Sports Facilities Authority, State Tax Supported
Revenue Bonds, 5.546% </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD width="3%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
  <TD width="1%" align=right nowrap>&nbsp;</TD>
  <TD width="3%" align=right nowrap>&nbsp;</TD>
  <TD width="2%">&nbsp;</TD>
  <TD align=left nowrap><FONT size=2 face="serif">due 6/15/2030 (b)(o)</FONT></TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
  <TD width="1%" align=left nowrap>&nbsp;</TD>
  <TD width="4%" align=right nowrap><FONT size=2 face="serif">14,233</FONT></TD>
  <TD width="1%" align=right nowrap style="border-bottom:0px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>


  <TR valign="bottom">
    <TD colspan="8" align=left nowrap><B><FONT size=4 face="serif">BlackRock
    Municipal Income Trust II</FONT></B></TD>
    <TD>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT face="serif">Schedule
    of Investments as of November 30, 2007 (Unaudited)</FONT></B></TD>
    <TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B></div></TD>
  </TR>
  <TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>	</TD>
    <TD width="1%" align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap></TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%"><FONT size=2 face="serif">$</FONT> </TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">910</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Friendship
Village of Schaumburg), Series A, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.625% due 2/15/2037</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">837</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,880</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Illinois State Finance Authority Revenue Bonds (Northwestern
Memorial Hospital), Series A, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.50% due 8/15/2043</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">1,966</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">45,190</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax Revenue Bonds</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(McCormick Place Expansion), Series A, 5.72% due 6/15/2033
(h)(o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">13,388</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Metropolitan Pier and Exposition Authority, Illinois,
Dedicated State Tax Revenue Bonds</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(McCormick PlaceExpansion), Series A, 5.87% due 6/15/2040 (h)(o)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,038</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Indiana - 7.7%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Indiana Health Facilities Financing Authority, Revenue
Refunding Bonds (Ascension Health </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Credit Group), Series F, 5.375% due 11/15/2025</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,432</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">19,735</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds (Waterworks Project),</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series A, 5.25% due 7/01/2012 (h)(i)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,351</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Maryland - 2.4%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,800</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Baltimore, Maryland, Wastewater Project Revenue Bonds, Series D, 5% due 7/01/2037 (b)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">1,878</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Frederick County, Maryland, Special Obligation Tax
Bonds (Urbana Community Development</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Authority), Series A, 5.95% due 7/01/2030</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,003</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Maryland State Health and Higher Educational Facilities
Authority Revenue Bonds (Union </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Hospital of Cecil County), 5.625% due 7/01/2032</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">1,021</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,240</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(MedStar Health, Inc.), 5.50% due 8/15/2033</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,265</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Massachusetts - 0.9%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,145</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Massachusetts State Water Resource Authority, General
Revenue Refunding Bonds, Series A, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5% due 8/01/2041</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,248</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Michigan - 0.7%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,305</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">System), Series A, 5.25% due 11/15/2046</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,318</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Mississippi - 1.6%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,950</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lowndes County, Mississippi, Solid Waste Disposal and
PCR, Refunding (Weyerhaeuser </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Company Project), Series A, 6.80% due 4/01/2022</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,590</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Missouri - 1.8%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">6,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Highway 370/Missouri Bottom Road/Taussig Road Transportation
Development District </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Revenue Bonds, 7.20% due 5/01/2033</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">6,418</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Nevada - 0.8%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,855</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Clark County, Nevada, EDR, Refunding (Alexander Dawson
School of Nevada Project), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5% due 5/15/2029</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,844</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">New Jersey - 12.0%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">9,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">8,871</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">4,009</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">10,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation
Improvement District Project), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">AMT, Series B, 6.50% due 4/01/2031</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">10,035</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">7,475</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill
Reclamation Improvement </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">District Project), 6.50% due 4/01/2028</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">8,280</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE><br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="8" align=left nowrap><B><FONT size=4 face="serif">BlackRock Municipal Income
    Trust II</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="4%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT face="serif"><B><FONT face="serif">Schedule
    of Investments as of November 30, 2007 (Unaudited)</FONT></B></FONT></B></TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD colspan=4 align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=2 face="serif">(in
    Thousands)</FONT></B></div></TD>
  </TR>


<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=1%>&nbsp;</TD>
	<TD width=1%>&nbsp;	</TD>
	<TD width=1%>&nbsp;</TD>
	<TD width=3% align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width=1%>&nbsp;	</TD>
	<TD width=1% align=left nowrap>&nbsp;	</TD>
	<TD width=1% align=left nowrap>&nbsp;</TD>
	<TD width=4% align=left nowrap>&nbsp;	</TD>
    <TD width=1% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>	</TD>
    <TD width="1%" align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%"><FONT size=2 face="serif">$</FONT> </TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">10,100</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Jersey EDA, Special Facility Revenue Bonds (Continental
Airlines Inc. Project), AMT, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7.20% due 11/15/2030</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,294</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">New Mexico - 1.7%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,200</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New Mexico Region III Housing Authority, M/F Housing
Revenue Bonds (Villa Del Oso </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Apartments), Series A, 6% due 1/01/2013 (i)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,917</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">New York - 6.8%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">985</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Albany, New York, IDA, Civic Facility Revenue Bonds
(New Covenant Charter School Project),</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A, 7% due 5/01/2035</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">808</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,775</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Metropolitan Transportation Authority, New York, Service
Contract Revenue Refunding Bonds, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A, 5% due 7/01/2030 (b)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,882</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">6,700</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New York City, New York, City IDA, Special Facility
Revenue Bonds (Continental Airlines Inc. </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Project), AMT, 7.75% due 8/01/2031</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">7,380</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,725</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New York Liberty Development Corporation Revenue Bonds
(Goldman Sachs Headquarters), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.25% due 10/01/2035</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,890</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,845</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">New York State Environmental Facilities Corporation,
State Clean Water and Drinking Revenue </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Bonds (New York City Water Project), Series B, 5% due
6/15/2031</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,922</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,725</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Port Authority of New York and New Jersey, Special
Obligation Revenue Bonds (Continental </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Airlines, Inc. - LaGuardia Project), AMT, 9% due 12/01/2010</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,810</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">North Carolina - 2.1%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">7,500</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Gaston County, North Carolina, Industrial Facilities
and Pollution Control Financing Authority, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Revenue Bonds (National Gypsum Company Project), AMT,
5.75% due 8/01/2035</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7,272</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Ohio - 3.0%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,190</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Bonds,</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A-2, 6.50% due 6/01/2047</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">1,225</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">9,140</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Light Company Project), Series B, 4.80% due 1/01/2034
(e)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,099</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Oklahoma - 2.1%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Oklahoma State Development Finance Authority, Revenue
Refunding Bonds (Saint John Health </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">System), 5% due 2/15/2042</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,000</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,925</FONT>	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds, Series A, 7.75% due 6/01/2035</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,229</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Pennsylvania - 5.8%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Monroe County, Pennsylvania, Hospital Authority Revenue
Bonds (Pocono Medical Center), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">6% due 1/01/2014 (i)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,671</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,175</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(Amtrak Project), AMT, Series A, 6.375% due 11/01/2041</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,372</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">8,425</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=2% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(Reliant Energy), AMT, Series A, 6.75% due 12/01/2036</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,957</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">South Carolina - 5.5%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,280</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Greenwood County, South Carolina, Hospital Facilities
Revenue Bonds (Self Memorial Hospital), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.50% due 10/01/2026</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,344</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,250</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Greenwood County, South Carolina, Hospital Facilities
Revenue Bonds (Self Memorial Hospital), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.50% due 10/01/2031</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,297</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,750</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue
Bonds (Georgetown Memorial Hospital), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.375% due 2/01/2030 (l)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,763</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">2,640</FONT>	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance),</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width=2%>&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A, 6.25% due 8/01/2031</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,776</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE><br>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan="8" align=left nowrap><B><FONT size=4 face="serif">BlackRock Municipal Income
    Trust II</FONT></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="4%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT face="serif"><B><FONT face="serif">Schedule
    of Investments as of November 30, 2007 (Unaudited)</FONT></B></FONT></B></TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD colspan=4 align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=2 face="serif">(in
    Thousands)</FONT></B></div></TD>
  </TR>


<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<B><FONT size=2 face="serif">Face</FONT></B>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Municipal Bonds</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>	</TD>
    <TD width="1%" align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;</TD>
	<TD width=3%>&nbsp;</TD>
	<TD width=1%>&nbsp;</TD>
	<TD width=1%><FONT size=2 face="serif">$</FONT> </TD>
	<TD width=1%>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance),</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series C, 6.875% due 8/01/2013 (i)</FONT>	</TD>
	<TD width=1% style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width=1% align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,869</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Tennessee - 2.9%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">20,405</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Knox County, Tennessee, Health, Educational and Housing
Facilities Board, Hospital Facilities </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Revenue Refunding Bonds (Covenant Health), Series A,
5.77% due 1/01/2021 (f)(o)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10,241</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Texas - 19.6%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">20,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Gulf Coast Waste Disposal Authority, Texas, Revenue
Refunding Bonds (International Paper </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Company), AMT, Series A, 6.10% due 8/01/2024</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">20,445</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">25,375</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds, Third Lien, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Series A-3, 5.96% due 11/15/2036 (h)(o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,374</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A, 5% due 5/15/2013 (h)(i)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,300</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A, 5% due 5/15/2031 (h)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">1,337</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">930</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Montgomery County, Texas, Municipal Utility District
Number 46, Waterworks and Sewer System, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">GO, 4.75% due 3/01/2030 (h)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">939</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,600</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, 5.50%</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 8/01/2024</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,760</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">73,370</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.09%</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 8/15/2036 (b)(o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">14,508</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">65,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.10%</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 8/15/2037 (b)(o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">12,076</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">27,600</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.10%</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">due 8/15/2038 (b)(o)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">4,828</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,575</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier,</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series A, 5% due 8/15/2042 (b)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,617</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Virginia - 6.5%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">12,870</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Alexandria, Virginia, Redevelopment and Housing Authority,
M/F Housing Revenue Refunding Bonds </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">(3001 Park Center Apartments), Series A, 6.375% due
4/01/2034</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">13,120</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">9,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion Electric</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Cooperative Project), AMT, 5.625% due 6/01/2028 (b)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,512</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Washington - 1.9%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,960</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">King County, Washington, Sewer Revenue Refunding Bonds, 5% due 1/01/2036 (f)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">2,041</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,820</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Washington State Health Care Facilities Authority,
Revenue Refunding Bonds (Providence Health </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">System), Series A, 4.625% due 10/01/2034 (e)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,637</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">West Virginia - 1.8%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Mason County, West Virginia, PCR, Refunding (Appalachian
Power Company Project), Series L, </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">5.50% due 10/01/2022</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,030</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">1,115</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">West Virginia EDA, Lease Revenue Bonds (Correctional,
Juvenile and Public Safety Facilities), </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Series A, 5% due 6/01/2029 (h)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,151</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Wisconsin - 2.8%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,930</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.),</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">6.40% due 4/15/2033</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">4,136</FONT>	</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Wheaton</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Franciscan Services, Inc.), 5.75% due 2/15/2012 (i)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,513</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Puerto Rico - 1.4%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">4,370</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue </FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Refunding Bonds, Series N, 5.25% due 7/01/2036 (c)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,834</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Municipal Bonds (Cost - $499,161) - 151.3%</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">524,811</FONT>	</TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="8" align=left nowrap><B><FONT size=5 face="serif">BlackRock Municipal Income
    Trust II</FONT></B> </TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="8" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT face="serif">Schedule
    of Investments as of November 30, 2007 (Unaudited)</FONT></B></TD>
  <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan=4 align=center nowrap style="border-bottom:1px solid #000000;"><div align="right"><B><FONT size=2 face="serif">(in
    Thousands)</FONT></B></div></TD>
  </TR>

<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap><B><FONT size=2 face="serif">Face</FONT></B> </TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">State</FONT></B>	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Amount</FONT></B> </TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Corporate Bonds</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value</FONT></B>	</TD>
    <TD width="1%" align=center nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Multi-State - 3.9%</FONT></B>	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,000</FONT>	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 5.75% due 4/30/2015 (m)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,073</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">5,000</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 6% due 4/30/2015 (m)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,327</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap>
<FONT size=2 face="serif">3,500</FONT>	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 6% due 4/30/2019 (m)</FONT>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">3,827</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,000</FONT>	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Charter Mac Equity Issuer Trust, 6.30% due 4/30/2019 (m)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">3,265</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Corporate Bonds (Cost - $12,500) - 3.9%</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13,492</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=right nowrap><B><FONT size=2 face="serif">Shares</FONT></B> </TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Held</FONT></B> </TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Short-Term Securities</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,400</FONT>	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Merrill Lynch Institutional Tax-Exempt Fund, 3.43% (g)(j)</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,400</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="3%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="2%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Total Short-Term Securities (Cost - $8,400) - 2.4%</FONT></B>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,400</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Total Investments (Cost - $520,061*) - 157.6%</FONT></B>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">546,703</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Other Assets Less Liabilities - 1.7%</FONT></B>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
	<TD width="1%" align=left nowrap>&nbsp;</TD>
	<TD width="4%" align=right nowrap>
<FONT size=2 face="serif">5,856</FONT>	</TD>
	<TD width="1%" align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Preferred Shares, at Redemption Value - (59.3%)</FONT></B>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(205,699</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;	</TD>
	<TD width="1%" align=right nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>&nbsp;	</TD>
	<TD width="2%">&nbsp;	</TD>
	<TD align=left nowrap>
<B><FONT size=2 face="serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>	</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
	<TD width="4%" align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">346,860</FONT>	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:3px double #000000;">&nbsp;	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=2% align=right valign="top" nowrap><FONT size=2 face="serif">* </FONT> </TD>
    <TD width=1% align=right nowrap>&nbsp;</TD>
    <TD colspan=7 align=left><FONT size=2 face="serif">The cost and unrealized
        appreciation (depreciation) of investments as of November 30, 2007, as
        computed for federal income tax purposes, were as follows:</FONT></TD>
  </TR>
  <TR align="right" valign="bottom">
    <TD nowrap colspan=9><p><font size=1>&nbsp;</font></p>
    <FONT size=2 face="serif"></FONT> </TD>
  </TR>
<TR align="right">
  <TD colspan="9" valign=top nowrap><p><font size=1>&nbsp;</font></p>    </TD>
  </TR>
<TR>
  <TD colspan="3" align="right" valign=top nowrap><div align="left"><FONT size=2 face="serif">Aggregate
    cost</FONT></div></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom" nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">$</FONT> </TD>
  <TD align=left valign="bottom" nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD width=5% align=right valign="bottom" nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">519,594</FONT> </TD>
  <TD width=1% align=left valign="bottom" nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="3" align="right" valign=top nowrap><div align="left"><FONT size=2 face="serif">Gross
    unrealized appreciation</FONT></div></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom" nowrap><FONT size=2 face="serif">$</FONT> </TD>
  <TD align=left valign="bottom" nowrap>&nbsp;</TD>
  <TD width=5% align=right valign="bottom" nowrap><FONT size=2 face="serif">30,635</FONT> </TD>
  <TD width=1% align=left valign="bottom" nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="3" align="right" valign=top nowrap><div align="left"><FONT size=2 face="serif">Gross
    unrealized depreciation</FONT></div></TD>
  <TD valign="bottom">&nbsp;</TD>
  <TD align=left valign="bottom" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left valign="bottom" nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width=5% align=right valign="bottom" nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">(3,526</FONT> </TD>
  <TD width=1% align=left valign="bottom" nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">)</FONT></TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD colspan="3" align="right" valign=top nowrap><div align="left"><FONT size=2 face="serif">Net
    unrealized appreciation</FONT></div></TD>
  <TD width=1% valign="bottom">&nbsp;</TD>
  <TD width=1% align=left valign="bottom" nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">$</FONT> </TD>
  <TD width=1% align=left valign="bottom" nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD width=5% align=right valign="bottom" nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="serif">27,109</FONT> </TD>
  <TD width=1% align=left valign="bottom" nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD align="right" valign=top nowrap>&nbsp;</TD>
  <TD valign=top nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(a)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD width="35%">
<FONT size=2 face="serif">ACA Insured.</FONT>	</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(b)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD colspan="7">
<FONT size=2 face="serif">AMBAC Insured.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(c)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD colspan="7">
<FONT size=2 face="serif">Assured Guaranty Insured.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(d)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD colspan="7">
<FONT size=2 face="serif">Escrowed to maturity.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(e)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD colspan="7">
<FONT size=2 face="serif">FGIC Insured.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(f)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD colspan="7">
<FONT size=2 face="serif">FSA Insured.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(g)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD colspan="7">
<FONT size=2 face="serif">Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT>	</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="6" align=left nowrap>&nbsp;
    <div style="border-bottom:1px solid #000000"> </div></TD>
  <TD width=62% rowspan="5" align=center nowrap></TD>
</TR>

<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Affiliate</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;"><p><font size=1>&nbsp;&nbsp;</font></p>    </TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Net Activity</FONT></B>	</TD>
	<TD style="border-bottom:1px solid #000000;"><p><font size=1>&nbsp;</font></p>    </TD>
	<TD colspan="2" align=center nowrap style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">Dividend Income</FONT></B>	</TD>
  </TR>

<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">Merrill Lynch Institutional Tax-Exempt Fund</FONT>	</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,200</FONT>	</TD>
	<TD width="3%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="1%" align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">67</FONT>	</TD>
  </TR>
</TABLE>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR align="right">
  <TD colspan="3" valign=top nowrap><p><font size=1>&nbsp;</font></p>    </TD>
  </TR>
<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(h)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD>
<FONT size=2 face="serif">MBIA Insured.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(i)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD>
<FONT size=2 face="serif">Prerefunded.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(j)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD>
<FONT size=2 face="serif">Represents the current yield as of November 30, 2007.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(k)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD>
<FONT size=2 face="serif">Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes
periodically based upon prevailing market rates.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(l)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD>
<FONT size=2 face="serif">Radian Insured.</FONT>	</TD>
</TR>

<TR>
	<TD width="2%" align="right" valign=top nowrap>
<FONT size=2 face="serif">(m)</FONT></TD>
	<TD width="1%" valign=top nowrap>&nbsp;</TD>
	<TD>
<FONT size=2 face="serif">The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933.</FONT>	</TD>
</TR>
<TR align="right"><TD colspan=3>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

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



<P STYLE="page-break-before:always"></P><PAGE><br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap><B><font size="2"></font></B>	<B><FONT size=4 face="serif">BlackRock Municipal Income
    Trust II</FONT></B> </TD>
  <TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="1%">&nbsp;	</TD>
	<TD width="4%" align=left nowrap>&nbsp;	</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT face="serif">Schedule
    of Investments as of November 30, 2007 (Unaudited)</FONT></B> </TD>
  <TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD width="1%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD width="4%" align=right nowrap style="border-bottom:1px solid #000000;">
      <div align="right"><B><FONT size=2 face="serif">(in Thousands)</FONT></B></div></TD>
    <TD width="1%" align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="2%" align="right"><FONT size=2 face="serif">(n)</FONT></td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">XL Capital </FONT><FONT size=2 face="serif">Insured.</FONT></td>
  </tr>

  <tr>
    <td width="2%" align="right"><FONT size=2 face="serif">(o) </FONT></td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Represents</FONT><FONT size=2 face="serif"> a
        zero coupon bond; the interest rate shown reflects the </FONT><FONT size=2 face="serif">effective</FONT><FONT size=2 face="serif"> at
    the time of </FONT><FONT size=2 face="serif">purchase.</FONT><FONT size=2 face="serif">&nbsp; </FONT></td>
  </tr>

  <tr>
    <td width="2%" align="right">&#149; </td>
    <td width="1%">&nbsp;</td>
    <td><FONT size=2 face="serif">Forward</FONT><FONT size=2 face="serif"> interest
        rate swaps </FONT><FONT size=2 face="serif">outstanding</FONT><FONT size=2 face="serif"> as
        of </FONT><FONT size=2 face="serif">November</FONT><FONT size=2 face="serif"> 30,
    2007 were as </FONT><FONT size=2 face="serif">follows:</FONT></td>
  </tr>
</table>

<P><FONT size=2 face="serif"> </FONT></P>
<TABLE width="75%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap style="border-top:1px solid #000000;">&nbsp;</TD>
	<TD style="border-top:1px solid #000000;">&nbsp;</TD>
	<TD align=center nowrap colspan=2 style="border-top:1px solid #000000;">
<B><FONT size=2 face="serif">Notional</FONT></B>	</TD>
	<TD width="10%" style="border-top:1px solid #000000;">&nbsp;</TD>
	<TD align=center nowrap colspan=3 style="border-top:1px solid #000000;">
<B><FONT size=2 face="serif">Unrealized</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=center nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Amount</FONT></B>	</TD>
	<TD width="10%" style="border-bottom:1px solid #000000;">&nbsp;</TD>
	<TD align=center nowrap colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Depreciation</FONT></B>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay a fixed rate of 3.861% and pay a floating rate based on</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-week (SIFMA) Municipal Swap Index Rate</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker, JPMorgan Chase</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires January 2023</FONT>	</TD>
	<TD width=1%>&nbsp;	</TD>
	<TD width=1% align=left nowrap>
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width=10% align=right>
<FONT size=2 face="serif">19,000</FONT>	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD width=1% align=left nowrap>
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD width=10% align=right nowrap>
<FONT size=2 face="serif">(618</FONT>	</TD>
	<TD width=1% align=left nowrap>
<FONT size=2 face="serif">)</FONT>	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pay a fixed rate of 3.971% and pay a floating rate based on</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-week (SIFMA) Municipal Swap Index Rate</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker, Citibank, N.A.</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires December 2027</FONT>	</TD>
	<TD style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">25,670</FONT>	</TD>
	<TD width="10%" style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;	</TD>
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(963</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<B><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></B>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=right nowrap>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;	</TD>
	<TD width="10%">&nbsp;	</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">$</FONT>	</TD>
	<TD align=right nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">(1,581</FONT>	</TD>
	<TD align=left nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">)</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">7</FONT></P>

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


<P STYLE="page-break-before:always"></P><PAGE><br>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top" nowrap><FONT size=2 face="serif">Item 2 &#150;&nbsp; </FONT></td>
    <td valign="top"><FONT size=2 face="serif">Controls and Procedures </FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><FONT size=2 face="serif">2(a) &#150;</FONT></td>
    <td valign="top"><FONT size=2 face="serif">The registrant&#146;s principal executive and
        principal financial officers or persons performing similar functions
        have concluded that the registrant&#146;s disclosure controls and procedures
        (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
        as amended (the &#147;1940 Act&#148;)) are effective as of a date within
        90 days of the filing of this report based on the evaluation of these
        controls and procedures required by Rule 30a-3(b) under the 1940 Act
        and Rule 13a-15(b) under the Securities and Exchange Act of 1934, as
    amended. </FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><FONT size=2 face="serif">2(b) &#150;</FONT></td>
    <td valign="top"><P><FONT size=2 face="serif">There were no changes in the
          registrant&#146;s
          internal control over financial reporting (as defined in Rule 30a-3(d)
          under the 1940 Act) that occurred during the registrant&#146;s last
          fiscal quarter that have materially affected, or are reasonably likely
          to materially affect, the registrant&#146;s internal control over financial
    reporting.</FONT></P>
    </td>
  </tr>
  <tr>
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    <td valign="top" nowrap><FONT size=2 face="serif">Item 3 &#150;</FONT></td>
    <td valign="top"><FONT size=2 face="serif">Exhibits </FONT></td>
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    <td valign="top">&nbsp;</td>
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    <td valign="top"><P align="left"><FONT size=2 face="serif">Certifications &#150; Attached
          hereto </FONT></P>
      <P align="left"> <FONT size=2 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 align="left"> <FONT size=2 face="serif">BlackRock Municipal Income Trust
          II </FONT><BR>
          <BR>
          <FONT size=2 face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT size=2 face="serif">Donald
        C. Burke, </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        Chief Executive Officer of </FONT><BR>
          <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        BlackRock Municipal Income Trust II </FONT><BR>
          <BR>
        <FONT size=2 face="serif">Date: January 16, 2008 </FONT></P>
      <P align="left"> <FONT size=2 face="serif">Pursuant to the requirements
          of the Securities Exchange Act of 1934 and the Investment Company Act
          of 1940, this report has been signed below by the following persons
          on behalf of the registrant and in the capacities and on the dates
          indicated. </FONT></P>
      <P align="left"><FONT size=2 face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/
            Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT><FONT size=2 face="serif">Donald
C. Burke, </FONT><BR>
        <FONT size=2 face="serif">&nbsp;</FONT><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="serif">Chief Executive Officer
(principal executive officer) of </FONT><BR>
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;        BlackRock
        Municipal Income Trust II </FONT><BR>
        <BR>
        <FONT size=2 face="serif">Date: January 16, 2008 </FONT><BR>
        <BR>
        <FONT size=2 face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        <u>/s/ Neal J. Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></FONT><BR>
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        Neal
        J. Andrews, </FONT><BR>
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        Chief Financial Officer (principal financial
        officer) of </FONT><BR>
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;        BlackRock Municipal Income Trust II </FONT><BR>
        <BR>
        <FONT size=2 face="serif">Date: January 16, 2008</FONT></P></td>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c51905_ex99-cert.htm
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<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<hr size="1" noshade>
<P align="left">
<FONT size=2 face="serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Municipal Income Trust II, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust II; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The registrant&#146;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>
<div style="margin-left:30px"><P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">evaluated the effectiveness of the registrant&#146;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 align="left">
<FONT size=2 face="serif">d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P>
</div><P align="left">
<FONT size=2 face="serif">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
<div style="margin-left:30px"><P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P></div>
<P align="left">
<FONT size=2 face="serif">Date: January 16, 2008</FONT><BR>
<BR>
<U><FONT size=2 face="serif">/s/ Donald C. Burke&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><BR>
<FONT size=2 face="serif"> Donald C. Burke, </FONT><BR>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Municipal Income Trust II</FONT></P>

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

<P STYLE="page-break-before:always"></P><PAGE><br>

<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<hr size="1" noshade>
<P align="left">
<FONT size=2 face="serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Municipal Income Trust II, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I have reviewed this report on Form N-Q of BlackRock Municipal Income Trust II; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">3.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The registrant&#146;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>
<div style="margin-left:30px">
<P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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 align="left">
<FONT size=2 face="serif">c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">evaluated the effectiveness of the registrant&#146;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 align="left">
<FONT size=2 face="serif">d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </FONT></P></div>
<P align="left">
<FONT size=2 face="serif">5.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
<div style="margin-left:30px"><P align="left">
<FONT size=2 face="serif">a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">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&#146;s ability to record, process, summarize, and report financial information; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control
over financial reporting. </FONT></P></div>
<P align="left">
<FONT size=2 face="serif">Date: January 16, 2008</FONT><BR>
<BR>
<U><FONT size=2 face="serif">/s/ Neal J. Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><BR>
<FONT size=2 face="serif"> Neal J. Andrews, </FONT><BR>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Municipal Income Trust II </FONT></P>

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