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<SEC-DOCUMENT>0000930413-08-004557.txt : 20080730
<SEC-HEADER>0000930413-08-004557.hdr.sgml : 20080730
<ACCEPTANCE-DATETIME>20080730101608
ACCESSION NUMBER:		0000930413-08-004557
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080531
FILED AS OF DATE:		20080730
DATE AS OF CHANGE:		20080730
EFFECTIVENESS DATE:		20080730

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:		08977607

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c54101_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c54101_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="center">
<FONT face="serif">UNITED STATES <BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT face="serif">FORM N-Q</FONT></B></P>
<P align="center">
<B><FONT face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-21126</FONT></P>
<P align="left">
<FONT size=2 face="serif">Name of Fund: BlackRock Municipal Income Trust II (BLE) </FONT></P>
<P align="left">
<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></P>
<P align="left">
<FONT size=2 face="serif">Date of fiscal year end: 08/31/2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of reporting period: 03/01/2008 &#150; 05/31/2008 </FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


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


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=3><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD width="1%" align=left>&nbsp;	</TD>
	<TD width="10%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD colspan=5 align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Arizona - 4.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Pima County, Arizona, IDA, Education Revenue Bonds (American</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charter Schools Foundation), Series A, 5.625%, 7/01/38</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,525</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,339,261</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12/01/32</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,635</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,069,584</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12/01/37</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,890</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,982,966</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,391,811</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">California - 10.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds, 6%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7/01/18</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,250</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,304,202</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">(Stanislaus County Tobacco Funding Corporation), Sub-Series C, 6.30%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6/01/55 (a)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,710</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">220,223</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">California County Tobacco Securitization Agency, Tobacco Revenue Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">(Stanislaus County Tobacco Funding Corporation), Sub-Series D, 7.251%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6/01/55 (a)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,410</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">241,374</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">California Health Facilities Financing Authority Revenue Bonds (Sutter</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Health), Series A, 5.25%, 11/15/46</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,972,050</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">California Mobile Home Park Finance Authority Revenue Bonds (Palomar</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Estates East and West), Series A, 5.25%, 3/15/34 (b)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,500</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,111,360</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/32</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,425</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,443,440</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/34</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,700</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,703,267</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">California Statewide Communities Development Authority, Health Facility</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Revenue Bonds (Memorial Health Services), Series A, 5.50%, 10/01/33</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,020,650</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">San Francisco, California, City and County Redevelopment Agency,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Community Facilities District Number 1, Special Tax Bonds (Mission Bay South</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Public Improvements Project), 6.625%, 8/01/27</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,620</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,700,480</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series B, 4.75%, 5/15/38</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,755</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,709,420</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">36,557,304</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Colorado - 5.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Initiatives), Series A, 5.50%, 3/01/32 (d)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,560,100</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
   <TD align=left colspan=6>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Health Care), 5.20%, 3/01/31 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">790</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">810,848</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Subordinate Lien, Series C, 5%, 11/15/45 (c)</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>
<FONT size=2 face="sans-serif">1,375</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>
<FONT size=2 face="sans-serif">1,397,206</FONT>  </TD>
</TR>
</TABLE>
<BR>
<table width="100%" cellpadding="0" cellspacing="0">
  <tr valign="bottom">
    <td align=left colspan=8 style="border-bottom:1px solid #000000; border-top:1px solid #000000;"><b><font size=2 face="sans-serif">Portfolio
          Abbreviations</font></b> </td>
  </tr>
  <tr valign="bottom">
    <td colspan=8 align=left><font size=2 face="sans-serif">To simplify the listings
        of BlackRock Municipal Income Trust II's portfolio holdings in the Schedule
        of</font> <font size=2 face="sans-serif">Investments, we have
        abbreviated the names of many of the securities according to the list
        below.</font> </td>
  </tr>

  <tr valign="bottom">
    <td align=left width=4% nowrap>&nbsp;</td>
    <td align=right width=4% nowrap><b><font size=2 face="sans-serif">AMT&nbsp;</font></b></td>
    <td width=1%>&nbsp;</td>
    <td align=left width=36% nowrap><font size=2 face="sans-serif">Alternative Minimum Tax (subject to)</font></td>
    <td width=31>&nbsp;</td>
	<TD align=left width=71 nowrap><b><font size=2 face="sans-serif">HFA</font></b></td>
	<TD width=31>&nbsp;	</TD>
	<TD align=left width=259 nowrap><font size=2 face="sans-serif">Housing Finance Agency</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=right><b><font size=2 face="sans-serif">EDA&nbsp;</font></b></td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Economic Development Authority</font></td>
    <td>&nbsp;</td>
    <td align=left><b><font size=2 face="sans-serif">IDA</font></b></td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Industrial Development Authority</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=right><b><font size=2 face="sans-serif">EDR&nbsp;</font></b></td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Economic Development Revenue Bonds</font></td>
    <td>&nbsp;</td>
    <td align=left><b><font size=2 face="sans-serif">IDR</font></b></td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Industrial Development Revenue Bonds</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=right><b><font size=2 face="sans-serif">GO&nbsp;&nbsp;&nbsp;</font></b></td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">General Obligation Bonds</font></td>
    <td>&nbsp;</td>
    <td align=left><b><font size=2 face="sans-serif">M/F</font></b></td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Multi-Family</font></td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=right><b><font size=2 face="sans-serif">HDA&nbsp;</font></b></td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Housing Development Authority</font></td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
</table>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=2><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD width="1%" align=left>&nbsp;	</TD>
	<TD width="10%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td width="51%" align=left>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=right><b><font size=2 face="sans-serif">Par</font></b> </td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">State</font></b> </td>
    <td align=left style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Municipal
          Bonds</font></b> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">(000)</font></b> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><b><font size=2 face="sans-serif">Value</font></b> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Northwest Parkway
        Public Highway Authority, Colorado, Senior</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Revenue Bonds, Series
        A, 5.25%, 6/15/11 (c)(e)</font> </td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">4,000</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">&#36;</font> </td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">4,317,560</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Park Creek Metropolitan
        District, Colorado, Senior Limited Tax Supported</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Revenue Refunding
        Bonds, 5.50%, 12/01/37</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">1,375</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">1,285,831</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">22,283,958</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left nowrap><b><font size=2 face="sans-serif">District of Columbia
          -</font></b> </td>
    <td align=left><font size=2 face="sans-serif">District of Columbia,
        Revenue Refunding Bonds (Friendship Public Charter</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left><b><font size=2 face="sans-serif">6.1%</font></b></td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">School, Inc.), 5.25%,
        6/01/33 (b)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">1,265</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">1,119,120</font> </td>
  </tr>
<tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">District of Columbia Tobacco
        Settlement Financing Corporation, Asset-Backed</font></td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Revenue Refunding
        Bonds, 6.50%, 5/15/33</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">7,500</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">7,277,550</font> </td>
  </tr>
<tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">District of Columbia Tobacco
        Settlement Financing Corporation, Asset-Backed</font></td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Revenue Refunding
        Bonds, 6.75%, 5/15/40</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">11,500</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">11,562,675</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">19,959,345</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><b><font size=2 face="sans-serif">Florida - 14.0%</font></b> </td>
    <td align=left><font size=2 face="sans-serif">Leesburg, Florida,
        Hospital Revenue Bonds (Leesburg Regional Medical Center</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Project), 5.50%,
        7/01/32</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">2,650</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">2,574,130</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Live Oak Community
        Development District Number 001, Florida, Special</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Assessment Bonds,
        Series A, 6.30%, 5/01/34</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">3,125</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">3,163,188</font> </td>
  </tr>
<tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Miami Beach, Florida, Health
        Facilities Authority, Hospital Revenue Refunding</font></td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>

  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">(Mount Sinai Medical
        Center of Florida), 6.75%, 11/15/21</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">6,230</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">6,426,557</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Orange County, Florida,
        Health Facilities Authority, Hospital Revenue Bonds</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">(Adventist Health
        System), 5.625%, 11/15/12 (e)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">6,850</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">7,611,035</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Orange County, Florida,
        Tourist Development, Tax Revenue Refunding Bonds,</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">4.75%, 10/01/32 (f)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">3,990</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">3,812,365</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Pinellas County,
        Florida, Health Facilities Authority Revenue Bonds (BayCare</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Health System Inc.),
        5.50%, 5/15/13 (e)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">14,000</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">15,507,940</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Stevens Plantation
        Community Development District, Florida, Special</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Assessment Revenue
        Bonds, Series A, 7.10%, 5/01/35</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">2,015</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">2,032,208</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Sumter County, Florida,
        IDA, IDR (North Sumter Utility Company LLC), AMT,</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">6.90%, 10/01/34</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">4,465</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">4,502,819</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">45,630,242</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><b><font size=2 face="sans-serif">Georgia - 2.3%</font></b> </td>
    <td align=left><font size=2 face="sans-serif">Main Street Natural
        Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A,</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">6.375%, 7/15/38</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">1,940</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">1,983,204</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Milledgeville-Baldwin County,
        Georgia, Development Authority Revenue Bonds</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">(Georgia College
        and State University Foundation), 5.625%, 9/01/14 (e)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">5,000</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">5,688,150</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">7,671,354</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left><b><font size=2 face="sans-serif">Illinois - 10.1%</font></b> </td>
    <td align=left><font size=2 face="sans-serif">Centerpoint Intermodal
        Center Program Trust, Illinois, Tax Allocation Bonds,</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Class A, 8%, 6/15/23
        (g)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">2,470</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">2,328,666</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Illinois Health Facilities
        Authority, Revenue Refunding Bonds (Elmhurst</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Memorial Healthcare),
        5.50%, 1/01/22</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">8,000</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">8,057,520</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Illinois Municipal
        Electric Agency, Power Supply Revenue Bonds, 4.50%,</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">2/01/35 (h)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">4,340</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">3,915,635</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Illinois Sports Facilities
        Authority, State Tax Supported Revenue Bonds,</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">5.546%, 6/15/30 (a)(i)</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">15,000</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">13,850,250</font> </td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left><font size=2 face="sans-serif">Illinois State Finance
        Authority Revenue Bonds (Friendship Village of</font> </td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=left>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">Schaumburg), Series
        A, 5.625%, 2/15/37</font> </td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">910</font> </td>
    <td style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><font size=2 face="sans-serif">745,117</font> </td>
  </tr>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


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

<TR valign="bottom">
	<TD align=left nowrap colspan=3><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD width="1%" align=left>&nbsp;	</TD>
	<TD width="10%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>

<TR valign="bottom">
  <TD align=left >&nbsp;</TD>
  <TD >&nbsp;</TD>
  <TD align=left >&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right><B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left >&nbsp;</TD>
  <TD align=right >&nbsp;</TD>
  <TD align=right >&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Inc. Project), Series A, 7%, 12/01/37</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,585</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,571,321</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Northwestern Memorial</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Hospital), Series A, 5.50%, 8/15/14 (e)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,880</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,113,740</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Illinois State Finance Authority, Student Housing Revenue Bonds (MJH</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">900</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">270,477</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">34,238,796</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Indiana - 5.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Indiana Health Facilities Financing Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Ascension Health Credit Group), Series F, 5.375%, 11/15/25</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,427,500</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Waterworks Project), Series A, 5.25%, 7/01/12 (e)(j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,867,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,294,500</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Maryland - 1.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Maryland State Health and Higher Educational Facilities Authority Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds (Union Hospital of Cecil County), 5.625%, 7/01/32</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,012,850</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Maryland State Health and Higher Educational Facilities Authority, Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds (MedStar Health, Inc.), 5.50%, 8/15/33</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,240</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,242,128</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,254,978</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Michigan - 0.7%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Ford Health System), Series A, 5.25%, 11/15/46</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,305</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,237,533</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Missouri - 1.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Highway 370/Missouri Bottom Road/Taussig Road Transportation</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Development District Revenue Bonds, 7.20%, 5/01/33</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,222,900</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Nevada - 0.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Clark County, Nevada, EDR, Refunding (Alexander Dawson School of Nevada</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Project), 5%, 5/15/29</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,855</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,818,427</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">New Jersey - 12.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/31 (k)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,198,990</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,889,480</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation Improvement</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">District Project), AMT, Series B, 6.50%, 4/01/31</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,178,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Improvement District Project), 6.50%, 4/01/28</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,475</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,706,501</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Project), AMT, 7.20%, 11/15/30</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,100</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,089,293</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">40,062,664</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">New Mexico - 1.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New Mexico Region III Housing Authority, M/F Housing Revenue Bonds (Villa</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Del Oso Apartments), Series A, 6%, 1/01/13 (e)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,200</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,930,236</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">New York - 6.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">School Project), Series A, 7%, 5/01/35</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">985</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">769,630</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New York City, New York, City IDA, Special Facility Revenue Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,700</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,335,386</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New York Liberty Development Corporation Revenue Bonds (Goldman Sachs</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Headquarters), 5.25%, 10/01/35</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,725</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,838,197</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=3><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD width="1%" align=left>&nbsp;	</TD>
	<TD width="10%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000)</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New York State Dormitory Authority, Non-State Supported Debt</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Revenue Bonds (Columbia University), 5%, 7/01/38</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,184,300</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="sans-serif">Port Authority of New York and
    New Jersey, Special Obligation Revenue Bonds</FONT></TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Continental Airlines, Inc. - LaGuardia Project), AMT, 9%, 12/01/10</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,725</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,741,832</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">21,868,251</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">North Carolina - 1.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Gaston County, North Carolina, Industrial Facilities and Pollution Control</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Financing Authority, Revenue Bonds (National Gypsum Company Project),</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">AMT, 5.75%, 8/01/35</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,500</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,957,700</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Ohio - 0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,190</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,110,805</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Oklahoma - 1.6%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Oklahoma State Development Finance Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Saint John Health System), 5%, 2/15/42</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,520</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,474,126</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="sans-serif">Tulsa, Oklahoma,
    Municipal Airport Trust, Revenue Refunding Bonds, Series A,</FONT></TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7.75%, 6/01/35</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,925</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,810,547</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,284,673</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Pennsylvania - 6.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Monroe County, Pennsylvania, Hospital Authority Revenue Bonds (Pocono</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Medical Center), 6%, 1/01/14 (e)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,677,950</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Revenue Bonds (Amtrak Project), AMT, Series A, 6.375%, 11/01/41</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,175</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,256,869</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt Facilities</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Revenue Bonds (Reliant Energy), AMT, Series A, 6.75%, 12/01/36</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,425</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,495,096</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">19,429,915</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">South Carolina - 5.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Greenwood County, South Carolina, Hospital Facilities Revenue Bonds (Self</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Memorial Hospital), 5.50%, 10/01/26</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,280</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,332,611</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Greenwood County, South Carolina, Hospital Facilities Revenue Bonds (Self</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Memorial Hospital), 5.50%, 10/01/31</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,250</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,277,267</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Bonds (Georgetown</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Memorial Hospital), 5.375%, 2/01/30 (k)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,750</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,752,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series A, 6.25%, 8/01/31</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,640</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,696,866</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series C, 6.875%, 8/01/13 (e)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,450</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,216,735</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series C, 6.875%, 8/01/13 (e)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">550</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">643,341</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">18,919,220</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Tennessee - 3.2%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Knox County, Tennessee, Health, Educational and Housing Facilities Board,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Hospital Facilities Revenue Refunding Bonds (Covenant Health), Series A,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.77%, 1/01/21 (a)(c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20,405</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,344,519</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=3><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD width="1%" align=left>&nbsp;	</TD>
	<TD width="10%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Texas - 20.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Dallas-Fort Worth, Texas, International Airport, Joint Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, AMT, Series B, 6%, 11/01/23 (j)</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,025,620</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Gulf Coast Waste Disposal Authority, Texas, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(International Paper Company), AMT, Series A, 6.10%, 8/01/24</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">19,615,600</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Third Lien, Series A-3, 5.96%, 11/15/36 (a)(j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">25,375</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,649,461</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5/15/13 (e)(j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">30</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32,591</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5/15/31 (j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,270</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,279,944</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5%, 5/15/13 (e)(j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,432</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Montgomery County, Texas, Municipal Utility District Number 46, Waterworks</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">and Sewer System, GO, 4.75%, 3/01/30 (j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">930</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">921,221</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Revenue Bonds, 5.50%, 8/01/24</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,600</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,645,972</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, 6.09%, 8/15/36 (a)(i)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">73,370</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">13,778,886</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, 6.10%, 8/15/37 (a)(i)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">65,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,463,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, 6.10%, 8/15/38 (a)(i)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">27,600</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,578,288</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, First Tier, Series A, 5%, 8/15/42 (i)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,575</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,510,447</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">66,506,862</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Virginia - 2.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dominion Electric Cooperative Project), AMT, 5.625%, 6/01/28 (i)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,199,710</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Washington - 1.4%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Washington State Health Care Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Providence Health System), Series A, 4.625%, 10/01/34 (h)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">4,820</FONT> </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">4,549,935</FONT> </TD>
</TR>

<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">West Virginia - 0.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and Public</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Safety Facilities), Series A, 5%, 6/01/29 (j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,115</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,128,826</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Wisconsin - 2.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Aurora Health Care, Inc.), 6.40%, 4/15/33</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,930</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,042,634</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority, Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds (Wheaton Franciscan Services, Inc.), 5.75%, 2/15/12 (e)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,527,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,570,034</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Wyoming - 0.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Wyoming Municipal Power Agency, Power Supply Revenue Bonds, Series A,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.50%, 1/01/33</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">800</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">811,264</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Wyoming Municipal Power Agency, Power Supply Revenue Bonds, Series A,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.50%, 1/01/38</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">750</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">758,873</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,570,137</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=3><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD width="1%" align=left>&nbsp;	</TD>
	<TD width="10%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Puerto Rico - 1.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Puerto Rico Commonwealth Highway and Transportation Authority,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Transportation Revenue Refunding Bonds, Series N,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.25%, 7/01/36 (l)</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,370</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">&#36;</FONT> </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,742,499</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000; border-top:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000; border-top:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000; border-top:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds (Cost - &#36;425,282,895)
- - 131.8%</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000; border-top:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000; border-top:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000; border-top:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000; border-top:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000; border-top:1px solid #000000;">
<FONT size=2 face="sans-serif">430,308,907</FONT>  </TD>
</TR>
<TR>
  <TD colspan=8>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD colspan="6" align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Corporate Bonds</FONT></B>            </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Multi-State - 4.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 5.75%, 4/30/15 (g)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,051,330</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6%, 4/30/15 (g)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,262,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6%, 4/30/19 (g)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,500</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,707,095</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.30%, 4/30/19 (g)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,207,930</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Corporate Bonds (Cost - &#36;12,500,000)
- - 4.0%</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">13,228,355</FONT> </TD>
</TR>

<TR>
  <TD colspan=8>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD colspan="6" align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to Tender Option Bond Trusts (m)</FONT></B>            </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Alabama - 0.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Refunding Bonds (Ascension Health Credit), Series C-2,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5%, 11/15/36</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,525</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,473,758</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">California - 1.0%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Sacramento County, California, Airport System Revenue Bonds, AMT,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series B, 5.25%, 7/01/39 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,475</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,449,678</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Colorado - 3.5%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Colorado HFA Revenue Bonds (Catholic Health), Series C-7, 5%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9/01/36 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,710</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,735,471</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health), Series</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">C-3, 5.10%, 10/01/41 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,235</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,271,905</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="sans-serif">Colorado Health Facilities
    Authority, Revenue Refunding Bonds (Poudre Valley</FONT></TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>

<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Health Care), Series C, 5.25%, 3/01/40 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,750</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,802,664</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left><FONT size=2 face="sans-serif">Colorado Health Facilities
    Authority, Revenue Refunding Bonds (Poudre Valley</FONT></TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>

<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Health Care), Series B, 5.25%, 3/01/36 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,580</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,609,314</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,419,354</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Connecticut -</FONT></B>  <B><FONT size=2 face="sans-serif">3.2%</FONT></B></TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Yale University), Series T-1, 4.70%, 7/01/29</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,180</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,268,220</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Yale University), Series X-3, 4.85%, 7/01/37</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,130</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,230,975</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,499,195</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Illinois - 1.3%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Chicago, Illinois, O'Hare International Airport, General Airport Revenue</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,290</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,244,640</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Massachusetts -</FONT></B>  <B><FONT size=2 face="sans-serif">1.0%</FONT></B></TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Massachusetts State Water Resource Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series A, 5%, 8/01/41</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,145</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,205,839</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">New York - 0.9%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">New York State Environmental Facilities Corporation, State Clean Water and</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Drinking Revenue Bonds (New York City Water Project),</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series B, 5%, 6/15/31</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,845</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,898,906</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Ohio- 2.8%</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Ohio State Air Quality Development Authority Refunding (Pollution Dayton),</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series B, 4.80%, 1/01/34 (h)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,140</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,165,501</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap colspan=3><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD width="1%" align=left>&nbsp;	</TD>
	<TD width="10%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
	<TD width="2%" align=left>&nbsp;</TD>
	<TD width="10%" align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to Tender Option Bond Trusts (m)</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" >
  <TD align=left >
<B><FONT size=2 face="sans-serif">Virginia - 3.0%</FONT></B>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,910</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">&#36;</FONT> </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,111,052</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H, Sub-</FONT>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series H-1, 5.35%, 7/01/31 (j)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,740</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,789,262</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,900,314</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<B><FONT size=2 face="sans-serif">Washington - 1.6%</FONT></B>  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Central Puget Sound Regional Transportation Authority, Washington, Sales</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,040</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,129,650</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">King County, Washington, Sewer Revenue Refunding Bonds, 5%,</FONT>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1/01/36 (c)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,960</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,006,291</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,135,941</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Total Municipal Bonds Transferred to</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts (Cost - &#36;62,202,776) - 19.1%</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">62,393,126</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Short-Term Securities</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Shares</FONT></B>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund, 1.72% (n)(o)</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60,000,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60,000,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Total Short-Term Securities</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif"> (Cost - &#36;60,000,000) - 18.4%</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">60,000,000</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Total Investments (Cost - &#36;559,985,671*) - 173.3%</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right>
<FONT size=2 face="sans-serif">565,930,388</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Other Assets Less Liabilities - 1.7%</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=right>
<FONT size=2 face="sans-serif">5,635,240</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Liability for Trust Certificates, Including Interest</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Expenses and Fees Payable - (12.1%)</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right colspan=4>
<FONT size=2 face="sans-serif">(39,425,495</FONT>  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Preferred Shares, at Redemption Value - (62.9%)</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">(205,640,513</FONT></TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>  </TD>
  <TD align=right>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD style="border-bottom:3px double #000000;"><FONT size=2 face="sans-serif">&#36;</FONT> </TD>
  <TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">326,499,620</FONT>  </TD>
  <TD align=left style="border-bottom:3px double #000000;">&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
The cost and unrealized appreciation (depreciation) of investments as of May
31, 2008, as computed for federal income tax purposes, were as follows:</FONT></P>


<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width="30" align=left>&nbsp;</TD>
  <TD width="340" align=left>
<FONT size=2 face="sans-serif">Aggregate cost</FONT>  </TD>
  <TD width="27">&nbsp;  </TD>
  <TD width="11" align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD width="69" align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">520,597,347</FONT>  </TD>
  <TD width="10" align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Gross unrealized appreciation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right>
<FONT size=2 face="sans-serif">15,370,634</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Gross unrealized depreciation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(9,435,755</FONT>  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Net unrealized appreciation</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">5,934,879</FONT>  </TD>
  <TD align=left>&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">ACA Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(c)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FSA Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(d)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Security is collateralized by Municipal or U.S. Treasury Obligations.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(e)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">U.S. government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(f)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">XL Capital Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(g)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless
otherwise indicated, these securities are not considered to be illiquid.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(h)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">FGIC Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">AMBAC Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(j)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">MBIA Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
  <TD nowrap valign=top>
<FONT size=2 face="sans-serif">(k)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=100%>
<P align="left"><FONT size=2 face="sans-serif">Radian Insured.</FONT></P>
  </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="sans-serif">7</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<br>
<TABLE width="100%" cellpadding="0" cellspacing="0">
<TR valign="bottom">
	<TD align=left nowrap colspan=3><B><FONT face="sans-serif">BlackRock Municipal
    Income Trust II</FONT></B></TD>
	<TD align=left>&nbsp;	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;	</TD>
	<TD align=left>&nbsp;</TD>
	<TD align=left>&nbsp;	</TD>
</TR>

<TR valign="bottom">
  <TD align=left colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments May 31, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right colspan=5 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(Percentages shown are based on Net Assets)</FONT></B>  </TD>
</TR></TABLE>
<BR>
<table border=0 cellspacing=0 cellpadding=0>

  <tr>
    <td nowrap valign=top><font size=2 face="sans-serif">(l)</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font size=2 face="sans-serif">Assured Guaranty
          Insured.</font></p></td>
  </tr>
  <tr>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=2 face="sans-serif">(m)</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font size=2 face="sans-serif">Securities
          represent bonds transferred to a tender option bond trust in exchange
          for which the Trust acquired residual interest certificates. These
          securities serve as a collateral in a financing transaction.</font></p></td>
  </tr>
  <tr>
    <td colspan=3>&nbsp;</td>
  </tr>
  <tr>
    <td nowrap valign=top><font size=2 face="sans-serif">(n)</font>&nbsp; &nbsp; &nbsp; </td>
    <td width=100%><p align="left"><font size=2 face="sans-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></p></td>
  </tr>
  <tr>
    <td colspan=3>&nbsp;</td>
  </tr>
</table>
<BR>
<TABLE width="80%" border=0 cellpadding=0 cellspacing=0>
<TR><TD colspan=2 style="border-bottom:1px solid #000000;">&nbsp;</TD>
<TD align=center width=22% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">&nbsp;&nbsp;</FONT></B>	</TD>
</TR>

<TR valign="bottom">
	<TD align=left width=44% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Affiliate</FONT></B>	</TD>
	<TD align=center width=23% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Net Activity</FONT></B>	</TD>
	<TD align=center width=22% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Dividend Income</FONT></B>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund</FONT>  </TD>
  <TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">56,800,000</FONT>  </TD>
  <TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;250,634</FONT>  </TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" cellpadding="0" cellspacing="0">
<TR valign="bottom">
  <TD width="36" align=left>
<FONT size=2 face="sans-serif">(o)</FONT>    </TD>
  <TD width="916" align=left>
<FONT size=2 face="sans-serif">Represents the current yield as of report date.</FONT>  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000; border-top:1px solid #000000">
<FONT size=2 face="sans-serif">&#149;</FONT>    </TD>


  <TD align=left style="border-bottom:1px solid #000000; border-top:1px solid #000000">
<FONT size=2 face="sans-serif">Forward interest rate swaps outstanding as of May 31, 2008 were as follows:</FONT>  </TD>
  </TR>
</TABLE>
<table width="100%" cellpadding="0" cellspacing="0">
<TR valign="bottom">
  <TD width="36">&nbsp;  </TD>
  <TD width="665" align=left>&nbsp;  </TD>
  <TD colspan="2" align=center>
    <B><FONT size=2 face="sans-serif">Notional</FONT></B>  </TD>
  <TD width="10" align=left>&nbsp;</TD>
  <TD width="21" align=left>&nbsp;</TD>
  <TD width="100" align=center>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;  </TD>
  <TD colspan="2" align=center>
    <B><FONT size=2 face="sans-serif">Amount</FONT></B>  </TD>
  <TD align=right>&nbsp;</TD>
  <TD colspan="2" align=center>
    <B><FONT size=2 face="sans-serif">Unrealized</FONT></B>  </TD>
  </TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;">
    <B><FONT size=2 face="sans-serif">(000)</FONT></B>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;">
    <B><FONT size=2 face="sans-serif">Appreciation</FONT></B>  </TD>
  </TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Pay a fixed rate of 4.498% and receive a floating rate</FONT>  </TD>
  <TD width="20" align=left>&nbsp;</TD>
  <TD width="100" align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">based on 3-month USD London Inter-Bank Offered
Rate</FONT>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Broker, JPMorgan Chase</FONT>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Expires August 2018</FONT>  </TD>
  <TD align=left><FONT size=2 face="sans-serif">&#36;</FONT></TD>
  <TD align=right>
<FONT size=2 face="sans-serif">36,070</FONT>  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left><FONT size=2 face="sans-serif">&#36;</FONT></TD>
  <TD align=right>
<FONT size=2 face="sans-serif">631,081</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Pay a fixed rate of 3.689% and receive a floating rate</FONT>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">based on 1-week Securities Industry and Financial</FONT>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Markets Association (SIFMA) Municipal Swap Index
rate</FONT> </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<FONT size=2 face="sans-serif">Broker, Citibank NA</FONT>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Expires June 2028</FONT>  </TD>
  <TD align=left style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">&#36;</FONT></TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">25,670</FONT>  </TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">334,531</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD>&nbsp;  </TD>
  <TD align=left>
<B><FONT size=2 face="sans-serif">Total</FONT></B>  </TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;  </TD>
  <TD align=right>&nbsp;</TD>
  <TD align=left style="border-bottom:3px double #000000;"><FONT size=2 face="sans-serif">&#36;</FONT></TD>
  <TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">965,612</FONT>  </TD>
</TR>
</TABLE>
<BR>

<P align="center">
<FONT size=2 face="sans-serif">8</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<TABLE width="100%" border=0 cellspacing=0 cellpadding=0>
<TR>
     <TD width="4%"></TD>
     <TD width="2%"></TD>
     <TD width="3%"></TD>
     <TD width="35%"></TD>
     <TD width="56%"></TD>
</TR>

<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">Item 2</FONT></TD>
  <TD align=left><FONT size=2 face="serif">&#150;</FONT></TD>
  <TD colspan="3"><FONT size=2 face="serif">Controls and Procedures</FONT></TD>
  </TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">
<FONT size=2 face="serif">2(a)</FONT>          </TD>
  <TD align=left valign="top">
<FONT size=2 face="serif">&#150;</FONT>          </TD>
  <TD colspan="3">
    <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 Exchange Act of 1934, as amended.</FONT></TD>
  </TR>

<TR>
  <TD colspan=5>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left valign="top">
<FONT size=2 face="serif">2(b)</FONT>        </TD>
  <TD align=left valign="top">
<FONT size=2 face="serif">&#150;</FONT>        </TD>
  <TD colspan="3">
<FONT size=2 face="serif">There were no changes in the registrant&#146;s internal control over financial reporting (as defined in Rule 30a-</FONT>
<FONT size=2 face="serif">3(d) under the 1940 Act) that occurred during the registrant&#146;s last fiscal quarter that have materially</FONT>
<FONT size=2 face="serif">affected, or are reasonably likely to materially affect, the registrant&#146;s internal control over financial</FONT>
<FONT size=2 face="serif">reporting.</FONT>  </TD>
  </TR>

<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left><FONT size=2 face="serif">Item 3</FONT></TD>
  <TD align=left><FONT size=2 face="serif">&#150;</FONT></TD>
  <TD colspan="2"><FONT size=2 face="serif"> Exhibits</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2"><FONT size=2 face="serif">Certifications &#150; Attached hereto</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3"><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></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2"><FONT size=2 face="serif">BlackRock Municipal Income Trust II</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD><FONT size=2 face="serif">By:</FONT></TD>
  <TD align=left style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Donald C. Burke<br>
  Chief Executive Officer of<br>
  BlackRock Municipal Income Trust II</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2"><FONT size=2 face="serif">Date: July 18, 2008</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="3"><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></TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD><FONT size=2 face="serif">By:</FONT></TD>
  <TD align=left style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/
      Donald C. Burke</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Donald C. Burke<br>
  Chief Executive Officer (principal executive officer) of<br>
  BlackRock Municipal Income Trust II</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2"><FONT size=2 face="serif">Date: July 18, 2008</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD><FONT size=2 face="serif">By:</FONT></TD>
  <TD align=left style="border-bottom:1px solid #000000"><FONT size=2 face="serif">/s/ Neal J. Andrews</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left><FONT size=2 face="serif">Neal J. Andrews<br>
  Chief Financial Officer (principal financial officer) of<br>
  BlackRock Municipal Income Trust II</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD colspan="2"><FONT size=2 face="serif">Date: July 18, 2008</FONT></TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<BR>
<P align="left">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c54101_ex99-cert.htm
<TEXT>

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   <TITLE>c54101_ex99-cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<div align="left">
<FONT size=2 face="serif"><B>EX-99. CERT<BR>
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF <br>
THE SARBANES-OXLEY ACT OF 2002</B></FONT></div>
<div style="border-bottom:1px solid #000000"> &nbsp;</div>
<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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:45px">
<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:45px">
<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: July 18, 2008</FONT></P>

<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000;width:150px"><FONT size=2 face="serif">/s/ Donald C. Burke</FONT></div> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Donald C. Burke</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">BlackRock Municipal Income
    Trust II</FONT></TD>
</TR>
</TABLE><br>
<HR noshade align="center" width="100%" size=4>



<p style="page-break-before:always"></p><PAGE>
<div align="left">
<FONT size=2 face="serif"><B>EX-99. CERT<br>
CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF <br>
THE SARBANES-OXLEY ACT OF 2002</B></FONT></div>
<div style="border-bottom:1px solid #000000"> &nbsp;</div>

<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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:45px">
<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:45px">
<P align="left">
<FONT size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: July 18, 2008</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap><div style="border-bottom:1px solid #000000;width:150px"><FONT size=2 face="serif">/s/
        Neal J. Andrews</FONT></div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Neal J. Andrews</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap><FONT size=2 face="serif">BlackRock Municipal Income
    Trust II</FONT></TD>
</TR>
</TABLE><BR>

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