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<SEC-DOCUMENT>0000930413-09-000509.txt : 20090128
<SEC-HEADER>0000930413-09-000509.hdr.sgml : 20090128
<ACCEPTANCE-DATETIME>20090128094540
ACCESSION NUMBER:		0000930413-09-000509
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081130
FILED AS OF DATE:		20090128
DATE AS OF CHANGE:		20090128
EFFECTIVENESS DATE:		20090128

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:		09549943

	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>c56194_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>a56194.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 </FONT><br>
<FONT face="serif">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 <br>
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>
<P align="left" style="text-indent:-20px;margin-left:20px">
<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>
<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: 09/01/2008 &#150; 11/30/2008 </FONT></P>
<HR noshade align="center" width="100%" size=4>


<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left"><FONT size=2 face="serif">Item 1 &#150; Schedule of Investments </FONT></P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>  </TD>
  <TD align=left width=40% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right width=40% nowrap 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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>&nbsp;  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Arizona - 4.4%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Pima County, Arizona, IDA, Education Revenue Bonds (American Charter</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Schools Foundation), Series A, 5.625%, 7/01/38</FONT>  </TD>
  <TD align=right width=1% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,525</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,711,874</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">12/01/32</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,635</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,682,980</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">12/01/37</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,890</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,001,708</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">10,396,562</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">California -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Agua Caliente Band of Cahuilla Indians, California, Casino Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">12.2%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds, 6%, 7/01/18</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,250</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,988,415</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">California County Tobacco Securitization Agency, Tobacco</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Stanislaus County Tobacco Funding Corporation),</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Sub-Series C, 6.30%, 6/01/55 (a)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">9,710</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">71,271</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">California Health Facilities Financing Authority Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Sutter Health), Series A, 5.25%, 11/15/46</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,400,780</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">California Mobile Home Park Finance Authority Revenue Bonds (Palomar</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Estates East and West), Series A, 5.25%, 3/15/34 (b)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,500</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,275,105</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/32</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,301,200</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">California State, GO, Refunding, 5%, 6/01/34</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,700</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,294,514</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">California Statewide Communities Development Authority, Health Facility</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Memorial Health Services), Series A, 5.50%, 10/01/33</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,209,450</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Sacramento County, California, Airport System Revenue Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">AMT, Senior Series B, 5.25%, 7/01/39 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,480</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,593,087</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">San Francisco, California, City and County Redevelopment Agency, Community</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Facilities District Number 1, Special Tax Bonds (Mission Bay South Public</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Improvements Project), 6.625%, 8/01/27</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,620</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,844,718</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">University of California Revenue Bonds, Series B, 4.75%, 5/15/38</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,755</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,759,097</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">28,737,637</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Colorado - 9.0%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Health Initiatives), Series A, 5.50%, 3/01/32 (d)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">10,037,500</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Poudre Valley Health Care), 5.20%, 3/01/31 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">790</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">717,344</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Health Care), Series B, 5.25%, 3/01/36 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,580</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,398,663</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Health Care), Series C, 5.25%, 3/01/40 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,750</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,404,105</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Subordinate Lien, Series C, 5%, 11/15/45 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,375</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,242,835</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap colspan=2 style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=67% nowrap colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Portfolio Abbreviations</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<TABLE width=100% border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan=6 align=left>
<FONT size=2 face="sans-serif">To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the</FONT>
<FONT size=2 face="sans-serif">securities have been abbreviated according to the list below.</FONT>      </TD>
</TR>

<TR valign="bottom">
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD width=1%>&nbsp;</TD>
  <TD width=39% align=left nowrap>&nbsp;</TD>
  <TD width=5% align=left nowrap>&nbsp;</TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
  <TD width=49% align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">AMT</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=39% align=left nowrap>
<FONT size=2 face="sans-serif">Alternative Minimum Tax (subject to)</FONT>  </TD>
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">IDA</FONT></B></TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
  <TD width=49% align=left nowrap><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Industrial
    Development Authority</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">EDA</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=39% align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Authority</FONT>  </TD>
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">IDR</FONT></B></TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
  <TD width=49% align=left nowrap><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Industrial
    Development Revenue Bonds</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">EDR</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=39% align=left nowrap>
<FONT size=2 face="sans-serif">Economic Development Revenue Bonds</FONT>  </TD>
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">M/F </FONT></B></TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
  <TD width=49% align=left nowrap><FONT size=2 face="sans-serif">Multi-Family</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">GO</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=39% align=left nowrap>
<FONT size=2 face="sans-serif">General Obligation Bonds</FONT>  </TD>
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">PCR </FONT></B></TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
  <TD width=49% align=left nowrap><FONT size=2 face="sans-serif">Pollution Control
    Revenue Bonds</FONT></TD>
</TR>
<TR valign="bottom">
  <TD width=5% align=left nowrap>
<B><FONT size=2 face="sans-serif">HDA</FONT></B>  </TD>
  <TD width=1%>&nbsp;  </TD>
  <TD width=39% align=left nowrap>
<FONT size=2 face="sans-serif">Housing Development Authority</FONT>  </TD>
  <TD width=5% align=left nowrap>&nbsp;  </TD>
  <TD width=1% align=left nowrap>&nbsp;</TD>
  <TD width=49% align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">1</FONT></P>

<hr noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>  </TD>
  <TD align=left width=44% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right width=40% nowrap 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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>&nbsp;  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Northwest Parkway Public Highway Authority, Colorado, Senior</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, Series A, 5.25%, 6/15/11 (c)(e)</FONT>  </TD>
  <TD align=right width=1% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,333,960</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Park Creek Metropolitan District, Colorado, Senior Limited Tax</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Supported Revenue Refunding Bonds, 5.50%, 12/01/37</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,375</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">983,565</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">21,117,972</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">District of</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">District of Columbia, Revenue Refunding Bonds (Friendship Public</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Columbia - 6.5%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Charter School, Inc.), 5.25%, 6/01/33 (b)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,265</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">817,405</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, 6.50%, 5/15/33</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,500</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,402,925</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, 6.75%, 5/15/40</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">11,500</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,149,400</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,369,730</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Florida - 17.4%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Leesburg, Florida, Hospital Revenue Bonds (Leesburg Regional</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Medical Center Project), 5.50%, 7/01/32</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,650</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,980,928</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Live Oak Community Development District Number 001, Florida, Special</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Assessment Bonds, Series A, 6.30%, 5/01/34</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,125</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,439,937</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Miami Beach, Florida, Health Facilities Authority, Hospital</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds (Mount Sinai Medical Center of Florida),</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">6.75%, 11/15/21</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,275</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,405,469</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">International Airport), AMT, Series A, 5.25%, 10/01/38 (f)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,855</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,163,947</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Adventist Health System), 5.625%, 11/15/12 (e)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,850</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,650,285</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Orange County, Florida, Tourist Development, Tax Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Refunding Bonds, 4.75%, 10/01/32 (g)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,005</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,528,913</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Pinellas County, Florida, Health Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(BayCare Health System, Inc.), 5.50%, 5/15/13 (e)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">14,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">15,641,080</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Stevens Plantation Community Development District, Florida, Special</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Assessment Revenue Bonds, Series A, 7.10%, 5/01/35</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,015</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,474,779</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Sumter County, Florida, IDA, IDR (North Sumter Utility Company</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">LLC), AMT, 6.90%, 10/01/34</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,405</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,632,407</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">40,917,745</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Georgia - 4.0%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Main Street Natural Gas, Inc., Georgia, Gas Project Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds, Series A, 6.375%, 7/15/38 (h)(i)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,270</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">215,925</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Georgia College and State University Foundation), 5.625%,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">9/01/14(e)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,746,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Private Colleges and Universities Authority, Georgia, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Emory University Project), Series C, 5%, 9/01/38</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,575</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,329,183</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,291,508</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Illinois - 13.7%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Centerpoint Intermodal Center Program Trust, Illinois, Tax</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Allocation Bonds, Class A, 8%, 6/15/23 (j)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,470</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,973,826</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds, Third</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Lien, AMT, Series C-2, 5.25%, 1/01/30 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,285</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,263,842</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois Health Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Elmhurst Memorial Healthcare), 5.50%, 1/01/22</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">8,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,858,720</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">2</FONT></P>

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

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

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>  </TD>
  <TD align=left width=44% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right width=40% nowrap 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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>&nbsp;  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois Municipal Electric Agency, Power Supply Revenue Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">4.50%, 2/01/35 (k)(l)</FONT>  </TD>
  <TD align=right width=1% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,340</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,308,773</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois Sports Facilities Authority, State Tax Supported Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds, 5.546%, 6/15/30 (m)(n)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">15,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">12,661,050</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Friendship Village</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">of Schaumburg), Series A, 5.625%, 2/15/37</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">910</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">570,861</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Monarch Landing,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Inc. Project), Series A, 7%, 12/01/37</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,585</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,210,972</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority Revenue Bonds (Northwestern Memorial</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Hospital), Series A, 5.50%, 8/15/14 (e)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,880</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,130,830</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Illinois State Finance Authority, Student Housing Revenue Bonds (MJH</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35 (h)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">900</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">161,478</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">32,140,352</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Indiana - 2.1%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Indiana Health Facilities Financing Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap 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 width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,024,300</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Maryland - 0.4%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Maryland State Health and Higher Educational Facilities Authority Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap 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 width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">855,530</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Michigan - 0.7%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap 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 width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,305</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,572,356</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Missouri - 2.0%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Highway 370/Missouri Bottom Road/Taussig Road Transportation Development</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">District Revenue Bonds, 7.20%, 5/01/33</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,000</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,802,220</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Nevada - 1.0%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Clark County, Nevada, EDR, Refunding (Alexander Dawson School</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">of Nevada Project), 5%, 5/15/29</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,855</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,416,843</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">New Jersey -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/31 (o)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">9,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,174,450</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">12.2%</FONT></B></TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,782,160</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation Improvement</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">District Project), AMT, Series B, 6.50%, 4/01/31</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">10,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,720,400</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Improvement District Project), 6.50%, 4/01/28</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,475</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,971,179</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New Jersey EDA, Special Facility Revenue Bonds (Continental</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Airlines, Inc. Project), AMT, 7.20%, 11/15/30</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">10,100</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,105,652</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">28,753,841</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">New Mexico -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New Mexico Region III Housing Authority, M/F Housing Revenue Bonds (Villa Del</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">2.5%</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Oso Apartments), Series A, 6%, 1/01/13 (e)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,200</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,964,504</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">New York - 6.7%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">School Project), Series A, 7%, 5/01/35</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">985</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">643,865</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New York City, New York, City IDA, Special Facility Revenue Bonds (Continental</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Airlines, Inc. Project), AMT, 7.75%, 8/01/31</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,700</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,600,287</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New York City, New York, City Transitional Finance Authority, Building Aid</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,100</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">843,810</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New York Liberty Development Corporation Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Goldman Sachs Headquarters), 5.25%, 10/01/35</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,225</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">882,000</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New York State Dormitory Authority, Non-State Supported Debt</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds (Columbia University), 5%, 7/01/38</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,741,200</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">3</FONT></P>

<hr noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>  </TD>
  <TD align=left width=40% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right width=40% nowrap 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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>&nbsp;  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Port Authority of New York and New Jersey, Special Obligation Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Continental Airlines, Inc. - LaGuardia Project), AMT, 9%, 12/01/10</FONT>  </TD>
  <TD align=right width=1% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,980</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,935,902</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">15,647,064</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">North Carolina -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Gaston County, North Carolina, Industrial Facilities and Pollution Control</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">1.7%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Financing Authority, Revenue Bonds (National Gypsum Company Project), AMT,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5.75%, 8/01/35</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,500</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,068,150</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Ohio - 4.8%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">American Municipal Power, Inc., Ohio, Revenue Refunding Bonds (Prairie State</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Energy Campus Project), Series A, 5%, 2/15/38</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,985</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,590,383</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,190</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">811,854</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Ohio State Air Quality Development Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Dayton Power and Light Company Project), Series B, 4.80%, 1/01/34 (k)(p)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">9,140</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,782,893</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">11,185,130</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Oklahoma - 1.4%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Bonds, Series A, 7.75%, 6/01/35</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,925</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,325,849</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Pennsylvania -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Monroe County, Pennsylvania, Hospital Authority Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">6.3%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Pocono Medical Center), 6%, 1/01/14 (e)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,695,650</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Amtrak Project), AMT,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Series A, 6.375%, 11/01/41</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,175</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,962,032</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Pennsylvania Economic Development Financing Authority, Exempt</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Facilities Revenue Bonds (Reliant Energy), AMT,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Series A, 6.75%, 12/01/36</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">8,425</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,223,331</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">14,881,013</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">South Carolina -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Greenwood County, South Carolina, Hospital Facilities Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">6.9%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds (Self Memorial Hospital), 5.50%, 10/01/26</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,280</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,765,073</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Greenwood County, South Carolina, Hospital Facilities Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds (Self Memorial Hospital), 5.50%, 10/01/31</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,250</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,601,040</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Georgetown Memorial Hospital), 5.375%, 2/01/30 (o)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,750</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,874,712</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series A, 6.25%, 8/01/31</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,640</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,247,062</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Palmetto Health Alliance), Series C, 6.875%, 8/01/13 (e)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,772,748</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">16,260,635</FONT>  </TD>
</TR>
<TR valign="bottom" >
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Tennessee - 4.2%</FONT></B>  </TD>
  <TD align=left width=60% nowrap><B><FONT size=2 face="sans-serif"> </FONT></B><FONT size=2 face="sans-serif">Knox
    County, Tennessee, Health, Educational and Housing</FONT></TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Facilities Board, Hospital Facilities Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(Covenant Health), Series A, 5.77%, 1/01/21 (a)(c)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">20,405</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,995,389</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Texas - 23.3%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Brazos River Authority, Texas, PCR, Refunding (TXU Energy</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Company LLC Project), AMT, Series A, 8.25%, 10/01/30</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,400</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,729,272</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Dallas-Fort Worth, Texas, International Airport, Joint Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Bonds, AMT, Series B, 6%, 11/01/23 (l)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,811,320</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Gulf Coast Waste Disposal Authority, Texas, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(International Paper Company), AMT, Series A, 6.10%, 8/01/24</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">20,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">13,862,200</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">4</FONT></P>

<hr noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>  </TD>
  <TD align=left width=40% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right width=40% nowrap 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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>&nbsp;  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Third Lien, Series A-3, 5.96%, 11/15/36 (a)(l)</FONT>  </TD>
  <TD align=right width=1% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">25,375</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,954,411</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">5%, 5/15/13 (e)(l)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">30</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">32,929</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">5%, 5/15/31 (l)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,270</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,144,765</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Lower Colorado River Authority, Texas, Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Series A, 5%, 5/15/13 (e)(l)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,488</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Montgomery County, Texas, Municipal Utility District Number 46, Waterworks</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">and Sewer System, GO, 4.75%, 3/01/30 (l)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">930</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">804,348</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">North Texas Tollway Authority, System Revenue Refunding Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Second Tier, Series F, 6.125%, 1/01/31</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,790</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">6,182,974</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">San Antonio Energy Acquisition Public Facilities Corporation,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Texas, Gas Supply Revenue Bonds, 5.50%, 8/01/24</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,600</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,589,624</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, 6.09%, 8/15/36 (a)(m)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">73,370</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">9,433,915</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, 6.10%, 8/15/37 (a)(m)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">65,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,718,750</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Revenue Bonds, 6.10%, 8/15/38 (a)(m)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">27,600</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,025,788</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">First Tier, Series A, 5%, 8/15/42 (m)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,575</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,670,706</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">54,966,490</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Virginia - 3.1%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Dominion Electric Cooperative Project), AMT, 5.625%, 6/01/28 (m)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,000</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">7,396,290</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Washington -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">King County, Washington, Sewer Revenue Refunding Bonds, 5%,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">2.3%</FONT></B></TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">1/01/36(c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,960</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,764,235</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Washington State Health Care Facilities Authority, Revenue Refunding Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Providence Health System), Series A, 4.625%, 10/01/34 (k)(l)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,820</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,579,814</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,344,049</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">West Virginia -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and Public</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">0.4%</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Safety Facilities), Series A, 5%, 6/01/29 (l)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,115</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">996,520</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Wisconsin - 1.4%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Wisconsin State Health and Educational Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap 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 width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,930</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,320,654</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>
<B><FONT size=2 face="sans-serif">Wyoming - 0.6%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Wyoming Municipal Power Agency, Power Supply Revenue Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Series A, 5.50%, 1/01/33</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">800</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">693,648</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Wyoming Municipal Power Agency, Power Supply Revenue Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Series A, 5.50%, 1/01/38</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">750</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">633,690</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">1,327,338</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=6% nowrap>
<B><FONT size=2 face="sans-serif">Multi State - 5.4% </FONT></B></TD>
  <TD align=left width=60% nowrap><FONT size=2 face="sans-serif">Charter
    Mac Equity Issuer Trust, 5.75%, 4/30/15 (j)(q)</FONT></TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">1,007,050</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6%, 4/30/15 (j)(q)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,177,500</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6%, 4/30/19 (j)(q)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,500</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,468,780</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD align=left width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Charter Mac Equity Issuer Trust, 6.30%, 4/30/19 (j)(q)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,000</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,035,280</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">12,688,610</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">5</FONT></P>

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

<P align="left" style="page-break-before:always"></P><PAGE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=60% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>  </TD>
  <TD align=left width=40% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>  </TD>
  <TD align=right width=40% nowrap 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>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>&nbsp;  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<B><FONT size=2 face="sans-serif">Par</FONT></B>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">State</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">(000</FONT></B>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">)</FONT></B>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Value</FONT></B>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">Puerto Rico -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Puerto Rico Commonwealth Highway and Transportation Authority,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">1.6%</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Transportation Revenue Refunding Bonds, Series N, 5.25%, 7/01/36 (f)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,370</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,845,207</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Municipal Bonds - 158.2%</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">372,609,488</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Municipal Bonds Transferred to Tender Option Bond Trusts (r)</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">Alabama -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">0.9%</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds (Ascension Health Credit), Series C-2, 5%, 11/15/36</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,519</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,018,207</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">Colorado - 2.6%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health), Series C-</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">3, 5.10%, 10/01/41 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,230</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,713,475</FONT>  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Colorado Health Facilities Authority Revenue Bonds (Catholic Health), Series C-</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">7, 5%, 9/01/36 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">2,710</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,385,369</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">6,098,844</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">Connecticut -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">4.0%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Yale University), Series T-1, 4.70%, 7/01/29</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,170</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">4,820,611</FONT>  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Connecticut State Health and Educational Facilities Authority Revenue Bonds</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">(Yale University), Series X-3, 4.85%, 7/01/37</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,130</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">4,735,144</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,555,755</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">Massachusetts -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Massachusetts State Water Resource Authority, General Revenue</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">1.2%</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Refunding Bonds, Series A, 5%, 8/01/41</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,150</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,799,122</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">New York -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">New York State Environmental Facilities Corporation, State Clean</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">1.1%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Water and Drinking Revenue Bonds (New York City Water Project),</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Series B, 5%, 6/15/31</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,850</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,688,120</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">Virginia - 3.9%</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,910</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">5,605,162</FONT>  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Virginia State, HDA, Commonwealth Mortgage Revenue Bonds,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Series H, Sub-Series H-1, 5.35%, 7/01/31 (l)</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">3,750</FONT>  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,480,975</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">9,086,137</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>
<B><FONT size=2 face="sans-serif">Washington -</FONT></B>  </TD>
  <TD align=left width=60% nowrap>
<FONT size=2 face="sans-serif">Central Puget Sound Regional Transportation Authority, Washington,</FONT>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">1.2%</FONT></B>  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (c)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">3,029</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">2,776,294</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<B><FONT size=2 face="sans-serif">Total Municipal Bonds Transferred to</FONT></B>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Tender Option Bond Trusts - 14.9%</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">35,022,479</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Long-Term Investments (Cost - &#36;491,391,926) - 173.1%</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">407,631,967</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Short-Term Securities</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Shares</FONT></B>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund, 1.08% (s)(t)</FONT>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,108,696</FONT>  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,108,696</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=60% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Total Short-Term Securities (Cost - &#36;8,108,696) - 3.4%</FONT></B>  </TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=2% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">8,108,696</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<B><FONT size=2 face="sans-serif">Total Investments (Cost - &#36;499,500,622*) - 176.5%</FONT></B>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">415,740,663</FONT>  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<B><FONT size=2 face="sans-serif">Other Assets Less Liabilities - 3.0%</FONT></B>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,062,474</FONT>  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<B><FONT size=2 face="sans-serif">Liability for Trust Certificates, Including Interest Expense and</FONT></B>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<B><FONT size=2 face="sans-serif">Fees Payable - (9.0)%</FONT></B>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">(21,128,894</FONT>  </TD>
  <TD align=left width=1% nowrap>
<FONT size=2 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<B><FONT size=2 face="sans-serif">Preferred Shares, at Redemption Value - (70.5)%</FONT></B>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=left width=10% nowrap>&nbsp;  </TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(166,108,302</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">)</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD width=15% nowrap>&nbsp;  </TD>
  <TD align=left width=60% nowrap>
<B><FONT size=2 face="sans-serif">Net Assets Applicable to Common Shares - 100.0%</FONT></B>  </TD>
  <TD align=right width=1% nowrap>&nbsp;  </TD>
  <TD align=right width=10% nowrap>&nbsp;</TD>
  <TD align=left width=2% nowrap>&nbsp;  </TD>
  <TD align=left width=1% nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="sans-serif">&#36;</FONT> </TD>
  <TD align=right width=10% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">235,565,941</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:3px double #000000;">&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">6</FONT></P>

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

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

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>
  </TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=95%>
<FONT size=2 face="sans-serif">The cost and unrealized appreciation (depreciation) of investments as of November 30, 2008, as computed for federal income tax purposes, were as follows:</FONT>  </TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Aggregate cost</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">476,683,941</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:3px double #000000;">&nbsp;</TD>
  <TD align=left width=53% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Gross unrealized appreciation</FONT>  </TD>
  <TD align=left width=1% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap>
<FONT size=2 face="sans-serif">7,539,585</FONT>  </TD>
  <TD align=left width=1% nowrap>&nbsp;</TD>
  <TD align=left width=53% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Gross unrealized depreciation</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=right width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">(89,311,234</FONT>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">)</FONT> </TD>
  <TD align=left width=53% nowrap>
<FONT size=2 face="sans-serif"></FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=30% nowrap>
<FONT size=2 face="sans-serif">Net unrealized depreciation</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD align=right width=10% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">(81,771,649</FONT>  </TD>
  <TD width=1% align=left nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="sans-serif">)</FONT> </TD>
  <TD align=left width=53% nowrap>
<FONT size=2 face="sans-serif"></FONT>  </TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(a)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(b)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">ACA Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(c)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">FSA Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(d)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Security is collateralized by Municipal or U.S. Treasury Obligations.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(e)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<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>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(f)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Assured Guaranty Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(g)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">XL Capital Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(h)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Non-income producing security.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(i)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Issuer filed for bankruptcy and/or is in default of interest payments.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(j)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<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.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(k)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">FGIC Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(l)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">MBIA Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(m)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">AMBAC Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(n)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Represents a step bond. Rate shown is as of report date.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(o)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Radian Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(p)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">BHAC Insured.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(q)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(r)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<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 collateral in a financing transaction.</FONT>  </TD>
</TR>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(s)</FONT>&nbsp; &nbsp; &nbsp;   </TD>
  <TD width=95%>
<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>  </TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=30% nowrap style="border-top:1px solid #000000;">&nbsp;  </TD>
  <TD align=center width=10% nowrap style="border-top:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Net</FONT></B>  </TD>
  <TD align=right width=5% nowrap style="border-top:1px solid #000000;">&nbsp;</TD>
  <TD align=right width=1% nowrap style="border-top:1px solid #000000;">&nbsp;  </TD>
  <TD align=left width=10% nowrap style="border-top:1px solid #000000;">&nbsp;</TD>
  <TD align=left width=39% nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=30% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Affiliate</FONT></B>  </TD>
  <TD align=center width=10% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Activity</FONT></B>  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=10% align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Income</FONT></B> </TD>
  <TD align=left width=39% nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=30% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Merrill Lynch Institutional Tax-Exempt Fund</FONT>  </TD>
  <TD align=center width=10% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">5,407,675</FONT>  </TD>
  <TD align=right width=5% nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD align=right width=1% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD width=10% align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">35,308</FONT> </TD>
  <TD align=left width=39% nowrap>&nbsp;</TD>
</TR>
</TABLE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
  <TD width="5%" valign=top nowrap>
<FONT size=2 face="sans-serif">(t)</FONT>  </TD>
  <TD width=95%>
<FONT size=2 face="sans-serif">Represents the current yield as of report date.</FONT>  </TD>
</TR>
</TABLE>
<P align="center">
<FONT size=2 face="sans-serif">7</FONT></P>

<hr noshade width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=100% nowrap>
<B><FONT size=4 face="sans-serif">BlackRock Municipal Income Trust II</FONT></B>
  </TD>
</TR>
<TR valign="bottom">
  <TD align=left width=100% nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="sans-serif">Schedule of Investments November 30, 2008 (Unaudited)</FONT></B>
  </TD>
</TR>
</TABLE>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD width="5%" valign=top nowrap>
</TD>
  <TD width=100% colspan=2>
<FONT size=2 face="sans-serif">Effective September 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair
value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="center" valign=top nowrap>
</TD>
  <TD width=100%>
<FONT size=2 face="sans-serif">Level 1 - price quotations in active markets/exchanges for identical securities</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="center" valign=top nowrap>
</TD>
  <TD width=100%>
<FONT size=2 face="sans-serif">Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or
liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs)</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width="5%" align="center" valign=top nowrap>
</TD>
  <TD width=100%>
<FONT size=2 face="sans-serif">Level 3 - unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust's own assumption used in determining the fair value of
investments)</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100% colspan=2>
<FONT size=2 face="sans-serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust's policy regarding valuation of
investments and other significant accounting policies, please refer to the Trust's most recent financial statements as contained in its annual report.</FONT>  </TD>
</TR>
<TR><TD colspan=3>&nbsp;</TD></TR><TR>
<TD width="5%">&nbsp;</TD>
<TD width=100% colspan=2>
<FONT size=2 face="sans-serif">The following table summarizes the inputs used as of November 30, 2008 in determining the fair valuation of the Trust's investments:</FONT>  </TD>
</TR>
</TABLE>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD width=20% align=center nowrap style="border-top:1px solid #000000;"><B><FONT size=2 face="sans-serif">Valuation</FONT></B> </TD>
  <TD align=left width=1% nowrap style="border-top:1px solid #000000;">&nbsp;  </TD>
  <TD width=15% align=center nowrap style="border-top:1px solid #000000;"><B><FONT size=2 face="sans-serif">Investments
        in</FONT></B> </TD>
  <TD align=center width=59% nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD width=20% align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Inputs</FONT></B> </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=15% align=center nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="sans-serif">Securities</FONT></B> </TD>
  <TD align=center width=59% nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=20% nowrap>
<FONT size=2 face="sans-serif">Level 1</FONT>  </TD>
  <TD align=left width=1% nowrap>
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD width=15% align=right nowrap><FONT size=2 face="sans-serif">8,108,696</FONT> </TD>
  <TD align=right width=59% nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=20% nowrap>
<FONT size=2 face="sans-serif">Level 2</FONT>  </TD>
  <TD align=left width=1% nowrap>&nbsp;  </TD>
  <TD width=15% align=right nowrap><FONT size=2 face="sans-serif">407,631,967</FONT> </TD>
  <TD align=right width=59% nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=20% nowrap style="border-bottom:1px solid #000000;">
<FONT size=2 face="sans-serif">Level 3</FONT>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD width=15% align=right nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="sans-serif">-</FONT> </TD>
  <TD align=right width=59% nowrap>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left width=5% nowrap>&nbsp;</TD>
  <TD align=left width=20% nowrap>
<B><FONT size=2 face="sans-serif">Total</FONT></B>  </TD>
  <TD align=left width=1% nowrap style="border-bottom:3px double #000000;">
<FONT size=2 face="sans-serif">&#36;</FONT>  </TD>
  <TD width=15% align=right nowrap style="border-bottom:3px double #000000;"><FONT size=2 face="sans-serif">415,740,663</FONT> </TD>
  <TD align=right width=59% nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="sans-serif">8</FONT></P>

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

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" nowrap><font size=2 face="serif">Item 2 &#150;</font></td>
    <td colspan="2" valign="top"><font size=2 face="serif"> Controls
    and Procedures </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><font size=2 face="serif">2(a) &#150;</font></td>
    <td colspan="2" valign="top"><font size=2 face="serif"> The registrant&#146;s
        principal executive and principal financial officers or persons performing
        similar functions have concluded that the registrant&#146;s disclosure
        controls and procedures (as defined in Rule 30a-3(c) under the Investment
        Company Act of 1940, as amended (the &#147;1940 Act&#148;)) are effective
        as of a date within 90 days of the filing of this report based on the
        evaluation of these controls and procedures required by Rule 30a-3(b)
        under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act
    of 1934, as amended. </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top" nowrap><font size=2 face="serif">2(b) &#150; </font></td>
    <td colspan="2" valign="top"><font size=2 face="serif">There
        were no changes in the registrant&#146;s internal control over financial
        reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred
        during the registrant&#146;s last fiscal quarter that have materially
        affected, or are reasonably likely to materially affect, the registrant&#146;s
    internal control over financial reporting. </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><font size=2 face="serif">Item 3 &#150; </font></td>
    <td colspan="2" valign="top"><font size=2 face="serif">Exhibits </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="serif">Certifications &#150; Attached
    hereto </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top"><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>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="serif">BlackRock Municipal Income Trust
    II </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td width="4%" valign="top"><font size=2 face="serif">By: </font></td>
    <td width="91%" valign="top"><font size=2 face="serif"><div style="border-bottom:1px solid #000000;width:30%;">/s/ Donald C. Burke </div></font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">Donald C. Burke </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">Chief Executive Officer of </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">BlackRock Municipal Income Trust
    II </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top"><font size=2 face="serif">Date: January 20,
    2009 </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top"><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>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top"><font size=2 face="serif">By: </font></td>
    <td valign="top"><font size=2 face="serif"><div style="border-bottom:1px solid #000000;width:30%;">/s/ Donald C. Burke</div></font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">Donald C. Burke</font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">Chief Executive Officer (principal
    executive officer) of </FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">BlackRock Municipal Income Trust
    II </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top"><FONT size=2 face="serif">Date: January 20,
    2009 </FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">By: </FONT></td>
    <td valign="top"><FONT size=2 face="serif"><div style="border-bottom:1px solid #000000;width:30%;">/s/ Neal J. Andrews</div></FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">Neal J. Andrews</FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><FONT size=2 face="serif">Chief Financial Officer (principal
    financial officer) of </FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td valign="top"><font size=2 face="serif">BlackRock Municipal Income Trust
    II </font></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top"><FONT size=2 face="serif">Date: January 20,
    2009</FONT></td>
  </tr>
  <tr>
    <td valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
  <tr>
    <td width="5%" valign="top" nowrap>&nbsp;</td>
    <td colspan="2" valign="top">&nbsp;</td>
  </tr>
</table>
<P align="left"><FONT size=2 face="serif"><BR>
  <BR>
</FONT></P>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c56194_ex99cert.htm
<TEXT>
<html>
<head>

<title>Untitled Document</title>
</head>

<body>

<A name="page_3"></A>

<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><br>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF <br>
THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<div style="border-bottom:1px solid #000000"> </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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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: January 20, 2009</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="20%" style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/
        Donald C. Burke </font></td>
    <td width="805">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size=2 face="serif">Donald C. Burke </font><br>
        <font size=2 face="serif">Chief Executive Officer (principal executive
        officer) of <br>
        BlackRock Municipal Income Trust II</font></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<HR noshade width="100%" size=4><PAGE>
<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><br>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF<br>THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>

<div style="border-bottom:1px solid #000000"> </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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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.</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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:5%">
<P align="left">
<FONT size=2 face="serif">a)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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)</FONT><FONT size=2 face="sans-serif"> </FONT><FONT size=2 face="serif">&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: January 20, 2009</FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="20%" style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/
        Neal J. Andrews </font></td>
    <td width="80%">&nbsp;</td>
  </tr>
  <tr>
    <td colspan="2"><font size=2 face="serif">Neal J. Andrews </font><br>
        <font size=2 face="serif">Chief Financial Officer (principal financial
        officer) of<br>
        BlackRock Municipal Income Trust II</font></td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<HR noshade width="100%" size=4>


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