c54101_nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21126

Name of Fund: BlackRock Municipal Income Trust II (BLE)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2008

Date of reporting period: 03/01/2008 – 05/31/2008


Item 1 – Schedule of Investments

BlackRock Municipal Income Trust II          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000 )   Value
Arizona - 4.4%   Pima County, Arizona, IDA, Education Revenue Bonds (American          
    Charter Schools Foundation), Series A, 5.625%, 7/01/38 $ 2,525   $ 2,339,261
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,          
    12/01/32   5,635     5,069,584
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%,          
    12/01/37   7,890     6,982,966
              14,391,811
California - 10.8%   Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds, 6%,          
    7/01/18   2,250     2,304,202
    California County Tobacco Securitization Agency, Tobacco Revenue Bonds          
    (Stanislaus County Tobacco Funding Corporation), Sub-Series C, 6.30%,          
    6/01/55 (a)   9,710     220,223
    California County Tobacco Securitization Agency, Tobacco Revenue Bonds          
    (Stanislaus County Tobacco Funding Corporation), Sub-Series D, 7.251%,          
    6/01/55 (a)   12,410     241,374
    California Health Facilities Financing Authority Revenue Bonds (Sutter          
    Health), Series A, 5.25%, 11/15/46   5,000     4,972,050
    California Mobile Home Park Finance Authority Revenue Bonds (Palomar          
    Estates East and West), Series A, 5.25%, 3/15/34 (b)   3,500     3,111,360
    California State, GO, Refunding, 5%, 6/01/32   6,425     6,443,440
    California State, GO, Refunding, 5%, 6/01/34   2,700     2,703,267
    California Statewide Communities Development Authority, Health Facility          
    Revenue Bonds (Memorial Health Services), Series A, 5.50%, 10/01/33   5,000     5,020,650
    San Francisco, California, City and County Redevelopment Agency,          
    Community Facilities District Number 1, Special Tax Bonds (Mission Bay South          
    Public Improvements Project), 6.625%, 8/01/27   4,620     4,700,480
    University of California Revenue Bonds, Series B, 4.75%, 5/15/38   5,755     5,709,420
              36,557,304
Colorado - 5.6%   Colorado Health Facilities Authority Revenue Bonds (Catholic Health          
    Initiatives), Series A, 5.50%, 3/01/32 (d)   10,000     10,560,100
    Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley
    Health Care), 5.20%, 3/01/31 (c)   790     810,848
    Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds,          
    Subordinate Lien, Series C, 5%, 11/15/45 (c)   1,375     1,397,206

Portfolio Abbreviations
To simplify the listings of BlackRock Municipal Income Trust II's portfolio holdings in the Schedule of Investments, we have abbreviated the names of many of the securities according to the list below.
  AMT    Alternative Minimum Tax (subject to)   HFA   Housing Finance Agency
  EDA    Economic Development Authority   IDA   Industrial Development Authority
  EDR    Economic Development Revenue Bonds   IDR   Industrial Development Revenue Bonds
  GO      General Obligation Bonds   M/F   Multi-Family
  HDA    Housing Development Authority        

1

BlackRock Municipal Income Trust II          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
      Par      
State Municipal Bonds   (000)     Value
  Northwest Parkway Public Highway Authority, Colorado, Senior          
  Revenue Bonds, Series A, 5.25%, 6/15/11 (c)(e) $ 4,000   $ 4,317,560
  Park Creek Metropolitan District, Colorado, Senior Limited Tax Supported          
  Revenue Refunding Bonds, 5.50%, 12/01/37   1,375     1,285,831
            22,283,958
District of Columbia - District of Columbia, Revenue Refunding Bonds (Friendship Public Charter          
6.1% School, Inc.), 5.25%, 6/01/33 (b)   1,265     1,119,120
  District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed          
  Revenue Refunding Bonds, 6.50%, 5/15/33   7,500     7,277,550
  District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed          
  Revenue Refunding Bonds, 6.75%, 5/15/40   11,500     11,562,675
            19,959,345
Florida - 14.0% Leesburg, Florida, Hospital Revenue Bonds (Leesburg Regional Medical Center          
  Project), 5.50%, 7/01/32   2,650     2,574,130
  Live Oak Community Development District Number 001, Florida, Special          
  Assessment Bonds, Series A, 6.30%, 5/01/34   3,125     3,163,188
  Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding          
  (Mount Sinai Medical Center of Florida), 6.75%, 11/15/21   6,230     6,426,557
  Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds          
  (Adventist Health System), 5.625%, 11/15/12 (e)   6,850     7,611,035
  Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds,          
  4.75%, 10/01/32 (f)   3,990     3,812,365
  Pinellas County, Florida, Health Facilities Authority Revenue Bonds (BayCare          
  Health System Inc.), 5.50%, 5/15/13 (e)   14,000     15,507,940
  Stevens Plantation Community Development District, Florida, Special          
  Assessment Revenue Bonds, Series A, 7.10%, 5/01/35   2,015     2,032,208
  Sumter County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT,          
  6.90%, 10/01/34   4,465     4,502,819
            45,630,242
Georgia - 2.3% Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A,          
  6.375%, 7/15/38   1,940     1,983,204
  Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds          
  (Georgia College and State University Foundation), 5.625%, 9/01/14 (e)   5,000     5,688,150
            7,671,354
Illinois - 10.1% Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation Bonds,          
  Class A, 8%, 6/15/23 (g)   2,470     2,328,666
  Illinois Health Facilities Authority, Revenue Refunding Bonds (Elmhurst          
  Memorial Healthcare), 5.50%, 1/01/22   8,000     8,057,520
  Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50%,          
  2/01/35 (h)   4,340     3,915,635
  Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds,          
  5.546%, 6/15/30 (a)(i)   15,000     13,850,250
  Illinois State Finance Authority Revenue Bonds (Friendship Village of          
  Schaumburg), Series A, 5.625%, 2/15/37   910     745,117

2

BlackRock Municipal Income Trust II          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000 )   Value
    Illinois State Finance Authority Revenue Bonds (Monarch Landing,          
    Inc. Project), Series A, 7%, 12/01/37 $ 1,585   $ 1,571,321
    Illinois State Finance Authority Revenue Bonds (Northwestern Memorial          
    Hospital), Series A, 5.50%, 8/15/14 (e)   1,880     2,113,740
    Illinois State Finance Authority, Student Housing Revenue Bonds (MJH          
    Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35   900     270,477
              34,238,796
Indiana - 5.0%   Indiana Health Facilities Financing Authority, Revenue Refunding Bonds          
    (Ascension Health Credit Group), Series F, 5.375%, 11/15/25   5,000     5,427,500
    Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds          
    (Waterworks Project), Series A, 5.25%, 7/01/12 (e)(j)   10,000     10,867,000
              16,294,500
Maryland - 1.0%   Maryland State Health and Higher Educational Facilities Authority Revenue          
    Bonds (Union Hospital of Cecil County), 5.625%, 7/01/32   1,000     1,012,850
    Maryland State Health and Higher Educational Facilities Authority, Revenue          
    Refunding Bonds (MedStar Health, Inc.), 5.50%, 8/15/33   2,240     2,242,128
              3,254,978
Michigan - 0.7%   Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry          
    Ford Health System), Series A, 5.25%, 11/15/46   2,305     2,237,533
Missouri - 1.9%   Highway 370/Missouri Bottom Road/Taussig Road Transportation          
    Development District Revenue Bonds, 7.20%, 5/01/33   6,000     6,222,900
Nevada - 0.9%   Clark County, Nevada, EDR, Refunding (Alexander Dawson School of Nevada          
    Project), 5%, 5/15/29   2,855     2,818,427
New Jersey - 12.3%   New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/31 (k)   9,000     9,198,990
    New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34   4,000     3,889,480
    New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation Improvement          
    District Project), AMT, Series B, 6.50%, 4/01/31   10,000     10,178,400
    New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation          
    Improvement District Project), 6.50%, 4/01/28   7,475     7,706,501
    New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.          
    Project), AMT, 7.20%, 11/15/30   10,100     9,089,293
              40,062,664
New Mexico - 1.8%   New Mexico Region III Housing Authority, M/F Housing Revenue Bonds (Villa          
    Del Oso Apartments), Series A, 6%, 1/01/13 (e)   5,200     5,930,236
New York - 6.4%   Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter          
    School Project), Series A, 7%, 5/01/35   985     769,630
    New York City, New York, City IDA, Special Facility Revenue Bonds          
    (Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31   6,700     6,335,386
    New York Liberty Development Corporation Revenue Bonds (Goldman Sachs          
    Headquarters), 5.25%, 10/01/35   2,725     2,838,197

3

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

4

BlackRock Municipal Income Trust II          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000 )   Value
Texas - 20.4%   Dallas-Fort Worth, Texas, International Airport, Joint Revenue          
    Bonds, AMT, Series B, 6%, 11/01/23 (j) $ 2,000   $ 2,025,620
    Gulf Coast Waste Disposal Authority, Texas, Revenue Refunding Bonds          
    (International Paper Company), AMT, Series A, 6.10%, 8/01/24   20,000     19,615,600
    Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds,          
    Third Lien, Series A-3, 5.96%, 11/15/36 (a)(j)   25,375     4,649,461
    Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,          
    5/15/13 (e)(j)   30     32,591
    Lower Colorado River Authority, Texas, Revenue Refunding Bonds, 5%,          
    5/15/31 (j)   1,270     1,279,944
    Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A,          
    5%, 5/15/13 (e)(j)   5     5,432
    Montgomery County, Texas, Municipal Utility District Number 46, Waterworks          
    and Sewer System, GO, 4.75%, 3/01/30 (j)   930     921,221
    SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply          
    Revenue Bonds, 5.50%, 8/01/24   3,600     3,645,972
    Texas State Turnpike Authority, Central Texas Turnpike System Revenue          
    Bonds, 6.09%, 8/15/36 (a)(i)   73,370     13,778,886
    Texas State Turnpike Authority, Central Texas Turnpike System Revenue          
    Bonds, 6.10%, 8/15/37 (a)(i)   65,000     11,463,400
    Texas State Turnpike Authority, Central Texas Turnpike System Revenue          
    Bonds, 6.10%, 8/15/38 (a)(i)   27,600     4,578,288
    Texas State Turnpike Authority, Central Texas Turnpike System Revenue          
    Bonds, First Tier, Series A, 5%, 8/15/42 (i)   4,575     4,510,447
              66,506,862
Virginia - 2.8%   Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old          
    Dominion Electric Cooperative Project), AMT, 5.625%, 6/01/28 (i)   9,000     9,199,710
Washington - 1.4%   Washington State Health Care Facilities Authority, Revenue Refunding Bonds          
    (Providence Health System), Series A, 4.625%, 10/01/34 (h)   4,820     4,549,935
West Virginia - 0.3%   West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and Public          
    Safety Facilities), Series A, 5%, 6/01/29 (j)   1,115     1,128,826
Wisconsin - 2.9%   Wisconsin State Health and Educational Facilities Authority Revenue Bonds          
    (Aurora Health Care, Inc.), 6.40%, 4/15/33   3,930     4,042,634
    Wisconsin State Health and Educational Facilities Authority, Revenue          
    Refunding Bonds (Wheaton Franciscan Services, Inc.), 5.75%, 2/15/12 (e)   5,000     5,527,400
              9,570,034
Wyoming - 0.5%   Wyoming Municipal Power Agency, Power Supply Revenue Bonds, Series A,          
    5.50%, 1/01/33   800     811,264
    Wyoming Municipal Power Agency, Power Supply Revenue Bonds, Series A,          
    5.50%, 1/01/38   750     758,873
              1,570,137

5

BlackRock Municipal Income Trust II          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par      
State   Municipal Bonds   (000 )   Value
Puerto Rico - 1.5%   Puerto Rico Commonwealth Highway and Transportation Authority,          
    Transportation Revenue Refunding Bonds, Series N,          
    5.25%, 7/01/36 (l) $ 4,370   $ 4,742,499
    Total Municipal Bonds (Cost - $425,282,895) - 131.8%         430,308,907
 
    Corporate Bonds
Multi-State - 4.0%   Charter Mac Equity Issuer Trust, 5.75%, 4/30/15 (g)   1,000     1,051,330
    Charter Mac Equity Issuer Trust, 6%, 4/30/15 (g)   5,000     5,262,000
    Charter Mac Equity Issuer Trust, 6%, 4/30/19 (g)   3,500     3,707,095
    Charter Mac Equity Issuer Trust, 6.30%, 4/30/19 (g)   3,000     3,207,930
    Total Corporate Bonds (Cost - $12,500,000) - 4.0%         13,228,355
 
    Municipal Bonds Transferred to Tender Option Bond Trusts (m)
Alabama - 0.8%   Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue          
    Refunding Bonds (Ascension Health Credit), Series C-2,          
    5%, 11/15/36   2,525     2,473,758
California - 1.0%   Sacramento County, California, Airport System Revenue Bonds, AMT,          
    Series B, 5.25%, 7/01/39 (c)   3,475     3,449,678
Colorado - 3.5%   Colorado HFA Revenue Bonds (Catholic Health), Series C-7, 5%,          
    9/01/36 (c)   2,710     2,735,471
    Colorado Health Facilities Authority Revenue Bonds (Catholic Health), Series          
    C-3, 5.10%, 10/01/41 (c)   4,235     4,271,905
    Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley          
    Health Care), Series C, 5.25%, 3/01/40 (c)   2,750     2,802,664
    Colorado Health Facilities Authority, Revenue Refunding Bonds (Poudre Valley          
    Health Care), Series B, 5.25%, 3/01/36 (c)   1,580     1,609,314
              11,419,354
Connecticut - 3.2%   Connecticut State Health and Educational Facilities Authority Revenue Bonds          
    (Yale University), Series T-1, 4.70%, 7/01/29   5,180     5,268,220
    Connecticut State Health and Educational Facilities Authority Revenue Bonds          
    (Yale University), Series X-3, 4.85%, 7/01/37   5,130     5,230,975
              10,499,195
Illinois - 1.3%   Chicago, Illinois, O'Hare International Airport, General Airport Revenue          
    Refunding Bonds, Third Lien, AMT, Series C-2, 5.25%, 1/01/30 (c)   4,290     4,244,640
Massachusetts - 1.0%   Massachusetts State Water Resource Authority, Revenue Refunding Bonds          
    Series A, 5%, 8/01/41   3,145     3,205,839
New York - 0.9%   New York State Environmental Facilities Corporation, State Clean Water and          
    Drinking Revenue Bonds (New York City Water Project),          
    Series B, 5%, 6/15/31   2,845     2,898,906
Ohio- 2.8%   Ohio State Air Quality Development Authority Refunding (Pollution Dayton),          
    Series B, 4.80%, 1/01/34 (h)   9,140     9,165,501

6

BlackRock Municipal Income Trust II          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)
        Par        
State   Municipal Bonds Transferred to Tender Option Bond Trusts (m)   (000 )   Value  
Virginia - 3.0%   University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40 $ 5,910   $ 6,111,052  
    Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, Series H, Sub-            
    Series H-1, 5.35%, 7/01/31 (j)   3,740     3,789,262  
              9,900,314  
Washington - 1.6%   Central Puget Sound Regional Transportation Authority, Washington, Sales            
    and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (c)   3,040     3,129,650  
    King County, Washington, Sewer Revenue Refunding Bonds, 5%,            
    1/01/36 (c)   1,960     2,006,291  
              5,135,941  
    Total Municipal Bonds Transferred to            
    Tender Option Bond Trusts (Cost - $62,202,776) - 19.1%         62,393,126  
    Short-Term Securities   Shares        
    Merrill Lynch Institutional Tax-Exempt Fund, 1.72% (n)(o)   60,000,000     60,000,000  
    Total Short-Term Securities            
    (Cost - $60,000,000) - 18.4%         60,000,000  
    Total Investments (Cost - $559,985,671*) - 173.3%         565,930,388  
    Other Assets Less Liabilities - 1.7%         5,635,240  
    Liability for Trust Certificates, Including Interest            
    Expenses and Fees Payable - (12.1%)   (39,425,495 )
    Preferred Shares, at Redemption Value - (62.9%)         (205,640,513 )
    Net Assets Applicable to Common Shares - 100.0%       $ 326,499,620  

           * The cost and unrealized appreciation (depreciation) of investments as of May 31, 2008, as computed for federal income tax purposes, were as follows:

  Aggregate cost   $ 520,597,347  
  Gross unrealized appreciation   $ 15,370,634  
  Gross unrealized depreciation     (9,435,755 )
  Net unrealized appreciation   $ 5,934,879  

(a)     

Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase.
 
(b)     

ACA Insured.
 
(c)     

FSA Insured.
 
(d)     

Security is collateralized by Municipal or U.S. Treasury Obligations.
 
(e)     

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.
 
(f)     

XL Capital Insured.
 
(g)     

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid.
 
(h)     

FGIC Insured.
 
(i)     

AMBAC Insured.
 
(j)     

MBIA Insured.
 
(k)     

Radian Insured.
 

7


BlackRock Municipal Income Trust II          
Schedule of Investments May 31, 2008 (Unaudited) (Percentages shown are based on Net Assets)

(l)     

Assured Guaranty Insured.
 
(m)     

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as a collateral in a financing transaction.
 
(n)     

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:
 

    
Affiliate Net Activity Dividend Income
Merrill Lynch Institutional Tax-Exempt Fund 56,800,000 $250,634

(o) Represents the current yield as of report date.
   
• Forward interest rate swaps outstanding as of May 31, 2008 were as follows:
    Notional      
    Amount   Unrealized
    (000)   Appreciation
  Pay a fixed rate of 4.498% and receive a floating rate          
  based on 3-month USD London Inter-Bank Offered Rate          
             
  Broker, JPMorgan Chase          
  Expires August 2018 $ 36,070   $ 631,081
             
  Pay a fixed rate of 3.689% and receive a floating rate          
  based on 1-week Securities Industry and Financial          
  Markets Association (SIFMA) Municipal Swap Index rate          
             
  Broker, Citibank NA          
  Expires June 2028 $ 25,670     334,531
  Total       $ 965,612

8

Item 2 – Controls and Procedures
         
2(a) – The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) 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.
 
2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a- 3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
         
Item 3 – Exhibits  
         
    Certifications – Attached hereto  
         
    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.
         
    BlackRock Municipal Income Trust II  
         
    By: /s/ Donald C. Burke  
      Donald C. Burke
Chief Executive Officer of
BlackRock Municipal Income Trust II		  
         
    Date: July 18, 2008  
         
    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.
         
    By: /s/ Donald C. Burke  
      Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock Municipal Income Trust II		  
         
    Date: July 18, 2008  
         
    By: /s/ Neal J. Andrews  
      Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock Municipal Income Trust II		  
         
    Date: July 18, 2008