FORM N-Q
Investment Company Act file number: 811-21126
BlackRock Municipal Income Trust II
(Exact name of registrant as specified in charter)
| 100 Bellevue Parkway, Wilmington, DE | 19809 |
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Registrant's telephone number, including area code: 888-825-2257
Date of fiscal year end: August 31, 2006
Date of reporting period: May 31, 2006
Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:
PORTFOLIO OF INVESTMENTS
(unaudited)
MAY 31, 2006
BlackRock Municipal Income Trust II (BLE)
| Principal | ||||||||
| Amount | Option Call | |||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||
| LONG-TERM INVESTMENTS—156.1% | ||||||||
| Alabama—1.8% | ||||||||
| Birmingham Wtr. Wks. & Swr. Brd. RB, | ||||||||
| AAA | $ 1,010 | Ser. A, 4.50%, 1/01/35, FSA | 01/16 @ 100 | $ 973,771 | ||||
| AAA | 3,255 | Ser. A, 5.00%, 1/01/40, FSA | 01/16 @ 100 | 3,331,981 | ||||
| AAA | 1,930 | Ser. A, 5.00%, 1/01/43, FSA | 01/16 @ 100 | 1,972,653 | ||||
| 6,278,405 | ||||||||
| California—8.8% | ||||||||
| A | 2,250 | Agua Caliente Band RB, Cahuilla Indians Proj., 6.00%, 7/01/18 | 07/13 @ 100 | 2,379,667 | ||||
| California Cnty. Tobacco RB, | ||||||||
| BBB- | 1,840 | Ser. B, Zero Coupon, 6/01/46 | 06/16 @ 17.602 | 154,615 | ||||
| BB | 9,710 | Ser. C, Zero Coupon, 6/01/55 | 06/16 @ 8.90 | 368,592 | ||||
| NR | 12,410 | Ser. D, Zero Coupon, 6/01/55 | 06/16 @ 6.219 | 315,214 | ||||
| California St. GO, | ||||||||
| A+ | 4,500 | 5.00%, 2/01/32 | 08/13 @ 100 | 4,570,020 | ||||
| A+ | 2,700 | 5.00%, 6/01/34 | 12/14 @ 100 | 2,744,793 | ||||
| AAA | 1,395 | 3 | Infrastructure & Econ. Dev. RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC | N/A | 1,496,626 | |||
| A | 3,500 | Mobilehome Park Fin. Auth. RB, Palomar Estates East & West Proj., | ||||||
| Ser. A, 5.25%, 3/15/34, ACA | 03/13 @ 102 | 3,568,740 | ||||||
| NR | 4,620 | San Francisco City & Cnty. Redev. Agcy. Cmnty. Facs. Dist. ST, | ||||||
| Mission Bay South Proj., 6.625%, 8/01/27 | 08/11 @ 101 | 4,961,741 | ||||||
| A+ | 5,000 | Statewide Cmnty. Dev. Auth. RB, Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33 | 04/13 @ 100 | 5,210,050 | ||||
| AA- | 5,755 | Univ. of California Ltd. Proj. RB, Ser. B, 4.75%, 5/15/38 | 05/13 @ 101 | 5,680,243 | ||||
| 31,450,301 | ||||||||
| Colorado—4.9% | ||||||||
| AA | 10,000 | 4 | Hlth. Facs. Auth. RB, Catholic Hlth. Initiatives Proj., Ser. A, 5.50%, 3/01/32 | ETM | 10,586,100 | |||
| AAA | 4,000 | Northwest Pkwy. Pub. Hwy. Auth. RB, Ser. A, 5.25%, 6/15/41, FSA | 06/11 @ 102 | 4,157,000 | ||||
| Baa2 | 1,375 | Park Creek Met. Dist. Ppty. Tax RB, 5.50%, 12/01/37 | 12/15 @ 101 | 1,400,932 | ||||
| AAA | 1,375 | Springs Co. Utils. RB, Ser. C, 5.00%, 11/15/45, FSA | 11/15 @ 100 | 1,398,788 | ||||
| 17,542,820 | ||||||||
| District of Columbia—6.2% | ||||||||
| A | 1,265 | Friendship Pub. Charter Sch. RB, Income Proj., 5.25%, 6/01/33, ACA | 06/14 @ 100 | 1,273,197 | ||||
| Tobacco Settlement Financing Corp. RB, | ||||||||
| BBB | 7,500 | 6.50%, 5/15/33 | No Opt. Call | 8,480,400 | ||||
| BBB | 11,500 | 6.75%, 5/15/40 | 05/11 @ 101 | 12,394,930 | ||||
| 22,148,527 | ||||||||
| Florida—15.0% | ||||||||
| NR | 250 | Fishhawk Cmnty. Dev. Dist. II TA, Ser. B, 5.00%, 11/01/07 | No Opt. Call | 248,857 | ||||
| AAA | 1,670 | JEA Wtr. & Swr. Sys. RB, Ser. A, 4.75%, 10/01/36, MBIA | 04/11 @ 100 | 1,648,741 | ||||
| NR | 4,780 | Lakes by the Bay So. Cmnty. Dev. Dist. RB, Ser. A, 6.25%, 5/01/34 | 05/14 @ 101 | 5,038,168 | ||||
| BBB+ | 2,650 | Leesburg Hosp. RB, Leesburg Regl. Med. Ctr. Proj., 5.50%, 7/01/32 | 07/12 @ 100 | 2,710,208 | ||||
| NR5 | 3,125 | Live Oak Comm. Dev. Dist. No. 1 SA, Ser. A, 6.30%, 5/01/34 | 05/13 @ 101 | 3,237,000 | ||||
| BB+ | 6,230 | Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 6,944,082 | ||||
| A+ | 6,850 | Orange Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32 | 11/12 @ 101 | 7,225,928 | ||||
| AAA | 3,990 | Orange Cnty. Tourist Dev. Tax RB, 4.75%, 10/01/32 | 10/16 @ 100 | 3,983,776 | ||||
| AA- | 14,000 | 3 | Pinellas Cnty. Hlth. Fac. Auth. RB, Baycare Hlth. Sys. Proj., 5.50%, 5/15/13 | N/A | 15,315,300 | |||
| NR | 2,065 | Stevens Plantation Cmnty. Dev. Dist. SA, Ser. A, 7.10%, 5/01/35 | 05/14 @ 100 | 2,144,358 | ||||
| NR | 4,575 | Sumter Cnty. Ind. Dev. Auth. RB, No. Sumter Util. Co. LLC Proj., 6.90%, 10/01/34 | 10/09 @ 100 | 4,762,804 | ||||
| 53,259,222 | ||||||||
| Georgia—2.6% | ||||||||
| AAA | 4,000 | Atlanta Arpt. Passenger Fac. RB, Ser. J, 5.00%, 1/01/34, FSA | 01/15 @ 100 | 4,100,760 | ||||
| BBB | 5,000 | Milledgeville-Baldwin Cnty. Dev. Auth. RB, Georgia Coll. & St. Univ. Fndtn. Proj., | ||||||
| 5.625%, 9/01/30 | 09/14 @ 101 | 5,208,600 | ||||||
| 9,309,360 | ||||||||
| Illinois—17.1% | ||||||||
| AAA | 4,000 | Bolingbrook GO, Ser. A, 5.375%, 1/01/38, FGIC | 01/12 @ 100 | 4,170,680 | ||||
| NR | 2,470 | 6 | Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 2,470,568 | |||
1
BlackRock Municipal Income Trust II (BLE)
| Principal | ||||||||
| Amount | Option Call | |||||||
| Rating1 | (000) | Description | Provisions2 | Value | ||||
| Illinois—(cont’d) | ||||||||
| A+ | $ 7,500 | 3,7 | Dev. Fin. Auth. Hosp. RB, Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09 | N/A | $ 8,007,225 | |||
| Fin. Auth. RB, | ||||||||
| BB+ | 910 | Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 | 02/15 @ 100 | 916,042 | ||||
| AA+ | 1,880 | Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 | 08/14 @ 100 | 1,977,252 | ||||
| Baa2 | 1,125 | Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35 | 06/14 @ 100 | 1,125,619 | ||||
| Baa3 | 900 | Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35 | 06/14 @ 100 | 900,351 | ||||
| A | 8,000 | Hlth. Facs. Auth. RB, Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22 | 01/13 @ 100 | 8,312,160 | ||||
| Met. Pier & Exposition Auth. Ded. St. Tax RB, McCormick Place Expansion Proj., | ||||||||
| AAA | 45,190 | Ser. A, Zero Coupon, 6/15/33, MBIA | No Opt. Call | 12,180,513 | ||||
| AAA | 5,000 | Ser. A, Zero Coupon, 6/15/40, MBIA | No Opt. Call | 931,450 | ||||
| O’Hare Intl. Arpt. RB, | ||||||||
| AAA | 2,100 | Ser. A, 5.00%, 1/01/30, MBIA | 01/15 @ 100 | 2,148,426 | ||||
| AAA | 4,290 | Ser. C-2, 5.25%, 1/01/30, FSA | 01/14 @ 100 | 4,422,175 | ||||
| AAA | 15,000 | Sports Facs. Auth. Ded. St. Tax Supported RB, Zero coupon, 6/15/30, AMBAC | 06/15 @ 101 | 13,096,500 | ||||
| 60,658,961 | ||||||||
| Indiana—8.6% | ||||||||
| AA | 5,000 | Hlth. Fac. Fin. Auth. RB, Ascension Hlth. Proj., Ser. F, 5.375%, 11/15/25 | 11/12 @ 101 | 5,197,050 | ||||
| AAA | 19,735 | 3 | Indianapolis Local Pub. Impvt. Bond Bank RB, Wtr. Wks. Proj., Ser. A, 5.25%, 7/01/12, MBIA | N/A | 21,273,146 | |||
| AAA | 4,200 | Mun. Pwr. Sply. Sys. RB, Ser. A, 4.50%, 1/01/32, AMBAC | 01/16 @ 100 | 4,009,446 | ||||
| 30,479,642 | ||||||||
| Maryland—1.8% | ||||||||
| NR | 3,000 | Frederick Cnty. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.95%, 7/01/30 | 07/07 @ 102 | 3,034,170 | ||||
| Hlth. & Higher Edl. Facs. Auth. RB, | ||||||||
| BBB+ | 2,240 | Medstar Hlth. Proj., 5.50%, 8/15/33 | 08/14 @ 100 | 2,315,891 | ||||
| A | 1,000 | Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32 | 07/12 @ 100 | 1,040,840 | ||||
| 6,390,901 | ||||||||
| Massachusetts—0.2% | ||||||||
| AA | 785 | St. Wtr. Res. Auth. Gen. RB, Ser. A, 5.00%, 8/01/41 | 08/16 @ 100 | 804,437 | ||||
| Mississippi—1.6% | ||||||||
| BBB | 4,950 | Lowndes Cnty. Sld. Wst. Disp. PCRB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 | No Opt. Call | 5,837,931 | ||||
| Missouri—1.9% | ||||||||
| NR | 6,000 | Dept. of Transp. RB, Rt. 370/Missouri Bottom Rd./Taussig Rd. Proj., 7.20%, 5/01/33 | 05/13 @ 100 | 6,695,460 | ||||
| Multi-State—3.7% | ||||||||
| Charter Mac Equity Issuer Trust, | ||||||||
| A3 | 1,000 | 6 | Ser. A, 5.75%, 4/30/15 | No Opt. Call | 1,056,250 | |||
| A3 | 3,500 | 6 | Ser. A, 6.00%, 4/30/19 | No Opt. Call | 3,774,295 | |||
| Baa1 | 5,000 | 6 | Ser. B, 6.00%, 4/30/15 | No Opt. Call | 5,180,950 | |||
| Baa1 | 3,000 | 6 | Ser. B, 6.30%, 4/30/19 | No Opt. Call | 3,159,870 | |||
| 13,171,365 | ||||||||
| Nevada—0.8% | ||||||||
| NR | 2,830 | Henderson Local Impvt. Dist. No. T-14 SA, 5.80%, 3/01/23 | 09/06 @ 103 | 2,918,607 | ||||
| New Jersey—12.4% | ||||||||
| Econ. Dev. Auth., | ||||||||
| BBB | 9,000 | RB, Cigarette Tax, 5.50%, 6/15/31 | 06/14 @ 100 | 9,349,470 | ||||
| BBB | 4,000 | RB, Cigarette Tax, 5.75%, 6/15/34 | 06/14 @ 100 | 4,215,640 | ||||
| B | 10,100 | RB, Continental Airlines, Inc. Proj., 7.20%, 11/15/30 | 11/10 @ 101 | 10,269,175 | ||||
| Baa3 | 10,000 | RB, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31 | No Opt. Call | 11,431,800 | ||||
| Baa3 | 7,475 | SA, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28 | No Opt. Call | 8,787,087 | ||||
| 44,053,172 | ||||||||
| New Mexico—1.5% | ||||||||
| Baa1 | 5,200 | Hsg. Auth. Region III RB, Villa Delaware Oso Apts. Proj., Ser. A, 6.00%, 1/01/38 | 01/13 @ 102 | 5,150,288 | ||||
| New York—14.3% | ||||||||
| NR | 985 | Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35 | 05/15 @ 102 | 918,020 | ||||
| AAA | 2,645 | Convention Ctr. Dev. RB, Hotel Unit Fee Secured, 5.00%, 11/15/44, AMBAC | 11/15 @ 100 | 2,713,003 | ||||
| AAA | 2,845 | Env. Facs. Corp., St. Clean Wtr. & Drinking Wtr. RB, NYC Mun. Wtr. Proj., | ||||||
| Ser. B, 5.00%, 6/15/31 | 06/12 @ 100 | 2,925,371 | ||||||
| AA- | 22,145 | Liberty Dev. Corp. RB, 5.25%, 10/01/35 | No Opt. Call | 23,959,783 | ||||
| AAA | 3,775 | Met. Transp. Auth. Svc. Contract RB, Ser. A, 5.00%, 7/01/30, AMBAC | 07/12 @ 100 | 3,874,207 | ||||
| B- | 6,700 | New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.75%, 8/01/31 | 08/16 @ 101 | 7,465,542 | ||||
2
BlackRock Municipal Income Trust II (BLE)
| Principal | ||||||||
| Amount | ||||||||
| Rating1 | (000) | Description | Value | |||||
| New York—(cont’d) | ||||||||
| Caa2 | $ 8,800 | Port Auth. of NY & NJ RB, Contl/Eastn. LaGuardia Proj., 9.00%, 12/01/10 | 07/06 @ 100 | $ 8,945,552 | ||||
| 50,801,478 | ||||||||
| North Carolina—2.2% | ||||||||
| NR | 7,500 | Gaston Cnty. Indl. Facs. Fin. Auth. PCRB, 5.75%, 8/01/35 | 08/15 @ 100 | 7,830,975 | ||||
| Ohio—3.9% | ||||||||
| AAA | 9,140 | Air Qual. Dev. Auth. RB, 4.80%, 1/01/34, FGIC | 07/15 @ 100 | 9,098,139 | ||||
| AAA | 4,800 | Wtr. Dev. Auth. Facs. PCRB, Dayton Pwr. & Lt. Proj., Ser. A, 4.80%, 1/01/34, FGIC | 07/15 @ 100 | 4,741,968 | ||||
| 13,840,107 | ||||||||
| Oklahoma—1.2% | ||||||||
| B- | 3,925 | Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 4,287,631 | ||||
| Pennsylvania—6.2% | ||||||||
| Econ. Dev. Fin. Auth. RB, | ||||||||
| A3 | 5,175 | Amtrak Proj., Ser. A, 6.375%, 11/01/41 | 05/11 @ 101 | 5,514,532 | ||||
| BB- | 10,565 | Exempt Facs., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36 | 12/09 @ 103 | 11,307,614 | ||||
| BBB+ | 5,000 | Monroe Cnty. Hosp. Auth. RB, Hosp. Pocono Med. Ctr. Proj., 6.00%, 1/01/43 | 01/14 @ 100 | 5,241,150 | ||||
| 22,063,296 | ||||||||
| South Carolina—5.4% | ||||||||
| Greenwood Cnty. Hosp. RB, Self Mem. Hosp. Facs. Proj., | ||||||||
| A | 3,280 | 5.50%, 10/01/26 | 10/11 @ 100 | 3,419,302 | ||||
| A | 3,250 | 5.50%, 10/01/31 | 10/11 @ 100 | 3,374,052 | ||||
| Jobs Econ. Dev. Auth. Hosp. Facs. RB, | ||||||||
| AA | 3,750 | Georgetown Mem. Hosp. Proj., 5.375%, 2/01/30, RAA | 08/11 @ 100 | 3,883,537 | ||||
| BBB+ | 4,450 | 3 | Palmetto Hlth. Proj., 6.875%, 8/01/13 | N/A | 5,232,933 | |||
| BBB+ | 550 | Palmetto Hlth. Proj., 6.875%, 8/01/27 | 08/13 @ 100 | 624,080 | ||||
| BBB+ | 2,640 | Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31 | 08/13 @ 100 | 2,829,710 | ||||
| 19,363,614 | ||||||||
| Tennessee—2.6% | ||||||||
| AAA | 20,405 | Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Hosp. Facs. RB, Ser. A, Zero Coupon, 1/01/21, FSA | 01/13 @ 63.44 | 9,232,242 | ||||
| Texas—20.4% | ||||||||
| BBB | 1,825 | Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21 | 04/16 @ 100 | 1,805,874 | ||||
| AAA | 2,015 | Dallas Area Rapid Trans. RB, 5.00%, 12/01/31, AMBAC | 12/11 @ 100 | 2,051,733 | ||||
| BBB | 20,000 | Gulf Coast Wst. Disp. Auth. Env. Impvt. RB, Ser. A, 6.10%, 8/01/24 | 08/12 @ 100 | 21,359,000 | ||||
| AAA | 25,375 | Harris Cnty. Houston Sports Auth. RB, Ser. A-3, Zero Coupon, 11/15/36, MBIA | 11/24 @ 49.423 | 4,847,894 | ||||
| AAA | 1,305 | Lower Colorado River Auth. RB, 5.00%, 5/15/31, MBIA | 05/13 @ 100 | 1,336,476 | ||||
| AAA | 930 | Montgomery Cnty. Mun. Util. Dist. No. 46 Wtr. Wks. & Swr. Sys. GO, 4.75%, 3/01/30, MBIA | 03/14 @ 100 | 923,388 | ||||
| Tpke. Auth. Central Sys. RB, | ||||||||
| AAA | 73,370 | Zero Coupon, 8/15/36, AMBAC | 08/12 @ 24.171 | 13,153,040 | ||||
| AAA | 65,000 | Zero Coupon, 8/15/37, AMBAC | 08/12 @ 22.708 | 10,949,250 | ||||
| AAA | 27,600 | Zero Coupon, 8/15/38, AMBAC | 08/12 @ 21.384 | 4,378,188 | ||||
| AAA | 9,150 | Ser. A, 5.00%, 8/15/42, AMBAC | 08/12 @ 100 | 9,266,022 | ||||
| AAA | 2,300 | Transp. Commn St. Hwy. RB, 5.00%, 4/01/26 | 04/16 @ 100 | 2,388,481 | ||||
| 72,459,346 | ||||||||
| Virginia—6.2% | ||||||||
| NR5 | 13,130 | Alexandria Redev. & Hsg. Auth. RB, 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34 | 04/08 @ 103 | 12,418,223 | ||||
| AAA | 9,000 | Halifax Cnty. Indl. Dev. Auth. Exempt Fac. RB, Old Dominion Elec. Coop. Proj., | ||||||
| 5.625%, 6/01/28, AMBAC | 06/13 @ 101 | 9,573,750 | ||||||
| 21,991,973 | ||||||||
| West Virginia—1.8% | ||||||||
| AAA | 1,115 | Econ. Dev. Auth. RB, Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA | 06/14 @ 100 | 1,150,546 | ||||
| BBB+ | 5,000 | Mason Cnty. PCRB, Appalachian Pwr. Co. Proj., Ser. L, 5.50%, 10/01/22 | 10/11 @ 100 | 5,089,500 | ||||
| 6,240,046 | ||||||||
| Wisconsin—3.0% | ||||||||
| Hlth. & Edl. Facs. Auth. RB, | ||||||||
| A- | 3,930 | Aurora Hlth. Care Proj., 6.40%, 4/15/33 | 04/13 @ 100 | 4,291,206 | ||||
| A | 5,000 | Wheaton Franciscan Svcs. Proj., 5.75%, 8/15/25 | 02/12 @ 101 | 5,254,200 | ||||
| AAA | 1,140 | Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC | 07/15 @ 100 | 1,167,520 | ||||
| 10,712,926 | ||||||||
| Total Long-Term Investments (cost $523,855,496) | 554,973,033 | |||||||
3
BlackRock Municipal Income Trust II (BLE)
| Principal | ||||||||
| Amount | ||||||||
| Rating1 | (000) | Description | Value | |||||
| SHORT-TERM INVESTMENTS—2.5% | ||||||||
| California—0.0% | ||||||||
| A-1 | $ 75 | 8 | Hlth. Facs. Fin. Auth. RB, Scripps Hlth. Proj., Ser. B, 3.10%, 6/07/06, MBIA, FRWD | $ 75,000 | ||||
| New York—0.5% | ||||||||
| A-1+ | 1.800 | 8 | Triborough Brdg. & Tunl. Auth. RB, 3.49%, 6/01/06, FRWD | 1,800,000 | ||||
| Missouri—0.7% | ||||||||
| A-1+ | 2,300 | 8 | St. Hlth. & Edl. Fac. RB, Med. Research Facs. Stowers Inst. Proj., | |||||
| 3.50%, 6/01/06, MBIA, FRWD | 2,300,000 | |||||||
| Shares | ||||||||
| (000) | ||||||||
| MONEY MARKET FUNDS—1.3% | ||||||||
| NR | 4,700 | AIM Tax Free Investment Co. Cash Reserve Portfolio | 4,700,000 | |||||
| Total Short-Term Investments (cost $8,875,000) | 8,875,000 | |||||||
| Total Investments—158.6% (cost $532,730,4969) | $ 563,848,033 | |||||||
| Liabilities in excess of other assets—(0.8)% | (2,704,360 | ) | ||||||
| Preferred shares at redemption value, including dividends payable—(57.8)% | (205,627,142 | ) | ||||||
| Net Assets Applicable to Common Shareholders—100% | $ 355,516,531 | |||||||
| 1 | Using the higher of Standard & Poor’s, Moody’s Investors Service or Fitch’s rating. |
| 2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
| 3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
| 4 | Security is collateralized by Municipal or U.S. Treasury obligations. |
| 5 | Security is deemed to be of investment grade quality by the investment advisor. |
| 6 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of May 31, 2006, the Trust held 4.4% of its net assets, with a current market value of $15,641,933, in securities restricted as to resale. |
| 7 | Security pledged as collateral. |
| 8 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of May 31, 2006. |
| 9 | Cost for Federal income tax purposes is $532,686,354. The net unrealized appreciation on a tax basis is $31,161,679, consisting of $33,207,301 gross unrealized appreciation and $2,045,622 gross unrealized depreciation. |
KEY TO ABBREVIATIONS
| ACA | — American Capital Access | MBIA | — Municipal Bond Insurance Assoc. |
| AMBAC | — American Municipal Bond Assurance Corp. | PCRB | — Pollution Control Revenue Bond |
| ETM | — Escrowed to Maturity | RAA | — Radian Asset Assurance |
| FGIC | — Financial Guaranty Insurance Co. | RB | — Revenue Bonds |
| FRWD | — Floating Rate Weekly Demand | SA | — Special Assessment |
| FSA | — Financial Security Assurance | ST | — Special Tax |
| GO | — General Obligation | TA | — Tax Allocation |
4
Item 2. Controls and Procedures.
(a)
The Registrant's principal executive and principal financial officers have evaluated
the Registrant's disclosure controls and procedures within 90 days of this filing
and have concluded, as of that date, that the Registrant’s disclosure controls
and procedures were reasonably designed to ensure that information required to
be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized,
and reported within the required time periods and that information to be disclosed
by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s
management, including its principal executive and principal financial officers,
as appropriate, to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 3. Exhibits.
Separate
certifications of the Registrant’s Principal
Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 are attached as EX-99.CERT.
SIGNATURES
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.
(Registrant) BlackRock Municipal Income Trust II
By: /s/ Henry
Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006
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/ Robert
S. Kapito
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: July 26, 2006
By: /s/ Henry
Gabbay
Name: Henry Gabbay
Title: Treasurer and Principal Financial Officer
Date: July 26, 2006