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
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2007 11/30/2007
BlackRock Municipal Income Trust II | ||||||||||||
Schedule of Investments as of November 30, 2007 (Unaudited) | (in
Thousands) |
|||||||||||
Face | ||||||||||||
State | Amount | Municipal Bonds | Value | |||||||||
Alabama - 1.3% | $ | 2,525 | Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds | |||||||||
(Ascension Health Credit), Series C-2, 5% due 11/15/2036 | $ | 2,530 | ||||||||||
1,825 | Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds | |||||||||||
(Ascension Health Credit), Series C-2, 5% due 11/15/2039 | 1,827 | |||||||||||
Arizona - 4.6% | 2,525 | Pima County, Arizona, IDA, Education Revenue Bonds (American Charter Schools Foundation), | ||||||||||
Series A, 5.625% due 7/01/2038 | 2,443 | |||||||||||
393 | Pima County, Arizona, IDA, S/F Mortgage Revenue Refunding Bonds, VRDN, AMT, 5.23% | |||||||||||
due 4/25/2008 (k) | 393 | |||||||||||
5,635 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2032 | 5,432 | ||||||||||
7,890 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5% due 12/01/2037 | 7,559 | ||||||||||
California - 11.7% | 2,250 | Agua Caliente Band of Cahuilla Indians, California, Casino Revenue Bonds, 6% due 7/01/2018 | 2,331 | |||||||||
1,840 | California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus | |||||||||||
County Tobacco Funding Corporation), Sub-Series B, 5.875% due 6/01/2046 (o) | 123 | |||||||||||
9,710 | California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus | |||||||||||
County Tobacco Funding Corporation), Sub-Series C, 6.30% due 6/01/2055 (o) | 280 | |||||||||||
12,410 | California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus | |||||||||||
County Tobacco Funding Corporation), Sub-Series D, 7.251% due 6/01/2055 (o) | 287 | |||||||||||
9,100 | California Health Facilities Financing Authority Revenue Bonds (Sutter Health), Series A, | |||||||||||
5.25% due 11/15/2046 | 9,273 | |||||||||||
3,500 | California Mobilehome Park Finance Authority Revenue Bonds (Palomar Estates East | |||||||||||
and West), Series A, 5.25% due 3/15/2034 (a) | 3,224 | |||||||||||
6,425 | California State, GO, Refunding, 5% due 6/01/2032 | 6,515 | ||||||||||
2,700 | California State, Various Purpose, GO, Refunding, 5% due 6/01/2034 | 2,728 | ||||||||||
5,000 | California Statewide Communities Development Authority, Health Facility Revenue Bonds | |||||||||||
(Memorial Health Services), Series A, 5.50% due 10/01/2033 | 5,106 | |||||||||||
4,620 | San Francisco, California, City and County Redevelopment Agency, Community Facilities | |||||||||||
District Number 1, Special Tax Bonds (Mission Bay South Public Improvements Project), | ||||||||||||
6.625% due 8/01/2027 | 4,817 | |||||||||||
5,755 | University of California Revenue Bonds, Series B, 4.75% due 5/15/2038 | 5,809 |
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) | IDR | Industrial Development Revenue Bonds | |||
EDA | Economic Development Authority | M/F | Multi-Family | |||
EDR | Economic Development Revenue Bonds | PCR | Pollution Control Revenue Bonds | |||
GO | General Obligation Bonds | S/F | Single-Family | |||
IDA | Industrial Development Authority | VRDN | Variable Rate Demand Notes |
1
BlackRock Municipal Income Trust II | ||||||||||||
Schedule of Investments as of November 30, 2007 (Unaudited) | (in Thousands) |
|||||||||||
Face | ||||||||||||
State | Amount | Municipal Bonds | Value | |||||||||
Colorado - 5.1% | $ | 10,000 | Colorado Health Facilities Authority Revenue Bonds (Catholic Health Initiatives), | |||||||||
Series A, 5.50% due 3/01/2032 (d) | $ | 10,633 | ||||||||||
1,375 | Colorado Springs, Colorado, Utilities System Improvement Revenue Bonds, | |||||||||||
Subordinate Lien, Series C, 5% due 11/15/2045 (f) | 1,418 | |||||||||||
4,000 | Northwest Parkway Public Highway Authority, Colorado, Senior Revenue Bonds, | |||||||||||
Series A, 5.25% due 6/15/2011 (f)(i) | 4,299 | |||||||||||
1,375 | Park Creek Metropolitan District, Colorado, Senior Limited Tax Supported Revenue | |||||||||||
Refunding Bonds, 5.50% due 12/01/2037 | 1,324 | |||||||||||
District of Columbia - 5.9% | 1,265 | District of Columbia, Revenue Refunding Bonds (Friendship Public Charter School, Inc.), | ||||||||||
5.25% due 6/01/2033 (a) | 1,159 | |||||||||||
7,500 | District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed Revenue | |||||||||||
Refunding Bonds, 6.50% due 5/15/2033 | 7,603 | |||||||||||
11,500 | District of Columbia Tobacco Settlement Financing Corporation, Asset-Backed Revenue | |||||||||||
Refunding Bonds, 6.75% due 5/15/2040 | 11,770 | |||||||||||
Florida - 13.3% | 2,650 | Leesburg, Florida, Hospital Revenue Bonds (Leesburg Regional Medical Center Project), | ||||||||||
5.50% due 7/01/2032 | 2,668 | |||||||||||
3,125 | Live Oak Community Development District Number 001, Florida, Special Assessment | |||||||||||
Bonds, Series A, 6.30% due 5/01/2034 | 3,281 | |||||||||||
6,230 | Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds | |||||||||||
(Mount Sinai Medical Center of Florida), 6.75% due 11/15/2021 | 6,590 | |||||||||||
6,850 | Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist | |||||||||||
Health System), 5.625% due 11/15/2012 (i) | 7,588 | |||||||||||
3,990 | Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 4.75% | |||||||||||
due 10/01/2032 (n) | 3,991 | |||||||||||
14,000 | Pinellas County, Florida, Health Facilities Authority Revenue Bonds (BayCare Health | |||||||||||
System Inc.), 5.50% due 5/15/2013 (i) | 15,455 | |||||||||||
2,040 | Stevens Plantation Community Development District, Florida, Special Assessment | |||||||||||
Revenue Bonds, Series A, 7.10% due 5/01/2035 | 2,105 | |||||||||||
4,465 | Sumter County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, | |||||||||||
6.90% due 10/01/2034 | 4,500 | |||||||||||
Georgia - 1.6% | 5,000 | Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds | ||||||||||
(Georgia College and State University Foundation), 5.625% due 9/01/2014 (i) | 5,683 | |||||||||||
Illinois - 16.0% | 4,000 | Bolingbrook, Illinois, GO, Refunding, Series A, 5.375% due 1/01/2012 (e)(i) | 4,316 | |||||||||
2,470 | Centerpoint Intermodal Center Program Trust, Illinois, Tax Allocation Bonds, Class A, 8% | |||||||||||
due 6/15/2023 (m) | 2,423 | |||||||||||
4,290 | Chicago, Illinois, O'Hare International Airport Revenue Refunding Bonds, Third Lien, AMT, | |||||||||||
Series C-2, 5.25% due 1/01/2030 (f) | 4,366 | |||||||||||
900 | Illinois Financing Authority, Student Housing Revenue Bonds (MJH Education | |||||||||||
Assistance IV LLC), Sub-Series B, 5.375% due 6/01/2035 | 619 | |||||||||||
8,000 | Illinois Health Facilities Authority, Revenue Refunding Bonds (Elmhurst Memorial Healthcare), | |||||||||||
5.50% due 1/01/2022 | 8,294 | |||||||||||
4,340 | Illinois Municipal Electric Agency, Power Supply Revenue Bonds, 4.50% due 2/01/2035 (e) | 4,143 | ||||||||||
15,000 | Illinois Sports Facilities Authority, State Tax Supported Revenue Bonds, 5.546% | |||||||||||
due 6/15/2030 (b)(o) | 14,233 |
2
BlackRock Municipal Income Trust II | ||||||||||||
Schedule of Investments as of November 30, 2007 (Unaudited) | (in Thousands) |
|||||||||||
Face | ||||||||||||
State | Amount | Municipal Bonds | Value | |||||||||
$ | 910 | Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg), Series A, | ||||||||||
5.625% due 2/15/2037 | $ | 837 | ||||||||||
1,880 | Illinois State Finance Authority Revenue Bonds (Northwestern Memorial Hospital), Series A, | |||||||||||
5.50% due 8/15/2043 | 1,966 | |||||||||||
45,190 | Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Bonds | |||||||||||
(McCormick Place Expansion), Series A, 5.72% due 6/15/2033 (h)(o) | 13,388 | |||||||||||
5,000 | Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Bonds | |||||||||||
(McCormick PlaceExpansion), Series A, 5.87% due 6/15/2040 (h)(o) | 1,038 | |||||||||||
Indiana - 7.7% | 5,000 | Indiana Health Facilities Financing Authority, Revenue Refunding Bonds (Ascension Health | ||||||||||
Credit Group), Series F, 5.375% due 11/15/2025 | 5,432 | |||||||||||
19,735 | Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue Bonds (Waterworks Project), | |||||||||||
Series A, 5.25% due 7/01/2012 (h)(i) | 21,351 | |||||||||||
Maryland - 2.4% | 1,800 | Baltimore, Maryland, Wastewater Project Revenue Bonds, Series D, 5% due 7/01/2037 (b) | 1,878 | |||||||||
3,000 | Frederick County, Maryland, Special Obligation Tax Bonds (Urbana Community Development | |||||||||||
Authority), Series A, 5.95% due 7/01/2030 | 3,003 | |||||||||||
1,000 | Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (Union | |||||||||||
Hospital of Cecil County), 5.625% due 7/01/2032 | 1,021 | |||||||||||
2,240 | Maryland State Health and Higher Educational Facilities Authority, Revenue Refunding Bonds | |||||||||||
(MedStar Health, Inc.), 5.50% due 8/15/2033 | 2,265 | |||||||||||
Massachusetts - 0.9% | 3,145 | Massachusetts State Water Resource Authority, General Revenue Refunding Bonds, Series A, | ||||||||||
5% due 8/01/2041 | 3,248 | |||||||||||
Michigan - 0.7% | 2,305 | Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health | ||||||||||
System), Series A, 5.25% due 11/15/2046 | 2,318 | |||||||||||
Mississippi - 1.6% | 4,950 | Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding (Weyerhaeuser | ||||||||||
Company Project), Series A, 6.80% due 4/01/2022 | 5,590 | |||||||||||
Missouri - 1.8% | 6,000 | Highway 370/Missouri Bottom Road/Taussig Road Transportation Development District | ||||||||||
Revenue Bonds, 7.20% due 5/01/2033 | 6,418 | |||||||||||
Nevada - 0.8% | 2,855 | Clark County, Nevada, EDR, Refunding (Alexander Dawson School of Nevada Project), | ||||||||||
5% due 5/15/2029 | 2,844 | |||||||||||
New Jersey - 12.0% | 9,000 | New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 | 8,871 | |||||||||
4,000 | New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 | 4,009 | ||||||||||
10,000 | New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation Improvement District Project), | |||||||||||
AMT, Series B, 6.50% due 4/01/2031 | 10,035 | |||||||||||
7,475 | New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation Improvement | |||||||||||
District Project), 6.50% due 4/01/2028 | 8,280 |
3
BlackRock Municipal Income Trust II | ||||||||||||
Schedule of Investments as of November 30, 2007 (Unaudited) | (in
Thousands) |
|||||||||||
Face | ||||||||||||
State | Amount | Municipal Bonds | Value | |||||||||
$ | 10,100 | New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, | ||||||||||
7.20% due 11/15/2030 | $ | 10,294 | ||||||||||
New Mexico - 1.7% | 5,200 | New Mexico Region III Housing Authority, M/F Housing Revenue Bonds (Villa Del Oso | ||||||||||
Apartments), Series A, 6% due 1/01/2013 (i) | 5,917 | |||||||||||
New York - 6.8% | 985 | Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), | ||||||||||
Series A, 7% due 5/01/2035 | 808 | |||||||||||
3,775 | Metropolitan Transportation Authority, New York, Service Contract Revenue Refunding Bonds, | |||||||||||
Series A, 5% due 7/01/2030 (b) | 3,882 | |||||||||||
6,700 | New York City, New York, City IDA, Special Facility Revenue Bonds (Continental Airlines Inc. | |||||||||||
Project), AMT, 7.75% due 8/01/2031 | 7,380 | |||||||||||
2,725 | New York Liberty Development Corporation Revenue Bonds (Goldman Sachs Headquarters), | |||||||||||
5.25% due 10/01/2035 | 2,890 | |||||||||||
2,845 | New York State Environmental Facilities Corporation, State Clean Water and Drinking Revenue | |||||||||||
Bonds (New York City Water Project), Series B, 5% due 6/15/2031 | 2,922 | |||||||||||
5,725 | Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (Continental | |||||||||||
Airlines, Inc. - LaGuardia Project), AMT, 9% due 12/01/2010 | 5,810 | |||||||||||
North Carolina - 2.1% | 7,500 | Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, | ||||||||||
Revenue Bonds (National Gypsum Company Project), AMT, 5.75% due 8/01/2035 | 7,272 | |||||||||||
Ohio - 3.0% | 1,190 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Bonds, | ||||||||||
Series A-2, 6.50% due 6/01/2047 | 1,225 | |||||||||||
9,140 | Ohio State Air Quality Development Authority, Revenue Refunding Bonds (Dayton Power and | |||||||||||
Light Company Project), Series B, 4.80% due 1/01/2034 (e) | 9,099 | |||||||||||
Oklahoma - 2.1% | 3,000 | Oklahoma State Development Finance Authority, Revenue Refunding Bonds (Saint John Health | ||||||||||
System), 5% due 2/15/2042 | 3,000 | |||||||||||
3,925 | Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds, Series A, 7.75% due 6/01/2035 | 4,229 | ||||||||||
Pennsylvania - 5.8% | 5,000 | Monroe County, Pennsylvania, Hospital Authority Revenue Bonds (Pocono Medical Center), | ||||||||||
6% due 1/01/2014 (i) | 5,671 | |||||||||||
5,175 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds | |||||||||||
(Amtrak Project), AMT, Series A, 6.375% due 11/01/2041 | 5,372 | |||||||||||
8,425 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds | |||||||||||
(Reliant Energy), AMT, Series A, 6.75% due 12/01/2036 | 8,957 | |||||||||||
South Carolina - 5.5% | 3,280 | Greenwood County, South Carolina, Hospital Facilities Revenue Bonds (Self Memorial Hospital), | ||||||||||
5.50% due 10/01/2026 | 3,344 | |||||||||||
3,250 | Greenwood County, South Carolina, Hospital Facilities Revenue Bonds (Self Memorial Hospital), | |||||||||||
5.50% due 10/01/2031 | 3,297 | |||||||||||
3,750 | South Carolina Jobs EDA, Hospital Facilities Revenue Bonds (Georgetown Memorial Hospital), | |||||||||||
5.375% due 2/01/2030 (l) | 3,763 | |||||||||||
2,640 | South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance), | |||||||||||
Series A, 6.25% due 8/01/2031 | 2,776 |
4
BlackRock Municipal Income Trust II | ||||||||||||
Schedule of Investments as of November 30, 2007 (Unaudited) | (in
Thousands) |
|||||||||||
Face | ||||||||||||
State | Amount | Municipal Bonds | Value | |||||||||
$ | 5,000 | South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance), | ||||||||||
Series C, 6.875% due 8/01/2013 (i) | $ | 5,869 | ||||||||||
Tennessee - 2.9% | 20,405 | Knox County, Tennessee, Health, Educational and Housing Facilities Board, Hospital Facilities | ||||||||||
Revenue Refunding Bonds (Covenant Health), Series A, 5.77% due 1/01/2021 (f)(o) | 10,241 | |||||||||||
Texas - 19.6% | 20,000 | Gulf Coast Waste Disposal Authority, Texas, Revenue Refunding Bonds (International Paper | ||||||||||
Company), AMT, Series A, 6.10% due 8/01/2024 | 20,445 | |||||||||||
25,375 | Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Third Lien, | |||||||||||
Series A-3, 5.96% due 11/15/2036 (h)(o) | 5,374 | |||||||||||
5 | Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A, 5% due 5/15/2013 (h)(i) | 5 | ||||||||||
1,300 | Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series A, 5% due 5/15/2031 (h) | 1,337 | ||||||||||
930 | Montgomery County, Texas, Municipal Utility District Number 46, Waterworks and Sewer System, | |||||||||||
GO, 4.75% due 3/01/2030 (h) | 939 | |||||||||||
3,600 | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, 5.50% | |||||||||||
due 8/01/2024 | 3,760 | |||||||||||
73,370 | Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.09% | |||||||||||
due 8/15/2036 (b)(o) | 14,508 | |||||||||||
65,000 | Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.10% | |||||||||||
due 8/15/2037 (b)(o) | 12,076 | |||||||||||
27,600 | Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.10% | |||||||||||
due 8/15/2038 (b)(o) | 4,828 | |||||||||||
4,575 | Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier, | |||||||||||
Series A, 5% due 8/15/2042 (b) | 4,617 | |||||||||||
Virginia - 6.5% | 12,870 | Alexandria, Virginia, Redevelopment and Housing Authority, M/F Housing Revenue Refunding Bonds | ||||||||||
(3001 Park Center Apartments), Series A, 6.375% due 4/01/2034 | 13,120 | |||||||||||
9,000 | Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion Electric | |||||||||||
Cooperative Project), AMT, 5.625% due 6/01/2028 (b) | 9,512 | |||||||||||
Washington - 1.9% | 1,960 | King County, Washington, Sewer Revenue Refunding Bonds, 5% due 1/01/2036 (f) | 2,041 | |||||||||
4,820 | Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Providence Health | |||||||||||
System), Series A, 4.625% due 10/01/2034 (e) | 4,637 | |||||||||||
West Virginia - 1.8% | 5,000 | Mason County, West Virginia, PCR, Refunding (Appalachian Power Company Project), Series L, | ||||||||||
5.50% due 10/01/2022 | 5,030 | |||||||||||
1,115 | West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and Public Safety Facilities), | |||||||||||
Series A, 5% due 6/01/2029 (h) | 1,151 | |||||||||||
Wisconsin - 2.8% | 3,930 | Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.), | ||||||||||
6.40% due 4/15/2033 | 4,136 | |||||||||||
5,000 | Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Wheaton | |||||||||||
Franciscan Services, Inc.), 5.75% due 2/15/2012 (i) | 5,513 | |||||||||||
Puerto Rico - 1.4% | 4,370 | Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue | ||||||||||
Refunding Bonds, Series N, 5.25% due 7/01/2036 (c) | 4,834 | |||||||||||
Total Municipal Bonds (Cost - $499,161) - 151.3% | 524,811 |
5
BlackRock Municipal Income Trust II | ||||||||||||
Schedule of Investments as of November 30, 2007 (Unaudited) | (in
Thousands) |
|||||||||||
Face | ||||||||||||
State | Amount | Corporate Bonds | Value | |||||||||
Multi-State - 3.9% | $ | 1,000 | Charter Mac Equity Issuer Trust, 5.75% due 4/30/2015 (m) | $ | 1,073 | |||||||
5,000 | Charter Mac Equity Issuer Trust, 6% due 4/30/2015 (m) | 5,327 | ||||||||||
3,500 | Charter Mac Equity Issuer Trust, 6% due 4/30/2019 (m) | 3,827 | ||||||||||
3,000 | Charter Mac Equity Issuer Trust, 6.30% due 4/30/2019 (m) | 3,265 | ||||||||||
Total Corporate Bonds (Cost - $12,500) - 3.9% | 13,492 | |||||||||||
Shares | ||||||||||||
Held | Short-Term Securities | |||||||||||
8,400 | Merrill Lynch Institutional Tax-Exempt Fund, 3.43% (g)(j) | 8,400 | ||||||||||
Total Short-Term Securities (Cost - $8,400) - 2.4% | 8,400 | |||||||||||
Total Investments (Cost - $520,061*) - 157.6% | 546,703 | |||||||||||
Other Assets Less Liabilities - 1.7% | 5,856 | |||||||||||
Preferred Shares, at Redemption Value - (59.3%) | (205,699 | ) | ||||||||||
Net Assets Applicable to Common Shares - 100.0% | $ | 346,860 |
* | The cost and unrealized appreciation (depreciation) of investments as of November 30, 2007, as computed for federal income tax purposes, were as follows: | |||||||
|
||||||||
|
||||||||
Aggregate
cost |
$ | 519,594 | ||||||
Gross
unrealized appreciation |
$ | 30,635 | ||||||
Gross
unrealized depreciation |
(3,526 | ) | ||||||
Net
unrealized appreciation |
$ | 27,109 | ||||||
(a) | ACA Insured. | |||||||
(b) | AMBAC Insured. | |||||||
(c) | Assured Guaranty Insured. | |||||||
(d) | Escrowed to maturity. | |||||||
(e) | FGIC Insured. | |||||||
(f) | FSA Insured. | |||||||
(g) | 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 | 5,200 | $ | 67 |
|
||
(h) | MBIA Insured. | |
(i) | Prerefunded. | |
(j) | Represents the current yield as of November 30, 2007. | |
(k) | Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based upon prevailing market rates. | |
(l) | Radian Insured. | |
(m) | The security may be offered and sold to "qualified institutional buyers" under Rule 144A of the Securities Act of 1933. | |
6
BlackRock Municipal Income Trust II | |||||
Schedule of Investments as of November 30, 2007 (Unaudited) |
(in Thousands) |
(n) | XL Capital Insured. | |
(o) | Represents a zero coupon bond; the interest rate shown reflects the effective at the time of purchase. | |
| Forward interest rate swaps outstanding as of November 30, 2007 were as follows: |
Notional | Unrealized | ||||||
Amount | Depreciation | ||||||
Pay a fixed rate of 3.861% and pay a floating rate based on | |||||||
1-week (SIFMA) Municipal Swap Index Rate | |||||||
Broker, JPMorgan Chase | |||||||
Expires January 2023 | $ | 19,000 | $ | (618 | ) | ||
Pay a fixed rate of 3.971% and pay a floating rate based on | |||||||
1-week (SIFMA) Municipal Swap Index Rate | |||||||
Broker, Citibank, N.A. | |||||||
Expires December 2027 | $ | 25,670 | (963 | ) | |||
Total | $ | (1,581 | ) |
7
Item 2 | Controls and Procedures |
2(a) | The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 and Exchange Act of 1934, as amended. |
2(b) | There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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 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 |