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______

_______BlackRock Municipal Income Trust II_______
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE    19809 
(Address of principal executive offices) 
 
(Zip code) 

Robert S. Kapito, President

BlackRock Municipal Income Trust II

_______40 East 52nd Street, New York, NY 10022_______
(Name and address of agent for service)

Registrant's telephone number, including area code:_888-825-2257__________________

Date of fiscal year end:___August 31, 2005

Date of reporting period:__May 31, 2005_________________________________

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
MAY 31, 2005 (Unaudited)
BlackRock Municipal Income Trust II (BLE)

  Principal         
    Amount     Option Call    
Rating1   (000)   Description Provisions2   Value  
      LONG-TERM INVESTMENTS—155.4%      
        California—15.8%      
A   $ 2,250   Agua Caliente Band, Cahuilla Indians Proj., 6.00%, 7/01/18 07/13 @ 100   $  2,309,445  
AA+   1,660   Edl. Fac. Auth., Univ. So. California, Ser. A, 5.00%, 10/01/33 04/13 @ 100   1,744,328  
        Golden St. Tobacco Sec. Corp., Ser. B,      
A-   16,850         5.50%, 6/01/43 06/13 @ 100   18,043,317  
A-   8,800         5.625%, 6/01/38 06/13 @ 100   9,589,448  
B-   6,660   Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj.,
      Ser. C, 7.50%,		 12/12 @ 102   6,989,337  
A   3,500   Mobilehome Park Fin. Auth., Palomar Estates East & West Proj., Ser. A,
      5.25%, 3/15/34, ACA		 03/13 @ 102   3,663,310  
NR   4,620   San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South Proj.,      
              6.625%, 8/01/27 08/11 @ 101   4,898,586  
        San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,      
NR   990         5.90%, 9/01/28 09/10 @ 102   1,013,305  
NR   1,855         5.95%, 9/01/35 09/10 @ 102   1,899,687  
A   5,000   Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33 04/13 @ 100   5,319,700  
              55,470,463  
        Colorado—4.3%      
AA   10,000   Hlth. Facs. Auth., Catholic Hlth. Initiatives Proj., Ser. A, 5.50%, 3/01/32 ETM   10,983,700  
AAA   4,000   Northwest Pkwy. Pub. Hwy. Auth., Ser. A, 5.25%, 6/15/41, FSA 06/11 @ 102   4,250,160  
              15,233,860  
        District of Columbia—6.2%      
A   1,265   Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA 06/14 @ 100   1,306,188  
        Tobacco Settlement Fin. Corp.,      
BBB   7,500         6.50%, 5/15/33 No Opt. Call   8,212,350  
BBB   11,500         6.75%, 5/15/40 05/11 @ 101   12,350,080  
              21,868,618  
     
        Florida—16.3%      
        Fishhawk Cmnty. Dev. Dist. II, Spec. Assmnt. Rev,      
NR   2,960         Ser. A, 6.25%, 5/01/34 05/13 @ 101   3,120,491  
NR   2,720         Ser. B, 5.00%, 11/01/07 No Opt. Call   2,743,474  
NR   4,780   Lakes by the Bay So. Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.25%, 5/01/34 05/14 @ 101   5,072,679  
A-   2,650   Leesburg Hosp., Leesburg Regl. Med. Ctr. Proj., 5.50%, 7/01/32 07/12 @ 100   2,769,806  
NR   3,165   Live Oak Comm. Dev., Dist. No. 1 Spec. Assmnt. Rev., Ser. A, 6.30%, 5/01/34 05/13 @ 101   3,340,246  
BB+   6,230   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 11/14 @ 100   7,047,438  
A   6,850   Orange Cnty. Hlth. Facs. Auth., Hosp. Adventist Hlth. Sys. Proj., 5.625%, 11/15/32 11/12 @ 101   7,377,724  
AA-   14,000   Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys. Proj., 5.50%, 11/15/33 05/13 @ 100   14,897,820  
NR   2,085   Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35 05/14 @ 100   2,168,963  
NR   4,625   Sumter Cnty. Ind. Dev. Auth., No. Sumter Util. Co. LLC, 6.90%, 10/01/34 10/09 @ 100   4,762,409  
NR   3,715   Sumter Landing Cmnty. Dev., Spec. Assmnt. Rev, 6.875%, 5/01/23 05/13 @ 101   4,001,687  
              57,302,737  
        Georgia—2.7%      
AAA   4,000   Atlanta Arpt. Passenger Fac., Ser. J, 5.00%, 1/01/34, FSA 01/15 @ 100   4,182,600  
BBB   5,000   Milledgeville-Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj.,
      5.625%, 9/01/30		 09/14 @ 101   5,222,550  
              9,405,150  
        Illinois—17.0%      
AAA   4,000   Bolingbrook, GO, Ser. A, 5.375%, 1/01/38, FGIC 01/12 @ 100   4,284,160  
NR   2,470   Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 No Opt. Call   2,535,307  
A   7,500 3 Dev. Fin. Auth., Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24 11/09 @ 101   7,918,050  
AA+   1,880   Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 08/14 @ 100   2,037,901  
        Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj.,      
Baa2   1,125         Ser. A, 5.125%, 6/01/35 06/14 @ 100   1,131,030  
Baa3   900         Ser. B, 5.375%, 6/01/35 06/14 @ 100   904,779  
A   8,000   Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj., 5.50%, 1/01/22 01/13 @ 100   8,513,840  
        Met. Pier & Exposition Auth., Ded. St. Tax Rev., McCormick Place Expansion Proj.,
      Ser. A, MBIA,		    
AAA   45,190         Zero Coupon, 6/15/33 No Opt. Call   12,020,992  
AAA   5,000         Zero Coupon, 6/15/40 No Opt. Call   939,350

1
BlackRock Municipal Income Trust II (BLE) (continued)

  Principal          
    Amount     Option Call    
Rating1   (000)   Description Provisions2   Value  
      Illinois—(continued)      
        O’Hare Intl. Arpt.,      
AAA   $ 2,100         Ser. A, 5.00%, 1/01/30, MBIA 01/15 @ 100   $  2,200,884  
AAA   4,290         Ser. C-2, 5.25%, 1/01/30, FSA 01/14 @ 100   4,498,022  
AAA   15,000   Sports Facs. Auth., Ded. St. Tax Supported Rev., Zero Coupon, 6/15/30, AMBAC 06/15 @ 101   12,488,400  
              59,472,715  
        Indiana—9.0%      
Baa3   5,500   Fort Wayne, PCR, Gen. Mtrs. Corp. Proj., 6.20%, 10/15/25 12/12 @ 101   5,326,640  
AA   5,000   Hlth. Fac. Fin. Auth., Ascension Hlth. Proj., Ser. F, 5.375%, 11/15/25 11/12 @ 101   5,250,800  
AAA   19,735   Indianapolis Local Pub. Impvt. Bond Bank, Wtr. Wks. Proj., Ser. A,
      5.25%, 7/01/33, MBIA		 07/12 @ 100   20,966,859  
              31,544,299  
        Louisiana—0.7%      
Baa1   2,485   Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., Oakleigh Apts. Proj., Ser. A,
      6.375%, 6/01/38		 06/13 @ 102   2,557,661  
        Maryland—3.3%      
Baa3   5,000   Econ. Dev. Corp., Student Hsg. Rev., Univ. of Maryland Proj., Ser. A, 5.75%, 10/01/33 10/13 @ 100   5,255,950  
NR   3,000   Frederick Cnty. Spl. Oblig., Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.95%, 7/01/30 07/07 @ 102   3,037,770  
        Hlth. & Higher Edl. Facs. Auth.,      
Baa1   2,240         Medstar Hlth. Proj., 5.50%, 8/15/33 08/14 @ 100   2,340,083  
A3   1,000         Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32 07/12 @ 100   1,061,900  
              11,695,703  
        Massachusetts—2.0%      
AAA   4,745   Hlth. & Edl. Fac. Auth., Harvard Univ. Proj., Ser. A, 5.00%, 7/15/36 07/15 @ 100   5,067,138  
AAA   1,910   Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA 01/07 @ 102   1,974,959  
              7,042,097  
        Michigan—0.6%      
AAA   2,115   Detroit Sewage Disp., Second Lien, Ser. A, 5.00%, 7/01/35, MBIA 07/15 @ 100   2,247,420  
        Mississippi—1.8%      
BBB   4,950   Lowndes Cnty. Sld. Wst. Disp., PCR, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22 No Opt. Call   6,136,020  
        Missouri—1.8%      
NR   6,000   Dept. of Transp., Rt. 370/Missouri Bottom Rd./Taussig Rd. Proj., 7.20%, 5/01/33 05/13 @ 100   6,440,640  
        Multi-State—3.8%      
        Charter Mac Equity Issuer Trust,      
A3   1,000 4       Ser. A, 5.75%, 4/30/15 No Opt. Call   1,050,810  
A3   3,500 4       Ser. A, 6.00%, 4/30/19 No Opt. Call   3,735,165  
Baa1   5,000 4       Ser. B, 6.00%, 4/30/15 No Opt. Call   5,251,100  
Baa1   3,000 4       Ser. B, 6.30%, 4/30/19 No Opt. Call   3,188,910  
              13,225,985  
        Nebraska—0.4%      
Aa2   1,330   Univ. Nebraska, Univ. Revs., Lincoln Student Fees & Facs., Ser. B, 5.00%, 7/01/33 11/13 @ 100   1,397,471  
        Nevada—2.7%      
NR   610   Director of the Dept. of Business & Ind., Las Ventanas Retirement Proj., Ser. A,
      7.00%, 11/15/34		 11/14 @ 100   631,472  
NR   2,975   Henderson Local Impvt. Dist. No. T-14, 5.80%, 3/01/23 09/05 @ 103   3,070,051  
        No. Las Vegas Local Impvt., Spec. Impvt. Dist. 60 Aliante,      
NR   2,470         6.125%, 12/01/17 12/05 @ 103   2,554,968  
NR   2,970         6.40%, 12/01/22 12/05 @ 103   3,073,861  
              9,330,352  
        New Jersey—12.3%      
        Econ. Dev. Auth.,      
BBB   9,000         Cigarette Tax Rev., 5.50%, 6/15/31 06/14 @ 100   9,419,130  
BBB   4,000         Cigarette Tax Rev., 5.75%, 6/15/34 06/14 @ 100   4,243,680  
B   10,100         Continental Airlines, Inc. Proj., 7.20%, 11/15/30 11/10 @ 101   9,376,537  
Baa3   7,475         Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28 No Opt. Call   8,823,714  
Baa3   10,000         Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31 No Opt. Call   11,444,300  
              43,307,361  
        New Mexico—1.4%      
Baa1   5,200   Hsg. Auth., Region III, Villa Delaware Oso Apts. Proj., Ser. A, 6.00%, 1/01/38 01/13 @ 102   4,862,728  

2
BlackRock Municipal Income Trust II (BLE) (continued)

  Principal          
    Amount     Option Call    
Rating1   (000)   Description Provisions2   Value  
      New York—6.1%      
AAA   $ 2,845   Env. Facs. Corp., Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj.,
      Ser. B, 5.00%, 6/15/31		 06/12 @ 100   $  2,982,328  
AAA   3,775   Met. Transp. Auth., Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC 07/12 @ 100   3,960,504  
        New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev.,      
AAA   1,225         Ser. A, 5.00%, 6/15/35, MBIA 06/13 @ 100   1,289,508  
AA+   2,270         Ser. D, 5.00%, 6/15/38 06/15 @ 100   2,400,253  
NR   8,800   Port Auth. of NY & NJ, Spec. Oblig. Rev., Contl/Eastn. LaGuardia Proj.,
      9.00%, 12/01/10		 07/05 @ 100   8,833,176  
AAA   1,805   Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC 10/14 @ 100   1,928,769  
              21,394,538  
        Oklahoma—1.2%      
B-   3,925   Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 No Opt. Call   4,059,628  
        Pennsylvania—6.3%      
        Econ. Dev. Fin. Auth., Ser. A,      
A3   5,175         Amtrak Proj., 6.375%, 11/01/41 05/11 @ 101   5,471,683  
BB-   10,565         Exempt Facs. Rev., Reliant Energy Conv. Proj., 6.75%, 12/01/36 12/09 @ 103   11,339,837  
BBB+   5,000   Monroe Cnty. Hosp. Auth., Hosp. Pocono Med. Ctr. Proj., 6.00%, 1/01/43 01/14 @ 100   5,320,000  
              22,131,520  
        South Carolina—6.7%      
        Greenwood Cnty. Hosp., Self Mem. Hosp. Facs. Proj.,      
A   3,280         5.50%, 10/01/26 10/11 @ 100   3,451,282  
A   3,250         5.50%, 10/01/31 10/11 @ 100   3,414,255  
        Jobs Econ. Dev. Auth., Hosp. Facs. Rev.,      
AA   3,750         Georgetown Mem. Hosp. Proj., 5.375%, 2/01/30, RAA 08/11 @ 100   3,976,350  
Baa1   2,640         Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31 08/13 @ 100   2,892,041  
BBB+   5,000         Palmetto Hlth. Alliance Proj., Ser. C, 6.875%, 8/01/27 08/13 @ 100   5,722,400  
NR   3,914   Lancaster Cnty. Assmnt., Edgewater Impvt. Dist. Ser. A, 6.875%, 11/01/35 11/13 @ 101   4,078,818  
              23,535,146  
        Tennessee—2.6%      
AAA   20,405   Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A,
      Zero Coupon, 1/01/21, FSA		 01/13 @ 63.44   9,003,298  
        Texas—17.1%      
BBB   1,650   Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 10/13 @ 101   1,843,001  
AAA   2,015   Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC 12/11 @ 100   2,095,338  
BBB   20,000   Gulf Coast Wst. Disp. Auth., Env. Impvt. Rev., Ser. A, 6.10%, 8/01/24 08/12 @ 100   21,445,800  
AAA   1,545   Harlandale Indpt. Sch. Dist., Refdg., 5.00%, 8/15/35 08/15 @ 100   1,619,129  
AAA   25,375   Harris Cnty. Houston Sports Auth., Ser. A-3, Zero Coupon, 11/15/36, MBIA 11/24 @ 49.423   4,709,092  
AAA   1,185   Lake Dallas Indpt. Sch. Dist., Refdg. Sch. Bldg., 5.00%, 8/15/37 08/14 @ 100   1,241,892  
        Tpke. Auth., Central Sys. Rev., AMBAC,      
AAA   73,370         Zero Coupon, 8/15/36 08/12 @ 24.171   12,467,764  
AAA   65,000         Zero Coupon, 8/15/37 08/12 @ 22.708   10,379,200  
AAA   27,600         Zero Coupon, 8/15/38 08/12 @ 21.384   4,150,212  
              59,951,428  
        Virginia—7.5%      
NR 5    13,280   Alexandria Redev. & Hsg. Auth., 3001 Park Ctr. Apts. Proj., Ser. A,
      6.375%, 4/01/34		 04/08 @ 103   13,751,839  
AAA   9,000   Halifax Cnty. Indl. Dev. Auth., Exempt Fac. Rev., Old Dominion Elec.
      Coop. Proj., 5.625%,		      
              6/01/28, AMBAC 06/13 @ 101   9,863,550  
B   2,500   Hopewell Indl. Dev. Auth. Env. Impvt. Rev., Refdg. Smurfit Stone Container,
      5.25%, 6/01/15		 No Opt. Call   2,522,225  
              26,137,614  
        West Virginia—1.8%      
AAA   1,115   Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA 06/14 @ 100   1,181,242  
BBB+   5,000   Mason Cnty., PCR, Rfdg. Appalachian Pwr. Co. Proj., Ser. L, 5.50%, 10/01/22 10/11 @ 100   5,188,700  
              6,369,942  
        Wisconsin—4.0%      
        Hlth. & Edl. Facs. Auth.,      
A-   3,930         Aurora Hlth. Care Proj., 6.40%, 4/15/33 04/13 @ 100   4,381,282  
A-   4,000         Synergy Hlth., Inc., 6.00%, 11/15/32 08/13 @ 100   4,315,680  
A   5,000         Wheaton Franciscan Svcs., 5.75%, 8/15/25 02/12 @ 101   5,379,800  
              14,076,762  
        Total Long-Term Investments (cost $505,980,754)     545,201,156  

3
BlackRock Municipal Income Trust II (BLE) (continued)

  Principal          
    Amount          
Rating1   (000)   Description     Value  
      SHORT-TERM INVESTMENTS—2.3%      
        California—0.0%      
A1+   $ 75 6 Hlth. Facs. Fin. Auth., Scripps Hlth. Proj., Ser. B, 2.82%, 6/01/05, FRWD, MBIA     $      75,000  
        Maryland—0.3%      
A1+   1,100 6 Hlth. & Higher Edl. Facs. Auth., Pooled Ln. Prog. Proj., Ser. D,
      2.95%, 6/02/05, FRWD		     1,100,000  
        Ohio—1.5%      
VMIG1   5,000 6 Univ. of Akron, 2.96%, 6/02/05, FGIC, FRWD     5,000,000  
        Pennsylvania—0.5%      
A1+   1,815 6 Emmaus Gen. Auth., 2.97%, 6/01/05, FRWD, FSA     1,815,000  
        Total Short-Term Investments (cost $7,990,000)     7,990,000  
        Total Investments—157.7% (cost $513,970,7547)     $553,191,156  
        Other assets in excess of liabilities—0.9%     3,108,219  
        Preferred shares at redemption value, including dividends payable—(58.6)%     (205,619,621 )
        Net Assets Applicable to Common Shareholders—100%     $350,679,754  

1 Using the higher of S&P’s, Moody’s 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 Securities, or a portion thereof, pledged as collateral with a value of $2,639,350 on 1,808 short U.S. Treasury Note futures contracts expiring Sept. 2005. The value of such contracts on May 31, 2005 was $204,784,250, with an unrealized loss of $2,285,835.
4 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, 2005, the Trust held 3.8% of it nets assets, with a current market value of $13,225,985, in securities restricted as to resale.
5 Security is deemed to be of investment grade quality by the investment advisor.
6 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which thesecurity can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of May 31, 2005.
7 Cost for Federal income purposes is $513,893,702. The net unrealized appreciation on a tax basis is $39,297,454 consisting of $39,558,406 gross unrealized appreciation and $260,952 gross unrealized depreciation.

 

KEY TO ABBREVIATIONS
 
ACA — American Capital Access FSA — Financial Security Assurance
AMBAC — American Municipal Bond Assurance Corporation GO — General Obligation
ETM — Escrowed to Maturity MBIA — Municipal Bond Insurance Association
FGIC — Financial Guaranty Insurance Company PCR — Pollution Control Revenue
FRDD — Floating Rate Daily Demand RAA — Radian Asset Assurance
FRWD — Floating Rate Weekly Demand  

4

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is 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
Date: July 22, 2005

      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: Principal Executive Officer
Date: July 22, 2005

By: __/s/ Henry Gabbay_____________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 22, 2005