BLACKROCK MUNIVEST FUND II, INC.

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: 811-07478

Name of Fund: BlackRock MuniVest Fund II, Inc. (MVT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniVest

Fund II, Inc., 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2014

Date of reporting period: 01/31/2014

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2014 (Unaudited)   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Alabama — 2.6%

     

County of Jefferson Alabama, RB, Limited Obligation School, Series A, 5.25%, 1/01/19

    $ 1,490      $ 1,495,677   

County of Jefferson Alabama Sewer, Refunding RB:

     

Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/38 (a)

      585        329,074   

Convertible CAB, Senior Lien, Series C (AGM), 0.00%, 10/01/42 (a)

      510        283,177   

Senior Lien, Series A (AGM), 5.00%, 10/01/44

      805        784,006   

Senior Lien, Series A (AGM), 5.25%, 10/01/48

      1,530        1,505,872   

Sub-Lien, Series D, 6.00%, 10/01/42

      3,575        3,526,487   
    

 

 

  
               7,924,293   

Alaska — 1.0%

     

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A:

     

4.63%, 6/01/23

      1,570        1,475,565   

5.00%, 6/01/46

      2,250        1,551,037   
    

 

 

  
               3,026,602   

Arizona — 0.3%

     

County of Maricopa Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29

      900        806,373   

County of Pima Arizona IDA, RB, Arizona Charter Schools Project, Series C, 6.75%, 7/01/31

      45        45,005   
    

 

 

  
               851,378   

California — 14.9%

     

California Health Facilities Financing Authority, RB:

     

St. Joseph Health System, Series A, 5.75%, 7/01/39

      2,200        2,465,320   

Sutter Health, Series B, 6.00%, 8/15/42

      3,170        3,643,725   

California Health Facilities Financing Authority,
Refunding RB, St. Joseph Health System,
Series A, 5.00%, 7/01/33

      1,265        1,330,932   
Municipal Bonds    Par  
(000)		     Value  

California (concluded)

     

California Pollution Control Financing Authority, RB:

     

County of San Diego California Water Authority Desalination Project Pipeline, 5.00%, 11/21/45

    $ 1,230      $ 1,144,958   

Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 7/01/37 (b)

      1,025        930,372   

Poseidon Resources (Channel Side) LP Desalination Project, AMT, 5.00%, 11/21/45 (b)

      2,560        2,247,245   

California State Public Works Board, RB, Various Capital Projects:

     

Series I, 5.00%, 11/01/38

      775        805,256   

Sub-Series I-1, 6.38%, 11/01/34

      1,185        1,372,100   

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport Series A:

     

Senior, 5.00%, 5/15/40

      5,930        6,219,503   

5.25%, 5/15/39

      800        862,160   

City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A,
6.25%, 10/01/40

      360        390,254   

San Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43

      1,085        1,154,169   

San Marcos Unified School District, GO, CAB, Election of 2010, Series B (c):

     

0.00%, 8/01/41

      5,000        1,170,600   

0.00%, 8/01/42

      2,000        442,940   

State of California, GO, Various Purposes:

     

6.00%, 3/01/33

      2,525        2,953,997   

6.50%, 4/01/33

      14,925        17,913,283   

Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1, 4.75%, 6/01/25

      1,075        1,027,764   
    

 

 

  
       46,074,578   

 

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014    1

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Colorado — 2.5%

     

Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33

    $ 1,060      $ 1,192,330   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project,
5.00%, 12/01/42

      1,000        955,850   

Colorado State Board of Governors, Refunding RB, State University System Enterprise, Series A,
5.00%, 3/01/43

      1,180        1,301,682   

Plaza Metropolitan District No. 1, Tax Allocation Bonds, Public Improvement Fee, Tax Increment,
8.00%, 6/01/14 (d)

      3,300        3,419,229   

University of Colorado, RB,
Series A, 5.75%, 6/01/28

      750        883,207   
    

 

 

  
               7,752,298   

Connecticut — 1.9%

     

Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit,
Series A, 5.00%, 11/15/40

      1,375        1,432,351   

Connecticut State Health & Educational Facility Authority, Refunding RB, Wesleyan University,
Series G, 5.00%, 7/01/35

      3,385        3,618,261   

Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution,
6.25%, 1/01/31

      950        949,924   
    

 

 

  
               6,000,536   

Delaware — 1.7%

     

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project,
6.00%, 10/01/40

      1,125        1,180,440   

Delaware State EDA, RB, Exempt Facilities, Indian River Power LLC Project,
5.38%, 10/01/45

      4,065        3,988,863   
    

 

 

  
               5,169,303   

District of Columbia — 2.4%

     

District of Columbia, Refunding RB, Kipp Charter School,
Series A, 6.00%, 7/01/43

      240        253,409   
Municipal Bonds    Par  
(000)		     Value  

District of Columbia (concluded)

     

Metropolitan Washington Airports Authority, Refunding RB:

     

1st Senior Lien, Series A,
5.25%, 10/01/44

    $ 1,500      $ 1,540,530   

CAB, 2nd Senior Lien, Series B (AGC),
0.00%, 10/01/33 (c)

      6,590        2,219,841   

CAB, 2nd Senior Lien, Series B (AGC),
0.00%, 10/01/34 (c)

      4,830        1,508,795   

CAB, 2nd Senior Lien, Series B (AGC),
0.00%, 10/01/35 (c)

      6,515        1,879,708   
    

 

 

  
               7,402,283   

Florida — 4.9%

     

County of Hillsborough Florida IDA, RB, National Gypsum Co., Series B, AMT, 7.13%, 4/01/30

      2,720        2,720,408   

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport,
Series A-1, 5.38%, 10/01/41

      1,165        1,216,260   

County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB:

     

Series A, 5.00%, 7/01/37

      1,515        1,577,221   

Series B, 5.00%, 7/01/42

      1,255        1,289,663   

Fiddlers Creek Community Development District No. 2, Special Assessment Bonds, Series A,
6.38%, 5/01/35 (e)(f)

      2,350        1,222,611   

Mid-Bay Bridge Authority, RB, Springing Lien,
Series A, 7.25%, 10/01/40

      3,015        3,339,143   

Midtown Miami Community Development District, Special Assessment Bonds, Series A,
6.25%, 5/01/37

      915        915,211   

Palm Coast Park Community Development District, Special Assessment Bonds, 5.70%, 5/01/37

      1,155        733,390   

Village Community Development District No. 10, Special Assessment Bonds, 5.13%, 5/01/43

      2,480        2,321,379   
    

 

 

  
               15,335,286   

Georgia — 3.2%

     

DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39

      130        134,911   

 

                
2    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds    Par  
(000)		     Value  

Georgia (concluded)

     

Fulton County Residential Care Facilities for the Elderly Authority, Refunding RB, Canterbury Court Project, Series A, 6.13%, 2/15/26

    $ 2,000      $ 2,012,460   

Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, 3rd Indenture, Series A, 5.00%, 7/01/39

      3,465        3,628,687   

Municipal Electric Authority of Georgia, Refunding RB:

     

Series W, 6.60%, 1/01/18

      3,120        3,453,715   

Series X, 6.50%, 1/01/20

      730        845,545   
    

 

 

  
               10,075,318   

Hawaii — 0.5%

     

State of Hawaii Harbor System, RB, Series A, 5.25%, 7/01/30

      1,355        1,473,942   

Illinois — 19.4%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series C, 6.50%, 1/01/41

      5,865        6,682,288   

City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/34

      4,535        4,534,819   

City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38

      820        850,594   

City of Chicago Illinois, Special Assessment Bonds, Lake Shore East, 6.75%, 12/01/32

      800        810,928   

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40

      1,050        1,081,164   

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien:

     

Project, 5.00%, 11/01/42

      3,780        3,801,017   

Water Project (AGM), 5.25%, 11/01/33

      1,325        1,373,283   

County of Cook Illinois Community College District No. 508, GO, City College of Chicago, 5.50%, 12/01/38

      805        864,377   

Illinois Finance Authority, RB:

     

Advocate Health Care Network, Series D, 6.50%, 11/01/38

      5,000        5,673,850   

Community Rehabilitation Providers Facilities, Series A, 6.50%, 7/01/22

      285        277,086   
Municipal Bonds    Par  
(000)		     Value  

Illinois (concluded)

     

Illinois Finance Authority, Refunding RB, Central Dupage Health, Series B, 5.50%, 11/01/39

    $ 1,610      $ 1,733,052   

Illinois State Toll Highway Authority, RB, Series A, 5.00%, 1/01/38

      2,315        2,382,019   

Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project:

     

Series B (AGM), 5.00%, 6/15/50

      3,080        3,080,585   

Series B-2, 5.00%, 6/15/50

      2,500        2,450,575   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      440        492,417   

6.00%, 6/01/28

      1,140        1,264,488   

Regional Transportation Authority, RB:

     

Series A (AMBAC), 7.20%, 11/01/20

      1,065        1,253,846   

Series A (NPFGC), 6.70%, 11/01/21

      5,920        6,950,790   

Series C (NPFGC), 7.75%, 6/01/20

      2,500        3,056,975   

State of Illinois, GO, Series A:

     

5.00%, 4/01/35

      3,000        3,037,230   

5.00%, 4/01/38

      3,640        3,655,688   

State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34

      630        658,407   

Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23

      2,800        2,802,100   

Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project, 6.00%, 1/01/25

      1,320        1,284,941   
    

 

 

  
               60,052,519   

Indiana — 5.1%

     

Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A:

     

4.00%, 8/01/35

      375        363,934   

4.00%, 2/01/38

      1,810        1,711,047   

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT:

     

6.75%, 1/01/34

      790        819,996   

7.00%, 1/01/44

      1,905        1,990,668   

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014    3

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds    Par  
(000)		     Value  

Indiana (concluded)

     

Indiana Finance Authority, RB, Series A:

     

CWA Authority Project, 1st Lien, 5.25%, 10/01/38

    $ 3,280      $ 3,494,709   

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/44

      450        423,877   

Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 7/01/48

      1,430        1,332,503   

Sisters of St. Francis Health Services, 5.25%, 11/01/39

      840        868,963   

Indiana Finance Authority, Refunding RB, Parkview Health System, Series A, 5.75%, 5/01/31

      2,795        2,986,150   

Indianapolis Local Public Improvement Bond Bank, RB, Series A:

     

5.00%, 1/15/36

      395        419,589   

5.00%, 1/15/40

      1,270        1,335,481   
    

 

 

  
               15,746,917   

Iowa — 1.7%

     

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project:

     

5.00%, 12/01/19

      960        948,480   

5.50%, 12/01/22

      2,340        2,255,807   

5.25%, 12/01/25

      460        426,976   

Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series A-1, AMT, 5.15%, 12/01/22

      1,595        1,676,680   
    

 

 

  
               5,307,943   

Kentucky — 0.5%

     

Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45

      995        1,016,990   

Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crosing Project, Convertible CAB, 1st Tier, Series C, 0.00%, 7/01/43 (a)

      1,200        675,336   
    

 

 

  
               1,692,326   
Municipal Bonds    Par  
(000)		     Value  

Louisiana — 3.9%

     

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Project, Series A-1, 6.50%, 11/01/35

    $ 3,320      $ 3,605,985   

Sabine River Authority Louisiana, Refunding RB, International Paper Co. Project, 6.20%, 2/01/25

      3,600        3,605,580   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

     

5.50%, 5/15/30

      1,020        1,042,460   

5.25%, 5/15/31

      870        873,323   

5.25%, 5/15/32

      1,110        1,111,754   

5.25%, 5/15/33

      1,205        1,204,181   

5.25%, 5/15/35

      505        502,717   
    

 

 

  
               11,946,000   

Maryland — 1.7%

     

County of Montgomery Maryland, GO, West Germantown Development District, Series A (Radian),
6.70%, 7/01/27

      1,100        1,102,563   

Maryland Community Development Administration, Refunding, HRB, Residential, Series D, AMT,
4.90%, 9/01/42

      1,500        1,501,635   

Maryland EDC, RB, Transportation Facilities Project,
Series A, 5.75%, 6/01/35

      435        444,044   

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 9/01/25

      1,160        1,216,190   

Maryland Health & Higher Educational Facilities Authority, RB, University of Maryland Medical System,
Series B (NPFGC), 7.00%, 7/01/22

      890        1,085,444   
    

 

 

  
               5,349,876   

Massachusetts — 3.4%

     

Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare System,
Series J1, 5.00%, 7/01/39

      990        1,020,245   

Massachusetts HFA, RB, AMT:

     

M/F Housing, Series A, 5.20%, 12/01/37

      2,830        2,847,829   

S/F Housing, Series 130, 5.00%, 12/01/32

      2,720        2,746,982   

 

                
4    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Massachusetts (concluded)

     

Massachusetts HFA, Refunding RB, Series F, AMT,
5.70%, 6/01/40

    $ 2,035      $ 2,097,983   

Massachusetts School Building Authority, RB, Series A:

     

Dedicated Sales Tax, Senior, 5.00%, 5/15/43

      1,420        1,517,810   

(AGM), 5.00%, 8/15/30

      415        438,634   
    

 

 

  
               10,669,483   

Michigan — 7.7%

     

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien:

     

Series A, 5.00%, 7/01/32

      1,565        1,429,330   

Series A, 5.25%, 7/01/39

      4,425        4,083,434   

Series B (AGM), 7.50%, 7/01/33

      910        969,887   

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital, 5.50%, 5/15/36

      1,380        1,428,010   

Michigan State Hospital Finance Authority, Refunding RB, Series A:

     

Henry Ford Health System, 5.25%, 11/15/46

      5,080        4,992,015   

McLaren Health Care, 5.75%, 5/15/38

      8,560        9,410,436   

Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39

      1,400        1,700,888   
    

 

 

  
               24,014,000   

Mississippi — 1.5%

     

County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project, Series A, 6.80%, 4/01/22

      3,000        3,449,280   

University of Southern Mississippi, RB, Campus Facilities Improvements Project, 5.38%, 9/01/36

      1,065        1,135,396   
    

 

 

  
               4,584,676   
Municipal Bonds    Par  
(000)		     Value  

Missouri — 0.2%

     

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Refunding RB, Combined Lien,
Series A, 5.00%, 10/01/44

    $ 255      $ 267,974   

State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of Pharmacy Project,
5.50%, 5/01/43

      245        252,500   
    

 

 

  
               520,474   

Nebraska — 0.7%

     

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42

      1,445        1,446,936   

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.25%, 9/01/37

      825        843,835   
    

 

 

  
               2,290,771   

New Jersey — 4.4%

     

New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT, 5.25%, 9/15/29

      1,955        1,881,688   

New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project, 5.75%, 4/01/31

      2,240        2,319,184   

New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.38%, 10/01/28

      715        750,450   

New Jersey State Turnpike Authority, RB, Series A,
5.00%, 1/01/43

      1,985        2,060,867   

New Jersey Transportation Trust Fund Authority, RB, Transportation System:

     

Series A, 5.50%, 6/15/41

      1,635        1,738,626   

Series B, 5.25%, 6/15/36

      2,460        2,615,767   

Rutgers — The State University of New Jersey, Refunding RB, Series L:

     

5.00%, 5/01/38

      505        545,723   

5.00%, 5/01/43

      525        561,036   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23

      1,335        1,252,390   
    

 

 

  
       13,725,731   

 

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014    5

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

New York — 13.8%

     

City of New York New York Industrial Development Agency, RB:

     

British Airways PLC Project, AMT, 7.63%, 12/01/32

    $ 1,920      $ 1,929,274   

Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/17

      595        593,001   

City of New York New York Transitional Finance Authority, RB:

     

Fiscal 2009, Series S-3, 5.25%, 1/15/39

      6,700        7,217,307   

Future Tax Secured Bonds, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42

      2,460        2,590,847   

Metropolitan Transportation Authority, RB, Series C, 6.50%, 11/15/28

      9,405        11,043,821   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43

      10,735        11,416,780   

New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

      1,220        1,304,802   

New York State Dormitory Authority, Refunding RB, General Purpose, Series A, 5.00%, 6/15/31

      1,790        1,964,561   

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8:

     

6.00%, 12/01/36

      1,165        1,263,174   

6.00%, 12/01/42

      1,250        1,353,050   

Utility Debt Securitization Authority, Refunding RB, Restructuring, Series E, 5.00%, 12/15/41

      1,065        1,147,506   

Westchester County Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series E-1, 6.50%, 7/01/17

      850        847,399   
    

 

 

  
               42,671,522   
Municipal Bonds   

Par  

(000)

     Value  

North Carolina — 1.8%

     

County of Gaston Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35

    $ 1,675      $ 1,495,088   

North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A, 5.00%, 6/01/42

      1,400        1,490,398   

North Carolina Medical Care Commission, Refunding RB:

     

Carolina Village Project, 6.00%, 4/01/38

      2,000        2,004,900   

Retirement Facilities, 1st Mortgage, Whitestone Project, Series A, 7.75%, 3/01/41

      595        631,105   
    

 

 

  
               5,621,491   

Ohio — 0.2%

     

County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A, 6.13%, 7/01/40

      660        665,240   

Pennsylvania — 1.0%

     

City of Philadelphia Pennsylvania Industrial Development, RB, Commercial Development, AMT, 7.75%, 12/01/17

      1,265        1,268,150   

Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project, Series B,
5.00%, 11/15/40

      1,890        1,941,446   
    

 

 

  
               3,209,596   

South Carolina — 1.1%

     

South Carolina State Ports Authority, RB, 5.25%, 7/01/40

      3,280        3,439,867   

Tennessee — 0.5%

     

City of Chattanooga Tennessee Health Educational & Housing Facility Board, RB, Catholic Health Initiatives, Series A, 5.25%, 1/01/45

      1,380        1,410,498   

Texas — 9.5%

     

Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33 (e)(f)

      1,500        41,250   

 

                
6    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (continued)

     

Central Texas Regional Mobility Authority,
Refunding RB:

     

Senior Lien, 6.25%, 1/01/46

    $ 2,140      $ 2,239,317   

Sub-Lien, 5.00%, 1/01/33

      355        333,004   

Sub-Lien, 5.00%, 1/01/42

      315        282,741   

City of Dallas Texas Waterworks & Sewer System, Refunding RB, 5.00%, 10/01/35

      510        553,926   

City of Houston Texas, RB, Special Facilities, Continental Airlines, Inc., Series E, AMT, 6.75%, 7/01/21

      4,820        4,820,048   

Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 8/15/43

      745        784,776   

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/48

      455        459,764   

County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.25%, 12/01/18 (d)

      2,000        2,575,700   

County of Matagorda Texas Navigation District No. 1, Refunding RB, AEP Texas Central Co. Project,
Series 1, 4.00%, 6/01/30

      1,080        981,752   

Dallas-Fort Worth International Airport, Refunding ARB, Joint Improvement, Series E, AMT, 5.00%, 11/01/35

      1,800        1,813,194   

Fort Bend County Industrial Development Corp., RB, NRG Energy Project, Series B, 4.75%, 11/01/42

      1,475        1,310,184   

North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 6.25%, 1/01/39

      7,000        7,805,420   

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien:

     

LBJ Infrastructure Group LLC, LBJ Freeway Managed Lanes Project, 7.00%, 6/30/40

      2,000        2,209,640   
Municipal Bonds   

Par  

(000)

     Value  

Texas (concluded)

     

Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien (concluded):

     

NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

    $ 3,000      $ 3,274,470   
    

 

 

  
               29,485,186   

Utah — 0.9%

     

City of Riverton Utah, RB, IHC Health Services, Inc.,
5.00%, 8/15/41

      2,780        2,869,433   

Virginia — 2.8%

     

County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc.:

     

5.13%, 10/01/37

      500        504,700   

5.13%, 10/01/42

      3,440        3,463,151   

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings LLC Project, AMT:

     

5.25%, 1/01/32

      1,615        1,614,919   

6.00%, 1/01/37

      2,915        3,045,913   
    

 

 

  
               8,628,683   

Washington — 2.1%

     

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45

      2,290        2,439,354   

Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D,
6.38%, 10/01/36

      3,700        4,183,442   
    

 

 

  
               6,622,796   

Wisconsin — 3.4%

     

State of Wisconsin, Refunding RB, Series A,
6.00%, 5/01/36

      7,100        7,982,885   

State of Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group,
Series E, 5.00%, 11/15/33

      2,465        2,597,617   
    

 

 

  
               10,580,502   
Total Municipal Bonds — 123.2%              382,191,347   

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014    7

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		   

Par  

(000)

     Value  

California — 6.5%

     

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44

    $ 3,271      $ 3,539,997   

California Educational Facilities Authority, RB, University of Southern California, Series B,
5.25%, 10/01/39 (h)

      2,610        2,855,523   

City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B,
5.00%, 11/01/39

      9,480        10,092,692   

Los Angeles Community College District California, GO, Election of 2001, Series A (AGM), 5.00%, 8/01/32

      2,290        2,453,643   

San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33

      1,077        1,208,824   
    

 

 

  
               20,150,679   

Colorado — 0.8%

     

Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiatives, Series A,
5.50%, 7/01/34 (h)

      2,129        2,362,329   

Connecticut — 2.1%

     

Connecticut State Health & Educational Facility Authority, RB, Yale University, Series Z-3,
5.05%, 7/01/42

      6,000        6,488,820   

Florida — 1.9%

     

County of Miami-Dade Florida, RB, Water & Sewer System, 5.00%, 10/01/34

      5,679        5,998,142   

Illinois — 1.0%

     

State of Illinois Toll Highway Authority, RB, Senior Priority, Series B, 5.50%, 1/01/33

      2,999        3,257,269   

Maryland — 0.8%

     

Maryland State Transportation Authority, RB, Transportation Facilities Project (AGM),
5.00%, 7/01/41

      2,290        2,435,507   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		   

Par  

(000)

     Value  

Massachusetts — 0.8%

     

Massachusetts School Building Authority, RB, Senior,
Series B, 5.00%, 10/15/41

    $ 2,266      $ 2,406,868   

New Hampshire — 0.7%

     

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,
5.25%, 6/01/39 (h)

      2,009        2,231,100   

New York — 5.5%

     

City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System 2nd General Resolution:

     

Series DD, 5.00%, 6/15/37

      6,299        6,623,981   

Series FF-2, 5.50%, 6/15/40

      1,575        1,695,760   

Hudson Yards Infrastructure Corp., RB, Fiscal 2012,
Series A, 5.75%, 2/15/47 (h)

      1,610        1,739,608   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,
5.75%, 11/15/51 (h)

      6,440        6,945,926   
    

 

 

  
               17,005,275   

North Carolina — 2.1%

     

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series A,
5.00%, 10/01/41

      6,239        6,536,821   

Ohio — 5.7%

     

Ohio Higher Educational Facility Commission, RB,
Cleveland Clinic Health, Series A, 5.25%, 1/01/33

      2,400        2,576,640   

State of Ohio, Refunding RB, Cleveland Clinic Health
System Obligated Group, Series A, 5.50%, 1/01/39

      13,843        15,280,302   
    

 

 

  
               17,856,942   

South Carolina — 1.8%

     

State of South Carolina Public Service Authority, Refunding RB, Santee Cooper, Series A,
5.50%, 1/01/38 (h)

      4,995        5,501,743   

Texas — 4.3%

     

City of San Antonio Texas Public Service Board, RB, Electric & Gas Systems, Junior Lien, 5.00%, 2/01/43

      3,150        2,642,825   

 

                
8    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

 

Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		   

Par  

(000)

     Value  

Texas (concluded)

     

County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41

    $ 3,400      $ 3,605,836   

Texas Department of Housing & Community Affairs, RB, S/F Mortgage, Series B, AMT (Ginnie Mae), 5.25%, 9/01/32

      2,131        2,172,538   

Texas State University, Refunding RB, (AGM), 5.00%, 3/15/30

      2,743        2,905,324   

University of Texas, Refunding RB, Financing System, Series B, 5.00%, 8/15/43

      1,830        1,960,274   
    

 

 

  
               13,286,797   

Washington — 5.8%

     

Central Puget Sound Regional Transit Authority, RB, Series A:

     

5.00%, 11/01/34

      5,000        5,364,900   

5.00%, 11/01/36

      4,000        4,291,920   

(AGM), 5.00%, 11/01/32

      7,693        8,227,330   
    

 

 

  
               17,884,150   

Wisconsin — 0.8%

     

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Obligated Group, Series C, 5.25%, 4/01/39 (h)

      2,499        2,590,420   
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts — 40.6%		         125,992,862   
Total Long-Term Investments
(Cost — $481,576,159) — 163.8%		         508,184,209   
    
Short-Term Securities		   

Par  

(000)

     Value  

Tennessee — 0.1%

     

Shelby County Health Educational & Housing Facilities Board, Refunding RB, VRDN, Methodist Le Bonheur Healthcare, Series B (US Bank NA SBPA), 0.10%, 2/03/14 (i)

    $ 300      $ 300,000   
                  
      Shares         

Money Market Funds — 1.5%

     

FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)

      4,629,351        4,629,351   

Total Short-Term Securities

(Cost — $4,929,351) — 1.6%

  

  

     4,929,351   
Total Investments (Cost — $486,505,510*) — 165.4%        513,113,560   
Other Assets Less Liabilities — 1.8%        5,788,967   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (22.1%)

   

     (68,649,656 ) 
VMTP Shares, at Liquidation Value — (45.1%)        (140,000,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 310,252,871   
    

 

 

  

 

*   As of January 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 418,181,575   
 

 

 

  

Gross unrealized appreciation

   $ 33,873,783   

Gross unrealized depreciation

     (7,579,985 ) 
 

 

 

  

Net unrealized appreciation

   $ 26,293,798   
 

 

 

  

 

Notes to Schedule of Investments

 

(a)   Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

 

(b)   Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(c)   Zero-coupon bond.

 

(d)   US 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.

 

(e)   Non-income producing security.

 

(f)   Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

 

(g)   Represent bonds transferred to a TOB. In exchange for which the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction.

 

(h)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 1, 2016 to November 15, 2019, is $13,378,781.

 

(i)   Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014    9

Schedule of Investments (continued)

    BlackRock MuniVest Fund II, Inc. (MVT)

 

 

(j)   Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2014, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

 

Affiliate      Shares Held
at April 30,
2013		        Net
Activity		        Shares Held
at January 31,
2014		        Income  

FFI Institutional Tax-Exempt Fund

        5,335,715           (706,364 )         4,629,351         $ 1,191   

 

(k)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:      AGC    Assured Guarantee Corp.    HFA    Housing Finance Agency
     AGM    Assured Guaranty Municipal Corp.    HRB    Housing Revenue Bonds
     AMBAC    American Municipal Bond Assurance Corp.    IDA    Industrial Development Authority
     AMT    Alternative Minimum Tax (subject to)    NPFGC    National Public Finance Guarantee Corp.
     ARB    Airport Revenue Bonds    Radian    Radian Guaranty, Inc.
     CAB    Capital Appreciation Bonds    RB    Revenue Bonds
     EDA    Economic Development Authority    SBPA    Stand-by Bond Purchase Agreements
     EDC    Economic Development Corp.    S/F    Single-Family
     GARB    General Airport Revenue Bonds    VRDN    Variable Rate Demand Notes
     GO    General Obligation Bonds      

 

                
10    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014   

Schedule of Investments (continued)

    BlackRock MuniVest Fund II, Inc. (MVT)

 

 

Ÿ  

Financial futures contracts outstanding as of January 31, 2014 were as follows:

 

Contracts

Sold

     Issue   Exchange   Expiration     

Notional

Value

       

Unrealized

Depreciation

  
  (288 )    10-Year US Treasury Note   Chicago Board of Trade   March 2014      $ 36,216,000         $ (381,191 ) 

 

Ÿ  

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

Ÿ  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

Ÿ  

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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)

 

Ÿ  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2014:

 

     Level 1        Level 2        Level 3        Total  

Assets:

  

Investments:                 

Long-Term Investments 1

     —         $ 508,184,209           —         $ 508,184,209   

Short-Term Securities

   $ 4,629,351           300,000           —           4,929,351   
 

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 4,629,351         $ 508,484,209           —         $ 513,113,560   
 

 

 

       

 

 

       

 

 

       

 

 

  

 

1   See above Schedule of Investments for values in each state or political subdivision.

      

     Level 1        Level 2        Level 3        Total  
Derivative Financial Instruments 2             

Liabilities:

                 

Interest rate contracts

   $ (381,191 )         —           —         $ (381,191 ) 

2   Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

      

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014    11

Schedule of Investments (concluded)    BlackRock MuniVest Fund II, Inc. (MVT)

 

The carrying amount for certain of the Fund’s assets and/or liabilities approximates fair value for financial reporting purposes. As of January 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3        Total  

Assets:

                 

Cash pledged for financial futures contracts

   $ 465,000           —           —         $ 465,000   

Liabilities:

                 

TOB trust certificate

     —         $ (68,638,187 )         —           (68,638,187 ) 

VMTP Shares

     —           (140,000,000 )         —           (140,000,000 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 465,000         $ (208,638,187 )         —         $ (208,173,187 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

There were no transfers between levels during the period ended January 31, 2014.

 

                
12    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2014   

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 MuniVest Fund II, Inc.

 

By:

   

/s/ JOHN M. PERLOWSKI

   
   John M. Perlowski   
  

Chief Executive Officer (principal executive officer) of

BlackRock MuniVest Fund II, Inc.

   

Date: March 25, 2014

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/ JOHN M. PERLOWSKI

   
   John M. Perlowski   
  

Chief Executive Officer (principal executive officer) of

BlackRock MuniVest Fund II, Inc.

   

Date: March 25, 2014

   

By:

   

/s/ NEAL J. ANDREWS

   
   Neal J. Andrews   
  

Chief Financial Officer (principal financial officer) of

BlackRock MuniVest Fund II, Inc.

   

Date: March 25, 2014