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: Donald C. Burke, Chief Executive
Officer, BlackRock MuniVest Fund II, Inc., 800 Scudders Mill Road,
Plainsboro, NJ 08536. Mailing address: P.O. Box 9011, Princeton, NJ
08543-9011
Registrant's telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2008
Date of reporting period: 05/01/2008 - 07/31/2008
Item 1 - Schedule of Investments
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 3.2% Prattville, Alabama, IDB, Environmental Improvement Revenue Bonds (International
Paper Company Projects), AMT, Series A, 4.75%, 12/01/30 $ 3,500 $ 2,544,885
Selma, Alabama, IDB, Environmental Improvement Revenue Bonds
(International Paper Company Project), AMT,
Series A, 4.75%, 12/01/30 5,000 3,635,550
Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential
Care Facility Revenue Bonds (Capstone Village, Inc. Project), Series A, 5.875%,
8/01/36 2,900 2,399,576
-------------
8,580,011
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Arizona - 2.4% Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.75%, 7/01/29 1,000 877,050
Maricopa County, Arizona, Tempe Elementary Unified School District Number 3, GO,
Refunding, 7.50%, 7/01/10 (a) 2,315 2,521,845
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series C, 6.75%, 7/01/31 1,975 1,984,658
Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75%, 7/01/11 (b) 435 481,628
Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75%, 7/01/21 510 517,614
-------------
6,382,795
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California - 4.7% California State, GO, 5.50%, 4/01/14 (b) 205 229,758
California State, GO, 5.50%, 4/01/30 5 5,107
California State, GO, Refunding, 5.25%, 3/01/38 4,325 4,328,028
Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series B,
5%, 12/01/27 2,500 2,290,875
Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series A-3, 7.875%, 6/01/13 (b)
5,010 5,959,846
-------------
12,813,614
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Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments,
names of many of the securities have been abbreviated according to the list
below.
AMT Alternative Minimum Tax (subject to)
EDA Economic Development Authority
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
S/F Single-Family
TIF Tax Increment Financing
VRDN Variable Rate Demand Notes
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Colorado - 4.2% Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2,
7.50%, 4/01/31 $ 145 $ 151,035
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.35%, 9/01/31 3,025 2,993,601
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series B, 7.45%, 9/01/31 580 578,805
North Range Metropolitan District Number 1, Colorado, GO,
7.25%, 12/15/11 (b) 1,310 1,475,374
Pitkin County, Colorado, IDR, Refunding (Aspen Skiing Company Project), VRDN,
AMT, Series B, 2.25%, 4/01/14 (c) 800 800,000
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8%, 12/01/25 3,300 3,453,945
Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125%, 12/01/25 820 821,943
Southlands Metropolitan District Number 1, Colorado, GO,
7%, 12/01/14 (b) 1,000 1,193,270
-------------
11,467,973
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Connecticut - 1.1% Connecticut State Development Authority, Airport Facility Revenue Bonds (Learjet
Inc. Project), AMT, 7.95%, 4/01/26 1,165 1,234,900
Mohegan Tribe Indians Gaming Authority, Connecticut, Public Improvement Revenue
Refunding Bonds (Priority Distribution), 6.25%, 1/01/31 2,000 1,812,600
-------------
3,047,500
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Florida - 7.2% Fiddlers Creek, Florida, Community Development District Number 2, Special
Assessment Revenue Bonds, Series A, 6.375%, 5/01/35 2,350 2,154,668
Fiddlers Creek, Florida, Community Development District Number 2, Special
Assessment Revenue Bonds, Series B, 5.75%, 5/01/13 400 380,348
Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer
Center Project), Series A, 5.25%, 7/01/37 3,500 3,259,200
Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25%, 5/01/37 4,000 3,598,480
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 5.625%, 11/15/12 (b) 1,280 1,416,474
Orange County, Florida, IDA, IDR (Catholic Charities of Central Florida Project),
VRDN, 2.27%, 7/01/38 (c) 3,700 3,700,000
Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, 6.25%, 5/01/34 1,135 1,012,953
Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95%, 5/01/11 (b) 1,000 1,103,070
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Palm Coast Park Community Development District, Florida, Special Assessment
Revenue Bonds, 5.70%, 5/01/37 $ 1,240 $ 978,075
Park Place Community Development District, Florida, Special Assessment Revenue
Bonds, 6.75%, 5/01/10 (b) 900 969,318
Preserve at Wilderness Lake, Florida, Community Development District, Capital
Improvement Bonds, Series A, 7.10%, 5/01/33 905 926,394
-------------
19,498,980
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Georgia - 8.0% Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%,
12/01/11 (b) 2,000 2,341,200
Bartow County, Georgia, Development Authority, PCR (Georgia Power Company Plant-
Bowen Project), VRDN, 2.27%, 9/01/29 (c) 2,800 2,800,000
Fulton County, Georgia, Residential Care Facilities, Revenue Refunding Bonds
(Canterbury Court Project), Series A, 6.125%, 2/15/26 2,000 1,895,520
Gainesville, Georgia, Redevelopment Authority, Educational Facilities Revenue
Refunding Bonds (Riverside Military Academy), 5.125%, 3/01/37 600 507,066
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W,
6.60%, 1/01/18 (d) 380 433,538
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W,
6.60%, 1/01/18 5,615 6,437,036
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series X,
6.50%, 1/01/20 1,250 1,442,950
Houston County, Georgia, Hospital Authority Revenue Bonds (Houston Heart
Institute Project), 5.25%, 10/01/35 2,500 2,371,725
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A,
6.25%, 7/15/33 2,200 1,987,436
Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds
(Georgia College and State University Foundation), 5.50%, 9/01/14 (b) 1,350 1,512,095
-------------
21,728,566
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Idaho - 0.0% Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2,
6.90%, 1/01/27 85 88,039
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Illinois - 8.4% Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7%, 3/01/32 (e)(f) 195 201,765
Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 6.75%, 12/01/32 800 800,304
Chicago, Illinois, Tax Allocation Bonds (Kingsbury Redevelopment Project),
Series A, 6.57%, 2/15/13 1,000 1,002,400
Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids
Management LLC Project), AMT, 6%, 11/01/23 2,800 2,805,488
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation
Providers Facilities), Series A, 6.50%, 7/01/22 $ 1,000 $ 1,034,980
Illinois Development Finance Authority, Revenue Refunding Bonds (Community
Rehabilitation Providers Facilities), Series A, 6%, 7/01/15 635 640,899
Illinois State Finance Authority Revenue Bonds (Friendship Village of
Schaumburg), Series A, 5.625%, 2/15/37 500 393,415
Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6%, 5/15/37 1,035 900,554
McLean and Woodford Counties, Illinois, Community Unit School District Number
005, GO, Refunding, 6.375%, 12/01/16 (g) 365 402,584
Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20%,
11/01/20 (h) 1,500 1,789,785
Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 6.70%,
11/01/21 (a) 7,000 8,218,210
Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%,
6/01/20 (a) 2,500 3,113,750
Village of Wheeling, Illinois, Revenue Bonds (North
Milwaukee/Lake-Cook Tax Increment Financing (TIF)
Redevelopment Project), 6%, 1/01/25 1,580 1,422,853
-------------
22,726,987
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Indiana - 7.5% Indiana Health and Educational Facilities Financing Authority,
Hospital Revenue Bonds (Clarian Health Obligation), Series A, 5.25%, 2/15/40 2,200 2,025,694
Indiana Health and Educational Facilities Financing Authority, Hospital Revenue
Bonds (Schneck Memorial Hospital Project), Series A, 5.25%, 2/15/30 2,000 1,922,660
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 7.25%,
6/01/15 2,000 2,260,084
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 6.80%,
12/01/16 3,775 4,299,197
Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding
Bonds, Series D, 6.75%, 2/01/14 8,750 9,736,038
-------------
20,243,673
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Iowa - 1.0% Iowa Financing Authority, S/F Mortgage Revenue Refunding Bonds, AMT, Series E,
5.15%, 7/01/32 (f) 3,050 2,728,164
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Kentucky - 1.6% Louisville and Jefferson County, Kentucky, Metropolitan Government Health System,
Revenue Refunding Bonds (Norton Healthcare, Inc.), 5.25%, 10/01/36 (i) 4,790 4,304,102
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 7.8% Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25%, 8/15/36 $ 8,260 $ 7,808,674
Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project),
6.50%, 1/01/17 10,000 9,831,300
Sabine River Authority, Louisiana, Water Facilities Revenue Refunding Bonds
(International Paper Company), 6.20%, 2/01/25 3,600 3,520,836
-------------
21,160,810
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 2.5% Maryland State Community Development Administration, Department of Housing and
Community Development, Residential Revenue Refunding Bonds, AMT, Series D, 4.90%,
9/01/42 1,500 1,224,660
Maryland State Energy Financing Administration, Solid Waste Disposal Revenue
Bonds, Limited Obligation (Wheelabrator Water Projects), AMT, 6.45%, 12/01/16 2,000 2,021,620
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(King Farm Presbyterian Community), Series B, 5%, 1/01/17 1,100 1,030,150
Maryland State Health and Higher Educational Facilities Authority Revenue Bonds
(University of Maryland Medical System), Series B, 7%, 7/01/22 (a) 1,000 1,229,470
Montgomery County, Maryland, Special Obligation, GO (West Germantown Development
District), Series A, 6.70%, 7/01/27 (j) 1,205 1,318,788
-------------
6,824,688
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Massachusetts - 6.4% Massachusetts State College Building Authority, Project Revenue Refunding Bonds,
Senior-Series A, 7.50%, 5/01/11 1,000 1,124,040
Massachusetts State, HFA, Housing Revenue Bonds, AMT,
Series A, 5.10%, 12/01/27 2,000 1,836,640
Massachusetts State, HFA, Housing Revenue Bonds, AMT,
Series A, 5.20%, 12/01/37 3,000 2,659,080
Massachusetts State, HFA, Housing Revenue Refunding Bonds, AMT, Series D, 4.85%,
6/01/40 2,770 2,222,011
Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT,
Series 130, 5%, 12/01/32 2,720 2,374,016
Massachusetts State Water Resource Authority Revenue Bonds, Series A, 6.50%,
7/15/19 (d) 6,000 7,038,240
-------------
17,254,027
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Michigan - 7.2% Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds (Hurley
Medical Center), Series A, 6%, 7/01/20 (k) 3,100 2,957,772
Macomb County, Michigan, Hospital Finance Authority, Hospital
Revenue Bonds (Mount Clemens General Hospital),
Series B, 5.875%, 11/15/13 (b) 4,320 4,811,184
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford
Health System), Series A, 5.25%, 11/15/46 7,050 6,325,260
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (McLaren
Health Care Corporation), 5.75%, 5/15/38 $ 2,060 $ 2,008,232
Pontiac, Michigan, Tax Increment Finance Authority, Revenue Refunding Bonds
(Development Area Number 3), 6.375%, 6/01/12 (b) 3,000 3,371,730
-------------
19,474,178
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Mississippi - 6.6% Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding
(Weyerhaeuser Company Project), Series A, 6.80%, 4/01/22 5,850 6,049,544
Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System
Energy Resources Inc. Project), 5.875%, 4/01/22 7,200 6,915,240
Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System
Energy Resources Inc. Project), 5.90%, 5/01/22 5,215 5,015,161
-------------
17,979,945
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.4% Missouri State Health and Educational Facilities Authority, Health Facilities
Revenue Refunding Bonds (Sisters of Mercy Health System), VRDN, Series A,
1.20%, 6/01/16 (c) 1,000 1,000,000
Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeowner Loan), AMT, Series A, 7.50%, 3/01/31 (f) 85 89,308
-------------
1,089,308
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Nebraska - 0.1% Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series C,
6.30%, 9/01/28 (e)(f) 15 15,199
Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series D,
6.45%, 3/01/28 (f) 110 110,043
-------------
125,242
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 0.2% Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375%, 8/01/23 610 570,917
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New Jersey - 5.2% New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 4,250 4,013,317
New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25%, 11/15/11 (b) 2,435 2,781,208
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25%, 9/15/29 3,000 2,149,290
New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625%, 7/01/36 1,680 1,163,904
Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7%, 6/01/13 (b) 3,285 3,852,090
-------------
13,959,809
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 1.2% Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San Juan
Project), Series A, 6.95%, 10/01/20 $ 3,160 $ 3,172,703
-----------------------------------------------------------------------------------------------------------------------------------
New York - 8.3% New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C,
6.80%, 6/01/28 690 714,191
New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs
Facility Pooled Program), Series C-1, 6.50%, 7/01/17 890 866,513
New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625%, 12/01/32 1,920 1,575,974
New York City, New York, City Municipal Water Finance Authority,
Water and Sewer System, Revenue Refunding Bonds, Series DD, 5%, 6/15/37 11,800 11,863,248
New York City, New York, GO, Refunding, Series A, 6.375%, 5/15/15 (a) 40 42,687
New York State Dormitory Authority, State University Educational Facilities
Revenue Refunding Bonds, Series 1989, 6%, 5/15/10 (b)(l) 3,000 3,229,890
Westchester County, New York, IDA, Civic Facility Revenue Bonds (Special Needs
Facilities Pooled Program), Series E-1, 6.50%, 7/01/17 1,000 973,610
Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue
Bonds (Kendal on Hudson Project), Series A, 6.50%, 1/01/13 (b) 2,690 3,087,447
-------------
22,353,560
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 1.2% Gaston County, North Carolina, Industrial Facilities and Pollution Control
Financing Authority, Revenue Bonds (National Gypsum Company Project), AMT,
5.75%, 8/01/35 1,675 1,299,767
North Carolina Medical Care Commission, Retirement
Facilities Revenue Refunding Bonds (Carolina
Village Project), 6%, 4/01/38 2,000 1,844,460
-------------
3,144,227
-----------------------------------------------------------------------------------------------------------------------------------
Ohio - 5.1% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-
Backed Bonds, Series A-2, 6.50%, 6/01/47 14,000 12,445,020
Trumbull County, Ohio, Health Care Facilities Revenue Bonds (Shepherd of the
Valley), VRDN, 8%, 10/01/31 (c)(j) 1,400 1,400,000
-------------
13,845,020
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.8% Allegheny County, Pennsylvania, IDA, Environmental Improvement Revenue Refunding
Bonds, 5.50%, 11/01/16 1,235 1,234,889
Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's
Choice Inc.), Series A, 6.125%, 1/01/25 880 869,370
Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Brethren
Village Project), Series A, 6.50%, 7/01/40 1,000 954,780
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.125%, 2/01/28 $ 470 $ 424,166
Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.25%, 2/01/35 1,090 975,888
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT,
Series B, 6.125%, 11/01/27 2,000 1,686,160
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds
(University of Pennsylvania Medical Center Health System), Series A, 6%, 1/15/31 1,250 1,315,025
Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%,
12/01/17 1,265 1,265,898
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 5.85%, 12/01/11 (b) 2,425 2,666,384
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B,
7.125%, 12/01/11 (b) 1,350 1,616,908
-------------
13,009,468
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 0.5% Rhode Island State Health and Educational Building Corporation, Hospital
Financing Revenue Bonds (Lifespan Obligation Group), 6.50%, 8/15/12 (b) 1,140 1,284,449
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 0.1% South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds,
AMT, Series A, 6.70%, 7/01/27 145 149,653
-----------------------------------------------------------------------------------------------------------------------------------
South Dakota - 1.7% Lawrence County, South Dakota, Solid Waste Disposal Revenue Bonds (Homestake
Mining), VRDN, AMT, Series A, 2.27%, 7/01/32 (c) 4,500 4,500,000
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 1.7% Johnson City, Tennessee, Health and Educational Facilities Board, Retirement
Facility Revenue Bonds (Appalachian Christian Village Project), Series A, 6%,
2/15/24 1,000 927,550
Shelby County, Tennessee, Health, Educational and Housing Facility Board,
Hospital Revenue Refunding Bonds (Methodist Healthcare), 6.50%, 9/01/12 (b) 3,175 3,608,133
-------------
4,535,683
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 12.4% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70%, 1/01/11 (b) 4,510 4,908,188
Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC Project),
AMT, Series A, 7.70%, 4/01/33 1,500 1,363,830
Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental
Revenue Refunding Bonds (Dow Chemical Company Project), AMT, Series A-7, 6.625%,
5/15/33 5,800 5,855,448
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Cypress-Fairbanks, Texas, Independent School District, GO, Refunding, 5%, 2/15/35 $ 3,500 $ 3,474,485
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT,
Series B, 6.25%, 11/01/28 (l) 4,500 4,506,255
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT,
Series C, 6.25%, 11/01/28 (l) 3,450 3,467,112
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Refunding Bonds,
AMT, Sub-Series A-2, 6.10%, 11/01/24 (l) 1,500 1,506,960
Guadalupe-Blanco River Authority, Texas, Sewage and Solid Waste Disposal Facility
Revenue Bonds (E. I. du Pont de Nemours and Company Project), AMT, 6.40%, 4/01/26 2,500 2,501,450
Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), AMT,
Series B, 6.70%, 11/01/30 2,500 2,322,900
Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), Series A,
6.45%, 11/01/30 800 740,480
Texas State University, System Financing Revenue Refunding Bonds, 5.25%, 3/15/27 2,700 2,790,504
-------------
33,437,612
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Virginia - 3.6% Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia Electric and Power
Company), Series B, 5.875%, 6/01/17 1,000 1,056,040
Fairfax County, Virginia, EDA, Residential Care Facilities,
Mortgage Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/42 3,440 2,943,058
Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage
Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/37 1,000 872,670
Madison County, Virginia, IDA, Educational Facilities Revenue Refunding Bonds
(Woodberry Forest School Project), VRDN, 2.27%, 10/01/37 (c) 4,800 4,800,000
-------------
9,671,768
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 8.6% Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia
Generating), Series A, 5.75%, 7/01/18 (l) 1,000 1,066,560
Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia
Generating), Series B, 6%, 7/01/18 (h) 2,250 2,423,385
Washington State, GO, Series B, 6%, 1/01/10 (b)(g) 10,815 11,400,416
Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear
Project Number 1), Series B, 7.125%, 7/01/16 5,000 6,115,750
Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear
Project Number 3), Series B, 7.125%, 7/01/16 (l) 1,900 2,313,839
-------------
23,319,950
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.8% Wisconsin Housing and EDA, Home Ownership Revenue Refunding Bonds, AMT, Series A,
5.625%, 3/01/31 $ 2,900 $ 2,776,633
Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(SynergyHealth Inc.), 6%, 11/15/32 2,215 2,200,758
-------------
4,977,391
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Islands - 2.2% Coker Project), AMT, 6.50%, 7/01/21 6,000 6,054,420
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds - 138.9% 375,505,232
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to
Tender Option Bond Trusts (m)
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 2.3% Connecticut State Health and Educational Facilities Authority Revenue Bonds (Yale
University), Series Z-3, 5.05%, 7/01/42 6,000 6,085,800
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 3.2% Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5%, 10/01/40 (n)(o) 10,000 8,678,342
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 5.2% Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien, 5.25%,
11/01/33 (g) 1,319 1,344,208
Kane and De Kalb Counties, Illinois, Community Unit School District Number 302,
GO, 5.75%, 2/01/14 (a)(b) 4,225 4,747,664
Kane and De Kalb Counties, Illinois, Community Unit School District Number 302,
GO, 5.75%, 2/01/19 (a) 1,000 1,123,650
Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue
Refunding Bonds (McCormick Place Expansion Project), Series B, 6,400 6,838,400
5.75%, 6/15/23 (l) -------------
14,053,922
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.9% Maryland State Transportation Authority, Transportation Facilities Projects
Revenue Bonds, 5%, 7/01/41 (g) 2,294 2,322,403
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 3.7% Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5%, 8/15/30 (g) 10,000 10,076,500
-----------------------------------------------------------------------------------------------------------------------------------
New York - 7.1% New York City, New York, City Transitional Finance Authority Revenue Bonds,
Future Tax Secured, Series B, 6.25%, 11/15/18 6,750 7,299,180
New York State Dormitory Authority, State University Educational Facilities
Revenue Refunding Bonds, Series 1989, 6%, 5/15/10 (b)(l) 11,000 11,842,930
-------------
19,142,110
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 2.3% North Carolina Capital Facilities Finance Agency, Revenue Refunding Bonds (Duke
University Project), Series A, 5%, 10/01/41 6,240 6,297,907
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 8.3% Harris County, Texas, Health Facilities Development Corporation Revenue
Refunding Bonds (School Health Care System), Series B, 5.75%, 7/01/27 (d) $ 10,000 $ 11,320,900
Judson, Texas, Independent School District, School Building, GO, 5%, 2/01/37 (n) 4,003 3,919,574
Texas State Department of Housing and Community
Affairs, S/F Mortgage Revenue Bonds, AMT, Series B,
5.25%, 9/01/32 (e)(f) 4,976 4,509,332
Texas State University, System Financing Revenue Refunding Bonds, 5%, 3/15/30 (g) 2,744 2,748,392
-------------
22,498,198
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 7.6% Central Puget Sound Regional Transportation Authority, Washington, Sales and Use
Tax Revenue Bonds, Series A, 5%, 11/01/32 (g) 7,700 7,790,398
Central Puget Sound Regional Transportation Authority, Washington, Sales and Use
Tax Revenue Bonds, Series A, 5%, 11/01/34 5,000 5,049,425
Central Puget Sound Regional Transportation Authority, Washington, Sales and Use
Tax Revenue Bonds, Series A, 5%, 11/01/36 4,000 4,039,540
Energy Northwest, Washington, Electric Revenue
Refunding Bonds (Columbia Generating), Series A,
5.75%, 7/01/18 (l) 3,500 3,732,960
-------------
20,612,323
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 40.6% 109,767,505
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $485,189,507*) - 179.5% 485,272,737
Liabilities in Excess of Other Assets - (1.4)% (3,717,314)
Liability for Trust Certificates, Including Interest
Expense and Fees Payable - (22.3)% (60,205,465)
Preferred Stock, at Redemption Value - (55.8)% (150,879,885)
-------------
Net Assets Applicable to Common Stock - 100.0% $ 270,470,073
=============
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 426,018,429
=============
Gross unrealized appreciation $ 17,564,221
Gross unrealized depreciation (18,270,037)
-------------
Net unrealized depreciation $ (705,816)
=============
BlackRock MuniVest Fund II, Inc.
Schedule of Investments July 31, 2008 (Unaudited)
(a) FGIC Insured.
(b) U.S. government securities, held in escrow, are used to pay interest on
this security, as well as to retire the bond in full at the date
indicated, typically at a premium to par.
(c) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(d) Security is collateralized by Municipal or U.S. Treasury Obligations.
(e) FHLMC Collateralized.
(f) FNMA/GNMA Collateralized.
(g) FSA Insured.
(h) AMBAC Insured.
(i) Represents a pay-in-kind security which may pay interest/dividends in
additional face/shares.
(j) Radian Insured.
(k) ACA Insured.
(l) MBIA Insured.
(m) Securities represents bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction.
(n) Assured Guaranty Insured.
(o) XL Capital Insured.
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock MuniVest Fund II, Inc.
Date: September 19, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniVest Fund II, Inc.
Date: September 19, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniVest Fund II, Inc.
Date: September 19, 2008