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 811-7478
Name of Fund: MuniVest Fund II, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Terry K. Glenn, President, 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: (609) 282-2800
Date of fiscal year end: 10/31/04
Date of reporting period: 05/01/04 - 07/31/04
Item 1 - Schedule of Investments
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Alabama - 1.9% NR* A2 $ 5,500 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B, $ 5,633
5.75% due 6/01/2032
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Arizona - 2.1% BBB- Ba1 1,200 Maricopa County, Arizona, Pollution Control Corporation, PCR, 1,237
Refunding (El Paso Electric Company Project), Series A, 6.25%
due 5/01/2037
------------------------------------------------------------------------------------------------------------
AAA Aaa 2,315 Maricopa County, Arizona, Tempe Elementary Unified School District 2,823
Number 3, GO, Refunding, 7.50% due 7/01/2010(c)
------------------------------------------------------------------------------------------------------------
NR* Baa3 2,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter 2,027
Schools Project), Series C, 6.75% due 7/01/2031
-----------------------------------------------------------------------------------------------------------------------------------
California - 11.0% BBB- Baa1 1,360 California State Public Works Board, Lease Revenue Bonds 1,327
(Department of Mental Health - Coalinga State Hospital), Series A,
5.125% due 6/01/2029
------------------------------------------------------------------------------------------------------------
California State, Various Purpose, GO:
BBB Aaa 3,300 5.50% due 4/01/2028 3,434
BBB Aaa 6,645 5.50% due 4/01/2030 6,897
BBB A3 5,000 5.50% due 11/01/2033 5,176
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Portfolio Abbreviations
To simplify the listings of MuniVest Fund II, Inc.'s portfolio holdings in the
Schedule of Investments, we have abbreviated the names of many of the securities
according to the list below.
AMT Alternative Minimum Tax (subject to)
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
1
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
California Golden State Tobacco Securitization Corporation of California,
(concluded) Tobacco Settlement Revenue Bonds:
NR* Baa3 $ 1,000 Series A-2, 7.90% due 6/01/2042 $ 1,021
BBB Baa3 4,310 Series A-3, 7.875% due 6/01/2042 4,396
BBB- Baa1 3,750 Series B, 5.375% due 6/01/2028 3,717
BBB- Baa1 6,200 Series B, 5.50% due 6/01/2033 6,225
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Colorado - 3.2% NR* Aa2 425 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior 428
Series A-2, 7.50% due 4/01/2031
------------------------------------------------------------------------------------------------------------
Elk Valley, Colorado, Public Improvement Revenue Bonds (Public
Improvement Fee):
NR* NR* 3,025 Series A, 7.35% due 9/01/2031 3,141
NR* NR* 1,000 Series B, 7% due 9/01/2031 1,019
------------------------------------------------------------------------------------------------------------
NR* NR* 1,325 North Range, Colorado, Metropolitan District Number 1, GO, 7.25% 1,322
due 12/15/2031
------------------------------------------------------------------------------------------------------------
NR* NR* 3,300 Plaza Metropolitan District No. 1, Colorado, Tax Allocation Revenue 3,386
Bonds (Public Improvement Fees), 8% due 12/01/2025
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Connecticut - 1.2% BBB- Baa3 1,165 Connecticut State Development Authority, Airport Facility Revenue 1,328
Bonds (LearJet Inc. Project), AMT, 7.95% due 4/01/2026
------------------------------------------------------------------------------------------------------------
BBB- NR* 2,000 Mohegan Tribe Indians, Connecticut, Gaming Authority, Public 2,085
Improvement Revenue Refunding Bonds (Priority Distribution),
6.25% due 1/01/2031
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 6.8% BBB Baa2 6,705 Escambia County, Florida, PCR (Champion International Corporation 6,858
Project), AMT, 6.90% due 8/01/2022
------------------------------------------------------------------------------------------------------------
Fiddlers Creek, Florida, Community Development District Number 2,
Special Assessment Revenue Bonds:
NR* NR* 2,350 Series A, 6.375% due 5/01/2035 2,395
NR* NR* 1,250 Series B, 5.75% due 5/01/2013 1,257
------------------------------------------------------------------------------------------------------------
NR* NR* 4,000 Midtown Miami, Florida, Community Development District, Special 4,052
Assessment Revenue Bonds, Series A, 6.25% due 5/01/2037
------------------------------------------------------------------------------------------------------------
Orlando, Florida, Urban Community Development District, Capital
Improvement Special Assessment Bonds:
NR* NR* 1,135 6.25% due 5/01/2034 1,141
NR* NR* 1,000 Series A, 6.95% due 5/01/2033 1,053
------------------------------------------------------------------------------------------------------------
2
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Florida (concluded) NR* NR* $ 125 Panther Trace, Florida, Community Development District, Special $ 125
Assessment Revenue Bonds, Series B, 6.50% due 5/01/2009
------------------------------------------------------------------------------------------------------------
NR* NR* 970 Park Place Community Development District, Florida, Special 1,014
Assessment Revenue Bonds, 6.75% due 5/01/2032
------------------------------------------------------------------------------------------------------------
NR* NR* 975 Preserve at Wilderness Lake, Florida, Community Development 1,026
District, Capital Improvement Bonds, Series A, 7.10% due 5/01/2033
------------------------------------------------------------------------------------------------------------
NR* NR* 1,135 Vista Lakes Community, Florida, Development District, Capital 1,137
Improvement Revenue Bonds, Series B, 5.80% due 5/01/2008
-----------------------------------------------------------------------------------------------------------------------------------
Georgia - 4.9% NR* NR* 1,655 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 1,666
7.25% due 12/01/2005
------------------------------------------------------------------------------------------------------------
NR* NR* 2,000 Atlanta, Georgia, Tax Allocation Revenue Bonds (Atlantic Station 2,081
Project), 7.90% due 12/01/2024
------------------------------------------------------------------------------------------------------------
NR* NR* 2,000 Fulton County, Georgia, Residential Care Facilities Revenue 1,973
Refunding Bonds (Canterbury Court Project), Series A, 6.125%
due 2/15/2026
------------------------------------------------------------------------------------------------------------
Georgia Municipal Electric Authority, Power Revenue Refunding
Bonds:
A+ A2 5,620 Series W, 6.60% due 1/01/2018 6,622
A A2 380 Series W, 6.60% due 1/01/2018(b) 455
A A2 1,250 Series X, 6.50% due 1/01/2020 1,490
-----------------------------------------------------------------------------------------------------------------------------------
Idaho - 0.2% NR* Aaa 595 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, 604
Series E-2, 6.90% due 1/01/2027
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 15.4% AAA NR* 3,000 Chicago, Illinois, O'Hare International Airport Revenue Refunding 3,506
Bonds, DRIVERS, AMT, Series 253, 10.096% due 1/01/2020(h)(j)
------------------------------------------------------------------------------------------------------------
CCC Caa2 4,000 Chicago, Illinois, O'Hare International Airport, Special Facility 3,080
Revenue Refunding Bonds (American Airlines Inc. Project), 8.20%
due 12/01/2024
------------------------------------------------------------------------------------------------------------
AAA Aaa 580 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7% 582
due 3/01/2032(e)(f)
------------------------------------------------------------------------------------------------------------
NR* NR* 800 Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 820
6.75% due 12/01/2032
------------------------------------------------------------------------------------------------------------
NR* NR* 1,000 Chicago, Illinois, Tax Allocation Bonds (Kingsbury Redevelopment 1,046
Project), Series A, 6.57% due 2/15/2013
------------------------------------------------------------------------------------------------------------
BBB Baa1 2,800 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro 2,800
Biosolids Management LLC Project), AMT, 6% due 11/01/2023
------------------------------------------------------------------------------------------------------------
BBB NR* 1,000 Illinois Development Finance Authority Revenue Bonds (Community 1,038
Rehabilitation Providers Facility), Series A, 6.50% due 7/01/2022
------------------------------------------------------------------------------------------------------------
3
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Illinois (concluded) BBB NR* $ 2,500 Illinois Development Finance Authority, Revenue Refunding Bonds $ 2,568
(Community Rehabilitation Providers), Series A, 6% due 7/01/2015
------------------------------------------------------------------------------------------------------------
A+ A1 6,130 Illinois HDA Revenue Refunding Bonds (M/F Program), Series 5, 6,266
6.75% due 9/01/2023
------------------------------------------------------------------------------------------------------------
AAA Aaa 2,600 Kane and De Kalb Counties, Illinois, Community Unit School District 3,197
Number 302, GO, DRIVERS, Series 283, 10.127% due 2/01/2018(c)(j)
------------------------------------------------------------------------------------------------------------
NR* Aaa 2,000 Mc Lean and Woodford Counties, Illinois, Community Unit, School 2,335
District Number 005, GO, Refunding, 6.375% due 12/01/2016(g)
------------------------------------------------------------------------------------------------------------
AAA NR* 3,200 Metropolitan Pier and Exposition Authority, Illinois, Dedicated 3,815
State Tax Revenue Refunding Bonds, DRIVERS, Series 269, 10.127%
due 6/15/2023(h)(j)
------------------------------------------------------------------------------------------------------------
Regional Transportation Authority, Illinois, Revenue Bonds:
AAA Aaa 1,500 Series A, 7.20% due 11/01/2020(a) 1,924
AAA Aaa 7,000 Series A, 6.70% due 11/01/2021(c) 8,680
AAA Aaa 2,500 Series C, 7.75% due 6/01/2020(c) 3,420
-----------------------------------------------------------------------------------------------------------------------------------
Indiana - 10.9% Indiana Bond Bank Revenue Bonds (State Revolving Fund Program),
Series A(i):
AAA NR* 5,750 6.75% due 2/01/2005(b) 6,018
AAA NR* 2,750 6.875% due 2/01/2005 2,880
------------------------------------------------------------------------------------------------------------
NR* Aaa 5,545 Indiana State, HFA, S/F Mortgage Revenue Refunding Bonds, Series A, 5,553
6.80% due 1/01/2017(d)
------------------------------------------------------------------------------------------------------------
Indiana Transportation Finance Authority, Highway Revenue Bonds,
Series A:
AA- Aa2 2,000 7.25% due 6/01/2015 2,464
AA- Aa2 3,775 6.80% due 12/01/2016 4,600
------------------------------------------------------------------------------------------------------------
AA NR* 8,750 Indianapolis, Indiana, Local Public Improvement Bond Bank Revenue 10,443
Refunding Bonds, Series D, 6.75% due 2/01/2014
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 7.4% B NR* 1,950 Hodge, Louisiana, Utility Revenue Refunding Bonds (Stone Container 1,990
Corporation), AMT, 7.45% due 3/01/2024
------------------------------------------------------------------------------------------------------------
AAA Aaa 5,000 Louisiana Local Government, Environmental Facilities, Community 5,737
Development Authority Revenue Bonds (Capital Projects and Equipment
Acquisition), Series A, 6.30% due 7/01/2030(a)
------------------------------------------------------------------------------------------------------------
BB- NR* 10,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain 10,095
Company Project), 6.50% due 1/01/2017
------------------------------------------------------------------------------------------------------------
BBB Baa2 3,600 Sabine River Authority, Louisiana, Water Facilities Revenue 3,760
Refunding Bonds (International Paper Company), 6.20% due 2/01/2025
------------------------------------------------------------------------------------------------------------
4
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Maryland - 1.6% A- NR* $ 2,000 Maryland State Energy Financing Administration, Solid Waste $ 2,098
Disposal Revenue Bonds, Limited Obligation (Wheelabrator Water
Projects), AMT, 6.45% due 12/01/2016
------------------------------------------------------------------------------------------------------------
AAA Aaa 1,000 Maryland State Health and Higher Educational Facilities Authority 1,274
Revenue Bonds (University of Maryland Medical System), Series B,
7% due 7/01/2022(c)
------------------------------------------------------------------------------------------------------------
NR* Baa3 1,245 Montgomery County, Maryland, Special Obligation, Special Tax Bond 1,266
(West Germantown Development District), Series B, 6.70%
due 7/01/2027
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 4.9% AA- Aa2 1,000 Massachusetts State College Building Authority Project, Revenue 1,231
Refunding Bonds, Senior-Series A, 7.50% due 5/01/2011
------------------------------------------------------------------------------------------------------------
BB+ NR* 1,250 Massachusetts State Development Finance Agency, Revenue Refunding 1,057
Bonds (Eastern Nazarene College), 5.625% due 4/01/2029
------------------------------------------------------------------------------------------------------------
BBB- NR* 1,500 Massachusetts State Health and Educational Facilities Authority 1,532
Revenue Bonds (Jordan Hospital), Series E, 6.75% due 10/01/2033
------------------------------------------------------------------------------------------------------------
AA Aa3 6,000 Massachusetts State Water Resource Authority Revenue Bonds, Series 7,173
A, 6.50% due 7/15/2019
------------------------------------------------------------------------------------------------------------
AAA Aaa 3,000 Massachusetts State Water Resource Authority, Revenue Refunding 3,413
Bonds, Series A, 6% due 8/01/2016(c)
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 5.7% BBB Baa2 1,500 Delta County, Michigan, Economic Development Corporation, 1,557
Environmental Improvement Revenue Refunding Bonds (Mead
Westvaco-Escanaba), Series A, 6.25% due 4/15/2027
------------------------------------------------------------------------------------------------------------
A NR* 3,100 Flint, Michigan, Hospital Building Authority, Revenue Refunding 3,262
Bonds (Hurley Medical Center), Series A, 6% due 7/01/2020(m)
------------------------------------------------------------------------------------------------------------
BBB- NR* 3,320 Macomb County, Michigan, Hospital Finance Authority, Hospital 3,028
Revenue Bonds (Mount Clemens General Hospital), Series B, 5.875%
due 11/15/2034
------------------------------------------------------------------------------------------------------------
Michigan State Hospital Finance Authority, Revenue Refunding Bonds,
Series A:
AAA Aa2 3,425 (Ascension Health Credit), 6.125% due 11/15/2009(i) 3,950
B Ba3 2,340 (Detroit Medical Center Obligation Group), 6.50% due 8/15/2018 2,024
------------------------------------------------------------------------------------------------------------
BB+ NR* 3,000 Pontiac, Michigan, Tax Increment Fianance Authority, Revenue 2,971
Refunding Bonds (Development Area Number 3), 6.375% due 6/01/2031
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 3.7% Mississippi Business Finance Corporation, Mississippi, PCR,
Refunding (System Energy Resources Inc. Project):
BBB- Ba1 7,200 5.875% due 4/01/2022 7,220
BBB- Ba1 3,465 5.90% due 5/01/2022 3,493
------------------------------------------------------------------------------------------------------------
5
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Missouri - 0.1% AAA NR* $ 435 Missouri State Housing Development Commission, S/F Mortgage Revenue $ 441
Bonds (Homeowner Loan), AMT, Series A, 7.50% due 3/01/2031(f)
-----------------------------------------------------------------------------------------------------------------------------------
Nebraska - 1.0% Nebraska Investment Finance Authority, S/F Housing Revenue Bonds,
AMT(f):
AAA NR* 1,255 Series C, 6.30% due 9/01/2028(e) 1,279
AAA NR* 1,700 Series D, 6.45% due 3/01/2028 1,756
-----------------------------------------------------------------------------------------------------------------------------------
Nevada - 2.3% AAA Aaa 3,300 Clark County, Nevada, IDR (Power Company Project), AMT, Series A, 3,351
6.70% due 6/01/2022(c)
------------------------------------------------------------------------------------------------------------
NR* NR* 620 Clark County, Nevada, Improvement District No. 142 Special 635
Assessment, 6.375% due 8/01/2023
------------------------------------------------------------------------------------------------------------
AAA Aaa 215 Nevada Housing Division Revenue Bonds (S/F Program), AMT, Senior 220
Series E, 7% due 10/01/2019(d)
------------------------------------------------------------------------------------------------------------
AAA Aaa 2,500 Washoe County, Nevada, Gas Facilities Revenue Bonds (Sierra Pacific 2,534
Power Company), AMT, 6.65% due 12/01/2017(a)
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 4.4% New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest
Village Inc. Facility), Series A:
NR* NR* 1,335 7.25% due 11/15/2021 1,365
NR* NR* 1,100 7.25% due 11/15/2031 1,114
------------------------------------------------------------------------------------------------------------
B Caa2 3,000 New Jersey EDA, Special Facility Revenue Bonds (Continental 2,242
Airlines Inc. Project), AMT, 6.25% due 9/15/2029
------------------------------------------------------------------------------------------------------------
B+ NR* 1,680 New Jersey Health Care Facilities Financing Authority Revenue Bonds 1,499
(Pascack Valley Hospital Association), 6.625% due 7/01/2036
------------------------------------------------------------------------------------------------------------
AAA Aaa 1,365 New Jersey State Housing and Mortgage Finance Agency, Home Buyer 1,396
Revenue Bonds, AMT, Series M, 6.95% due 10/01/2022(h)
------------------------------------------------------------------------------------------------------------
BBB Baa3 5,830 Tobacco Settlement Financing Corporation of New Jersey Revenue 5,392
Bonds, 7% due 6/01/2041
-----------------------------------------------------------------------------------------------------------------------------------
New Mexico - 1.1% B+ Ba3 3,160 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power 3,266
Co.-San Juan Project), Series A, 6.95% due 10/01/2020
-----------------------------------------------------------------------------------------------------------------------------------
New York - 9.5% New York City, New York, City IDA, Civic Facility Revenue Bonds:
NR* NR* 690 Series C, 6.80% due 6/01/2028 708
NR* NR* 890 (Special Needs Facility Pooled Program), Series C-1, 916
6.50% due 7/01/2017
------------------------------------------------------------------------------------------------------------
BB- Ba2 1,920 New York City, New York, City IDA, Special Facility Revenue Bonds 1,896
(British Airways PLC Project), AMT, 7.625% due 12/01/2032
------------------------------------------------------------------------------------------------------------
NR* Aa2 3,375 New York City, New York, City Transitional Finance Authority 4,394
Revenue Bonds, RIB, Series 283, 11.09% due 11/15/2018(j)
------------------------------------------------------------------------------------------------------------
6
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
New York AAA A2 $ 3,255 New York City, New York, GO, Refunding, Series A, 6.375% $ 3,757
(concluded) due 5/15/2015(c)
------------------------------------------------------------------------------------------------------------
A A2 3,500 New York City, New York, GO, Series F, 5.25% due 1/15/2033 3,526
------------------------------------------------------------------------------------------------------------
AAA NR* 7,000 New York State Dormitory Authority, Revenue Refunding Bonds, RIB, 8,903
Series 305, 10.61% due 5/15/2015(h)(j)
------------------------------------------------------------------------------------------------------------
NR* NR* 1,000 Westchester County, New York, IDA, Civic Facility Revenue Bonds 1,007
(Special Needs Facilities Pooled Program), Series E-1, 6.50%
due 7/01/2017
------------------------------------------------------------------------------------------------------------
NR* NR* 2,690 Westchester County, New York, IDA, Continuing Care Retirement, 2,651
Mortgage Revenue Bonds (Kendal on Hudson Project), Series A,
6.50% due 1/01/2034
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - NR* Baa1 1,400 Haywood County, North Carolina, Industrial Facilities and 1,443
1.0% Pollution Control Financing Authority Revenue Bonds (Champion
International Corporation Project), AMT, 6.25% due 9/01/2025
------------------------------------------------------------------------------------------------------------
NR* NR* 1,500 North Carolina Medical Care Commission, Retirement Facilities, 1,497
First Mortgage Revenue Bonds (Givens Estates Project), Series A,
6.375% due 7/01/2023
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.6% NR* Aaa 2,000 Delaware River Port Authority of Pennsylvania and New Jersey 2,477
Revenue Bonds, RIB, Series 396, 10.613% due 1/01/2019(g)(j)
------------------------------------------------------------------------------------------------------------
NR* NR* 2,000 Pennsylvania Economic Development Financing Authority, Exempt 1,966
Facilities Revenue Bonds (National Gypsum Company), AMT, Series B,
6.125% due 11/01/2027
------------------------------------------------------------------------------------------------------------
A NR* 1,250 Pennsylvania State Higher Educational Facilities Authority Revenue 1,303
Bonds (University of Pennsylvania Medical Center Health System),
Series A, 6% due 1/15/2031
------------------------------------------------------------------------------------------------------------
NR* NR* 1,265 Philadelphia, Pennsylvania, Authority for IDR, Commercial 1,295
Development, 7.75% due 12/01/2017
------------------------------------------------------------------------------------------------------------
Sayre, Pennsylvania, Health Care Facilities Authority Revenue
Bonds (Guthrie Health Issue), Series B:
A- NR* 2,425 5.85% due 12/01/2020 2,535
A- NR* 3,350 7.125% due 12/01/2031 3,819
-----------------------------------------------------------------------------------------------------------------------------------
Rhode Island - 0.4% BBB Baa2 1,140 Rhode Island State Health and Educational Building Corporation, 1,182
Hospital Financing Revenue Bonds (Lifespan Obligation Group),
6.50% due 8/15/2032
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - A A2 1,200 Lexington County, South Carolina, Health Services District Inc., 1,206
1.0% Hospital Revenue Bonds (Lexington Medical Center), 5.50%
due 5/01/2032
------------------------------------------------------------------------------------------------------------
BBB+ Baa2 1,230 Medical University, South Carolina, Hospital Authority, Hospital 1,276
Facility Revenue Refunding Bonds, 6.50% due 8/15/2032
------------------------------------------------------------------------------------------------------------
NR* Aa2 410 South Carolina Housing Finance and Development Authority, Mortgage 421
Revenue Bonds, AMT, Series A, 6.70% due 7/01/2027
------------------------------------------------------------------------------------------------------------
7
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Tennessee - 3.2% BB Ba2 $ 4,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling $ 4,012
Facility-Calhoun Newsprint), AMT, 7.40% due 12/01/2022
------------------------------------------------------------------------------------------------------------
A- A3 5,000 Shelby County, Tennessee, Health, Educational and Housing Facility 5,418
Board, Hospital Revenue Refunding Bonds (Methodist Healthcare),
6.50% due 9/01/2026
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 16.7% Austin, Texas, Convention Center Revenue Bonds (Convention
Enterprises Inc.), First Tier, Series A:
BBB- Baa3 1,600 6.70% due 1/01/2028 1,664
BBB- Baa3 4,510 6.70% due 1/01/2032 4,687
------------------------------------------------------------------------------------------------------------
Brazos River Authority, Texas, PCR, Refunding, AMT:
BBB Baa2 1,500 (Texas Utility Company), Series A, 7.70% due 4/01/2033 1,735
BBB Baa2 7,080 (Utilities Electric Company), Series B, 5.05% due 6/01/2030 7,266
------------------------------------------------------------------------------------------------------------
BBB- NR* 1,810 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant 1,971
Energy Inc. Project), Series B, 7.75% due 12/01/2018
------------------------------------------------------------------------------------------------------------
A A3 5,800 Brazos River, Texas, Harbor Navigation District, Brazoria County 6,187
Environmental Revenue Refunding Bonds (Dow Chemical Company
Project), AMT, Series A-7, 6.625% due 5/15/2033
------------------------------------------------------------------------------------------------------------
AA- Aa3 2,500 Guadalupe-Blanco River Authority, Texas, Sewage and Solid Waste 2,664
Disposal Facility Revenue Bonds (E. I. du Pont de Nemours and
Company Project), AMT, 6.40% due 4/01/2026
------------------------------------------------------------------------------------------------------------
AA Aa3 5,000 Harris County, Texas, Health Facilities Development Corporation, 6,092
Revenue Refunding Bonds, RITR, Series 6, 9.755%
due 7/01/2027(b)(j)
------------------------------------------------------------------------------------------------------------
BBB NR* 1,150 Lufkin, Texas, Health Facilities Development Corporation, Health 1,082
System Revenue Bonds (Memorial Health System of East Texas),
5.70% due 2/15/2028
------------------------------------------------------------------------------------------------------------
BBB- Ba2 3,440 Matagorda County, Texas, Navigation District Number 1, Revenue 3,787
Refunding Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029
------------------------------------------------------------------------------------------------------------
BB Ba3 3,060 Port Corpus Christi, Texas, Individual Development Corporation, 3,227
Environmental Facilities Revenue Bonds (Citgo Petroleum Corporation
Project), AMT, 8.25% due 11/01/2031
------------------------------------------------------------------------------------------------------------
Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese
Project):
B- Ba3 2,500 AMT, Series B, 6.70% due 11/01/2030 2,438
B- Ba3 1,600 Series A, 6.45% due 11/01/2030 1,520
------------------------------------------------------------------------------------------------------------
NR* Aa1 3,750 San Antonio, Texas, Electric and Gas Revenue Bonds, RIB, Series 4,705
469X, 10.14% due 2/01/2014(j)
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 3.6% BBB+ A3 1,000 Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia 1,078
Electric and Power Company), Series B, 5.875% due 6/01/2017
------------------------------------------------------------------------------------------------------------
8
MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2004 (continued) (in Thousands)
S&P Moody's Face
State Ratings Ratings Amount Municipal Bonds Value
===================================================================================================================================
Virginia BBB Baa2 $ 3,115 Isle of Wight County, Virginia, IDA, Solid Waste Disposal $ 3,186
(concluded) Facilities Revenue Bonds (Union Camp Corporation Project), AMT,
6.55% due 4/01/2024
------------------------------------------------------------------------------------------------------------
BB Ba2 7,415 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, 6,220
Senior Series A, 5.50% due 8/15/2028
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 8.2% AAA Aaa 2,425 Chelan County, Washington, Public Utility District Number 001, 2,678
Consolidated Revenue Refunding Bonds (Chelan Hydro), AMT, Series
D, 6.35% due 7/01/2028(h)
------------------------------------------------------------------------------------------------------------
Energy Northwest, Washington, Electric Revenue Refunding Bonds,
DRIVERS(j):
AAA NR* 2,250 Series 248, 10.127% due 7/01/2018(h) 2,758
AAA NR* 1,125 Series 255, 10.621% due 7/01/2018(a) 1,429
------------------------------------------------------------------------------------------------------------
AAA Aaa 5,000 Washington State, GO, Trust Receipts, Class R, Series 6, 10.50% 6,211
due 1/01/2014(g)(j)
------------------------------------------------------------------------------------------------------------
AA Baa1 2,200 Washington State Health Care Facilities Authority Revenue Bonds 2,323
(Kadlec Medical Center), 6% due 12/01/2030(k)
------------------------------------------------------------------------------------------------------------
Washington State Public Power Supply System, Revenue Refunding
Bonds, Series B:
AA- Aaa 5,000 (Nuclear Project No. 1), 7.125% due 7/01/2016 6,288
AAA Aaa 1,900 (Nuclear Project No. 3), 7.125% due 7/01/2016(h) 2,404
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 0.9% BBB+ NR* 2,715 Wisconsin State Health and Educational Facilities Authority Revenue 2,730
Bonds (Synergyhealth Inc.), 6% due 11/15/2032
-----------------------------------------------------------------------------------------------------------------------------------
Wyoming - 2.1% Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds
(FMC Corporation Project), AMT
BB+ Ba3 1,000 Series A, 7% due 6/01/2024 1,016
BB+ Ba3 5,000 Series B, 6.90% due 9/01/2024 5,082
-----------------------------------------------------------------------------------------------------------------------------------
Virgin Islands - BBB- Baa3 6,000 Virgin Islands Government Refinery Facilities, Revenue Refunding 6,387
2.2% Bonds (Hovensa Coker Project), AMT, 6.50% due 7/01/2021
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $394,244) - 143.2% 419,650
-----------------------------------------------------------------------------------------------------------------------------------
Shares
Held Short-Term Securities
-----------------------------------------------------------------------------------------------------------------------------------
5,192 Merrill Lynch Institutional Tax-Exempt Fund(l) 5,192
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $5,192) - 1.8% 5,192
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $399,436**) - 145.0% 424,842
Other Assets Less Liabilities - 1.1% 3,187
Preferred Stock, at Redemption Value - (46.1%) (135,000)
---------
Net Assets Applicable to Common Stock - 100.0% $ 293,029
=========
9
Schedule of Investments as of July 31, 2004 (concluded) MuniVest Fund II, Inc.
(a) AMBAC Insured.
(b) Escrowed to maturity.
(c) FGIC Insured.
(d) FHA Insured.
(e) FHLMC Collateralized.
(f) FNMA/GNMA Collateralized.
(g) FSA Insured.
(h) MBIA Insured.
(i) Prerefunded.
(j) The interest rate is subject to change periodically and inversely based
upon prevailing market rates. The interest rate shown is the rate in
effect at July 31, 2004.
(k) Radian Insured.
(l) Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
--------------------------------------------------------------------------
Affiliate Net Activity Dividend Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 2,800 $ 42
--------------------------------------------------------------------------
(m) ACA Insured.
* Not Rated.
** The cost and unrealized appreciation/depreciation of investments as of
July 31, 2004, as computed for federal income tax purposes, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Aggregate cost $ 399,436
---------
Gross unrealized appreciation $ 28,041
Gross unrealized depreciation (2,635)
---------
Net unrealized appreciation $ 25,406
---------
Forward interest rate swaps outstanding as of July 31, 2004 were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
--------------------------------------------------------------------------
Receive a variable rate equal to 7-Day Bond
Market Association Municipal Swap Index Rate
and pay a fixed rate equal to 4.229%
Broker, J.P. Morgan Chase Bank
Expires August 2014 $11,000 $ (442)
Receive a variable rate equal to 7-Day Bond
Market Association Municipal Swap Index Rate
and pay a fixed rate equal to 4.081%
Broker, J.P. Morgan Chase Bank
Expires August 2014 $10,500 (287)
--------------------------------------------------------------------------
Total $ (729)
=======
10
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is 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.
MuniVest Fund II, Inc.
By: /s/ Terry K. Glenn
----------------------------------
Terry K. Glenn,
President of
MuniVest Fund II, Inc.
Date: September 17, 2004
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/ Terry K. Glenn
----------------------------------
Terry K. Glenn,
President of
MuniVest Fund II, Inc.
Date: September 17, 2004
By: /s/ Donald C. Burke
----------------------------------
Donald C. Burke,
Chief Financial Officer of
MuniVest Fund II, Inc.
Date: September 17, 2004