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: 11/01/2007 - 01/31/2008
Item 1 - Schedule of Investments
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 3.3% $ 3,500 Prattville, Alabama, IDB, Environmental Improvement Revenue Bonds
(International Paper Company Projects), AMT, Series A, 4.75% due 12/01/2030 $ 2,960
5,000 Selma, Alabama, IDB, Environmental Improvement Revenue Bonds
(International Paper Company Project), AMT, Series A, 4.75% due 12/01/2030 4,228
2,900 Tuscaloosa, Alabama, Special Care Facilities Financing Authority,
Residential Care Facility Revenue Bonds (Capstone Village, Inc. Project),
Series A, 5.875% due 8/01/2036 2,709
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Arizona - 2.3% 1,000 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project 1), Series A, 6.75% due 7/01/2029 944
2,315 Maricopa County, Arizona, Tempe Elementary Unified School District Number 3,
GO, Refunding, 7.50% due 7/01/2010 (d) 2,592
1,985 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series C, 6.75% due 7/01/2031 2,034
435 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2011 (j) 493
510 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2021 530
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California - 6.0% 7,950 California Health Facilities Financing Authority Revenue Bonds (Kaiser
Permanente), Series A, 5.25% due 4/01/2039 8,012
680 California State, GO, 5.50% due 4/01/2014 (j) 783
5 California State, GO, 5.50% due 4/01/2030 5
2,500 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
Series B, 5% due 12/01/2027 2,527
5,010 Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-3, 7.875% due 6/01/2013 (j) 6,213
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Colorado - 3.8% 165 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2,
7.50% due 4/01/2031 171
Portfolio Abbreviations
To simplify the listings of BlackRock 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
HFA Housing Finance Authority
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 3,025 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement
Fee), Series A, 7.35% due 9/01/2031 $ 3,128
580 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement
Fee), Series B, 7.45% due 9/01/2031 601
1,310 North Range Metropolitan District Number 1, Colorado, GO, 7.25% due 12/15/2011 (j) 1,506
3,300 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 3,522
820 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 820
1,000 Southlands Metropolitan District Number 1, Colorado, GO, 7% due 12/01/2014 (j) 1,239
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Connecticut - 1.1% 1,165 Connecticut State Development Authority, Airport Facility Revenue Bonds
(Learjet Inc. Project), AMT, 7.95% due 4/01/2026 1,299
2,000 Mohegan Tribe Indians Gaming Authority, Connecticut, Public Improvement
Revenue Refunding Bonds (Priority Distribution), 6.25% due 1/01/2031 2,012
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Delaware - 0.3% 1,000 New Castle County, Delaware, PCR (General Motors Corporation Project), VRDN,
7% due 10/01/2008 (m) 1,000
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Florida - 12.9% 2,350 Fiddlers Creek, Florida, Community Development District Number 2, Special
Assessment Revenue Bonds, Series A, 6.375% due 5/01/2035 2,286
420 Fiddlers Creek, Florida, Community Development District Number 2, Special
Assessment Revenue Bonds, Series B, 5.75% due 5/01/2013 409
10,900 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 11,006
3,500 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer
Center Project), Series A, 5.25% due 7/01/2037 3,458
10,000 Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, 5% due 10/01/2040 (l) 9,913
4,000 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25% due 5/01/2037 3,859
1,280 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 5.625% due 11/15/2012 (j) 1,452
1,135 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, 6.25% due 5/01/2034 1,075
1,000 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95% due 5/01/2011 (j) 1,121
1,250 Palm Coast Park Community Development District, Florida, Special Assessment
Revenue Bonds, 5.70% due 5/01/2037 1,062
900 Park Place Community Development District, Florida, Special Assessment Revenue
Bonds, 6.75% due 5/01/2032 931
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 920 Preserve at Wilderness Lake, Florida, Community Development District, Capital
Improvement Bonds, Series A, 7.10% due 5/01/2033 $ 963
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Georgia - 7.8% 2,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project),
7.90% due 12/01/2011 (j) 2,407
1,225 Brunswick and Glynn County, Georgia, Development Authority, First Mortgage
Revenue Bonds (Coastal Community Retirement Corporation Project), Series A,
7.125% due 1/01/2025 (q) 845
1,075 Fulton County, Georgia, Development Authority, PCR, Refunding (General Motors
Corporation), VRDN, 6% due 4/01/2010 (m) 1,075
2,000 Fulton County, Georgia, Residential Care Facilities, Revenue Refunding Bonds
(Canterbury Court Project), Series A, 6.125% due 2/15/2026 1,979
600 Gainesville, Georgia, Redevelopment Authority, Educational Facilities Revenue
Refunding Bonds (Riverside Military Academy), 5.125% due 3/01/2037 545
380 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds,
Series W, 6.60% due 1/01/2018 (c) 443
5,615 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds,
Series W, 6.60% due 1/01/2018 6,609
1,250 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds,
Series X, 6.50% due 1/01/2020 1,496
2,500 Georgia State, GO, Series E, 5% due 8/01/2016 2,846
2,500 Houston County, Georgia, Hospital Authority Revenue Bonds (Houston Heart
Institute Project), 5.25% due 10/01/2035 2,515
1,350 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds
(Georgia College and State University Foundation), 5.50% due 9/01/2014 (j) 1,567
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Idaho - 0.0% 105 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2, 6.90%
due 1/01/2028 109
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Illinois - 8.3% 500 Chicago, Illinois, Midway Airport Revenue Bonds, Second Lien, AMT, Series B, 2.85%
due 1/01/2029 (i) 500
230 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7%
due 3/01/2032 (f)(g) 238
800 Chicago, Illinois, Special Assessment Bonds (Lake Shore East),
6.75% due 12/01/2032 829
1,000 Chicago, Illinois, Tax Allocation Bonds (Kingsbury Redevelopment Project),
Series A, 6.57% due 2/15/2013 1,012
2,800 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids
Management LLC Project), AMT, 6% due 11/01/2023 2,811
1,000 Illinois Development Finance Authority Revenue Bonds (Community
Rehabilitation Providers Facilities), Series A, 6.50% due 7/01/2022 1,072
785 Illinois Development Finance Authority, Revenue Refunding Bonds (Community
Rehabilitation Providers Facilities), Series A, 6% due 7/01/2015 794
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 500 Illinois State Finance Authority Revenue Bonds (Friendship Village of
Schaumburg), Series A, 5.625% due 2/15/2037 $ 448
1,035 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place
Project), Series A, 6% due 5/15/2037 992
365 McLean and Woodford Counties, Illinois, Community Unit School District Number
005, GO, Refunding, 6.375% due 12/01/2016 (h) 413
1,500 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20%
due 11/01/2020 (b) 1,871
7,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 6.70%
due 11/01/2021 (d) 8,606
2,500 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%
due 6/01/2020 (d) 3,319
1,580 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 1,512
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Indiana - 10.3% 5,745 Indiana Health and Educational Facilities Financing Authority, Hospital
Revenue Bonds (Clarian Health Obligation), Series A, 5.25% due 2/15/2040 5,710
2,000 Indiana Health and Educational Facilities Financing Authority, Hospital
Revenue Bonds (Schneck Memorial Hospital Project), Series A, 5.25% due 2/15/2030 2,018
5,545 Indiana State HFA, S/F Mortgage Revenue Refunding Bonds, Series A, 6.80%
due 1/01/2017 (e) 5,555
2,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 7.25%
due 6/01/2015 2,345
3,775 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 6.80% 4,499
due 12/01/2016
8,750 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding
Bonds, Series D, 6.75% due 2/01/2014 9,981
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Iowa - 1.0% 3,080 Iowa Financing Authority, S/F Mortgage Revenue Refunding Bonds, AMT, Series E,
5.15% due 7/01/2032 (g) 3,061
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Kentucky - 2.9% 8,400 Louisville and Jefferson County, Kentucky, Metropolitan Government Health
System, Revenue Refunding Bonds (Norton Healthcare, Inc.), 5.25%
due 10/01/2036 (o) 8,350
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Louisiana - 8.8% 3,950 Louisiana HFA, S/F Mortgage Revenue Bonds (Home Ownership Program), AMT,
Series C-2, 5.20% due 6/01/2039 (f)(g) 3,920
8,260 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 8,311
10,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company
Project), 6.50% due 1/01/2017 10,038
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 3,600 Sabine River Authority, Louisiana, Water Facilities Revenue Refunding Bonds
(International Paper Company), 6.20% due 2/01/2025 $ 3,709
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Maryland - 3.1% 1,750 Maryland State Community Development Administration, Department of Housing
and Community Development, Residential Revenue Bonds, AMT, Series H, 5.10%
due 9/01/2037 1,721
1,500 Maryland State Community Development Administration, Department of Housing
and Community Development, Residential Revenue Refunding Bonds, AMT,
Series D, 4.90% due 9/01/2042 1,410
2,000 Maryland State Energy Financing Administration, Solid Waste Disposal Revenue
Bonds, Limited Obligation (Wheelabrator Water Projects), AMT, 6.45% due 12/01/2016 2,024
1,100 Maryland State Health and Higher Educational Facilities Authority Revenue
Bonds (King Farm Presbyterian Community), Series B, 5% due 1/01/2017 1,094
1,000 Maryland State Health and Higher Educational Facilities Authority Revenue
Bonds (University of Maryland Medical System), Series B, 7% due 7/01/2022 (d) 1,293
1,220 Montgomery County, Maryland, Special Obligation, GO (West Germantown Development
District), Series A, 6.70% due 7/01/2027 (k) 1,351
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Massachusetts - 6.4% 1,000 Massachusetts State College Building Authority, Project Revenue Refunding
Bonds, Senior-Series A, 7.50% due 5/01/2011 1,156
2,000 Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.10%
due 12/01/2027 2,006
3,000 Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.20%
due 12/01/2037 3,002
2,770 Massachusetts State, HFA, Housing Revenue Refunding Bonds, AMT, Series D,
4.85% due 6/01/2040 2,526
2,720 Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 130,
5% due 12/01/2032 2,656
6,000 Massachusetts State Water Resource Authority Revenue Bonds, Series A,
6.50% due 7/15/2019 (c) 7,275
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Michigan - 6.4% 3,100 Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds
(Hurley Medical Center), Series A, 6% due 7/01/2020 (a) 3,115
4,320 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue
Bonds (Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 4,243
2,050 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry
Ford Health System), Series A, 5.25% due 11/15/2032 2,058
5,550 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry
Ford Health System), Series A, 5.25% due 11/15/2046 5,484
3,000 Pontiac, Michigan, Tax Increment Finance Authority, Revenue Refunding
Bonds (Development Area Number 3), 6.375% due 6/01/2012 (j) 3,455
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Mississippi - 5.9% 5,850 Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding
(Weyerhaeuser Company Project), Series A, 6.80% due 4/01/2022 6,511
7,200 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding
(System Energy Resources Inc. Project), 5.875% due 4/01/2022 7,236
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 3,465 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding
(System Energy Resources Inc. Project), 5.90% due 5/01/2022 $ 3,483
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Missouri - 1.4% 1,000 Missouri State Highways and Transportation Commission, Second Lien State Road
Revenue Bonds, 5% due 5/01/2016 1,132
2,500 Missouri State Highways and Transportation Commission, Second Lien State Road
Revenue Bonds, 5% due 5/01/2017 2,835
90 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeowner Loan), AMT, Series A, 7.50% due 3/01/2031 (g) 95
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Nebraska - 0.2% 180 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT,
Series C, 6.30% due 9/01/2028 (f)(g) 182
185 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT,
Series D, 6.45% due 3/01/2028 (g) 186
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Nevada - 0.2% 615 Clark County, Nevada, Improvement District Number 142, Special Assessment
Bonds, 6.375% due 8/01/2023 607
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New Jersey - 5.0% 4,250 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 4,200
2,435 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2011 (j) 2,857
3,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2029 2,811
1,680 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack
Valley Hospital Association), 6.625% due 7/01/2036 907
3,285 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7% due 6/01/2013 (j) 3,976
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New Mexico - 1.1% 3,160 Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San
Juan Project), Series A, 6.95% due 10/01/2020 3,214
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New York - 3.9% 690 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 733
890 New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs
Facility Pooled Program), Series C-1, 6.50% due 7/01/2017 904
1,920 New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625% due 12/01/2032 2,016
40 New York City, New York, GO, Refunding, Series A, 6.375% due 5/15/2015 (d) 44
1,660 New York City, New York, GO, Series F, 5.25% due 1/15/2033 1,743
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,500 New York State Dormitory Authority, Revenue Refunding Bonds, RIB, Series 305, 9.49%
due 5/15/2015 (i)(n) $ 1,776
1,000 Westchester County, New York, IDA, Civic Facility Revenue Bonds (Special
Needs Facilities Pooled Program), Series E-1, 6.50% due 7/01/2017 1,016
2,690 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage
Revenue Bonds (Kendal on Hudson Project), Series A, 6.50% due 1/01/2013 (j) 3,115
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North Carolina - 0.5% 1,675 Gaston County, North Carolina, Industrial Facilities and Pollution Control
Financing Authority, Revenue Bonds (National Gypsum Company Project),
AMT, 5.75% due 8/01/2035 1,581
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Ohio - 6.1% 14,000 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement
Asset-Backed Bonds, Series A-2, 6.50% due 6/01/2047 14,373
1,750 Ohio State, Higher Education, GO, Series B, 5% due 11/01/2014 1,968
1,400 Trumbull County, Ohio, Health Care Facilities Revenue Bonds (Shepherd of
the Valley), VRDN, 5.40% due 10/01/2031 (k)(m) 1,400
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Pennsylvania - 4.6% 1,235 Allegheny County, Pennsylvania, IDA, Environmental Improvement Revenue
Refunding Bonds, 5.50% due 11/01/2016 1,264
880 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds
(Ann's Choice Inc.), Series A, 6.125% due 1/01/2025 886
1,000 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Brethren
Village Project), Series A, 6.50% due 7/01/2040 1,008
470 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing
Care Project), 6.125% due 2/01/2028 467
1,090 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing
Care Project), 6.25% due 2/01/2035 1,083
2,000 Pennsylvania Economic Development Financing Authority, Exempt Facilities
Revenue Bonds (National Gypsum Company), AMT, Series B, 6.125% due 11/01/2027 1,969
1,250 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds
(University of Pennsylvania Medical Center Health System), Series A,
6% due 1/15/2031 1,340
1,265 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development,
7.75% due 12/01/2017 1,267
2,425 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds
(Guthrie Healthcare System), Series B, 5.85% due 12/01/2011 (j) 2,732
1,350 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds
(Guthrie Healthcare System), Series B, 7.125% due 12/01/2011 (j) 1,661
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Rhode Island - 0.5% 1,140 Rhode Island State Health and Educational Building Corporation, Hospital
Financing Revenue Bonds (Lifespan Obligation Group), 6.50% due 8/15/2012 (j) 1,318
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South Carolina - 0.1% 155 South Carolina Housing Finance and Development Authority, Mortgage Revenue
Bonds, AMT, Series A, 6.70% due 7/01/2027 160
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BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Tennessee - 5.7% $ 1,000 Johnson City, Tennessee, Health and Educational Facilities Board, Retirement
Facility Revenue Bonds (Appalachian Christian Village Project), Series A, 6%
due 2/15/2024 $ 989
3,175 Shelby County, Tennessee, Health, Educational and Housing Facility Board,
Hospital Revenue Refunding Bonds (Methodist Healthcare), 6.50% due 9/01/2012 (j) 3,699
12,050 Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series A,
5.25% due 9/01/2026 11,927
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Texas - 13.6% 4,510 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises
Inc.), First Tier, Series A, 6.70% due 1/01/2011 (j) 5,048
1,500 Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC
Project), AMT, Series A, 7.70% due 4/01/2033 1,553
1,810 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy
Inc. Project), Series B, 7.75% due 12/01/2018 1,851
5,800 Brazos River, Texas, Harbor Navigation District, Brazoria County
Environmental Revenue Refunding Bonds (Dow Chemical Company Project),
AMT, Series A-7, 6.625% due 5/15/2033 6,082
2,500 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% due 4/01/2026 2,508
3,440 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding
Bonds (Reliant Energy Inc.), Series C, 8% due 5/01/2029 3,520
2,500 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project),
AMT, Series B, 6.70% due 11/01/2030 2,475
800 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project),
Series A, 6.45% due 11/01/2030 783
7,500 San Antonio, Texas, Electric and Gas Revenue Bonds, Series A, 5.75%
due 2/01/2010 (j) 8,000
1,900 Tarrant County, Texas, Health Facilities Development Corporation, Hospital
Revenue Refunding Bonds (Cumberland Rest, Inc. Project), VRDN, Series,
5.35% due 8/15/2032 (k)(m) 1,900
2,000 Texas State Affordable Housing Corporation, S/F Mortgage Revenue Bonds
(Fire Fighter and Law Enforcement or Security Officer Home Loan Program),
AMT, Series B, 5.25% due 9/01/2039 (g) 1,934
4,475 Texas State Department of Housing and Community Affairs, S/F Mortgage
Revenue Bonds, AMT, Series B, 5.25% due 9/01/2032 (f)(g) 4,481
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U.S. Virgin Islands - 2.1% 6,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
(Hovensa Coker Project), AMT, 6.50% due 7/01/2021 (j) 6,266
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Virginia - 0.7% 1,000 Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia Electric and
Power Company), Series B, 5.875% due 6/01/2017 1,062
1,000 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue
Refunding Bonds (Goodwin House, Inc.), 5.125% due 10/01/2037 950
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BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Washington - 7.2% $ 500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, DRIVERS,
Series 248, 7.968% due 7/01/2018 (i)(n) $ 598
10,815 Washington State, GO, Series B, 6% due 1/01/2010 (h) 11,555
5,000 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear
Project Number 1), Series B, 7.125% due 7/01/2016 6,357
1,900 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear
Project Number 3), Series B, 7.125% due 7/01/2016 (i) 2,394
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Wisconsin - 0.7% 2,215 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(SynergyHealth Inc.), 6% due 11/15/2032 2,235
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Total Municipal Bonds (Cost - $404,977) - 144.2% 421,305
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Municipal Bonds Transferred to Tender Option Bond Trusts (p)
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Illinois - 6.6% 6,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue
Refunding Bonds, Third Lien, AMT, Series A, 5.75% due 1/01/2020 (i) 6,277
4,225 Kane and De Kalb Counties, Illinois, Community Unity School District
Number 302, GO, 5.75% due 2/01/2014 (d) 4,902
1,000 Kane and De Kalb Counties, Illinois, Community Unity School District
Number 302, GO, 5.75% due 2/01/2019 (d) 1,143
6,400 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State
Tax Revenue Refunding Bonds (McCormick Place Expansion Project), Series B,
5.75% due 6/15/2023 (i) 6,953
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Massachusetts - 3.5% 10,000 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (h) 10,388
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New York - 6.6% 6,750 New York City, New York, City Transitional Finance Authority Revenue Bonds,
Future Tax Secured, Series B, 6.25% due 11/15/2018 7,408
11,000 New York State Dormitory Authority, State University Educational Facilities,
Revenue Refunding Bonds, Series 1989, 6% due 5/15/2010 (i) 12,011
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Texas - 4.0% 10,000 Harris County, Texas, Health Facilities Development Corporation, Revenue Refunding
Bonds (School Health Care System), Series B, 5.75% due 7/01/2027 (c) 11,711
----------------------------------------------------------------------------------------------------------------------------------
Washington - 2.2% 3,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia
Generating Station), Series A, 5.75% due 7/01/2018 (i) 3,842
2,250 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia
Generating Station), Series B, 6% due 7/01/2018 (b) 2,493
----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $64,060) - 22.9% 67,128
----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2008 (Unaudited) (in Thousands)
Value
----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $469,037*) - 167.1% $ 488,433
Other Assets Less Liabilities - 3.3% 9,751
Liability for Trust Certificates, Including Interest Expense Payable - (10.5%) (30,803)
Preferred Stock, at Redemption Value - (59.9%) (175,132)
---------
Net Assets Applicable to Common Stock - 100.0% $ 292,249
=========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2008, as computed for federal income tax purposes were as
follows:
Aggregate cost $ 439,388
=========
Gross unrealized appreciation $ 24,631
Gross unrealized depreciation (6,164)
---------
Net unrealized appreciation $ 18,467
=========
(a) ACA Insured.
(b) AMBAC Insured.
(c) Escrowed to maturity.
(d) FGIC Insured.
(e) FHA Insured.
(f) FHLMC Collateralized.
(g) FNMA/GNMA Collateralized.
(h) FSA Insured.
(i) MBIA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) XL Capital Insured.
(m) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(n) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(o) Represents a pay-in-kind security which may pay interest/dividends in
additional face/shares.
(p) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
(q) Non-income producing security; issuer filed for bankruptcy or is in
default of interest payments.
o Forward interest rate swaps outstanding as of January 31, 2008 were as
follows:
--------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
--------------------------------------------------------------------------------------------------------
Pay a fixed rate of 3.925% and receive a floating rate based
on 1-week (SIFMA) Municipal Swap Index rate
Broker, JPMorgan Chase
Expires February 2028 $ 6,000 $ (202)
--------------------------------------------------------------------------------------------------------
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: March 24, 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: March 24, 2008
By: /s/ Neal J. Andrews
-----------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniVest Fund II, Inc.
Date: March 24, 2008