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.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer (principal 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
Date of fiscal year end: 10/31/2007
Date of reporting period: 05/01/2007 - 07/31/2007
Item 1 - Schedule of Investments
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 5.4% $ 5,000 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B, 5.75%
due 6/01/2012 (j) $ 5,443
3,500 Prattville, Alabama, IDB, Environmental Improvement Revenue Bonds (International
Paper Company Projects), AMT, Series A, 4.75% due 12/01/2030 3,134
5,000 Selma, Alabama, IDB, Environmental Improvement Revenue Bonds (International Paper
Company Project), AMT, Series A, 4.75% due 12/01/2030 4,507
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 2,912
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Arizona - 2.5% 900 Coconino County, Arizona, Pollution Control Corporation Revenue Bonds (Arizona
Public Service Co.-Navajo Project), VRDN, AMT, Series A, 3.71% due 10/01/2029 (l) 900
1,000 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.75% due 7/01/2029 991
2,315 Maricopa County, Arizona, Tempe Elementary Unified School District Number 3, GO,
Refunding, 7.50% due 7/01/2010 (d) 2,546
1,985 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project), Series C, 6.75% due 7/01/2031 2,085
435 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2011 (j) 478
520 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2021 549
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California - 15.4% 7,950 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5.25% due 4/01/2039 8,093
3,505 California State, GO, 5.50% due 4/01/2014 (j) 3,849
5 California State, GO, 5.50% due 4/01/2030 5
9,200 California State, GO, Refunding, 5% due 6/01/2037 9,444
2,500 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
Series B, 5% due 12/01/2027 2,544
5,010 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-3, 7.875% due 6/01/2013 (j) 6,029
17,000 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Refunding Bonds, Senior Series A-1, 5.125% due 6/01/2047 15,844
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Colorado - 3.9% 175 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2,
7.50% due 4/01/2031 180
3,025 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.35% due 9/01/2031 3,174
830 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series B, 7.45% due 9/01/2031 873
1,310 North Range Metropolitan District Number 1, Colorado, GO, 7.25% due 12/15/2011 (j) 1,463
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
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
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 3,300 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8% due 12/01/2025 $ 3,610
820 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds
(Public Improvement Fees), 8.125% due 12/01/2025 823
1,000 Southlands Metropolitan District Number 1, Colorado, GO, 7% due 12/01/2014 (j) 1,186
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Connecticut - 1.2% 1,165 Connecticut State Development Authority, Airport Facility Revenue Bonds
(Learjet Inc. Project), AMT, 7.95% due 4/01/2026 1,372
2,000 Mohegan Tribe Indians Gaming Authority, Connecticut, Public Improvement Revenue
Refunding Bonds (Priority Distribution), 6.25% due 1/01/2031 2,101
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Delaware - 0.3% 1,000 New Castle County, Delaware, PCR (General Motors Corporation Project), VRDN,
7% due 10/01/2008 (l) 1,000
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Florida - 7.0% 2,350 Fiddlers Creek, Florida, Community Development District Number 2, Special
Assessment Revenue Bonds, Series A, 6.375% due 5/01/2035 2,428
820 Fiddlers Creek, Florida, Community Development District Number 2, Special
Assessment Revenue Bonds, Series B, 5.75% due 5/01/2013 836
6,500 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 6,571
4,000 Midtown Miami, Florida, Community Development District, Special Assessment
Revenue Bonds, Series A, 6.25% due 5/01/2037 4,072
1,280 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 5.625% due 11/15/2012 (j) 1,394
1,135 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, 6.25% due 5/01/2034 1,197
1,000 Orlando, Florida, Urban Community Development District, Capital Improvement
Special Assessment Bonds, Series A, 6.95% due 5/01/2033 1,063
1,250 Palm Coast Park Community Development District, Florida, Special Assessment
Revenue Bonds, 5.70% due 5/01/2037 1,258
900 Park Place Community Development District, Florida, Special Assessment
Revenue Bonds, 6.75% due 5/01/2032 952
920 Preserve at Wilderness Lake, Florida, Community Development District, Capital
Improvement Bonds, Series A, 7.10% due 5/01/2033 997
100 Sarasota County, Florida, Public Hospital Board, Hospital Revenue Bonds
(Sarasota Memorial Hospital), VRDN, Series A, 3.74% due 7/01/2037 (b)(l) 100
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Georgia - 6.0% 2,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%
due 12/01/2024 2,184
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 970
1,075 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 7.50% due 4/01/2010 (l) 1,074
2,000 Fulton County, Georgia, Residential Care Facilities, Revenue Refunding Bonds
(Canterbury Court Project), Series A, 6.125% due 2/15/2026 2,087
600 Gainesville, Georgia, Redevelopment Authority, Educational Facilities Revenue
Refunding Bonds (Riverside Military Academy), 5.125% due 3/01/2037 585
5,620 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W,
6.60% due 1/01/2018 6,396
380 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W,
6.60% due 1/01/2018 (c) 429
1,250 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series X,
6.50% due 1/01/2020 1,445
1,350 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds
(Georgia College and State University Foundation), 5.50% due 9/01/2014 (j) 1,490
1,000 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds
(Georgia College and State University Foundation), 5.625% due 9/01/2014 (j) 1,111
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Idaho - 0.0% 120 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2,
6.90% due 1/01/2027 123
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BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 8.2% $ 230 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7% due 3/01/2032 (f)(g) $ 236
800 Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 6.75% due 12/01/2032 856
1,000 Chicago, Illinois, Tax Allocation Bonds (Kingsbury Redevelopment Project),
Series A, 6.57% due 2/15/2013 1,023
2,800 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids
Management LLC Project), AMT, 6% due 11/01/2023 2,869
1,000 Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation
Providers Facilities), Series A, 6.50% due 7/01/2022 1,065
785 Illinois Development Finance Authority, Revenue Refunding Bonds (Community
Rehabilitation Providers Facilities), Series A, 6% due 7/01/2015 797
415 Illinois HDA, Revenue Refunding Bonds (M/F Program), Series 5, 6.75% due 9/01/2023 419
500 Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg),
Series A, 5.625% due 2/15/2037 506
1,035 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project),
Series A, 6% due 5/15/2037 1,084
365 McLean and Woodford Counties, Illinois, Community Unit School District Number 005,
GO, Refunding, 6.375% due 12/01/2016 (h) 401
1,500 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20%
due 11/01/2020 (b) 1,816
7,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 6.70%
due 11/01/2021 (d) 8,461
2,500 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%
due 6/01/2020 (d) 3,226
1,580 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax
Increment Financing (TIF) Redevelopment Project), 6% due 1/01/2025 1,590
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Indiana - 10.9% 8,245 Indiana Health and Educational Facilities Financing Authority, Hospital Revenue
Bonds (Clarian Health Obligation), Series A, 5.25% due 2/15/2040 8,341
2,000 Indiana Health and Educational Facilities Financing Authority, Hospital Revenue Bonds
(Schneck Memorial Hospital Project), Series A, 5.25% due 2/15/2030 2,036
5,545 Indiana State, HFA, S/F Mortgage Revenue Refunding Bonds, Series A,
6.80% due 1/01/2017 (e) 5,672
2,000 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A,
7.25% due 6/01/2015 2,288
3,775 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A,
6.80% due 12/01/2016 4,363
8,750 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds,
Series D, 6.75% due 2/01/2014 9,743
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Kentucky - 4.0% 11,650 Louisville and Jefferson County, Kentucky, Metropolitan Government Health System,
Revenue Refunding Bonds (Norton Healthcare, Inc.), 5.25% due 10/01/2036 11,750
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Louisiana - 7.5% 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 8,368
10,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project),
6.50% due 1/01/2017 10,110
3,600 Sabine River Authority, Louisiana, Water Facilities Revenue Refunding Bonds
(International Paper Company), 6.20% due 2/01/2025 3,750
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Maryland - 2.4% 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 1,444
2,000 Maryland State Energy Financing Administration, Solid Waste Disposal Revenue Bonds,
Limited Obligation (Wheelabrator Water Projects), AMT, 6.45% due 12/01/2016 2,043
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
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 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) $ 1,264
1,220 Montgomery County, Maryland, Special Obligation, GO (West Germantown Development
District), Series A, 6.70% due 7/01/2027 (k) 1,353
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Massachusetts - 4.1% 1,000 Massachusetts State College Building Authority, Project Revenue Refunding Bonds,
Senior-Series A, 7.50% due 5/01/2011 1,125
2,000 Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.10% due 12/01/2027 2,021
2,000 Massachusetts State, HFA, Housing Revenue Refunding Bonds, AMT, Series D,
4.85% due 6/01/2040 1,905
6,000 Massachusetts State Water Resource Authority Revenue Bonds, Series A,
6.50% due 7/15/2019 (c) 6,993
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Michigan - 7.6% 3,100 Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds (Hurley
Medical Center), Series A, 6% due 7/01/2020 (a) 3,317
4,320 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B, 5.875% due 11/15/2034 4,481
1,500 Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds
(Oakwood Obligated Group), Series A, 5% due 7/15/2025 1,513
5,000 Michigan State Hospital Finance Authority Revenue Bonds (Mid-Michigan Obligor Group),
Series A, 5% due 4/15/2036 4,962
1,650 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford
Health System), Series A, 5.25% due 11/15/2032 1,686
3,500 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford
Health System), Series A, 5% due 11/15/2038 3,483
3,000 Pontiac, Michigan, Tax Increment Finance Authority, Revenue Refunding Bonds
(Development Area Number 3), 6.375% due 6/01/2031 3,144
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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 6,818
7,200 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System
Energy Resources Inc. Project), 5.875% due 4/01/2022 7,271
3,465 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System
Energy Resources Inc. Project), 5.90% due 5/01/2022 3,498
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Missouri - 0.0% 95 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeowner Loan), AMT, Series A, 7.50% due 3/01/2031 (g) 99
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Nebraska - 0.2% 325 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT,
Series C, 6.30% due 9/01/2028 (f)(g) 328
255 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT,
Series D, 6.45% due 3/01/2028 (g) 258
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Nevada - 0.2% 620 Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds,
6.375% due 8/01/2023 642
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New Jersey - 6.0% 4,250 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 4,413
2,435 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc.
Facility), Series A, 7.25% due 11/15/2011 (j) 2,765
3,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc.
Project), AMT, 6.25% due 9/15/2029 3,086
1,680 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley
Hospital Association), 6.625% due 7/01/2036 1,344
3,285 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Bonds, 7% due 6/01/2013 (j) 3,804
2,500 Tobacco Settlement Financing Corporation of New Jersey, Revenue Refunding Bonds,
Series 1A, 5% due 6/01/2041 2,302
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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 3,230
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BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New York - 4.3% $ 690 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C,
6.80% due 6/01/2028 $ 748
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 925
1,920 New York City, New York, City IDA, Special Facility Revenue Bonds (British
Airways Plc Project), AMT, 7.625% due 12/01/2032 2,100
40 New York City, New York, GO, Refunding, Series A, 6.375% due 5/15/2015 (d) 43
3,160 New York City, New York, GO, Series F, 5.25% due 1/15/2033 3,295
1,500 New York State Dormitory Authority, Revenue Refunding Bonds, RIB, Series 305,
8.07% due 5/15/2015 (i)(m)(o) 1,707
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 1,039
2,690 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue
Bonds (Kendal on Hudson Project), Series A, 6.50% due 1/01/2034 2,822
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North Carolina - 1.7% 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 1,730
1,750 North Carolina Capital Facilities Finance Agency, Exempt Facilities Revenue Bonds
(Republic Services Inc. Project), VRDN, AMT, 3.75% due 7/01/2034 (l) 1,750
1,500 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage Revenue
Bonds (Givens Estates Project), Series A, 6.375% due 7/01/2013 (j) 1,698
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Oklahoma - 3.8% 5,000 Oklahoma State Development Finance Authority, Revenue Refunding Bonds (Saint John
Health System), 5% due 2/15/2037 5,026
6,400 Oklahoma State Development Finance Authority, Revenue Refunding Bonds (Saint John
Health System), 5% due 2/15/2042 6,400
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Pennsylvania - 5.1% 1,235 Allegheny County, Pennsylvania, IDA, Environmental Improvement Revenue Refunding
Bonds, 5.50% due 11/01/2016 1,297
880 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice
Inc.), Series A, 6.125% due 1/01/2025 918
470 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.125% due 2/01/2028 490
1,090 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.25% due 2/01/2035 1,139
2,000 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT, Series B, 6.125% due 11/01/2027 2,066
1,250 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (University
of Pennsylvania Medical Center Health System), Series A, 6% due 1/15/2031 1,335
1,265 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development,
7.75% due 12/01/2017 1,268
2,425 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 5.85% due 12/01/2011 (j)
2,633
3,350 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2011 (j) 3,987
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Rhode Island - 0.4% 1,140 Rhode Island State Health and Educational Building Corporation, Hospital Financing
Revenue Bonds (Lifespan Obligation Group), 6.50% due 8/15/2012 (j) 1,274
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South Carolina - 3.8% 1,200 Lexington County, South Carolina, Health Services District Inc., Hospital Revenue
Bonds (Lexington Medical Center), 5.50% due 5/01/2014 (j) 1,308
1,500 Lexington County, South Carolina, Health Services District Inc., Hospital Revenue
Refunding and Improvement Bonds, 5.50% due 11/01/2013 (j) 1,628
3,500 Lexington County, South Carolina, Health Services District Inc., Hospital Revenue
Refunding Bonds, 5% due 11/01/2032 3,475
3,500 Lexington County, South Carolina, Health Services District Inc., Hospital Revenue
Refunding Bonds, 5% due 11/01/2036 3,457
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,230 Medical University Hospital Authority, South Carolina, Hospital Facilities
Revenue Refunding Bonds, 6.50% due 8/15/2012 (j) $ 1,379
165 South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds,
AMT, Series A, 6.70% due 7/01/2027 169
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Tennessee - 2.9% 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 1,007
4,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling Facility-Calhoun
Newsprint), AMT, 7.40% due 12/01/2022 4,051
3,175 Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital
Revenue Refunding Bonds (Methodist Healthcare), 6.50% due 9/01/2012 (j) 3,562
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Texas - 13.1% 6,110 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70% due 1/01/2011 (j) 6,659
1,500 Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC Project),
AMT, Series A, 7.70% due 4/01/2033 1,680
1,810 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project),
Series B, 7.75% due 12/01/2018 1,889
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 6,182
4,180 Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental
Revenue Refunding Bonds (Dow Chemical Company Project), Series B-2, 4.95% due 5/15/2033 4,032
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 2,528
3,440 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Reliant Energy Inc.), Series C, 8% due 5/01/2029 3,577
3,060 Port Corpus Christi, Texas, Individual Development Corporation, Environmental Facilities
Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due 11/01/2031 3,128
2,500 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), AMT,
Series B, 6.70% due 11/01/2030 2,681
800 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), Series A,
6.45% due 11/01/2030 844
2,020 Sabine River Authority, Texas, PCR, Refunding (TXU Electric Company Project/TXU Energy
Company LLC), Series C, 5.20% due 5/01/2028 1,970
3,650 Tarrant County, Texas, Cultural Education Facilities Financing Corporation Revenue
Bonds (Texas Health Resources), Series B, 5% due 11/15/2042 3,644
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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 1,065
1,000 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue Refunding
Bonds (Goodwin House, Inc.), 5.125% due 10/01/2042 984
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Washington - 3.0% 500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, DRIVERS, Series 248,
7.535% due 7/01/2018 (i)(m)(o) 575
5,000 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project
Number 1), Series B, 7.125% due 7/01/2016 6,107
1,900 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project
Number 3), Series B, 7.125% due 7/01/2016 (i) 2,326
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Wisconsin - 0.8% 2,215 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(SynergyHealth Inc.), 6% due 11/15/2032 2,342
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U.S. Virgin Islands - 6,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
2.2% Coker Project), AMT, 6.50% due 7/01/2021 6,440
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Total Municipal Bonds (Cost - $402,100) - 141.6% 420,732
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BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
Face
State Amount Municipal Bonds Held in Trust (n) Value
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Illinois - 6.4% $ 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) $ 6,326
4,200 Kane and De Kalb Counties, Illinois, Community Unit School District Number 302,
GO, 5.75% due 2/01/2014 (d)(j) 4,642
1,000 Kane and De Kalb Counties, Illinois, Community Unit School District Number 302, GO,
5.75% due 2/01/2019 (d) 1,105
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) 6,899
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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) 10,402
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New York - 6.4% 6,750 New York City, New York, City Transitional Finance Authority Revenue Bonds, Future
Tax Secured, Series B, 6.25% due 11/15/2018 7,260
6,000 New York State Dormitory Authority, State University Educational Facilities, Revenue
Refunding Bonds, Series 1989, 6% due 5/15/2010 (i)(j) 6,415
5,000 New York State Dormitory Authority, State University Educational Facilities, Revenue
Refunding Bonds, Series 1989, 6% due 5/15/2010 (i)(j) 5,346
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 1.4% 4,000 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds,
6% due 1/01/2018 (h) 4,191
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 6.6% 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) 11,624
7,500 San Antonio, Texas, Electric and Gas Revenue Bonds, Series A, 5.75% due 2/01/2010 (j) 7,851
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 5.6% 3,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating
Station), Series A, 5.75%, due 7/01/2018 (i) 3,763
2,250 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating
Station), Series B, 6% due 7/01/2018 (b) 2,444
10,000 Washington State, Various Purpose, GO, Series B, 6% due 1/01/2010 (h)(j) 10,508
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $85,988) - 29.9% 88,776
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $488,088*) - 171.5% 509,508
Other Assets Less Liabilities - 1.5% 4,568
Liability for Trust Certificates, Including Interest Expense Payable - (14.0%) (41,645)
Preferred Stock, at Redemption Value - (59.0%) (175,265)
----------
Net Assets Applicable to Common Stock - 100.0% $ 297,166
==========
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 448,809
=========
Gross unrealized appreciation $ 23,663
Gross unrealized depreciation (4,264)
---------
Net unrealized appreciation $ 19,399
=========
(a) ACA Insured.
(b) AMBAC Insured.
(c) Escrowed to maturity.
(d) FGIC Insured.
(e) FHA Insured.
(f) FHLMC Collateralized.
(g) FNMA/GNMA Collateralized.
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of July 31, 2007 (Unaudited) (in Thousands)
(h) FSA Insured.
(i) MBIA Insured.
(j) Prerefunded.
(k) Radian Insured.
(l) 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.
(m) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(n) 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.
(o) These securities are short-term floating rate certificates issued by
tender option bond trusts and are secured by the underlying municipal bond
securities.
o Forward interest rate swaps outstanding as of July 31, 2007 were as
follows:
-------------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
-------------------------------------------------------------------------------------------------------------
Pay a fixed rate of 3.911% and receive a floating rate based on
1-Week Bond Market Association rate
Broker, JPMorgan Chase
Expires September 2017 $ 6,000 $ (3,444)
Pay a fixed rate of 4.0025% and receive a floating rate based on
1-Week Bond Market Association rate
Broker, Goldman Sachs
Expires October 2017 $ 6,000 (42,054)
Pay a fixed rate of 4.085% and receive a floating rate based on
1-Week Bond Market Association rate
Broker, JPMorgan Chase
Expires October 2017 $ 11,500 (153,974)
-----------------------------------------------------------------------------------------------------------
Total $(199,472)
=========
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 and 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
(17 CFR 270.30a-3(d)) 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/ Robert C. Doll, Jr.
-----------------------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniVest Fund II, Inc.
Date: September 20, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------------------
Robert C. Doll, Jr.,
Chief Executive Officer (principal executive officer) of
BlackRock MuniVest Fund II, Inc.
Date: September 20, 2007
By: /s/ Donald C. Burke
-----------------------------------
Donald C. Burke,
Chief Financial Officer (principal financial officer) of
BlackRock MuniVest Fund II, Inc.
Date: September 20, 2007