BLACKROCK MUNIVEST FUND II, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-07478

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

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock MuniVest Fund II, Inc., 55 East 52nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2015

Date of reporting period: 07/31/2014

Item 1 – Schedule of Investments

Schedule of Investments July 31, 2014 (Unaudited)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Alabama — 1.9%

     

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

    $ 1,490      $ 1,503,261   

County of Jefferson Alabama Sewer, Refunding RB:

     

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

      805        840,694   

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

      3,575        3,881,413   
    

 

 

  
               6,225,368   

Alaska — 0.9%

     

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

     

4.63%, 6/01/23

      1,390        1,296,467   

5.00%, 6/01/46

      2,250        1,669,635   
    

 

 

  
               2,966,102   

Arizona — 0.3%

     

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

      900        831,591   

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

      45        45,117   
    

 

 

  
               876,708   

California — 14.0%

     

California Health Facilities Financing Authority, RB:

     

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

      2,200        2,546,500   

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

      3,170        3,794,173   

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

      1,265        1,388,894   

California Municipal Finance Authority Mobile Home Park, RB, Senior, Caritas Affordable Housing, Inc. Projects, Series A, S/F:

     

5.25%, 8/15/39

      145        154,670   

5.25%, 8/15/49

      370        392,663   
Municipal Bonds    Par  
(000)		     Value  

California (concluded)

     

California Pollution Control Financing Authority, RB (a):

     

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

    $ 1,230      $ 1,245,080   

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

      1,025        1,054,653   

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

      1,495        1,532,345   

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

     

5.25%, 5/15/39

      800        908,576   

Senior, 5.00%, 5/15/40

      5,930        6,494,417   

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

      360        409,478   

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

      1,085        1,212,390   

San Marcos Unified School District, GO, CAB, Election of 2010, Series B, 0.00%, 8/01/42 (b)

      2,000        535,780   

State of California, GO, Various Purposes:

     

6.00%, 3/01/33

      2,525        3,029,419   

6.50%, 4/01/33

      14,925        18,155,516   

State of California Public Works Board, LRB, Various Capital Project:

     

Series I, 5.00%, 11/01/38

      775        850,090   

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

      1,185        1,428,968   

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

      965        933,271   
    

 

 

  
               46,066,883   

Colorado — 0.9%

     

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

      1,060        1,217,792   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Colorado (concluded)

     

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

    $ 1,000      $ 1,035,980   

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

      750        891,772   
    

 

 

  
               3,145,544   

Connecticut — 1.9%

     

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

      1,375        1,481,989   

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

      3,385        3,784,565   

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

      950        950,675   
    

 

 

  
               6,217,229   

Delaware — 1.7%

     

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

      1,125        1,238,546   

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

      4,065        4,276,787   
    

 

 

  
               5,515,333   

District of Columbia — 2.6%

     

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

      240        269,945   

Metropolitan Washington Airports Authority, Refunding RB:

     

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

      6,590        2,567,003   

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

      4,830        1,759,714   

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

      6,515        2,216,598   
Municipal Bonds    Par  
(000)		     Value  

District of Columbia (concluded)

     

Metropolitan Washington Airports Authority, Refunding RB (concluded):

     

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

    $ 1,500      $ 1,612,005   
    

 

 

  
               8,425,265   

Florida — 3.5%

     

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

      2,720        2,722,747   

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

      1,165        1,298,323   

County of Tampa-Hillsborough Florida Expressway Authority, Refunding RB, Series A, 5.00%, 7/01/37

      645        694,272   

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

      3,015        3,613,869   

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

      1,135        774,819   

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

      2,480        2,480,595   
    

 

 

  
               11,584,625   

Georgia — 3.1%

     

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

      130        145,895   

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

      2,000        2,024,320   

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

      3,465        3,861,916   

Municipal Electric Authority of Georgia, Refunding RB:

     

Series W, 6.60%, 1/01/18

      3,120        3,381,144   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Georgia (concluded)

     

Municipal Electric Authority of Georgia, Refunding RB (concluded):

     

Series X, 6.50%, 1/01/20

    $ 730      $ 830,441   
    

 

 

  
               10,243,716   

Hawaii — 0.5%

     

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

      1,355        1,501,299   

Illinois — 22.5%

     

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

      5,865        7,016,886   

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

      3,200        3,251,392   

City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 1/01/32

      4,555        4,764,849   

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

      820        878,130   

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

      800        811,216   

City of Chicago Illinois Board of Education, GO, Series A, 5.25%, 12/01/41

      4,455        4,514,162   

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

      1,050        1,137,507   

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

     

Project, 5.00%, 11/01/42

      3,780        3,948,550   

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

      1,325        1,405,547   

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

      805        899,571   

Illinois Finance Authority, RB:

     

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

      5,000        5,781,750   

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

      275        275,330   

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

      1,610        1,799,948   

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

      2,315        2,516,914   
Municipal Bonds    Par  
(000)		     Value  

Illinois (concluded)

     

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

     

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

    $ 4,315      $ 4,484,709   

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

      2,500        2,597,725   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      440        511,852   

6.00%, 6/01/28

      1,140        1,326,869   

Regional Transportation Authority, RB:

     

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

      1,065        1,242,706   

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

      5,920        6,914,442   

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

      2,500        3,023,075   

State of Illinois, GO:

     

5.00%, 2/01/39

      1,540        1,551,581   

Series A, 5.00%, 4/01/35

      3,000        3,052,590   

Series A, 5.00%, 4/01/38

      3,640        3,675,454   

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

      630        696,874   

University of Illinois, RB, Auxiliary Facilities System, Series A:

     

5.00%, 4/01/39

      810        877,748   

5.00%, 4/01/44

      985        1,063,278   

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

      2,800        2,803,696   

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

      1,320        1,321,571   
    

 

 

  
               74,145,922   

Indiana — 4.2%

     

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

     

6.75%, 1/01/34

      790        878,662   

7.00%, 1/01/44

      1,905        2,123,846   

Indiana Finance Authority, RB, Series A:

     

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

      3,280        3,638,701   

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

      450        465,021   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Indiana (concluded)

     

Indiana Finance Authority, RB, Series A (concluded):

     

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

    $ 1,430      $ 1,474,559   

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

      840        893,726   

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

      2,795        3,109,214   

Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 1/15/40

      1,270        1,389,875   
    

 

 

  
               13,973,604   

Iowa — 2.6%

     

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

     

5.00%, 12/01/19

      960        1,009,181   

5.50%, 12/01/22

      2,340        2,439,918   

5.25%, 12/01/25

      460        484,808   

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

      1,520        1,604,345   

Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46

      3,785        3,127,999   
    

 

 

  
               8,666,251   

Kentucky — 0.6%

     

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

      995        1,080,888   

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

      1,200        770,904   
    

 

 

  
               1,851,792   

Louisiana — 3.8%

     

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

      3,320        3,811,294   
Municipal Bonds   

Par  

(000)

     Value  

Louisiana (concluded)

     

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

    $ 3,600      $ 3,607,596   

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

     

5.50%, 5/15/30

      1,020        1,115,941   

5.25%, 5/15/31

      870        933,510   

5.25%, 5/15/32

      1,110        1,179,852   

5.25%, 5/15/33

      1,205        1,275,107   

5.25%, 5/15/35

      505        536,653   
    

 

 

  
               12,459,953   

Maryland — 1.6%

     

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

      1,070        1,074,751   

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

      1,500        1,512,240   

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

      435        462,253   

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

      1,160        1,266,325   

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

      840        1,023,910   
    

 

 

  
               5,339,479   

Massachusetts — 3.4%

     

Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%, 11/01/42

      2,205        2,230,071   

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

      990        1,084,080   

Massachusetts HFA, RB, AMT:

     

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

      2,830        2,866,196   

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

      2,720        2,782,315   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Massachusetts (concluded)

  

  

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

    $ 2,030      $ 2,109,413   
    

 

 

  
               11,072,075   

Michigan — 7.6%

     

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

     

Series A, 5.00%, 7/01/32

      1,565        1,519,850   

Series A, 5.25%, 7/01/39

      4,425        4,334,464   

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

      910        995,886   

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

      1,380        1,471,977   

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

     

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

      5,080        5,147,056   

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

      8,560        9,622,724   

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (d)

      1,400        1,805,706   
    

 

 

  
               24,897,663   

Mississippi — 1.4%

     

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

      3,000        3,568,260   

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

      1,065        1,169,274   
    

 

 

  
               4,737,534   

Missouri — 0.2%

     

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

      255        279,110   
Municipal Bonds    Par  
(000)		     Value  

Missouri (concluded)

     

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

    $ 245      $ 263,459   
    

 

 

  
               542,569   

Nebraska — 0.7%

     

Central Plains Energy Project Nebraska, RB, Gas Project No. 3:

     

5.25%, 9/01/37

      825        883,245   

5.00%, 9/01/42

      1,445        1,512,395   
    

 

 

  
               2,395,640   

New Jersey — 4.1%

     

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

      1,955        2,014,236   

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

      2,240        2,429,616   

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

      625        651,062   

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

      1,985        2,145,070   

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

     

Series A, 5.50%, 6/15/41

      1,635        1,811,024   

Series B, 5.25%, 6/15/36

      2,460        2,675,398   

Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 5/01/43

      525        582,635   

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

      1,335        1,309,275   
    

 

 

  
               13,618,316   

New York — 12.9%

     

City of New York New York Industrial Development Agency, ARB, British Airways PLC Project, AMT, 7.63%, 12/01/32

      1,920        1,929,984   

City of New York New York Industrial Development Agency, RB, Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/17

      500        500,065   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

New York (concluded)

  

  

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

     

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

    $ 6,700      $ 7,500,851   

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

      2,460        2,682,925   

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

      9,405        11,214,428   

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

      10,735        11,828,682   

New York Liberty Development Corp., Refunding RB, 2nd Priority, Bank of America Tower at 1 Bryant Park Project, Class 3, 6.38%, 7/15/49

      1,220        1,343,159   

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

      1,790        2,039,043   

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

     

6.00%, 12/01/36

      1,165        1,343,746   

6.00%, 12/01/42

      1,250        1,434,100   

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

      700        700,861   
    

 

 

  
               42,517,844   

North Carolina — 1.8%

     

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

      1,675        1,674,196   

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

      1,400        1,545,964   
Municipal Bonds   

Par  

(000)

     Value  

North Carolina (concluded)

     

North Carolina Medical Care Commission, Refunding RB:

     

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

    $ 2,000      $ 2,054,640   

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

      595        659,760   
    

 

 

  
               5,934,560   

Ohio — 0.2%

     

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

      660        703,580   

Pennsylvania — 1.4%

     

City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple University Health System, Series A, 5.63%, 7/01/42

      1,230        1,244,416   

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

      1,890        2,016,290   

State of Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44

      1,105        1,210,461   
    

 

 

  
               4,471,167   

South Carolina — 2.3%

     

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

      3,280        3,538,792   

State of South Carolina Public Service Authority, RB, Series A, 5.50%, 12/01/54

      3,580        3,963,704   
    

 

 

  
               7,502,496   

Tennessee — 0.3%

     

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

      995        1,080,888   

Texas — 8.4%

     

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

      1,500        138,750   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Texas (concluded)

     

Central Texas Regional Mobility Authority, Refunding RB:

     

Senior Lien, 6.25%, 1/01/46

    $ 2,140      $ 2,401,679   

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

      315        323,367   

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

      510        577,621   

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT:

     

4.75%, 7/01/24

      1,200        1,234,488   

5.00%, 7/01/29

      965        973,907   

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

      745        853,427   

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

      455        504,991   

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

      2,000        2,523,880   

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

      1,475        1,502,125   

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

      7,000        8,103,760   

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

     

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

      2,000        2,375,220   

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

      2,775        3,257,600   

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

      2,750        2,912,113   
    

 

 

  
               27,682,928   

Utah — 0.9%

     

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

      2,780        2,956,530   
Municipal Bonds    Par  
(000)		     Value  

Virginia — 2.7%

     

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

     

5.13%, 10/01/37

    $ 500      $ 514,595   

5.13%, 10/01/42

      3,440        3,525,037   

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

     

5.25%, 1/01/32

      1,615        1,727,145   

6.00%, 1/01/37

      2,915        3,250,633   
    

 

 

  
               9,017,410   

Washington — 2.1%

     

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

      2,290        2,579,135   

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

      3,700        4,268,986   
    

 

 

  
               6,848,121   

Wisconsin — 3.3%

     

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

      7,100        8,377,148   

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

      2,465        2,659,267   
    

 

 

  
               11,036,415   
Total Municipal Bonds — 120.3%              396,220,809   
    
   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		  

California — 6.4%

  

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/19 (d)

      3,271        3,939,395   

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

      2,610        2,944,341   

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

      9,480        10,542,424   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

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

Par  

(000)

     Value  

California (concluded)

     

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

    $ 2,290      $ 2,531,389   

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

      1,077        1,240,395   
    

 

 

  
               21,197,944   

Colorado — 0.7%

     

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

      2,129        2,425,293   

Connecticut — 2.0%

     

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

      6,000        6,567,780   

Florida — 1.9%

     

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

      5,679        6,284,585   

Illinois — 1.0%

     

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

      2,999        3,325,639   

Maryland — 0.8%

     

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

      2,290        2,536,290   

Massachusetts — 0.8%

     

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

      2,266        2,506,890   

New Hampshire — 0.7%

     

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

      2,009        2,282,583   

New York — 5.4%

     

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

     

Series DD, 5.00%, 6/15/37

      6,299        6,878,627   

Series FF-2, 5.50%, 6/15/40

      1,575        1,801,505   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (g)		   

Par  

(000)

     Value  

New York (concluded)

     

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

    $ 1,610      $ 1,831,434   

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

      6,440        7,219,498   
    

 

 

  
               17,731,064   

North Carolina — 2.0%

     

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

      6,239        6,672,167   

Ohio — 5.5%

     

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

      2,400        2,632,968   

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

      13,843        15,354,742   
    

 

 

  
               17,987,710   

South Carolina — 1.7%

     

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

      4,995        5,631,163   

Texas — 3.1%

     

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

      2,520        2,762,827   

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

      3,400        3,742,176   

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

      1,781        1,823,701   

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

      1,830        2,051,225   
    

 

 

  
               10,379,929   

Washington — 5.6%

     

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

     

5.00%, 11/01/34

      5,000        5,496,900   

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

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

Par  

(000)

     Value  

Washington (concluded)

     

Central Puget Sound Regional Transit Authority, RB, Series A (concluded):

     

5.00%, 11/01/36

    $ 4,000      $ 4,397,520   

(AGM), 5.00%, 11/01/32

      7,693        8,469,722   
    

 

 

  
               18,364,142   

Wisconsin — 0.8%

     

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

      2,499        2,664,795   

Total Municipal Bonds Transferred to

Tender Option Bond (TOB) Trusts — 38.4%

  

  

     126,557,974   

Total Long-Term Investments

(Cost — $476,509,519) — 158.7%

  

  

     522,778,783   
Short-Term Securities   

Shares

     Value  

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

    $ 9,150,558      $ 9,150,558   

Total Short-Term Securities

(Cost — $9,150,558) — 2.8%

  

  

     9,150,558   
Total Investments (Cost — $485,660,077*) — 161.5%        531,929,341   
Other Assets Less Liabilities — 1.2%        4,145,123   
Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (20.2%)		         (66,646,597 ) 
VMTP Shares, at Liquidation Value — (42.5%)        (140,000,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 329,427,867   
    

 

 

  

 

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

      

Tax cost

  

   $ 419,107,524   
 

 

 

  

Gross unrealized appreciation

  

   $ 48,357,855   

Gross unrealized depreciation

  

     (2,170,674 ) 
 

 

 

  

Net unrealized appreciation

  

   $ 46,187,181   
 

 

 

  

 

Notes to Schedule of Investments

 

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

 

(b)   Zero-coupon bond.

 

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

 

(d)   U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(e)   Non-income producing security.

 

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

 

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

 

(h)   All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire from October 01, 2016 to November 15, 2019 is 13,378,728.

 

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

 

Affiliate      Shares Held
at April 30,
2014		       

Net

Activity

        Shares Held
at July 31,
2014		        Income  

FFI Institutional Tax-Exempt Fund

        1,726,061           7,424,497           9,150,558         $ 567   

 

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

 

Portfolio Abbreviations

 

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

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

 

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
EDC    Economic Development Corp.
GARB    General Airport Revenue Bonds
GO    General Obligation Bonds
HFA    Housing Finance Agency
HRB    Housing Revenue Bonds
IDA    Industrial Development Authority
LRB    Lease Revenue Bonds
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
Radian    Radian Guaranty, Inc.
RB    Revenue Bonds
S/F    Single-Family

 

Ÿ  

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

 

Contracts
Sold		     Issue   Exchange   Expiration   Notional
Value		     Unrealized
Appreciation		  
  (250 )    10-Year U.S. Treasury Note   Chicago Board of Trade   September 2014   $ 31,152,344      $ 269,181   

 

Ÿ  

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

 

  Ÿ  

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

 

  Ÿ  

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  Ÿ  

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

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

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

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

 

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

Schedule of Investments (concluded)

   

BlackRock MuniVest Fund II, Inc. (MVT)

 

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 522,778,783         —      $ 522,778,783   

Short-Term Securities

   $ 9,150,558           —         —        9,150,558   
 

 

 

  

Total

   $ 9,150,558         $ 522,778,783         —      $   531,929,341   
 

 

 

  

 

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

 

     
     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments2                 

Assets:

                 

Interest rate contracts

   $ 269,181           —         —      $ 269,181   

 

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

     

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of July 31, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 

Cash pledged for financial futures contracts

   $ 342,000           —         —      $ 342,000   

Liabilities:

                 

TOB trust certificates

     —         $ (66,634,636 )       —        (66,634,636 ) 

VMTP Shares

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

 

 

  

Total

   $    342,000         $ (206,634,636 )       —      $ (206,292,636 ) 
 

 

 

  

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

 

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

Item 2 – Controls and Procedures

 

2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

2(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock MuniVest Fund II, Inc.
By:     

/s/ John M. Perlowski

   
   John M. Perlowski   
  

Chief Executive Officer (principal executive officer) of

BlackRock MuniVest Fund II, Inc.

Date: September 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:     

/s/ John M. Perlowski

   
   John M. Perlowski   
   Chief Executive Officer (principal executive officer) of
   BlackRock MuniVest Fund II, Inc.

Date: September 25, 2014

 

By:     

/s/ Neal J. Andrews

   
   Neal J. Andrews   
   Chief Financial Officer (principal financial officer) of
   BlackRock MuniVest Fund II, Inc.

Date: September 25, 2014