UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act File number 811-7478
Name of Fund: 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, 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: (609) 282-2800
Date of fiscal year end: 10/31/2007
Date of reporting period: 11/01/06 - 01/31/07
Item 1 - Schedule of Investments
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 7.2% $ 5,300 Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds
(Ascension Health Credit), Series C-2, 5% due 11/15/2036 $ 5,491
5,000 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B, 5.75% due 6/01/2032 5,360
3,500 Prattville, Alabama, IDB, Environmental Improvement Revenue Bonds (International Paper
Co. Projects), AMT, Series A, 4.75% due 12/01/2030 3,500
5,000 Selma, Alabama, IDB, Environmental Improvement Revenue Bonds (International Paper Co.
Projects), AMT, Series A, 4.75% due 12/01/2030 4,807
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 2,961
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Arizona - 2.7% 1,400 Coconino County, Arizona, Pollution Control Corporation Revenue Bonds (Arizona Public
Service Co.-Navajo Project), VRDN, AMT, Series A, 3.77% due 10/01/2029 (l) 1,400
1,000 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.75% due 7/01/2029 1,017
2,315 Maricopa County, Arizona, Tempe Elementary Unified School District Number 3, GO,
Refunding, 7.50% due 7/01/2010 (d) 2,584
1,995 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project),
Series C, 6.75% due 7/01/2031 2,137
960 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter Schools
Project II), Series A, 6.75% due 7/01/2021 1,033
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California - 8.1% 7,950 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5.25% due 4/01/2039 8,380
6,605 California State, GO, 5.50% due 4/01/2014 (j) 7,316
160 California State, GO, 5.50% due 4/01/2028 174
210 California State, GO, 5.50% due 4/01/2030 228
2,500 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series B, 5%
due 12/01/2027 2,626
5,010 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-3, 7.875% due 6/01/2042 6,107
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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 January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Colorado - 3.7% $ 215 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50%
due 4/01/2031 $ 218
3,025 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series A, 7.35% due 9/01/2031 3,201
830 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee),
Series B, 7% due 9/01/2031 881
1,310 North Range, Colorado, Metropolitan District Number 1, GO, 7.25% due 12/15/2011 (j) 1,409
3,300 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public
Improvement Fees), 8% due 12/01/2025 3,650
820 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public
Improvement Fees), 8.125% due 12/01/2025 826
1,000 Southlands, Colorado, Medical District, GO (Metropolitan District Number 1), 7%
due 12/01/2024 1,104
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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 1,400
2,000 Mohegan Tribe Indians Gaming Authority, Connecticut, Public Improvement Revenue
Refunding Bonds (Priority Distribution), 6.25% due 1/01/2031 2,126
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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 - 9.8% 2,350 Fiddlers Creek, Florida, Community Development District Number 2, Special Assessment
Revenue Bonds, Series A, 6.375% due 5/01/2035 2,512
850 Fiddlers Creek, Florida, Community Development District Number 2, Special Assessment
Revenue Bonds, Series B, 5.75% due 5/01/2013 885
8,000 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 8,451
4,250 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds (Adventist Health System), Series G, 5.125% due 11/15/2032 4,424
4,000 Midtown Miami, Florida, Community Development District, Special Assessment Revenue
Bonds, Series A, 6.25% due 5/01/2037 4,338
1,280 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist
Health System), 5.625% due 11/15/2012 (j) 1,407
1,135 Orlando, Florida Urban Community Development District, Capital Improvement Special
Assessment Bonds, 6.25% due 5/01/2034 1,221
1,000 Orlando, Florida Urban Community Development District, Capital Improvement Special
Assessment Bonds, Series A, 6.95% due 5/01/2033 1,079
1,250 Palm Coast Park Community Development District, Florida, Special Assessment Revenue
Bonds, 5.70% due 5/01/2037 1,277
900 Park Place Community Development District, Florida, Special Assessment Revenue Bonds,
6.75% due 5/01/2032 960
935 Preserve at Wilderness Lake, Florida, Community Development District, Capital
Improvement Bonds, Series A, 7.10% due 5/01/2033 1,029
400 Sunshine State Governmental Financing Commission, Florida, Revenue Bonds, VRDN, 3.68%
due 7/01/2016 (b)(l) 400
2,000 West Villages Improvement District, Florida, Special Assessment Revenue Bonds (Unit of
Development Number 3), 5.50% due 5/01/2037 2,010
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Georgia - 5.9% 2,000 Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90% due 12/01/2024 2,211
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 1,186
1,075 Fulton County, Georgia, Development Authority, PCR (General Motors Corporation),
Refunding, VRDN, 8% due 4/01/2010 (l) 1,075
2,000 Fulton County, Georgia, Residential Care Facilities, Revenue Refunding Bonds (Canterbury
Court Project), Series A, 6.125% due 2/15/2026 2,112
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 600 Gainesville Georgia Redevelopment Authority, Educational Facilities Revenue Refunding
Bonds (Riverside Military Academy), 5.125% due 3/01/2037 $ 612
5,620 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W, 6.60%
due 1/01/2018 6,506
380 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W, 6.60%
due 1/01/2018 (c) 436
1,250 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series X, 6.50%
due 1/01/2020 1,472
1,350 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds (Georgia
College and State University Foundation), 5.50% due 9/01/2024 1,450
1,000 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds (Georgia
College and State University Foundation), 5.625% due 9/01/2030 1,081
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Idaho - 0.0% 145 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2, 6.90%
due 1/01/2027 149
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Illinois - 10.6% 4,000 Chicago, Illinois, O'Hare International Airport, Special Facility Revenue Refunding
Bonds (American Airlines Inc. Project), 8.20% due 12/01/2024 4,121
235 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7% due 3/01/2032 (f)(g) 241
800 Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 6.75% due 12/01/2032 865
1,000 Chicago, Illinois, Tax Allocation Bonds (Kingsbury Redevelopment Project), Series A,
6.57% due 2/15/2013 1,034
2,800 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids Management
LLC Project), AMT, 6% due 11/01/2023 2,906
1,000 Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation Providers
Facilities), Series A, 6.50% due 7/01/2022 1,083
2,500 Illinois Development Finance Authority, Revenue Refunding Bonds (Community
Rehabilitation Providers Facilities), Series A, 6% due 7/01/2015 2,540
415 Illinois HDA, Revenue Refunding Bonds (M/F Program), Series 5, 6.75% due 9/01/2023 420
500 Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg),
Series A, 5.625% due 2/15/2037 514
1,035 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project),
Series A, 6% due 5/15/2037 1,098
2,000 McLean and Woodford Counties, Illinois, Community Unit, School District Number 005, GO,
Refunding, 6.375% due 12/01/2016 (h) 2,223
1,500 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20% due
11/01/2020 (b) 1,848
7,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 6.70% due
11/01/2021 (d) 8,614
2,500 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75% due
6/01/2020 (d) 3,402
1,580 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax Increment
Financing (TIF) Redevelopment Project), 6% due 1/01/2025 1,604
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Indiana - 13.2% 8,245 Indiana Health and Educational Facilities Financing Authority, Hospital Revenue Bonds
(Clarian Health Obligation), Series A, 5.25% due 2/15/2040 8,656
2,000 Indiana Health and Educational Facilities Financing Authority, Hospital Revenue Bonds
(Schneck Memorial Hospital Project), Series A, 5.25% due 2/15/2030 2,109
7,350 Indiana Health and Educational Facilities Financing Authority, Revenue Refunding Bonds
(Ascension Health Credit), Series B-5, 5% due 11/15/2036 7,614
5,545 Indiana State HFA, S/F Mortgage Revenue Refunding Bonds, Series A, 6.80% due
1/01/2017 (e) 5,678
2,000 Indiana Transportation Finance Authority Highway Revenue Bonds, Series A, 7.25%
due 6/01/2015 2,326
3,775 Indiana Transportation Finance Authority Highway Revenue Bonds, Series A, 6.80%
due 12/01/2016 4,430
8,750 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds,
Series D, 6.75% due 2/01/2014 9,877
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BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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Kentucky - 4.0% $11,650 Louisville & Jefferson County Kentucky Metropolitan Government Health System Revenue
Bonds (Norton Healthcare, Inc.), 5.25% due 10/01/2036 $ 12,218
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Louisiana - 9.3% 5,000 Louisiana Local Government, Environmental Facilities, Community Development Authority
Revenue Bonds (Capital Projects and Equipment Acquisition), Series A, 6.30% due
7/01/2030 (b) 5,939
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 8,665
10,000 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project), 6.50%
due 1/01/2017 10,184
3,600 Sabine River Authority, Louisiana, Water Facilities Revenue Refunding Bonds
(International Paper Company), 6.20% due 2/01/2025 3,834
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Maryland - 1.9% 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 1,102
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) 1,298
1,230 Montgomery County, Maryland, Special Obligation, GO (West Germantown Development
District), Series A, 6.70% due 7/01/2027 (k) 1,384
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Massachusetts - 2.7% 1,000 Massachusetts State College Building Authority, Project Revenue Refunding Bonds,
Senior-Series A, 7.50% due 5/01/2011 1,140
6,000 Massachusetts State Water Resource Authority Revenue Bonds, Series A, 6.50%
due 7/15/2019 (c) 7,115
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Michigan - 5.8% 3,100 Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds (Hurley Medical
Center), Series A, 6% due 7/01/2020 (a) 3,376
4,320 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds (Mount
Clemens General Hospital), Series B, 5.875% due 11/15/2034 4,571
3,000 Michigan State Hospital Finance Authority, Revenue Bonds (Mid-Michigan Obligor Group),
Series A, 5% due 4/15/2036 3,078
3,500 Michigan State Hospital Finance Authority, Revenue Bonds (Trinity Health Credit Group),
Series A, 5% due 12/01/2031 3,652
3,000 Pontiac, Michigan, Tax Increment Finance Authority, Revenue Refunding Bonds (Development
Area Number 3), 6.375% due 6/01/2031 3,201
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Mississippi - 5.8% 5,850 Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding (Weyerhaeuser
Company Project), Series A, 6.80% due 4/01/2022 7,091
7,200 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System Energy
Resources Inc. Project), 5.875% due 4/01/2022 7,277
3,465 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System Energy
Resources Inc. Project), 5.90% due 5/01/2022 3,502
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Missouri - 0.0% 110 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds (Homeowner
Loan), AMT, Series A, 7.50% due 3/01/2031 (g) 113
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Nebraska - 0.3% 405 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series C, 6.30%
due 9/01/2028 (f)(g) 409
405 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series D, 6.45%
due 3/01/2028 (g) 412
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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 - 7.8% 4,250 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 4,455
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 2,435 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc. Facility),
Series A, 7.25% due 11/15/2011 (j) $ 2,775
3,000 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
6.25% due 9/15/2029 3,127
1,680 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley
Hospital Association), 6.625% due 7/01/2036 1,834
5,785 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds, 7%
due 6/01/2013 (j) 6,793
5,000 Tobacco Settlement Financing Corporation of New Jersey, Series 1A, 5% due 6/01/2029 5,012
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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 3,264
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New York - 4.2% 690 New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%
due 6/01/2028 756
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 935
1,920 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways Plc
Project), AMT, 7.625% due 12/01/2032 2,152
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, Refunding, Series F, 5.25% due 1/15/2033 3,330
1,500 New York State Dormitory Authority, Revenue Refunding Bonds, RIB, Series 305, 8.09% due
5/15/2015 (i)(m) 1,737
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 1,051
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 2,882
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North 1,675 Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing
Carolina - 1.1% Authority, Revenue Bonds (National Gypsum Company Project), AMT, 5.75% due 8/01/2035 1,791
1,500 North Carolina Medical Care Commission, Retirement Facilities, First Mortgage Revenue
Bonds (Givens Estates Project), Series A, 6.375% due 7/01/2023 1,619
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Ohio - 0.6% 1,650 Ohio State Higher Education Facility Revenue Bonds (University Hospital Health System),
5.25% due 1/15/2046 1,729
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Pennsylvania - 4.9% 1,235 Allegheny County, Pennsylvania, IDA, Environmental Improvement Revenue Refunding Bonds,
5.50% due 11/01/2016 1,303
880 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice Inc.),
Series A, 6.125% due 1/01/2025 935
470 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.125% due 2/01/2028 495
1,090 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care
Project), 6.25% due 2/01/2035 1,151
2,000 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds
(National Gypsum Company), AMT, Series B, 6.125% due 11/01/2027 2,088
1,250 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (University of
Pennsylvania Medical Center Health System), Series A, 6% due 1/15/2031 1,348
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 12/01/2020 2,604
3,350 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie Healthcare
System), Series B, 7.125% due 12/01/2031 3,965
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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) 1,289
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South 1,200 Lexington County, South Carolina, Health Services District Inc., Hospital Revenue Bonds
Carolina - 1.4% (Lexington Medical Center), 5.50% due 5/01/2032 1,268
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 1,500 Lexington County, South Carolina, Health Services District Inc., Hospital Revenue
Refunding and Improvement Bonds, 5.50% due 11/01/2032 $ 1,582
1,230 Medical University Hospital Authority, South Carolina, Hospital Facilities Revenue
Refunding Bonds, 6.50% due 8/15/2012 (j) 1,394
180 South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, AMT,
Series A, 6.70% due 7/01/2027 181
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Tennessee - 3.5% 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 1,013
4,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling Facility-Calhoun
Newsprint), AMT, 7.40% due 12/01/2022 4,055
5,000 Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital
Revenue Refunding Bonds (Methodist Healthcare), 6.50% due 9/01/2012 (j) 5,673
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Texas - 11.4% 6,110 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A, 6.70% due 1/01/2011 (j) 6,742
1,500 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT, Series A,
7.70% due 4/01/2033 1,754
1,810 Brazos River Authority, Texas, Revenue Refunding Bonds (Reliant Energy Inc. Project),
Series B, 7.75% due 12/01/2018 1,912
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 6,481
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 2,554
1,600 Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue Bonds
(Texas Children's Hospital), VRDN, Series B-1, 3.68% due 10/01/2029 (i)(l) 1,600
3,440 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds (Reliant
Energy Inc.), Series C, 8% due 5/01/2029 3,631
3,060 Port Corpus Christi, Texas, Individual Development Corporation, Environmental Facilities
Revenue Bonds (Citgo Petroleum Corporation Project), AMT, 8.25% due 11/01/2031 3,143
2,500 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), AMT, Series B,
6.70% due 11/01/2030 2,727
800 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), Series A, 6.45%
due 11/01/2030 861
3,670 Sabine River Authority, Texas, PCR, Refunding (TXU Electric Company Project/TXU Energy
Company LLC), Series C, 5.20% due 5/01/2028 3,781
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Virginia - 2.8% 1,000 Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia Electric and Power
Company), Series B, 5.875% due 6/01/2017 1,076
7,215 Pocahontas Parkway Association, Virginia, Toll Road Revenue Bonds, Senior-Series A,
5.50% due 8/15/2008 (j) 7,549
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Washington - 4.6% 2,425 Chelan County, Washington, Public Utility District Number 001, Consolidated Revenue
Refunding Bonds (Chelan Hydro System), AMT, Series D, 6.35% due 7/01/2028 (i) 2,496
500 Energy Northwest, Washington, Electric Revenue Refunding Bonds, DRIVERS, Series 248,
7.615% due 7/01/2018 (i)(m) 588
2,200 Washington State Health Care Facilities Authority Revenue Bonds (Kadlec Medical Center),
6% due 12/01/2010 (j)(k) 2,369
5,000 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project
Number 1), Series B, 7.125% due 7/01/2016 6,202
1,900 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project
Number 3), Series B, 7.125% due 7/01/2016 (i) 2,360
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Wisconsin - 1.5% 1,935 Badger Tobacco Asset Securitization Corporation, Wisconsin, Asset-Backed Revenue Bonds,
6.125% due 6/01/2027 2,069
2,215 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Synergyhealth
Inc.), 6% due 11/15/2032 2,397
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BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
Face
State Amount Municipal Bonds Value
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U.S. Virgin $ 6,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Islands - 2.2% Project), AMT, 6.50% due 7/01/2021 $ 6,753
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Total Municipal Bonds (Cost - $399,524) - 140.1% 430,610
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Municipal Bonds Held in Trust (n)
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Illinois - 6.2% 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) 6,415
4,200 Kane and De Kalb Counties, Illinois, Community Unity School District Number 302, GO,
5.75% due 2/01/2014 (d)(j) 4,646
1,000 Kane and De Kalb Counties, Illinois, Community Unity School District Number 302, GO,
5.75% due 2/01/2019 (d) 1,106
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) 6,978
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Massachusetts - 3.4% 10,000 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (h) 10,547
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New York - 6.3% 6,750 New York City, New York, City Transitional Finance Authority Revenue Bonds, Future Tax
Secured, Series B, 6.25% due 11/15/2018 7,333
11,000 New York State Dormitory Authority, State University Educational Facilities Revenue
Refunding Bonds, Series 1989, 6% due 5/15/2010 (i)(j) 11,870
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Pennsylvania - 1.4% 4,000 Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds, 6%
due 1/01/2018 (h) 4,232
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Texas - 6.5% 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) 11,932
7,500 San Antonio, Texas, Electric and Gas Revenue Bonds, Series A, 5.75% due 2/01/2010 (j) 7,922
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Washington - 5.5% 3,500 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating
Station), Series A, 5.75% due 7/01/2018 (i) 3,808
2,250 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating
Station), Series B, 6% due 7/01/2018 (b) 2,475
10,000 Washington State, Various Purpose, GO, Series B, 6% due 1/01/2010 (h)(j) 10,610
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Held in Trust (Cost - $85,988) - 29.3% 89,874
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $485,512*) - 169.4% 520,484
Other Assets Less Liabilities - 1.1% 3,478
Liability for Trust Certificates, Including Interest Expense Payable - (13.5%) (41,524)
Preferred Stock, at Redemption Value - (57.0%) (175,130)
----------
Net Assets Applicable to Common Stock - 100.0% $ 307,308
==========
* The cost and unrealized appreciation (depreciation) of investments as of
January 31, 2007, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 445,227
=========
Gross unrealized appreciation $ 34,610
Gross unrealized depreciation (653)
---------
Net unrealized appreciation $ 33,957
=========
(a) ACA Insured.
(b) AMBAC Insured.
(c) Escrowed to maturity.
(d) FGIC Insured.
(e) FHA Insured.
BlackRock MuniVest Fund II, Inc.
Schedule of Investments as of January 31, 2007 (in Thousands)
(f) FHLMC Collateralized.
(g) FNMA/GNMA Collateralized.
(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 Forward interest rate swaps outstanding as of January 31, 2007 were as
follows:
----------------------------------------------------------------------------------------------------------------
Notional Unrealized
Amount Appreciation
----------------------------------------------------------------------------------------------------------------
Pay a fixed rate of 3.636% and receive a floating rate
based on 1-week Bond Market Association rate
Broker, JPMorgan Chase
Expires February 2017 $ 11,500 $ 130
Pay a fixed rate of 3.59% and receive a floating rate
based on 1-week Bond Market Association rate
Broker, JPMorgan Chase
Expires March 2017 $ 6,000 91
Pay a fixed rate of 3.677% and receive a floating rate
based on 1-week Bond Market Association rate
Broker, JPMorgan Chase
Expires April 2017 $ 11,500 100
----------------------------------------------------------------------------------------------------------------
Total $ 321
========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - As of September 29, 2006, with the conclusion of the combination of
Merrill Lynch's asset management business with BlackRock, the registrant
was migrated to BlackRock's trading and compliance monitoring systems,
and various personnel changes occurred. In conjunction with these
business improvements, there were no changes in the registrants internal
control over financial reporting (as defined in Rule 30a-3(d) under Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal half-year of
the period covered by this report that has materially affected, or is
reasonably likely to 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
BlackRock MuniVest Fund II, Inc.
Date: March 26, 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
BlackRock MuniVest Fund II, Inc.
Date: March 26, 2007
By: /s/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniVest Fund II, Inc.
Date: March 26, 2007