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: 04/30/2013

Date of reporting period: 01/31/2013

Item 1    –    Schedule of Investments

Schedule of Investments January 31, 2013 (Unaudited)    BlackRock MuniVest Fund II, Inc. (MVT)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Alabama – 0.4%

      

County of Jefferson Alabama, RB, Series A,

      

5.25%, 1/01/19

    $ 1,490       $ 1,490,060   
     

 

 

  

Alaska – 1.1%

      

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

      

4.63%, 6/01/23

      1,715         1,721,174   

5.00%, 6/01/46

      2,250         1,976,670   
     

 

 

  
        3,697,844   
     

 

 

  

Arizona – 0.8%

      

Maricopa County IDA Arizona, RB, Arizona Charter Schools Project, Series A,

      

6.75%, 7/01/29

      1,000         705,700   

Pima County IDA, RB:

      

6.75%, 7/01/21

      305         306,583   

Arizona Charter Schools Project, Series C, 6.75%, 7/01/31

      1,875         1,881,956   
     

 

 

  
        2,894,239   
     

 

 

  

California – 11.0%

      

California Health Facilities Financing Authority, RB:

      

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

      2,200         2,535,434   

Stanford Hospital and Clinics, Series A, 5.00%, 8/15/51

      1,180         1,321,458   

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

      3,170         3,809,738   

California Pollution Control Financing Authority, RB:

      

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

      1,025         1,073,575   

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

      2,560         2,661,273   

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

      1,230         1,256,814   

California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1,

      

6.38%, 11/01/34

      1,185         1,453,663   

City of Los Angeles Department of Airports, Refunding RB, Series A,

      

5.25%, 5/15/39

      800         907,824   

San Marcos Unified School District, CAB, GO, Election of 2010, Series B(a):

      

4.86%, 8/01/41

      5,000         1,272,400   

4.88%, 8/01/42

      2,000         482,300   

State of California, GO, Various Purpose:

      

6.00%, 3/01/33

      2,525         3,139,863   

6.50%, 4/01/33

      14,925         18,557,745   
     

 

 

  
        38,472,087   
     

 

 

  

Colorado – 2.2%

      

Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D,

      

6.25%, 10/01/33

      1,060         1,277,470   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project,

      

5.00%, 12/01/42

      1,000         1,074,780   

Plaza Metropolitan District No. 1 Colorado Tax Allocation Bonds, Public Improvement Fee, Tax Increment:

      

8.00%, 6/01/14(b)

      3,300         3,662,340   

Subordinate, 8.13%, 12/01/25

      820         820,016   

University of Colorado, RB, Series A,

      

5.75%, 6/01/28

      750         921,465   
     

 

 

  
        7,756,071   
     

 

 

  

Connecticut – 1.8%

      

Connecticut State Health & Educational Facility Authority, RB, Ascension Health Senior Credit,

      

5.00%, 11/15/40

      1,375         1,542,145   

Connecticut State Health & Educational Facility Authority, Refunding RB, Wesleyan University,

      

5.00%, 7/01/35

      3,385         3,853,822   

Mohegan Tribe of Indians of Connecticut, Refunding RB, Public Improvement, Priority Distribution,

      

6.25%, 1/01/31

      950         950,779   
     

 

 

  
        6,346,746   
     

 

 

  

Delaware – 1.6%

      

County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project,

      

6.00%, 10/01/40

      1,125         1,272,139   

Delaware State EDA, RB, Exempt Facilities, Indian River Power,

      

5.38%, 10/01/45

      4,065         4,350,322   
     

 

 

  
        5,622,461   
     

 

 

  

District of Columbia – 2.3%

      

Metropolitan Washington Airports Authority, Refunding RB:

      

CAB, Second Senior Lien, Series B (AGC), 4.74%, 10/01/33(a)

      6,590         2,503,739   

CAB, Second Senior Lien, Series B (AGC), 4.80%, 10/01/34(a)

      4,830         1,729,381   

 

    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013   1

Schedule of Investments (continued)    BlackRock MuniVest Fund II, Inc. (MVT)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

District of Columbia (concluded)

      

Metropolitan Washington Airports Authority, Refunding RB (concluded):

      

CAB, Second Senior Lien, Series B (AGC), 4.82%, 10/01/35(a)

    $ 6,515       $ 2,215,361   

First Senior Lien, Series A, 5.25%, 10/01/44

      1,500         1,663,275   
     

 

 

  
        8,111,756   
     

 

 

  

Florida – 4.8%

      

County of Miami-Dade Florida, Refunding RB, Miami International Airport, Series A-1,

      

5.38%, 10/01/41

      1,165         1,327,937   

Fiddlers Creek Community Development District No. 2, Special Assessment Bonds, Series A,

      

6.38%, 5/01/35(c)(d)

      2,350         1,235,583   

Hillsborough County IDA, RB, National Gypsum Co., Series B, AMT,

      

7.13%, 4/01/30

      2,720         2,721,306   

Mid-Bay Bridge Authority, RB, Series A,

      

7.25%, 10/01/40

      2,265         2,895,100   

Midtown Miami Community Development District, Special Assessment Bonds, Series A,

      

6.25%, 5/01/37

      915         931,607   

Palm Coast Park Community Development District, Special Assessment Bonds,

      

5.70%, 5/01/37

      1,175         813,053   

Tampa-Hillsborough County Expressway Authority, Refunding RB:

      

Series A, 5.00%, 7/01/37

      1,370         1,548,867   

Series B, 5.00%, 7/01/42

      2,510         2,801,210   

Village Community Development District No. 10, Special Assessment Bonds,

      

5.13%, 5/01/43

      2,480         2,442,304   
     

 

 

  
        16,716,967   
     

 

 

  

Georgia – 3.6%

      

DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare,

      

5.25%, 11/15/39

      130         144,381   

Fulton County Residential Care Facilities for the Elderly Authority, Refunding RB, Canterbury Court Project, Series A,

      

6.13%, 2/15/26

      2,000         2,047,680   

Metropolitan Atlanta Rapid Transit Authority, RB, Sales Tax, Third Indenture Series A,

      

5.00%, 7/01/39

      3,465         3,989,670   

Municipal Electric Authority of Georgia, RB, Series W:

      

6.60%, 1/01/18(e)

      205         216,166   

6.60%, 1/01/18

      4,370         4,901,130   

Municipal Electric Authority of Georgia, Refunding RB, Series X,

      

6.50%, 1/01/20

      990         1,165,250   
     

 

 

  
        12,464,277   
     

 

 

  

Hawaii – 0.5%

      

State of Hawaii, RB, Harbor System, Series A,

      

5.25%, 7/01/30

      1,355         1,582,830   
     

 

 

  

Illinois – 16.9%

      

Chicago Illinois Board of Education, GO, Refunding, Series A,

      

5.50%, 12/01/39

      2,110         2,466,611   

Chicago Illinois Transit Authority, RB, Sales Tax Receipts Revenue,

      

5.25%, 12/01/40

      1,050         1,202,271   

City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series C (AGM),

      

6.50%, 1/01/41

      5,865         7,584,325   

City of Chicago Illinois, GO, Public Improvement Project, Series A,

      

5.00%, 1/01/34

      4,535         5,055,709   

City of Chicago Illinois, Sales Tax Revenue, Refunding RB, Series A,

      

5.25%, 1/01/38

      820         946,050   

City of Chicago Illinois, Special Assessment Bonds, Lake Shore East,

      

6.75%, 12/01/32

      800         819,544   

City of Chicago Illinois, Tax Allocation Bonds, Kingsbury Redevelopment Project, Series A,

      

6.57%, 2/15/13

      300         300,141   

City of Chicago Illinois Waterworks Revenue, Refunding RB,

      

5.00%, 11/01/42

      2,865         3,240,029   

Illinois Finance Authority, RB:

      

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

      5,000         6,026,950   

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

      305         306,610   

Illinois Finance Authority, Refunding RB:

      

Ascension Health, Series A, 5.00%, 11/15/37

      970         1,102,803   

Ascension Health, Series A, 5.00%, 11/15/42

      1,765         1,992,208   

Central DuPage Health, Series B, 5.50%, 11/01/39

      1,610         1,827,881   

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

      

Series B, 5.00%, 6/15/50

      3,150         3,442,793   

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

      2,500         2,731,525   

Railsplitter Tobacco Settlement Authority, RB:

      

5.50%, 6/01/23

      1,335         1,588,196   

 

2   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013    

Schedule of Investments (continued)    BlackRock MuniVest Fund II, Inc. (MVT)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Illinois (concluded)

      

Railsplitter Tobacco Settlement Authority, RB (concluded):

      

6.00%, 6/01/28

    $ 1,140       $ 1,369,037   

Regional Transportation Authority, RB:

      

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

      1,175         1,416,651   

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

      6,450         7,712,265   

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

      2,500         3,130,350   

State of Illinois, RB, Build Illinois, Series B,

      

5.25%, 6/15/34

      630         721,860   

Village of Hodgkins Illinois, RB, MBM Project, AMT,

      

6.00%, 11/01/23

      2,800         2,804,228   

Village of Wheeling Illinois, Tax Allocation Bonds, North Milwaukee/Lake-Cook TIF Project,

      

6.00%, 1/01/25

      1,350         1,357,668   
     

 

 

  
        59,145,705   
     

 

 

  

Indiana – 3.2%

      

Carmel Redevelopment Authority, Refunding RB, Series A:

      

4.00%, 8/01/35

      1,130         1,192,173   

4.00%, 8/01/38

      1,810         1,893,043   

Indiana Finance Authority, RB:

      

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

      840         927,646   

Wastewater Utility, First Lien, CWA Authority Project, Series A, 5.25%, 10/01/38

      1,580         1,831,172   

Indiana Finance Authority, Refunding RB:

      

Community Health Network, Series A, 5.00%, 5/01/42

      1,885         2,075,441   

Parkview Health System, Series A, 5.75%, 5/01/31

      2,795         3,233,368   
     

 

 

  
        11,152,843   
     

 

 

  

Iowa – 1.0%

      

Iowa Finance Authority, RB, Alcoa, Inc. Project,

      

4.75%, 8/01/42

      1,150         1,168,469   

Iowa Student Loan Liquidity Corp., Refunding RB, Senior Series A-1, AMT,

      

5.15%, 12/01/22

      1,950         2,242,968   
     

 

 

  
        3,411,437   
     

 

 

  

Kansas – 0.5%

      

Kansas Development Finance Authority, Refunding RB, Sisters of Leavenworth, Series A,

      

5.00%, 1/01/40

      1,660         1,813,882   
     

 

 

  

Kentucky – 0.3%

      

Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A,

      

6.38%, 6/01/40

      1,010         1,203,516   
     

 

 

  

Louisiana – 4.4%

      

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-1,

      

6.50%, 11/01/35

      3,320         3,931,345   

Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A,

      

5.00%, 7/01/36

      350         400,088   

Port of New Orleans Louisiana, Refunding RB, Continental Grain Co. Project,

      

6.50%, 1/01/17

      7,500         7,546,200   

Sabine River Authority Louisiana, Refunding RB, International Paper Co. Project,

      

6.20%, 2/01/25

      3,600         3,613,284   
     

 

 

  
        15,490,917   
     

 

 

  

Maine – 0.3%

      

Maine State Turnpike Authority, RB, Series A,

      

5.00%, 7/01/42

      885         1,018,272   
     

 

 

  

Maryland – 1.5%

      

County of Montgomery Maryland, GO, West Germantown Development District, Senior Series A (Radian),

      

6.70%, 7/01/27

      1,130         1,144,521   

Maryland Community Development Administration, Refunding RB, Residential, Series D, AMT,

      

4.90%, 9/01/42

      1,500         1,548,630   

Maryland EDC, RB, Transportation Facilities Project, Series A,

      

5.75%, 6/01/35

      435         496,592   

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,

      

5.75%, 9/01/25

      830         927,052   

Maryland Health & Higher Educational Facilities Authority, RB, University Of Maryland Medical System, Series B (NPFGC),

      

7.00%, 7/01/22

      955         1,168,442   
     

 

 

  
        5,285,237   
     

 

 

  

Massachusetts – 2.9%

      

Massachusetts Health & Educational Facilities Authority, Refunding RB, Partners Healthcare, Series J1,

      

5.00%, 7/01/39

      1,805         1,975,627   

Massachusetts HFA, RB, AMT: S/F, Series 130,

      

5.00%, 12/01/32

      2,720         2,829,371   

Series A, 5.20%, 12/01/37

      2,830         2,943,285   

Massachusetts HFA, Refunding HRB, Series F, AMT,

      

5.70%, 6/01/40

      2,075         2,236,642   
     

 

 

  
        9,984,925   
     

 

 

  

 

    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013   3

Schedule of Investments (continued)    BlackRock MuniVest Fund II, Inc. (MVT)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Michigan – 6.6%

      

City of Detroit Michigan, Sewage Disposal System, Refunding RB, Senior Lien, Series B (AGM),

      

7.50%, 7/01/33

    $ 910       $ 1,137,127   

City of Detroit Michigan, Water Supply System, RB, Senior Lien, Series A,

      

5.25%, 7/01/41

      3,075         3,324,475   

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital,

      

5.50%, 5/15/36

      1,380         1,531,759   

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

      

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

      5,080         5,391,861   

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

      8,560         9,889,025   

Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital,

      

8.25%, 9/01/39

      1,400         1,790,124   
     

 

 

  
        23,064,371   
     

 

 

  

Mississippi – 1.4%

      

County of Lowndes Mississippi, Solid Waste Disposal & Pollution Control, Refunding RB, Weyerhaeuser Co. Project, Series A,

      

6.80%, 4/01/22

      3,000         3,623,730   

University of Southern Mississippi, RB, Campus Facilities Improvements Project,

      

5.38%, 9/01/36

      1,065         1,212,332   
     

 

 

  
        4,836,062   
     

 

 

  

Nebraska – 0.7%

      

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

      

5.25%, 9/01/37

      825         932,456   

5.00%, 9/01/42

      1,445         1,584,790   
     

 

 

  
        2,517,246   
     

 

 

  

New Jersey – 2.4%

      

New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT,

      

6.25%, 9/15/29

      1,955         1,992,282   

New Jersey Health Care Facilities Financing Authority, RB, Pascack Valley Hospital Association,

      

6.63%, 7/01/36(c)(d)

      1,680         17   

New Jersey State Housing & Mortgage Finance Agency, RB, Series AA,

      

6.38%, 10/01/28

      1,010         1,088,901   

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A,

      

5.50%, 6/15/41

      1,635         1,900,082   

Port Authority of New York & New Jersey, RB, JFK International Air Terminal,

      

6.00%, 12/01/42

      1,250         1,485,975   

Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A,

      

4.50%, 6/01/23

      1,845         1,840,369   
     

 

 

  
        8,307,626   
     

 

 

  

New York – 8.8%

      

Metropolitan Transportation Authority, RB:

      

Series 2008C, 6.50%, 11/15/28

      9,405         11,967,486   

Series E, 5.00%, 11/15/42

      540         610,924   

Metropolitan Transportation Authority, Refunding RB, Transportation, Series D,

      

5.25%, 11/15/40

      1,205         1,363,397   

New York City Industrial Development Agency, RB:

      

British Airways Plc Project, AMT, 7.63%, 12/01/32

      1,920         1,968,173   

Series C, 6.80%, 6/01/28

      690         698,942   

Special Needs Facilities Pooled Program, Series C-1, 6.50%, 7/01/17

      685         691,768   

New York City Transitional Finance Authority, RB, Fiscal 2009, Series S-3,

      

5.25%, 1/15/39

      6,700         7,520,348   

New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project,

      

6.38%, 7/15/49

      1,220         1,449,762   

New York State Thruway Authority, Refunding RB, Series I,

      

5.00%, 1/01/42

      1,775         1,999,094   

Port Authority of New York & New Jersey, RB, JFK International Air Terminal,

      

6.00%, 12/01/36

      1,165         1,384,929   

Westchester County Industrial Development Agency New York, RB, Special Needs Facilities Pooled Program, Series E-1,

      

6.50%, 7/01/17

      1,000         1,007,810   
     

 

 

  
        30,662,633   
     

 

 

  

North Carolina – 1.5%

      

Gaston County Industrial Facilities & Pollution Control Financing Authority North Carolina, RB, Exempt Facilities National Gypsum Co. Project, AMT,

      

5.75%, 8/01/35

      1,675         1,553,613   

North Carolina Medical Care Commission, RB, Duke University Health System, Series A,

      

5.00%, 6/01/42

      1,400         1,557,388   

North Carolina Medical Care Commission, Refunding RB, Carolina Village Project,

      

6.00%, 4/01/38

      2,000         2,108,980   
     

 

 

  
        5,219,981   
     

 

 

  

 

4   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013    

Schedule of Investments (continued)    BlackRock MuniVest Fund II, Inc. (MVT)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Oregon – 0.1%

      

City of Tigard Washington County Oregon, Refunding RB, Water System,

      

5.00%, 8/01/37

    $ 250       $ 290,393   
     

 

 

  

Pennsylvania – 1.9%

      

Allegheny County Hospital Development Authority, Refunding RB, Health System, West Penn, Series A,

      

5.38%, 11/15/40

      2,205         1,874,206   

Bucks County IDA, RB, Ann’s Choice Inc. Facility, Series A,

      

6.13%, 1/01/25

      880         886,873   

Montgomery County IDA Pennsylvania, MRB, Whitemarsh Continuing Care,

      

6.13%, 2/01/28

      420         428,127   

Pennsylvania Economic Development Financing Authority, RB, Aqua Pennsylvania, Inc. Project,

      

5.00%, 11/15/40

      1,890         2,109,467   

Philadelphia Authority for Industrial Development, RB, Commercial Development, AMT,

      

7.75%, 12/01/17

      1,265         1,266,948   
     

 

 

  
        6,565,621   
     

 

 

  

Puerto Rico – 3.7%

      

Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A,

      

6.50%, 8/01/44

      4,255         4,829,935   

Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB(a):

      

Series A (NPFGC), 5.60%, 8/01/41

      8,580         1,778,806   

Series A (NPFGC), 5.65%, 8/01/46

      13,400         2,071,104   

Series C, 5.57%, 8/01/39

      18,670         4,353,844   
     

 

 

  
        13,033,689   
     

 

 

  

South Carolina – 1.1%

      

South Carolina State Ports Authority, RB,

      

5.25%, 7/01/40

      3,280         3,697,642   
     

 

 

  

South Dakota – 0.3%

      

South Dakota Health and Educational Facilities Authority, RB, Series E,

      

5.00%, 11/01/42

      1,070         1,173,737   
     

 

 

  

Tennessee – 0.4%

      

Johnson City Health & Educational Facilities Board, RB, Appalachian Christian Village Project, Series A,

      

6.00%, 2/15/24

      1,000         1,000,790   

Rutherford County Health & Educational Facilities Board, RB, Ascension Health, Series C,

      

5.00%, 11/15/47

      210         237,890   
     

 

 

  
        1,238,680   
     

 

 

  

Texas – 11.7%

      

Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT,

      

7.70%, 4/01/33

      1,500         247,530   

Brazos River Harbor Navigation District, Refunding RB, Dow Chemical Co. Project, Series A-7, AMT,

      

6.63%, 5/15/33

      3,000         3,027,360   

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien,

      

6.25%, 1/01/46

      2,140         2,524,323   

City of Austin Texas, Refunding RB, Water & Wastewater System Revenue,

      

5.00%, 11/15/37

      630         736,168   

City of Dallas Texas, Refunding RB, Waterworks & Sewer System,

      

5.00%, 10/01/35

      1,510         1,739,973   

City of Houston Texas, RB, Special Facilities, Continental Airlines, Series E, AMT,

      

6.75%, 7/01/21

      4,820         4,837,834   

Dallas Fort Worth International Airport, Refunding RB, AMT,

      

5.00%, 11/01/35

      2,550         2,785,824   

Fort Bend County Industrial Development Corp., RB, NRG Energy, Inc., Series B,

      

4.75%, 11/01/42

      1,475         1,516,654   

Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B,

      

7.25%, 12/01/35

      2,000         2,491,660   

North Texas Tollway Authority, Refunding RB, First Tier, Series A,

      

6.25%, 1/01/39

      7,000         8,064,910   

Texas Municipal Gas Acquisition & Supply Corp. III, RB,

      

5.00%, 12/15/29

      1,885         2,056,855   

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

      

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

      3,000         3,649,920   

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

      3,000         3,588,600   

University of Texas System, Refunding RB, Financing System, Series B,

      

5.00%, 8/15/43

      3,080         3,618,384   
     

 

 

  
        40,885,995   
     

 

 

  

Utah – 0.7%

      

County of Utah, RB, IHC Health Services, Inc.,

      

5.00%, 5/15/43

      2,010         2,266,818   
     

 

 

  

Virginia – 3.0%

      

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

      

5.13%, 10/01/37

      500         519,600   

5.13%, 10/01/42

      3,440         3,564,528   

 

    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013   5

Schedule of Investments (continued)    BlackRock MuniVest Fund II, Inc. (MVT)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Virginia (concluded)

      

Route 460 Funding Corp. of Virgina Toll Road, RB, Senior Lien, Series A,

      

5.13%, 7/01/49

    $ 1,230       $ 1,345,030   

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River, AMT:

      

5.25%, 1/01/32

      1,615         1,769,394   

6.00%, 1/01/37

      1,830         2,103,914   

5.50%, 1/01/42

      1,155         1,261,352   
     

 

 

  
        10,563,818   
     

 

 

  

Washington – 2.4%

      

Washington Health Care Facilities Authority, RB, Swedish Health Services, Series A,

      

6.75%, 5/15/21(b)

      1,980         2,785,623   

Washington Health Care Facilities Authority, Refunding RB:

      

Catholic Health Initiatives, Series D, 6.38%, 10/01/36

      3,700         4,505,416   

Providence Health & Services, Series A, 5.00%, 10/01/42

      1,015         1,141,560   
     

 

 

  
        8,432,599   
     

 

 

  

Wisconsin – 3.3%

      

State of Wisconsin, Refunding RB, Series A,

      

6.00%, 5/01/36

      7,100         8,673,644   

Wisconsin Health & Educational Facilities Authority, RB, Ascension Health Senior Credit Group,

      

5.00%, 11/15/33

      2,465         2,795,556   
     

 

 

  
        11,469,200   
     

 

 

  

Total Municipal Bonds – 111.1%

         387,888,183   
     

 

 

  

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

      

Arizona – 0.8%

      

Salt River Project Agricultural Improvement & Power District, RB, Series A,

      

5.00%, 1/01/38

      2,450         2,787,369   
     

 

 

  

California – 8.1%

      

Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1,

      

5.63%, 4/01/44

      3,271         3,796,333   

California Educational Facilities Authority, RB, University of Southern California, Series B,

      

5.25%, 10/01/39(g)

      2,610         3,056,127   

City of Los Angeles California Department of Airports, Refunding RB, Senior, Los Angeles International Airport, Series A,

      

5.00%, 5/15/40

      5,940         6,720,546   

Los Angeles Community College District California, GO, Election of 2001, Series A (AGM),

      

5.00%, 8/01/32

      2,290         2,618,821   

San Diego Community College District California, GO, Election of 2002,

      

5.25%, 8/01/33

      1,077         1,308,975   

San Francisco City & County Public Utilities Commission, RB, Series B,

      

5.00%, 11/01/39

      9,480         10,757,335   
     

 

 

  
        28,258,137   
     

 

 

  

Colorado – 0.7%

      

Colorado Health Facilities Authority, Refunding RB, Catholic Health, Series A,

      

5.50%, 7/01/34(g)

      2,129         2,438,093   
     

 

 

  

Connecticut – 2.0%

      

Connecticut State Health & Educational Facility Authority, RB, Yale University, Series Z-3,

      

5.05%, 7/01/42

      6,000         6,873,960   
     

 

 

  

Florida – 1.8%

      

County of Miami-Dade Florida, RB, Water & Sewer System,

      

5.00%, 10/01/34

      5,679         6,426,784   
     

 

 

  

Illinois – 1.4%

      

City of Chicago Illinois, Refunding RB, Second Lien (AGM),

      

5.25%, 11/01/33

      1,320         1,525,286   

Illinois State Toll Highway Authority, RB, Series B,

      

5.50%, 1/01/33

      2,999         3,414,859   
     

 

 

  
        4,940,145   
     

 

 

  

Maryland – 2.1%

      

Maryland Health & Higher Educational Facilities Authority, RB, Ascension Health, Series B,

      

5.00%, 11/15/51

      4,160         4,655,040   

Maryland State Transportation Authority, RB, Transportation Facility Project (AGM),

      

5.00%, 7/01/41

      2,290         2,588,112   
     

 

 

  
        7,243,152   
     

 

 

  

Massachusetts – 4.6%

      

Massachusetts School Building Authority, RB:

      

(AGM), 5.00%, 8/15/15(b)

      1,275         1,402,774   

(AGM), 5.00%, 8/15/30

      8,725         9,599,376   

Sales Tax Revenue, Senior, Series B, 5.00%, 10/15/41

      4,530         5,223,181   
     

 

 

  
        16,225,331   
     

 

 

  

Michigan – 0.9%

      

Detroit Water and Sewerage Department, Refunding RB, Sewage Disposal System, Senior Lien, Series A:

      

5.00%, 7/01/32

      1,563         1,691,700   

 

6   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013    

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(f)

    Par
(000)		      Value  

Michigan (concluded)

      

Detroit Water and Sewerage Department, Refunding RB, Sewage Disposal System, Senior Lien, Series A (concluded):

      

5.25%, 7/01/39

    $ 1,349       $ 1,469,598   
     

 

 

  
        3,161,298   
     

 

 

  

New Hampshire – 0.7%

      

New Hampshire Health & Education Facilities Authority, RB, Dartmouth College,

      

5.25%, 6/01/39(g)

      2,009         2,364,510   
     

 

 

  

New Jersey – 0.8%

      

New Jersey Transportation Trust Fund Authority, RB, Transportation, Series B,

      

5.25%, 6/15/36

      2,460         2,819,947   
     

 

 

  

New York – 11.5%

      

Hudson New York Yards Infrastructure Corp., RB, Senior Series A,

      

5.75%, 2/15/47

      1,610         1,921,061   

New York City Municipal Water Finance Authority, Refunding RB, Water & Sewer System:

      

Series DD, 5.00%, 6/15/37

      6,299         7,156,835   

Series FF-2, 5.50%, 6/15/40

      1,575         1,858,567   

New York City Transitional Finance Authority, RB, Future Tax Secured Revenue, Sub-Series E-1,

      

5.00%, 2/01/42

      2,459         2,826,142   

New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction,

      

5.25%, 12/15/43

      10,740         12,356,632   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,

      

5.75%, 11/15/51

      6,440         7,640,287   

New York State Dormitory Authority, ERB, Series F,

      

5.00%, 3/15/35

      5,789         6,251,484   
     

 

 

  
        40,011,008   
     

 

 

  

North Carolina – 2.0%

      

North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series A,

      

5.00%, 10/01/41

      6,239         6,952,717   
     

 

 

  

Ohio – 5.4%

      

Ohio Higher Educational Facility Commission, Refunding RB, Hospital, Cleveland Clinic Health, Series A,

      

5.25%, 1/01/33

      2,400         2,672,952   

State of Ohio, Refunding RB, Cleveland Clinic Health, Series A,

      

5.50%, 1/01/39

      13,843         16,105,187   
     

 

 

  
        18,778,139   
     

 

 

  

South Carolina – 1.6%

      

South Carolina State Public Service Authority, Refunding RB, Santee Cooper, Series A,

      

5.50%, 1/01/38(g)

      4,995         5,781,563   
     

 

 

  

Texas – 2.9%

      

Harris County Texas Metropolitan Transit Authority, Refunding RB, Sales and Use Tax Bonds, Series A,

      

5.00%, 11/01/41

      3,400         3,894,394   

Texas Department of Housing & Community Affairs, MRB, Series B, AMT (Ginnie Mae),

      

5.25%, 9/01/32

      2,981         3,139,552   

Texas State University Systems, Refunding RB (AGM),

      

5.00%, 3/15/30

      2,743         3,060,444   
     

 

 

  
        10,094,390   
     

 

 

  

Utah – 0.9%

      

City of Riverton Utah Hospital, RB, IHC Health Services, Inc.,

      

5.00%, 8/15/41

      2,774         3,070,260   
     

 

 

  

Washington – 5.4%

      

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

      

5.00%, 11/01/34

      5,000         5,684,350   

5.00%, 11/01/36

      4,000         4,547,480   

(AGM), 5.00%, 11/01/32

      7,693         8,722,349   
     

 

 

  
        18,954,179   
     

 

 

  

Wisconsin – 0.8%

      

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc.,

      

5.25%, 4/01/39(g)

      2,499         2,778,109   
     

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 54.4%

         189,959,091   
     

 

 

  

Total Long-Term Investments
(Cost – $515,311,380) – 165.5%

         577,847,274   
     

 

 

  

Short-Term Securities

    Shares         

Money Market Fund – 0.7%

      

FFI Institutional Tax-Exempt Fund,

      

0.01%(h)(i)

      2,536,105         2,536,105   
     

 

 

  

 

    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013   7

Schedule of Investments (continued)    BlackRock MuniVest Fund II, Inc. (MVT)
   (Percentages shown are based on Net Assets)

 

Short-Term Securities

    Par
(000)		      Value  

Connecticut – 1.0%

      

Connecticut Housing Finance Authority, Refunding RB, VRDN, Housing Mortgage Finance Program, Sub-Series A-2 (JPMorgan Chase Bank NA SBPA),

      

0.12%, 2/01/13(j)

    $ 3,600       $ 3,600,000   
     

 

 

  

Massachusetts – 0.3%

      

Massachusetts Development Finance Agency, RB, VRDN, Partners Healthcare System, Series K-1,

      

0.09%, 2/07/13(j)

      900         900,000   
     

 

 

  

Total Short-Term Securities (Cost – $7,036,105) – 2.0%

         7,036,105   
     

 

 

  

Total Investments (Cost – $522,347,485*) – 167.5%

         584,883,379   

Other Assets Less Liabilities – 1.1%

         3,835,876   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (28.5)%

         (99,515,911 ) 

VMTP Shares, at Liquidation Value – (40.1)%

         (140,000,000 ) 
     

 

 

  

Net Assets Applicable to Common Shares – 100.0%

       $ 349,203,344   
     

 

 

  

 

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 422,641,605   
  

 

 

  

Gross unrealized appreciation

    $ 66,690,252   

Gross unrealized depreciation

      (3,919,876 ) 
  

 

 

  

Net unrealized appreciation

    $ 62,770,376   
  

 

 

  

Notes to Schedule of Investments

 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

(b) US 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.

 

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

 

(d) Non-income producing security.

 

(e) Security is collateralized by Municipal or US Treasury obligations.

 

(f) Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

(g) 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 is $8,722,888.

 

(h) Investments in issuers considered to be an affiliate of the Fund during the period ended January 31, 2013, 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,
2012		      Net Activity      Shares
Held at
January 31,
2013		      Income  

FFI Institutional Tax-Exempt Fund

      40,158         2,495,947         2,536,105       $ 35   

 

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

 

(j) Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand.

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:   AGC   Assured Guaranty Corp.  
  AGM   Assured Guaranty Municipal Corp.  
  AMBAC   American Municipal Bond Assurance Corp.  
  AMT   Alternative Minimum Tax (subject to)  
  CAB   Capital Appreciation Bonds  
  EDA   Economic Development Authority  
  EDC   Economic Development Corp.  
  ERB   Education Revenue Bonds  

 

8   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013    

Schedule of Investments (concluded)    BlackRock MuniVest Fund II, Inc. (MVT)
  

 

Portfolio Abbreviations

 

  GARB   General Airport Revenue Bonds    
  Ginnie Mae   Government National Mortgage Association  
  GO   General Obligation Bonds    
  HFA   Housing Finance Agency    
  HRB   Housing Revenue Bonds    
  IDA   Industrial Development Authority    
  MRB   Mortgage Revenue Bonds    
  NPFGC   National Public Finance Guarantee Corp.    
  Radian   Radian Financial Guaranty    
  RB   Revenue Bonds    
  SBPA   Stand-by Bond Purchase Agreements    
  S/F   Single-Family    
  VRDN   Variable Rate Demand Notes    

 

•  

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

 

  •  

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

 

  •  

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)

 

  •  

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)

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 level in the fair value hierarchy within which the fair value measurement falls in its entirety 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 is based on the pricing transparency of the investment 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 other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of January 31, 2013:

 

     Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments1

      –       $ 577,847,274         –       $ 577,847,274   

Short-Term Securities

    $ 2,536,105         4,500,000         –         7,036,105   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 2,536,105       $ 582,347,274         –       $ 584,883,379   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

1 

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

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of January 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1      Level 2     Level 3      Total  

Liabilities:

           

Bank overdraft

      –       $ (130,392 )      –       $ (130,392 ) 

TOB Trust certificates

      –         (99,471,398 )      –         (99,471,398 ) 

VMTP Shares

      –         (140,000,000 )      –         (140,000,000 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

      –       $ (239,601,790 )      –       $ (239,601,790 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

There were no transfers between levels during the period ended January 31, 2013.

 

    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2013   9

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: March 26, 2013

    

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: March 26, 2013

    
By:  

/s/ Neal J. Andrews

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

 

Date: March 26, 2013