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: 01/31/2015

Item 1 – Schedule of Investments

Schedule of Investments January 31, 2015 (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      $ 1,508,625   

County of Jefferson Alabama Sewer, Refunding RB:

     

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

      805        903,274   

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

      3,575        4,042,253   
    

 

 

  
               6,454,152   

Alaska — 0.9%

  

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

     

4.63%, 6/01/23

      1,390        1,390,361   

5.00%, 6/01/46

      2,250        1,844,640   
    

 

 

  
               3,235,001   

Arizona — 0.2%

  

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

      860        825,566   

California — 13.0%

     

California Health Facilities Financing Authority, RB:

     

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

      2,200        2,585,000   

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

      3,170        3,839,631   

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

      1,265        1,497,418   

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

     

5.25%, 8/15/39

      145        164,049   

5.25%, 8/15/49

      370        416,213   

California Pollution Control Financing Authority, RB (a):

     

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

      1,230        1,275,596   

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

      1,495        1,640,374   
Municipal Bonds   

Par  

(000)

     Value  

California (concluded)

     

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

     

Senior, 5.00%, 5/15/40

    $ 5,930      $ 6,826,794   

5.25%, 5/15/39

      800        923,280   

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

      360        429,890   

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

      2,000        662,140   

State of California, GO, Various Purposes, 6.00%, 3/01/33

      2,525        3,128,273   

State of California, Refunding, GO, Various Purposes, 6.50%, 4/01/33

      14,925        18,406,555   

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

     

Series I, 5.00%, 11/01/38

      775        905,200   

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

      1,185        1,473,642   

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

      965        965,135   
    

 

 

  
               45,139,190   

Colorado — 0.6%

  

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

      1,060        1,245,733   

University of Colorado, RB, Series A, 5.75%, 6/01/19 (c)

      750        905,400   
    

 

 

  
               2,151,133   

Connecticut — 1.8%

  

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

      1,375        1,561,202   

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

      3,385        3,921,996   

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015    1

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Connecticut (concluded)

     

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

    $ 950      $ 950,124   
    

 

 

  
               6,433,322   

Delaware — 1.7%

  

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

      1,125        1,295,393   

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

      4,065        4,493,288   
    

 

 

  
               5,788,681   

District of Columbia — 2.9%

     

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

      240        284,189   

Metropolitan Washington Airports Authority, Refunding RB:

     

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

      6,590        3,123,067   

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

      4,830        2,161,425   

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

      6,515        2,765,487   

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

      1,500        1,709,970   
    

 

 

  
               10,044,138   

Florida — 2.5%

     

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

      1,165        1,354,860   

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

      3,015        3,749,092   

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

      1,135        975,362   
Municipal Bonds   

Par  

(000)

     Value  

Florida (concluded)

     

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

    $         2,430      $     2,761,501   
    

 

 

  
               8,840,815   

Georgia — 2.2%

     

County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health System, Inc. Project, Series A, 5.50%, 8/15/54

      515        616,033   

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

      130        149,934   

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

      3,465        3,967,356   

Municipal Electric Authority of Georgia, Refunding RB:

     

Series W, 6.60%, 1/01/18

      2,220        2,397,844   

Series X, 6.50%, 1/01/20

      450        509,868   
    

 

 

  
               7,641,035   

Hawaii — 0.4%

     

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

      1,355        1,566,922   

Illinois — 23.8%

     

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

      5,865        7,177,176   

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

      3,200        3,373,856   

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

      4,555        4,971,327   

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

      820        923,574   

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

      800        803,576   

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

      4,455        4,765,692   

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

      1,050        1,213,243   

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

     

Project, 5.00%, 11/01/42

      3,280        3,679,963   

 

                
2    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Illinois (continued)

     

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

     

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

    $ 1,325      $ 1,471,691   

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

      805        957,403   

Illinois Finance Authority, RB:

     

Advocate Health Care Network, Series D, 6.50%, 11/01/18 (c)

      5,000        6,034,900   

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

      275        276,265   

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

      1,610        1,872,961   

Illinois State Toll Highway Authority, RB:

     

Senior, Series C, 5.00%, 1/01/36

      3,265        3,824,654   

Senior, Series C, 5.00%, 1/01/37

      2,800        3,277,316   

Series A, 5.00%, 1/01/38

      2,315        2,665,584   

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

     

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

      4,315        4,652,390   

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

      2,500        2,689,800   

Railsplitter Tobacco Settlement Authority, RB:

     

5.50%, 6/01/23

      440        526,412   

6.00%, 6/01/28

      1,140        1,365,275   

Regional Transportation Authority, RB:

     

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

      930        1,098,004   

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

      5,310        6,298,350   

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

      2,500        2,960,050   

State of Illinois, GO:

     

5.00%, 2/01/39

      1,540        1,667,574   

Series A, 5.00%, 4/01/35

      3,000        3,248,460   

Series A, 5.00%, 4/01/38

      3,640        3,920,280   

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

      630        716,720   
Municipal Bonds   

Par  

(000)

     Value  

Illinois (concluded)

     

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

     

5.00%, 4/01/39

    $ 810      $ 934,780   

5.00%, 4/01/44

      985        1,134,188   

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

      2,800        2,805,264   

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

      1,250        1,250,725   
    

 

 

  
               82,557,453   

Indiana — 4.3%

  

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

     

6.75%, 1/01/34

      790        978,518   

7.00%, 1/01/44

      1,905        2,373,897   

Indiana Finance Authority, RB, Series A:

     

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

      3,280        3,864,332   

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

      450        492,660   

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

      1,430        1,563,390   

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

      840        951,334   

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

      2,795        3,202,958   

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

      1,270        1,458,303   
    

 

 

  
               14,885,392   

Iowa — 2.6%

  

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

     

5.00%, 12/01/19

      960        1,028,361   

5.50%, 12/01/22

      2,340        2,489,222   

5.25%, 12/01/25

      460        508,190   

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015    3

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Iowa (concluded)

     

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

    $ 1,425      $ 1,514,832   

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

      3,785        3,422,889   
    

 

 

  
               8,963,494   

Kentucky — 0.6%

     

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

      995        1,147,951   

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

      1,200        889,920   
    

 

 

  
               2,037,871   

Louisiana — 2.7%

     

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

      3,320        4,025,334   

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

     

5.50%, 5/15/30

      1,020        1,147,102   

5.25%, 5/15/31

      870        974,287   

5.25%, 5/15/32

      1,110        1,258,052   

5.25%, 5/15/33

      1,205        1,359,867   

5.25%, 5/15/35

      505        569,842   
    

 

 

  
               9,334,484   

Maryland — 1.2%

     

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

      1,500        1,531,530   

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

      435        474,720   

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

      1,160        1,304,942   
Municipal Bonds   

Par  

(000)

     Value  

Maryland (concluded)

     

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

    $ 840      $ 1,024,724   
    

 

 

  
               4,335,916   

Massachusetts — 3.2%

     

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

      2,205        2,296,486   

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

      990        1,130,352   

Massachusetts HFA, RB, AMT:

     

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

      2,830        2,907,401   

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

      2,720        2,805,054   

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

      2,010        2,160,609   
    

 

 

  
               11,299,902   

Michigan — 7.0%

     

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 7/01/39

      4,425        4,872,368   

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

      1,380        1,589,870   

Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien, Series C-1, 5.00%, 7/01/44

      880        951,826   

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

     

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

      5,080        5,301,742   

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

      8,560        9,673,656   

 

                
4    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Michigan (concluded)

     

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

    $ 1,400      $ 1,767,962   
    

 

 

  
               24,157,424   

Mississippi — 1.5%

     

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

      3,000        3,859,980   

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

      1,065        1,215,708   
    

 

 

  
               5,075,688   

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        293,470   

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

      245        277,967   
    

 

 

  
               571,437   

Nebraska — 1.5%

     

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

     

5.25%, 9/01/37

      825        935,121   

5.00%, 9/01/42

      1,445        1,607,606   

County of Hall Nebraska School District No 2, GO, Grand Island Public Schools, 5.00%, 12/15/39

      2,360        2,776,186   
    

 

 

  
               5,318,913   

New Jersey — 5.0%

     

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

      1,955        2,118,125   

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

      2,240        2,670,707   
Municipal Bonds   

Par  

(000)

     Value  

New Jersey (concluded)

     

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

    $ 520      $ 540,977   

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

      1,985        2,251,506   

New Jersey Transportation Trust Fund Authority, RB:

     

Transportation Program, Series AA, 5.00%, 6/15/44

      3,495        3,878,332   

Transportation System, Series A, 5.50%, 6/15/41

      1,635        1,884,861   

Transportation System, Series B, 5.25%, 6/15/36

      2,460        2,753,158   

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

      1,335        1,341,034   
    

 

 

  
               17,438,700   

New York — 15.1%

     

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

      1,920        1,931,021   

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

      500        500,335   

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

     

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

      2,460        2,839,160   

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

      6,700        7,604,835   

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

      9,405        11,363,873   

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

      10,735        12,633,270   

New York Liberty Development Corp., Refunding RB:

     

2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 7/15/49

      1,220        1,393,874   

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015    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)

  

New York Liberty Development Corp., Refunding RB (concluded):

     

3 World Trade Center Project, Class 1, 5.00%, 11/15/44 (a)

    $ 4,520      $ 4,833,824   

3 World Trade Center Project, Class 2, 5.15%, 11/15/34 (a)

      340        380,763   

3 World Trade Center Project, Class 2, 5.38%, 11/15/40 (a)

      850        959,301   

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

      1,790        2,153,406   

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        1,388,587   

6.00%, 12/01/42

      1,250        1,486,162   

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

      700        702,688   

Westchester Tobacco Asset Securitization, Refunding RB, 5.13%, 6/01/45

      2,300        2,179,733   
    

 

 

  
               52,350,832   

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        1,680,293   

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

      1,400        1,597,680   

North Carolina Medical Care Commission, Refunding RB:

     

1st Mortgage, Retirement Facilities Whitestone Project, Series A, 7.75%, 3/01/41

      595        681,590   
Municipal Bonds   

Par  

(000)

     Value  

North Carolina (concluded)

     

North Carolina Medical Care Commission, Refunding RB (concluded):

     

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

    $ 2,000      $ 2,138,860   
    

 

 

  
               6,098,423   

Ohio — 0.2%

  

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

      660        738,019   

Pennsylvania — 1.7%

  

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

      1,230        1,328,486   

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

      1,890        2,164,806   

Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypson Co., AMT, 5.50%, 11/01/44

      1,035        1,070,842   

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

      1,105        1,286,872   
    

 

 

  
               5,851,006   

South Carolina — 3.2%

  

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

      3,280        3,752,353   

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

      6,180        7,374,100   
    

 

 

  
               11,126,453   

Tennessee — 0.3%

  

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

      995        1,147,951   

 

                
6    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Texas — 7.9%

     

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

    $     1,500      $ 75,000   

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.25%, 1/01/46

      2,140        2,520,941   

City of Austin Texas Airport System, RB, AMT, 5.00%, 11/15/44

      615        708,517   

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

      510        596,297   

City of Houston Texas Airport System, Refunding ARB, United Airlines, Inc. Terminal E Project, AMT, 5.00%, 7/01/29

      965        1,051,155   

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

      745        909,161   

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        533,033   

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

      2,000        2,482,040   

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

      1,475        1,563,176   

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

      7,000        8,205,540   

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        2,449,820   

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

      2,775        3,329,056   
Municipal Bonds   

Par  

(000)

     Value  

Texas (concluded)

     

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

    $     2,750      $ 2,890,195   
    

 

 

  
               27,313,931   

Utah — 0.9%

     

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

      2,780        3,127,472   

Virginia — 2.7%

     

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

     

5.13%, 10/01/37

      500        523,500   

5.13%, 10/01/42

      3,440        3,589,158   

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

     

5.25%, 1/01/32

      1,615        1,787,111   

6.00%, 1/01/37

      2,915        3,409,471   
    

 

 

  
               9,309,240   

Washington — 2.0%

     

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

      2,290        2,763,183   

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

      3,700        4,369,182   
    

 

 

  
               7,132,365   

Wisconsin — 3.3%

     

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

      7,100        8,489,328   

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

      2,465        2,818,185   
    

 

 

  
               11,307,513   
Total Municipal Bonds — 120.8%              419,599,834   

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015    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 Trusts (g)

   

Par  

(000)

     Value  

California — 6.2%

     

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

    $ 3,271      $ 3,911,077   

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

      2,610        2,971,903   

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

      9,480        10,934,990   

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

      2,290        2,543,847   

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

      1,077        1,258,467   
    

 

 

  
               21,620,284   

Colorado — 0.7%

     

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

      2,129        2,468,542   

Connecticut — 1.9%

     

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

      6,000        6,568,860   

Florida — 1.9%

     

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

      5,679        6,597,013   

Illinois — 1.0%

     

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

      2,999        3,336,409   

Maryland — 0.7%

     

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

      2,290        2,561,457   

Massachusetts — 0.8%

     

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

      2,266        2,656,002   

Municipal Bonds Transferred to

Tender Option Bond Trusts (g)

   

Par  

(000)

     Value  

New Hampshire — 0.7%

     

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

    $ 2,009      $ 2,323,741   

New York — 5.3%

     

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        7,026,362   

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

      1,575        1,846,251   

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

      1,610        1,892,743   

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

      6,440        7,686,398   
    

 

 

  
               18,451,754   

North Carolina — 1.9%

     

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

      6,239        6,652,324   

Ohio — 5.3%

     

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

      2,400        2,661,936   

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

      13,843        15,778,214   
    

 

 

  
               18,440,150   

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        5,744,450   

Texas — 3.0%

     

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

      2,520        2,907,198   

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

      3,400        3,955,186   

 

                
8    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

(Percentages shown are based on Net Assets)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (g)

   

Par  

(000)

     Value  

Texas (concluded)

     

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

    $ 1,467      $ 1,516,183   

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

      1,830        2,141,718   
    

 

 

  
               10,520,285   

Washington — 5.3%

     

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

     

5.00%, 11/01/34

      5,000        5,498,600   

5.00%, 11/01/36

      4,000        4,389,790   

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

      7,693        8,462,874   
    

 

 

  
               18,351,264   

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        2,793,808   
             Value  
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 37.2%		       $ 129,086,343   

Total Long-Term Investments

(Cost — $483,815,774) — 158.0%

  

  

     548,686,177   
    
   
Short-Term Securities — 1.0%    Shares         

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

      3,522,471        3,522,471   

Total Short-Term Securities

(Cost — $3,522,471) — 1.0%

  

  

     3,522,471   

Total Investments

(Cost — $487,338,245*) — 159.0%

  

  

     552,208,648   
Other Assets Less Liabilities — 0.4%        1,532,236   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (19.1%)

        (66,488,523 ) 
VMTP Shares, at Liquidation Value — (40.3%)        (140,000,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 347,252,361   
    

 

 

  

 

*  As of January 31, 2015, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

      

 

Tax cost

   $ 420,942,808   
 

 

 

  

Gross unrealized appreciation

   $ 66,481,764   

Gross unrealized depreciation

     (1,693,444 ) 
 

 

 

  

Net unrealized appreciation

   $ 64,788,320   
 

 

 

  

 

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)   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.

 

(d)   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.

 

(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 agreement, which expire from October 1, 2016 to November 15, 2019 is $13,391,269.

 

(i)   During the period ended January 31, 2015, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015    9

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

 

Affiliate     

Shares Held
at April 30,

2014

       

Net

Activity

       

Shares Held
at January 31,

2015

        Income  

FFI Institutional Tax-Exempt Fund

        1,726,061           1,796,410           3,522,471         $ 1,888   

 

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

 

Portfolio Abbreviations

 

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.
RB    Revenue Bonds
S/F    Single-Family

 

Ÿ  

As of January 31, 2015, financial futures contracts outstanding were as follows:

 

Contracts
Short		     Issue   Exchange   Expiration  

Notional

Value

    

Unrealized

Depreciation

  
  (411 )    10-Year U.S. Treasury Note   Chicago Board of Trade   March 2015   $ 53,789,625      $ (1,431,405 ) 

 

                
10    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund II, Inc. (MVT)

 

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. 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. 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. The three levels of the fair value hierarchy are as follows:

 

  Ÿ  

Level 1 — unadjusted quoted prices 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)

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. 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 semi-annual report.

As of January 31, 2015, the following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 548,686,177         —      $ 548,686,177   

Short-Term Securities

   $ 3,522,471           —         —        3,522,471   
 

 

 

  

Total

   $ 3,522,471         $ 548,686,177         —      $ 552,208,648   
 

 

 

  

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

       

     Level 1        Level 2        Level 3      Total  
Derivative Financial Instruments2             

Liabilities:

                 

Interest rate contracts

   $ (1,431,405)           —         —      $ (1,431,405)   

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

       

 

                
   BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015    11

Schedule of Investments (concluded)

   

BlackRock MuniVest Fund II, Inc. (MVT)

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of January 31, 2015, 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

   $ 558,000           —         —      $ 558,000   

Liabilities:

                 

TOB trust certificates

     —         $ (66,477,520 )       —        (66,477,520 ) 

VMTP Shares

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

 

 

  

Total

   $ 558,000         $ (206,477,520 )       —      $ (205,919,520 ) 
 

 

 

  

During the period ended January 31, 2015, there were no transfers between levels.

 

                
12    BLACKROCK MUNIVEST FUND II, INC.    JANUARY 31, 2015   

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 25, 2015

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 25, 2015
By:

/s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniVest Fund II, Inc.
Date: March 25, 2015