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: Donald C. Burke, 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: (800) 882-0052, Option 4 Date of fiscal year end: 10/31/2008 Date of reporting period: 05/01/2008 - 07/31/2008 Item 1 - Schedule of Investments BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Alabama - 3.2% Prattville, Alabama, IDB, Environmental Improvement Revenue Bonds (International Paper Company Projects), AMT, Series A, 4.75%, 12/01/30 $ 3,500 $ 2,544,885 Selma, Alabama, IDB, Environmental Improvement Revenue Bonds (International Paper Company Project), AMT, Series A, 4.75%, 12/01/30 5,000 3,635,550 Tuscaloosa, Alabama, Special Care Facilities Financing Authority, Residential Care Facility Revenue Bonds (Capstone Village, Inc. Project), Series A, 5.875%, 8/01/36 2,900 2,399,576 ------------- 8,580,011 ----------------------------------------------------------------------------------------------------------------------------------- Arizona - 2.4% Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project 1), Series A, 6.75%, 7/01/29 1,000 877,050 Maricopa County, Arizona, Tempe Elementary Unified School District Number 3, GO, Refunding, 7.50%, 7/01/10 (a) 2,315 2,521,845 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project), Series C, 6.75%, 7/01/31 1,975 1,984,658 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter Schools Project II), Series A, 6.75%, 7/01/11 (b) 435 481,628 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter Schools Project II), Series A, 6.75%, 7/01/21 510 517,614 ------------- 6,382,795 ----------------------------------------------------------------------------------------------------------------------------------- California - 4.7% California State, GO, 5.50%, 4/01/14 (b) 205 229,758 California State, GO, 5.50%, 4/01/30 5 5,107 California State, GO, Refunding, 5.25%, 3/01/38 4,325 4,328,028 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series B, 5%, 12/01/27 2,500 2,290,875 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds, Series A-3, 7.875%, 6/01/13 (b) 5,010 5,959,846 ------------- 12,813,614 ----------------------------------------------------------------------------------------------------------------------------------- Portfolio Abbreviations To simplify the listings of portfolio holdings in the Schedule of Investments, names of many of the securities have been abbreviated according to the list below. AMT Alternative Minimum Tax (subject to) EDA Economic Development Authority GO General Obligation Bonds HFA Housing Finance Agency IDA Industrial Development Authority IDB Industrial Development Board IDR Industrial Development Revenue Bonds PCR Pollution Control Revenue Bonds S/F Single-Family TIF Tax Increment Financing VRDN Variable Rate Demand Notes BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Colorado - 4.2% Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50%, 4/01/31 $ 145 $ 151,035 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee), Series A, 7.35%, 9/01/31 3,025 2,993,601 Elk Valley, Colorado, Public Improvement Revenue Bonds (Public Improvement Fee), Series B, 7.45%, 9/01/31 580 578,805 North Range Metropolitan District Number 1, Colorado, GO, 7.25%, 12/15/11 (b) 1,310 1,475,374 Pitkin County, Colorado, IDR, Refunding (Aspen Skiing Company Project), VRDN, AMT, Series B, 2.25%, 4/01/14 (c) 800 800,000 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public Improvement Fees), 8%, 12/01/25 3,300 3,453,945 Plaza Metropolitan District Number 1, Colorado, Tax Allocation Revenue Bonds (Public Improvement Fees), 8.125%, 12/01/25 820 821,943 Southlands Metropolitan District Number 1, Colorado, GO, 7%, 12/01/14 (b) 1,000 1,193,270 ------------- 11,467,973 ----------------------------------------------------------------------------------------------------------------------------------- Connecticut - 1.1% Connecticut State Development Authority, Airport Facility Revenue Bonds (Learjet Inc. Project), AMT, 7.95%, 4/01/26 1,165 1,234,900 Mohegan Tribe Indians Gaming Authority, Connecticut, Public Improvement Revenue Refunding Bonds (Priority Distribution), 6.25%, 1/01/31 2,000 1,812,600 ------------- 3,047,500 ----------------------------------------------------------------------------------------------------------------------------------- Florida - 7.2% Fiddlers Creek, Florida, Community Development District Number 2, Special Assessment Revenue Bonds, Series A, 6.375%, 5/01/35 2,350 2,154,668 Fiddlers Creek, Florida, Community Development District Number 2, Special Assessment Revenue Bonds, Series B, 5.75%, 5/01/13 400 380,348 Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer Center Project), Series A, 5.25%, 7/01/37 3,500 3,259,200 Midtown Miami, Florida, Community Development District, Special Assessment Revenue Bonds, Series A, 6.25%, 5/01/37 4,000 3,598,480 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System), 5.625%, 11/15/12 (b) 1,280 1,416,474 Orange County, Florida, IDA, IDR (Catholic Charities of Central Florida Project), VRDN, 2.27%, 7/01/38 (c) 3,700 3,700,000 Orlando, Florida, Urban Community Development District, Capital Improvement Special Assessment Bonds, 6.25%, 5/01/34 1,135 1,012,953 Orlando, Florida, Urban Community Development District, Capital Improvement Special Assessment Bonds, Series A, 6.95%, 5/01/11 (b) 1,000 1,103,070 BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Palm Coast Park Community Development District, Florida, Special Assessment Revenue Bonds, 5.70%, 5/01/37 $ 1,240 $ 978,075 Park Place Community Development District, Florida, Special Assessment Revenue Bonds, 6.75%, 5/01/10 (b) 900 969,318 Preserve at Wilderness Lake, Florida, Community Development District, Capital Improvement Bonds, Series A, 7.10%, 5/01/33 905 926,394 ------------- 19,498,980 ----------------------------------------------------------------------------------------------------------------------------------- Georgia - 8.0% Atlanta, Georgia, Tax Allocation Bonds (Atlantic Station Project), 7.90%, 12/01/11 (b) 2,000 2,341,200 Bartow County, Georgia, Development Authority, PCR (Georgia Power Company Plant- Bowen Project), VRDN, 2.27%, 9/01/29 (c) 2,800 2,800,000 Fulton County, Georgia, Residential Care Facilities, Revenue Refunding Bonds (Canterbury Court Project), Series A, 6.125%, 2/15/26 2,000 1,895,520 Gainesville, Georgia, Redevelopment Authority, Educational Facilities Revenue Refunding Bonds (Riverside Military Academy), 5.125%, 3/01/37 600 507,066 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W, 6.60%, 1/01/18 (d) 380 433,538 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W, 6.60%, 1/01/18 5,615 6,437,036 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series X, 6.50%, 1/01/20 1,250 1,442,950 Houston County, Georgia, Hospital Authority Revenue Bonds (Houston Heart Institute Project), 5.25%, 10/01/35 2,500 2,371,725 Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A, 6.25%, 7/15/33 2,200 1,987,436 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds (Georgia College and State University Foundation), 5.50%, 9/01/14 (b) 1,350 1,512,095 ------------- 21,728,566 ----------------------------------------------------------------------------------------------------------------------------------- Idaho - 0.0% Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2, 6.90%, 1/01/27 85 88,039 ----------------------------------------------------------------------------------------------------------------------------------- Illinois - 8.4% Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7%, 3/01/32 (e)(f) 195 201,765 Chicago, Illinois, Special Assessment Bonds (Lake Shore East), 6.75%, 12/01/32 800 800,304 Chicago, Illinois, Tax Allocation Bonds (Kingsbury Redevelopment Project), Series A, 6.57%, 2/15/13 1,000 1,002,400 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids Management LLC Project), AMT, 6%, 11/01/23 2,800 2,805,488 BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation Providers Facilities), Series A, 6.50%, 7/01/22 $ 1,000 $ 1,034,980 Illinois Development Finance Authority, Revenue Refunding Bonds (Community Rehabilitation Providers Facilities), Series A, 6%, 7/01/15 635 640,899 Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg), Series A, 5.625%, 2/15/37 500 393,415 Illinois State Finance Authority Revenue Bonds (Landing At Plymouth Place Project), Series A, 6%, 5/15/37 1,035 900,554 McLean and Woodford Counties, Illinois, Community Unit School District Number 005, GO, Refunding, 6.375%, 12/01/16 (g) 365 402,584 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20%, 11/01/20 (h) 1,500 1,789,785 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 6.70%, 11/01/21 (a) 7,000 8,218,210 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75%, 6/01/20 (a) 2,500 3,113,750 Village of Wheeling, Illinois, Revenue Bonds (North Milwaukee/Lake-Cook Tax Increment Financing (TIF) Redevelopment Project), 6%, 1/01/25 1,580 1,422,853 ------------- 22,726,987 ----------------------------------------------------------------------------------------------------------------------------------- Indiana - 7.5% Indiana Health and Educational Facilities Financing Authority, Hospital Revenue Bonds (Clarian Health Obligation), Series A, 5.25%, 2/15/40 2,200 2,025,694 Indiana Health and Educational Facilities Financing Authority, Hospital Revenue Bonds (Schneck Memorial Hospital Project), Series A, 5.25%, 2/15/30 2,000 1,922,660 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 7.25%, 6/01/15 2,000 2,260,084 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 6.80%, 12/01/16 3,775 4,299,197 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds, Series D, 6.75%, 2/01/14 8,750 9,736,038 ------------- 20,243,673 ----------------------------------------------------------------------------------------------------------------------------------- Iowa - 1.0% Iowa Financing Authority, S/F Mortgage Revenue Refunding Bonds, AMT, Series E, 5.15%, 7/01/32 (f) 3,050 2,728,164 ----------------------------------------------------------------------------------------------------------------------------------- Kentucky - 1.6% Louisville and Jefferson County, Kentucky, Metropolitan Government Health System, Revenue Refunding Bonds (Norton Healthcare, Inc.), 5.25%, 10/01/36 (i) 4,790 4,304,102 ----------------------------------------------------------------------------------------------------------------------------------- BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Louisiana - 7.8% Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan Missionaries of Our Lady Health System, Inc.), Series A, 5.25%, 8/15/36 $ 8,260 $ 7,808,674 Port New Orleans, Louisiana, IDR, Refunding (Continental Grain Company Project), 6.50%, 1/01/17 10,000 9,831,300 Sabine River Authority, Louisiana, Water Facilities Revenue Refunding Bonds (International Paper Company), 6.20%, 2/01/25 3,600 3,520,836 ------------- 21,160,810 ----------------------------------------------------------------------------------------------------------------------------------- Maryland - 2.5% Maryland State Community Development Administration, Department of Housing and Community Development, Residential Revenue Refunding Bonds, AMT, Series D, 4.90%, 9/01/42 1,500 1,224,660 Maryland State Energy Financing Administration, Solid Waste Disposal Revenue Bonds, Limited Obligation (Wheelabrator Water Projects), AMT, 6.45%, 12/01/16 2,000 2,021,620 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (King Farm Presbyterian Community), Series B, 5%, 1/01/17 1,100 1,030,150 Maryland State Health and Higher Educational Facilities Authority Revenue Bonds (University of Maryland Medical System), Series B, 7%, 7/01/22 (a) 1,000 1,229,470 Montgomery County, Maryland, Special Obligation, GO (West Germantown Development District), Series A, 6.70%, 7/01/27 (j) 1,205 1,318,788 ------------- 6,824,688 ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 6.4% Massachusetts State College Building Authority, Project Revenue Refunding Bonds, Senior-Series A, 7.50%, 5/01/11 1,000 1,124,040 Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.10%, 12/01/27 2,000 1,836,640 Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.20%, 12/01/37 3,000 2,659,080 Massachusetts State, HFA, Housing Revenue Refunding Bonds, AMT, Series D, 4.85%, 6/01/40 2,770 2,222,011 Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 130, 5%, 12/01/32 2,720 2,374,016 Massachusetts State Water Resource Authority Revenue Bonds, Series A, 6.50%, 7/15/19 (d) 6,000 7,038,240 ------------- 17,254,027 ----------------------------------------------------------------------------------------------------------------------------------- Michigan - 7.2% Flint, Michigan, Hospital Building Authority, Revenue Refunding Bonds (Hurley Medical Center), Series A, 6%, 7/01/20 (k) 3,100 2,957,772 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds (Mount Clemens General Hospital), Series B, 5.875%, 11/15/13 (b) 4,320 4,811,184 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health System), Series A, 5.25%, 11/15/46 7,050 6,325,260 BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Michigan State Hospital Finance Authority, Revenue Refunding Bonds (McLaren Health Care Corporation), 5.75%, 5/15/38 $ 2,060 $ 2,008,232 Pontiac, Michigan, Tax Increment Finance Authority, Revenue Refunding Bonds (Development Area Number 3), 6.375%, 6/01/12 (b) 3,000 3,371,730 ------------- 19,474,178 ----------------------------------------------------------------------------------------------------------------------------------- Mississippi - 6.6% Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding (Weyerhaeuser Company Project), Series A, 6.80%, 4/01/22 5,850 6,049,544 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System Energy Resources Inc. Project), 5.875%, 4/01/22 7,200 6,915,240 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System Energy Resources Inc. Project), 5.90%, 5/01/22 5,215 5,015,161 ------------- 17,979,945 ----------------------------------------------------------------------------------------------------------------------------------- Missouri - 0.4% Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Refunding Bonds (Sisters of Mercy Health System), VRDN, Series A, 1.20%, 6/01/16 (c) 1,000 1,000,000 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds (Homeowner Loan), AMT, Series A, 7.50%, 3/01/31 (f) 85 89,308 ------------- 1,089,308 ----------------------------------------------------------------------------------------------------------------------------------- Nebraska - 0.1% Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series C, 6.30%, 9/01/28 (e)(f) 15 15,199 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series D, 6.45%, 3/01/28 (f) 110 110,043 ------------- 125,242 ----------------------------------------------------------------------------------------------------------------------------------- Nevada - 0.2% Clark County, Nevada, Improvement District Number 142, Special Assessment Bonds, 6.375%, 8/01/23 610 570,917 ----------------------------------------------------------------------------------------------------------------------------------- New Jersey - 5.2% New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 4,250 4,013,317 New Jersey EDA, Retirement Community Revenue Bonds (Cedar Crest Village Inc. Facility), Series A, 7.25%, 11/15/11 (b) 2,435 2,781,208 New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 6.25%, 9/15/29 3,000 2,149,290 New Jersey Health Care Facilities Financing Authority Revenue Bonds (Pascack Valley Hospital Association), 6.625%, 7/01/36 1,680 1,163,904 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds, 7%, 6/01/13 (b) 3,285 3,852,090 ------------- 13,959,809 ----------------------------------------------------------------------------------------------------------------------------------- BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- New Mexico - 1.2% Farmington, New Mexico, PCR, Refunding (Tucson Electric Power Company - San Juan Project), Series A, 6.95%, 10/01/20 $ 3,160 $ 3,172,703 ----------------------------------------------------------------------------------------------------------------------------------- New York - 8.3% New York City, New York, City IDA, Civic Facility Revenue Bonds, Series C, 6.80%, 6/01/28 690 714,191 New York City, New York, City IDA, Civic Facility Revenue Bonds (Special Needs Facility Pooled Program), Series C-1, 6.50%, 7/01/17 890 866,513 New York City, New York, City IDA, Special Facility Revenue Bonds (British Airways Plc Project), AMT, 7.625%, 12/01/32 1,920 1,575,974 New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds, Series DD, 5%, 6/15/37 11,800 11,863,248 New York City, New York, GO, Refunding, Series A, 6.375%, 5/15/15 (a) 40 42,687 New York State Dormitory Authority, State University Educational Facilities Revenue Refunding Bonds, Series 1989, 6%, 5/15/10 (b)(l) 3,000 3,229,890 Westchester County, New York, IDA, Civic Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series E-1, 6.50%, 7/01/17 1,000 973,610 Westchester County, New York, IDA, Continuing Care Retirement, Mortgage Revenue Bonds (Kendal on Hudson Project), Series A, 6.50%, 1/01/13 (b) 2,690 3,087,447 ------------- 22,353,560 ----------------------------------------------------------------------------------------------------------------------------------- North Carolina - 1.2% Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing Authority, Revenue Bonds (National Gypsum Company Project), AMT, 5.75%, 8/01/35 1,675 1,299,767 North Carolina Medical Care Commission, Retirement Facilities Revenue Refunding Bonds (Carolina Village Project), 6%, 4/01/38 2,000 1,844,460 ------------- 3,144,227 ----------------------------------------------------------------------------------------------------------------------------------- Ohio - 5.1% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset- Backed Bonds, Series A-2, 6.50%, 6/01/47 14,000 12,445,020 Trumbull County, Ohio, Health Care Facilities Revenue Bonds (Shepherd of the Valley), VRDN, 8%, 10/01/31 (c)(j) 1,400 1,400,000 ------------- 13,845,020 ----------------------------------------------------------------------------------------------------------------------------------- Pennsylvania - 4.8% Allegheny County, Pennsylvania, IDA, Environmental Improvement Revenue Refunding Bonds, 5.50%, 11/01/16 1,235 1,234,889 Bucks County, Pennsylvania, IDA, Retirement Community Revenue Bonds (Ann's Choice Inc.), Series A, 6.125%, 1/01/25 880 869,370 Lancaster County, Pennsylvania, Hospital Authority Revenue Bonds (Brethren Village Project), Series A, 6.50%, 7/01/40 1,000 954,780 BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care Project), 6.125%, 2/01/28 $ 470 $ 424,166 Montgomery County, Pennsylvania, IDA, Revenue Bonds (Whitemarsh Continuing Care Project), 6.25%, 2/01/35 1,090 975,888 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (National Gypsum Company), AMT, Series B, 6.125%, 11/01/27 2,000 1,686,160 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (University of Pennsylvania Medical Center Health System), Series A, 6%, 1/15/31 1,250 1,315,025 Philadelphia, Pennsylvania, Authority for IDR, Commercial Development, 7.75%, 12/01/17 1,265 1,265,898 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie Healthcare System), Series B, 5.85%, 12/01/11 (b) 2,425 2,666,384 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie Healthcare System), Series B, 7.125%, 12/01/11 (b) 1,350 1,616,908 ------------- 13,009,468 ----------------------------------------------------------------------------------------------------------------------------------- Rhode Island - 0.5% Rhode Island State Health and Educational Building Corporation, Hospital Financing Revenue Bonds (Lifespan Obligation Group), 6.50%, 8/15/12 (b) 1,140 1,284,449 ----------------------------------------------------------------------------------------------------------------------------------- South Carolina - 0.1% South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, AMT, Series A, 6.70%, 7/01/27 145 149,653 ----------------------------------------------------------------------------------------------------------------------------------- South Dakota - 1.7% Lawrence County, South Dakota, Solid Waste Disposal Revenue Bonds (Homestake Mining), VRDN, AMT, Series A, 2.27%, 7/01/32 (c) 4,500 4,500,000 ----------------------------------------------------------------------------------------------------------------------------------- Tennessee - 1.7% Johnson City, Tennessee, Health and Educational Facilities Board, Retirement Facility Revenue Bonds (Appalachian Christian Village Project), Series A, 6%, 2/15/24 1,000 927,550 Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital Revenue Refunding Bonds (Methodist Healthcare), 6.50%, 9/01/12 (b) 3,175 3,608,133 ------------- 4,535,683 ----------------------------------------------------------------------------------------------------------------------------------- Texas - 12.4% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First Tier, Series A, 6.70%, 1/01/11 (b) 4,510 4,908,188 Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC Project), AMT, Series A, 7.70%, 4/01/33 1,500 1,363,830 Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental Revenue Refunding Bonds (Dow Chemical Company Project), AMT, Series A-7, 6.625%, 5/15/33 5,800 5,855,448 BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Cypress-Fairbanks, Texas, Independent School District, GO, Refunding, 5%, 2/15/35 $ 3,500 $ 3,474,485 Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT, Series B, 6.25%, 11/01/28 (l) 4,500 4,506,255 Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT, Series C, 6.25%, 11/01/28 (l) 3,450 3,467,112 Dallas-Fort Worth, Texas, International Airport, Joint Revenue Refunding Bonds, AMT, Sub-Series A-2, 6.10%, 11/01/24 (l) 1,500 1,506,960 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%, 4/01/26 2,500 2,501,450 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), AMT, Series B, 6.70%, 11/01/30 2,500 2,322,900 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), Series A, 6.45%, 11/01/30 800 740,480 Texas State University, System Financing Revenue Refunding Bonds, 5.25%, 3/15/27 2,700 2,790,504 ------------- 33,437,612 ----------------------------------------------------------------------------------------------------------------------------------- Virginia - 3.6% Chesterfield County, Virginia, IDA, PCR, Refunding (Virginia Electric and Power Company), Series B, 5.875%, 6/01/17 1,000 1,056,040 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/42 3,440 2,943,058 Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/37 1,000 872,670 Madison County, Virginia, IDA, Educational Facilities Revenue Refunding Bonds (Woodberry Forest School Project), VRDN, 2.27%, 10/01/37 (c) 4,800 4,800,000 ------------- 9,671,768 ----------------------------------------------------------------------------------------------------------------------------------- Washington - 8.6% Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating), Series A, 5.75%, 7/01/18 (l) 1,000 1,066,560 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating), Series B, 6%, 7/01/18 (h) 2,250 2,423,385 Washington State, GO, Series B, 6%, 1/01/10 (b)(g) 10,815 11,400,416 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project Number 1), Series B, 7.125%, 7/01/16 5,000 6,115,750 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project Number 3), Series B, 7.125%, 7/01/16 (l) 1,900 2,313,839 ------------- 23,319,950 ----------------------------------------------------------------------------------------------------------------------------------- BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Wisconsin - 1.8% Wisconsin Housing and EDA, Home Ownership Revenue Refunding Bonds, AMT, Series A, 5.625%, 3/01/31 $ 2,900 $ 2,776,633 Wisconsin State Health and Educational Facilities Authority Revenue Bonds (SynergyHealth Inc.), 6%, 11/15/32 2,215 2,200,758 ------------- 4,977,391 ----------------------------------------------------------------------------------------------------------------------------------- U.S. Virgin Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Islands - 2.2% Coker Project), AMT, 6.50%, 7/01/21 6,000 6,054,420 ----------------------------------------------------------------------------------------------------------------------------------- Total Municipal Bonds - 138.9% 375,505,232 ----------------------------------------------------------------------------------------------------------------------------------- Municipal Bonds Transferred to Tender Option Bond Trusts (m) ----------------------------------------------------------------------------------------------------------------------------------- Connecticut - 2.3% Connecticut State Health and Educational Facilities Authority Revenue Bonds (Yale University), Series Z-3, 5.05%, 7/01/42 6,000 6,085,800 ----------------------------------------------------------------------------------------------------------------------------------- Florida - 3.2% Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, 5%, 10/01/40 (n)(o) 10,000 8,678,342 ----------------------------------------------------------------------------------------------------------------------------------- Illinois - 5.2% Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien, 5.25%, 11/01/33 (g) 1,319 1,344,208 Kane and De Kalb Counties, Illinois, Community Unit School District Number 302, GO, 5.75%, 2/01/14 (a)(b) 4,225 4,747,664 Kane and De Kalb Counties, Illinois, Community Unit School District Number 302, GO, 5.75%, 2/01/19 (a) 1,000 1,123,650 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax Revenue Refunding Bonds (McCormick Place Expansion Project), Series B, 6,400 6,838,400 5.75%, 6/15/23 (l) ------------- 14,053,922 ----------------------------------------------------------------------------------------------------------------------------------- Maryland - 0.9% Maryland State Transportation Authority, Transportation Facilities Projects Revenue Bonds, 5%, 7/01/41 (g) 2,294 2,322,403 ----------------------------------------------------------------------------------------------------------------------------------- Massachusetts - 3.7% Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds, Series A, 5%, 8/15/30 (g) 10,000 10,076,500 ----------------------------------------------------------------------------------------------------------------------------------- New York - 7.1% New York City, New York, City Transitional Finance Authority Revenue Bonds, Future Tax Secured, Series B, 6.25%, 11/15/18 6,750 7,299,180 New York State Dormitory Authority, State University Educational Facilities Revenue Refunding Bonds, Series 1989, 6%, 5/15/10 (b)(l) 11,000 11,842,930 ------------- 19,142,110 ----------------------------------------------------------------------------------------------------------------------------------- North Carolina - 2.3% North Carolina Capital Facilities Finance Agency, Revenue Refunding Bonds (Duke University Project), Series A, 5%, 10/01/41 6,240 6,297,907 ----------------------------------------------------------------------------------------------------------------------------------- BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (Percentages shown are based on Net Assets) Par State Municipal Bonds (000) Value ----------------------------------------------------------------------------------------------------------------------------------- Texas - 8.3% Harris County, Texas, Health Facilities Development Corporation Revenue Refunding Bonds (School Health Care System), Series B, 5.75%, 7/01/27 (d) $ 10,000 $ 11,320,900 Judson, Texas, Independent School District, School Building, GO, 5%, 2/01/37 (n) 4,003 3,919,574 Texas State Department of Housing and Community Affairs, S/F Mortgage Revenue Bonds, AMT, Series B, 5.25%, 9/01/32 (e)(f) 4,976 4,509,332 Texas State University, System Financing Revenue Refunding Bonds, 5%, 3/15/30 (g) 2,744 2,748,392 ------------- 22,498,198 ----------------------------------------------------------------------------------------------------------------------------------- Washington - 7.6% Central Puget Sound Regional Transportation Authority, Washington, Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (g) 7,700 7,790,398 Central Puget Sound Regional Transportation Authority, Washington, Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/34 5,000 5,049,425 Central Puget Sound Regional Transportation Authority, Washington, Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/36 4,000 4,039,540 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating), Series A, 5.75%, 7/01/18 (l) 3,500 3,732,960 ------------- 20,612,323 ----------------------------------------------------------------------------------------------------------------------------------- Total Municipal Bonds Transferred to Tender Option Bond Trusts - 40.6% 109,767,505 ----------------------------------------------------------------------------------------------------------------------------------- Total Investments (Cost - $485,189,507*) - 179.5% 485,272,737 Liabilities in Excess of Other Assets - (1.4)% (3,717,314) Liability for Trust Certificates, Including Interest Expense and Fees Payable - (22.3)% (60,205,465) Preferred Stock, at Redemption Value - (55.8)% (150,879,885) ------------- Net Assets Applicable to Common Stock - 100.0% $ 270,470,073 ============= * The cost and unrealized appreciation (depreciation) of investments as of July 31, 2008, as computed for federal income tax purposes, were as follows: Aggregate cost $ 426,018,429 ============= Gross unrealized appreciation $ 17,564,221 Gross unrealized depreciation (18,270,037) ------------- Net unrealized depreciation $ (705,816) ============= BlackRock MuniVest Fund II, Inc. Schedule of Investments July 31, 2008 (Unaudited) (a) FGIC Insured. (b) 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. (c) Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. (d) Security is collateralized by Municipal or U.S. Treasury Obligations. (e) FHLMC Collateralized. (f) FNMA/GNMA Collateralized. (g) FSA Insured. (h) AMBAC Insured. (i) Represents a pay-in-kind security which may pay interest/dividends in additional face/shares. (j) Radian Insured. (k) ACA Insured. (l) MBIA Insured. (m) Securities represents bonds transferred to a tender option bond trust in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. (n) Assured Guaranty Insured. (o) XL Capital Insured. 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/ Donald C. Burke -------------------------------- Donald C. Burke Chief Executive Officer of BlackRock MuniVest Fund II, Inc. Date: September 19, 2008 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/ Donald C. Burke -------------------------------- Donald C. Burke Chief Executive Officer (principal executive officer) of BlackRock MuniVest Fund II, Inc. Date: September 19, 2008 By: /s/ Neal J. Andrews -------------------------------- Neal J. Andrews Chief Financial Officer (principal financial officer) of BlackRock MuniVest Fund II, Inc. Date: September 19, 2008