October 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock MuniVest Fund II, Inc. (MVT)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
October 31, 2025
BlackRock MuniVest Fund II, Inc. (MVT)
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Municipal Bonds
Alabama — 2.4%
Black Belt Energy Gas District, RB(a)
 
Series A, 5.25%, 05/01/56
$
1,090
$ 1,135,756
Series F, 5.50%, 11/01/53
 
405
428,029
County of Jefferson Alabama Sewer Revenue, Refunding
RB, 5.25%, 10/01/49
 
2,035
2,121,227
Lower Alabama Gas District, RB, Series A, 5.00%,
09/01/46
 
610
659,342
Southeast Energy Authority A Cooperative District, RB(a)
 
Series A, 5.00%, 01/01/56
 
770
824,296
Series A-1, 5.50%, 01/01/53
 
685
742,374
 
 
5,911,024
Arizona — 1.0%
City of Phoenix Civic Improvement Corp., RB, Junior Lien,
5.25%, 07/01/47
 
760
816,882
Glendale Industrial Development Authority, RB, 5.00%,
05/15/56
 
90
77,664
Industrial Development Authority of the City of Phoenix
Arizona, RB, Series A, 5.00%, 07/01/46(b)
 
1,685
1,624,465
 
 
2,519,011
Arkansas — 0.2%
Arkansas Development Finance Authority, RB, AMT,
Sustainability Bonds, 5.70%, 05/01/53
 
435
443,989
California — 5.4%
California Community Choice Financing Authority, RB,
Class B, Sustainability Bonds, 5.00%, 03/01/56(a)
 
910
998,860
California Educational Facilities Authority, RB, Series U-7,
5.00%, 06/01/46
 
920
1,055,556
California Infrastructure & Economic Development Bank,
Refunding RB, Series A, Class B, AMT, Sustainability
Bonds, 9.50%, 01/01/65(a)(b)
 
1,135
908,000
California Municipal Finance Authority, ARB, AMT, Senior
Lien, 4.00%, 12/31/47
 
1,475
1,293,354
California Pollution Control Financing Authority, RB, AMT,
5.00%, 11/21/45(b)
 
1,495
1,495,049
Central Valley Energy Authority, RB, 5.00%, 12/01/55(a)
 
475
525,406
City of Los Angeles Department of Airports, ARB, AMT,
Sustainability Bonds, 5.00%, 05/15/47
 
1,155
1,187,142
City of Los Angeles Department of Airports, Refunding
ARB, Series A, AMT, Sustainability Bonds, 5.50%,
05/15/55
 
1,035
1,113,433
Pleasanton Unified School District, GO, Election 2022,
4.25%, 08/01/50
 
2,370
2,379,649
Sacramento Metropolitan Fire District, GO, Series A,
Election 2024, 4.00%, 08/01/55
 
1,485
1,401,597
San Marcos Unified School District, GO, CAB, Series B,
Election 2010, 0.00%, 08/01/42(c)
 
2,000
1,008,275
 
 
13,366,321
Colorado — 0.4%
City & County of Denver Colorado Airport System
Revenue, Refunding ARB, Series D, AMT, 5.75%,
11/15/45
 
425
458,863
Colorado Health Facilities Authority, RB
 
5.50%, 11/01/47
 
175
184,442
5.25%, 11/01/52
 
360
371,598
 
 
1,014,903
Security
 
Par
(000)
Value
Delaware — 0.6%
Delaware River & Bay Authority, Refunding RB, 4.00%,
01/01/44
$
1,500
$ 1,478,060
District of Columbia — 7.9%
District of Columbia, Refunding GO, Series A, 5.25%,
01/01/48
 
1,190
1,263,666
District of Columbia, Refunding RB, 5.00%, 10/01/48
 
1,695
1,673,245
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.50%,
10/01/55
 
1,120
1,206,594
Metropolitan Washington Airports Authority Dulles Toll
Road Revenue, Refunding RB
 
Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/33(c)
 
6,590
5,080,410
Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/34(c)
 
4,830
3,564,799
Series B, 2nd Senior Lien, (AGM), 0.00%, 10/01/35(c)
 
6,515
4,580,057
Series B, Subordinate, 4.00%, 10/01/49
 
1,790
1,594,467
Washington Metropolitan Area Transit Authority Dedicated
Revenue, RB, Series A, Sustainability Bonds, 4.13%,
07/15/47
 
575
552,534
 
 
19,515,772
Florida — 4.2%
Celebration Pointe Community Development District No.
1, SAB(d)(e)
 
5.00%, 05/01/32
 
380
304,000
5.00%, 05/01/48
 
1,120
896,000
City of Fort Lauderdale Florida Water & Sewer Revenue,
RB, Series B, 5.50%, 09/01/48
 
1,280
1,398,531
County of Broward Florida Airport System Revenue, ARB,
Series A, AMT, 5.00%, 10/01/44
 
545
555,926
County of Broward Florida Water & Sewer Utility Revenue,
RB, Series A, 4.00%, 10/01/45
 
210
204,927
County of Pasco Florida, RB
 
(AGM), 5.00%, 09/01/48
 
2,270
2,343,778
(AGM), 5.75%, 09/01/54
 
425
456,856
Florida Development Finance Corp., RB, Series A, 5.00%,
06/15/56
 
105
99,238
Hillsborough County Industrial Development Authority,
Refunding RB, Series C, 5.25%, 11/15/49
 
205
218,796
Lakewood Ranch Stewardship District, SAB, 6.30%,
05/01/54
 
212
224,218
Orange County Health Facilities Authority, RB, Series A,
5.00%, 10/01/53
 
1,495
1,532,769
Orange County Health Facilities Authority, Refunding RB,
Series A, 5.25%, 10/01/56
 
1,925
2,023,567
 
 
10,258,606
Georgia — 2.3%
County of DeKalb Georgia Water & Sewerage Revenue,
Refunding RB, 5.00%, 10/01/48
 
1,145
1,193,196
Gainesville & Hall County Hospital Authority, RB, Series A,
4.00%, 02/15/51
 
530
467,590
Main Street Natural Gas, Inc., RB
 
Series A, 5.00%, 05/15/37
 
1,500
1,633,647
Series A, 5.00%, 06/01/53(a)
 
2,185
2,316,418
 
 
5,610,851
Idaho — 0.8%
Idaho Health Facilities Authority, Refunding RB, 4.38%,
03/01/53
 
400
382,816
Idaho Housing & Finance Association, RB, Series A,
5.25%, 08/15/48
 
1,455
1,568,182
 
 
1,950,998
2
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniVest Fund II, Inc. (MVT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Illinois — 5.9%
Chicago Board of Education, GO
 
Series A, 5.00%, 12/01/42
$
540
$ 509,977
Series A, 6.25%, 12/01/50
 
1,125
1,176,023
Series C, 5.25%, 12/01/35
 
495
494,991
Series D, 5.00%, 12/01/46
 
1,915
1,737,634
Series H, 5.00%, 12/01/36
 
450
447,560
Chicago Board of Education, Refunding GO
 
Series B, 12/01/43(f)
 
315
328,360
Series G, 5.00%, 12/01/34
 
450
450,011
Chicago O’Hare International Airport, ARB, Class A, AMT,
Senior Lien, 4.63%, 01/01/53
 
1,260
1,229,805
Illinois Finance Authority, Refunding RB
 
Series C, 4.00%, 02/15/27(g)
 
2,930
2,981,194
Series C, 4.00%, 02/15/41
 
10
9,738
Illinois Housing Development Authority, RB, S/F Housing,
Series N, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 6.25%, 04/01/54
 
740
804,690
Metropolitan Pier & Exposition Authority, RB, 5.00%,
06/15/57
 
870
866,172
Metropolitan Pier & Exposition Authority, Refunding RB,
Series B, (AGM), 0.00%, 06/15/44(c)
 
5,175
2,218,091
State of Illinois, GO
 
Series B, 5.25%, 05/01/43
 
500
526,287
Series E, 5.00%, 09/01/43
 
765
799,345
 
 
14,579,878
Indiana — 0.4%
Indiana Finance Authority, Refunding RB
 
Series C, 5.25%, 10/01/46
 
640
690,479
Series C, 5.25%, 10/01/47
 
220
236,707
 
 
927,186
Kansas — 0.1%
Ellis County Unified School District No. 489 Hays,
Refunding GO, Series B, (AGM), 4.00%, 09/01/52
 
260
241,172
Kentucky — 1.2%
Kentucky Public Transportation Infrastructure Authority,
RB, CAB, Convertible, 6.75%, 07/01/43(h)
 
1,200
1,360,590
University of Kentucky, RB, Class A, 5.00%, 04/01/55
 
1,610
1,660,104
 
 
3,020,694
Louisiana — 1.3%
Louisiana Public Facilities Authority, RB, 5.25%, 10/01/53
 
1,200
1,198,729
Louisiana Public Facilities Authority, Refunding RB,
Series A, Class A, 4.00%, 12/15/27(g)
 
60
61,551
Parish of East Baton Rouge Capital Improvements
District, RB, 5.00%, 08/01/46
 
610
644,164
Port New Orleans Board of Commissioners, ARB,
Series E, AMT, 5.00%, 04/01/44
 
1,345
1,366,317
 
 
3,270,761
Maryland — 0.2%
Maryland Health & Higher Educational Facilities Authority,
Refunding RB, 5.25%, 07/01/50
 
500
521,014
Massachusetts — 2.2%
Commonwealth of Massachusetts Transportation Fund
Revenue, RB, Series B, 5.00%, 06/01/52
 
1,335
1,387,544
Commonwealth of Massachusetts, GOL, Series D, 5.00%,
10/01/50
 
1,285
1,345,438
Massachusetts Development Finance Agency, RB,
Series A, 5.00%, 01/01/47
 
1,150
1,118,838
Security
 
Par
(000)
Value
Massachusetts (continued)
Massachusetts Development Finance Agency, Refunding
RB, 4.13%, 10/01/42(b)
$
470
$ 435,898
Massachusetts Port Authority, ARB, Series E, AMT,
5.00%, 07/01/46
 
1,110
1,132,044
 
 
5,419,762
Michigan — 1.7%
Michigan Finance Authority, RB, Sustainability Bonds,
5.50%, 02/28/57
 
2,830
2,965,586
Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43
 
1,070
1,071,160
 
 
4,036,746
Minnesota — 1.4%
Duluth Economic Development Authority, Refunding RB
 
Series A, 4.25%, 02/15/48
 
1,995
1,862,813
Series A, 5.25%, 02/15/58
 
1,480
1,488,605
 
 
3,351,418
Missouri — 3.1%
Health & Educational Facilities Authority of the State of
Missouri, Refunding RB
 
Series A, 4.00%, 02/15/49
 
2,630
2,360,763
Series C, 5.00%, 11/15/42
 
2,570
2,611,483
Kansas City Industrial Development Authority, ARB
 
Class B, AMT, (AGM), 5.00%, 03/01/49
 
640
643,475
Class B, AMT, (AGM), 5.00%, 03/01/55
 
640
641,650
Missouri Housing Development Commission, RB, S/F
Housing, Series C, (FHLMC, FNMA, GNMA), 4.70%,
11/01/54
 
1,310
1,292,987
 
 
7,550,358
Nevada — 0.6%
Las Vegas Valley Water District, GOL, Series A, 5.25%,
06/01/55
 
1,405
1,505,798
New Hampshire — 1.5%
New Hampshire Business Finance Authority, RB
 
Series 2025-1, Class A1, 4.09%, 01/20/41(a)
 
368
366,747
Series A, Sustainability Bonds, 5.50%, 06/01/55
 
1,830
1,925,104
New Hampshire Business Finance Authority, RB, M/F
Housing
 
1st Series, Class B, 5.75%, 04/28/42
 
555
579,398
Series 2025, Subordinate, 5.15%, 09/28/37
 
875
885,082
 
 
3,756,331
New Jersey — 9.7%
New Jersey Economic Development Authority, RB
 
Class A, 5.25%, 11/01/47
 
1,740
1,838,857
Series EEE, 5.00%, 06/15/48
 
5,845
5,952,562
New Jersey Economic Development Authority, Refunding
SAB, 5.75%, 04/01/31
 
2,240
2,253,126
New Jersey Higher Education Student Assistance
Authority, Refunding RB
 
Series 1-B, AMT, 4.50%, 12/01/45
 
305
312,799
Series B, AMT, 4.00%, 12/01/41
 
860
854,208
Series C, AMT, Subordinate, 5.00%, 12/01/52
 
1,245
1,235,204
New Jersey Transportation Trust Fund Authority, RB
 
5.00%, 12/15/28(g)
 
430
461,993
Series BB, 5.00%, 06/15/46
 
1,485
1,559,120
New Jersey Transportation Trust Fund Authority,
Refunding RB, Series A, 4.25%, 06/15/40
 
3,225
3,298,705
New Jersey Turnpike Authority, RB, Series A, 5.25%,
01/01/55
 
1,085
1,166,742
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniVest Fund II, Inc. (MVT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
New Jersey (continued)
Tobacco Settlement Financing Corp., Refunding RB
 
Series A, 5.00%, 06/01/46
$
255
$ 252,253
Sub-Series B, 5.00%, 06/01/46
 
4,975
4,843,849
 
 
24,029,418
New York — 18.0%
City of New York, GO, Series G-1, 5.25%, 02/01/53
 
200
213,126
Erie Tobacco Asset Securitization Corp., Refunding RB,
Series A, 5.00%, 06/01/45
 
1,960
1,618,729
Metropolitan Transportation Authority, Refunding RB
 
Series C-1, Sustainability Bonds, 4.75%, 11/15/45
 
1,585
1,590,082
Series C-1, Sustainability Bonds, 5.00%, 11/15/50
 
515
523,672
Series C-1, Sustainability Bonds, 5.25%, 11/15/55
 
760
782,067
New York City Housing Development Corp., RB, M/F
Housing, Sustainability Bonds, (HUD SECT 8), 4.80%,
02/01/53
 
5,000
5,019,694
New York City Municipal Water Finance Authority, RB,
Series BB, 5.25%, 06/15/55
 
475
508,594
New York City Municipal Water Finance Authority,
Refunding RB
 
Series DD, 4.13%, 06/15/46
 
370
360,404
Series DD, 4.13%, 06/15/47
 
6,310
6,131,046
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB
 
Series A-1, Subordinate, 5.25%, 05/01/52
 
820
877,097
Series E, Subordinate, 5.00%, 11/01/53
 
725
754,171
Series F-1, Subordinate, 4.00%, 02/01/51
 
3,200
2,967,121
Series H-1, Subordinate, 5.00%, 11/01/50
 
1,370
1,431,936
New York Counties Tobacco Trust IV, Refunding RB
 
Series A, 5.00%, 06/01/38
 
1,825
1,698,600
Series A, 6.25%, 06/01/41(b)
 
1,670
1,606,943
New York Liberty Development Corp., Refunding RB
 
3.13%, 09/15/50
 
315
238,803
Class 2, 5.38%, 11/15/40(b)
 
850
850,156
Series A, Sustainability Bonds, (BAM-TCRS), 3.00%,
11/15/51
 
2,370
1,740,756
New York State Dormitory Authority, Refunding RB
 
Class A, 5.25%, 05/01/54
 
2,150
2,239,063
Series A, 4.00%, 03/15/44
 
1,080
1,039,062
Series A, 4.00%, 03/15/54
 
545
503,851
New York Transportation Development Corp., ARB
 
AMT, 5.63%, 04/01/40
 
470
493,521
AMT, Sustainability Bonds, (AGM), 6.00%, 06/30/60
 
1,035
1,118,736
New York Transportation Development Corp., RB
 
AMT, 5.00%, 10/01/35
 
1,050
1,098,377
AMT, Sustainability Bonds, (AGM), 5.25%, 06/30/60
 
1,950
1,985,064
AMT, Sustainability Bonds, 5.50%, 06/30/60
 
1,120
1,143,487
New York Transportation Development Corp., Refunding
RB, Series A, AMT, Sustainability Bonds, (AGM),
5.25%, 12/31/54
 
1,525
1,570,273
Triborough Bridge & Tunnel Authority Sales Tax Revenue,
RB
 
Series A, 4.00%, 05/15/48
 
3,055
2,874,759
Series A, 5.25%, 05/15/52
 
400
422,411
Triborough Bridge & Tunnel Authority, RB, Series A-1,
4.00%, 11/15/54
 
1,155
1,063,239
 
 
44,464,840
Security
 
Par
(000)
Value
North Dakota — 0.7%
North Dakota Housing Finance Agency, RB, S/F Housing,
Series C, Sustainability Bonds, 4.75%, 07/01/49
$
1,770
$ 1,793,651
Ohio — 1.3%
Buckeye Tobacco Settlement Financing Authority,
Refunding RB
 
Series A-2, Class 1, 4.00%, 06/01/48
 
830
718,579
Series B-2, Class 2, 5.00%, 06/01/55
 
1,755
1,470,759
County of Franklin Ohio, RB, Series A, 5.00%, 12/01/47
 
400
402,943
County of Hamilton Ohio, RB, Series CC, 5.00%,
11/15/49
 
530
575,942
 
 
3,168,223
Oklahoma — 0.2%
Tulsa Municipal Airport Trust Trustees, Refunding ARB,
AMT, 6.25%, 12/01/35
 
485
559,301
Pennsylvania — 3.1%
Allegheny County Airport Authority, ARB
 
Series A, AMT, (AGM), 5.50%, 01/01/48
 
235
247,851
Series A, AMT, (AGM-CR), 4.00%, 01/01/56
 
605
527,136
City of Philadelphia Pennsylvania Water & Wastewater
Revenue, RB, Series C, (AGM), 5.25%, 09/01/54
 
2,295
2,455,584
Montgomery County Higher Education and Health
Authority, Refunding RB
 
4.00%, 09/01/51
 
510
450,586
5.00%, 09/01/48
 
345
349,960
Pennsylvania Economic Development Financing Authority,
RB, 5.00%, 06/30/42
 
850
852,084
Pennsylvania Economic Development Financing Authority,
Refunding RB, AMT, 5.50%, 11/01/44
 
1,035
1,035,599
Pennsylvania Higher Educational Facilities Authority,
Refunding RB, Series B-1, (AGM), 5.00%, 11/01/51
 
480
496,010
Philadelphia Gas Works Co., Refunding RB, Series A,
5.25%, 08/01/49
 
1,080
1,145,844
 
 
7,560,654
Puerto Rico — 5.8%
Commonwealth of Puerto Rico, GO
 
Series A-1, Restructured, 5.63%, 07/01/29
 
1,435
1,532,309
Series A-1, Restructured, 5.75%, 07/01/31
 
1,295
1,435,792
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB
 
Series A-1, Restructured, 4.75%, 07/01/53
 
1,084
1,024,924
Series A-1, Restructured, 5.00%, 07/01/58
 
6,313
6,131,443
Series A-2, Restructured, 4.78%, 07/01/58
 
2,941
2,765,706
Puerto Rico Sales Tax Financing Corp. Sales Tax
Revenue, RB, CAB, Series A-1, Restructured, 0.00%,
07/01/46(c)
 
4,251
1,479,486
 
 
14,369,660
South Carolina — 3.7%
South Carolina Jobs-Economic Development Authority,
RB
 
Series A, 5.50%, 11/01/48
 
1,420
1,520,759
Series A, 5.50%, 11/01/49
 
1,865
1,992,557
Series A, 5.50%, 11/01/50
 
145
154,562
South Carolina Jobs-Economic Development Authority,
Refunding RB
 
4.00%, 12/01/44
 
1,820
1,710,982
4
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniVest Fund II, Inc. (MVT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
South Carolina (continued)
South Carolina Jobs-Economic Development Authority,
Refunding RB (continued)
 
5.00%, 11/15/47
$
1,050
$ 1,039,153
South Carolina Ports Authority, ARB, Series B, AMT,
4.00%, 07/01/49
 
650
582,391
South Carolina Public Service Authority, Refunding RB,
Series B, 5.00%, 12/01/46
 
2,110
2,198,127
 
 
9,198,531
Tennessee — 1.0%
Metropolitan Government of Nashville & Davidson County
TN Water & Sewer Revenue, Refunding RB, 5.25%,
07/01/55
 
630
671,098
Tennergy Corp., RB, Series A, 5.50%, 10/01/53(a)
 
1,640
1,778,365
 
 
2,449,463
Texas — 9.2%
Arlington Higher Education Finance Corp., RB(b)
 
7.50%, 04/01/62
 
435
217,500
7.88%, 11/01/62
 
370
222,000
Celina Independent School District, GO, (PSF), 4.00%,
02/15/53
 
1,545
1,447,333
City of Austin Texas Water & Wastewater System
Revenue, Refunding RB, 5.00%, 11/15/53
 
640
674,854
City of Corpus Christi Texas Utility System Revenue,
Refunding RB, 4.13%, 07/15/53
 
930
861,722
City of Garland Texas Electric Utility System Revenue,
Refunding RB, (AGM), 4.25%, 03/01/48
 
190
185,409
City of Houston Texas Airport System Revenue, ARB,
Series B, AMT, 5.50%, 07/15/38
 
310
336,576
City of Houston Texas Airport System Revenue, Refunding
ARB, Series A, AMT, 1st Lien, Subordinate, (AGM),
5.25%, 07/01/48
 
1,745
1,824,982
City of Houston Texas Airport System Revenue, Refunding
RB, AMT, 5.00%, 07/01/29
 
635
635,004
City of Houston Texas, GOL, Series A, 5.25%, 03/01/49
 
1,375
1,472,643
City of Houston Texas, Refunding GOL, Series A, 5.25%,
03/01/42
 
210
227,382
City of Hutto Texas, GOL, (BAM), 4.13%, 08/01/49
 
470
450,950
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB, Series E, 5.25%, 02/01/49
 
4,500
4,843,161
Clifton Higher Education Finance Corp., Refunding RB,
Series A, (PSF), 4.13%, 08/15/49
 
1,155
1,115,328
County of Harris Texas, Refunding GO, Series A, 4.25%,
09/15/48
 
390
386,772
Leander Independent School District, Refunding GO,
Series A, (PSF), 5.00%, 08/15/50
 
1,345
1,421,996
Longview Independent School District, GO, (PSF), 4.00%,
02/15/49
 
1,120
1,060,464
New Hope Cultural Education Facilities Finance Corp.,
RB, Series A, 5.50%, 08/15/49
 
1,505
1,651,515
Northwest Independent School District, GO, (PSF),
5.25%, 02/15/55
 
700
747,835
Tarrant Regional Water District, RB, 4.25%, 09/01/55
 
625
600,779
Texas Department of Housing & Community Affairs, RB,
S/F Housing, Series C, (GNMA), 5.00%, 09/01/48
 
1,620
1,656,586
Waller Consolidated Independent School District, GO,
Series A, (PSF), 4.00%, 02/15/48
 
750
717,914
 
 
22,758,705
Utah — 1.1%
Black Desert Public Infrastructure District, SAB, 5.63%,
12/01/53(b)
 
135
136,368
Security
 
Par
(000)
Value
Utah (continued)
Downtown Revitalization Public Infrastructure District, RB
 
Series A, 1st Lien, (AGM), 5.50%, 06/01/55
$
650
$ 700,176
Series B, 2nd Lien, (AGM), 5.50%, 06/01/50
 
1,550
1,682,661
Series B, 2nd Lien, (AGM), 5.50%, 06/01/55
 
230
247,569
 
 
2,766,774
Virginia — 0.7%
Henrico County Economic Development Authority,
Refunding RB, Series A, 5.00%, 11/01/48
 
665
692,333
Virginia Housing Development Authority, RB, M/F
Housing, Series A, 4.60%, 09/01/49
 
1,035
1,034,931
 
 
1,727,264
Washington — 1.2%
Port of Seattle Washington, ARB, Series B, AMT,
Intermediate Lien, 5.50%, 10/01/50
 
2,525
2,726,479
Washington Health Care Facilities Authority, Refunding
RB, Series A, 5.50%, 09/01/55
 
195
207,092
 
 
2,933,571
Wisconsin — 2.0%
Public Finance Authority, RB, AMT, 6.50%, 12/31/65
 
2,015
2,213,051
Wisconsin Health & Educational Facilities Authority, RB,
Class A, 5.50%, 02/15/54
 
1,445
1,527,155
Wisconsin Housing & Economic Development Authority
Home Ownership Revenue, RB, S/F Housing
 
Series A, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.85%, 09/01/43
 
320
327,871
Series C, Sustainability Bonds, (FHLMC, FNMA,
GNMA), 4.75%, 03/01/51
 
925
928,567
 
 
4,996,644
Total Municipal Bonds — 102.5%
(Cost: $245,878,846)
253,027,352
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
Alabama(a) — 8.9%
Energy Southeast A Cooperative District, RB, Series B-1,
5.75%, 04/01/54
 
10,000
11,238,252
Southeast Energy Authority A Cooperative District, RB,
Series A, 5.25%, 01/01/54
 
10,000
10,619,621
 
 
21,857,873
District of Columbia — 4.2%
District of Columbia Income Tax Revenue, Refunding RB,
Series A, 5.00%, 06/01/50
 
4,560
4,816,360
Metropolitan Washington Airports Authority Aviation
Revenue, Refunding ARB, Series A, AMT, 5.50%,
10/01/54
 
5,180
5,481,465
 
 
10,297,825
Florida — 8.4%
City of Melbourne Florida Water & Sewer Revenue, RB,
5.00%, 11/15/50
 
3,090
3,236,021
County of Miami-Dade Florida Aviation Revenue,
Refunding ARB, Series A, AMT, 5.25%, 10/01/50
 
2,735
2,871,608
Greater Orlando Aviation Authority, ARB, AMT, 5.25%,
10/01/51(j)
 
4,620
4,856,957
Tampa Bay Water, RB, Series A, 5.25%, 10/01/54(j)
 
5,793
6,193,657
Tender Opt Bd Tr Rcpts, 5.25%, 10/01/55
 
3,320
3,540,009
 
 
20,698,252
Georgia — 1.5%
County of DeKalb Georgia Water & Sewerage Revenue,
RB, Series A, 5.00%, 10/01/55(j)
 
3,500
3,666,429
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniVest Fund II, Inc. (MVT)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Michigan — 1.1%
Michigan State Housing Development Authority, RB, M/F
Housing, Series A, 5.00%, 10/01/48
$
2,551
$ 2,623,416
Missouri — 1.2%
Missouri Housing Development Commission, RB, S/F
Housing, Series E, 4.60%, 11/01/49
 
3,080
3,053,891
New York — 12.2%
City of New York, GO, Series B, 5.25%, 10/01/47
 
2,940
3,098,454
New York City Housing Development Corp., RB, M/F
Housing, Series E-1, Sustainability Bonds, 4.70%,
11/01/48(j)
 
2,460
2,483,346
New York City Transitional Finance Authority Future Tax
Secured Revenue, RB, Series C, 5.25%, 05/01/48
 
4,240
4,498,196
New York State Dormitory Authority, Refunding RB
 
Series A, 5.00%, 03/15/47(j)
 
4,630
4,878,454
Series A, 5.00%, 03/15/53(j)
 
3,118
3,254,971
Series E, 5.00%, 03/15/46
 
3,940
4,037,763
Port Authority of New York & New Jersey, Refunding ARB,
AMT, 5.00%, 01/15/47(j)
 
3,860
3,977,955
Triborough Bridge & Tunnel Authority, RB, Series A,
5.50%, 11/15/57
 
3,524
3,771,368
 
 
30,000,507
Oregon — 3.1%
Port of Portland Oregon Airport Revenue, Refunding ARB,
Series 29, AMT, Sustainability Bonds, 5.50%, 07/01/48
 
7,232
7,698,545
Pennsylvania — 4.8%
Pennsylvania Housing Finance Agency, RB, S/F Housing
 
Series 143A, Sustainability Bonds, 6.25%, 10/01/53
 
4,528
4,909,654
Series 145A, Sustainability Bonds, 4.75%, 10/01/49
 
3,830
3,847,210
Series 147 A, Sustainability Bonds, 4.70%, 10/01/49(j)
 
3,000
3,021,409
 
 
11,778,273
South Carolina — 2.8%
Patriots Energy Group Financing Agency, Refunding RB,
Series B-1, 5.25%, 02/01/54(a)
 
6,463
7,029,136
Texas — 10.4%
Austin Community College District, Refunding GOL,
5.25%, 08/01/55
 
5,260
5,590,661
City of Houston Texas Airport System Revenue, Refunding
ARB, Series A, AMT, Subordinate Lien, 5.50%,
07/01/55
 
7,858
8,383,424
City of San Antonio Texas Electric & Gas Systems
Revenue, Refunding RB
 
Series A, 5.25%, 02/01/49
 
2,969
3,184,752
Series A, 5.50%, 02/01/50(j)
 
2,474
2,685,258
North Texas Municipal Water District, RB, 5.00%,
06/01/50(j)
 
2,319
2,414,432
Terrell Independent School District, GO, (PSF), 5.25%,
08/01/55(j)
 
3,220
3,456,794
 
 
25,715,321
Utah — 1.7%
City of Salt Lake City Utah Airport Revenue, ARB,
Series A, AMT, 5.50%, 07/01/53(j)
 
4,062
4,288,844
Security
 
Par
(000)
Value
Washington — 2.2%
Port of Seattle Washington, Refunding ARB, Series C,
AMT, 5.00%, 08/01/46
$
5,390
$   5,509,657
Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 62.5%
(Cost: $149,920,156)
154,217,969
Total Long-Term Investments — 165.0%
(Cost: $395,799,002)
407,245,321
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Liquidity Funds, MuniCash, Institutional
Shares, 3.01%(k)(l)
 
5,006,944
5,007,445
Total Short-Term Securities — 2.0%
(Cost: $5,007,247)
5,007,445
Total Investments — 167.0%
(Cost: $400,806,249)
412,252,766
Other Assets Less Liabilities — 1.8%
4,362,190
Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (37.3)%
(92,080,784
)
VMTP Shares at Liquidation Value, Net of Deferred Offering Costs —
(31.5)%
(77,700,000
)
Net Assets Applicable to Common Shares — 100.0%
$ 246,834,172
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(b)
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.
(c)
Zero-coupon bond.
(d)
Issuer filed for bankruptcy and/or is in default.
(e)
Non-income producing security.
(f)
When-issued security.
(g)
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.
(h)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently
in effect.
(i)
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates
received by the Fund. These bonds serve as collateral in a secured borrowing.
(j)
All or a portion of the security is subject to a recourse agreement. The aggregate
maximum potential amount the Fund could ultimately be required to pay under the
agreements, which expire between July 1, 2031 to October 1, 2042, is $30,438,885.
(k)
Affiliate of the Fund.
(l)
Annualized 7-day yield as of period end.
6
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniVest Fund II, Inc. (MVT)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
10/31/25
Shares
Held at
10/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, MuniCash, Institutional Shares
$ 5,713,253
$ —
$ (705,807
)(a)
$ 194
$ (195
)
$ 5,007,445
5,006,944
$ 29,981
$ —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Municipal Bonds
$ —
$ 253,027,352
$ —
$ 253,027,352
Municipal Bonds Transferred to Tender Option Bond Trusts
—
154,217,969
—
154,217,969
Short-Term Securities 
Money Market Funds
5,007,445
—
—
5,007,445
 
$5,007,445
$407,245,321
$—
$412,252,766
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows: 
 
Level 1
Level 2
Level 3
Total
Liabilities
TOB Trust Certificates
$—
$(91,651,956
)
$—
$(91,651,956
)
VMTP Shares at Liquidation Value
—
(77,700,000
)
—
(77,700,000
)
 
$—
$(169,351,956
)
$—
$(169,351,956
)
 
Portfolio Abbreviation 
AGM
 Assured Guaranty Municipal Corp.
AGM-CR
 AGM Insured Custodial Receipt
Portfolio Abbreviation (continued)
AMT
 Alternative Minimum Tax
ARB
 Airport Revenue Bonds
Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
October 31, 2025
BlackRock MuniVest Fund II, Inc. (MVT)
 
Portfolio Abbreviation (continued)
BAM
 Build America Mutual Assurance Co.
BAM-TCRS
 Build America Mutual Assurance Co. - Transferable
Custodial Receipts
CAB
 Capital Appreciation Bonds
CR
 Custodian Receipt
FHLMC
 Federal Home Loan Mortgage Corp.
FNMA
 Federal National Mortgage Association
GNMA
 Government National Mortgage Association
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
HUD SECT 8
 U.S. Department of Housing and Urban Development
Section 8
M/F
 Multi-Family
PSF
 Permanent School Fund
RB
 Revenue Bonds
S/F
 Single-Family
SAB
 Special Assessment Bonds
SAN
 State Aid Notes
8