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 811-05611

 

Name of Fund: BlackRock MuniVest Fund, Inc. (MVF)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniVest Fund, 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: 08/31/2011

 

Date of reporting period: 05/31/2011

 

Item 1 – Schedule of Investments

 


 

 

 

 

Schedule of Investments May 31, 2011 (Unaudited)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 3.5%

 

 

 

 

 

 

 

Alabama State Docks Department,
Refunding RB, 6.00%, 10/01/40

 

$

7,610

 

$

7,739,751

 

Camden IDB Alabama, RB,
Weyerhaeuser Co. Project, Series A,
6.13%, 12/01/13 (a)

 

 

2,550

 

 

2,886,804

 

Prattville IDB Alabama, RB, International
Paper Co. Project, Series A, AMT,
4.75%, 12/01/30

 

 

3,475

 

 

3,025,439

 

Selma IDB, RB, Gulf Opportunity Zone,
International Paper, 5.80%, 5/01/34

 

 

1,850

 

 

1,849,889

 

Selma IDB Alabama, Refunding RB,
International Paper Co. Project, Series
B, 5.50%, 5/01/20

 

 

5,000

 

 

5,041,900

 

 

 

 

 

 

 

 

 

 

 

 

 

20,543,783

 

Arizona — 3.1%

 

 

 

 

 

 

 

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

 

 

4,100

 

 

2,725,147

 

Maricopa County Pollution Control Corp.,
Refunding RB, Southern California
Edison Co., Series A, 5.00%, 6/01/35

 

 

3,300

 

 

3,277,197

 

Phoenix Civic Improvement Corp., RB,
Junior Lien, Series A, 5.00%, 7/01/40

 

 

2,000

 

 

1,897,240

 

Pima County IDA, RB, Arizona Charter
School Project, Series E, 7.25%,
7/01/31

 

 

2,005

 

 

1,960,329

 

Pima County IDA, Refunding RB:

 

 

 

 

 

 

 

Arizona Charter Schools Project,
Series I, 6.10%, 7/01/13 (a)(b)

 

 

110

 

 

121,585

 

Arizona Charter Schools Project,
Series I, 6.30%, 7/01/13 (a)(b)

 

 

230

 

 

255,169

 

Arizona Charter Schools, Series I,
6.10%, 7/01/24 (b)

 

 

380

 

 

348,844

 

Arizona Charter Schools, Series I,
6.30%, 7/01/31 (b)

 

 

755

 

 

660,685

 

Charter Schools II, Series A,
6.75%, 7/01/21

 

 

920

 

 

917,608

 

Arizona Charter Schools Project
II, Series O, 5.00%, 7/01/26

 

 

1,455

 

 

1,163,302

 

Salt Verde Financial Corp., RB, Senior,
5.00%, 12/01/37

 

 

5,000

 

 

4,400,650

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Arizona (concluded)

 

 

 

 

 

 

 

State of Arizona, COP, Department of
Administration, Series A (AGM),
5.25%, 10/01/28

 

$

400

 

$

408,632

 

 

 

 

 

 

 

 

 

 

 

 

 

18,136,388

 

California — 11.2%

 

 

 

 

 

 

 

California HFA, RB, Home Mortgage,
Series K, AMT, 5.50%, 2/01/42

 

 

3,350

 

 

3,404,772

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West,
Series A, 6.00%, 7/01/34

 

 

1,055

 

 

1,086,914

 

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

 

 

5,000

 

 

5,057,650

 

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

 

 

5,600

 

 

5,853,064

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of Corrections,
Series C, 5.50%, 6/01/22

 

 

5,000

 

 

5,134,850

 

Department of Mental Health,
Coalinga, Series A, 5.13%,
6/01/29

 

 

10,435

 

 

10,062,992

 

Department of Correction,
Series C, 5.50%, 6/01/23

 

 

6,000

 

 

6,133,980

 

California Statewide Communities
Development Authority, RB, Health
Facility, Memorial Health Services,
Series A, 6.00%, 10/01/23

 

 

4,240

 

 

4,378,351

 

Golden State Tobacco (ARS)
Securitization Corp. California, RB,
Asset-Backed, Series A-3, 7.88%,
6/01/13 (a)

 

 

10,725

 

 

12,237,976

 

Los Angeles Department of Airports, RB,
Series A, 5.25%, 5/15/39

 

 

1,200

 

 

1,217,892

 

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

 

 

9,700

 

 

10,825,685

 

 

 

 

 

 

 

 

 

 

 

 

 

65,394,126

 

Colorado — 1.1%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,699,225

 

Colorado Health Facilities Authority,
Refunding RB, Evangelical Lutheran,
Series A, 5.25%, 6/01/34

 

 

3,000

 

 

2,673,360

 

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:


 

 

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

ARB

Airport Revenue Bonds

ARS

Auction Rate Security

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

FHA

Federal Housing Administration

GO

General Obligation Bonds

HDA

Housing Development Authority

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

IDB

Industrial Development Board

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

RB

Revenue Bonds

S/F

Single-Family

 

 

 

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado (concluded)

 

 

 

 

 

 

 

Colorado Housing & Finance Authority,
Refunding RB, S/F Program, Senior
Series A-2, AMT:

 

 

 

 

 

 

 

6.60%, 5/01/28

 

$

340

 

$

344,502

 

7.50%, 4/01/31

 

 

130

 

 

134,749

 

Regional Transportation District, COP,
Series A, 5.38%, 6/01/31

 

 

385

 

 

397,331

 

 

 

 

 

 

 

 

 

 

 

 

 

6,249,167

 

Connecticut — 0.4%

 

 

 

 

 

 

 

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

 

 

2,810

 

 

2,236,339

 

Delaware — 0.3%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,499,850

 

District Of Columbia — 0.2%

 

 

 

 

 

 

 

Metropolitan Washington Airports
Authority, RB, First Senior Lien, Series
A:

 

 

 

 

 

 

 

5.00%, 10/01/39

 

 

415

 

 

411,244

 

5.25%, 10/01/44

 

 

650

 

 

649,948

 

 

 

 

 

 

 

 

 

 

 

 

 

1,061,192

 

Florida — 5.9%

 

 

 

 

 

 

 

County of Miami-Dade Florida, GO,
Building Better Communities Program:

 

 

 

 

 

 

 

Series B, 6.38%, 7/01/28

 

 

4,630

 

 

5,202,685

 

Series B-1, 5.63%, 7/01/38

 

 

5,000

 

 

5,190,300

 

County of Miami-Dade Florida,
Refunding RB, Miami International
Airport:

 

 

 

 

 

 

 

AMT (AGC), 5.00%, 10/01/40

 

 

10,000

 

 

8,801,300

 

Series A-1, 5.38%, 10/01/41

 

 

10,290

 

 

10,055,902

 

Hillsborough County IDA, RB, H. Lee
Moffitt Cancer Center Project, Series
A, 5.25%, 7/01/37

 

 

5,500

 

 

4,986,135

 

 

 

 

 

 

 

 

 

 

 

 

 

34,236,322

 

Georgia — 2.1%

 

 

 

 

 

 

 

DeKalb County Hospital Authority
Georgia, RB, Dekalb Medical Center
Inc. Project, 6.13%, 9/01/40

 

 

3,570

 

 

3,342,341

 

DeKalb Private Hospital Authority,
Refunding RB, Childrens Healthcare,
5.25%, 11/15/39

 

 

3,335

 

 

3,337,168

 

Municipal Electric Authority of Georgia,
RB, Series W:

 

 

 

 

 

 

 

6.60%, 1/01/18

 

 

250

 

 

277,790

 

6.60%, 1/01/18 (c)

 

 

4,540

 

 

5,241,339

 

 

 

 

 

 

 

 

 

 

 

 

 

12,198,638

 

Hawaii — 0.9%

 

 

 

 

 

 

 

Hawaii State Harbor, RB, Series A,
5.50%, 7/01/35

 

 

5,000

 

 

5,081,900

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Idaho — 0.00%

 

 

 

 

 

 

 

Idaho Housing & Finance Association,
Refunding RB, S/F Mortgage, Senior
Series E-2, AMT, 6.90%, 1/01/27

 

$

50

 

$

50,065

 

Illinois — 11.4%

 

 

 

 

 

 

 

City of Chicago Illinois, ARB, General,
Third Lien, Series B-2, AMT (NPFGC),
6.00%, 1/01/27

 

 

17,080

 

 

17,356,013

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,060

 

 

1,006,237

 

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

 

 

9,700

 

 

10,417,994

 

Community Rehabilitation
Providers Facilities, Series A,
6.50%, 7/01/12 (a)

 

 

1,080

 

 

1,162,879

 

Illinois Finance Authority, Refunding RB,
Series A:

 

 

 

 

 

 

 

Northwestern Memorial
Hospital, Series A, 6.00%,
8/15/39

 

 

9,000

 

 

9,499,770

 

OSF Healthcare System, Series
A, 6.00%, 5/15/39

 

 

5,140

 

 

5,125,968

 

Railsplitter Tobacco Settlement
Authority, RB, 6.00%, 6/01/28

 

 

2,645

 

 

2,652,882

 

Regional Transportation Authority, RB:

 

 

 

 

 

 

 

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

 

 

3,290

 

 

3,951,553

 

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

 

 

4,000

 

 

4,907,960

 

Village of Hodgkins Illinois, RB, MBM
Project, AMT, 6.00%, 11/01/23

 

 

10,000

 

 

10,001,800

 

 

 

 

 

 

 

 

 

 

 

 

 

66,083,056

 

Indiana — 4.7%

 

 

 

 

 

 

 

Indiana Health & Educational Facilities
Financing Authority, RB, Clarian
Health Obligation, Series A, 5.25%,
2/15/40

 

 

8,980

 

 

8,164,706

 

Indiana Transportation Finance
Authority, RB, Series A, 6.80%,
12/01/16

 

 

7,280

 

 

8,245,983

 

Indianapolis Local Public Improvement
Bond Bank, Refunding RB, Series D,
6.75%, 2/01/14

 

 

10,210

 

 

10,951,552

 

 

 

 

 

 

 

 

 

 

 

 

 

27,362,241

 

Kansas — 0.3%

 

 

 

 

 

 

 

Sedgwick & Shawnee Counties Kansas,
RB, Mortgage-Backed Securities
Program, Series A-4, AMT (Ginnie
Mae), 5.95%, 12/01/33

 

 

1,665

 

 

1,739,842

 

Kentucky — 1.2%

 

 

 

 

 

 

 

County of Owen Kentucky, RB, Kentucky
American Water Co., Series B, 5.63%,
9/01/39

 

 

1,000

 

 

979,810

 

 

 

 

2

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011


 

 

 

 

Schedule of Investments May 31, 2011 (Unaudited)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Kentucky (concluded)

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, RB, Owensboro
Medical Health System, Series A,
6.50%, 3/01/45

 

$

4,000

 

$

3,967,040

 

Kentucky Economic Development
Finance Authority, Refunding RB,
Owensboro Medical Health System,
Series A, 6.38%, 6/01/40

 

 

2,000

 

 

1,962,440

 

 

 

 

 

 

 

 

 

 

 

 

 

6,909,290

 

Louisiana — 0.5%

 

 

 

 

 

 

 

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

 

 

2,615

 

 

2,678,963

 

Maine — 1.2%

 

 

 

 

 

 

 

Maine Health & Higher Educational
Facilities Authority, RB, Series A,
5.00%, 7/01/39

 

 

5,000

 

 

4,969,900

 

Portland New Public Housing Authority
Maine, Refunding RB, Senior Living,
Series A:

 

 

 

 

 

 

 

5.70%, 8/01/21

 

 

775

 

 

779,340

 

6.00%, 2/01/34

 

 

1,190

 

 

1,114,459

 

 

 

 

 

 

 

 

 

 

 

 

 

6,863,699

 

Maryland — 1.8%

 

 

 

 

 

 

 

Maryland Community Development
Administration, RB, AMT, 5.10%,
9/01/37

 

 

1,835

 

 

1,770,536

 

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

 

 

3,250

 

 

2,960,230

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Charlestown Community,
6.25%, 1/01/41

 

 

2,000

 

 

1,978,580

 

University of Maryland Medical
System, 5.00%, 7/01/34

 

 

2,100

 

 

2,000,460

 

University of Maryland Medical
System, 5.13%, 7/01/39

 

 

2,100

 

 

1,965,159

 

 

 

 

 

 

 

 

 

 

 

 

 

10,674,965

 

Massachusetts — 6.4%

 

 

 

 

 

 

 

Massachusetts Bay Transportation
Authority, Refunding RB, General
Transportation System, Series A,
7.00%, 3/01/19

 

 

3,010

 

 

3,678,611

 

Massachusetts HFA, HRB, Series A,
AMT, 5.20%, 12/01/37

 

 

3,000

 

 

2,823,480

 

Massachusetts HFA, RB, S/F, Series
130, AMT, 5.00%, 12/01/32

 

 

2,500

 

 

2,379,825

 

Massachusetts HFA, Refunding HRB,
Series D, AMT, 4.85%, 6/01/40

 

 

3,000

 

 

2,683,140

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts (concluded)

 

 

 

 

 

 

 

Massachusetts HFA, Refunding RB,
Series C, AMT, 5.35%, 12/01/42

 

$

6,550

 

$

6,063,532

 

Massachusetts Water Resources
Authority, RB, Series A, 6.50%,
7/15/19 (c)

 

 

16,000

 

 

19,509,760

 

 

 

 

 

 

 

 

 

 

 

 

 

37,138,348

 

Michigan — 4.3%

 

 

 

 

 

 

 

City of Detroit Michigan, RB, Second
Lien, Series B (AGM):

 

 

 

 

 

 

 

6.25%, 7/01/36

 

 

2,500

 

 

2,712,500

 

7.00%, 7/01/36

 

 

1,250

 

 

1,426,988

 

Lansing Board of Water & Light, RB,
Series A, 5.50%, 7/01/41 (d)

 

 

1,660

 

 

1,733,057

 

Michigan State Hospital Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

7,950

 

 

6,769,663

 

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

 

 

7,285

 

 

7,401,487

 

Royal Oak Hospital Finance Authority
Michigan, Refunding RB, William
Beaumont Hospital, 8.25%, 9/01/39

 

 

4,100

 

 

4,705,406

 

 

 

 

 

 

 

 

 

 

 

 

 

24,749,101

 

Mississippi — 5.4%

 

 

 

 

 

 

 

County of Lowndes Mississippi,
Refunding RB, Weyerhaeuser Co.
Project:

 

 

 

 

 

 

 

Series A, 6.80%, 4/01/22

 

 

9,160

 

 

9,621,847

 

Series B, 6.70%, 4/01/22

 

 

4,500

 

 

4,693,140

 

Mississippi Business Finance Corp.,
Refunding RB, System Energy
Resource Inc. Project:

 

 

 

 

 

 

 

5.88%, 4/01/22

 

 

15,000

 

 

14,870,700

 

5.90%, 5/01/22

 

 

2,250

 

 

2,231,685

 

 

 

 

 

 

 

 

 

 

 

 

 

31,417,372

 

Nevada — 0.9%

 

 

 

 

 

 

 

County of Clark Nevada, RB, Series B,
5.75%, 7/01/42

 

 

5,000

 

 

5,151,550

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

New Hampshire Health & Education
Facilities Authority, Refunding RB,
Elliot Hospital, Series B, 5.60%,
10/01/22

 

 

2,400

 

 

2,480,160

 

New Jersey — 5.7%

 

 

 

 

 

 

 

New Jersey EDA, RB, Cigarette Tax:

 

 

 

 

 

 

 

5.50%, 6/15/24

 

 

9,080

 

 

8,586,775

 

5.75%, 6/15/29

 

 

2,885

 

 

2,694,705

 

5.75%, 6/15/34

 

 

3,695

 

 

3,345,823

 

New Jersey EDA, Refunding RB, School
Facilities Construction, Series AA,
5.25%, 12/15/33

 

 

10,000

 

 

9,989,097

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

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

 

$

1,445

 

$

1,549,141

 

Tobacco Settlement Financing Corp.
New Jersey, RB, 7.00%, 6/01/13 (a)

 

 

5,980

 

 

6,746,516

 

 

 

 

 

 

 

 

 

 

 

 

 

33,300,863

 

New York — 4.1%

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
RB, Series 2008C:

 

 

 

 

 

 

 

6.25%, 11/15/23

 

 

3,245

 

 

3,759,852

 

6.50%, 11/15/28

 

 

14,925

 

 

17,174,645

 

Port Authority of New York & New Jersey,
RB, JFK International Air Terminal,
6.00%, 12/01/36

 

 

3,165

 

 

3,174,527

 

 

 

 

 

 

 

 

 

 

 

 

 

24,109,024

 

North Carolina — 1.3%

 

 

 

 

 

 

 

Gaston County Industrial Facilities &
Pollution Control Financing Authority
North Carolina, RB, Exempt Facilities,
National Gypsum Co. Project, AMT,
5.75%, 8/01/35

 

 

4,105

 

 

3,161,219

 

North Carolina Medical Care
Commission, RB, Novant Health
Obligation, Series A, 4.75%,
11/01/43

 

 

5,000

 

 

4,154,450

 

 

 

 

 

 

 

 

 

 

 

 

 

7,315,669

 

Ohio — 3.0%

 

 

 

 

 

 

 

County of Butler Ohio, RB, UC Health,
5.50%, 11/01/40

 

 

4,000

 

 

3,422,640

 

County of Franklin Ohio, GO, Various
Purpose, 5.00%, 12/01/31

 

 

4,000

 

 

4,185,000

 

County of Lucas Ohio, Refunding RB,
Promedica Healthcare, Series A,
6.50%, 11/15/37

 

 

1,915

 

 

2,099,204

 

Ohio Higher Educational Facility
Commission, Refunding RB, Kenyon
College Project, 5.25%, 7/01/44

 

 

8,000

 

 

7,815,520

 

 

 

 

 

 

 

 

 

 

 

 

 

17,522,364

 

Pennsylvania — 1.6%

 

 

 

 

 

 

 

Chester County IDA, RB, Aqua
Pennsylvania Inc. Project, Series A,
AMT (NPFGC), 5.00%, 2/01/40

 

 

540

 

 

519,296

 

Delaware River Port Authority, RB,
Series D, 5.00%, 1/01/40

 

 

195

 

 

194,403

 

Lycoming County Authority, Refunding
RB, Susquehanna Health System
Project, Series A, 5.75%, 7/01/39

 

 

3,950

 

 

3,636,172

 

Pennsylvania Economic Development
Financing Authority, Refunding RB,
Aqua Pennsylvania Inc. Project, Series
A, AMT, 5.00%, 12/01/34

 

 

2,780

 

 

2,757,232

 

Philadelphia Authority for Industrial
Development, RB:

 

 

 

 

 

 

 

Arbor House Inc. Project,
Series E, 6.10%, 7/01/33

 

 

1,000

 

 

935,630

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

Philadelphia Authority for Industrial
Development, RB (concluded):

 

 

 

 

 

 

 

Rieder House Project, Series A,
6.10%, 7/01/33

 

$

1,355

 

$

1,267,779

 

 

 

 

 

 

 

 

 

 

 

 

 

9,310,512

 

Puerto Rico — 2.7%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp.,
RB, First Sub-Series A, 6.38%,
8/01/39

 

 

13,000

 

 

13,721,630

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series A (NPFGC),
5.69%, 8/01/41 (e)

 

 

15,000

 

 

2,075,550

 

 

 

 

 

 

 

 

 

 

 

 

 

15,797,180

 

South Carolina — 1.0%

 

 

 

 

 

 

 

County of Georgetown South Carolina,
Refunding RB, International Paper Co.
Project, Series A, AMT, 5.55%,
12/01/29

 

 

1,000

 

 

979,070

 

County of Richland South Carolina,
Refunding RB, International Paper Co.
Project, AMT, 6.10%, 4/01/23

 

 

5,000

 

 

5,036,100

 

 

 

 

 

 

 

 

 

 

 

 

 

6,015,170

 

Texas — 12.9%

 

 

 

 

 

 

 

Brazos River Authority, Refunding RB,
Texas Utility Co., Series, AMT, 7.70%,
4/01/33

 

 

3,055

 

 

1,224,627

 

Brazos River Harbor Navigation District,
Refunding RB, Dow Chemical Co.
Project, Series A-7, AMT, 6.63%,
5/15/33

 

 

11,460

 

 

11,572,079

 

City of Houston Texas, RB, Senior Lien,
Series A, 5.50%, 7/01/34

 

 

8,335

 

 

8,646,062

 

Gulf Coast Waste Disposal Authority,
Refunding RB, Series A, AMT, 6.10%,
8/01/24

 

 

4,000

 

 

4,022,200

 

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

 

 

 

 

 

 

 

7.13%, 12/01/31

 

 

3,500

 

 

3,859,240

 

7.25%, 12/01/35

 

 

5,400

 

 

5,943,078

 

Houston Industrial Development Corp.,
RB, Senior, Air Cargo, AMT, 6.38%,
1/01/23

 

 

1,785

 

 

1,659,229

 

La Vernia Higher Education Finance
Corp., RB, KIPP Inc., 6.25%, 8/15/39

 

 

925

 

 

928,423

 

Love Field Airport Modernization Corp.,
RB, Southwest Airlines Co. Project,
5.25%, 11/01/40

 

 

3,600

 

 

3,232,980

 

Matagorda County Navigation District
No. 1 Texas, Refunding RB,
CenterPoint Energy Project, 5.60%,
3/01/27 (f)

 

 

9,355

 

 

9,416,837

 

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

 

 

3,500

 

 

3,625,685

 

 

 

 

4

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

Tarrant County Cultural Education
Facilities Finance Corp., RB, Scott &
White Healthcare, 6.00%, 8/15/45

 

$

5,000

 

$

5,181,850

 

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

 

 

 

 

 

 

 

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

 

 

10,000

 

 

10,598,400

 

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

 

 

4,710

 

 

4,934,761

 

 

 

 

 

 

 

 

 

 

 

 

 

74,845,451

 

U. S. Virgin Islands — 1.3%

 

 

 

 

 

 

 

United States Virgin Islands, Refunding
RB, Sr Secured-Hovensa Coker
Project, AMT, 6.50%, 7/01/21

 

 

8,000

 

 

7,842,800

 

Vermont — 0.2%

 

 

 

 

 

 

 

Vermont Educational & Health Buildings
Financing Agency, RB, Developmental
& Mental Health, Series A, 6.38%,
6/15/22

 

 

1,000

 

 

939,300

 

Virginia — 2.8%

 

 

 

 

 

 

 

Chesterfield County IDA, Refunding RB,
Virginia Electric & Power Co., Series
A, 5.88%, 6/01/17

 

 

1,425

 

 

1,457,134

 

City of Norfolk Virginia, Refunding RB,
Series B (AMBAC), 5.50%, 2/01/31

 

 

3,550

 

 

3,445,949

 

City of Portsmouth Virginia, GO,
Refunding, Series D, 5.00%, 7/15/34

 

 

3,105

 

 

3,260,250

 

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

 

 

 

 

 

 

 

5.13%, 10/01/37

 

 

2,000

 

 

1,774,480

 

5.13%, 10/01/42

 

 

6,015

 

 

5,236,900

 

Virginia HDA, Refunding RB, Sub-Series
A3, AMT, 5.05%, 7/01/26

 

 

1,325

 

 

1,332,181

 

 

 

 

 

 

 

 

 

 

 

 

 

16,506,894

 

Washington — 4.8%

 

 

 

 

 

 

 

Energy Northwest, Refunding RB, Series
B, 7.13%, 7/01/16

 

 

14,320

 

 

18,199,717

 

Seattle Housing Authority Washington,
HRB, Replacement Housing Projects,
6.13%, 12/01/32

 

 

2,230

 

 

2,042,435

 

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

 

 

7,000

 

 

7,469,210

 

 

 

 

 

 

 

 

 

 

 

 

 

27,711,362

 

West Virginia — 0.4%

 

 

 

 

 

 

 

West Virginia Hospital Finance Authority,
Refunding RB, Charleston, Series A,
5.63%, 9/01/32

 

 

2,500

 

 

2,473,775

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Wisconsin — 1.5%

 

 

 

 

 

 

 

City of Milwaukee Wisconsin, RB, Senior,
Air Cargo, AMT, 6.50%, 1/01/25

 

$

1,485

 

$

1,388,430

 

Wisconsin Health & Educational
Facilities Authority, MRB, Hudson
Memorial Hospital (FHA), 5.70%,
1/15/29

 

 

4,500

 

 

4,539,600

 

Wisconsin Health & Educational
Facilities Authority, RB,
Synergyhealth Inc., 6.00%, 11/15/32

 

 

3,040

 

 

3,079,642

 

 

 

 

 

 

 

 

 

 

 

 

 

9,007,672

 

Wyoming — 0.8%

 

 

 

 

 

 

 

County of Sweetwater Wyoming,
Refunding RB, Idaho Power Co.
Project, 5.25%, 7/15/26

 

 

4,500

 

 

4,735,800

 

Total Municipal Bonds – 111.3%

 

 

 

 

 

647,175,790

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

 

 

 

 

 

 

Arizona — 0.6%

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp., RB,
Junior Lien, Series A, 5.00%, 7/01/34

 

 

3,500

 

 

3,634,190

 

California — 5.4%

 

 

 

 

 

 

 

Los Angeles Community College District
California, GO, Election of 2008,
Series A, 6.00%, 8/01/33

 

 

9,586

 

 

10,510,511

 

University of California, RB, Series O,
5.25%, 5/15/39

 

 

20,000

 

 

20,588,800

 

 

 

 

 

 

 

 

 

 

 

 

 

31,099,311

 

Connecticut — 2.1%

 

 

 

 

 

 

 

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

 

 

12,000

 

 

12,418,320

 

District of Columbia — 1.4%

 

 

 

 

 

 

 

District of Columbia Water & Sewer
Authority, RB, Series A, 5.50%,
10/01/39

 

 

7,495

 

 

7,987,095

 

Florida — 4.1%

 

 

 

 

 

 

 

County of Miami-Dade Florida, RB,
Water & Sewer System (AGM),
5.00%, 10/01/39

 

 

14,747

 

 

14,811,389

 

Miami-Dade County Expressway
Authority, RB, Series A (AGC), 5.00%,
7/01/35

 

 

8,900

 

 

8,777,002

 

 

 

 

 

 

 

 

 

 

 

 

 

23,588,391

 

Illinois — 3.4%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB,
Second Lien (AGM), 5.25%, 11/01/33

 

 

1,330

 

 

1,355,682

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011

5


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

Par
(000)

 

Value

 

Illinois (concluded)

 

 

 

 

 

 

 

Illinois Finance Authority, RB, University
of Chicago, Series B, 6.25%, 7/01/38

 

$

10,000

 

$

11,250,900

 

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

 

 

6,999

 

 

7,173,015

 

 

 

 

 

 

 

 

 

 

 

 

 

19,779,597

 

Kentucky — 5.5%

 

 

 

 

 

 

 

Kentucky Economic Development
Finance Authority, Refunding RB, St.
Elizabeth, Series A, 5.50%, 5/01/39

 

 

8,003

 

 

8,130,612

 

Kentucky Housing Corp., Refunding RB,
Series L, AMT, 5.25%, 1/01/38

 

 

7,160

 

 

7,169,952

 

Lexington-Fayette Urban County Airport
Board, Refunding RB, Series A,
5.00%, 7/01/27

 

 

7,001

 

 

7,342,594

 

Louisville & Jefferson County
Metropolitan Government Parking
Authority, RB, Series A, 5.38%,
12/01/39

 

 

9,195

 

 

9,457,058

 

 

 

 

 

 

 

 

 

 

 

 

 

32,100,216

 

Maryland — 0.8%

 

 

 

 

 

 

 

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

 

 

4,710

 

 

4,854,173

 

Nevada — 3.0%

 

 

 

 

 

 

 

Clark County Water Reclamation
District, GO, Series B, 5.75%,
7/01/34

 

 

15,789

 

 

17,304,823

 

New York — 5.0%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Series DD, 5.00%, 6/15/37

 

 

24,199

 

 

24,658,003

 

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

 

 

4,154

 

 

4,428,576

 

 

 

 

 

 

 

 

 

 

 

 

 

29,086,579

 

North Carolina — 3.1%

 

 

 

 

 

 

 

North Carolina Capital Facilities
Finance Agency, Refunding RB:

 

 

 

 

 

 

 

Duke University Project,
Series A, 5.00%, 10/01/41

 

 

12,678

 

 

12,890,964

 

Wake Forest University,
5.00%, 1/01/38

 

 

5,000

 

 

5,175,150

 

 

 

 

 

 

 

 

 

 

 

 

 

18,066,114

 

Ohio — 3.7%

 

 

 

 

 

 

 

County of Allen Ohio, Refunding RB,
Catholic Healthcare, Series A, 5.25%,
6/01/38

 

 

2,870

 

 

2,805,195

 

County of Montgomery Ohio, Refunding
RB, Catholic Healthcare, Series A,
5.50%, 5/01/34

 

 

5,470

 

 

5,610,798

 

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

 

 

4,400

 

 

4,451,040

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond Trusts (g)

 

Par
(000)

 

Value

 

Ohio (concluded)

 

 

 

 

 

 

 

State of Ohio, RB, Cleveland Clinic
Health, Series B, 5.50%, 1/01/34

 

$

8,500

 

$

8,711,225

 

 

 

 

 

 

 

 

 

 

 

 

 

21,578,258

 

Oregon — 2.1%

 

 

 

 

 

 

 

Oregon State Housing & Community
Services Department, HRB, Series A,
AMT, 4.95%, 7/01/30

 

 

13,000

 

 

12,427,214

 

South Carolina — 0.6%

 

 

 

 

 

 

 

South Carolina State Housing Finance &
Development Authority, Refunding RB,
Series B-1, 5.55%, 7/01/39

 

 

3,159

 

 

3,210,854

 

Texas — 8.3%

 

 

 

 

 

 

 

Harris County Health Facilities
Development Corp., Refunding RB,
School Health Care System, Series B,
5.75%, 7/01/27

 

 

20,970

 

 

25,428,641

 

Houston Higher Education Finance
Corp., RB, Rice University Project,
Series A, 5.00%, 5/15/40

 

 

10,000

 

 

10,402,365

 

Texas Department of Housing &
Community Affairs, MRB, Series B,
AMT (Ginnie Mae), 5.25%, 9/01/32

 

 

6,432

 

 

6,366,864

 

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

 

 

5,667

 

 

5,814,164

 

 

 

 

 

 

 

 

 

 

 

 

 

48,012,034

 

Virginia — 1.2%

 

 

 

 

 

 

 

Fairfax County IDA Virginia, Refunding
RB, Health Care, Inova Health System,
Series A, 5.50%, 5/15/35

 

 

2,099

 

 

2,152,817

 

Virginia Small Business Financing
Authority, Refunding RB, Sentara
Healthcare, 5.00%, 11/01/40

 

 

5,002

 

 

5,033,568

 

 

 

 

 

 

 

 

 

 

 

 

 

7,186,385

 

Washington — 4.4%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 11/01/36

 

 

5,500

 

 

6,135,180

 

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

 

 

14,007

 

 

14,464,326

 

Central Puget Sound Regional
Transportation Authority, Washington,
RB, Series A, 5.00%, 11/01/34

 

 

5,500

 

 

5,112,650

 

 

 

 

 

 

 

 

 

 

 

 

 

25,712,156

 

Wisconsin — 1.0%

 

 

 

 

 

 

 

Wisconsin Health & Educational
Facilities Authority, Refunding RB,
Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

6,099

 

 

5,993,088

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts – 55.7%

 

 

 

 

 

324,038,798

 

Total Long-Term Investments
(Cost – $949,433,656) – 167.0%

 

 

 

 

 

971,214,588

 

 

 

 

6

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011



 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

FFI Institutional Tax-Exempt Fund,
0.11% (h)(i)

 

 

16,010,690

 

$

16,010,690

 

Total Short-Term Securities
(Cost – $16,010,690) – 2.7%

 

 

 

 

 

16,010,690

 

Total Investments
(Cost – $965,444,346*) – 169.7%

 

 

 

 

 

987,225,278

 

Other Assets Less Liabilities – 2.0%

 

 

 

 

 

11,614,183

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable – (29.8)%

 

 

 

 

 

(173,501,767

)

Preferred Shares, at Redemption Value – (41.9)%

 

 

 

 

 

(243,851,929

)

 

 

 

 

 

 

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

581,485,765

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of May 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

792,250,434

 

 

 

 

Gross unrealized appreciation

 

$

40,402,563

 

Gross unrealized depreciation

 

$

(18,786,620

)

 

 

 

Net unrealized appreciation

 

$

21,615,943

 

 

 

 

 

 

(a)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(b)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(c)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(d)

When-issued security. Unsettled when-issued transactions were as follows:


 

 

 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 

Merrill Lynch & Co., Inc.

 

$

1,733,057

 

$

1,527

 

 

 

(e)

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

 

 

(f)

Variable rate security. Rate shown is as of report date.

 

 

(g)

Securities represent 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.

 

 

(h)

Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares
Held at
August 31,
2010

 

Net
Activity

 

Shares
Held at
May 31, 2011

 

Income

 

FFI Institutional
Tax-Exempt
Fund

 

 

4,494,923

 

 

11,515,767

 

 

16,010,690

 

$

15,442

 

 

 

(i)

Represents the current yield as of report date.

 

 

•

Financial futures contracts sold as of May 31, 2011 were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contracts

 

Issue

 

Exchange

 

Expiration

 

Notional
Value

 

Unrealized
Depreciation

 

460

 

10-Year U.S.
Treasury
Note

 

Chicago
Board of
Trade

 

June
2011

 

$

54,988,814

 

$

(2,065,562

)

 

 

 

•

Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs are summarized in three broad levels for financial reporting purposes as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market- corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

 

 

 

The following tables summarize the inputs used as of May 31, 2011 in determining the fair valuation of the Fund’s investments and derivative financial instruments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

971,214,588

 

 

—

 

$

971,214,588

 

Short Term
Securities

 

$

16,010,690

 

 

—

 

 

—

 

 

16,010,690

 

 

 

Total

 

$

16,010,690

 

$

971,214,588

 

$

—

 

$

987,225,278

 

 

 

 

 

1

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


 

 

 

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011

7



 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniVest Fund, Inc. (MVF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Derivative Financial
Instruments2

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate
contracts

 

$

(2,065,562

)

 

—

 

 

—

 

$

(2,065,562

)

 

 

 

 

2

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


 

 

 

8

BLACKROCK MUNIVEST FUND, INC.

MAY 31, 2011


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, Inc.

 

 
  By: /s/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock MuniVest Fund, Inc.
   
  Date: July 26, 2011
   
  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, Inc.
   
  Date: July 26, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniVest Fund, Inc.
     
  Date: July 26, 2011