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: 08/31/2012

 

Date of reporting period: 11/30/2011

 

Item 1 – Schedule of Investments

 

 

 

 

 

Schedule of Investments November 30, 2011 (Unaudited)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 2.9%

 

 

 

 

 

 

 

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

 

$

7,610

 

$

8,025,278

 

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

 

 

2,550

 

 

2,825,349

 

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

 

 

1,850

 

 

1,887,777

 

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

 

 

5,000

 

 

5,077,700

 

 

 

 

 

 

 

17,816,104

 

Alaska — 0.1%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp.,
RB, Asset-Backed, Series A, 5.00%,
6/01/46

 

 

1,250

 

 

778,312

 

Arizona — 2.8%

 

 

 

 

 

 

 

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

 

 

4,100

 

 

2,751,674

 

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

 

 

3,300

 

 

3,448,698

 

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

 

 

2,000

 

 

2,020,780

 

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

 

 

1,995

 

 

1,996,337

 

Pima County IDA, Refunding RB:

 

 

 

 

 

 

 

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

 

 

110

 

 

119,114

 

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

 

 

370

 

 

350,693

 

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

 

 

230

 

 

249,782

 

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

 

 

740

 

 

673,178

 

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

 

 

900

 

 

900,090

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Arizona (concluded)

 

 

 

 

 

 

 

Pima County IDA, Refunding RB
(concluded):

 

 

 

 

 

 

 

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

 

$

5

 

$

4,123

 

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

 

 

5,000

 

 

4,591,700

 

 

 

 

 

 

 

17,106,169

 

California — 10.2%

 

 

 

 

 

 

 

California Health Facilities Financing
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,055

 

 

1,136,741

 

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

 

 

5,000

 

 

5,214,850

 

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

 

 

5,600

 

 

6,048,448

 

California Housing Finance Agency, RB,
Home Mortgage, Series K, AMT,
5.50%, 2/01/42

 

 

2,900

 

 

2,886,689

 

California State Public Works Board, RB,
Department of Mental Health,
Coalinga, Series A:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

6,000

 

 

6,148,200

 

5.13%, 6/01/29

 

 

10,435

 

 

10,465,262

 

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

 

 

4,240

 

 

4,413,670

 

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

 

 

10,725

 

 

11,890,700

 

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

 

 

1,200

 

 

1,275,204

 

State of California, GO, Various Purpose:

 

 

1,500

 

 

1,490,685

 

6.50%, 4/01/33

 

 

9,700

 

 

11,301,664

 

5.00%, 9/01/41

 

 

 

 

 

 

 

 

 

 

 

 

 

62,272,113

 

 

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

CAB

Capital Appreciation Bonds

COP

Certificates of Participation

EDA

Economic Development Authority

FHA

Federal Housing Administration

Ginnie Mae

Government National Mortgage Association

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

VRDN

Variable Rate Demand Notes

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 2011

1


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Colorado — 1.1%

 

 

 

 

 

 

 

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

 

$

2,500

 

$

2,756,375

 

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

 

 

3,000

 

 

2,900,100

 

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

 

 

 

 

 

 

 

6.60%, 5/01/28

 

 

275

 

 

280,946

 

7.50%, 4/01/31

 

 

130

 

 

132,618

 

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

 

 

385

 

 

408,023

 

 

 

 

 

 

 

6,478,062

 

Connecticut — 0.4%

 

 

 

 

 

 

 

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

 

 

2,810

 

 

2,235,580

 

Delaware — 0.2%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,507,740

 

District of Columbia — 0.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 10/01/39

 

 

415

 

 

427,998

 

5.25%, 10/01/44

 

 

650

 

 

672,737

 

 

 

 

 

 

 

1,100,735

 

Florida — 5.0%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Series B, 6.38%, 7/01/28

 

 

4,630

 

 

5,196,064

 

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

 

 

5,000

 

 

5,334,950

 

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

 

 

 

 

 

 

 

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

 

 

10,000

 

 

9,558,500

 

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

 

 

10,290

 

 

10,532,638

 

 

 

 

 

 

 

30,622,152

 

Georgia — 2.2%

 

 

 

 

 

 

 

City of Atlanta Georgia, Refunding RB,
General, Series B, AMT, 5.00%,
1/01/29

 

 

1,070

 

 

1,080,850

 

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

 

 

3,570

 

 

3,619,052

 

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

 

 

3,335

 

 

3,431,015

 

Municipal Electric Authority of Georgia,
RB, Series W:

 

 

 

 

 

 

 

6.60%, 1/01/18 (c)

 

 

250

 

 

272,547

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Georgia (concluded)

 

 

 

 

 

 

 

Municipal Electric Authority of Georgia,
RB, Series W (concluded):

 

 

 

 

 

 

 

6.60%, 1/01/18

 

$

4,540

 

$

5,139,688

 

 

 

 

 

 

 

13,543,152

 

Hawaii — 0.9%

 

 

 

 

 

 

 

Hawaii State Harbor, RB, Series A,
5.25%, 7/01/35

 

 

5,000

 

 

5,265,250

 

Illinois — 12.9%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO,
Series A, 5.50%, 12/01/39

 

 

6,670

 

 

7,032,048

 

Chicago Transit Authority, RB, Sales Tax
Receipts Revenue, Third Lien, 5.25%,
12/01/36

 

 

2,110

 

 

2,193,218

 

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

 

 

17,080

 

 

17,850,650

 

City of Chicago Illinois, RB, Sales Tax
Revenue, Series A, 5.00%, 1/01/41

 

 

2,290

 

 

2,351,990

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

9,700

 

 

10,714,717

 

Community, 6.50%, 7/01/22

 

 

1,060

 

 

959,003

 

Community Rehabilitation,
6.50%, 7/01/12 (a)

 

 

1,080

 

 

1,130,285

 

Illinois Finance Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

9,858,150

 

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

 

 

5,140

 

 

5,315,325

 

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

 

 

2,645

 

 

2,783,836

 

Regional Transportation Authority, RB:

 

 

 

 

 

 

 

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

 

 

3,040

 

 

3,649,186

 

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

 

 

4,000

 

 

4,941,800

 

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

 

 

10,000

 

 

10,004,800

 

 

 

 

 

 

 

78,785,008

 

Indiana — 4.4%

 

 

 

 

 

 

 

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

 

 

8,980

 

 

9,012,867

 

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

 

 

6,260

 

 

6,978,210

 

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

 

 

10,210

 

 

10,752,763

 

 

 

 

 

 

 

26,743,840

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 2011

2


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Iowa — 0.1%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

715,920

 

Kansas — 0.3%

 

 

 

 

 

 

 

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

 

 

1,555

 

 

1,618,475

 

Kentucky — 1.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,009,590

 

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

 

 

4,000

 

 

4,213,280

 

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

 

 

2,000

 

 

2,092,720

 

 

 

 

 

 

 

7,315,590

 

Louisiana — 0.4%

 

 

 

 

 

 

 

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

 

 

2,615

 

 

2,722,999

 

Maine — 1.0%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,059,600

 

Portland New Public Housing Authority
Maine, Refunding RB, Senior Living,
Series A, 6.00%, 2/01/34

 

 

1,190

 

 

1,176,946

 

 

 

 

 

 

 

6,236,546

 

Maryland — 1.9%

 

 

 

 

 

 

 

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

 

 

1,835

 

 

1,847,460

 

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

 

 

3,250

 

 

3,149,380

 

Maryland Health & Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

Charlestown Community,
6.25%, 1/01/41

 

 

2,000

 

 

2,082,800

 

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

 

 

2,100

 

 

2,135,700

 

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

 

 

2,100

 

 

2,148,237

 

 

 

 

 

 

 

11,363,577

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Massachusetts — 5.8%

 

 

 

 

 

 

 

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

 

$

3,010

 

$

3,636,321

 

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

 

 

2,935

 

 

2,951,730

 

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

 

 

2,500

 

 

2,500,000

 

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

 

 

6,550

 

 

6,607,836

 

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

 

 

16,000

 

 

19,470,080

 

 

 

 

 

 

 

35,165,967

 

Michigan — 4.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.25%, 7/01/36

 

 

2,500

 

 

2,807,450

 

7.00%, 7/01/36

 

 

1,250

 

 

1,474,413

 

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

 

 

1,660

 

 

1,816,438

 

Michigan State Hospital Finance
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

7,950

 

 

7,736,463

 

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

 

 

7,285

 

 

7,566,929

 

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

 

 

4,100

 

 

4,865,552

 

 

 

 

 

 

 

26,267,245

 

Minnesota — 0.5%

 

 

 

 

 

 

 

Tobacco Securitization Authority
Minnesota, Refunding RB, Tobacco
Settlement, Series B, 5.25%, 3/01/31

 

 

3,000

 

 

3,030,570

 

Mississippi — 5.2%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Series A, 6.80%, 4/01/22

 

 

9,160

 

 

9,730,485

 

VRDN, Series B, 6.70%,
4/01/22

 

 

4,500

 

 

4,780,170

 

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

 

 

 

 

 

 

 

5.88%, 4/01/22

 

 

15,000

 

 

15,072,000

 

5.90%, 5/01/22

 

 

2,250

 

 

2,256,300

 

 

 

 

 

 

 

31,838,955

 

Nebraska — 0.7%

 

 

 

 

 

 

 

Omaha Public Power District, RB,
Series B, 5.00%, 2/01/36 (d)

 

 

4,000

 

 

4,263,160

 

Nevada — 0.9%

 

 

 

 

 

 

 

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

 

 

5,000

 

 

5,332,250

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 2011

3


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Hampshire — 0.4%

 

 

 

 

 

 

 

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

 

$

2,300

 

$

2,399,291

 

New Jersey — 6.6%

 

 

 

 

 

 

 

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

 

 

195

 

 

199,945

 

New Jersey EDA, RB, Cigarette Tax:

 

 

 

 

 

 

 

5.50%, 6/15/24

 

 

9,080

 

 

9,071,556

 

5.75%, 6/15/34

 

 

3,695

 

 

3,555,070

 

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

 

 

10,000

 

 

10,474,900

 

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

 

 

1,420

 

 

1,573,531

 

New Jersey State Transportation Trust
Fund Authority, RB, Transportation
System, Series B, 5.50%, 6/15/31 (d)

 

 

8,000

 

 

8,666,560

 

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

 

 

5,980

 

 

6,566,578

 

 

 

 

 

 

 

40,108,140

 

New York — 4.6%

 

 

 

 

 

 

 

Metropolitan Transportation Authority,
RB, Series 2008C:

 

 

 

 

 

 

 

6.25%, 11/15/23

 

 

3,245

 

 

3,836,207

 

6.50%, 11/15/28

 

 

14,925

 

 

17,467,772

 

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

 

 

3,500

 

 

3,715,145

 

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

 

 

3,165

 

 

3,301,981

 

 

 

 

 

 

 

28,321,105

 

North Carolina — 0.5%

 

 

 

 

 

 

 

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

 

 

3,182,032

 

Ohio — 1.1%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing
Authority, RB, Senior, Series A-2,
6.50%, 6/01/47

 

 

1,125

 

 

863,122

 

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

 

 

3,500

 

 

3,396,365

 

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

 

 

1,915

 

 

2,181,664

 

 

 

 

 

 

 

6,441,151

 

Pennsylvania — 0.9%

 

 

 

 

 

 

 

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

 

 

540

 

 

540,691

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (concluded)

 

 

 

 

 

 

 

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

 

$

2,780

 

$

2,836,545

 

Philadelphia Authority for Industrial
Development, RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

977,660

 

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

 

 

1,355

 

 

1,324,730

 

 

 

 

 

 

 

5,679,626

 

Puerto Rico — 2.6%

 

 

 

 

 

 

 

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

 

 

13,000

 

 

14,396,460

 

Puerto Rico Sales Tax Financing Corp.,
Refunding RB, CAB, Series A (NPFGC),
5.68%, 8/01/41 (e)

 

 

10,000

 

 

1,547,100

 

 

 

 

 

 

 

15,943,560

 

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

 

 

992,130

 

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

 

 

5,000

 

 

5,137,850

 

 

 

 

 

 

 

6,129,980

 

Texas — 13.3%

 

 

 

 

 

 

 

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

 

 

3,055

 

 

762,681

 

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

 

 

11,460

 

 

11,587,550

 

Central Texas Regional Mobility
Authority, RB, Senior Lien:

 

 

 

 

 

 

 

5.75%, 1/01/31

 

 

1,000

 

 

1,005,350

 

6.00%, 1/01/41

 

 

4,300

 

 

4,323,650

 

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

 

 

8,335

 

 

8,868,690

 

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

 

 

4,000

 

 

4,099,360

 

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

 

 

 

 

 

 

 

7.13%, 12/01/31

 

 

3,500

 

 

3,932,705

 

7.25%, 12/01/35

 

 

5,400

 

 

6,063,012

 

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

 

 

1,785

 

 

1,578,422

 

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

 

 

925

 

 

975,736

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 2011

4


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas (concluded)

 

 

 

 

 

 

 

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

 

$

3,600

 

$

3,465,216

 

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

 

 

9,355

 

 

9,648,934

 

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

 

 

3,500

 

 

3,786,335

 

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

 

 

5,000

 

 

5,360,000

 

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

 

 

10,815,800

 

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

 

 

4,710

 

 

5,032,729

 

 

 

 

 

 

 

81,306,170

 

US Virgin Islands — 1.2%

 

 

 

 

 

 

 

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

 

 

8,000

 

 

7,629,680

 

Vermont — 0.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

964,560

 

Virginia — 2.8%

 

 

 

 

 

 

 

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

 

 

1,425

 

 

1,450,835

 

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

 

 

3,550

 

 

3,550,319

 

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

 

 

3,105

 

 

3,324,803

 

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

 

 

 

 

 

 

 

5.13%, 10/01/37

 

 

2,000

 

 

1,907,640

 

5.13%, 10/01/42

 

 

6,015

 

 

5,655,965

 

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

 

 

1,325

 

 

1,353,700

 

 

 

 

 

 

 

17,243,262

 

Washington — 4.6%

 

 

 

 

 

 

 

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

 

 

14,320

 

 

17,932,363

 

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

 

 

2,175

 

 

2,079,866

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Washington (concluded)

 

 

 

 

 

 

 

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

 

$

7,000

 

$

7,808,080

 

 

 

 

 

 

 

27,820,309

 

West Virginia — 0.4%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,546,100

 

Wisconsin — 1.5%

 

 

 

 

 

 

 

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

 

 

1,485

 

 

1,310,022

 

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

 

 

4,500

 

 

4,586,130

 

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

 

 

3,040

 

 

3,098,581

 

 

 

 

 

 

 

8,994,733

 

Wyoming — 0.8%

 

 

 

 

 

 

 

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

 

 

4,500

 

 

4,882,815

 

Total Municipal Bonds – 108.1%

 

 

 

 

 

659,717,985

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Arizona — 0.6%

 

 

 

 

 

 

 

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

 

 

3,500

 

 

3,719,905

 

California — 5.3%

 

 

 

 

 

 

 

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

 

 

9,586

 

 

10,860,881

 

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

 

 

20,000

 

 

21,266,600

 

 

 

 

 

 

 

32,127,481

 

Connecticut — 2.1%

 

 

 

 

 

 

 

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

 

 

12,000

 

 

12,854,160

 

District of Columbia — 1.4%

 

 

 

 

 

 

 

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

 

 

7,495

 

 

8,133,270

 

Florida — 4.0%

 

 

 

 

 

 

 

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

 

 

14,747

 

 

15,300,426

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 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 (TOB) Trusts (g)

 

Par
(000)

 

Value

 

Florida (concluded)

 

 

 

 

 

 

 

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

 

$

8,900

 

$

9,181,685

 

 

 

 

 

 

 

24,482,111

 

Illinois — 3.3%

 

 

 

 

 

 

 

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

 

 

1,330

 

 

1,378,664

 

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

 

 

10,000

 

 

11,421,600

 

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

 

 

6,999

 

 

7,371,326

 

 

 

 

 

 

 

20,171,590

 

Kentucky — 5.4%

 

 

 

 

 

 

 

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

 

 

8,003

 

 

8,373,956

 

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

 

 

7,010

 

 

7,078,137

 

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

 

 

7,001

 

 

7,540,836

 

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

 

 

9,195

 

 

9,851,891

 

 

 

 

 

 

 

32,844,820

 

Maryland — 0.8%

 

 

 

 

 

 

 

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

 

 

4,710

 

 

4,957,887

 

Nevada — 2.9%

 

 

 

 

 

 

 

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

 

 

15,789

 

 

17,593,082

 

New York — 6.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance
Authority, RB:

 

 

 

 

 

 

 

Series DD, 5.00%, 6/15/37

 

 

24,199

 

 

25,309,709

 

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

 

 

4,154

 

 

4,556,093

 

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

 

 

10,000

 

 

10,614,700

 

 

 

 

 

 

 

40,480,502

 

North Carolina — 3.0%

 

 

 

 

 

 

 

North Carolina Capital Facilities Finance
Agency, Refunding RB:

 

 

 

 

 

 

 

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

 

 

12,678

 

 

13,179,307

 

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

 

 

5,000

 

 

5,252,150

 

 

 

 

 

 

 

18,431,457

 

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

Ohio — 3.6%

 

 

 

 

 

 

 

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

 

$

2,870

 

$

2,919,192

 

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

 

 

5,470

 

 

5,769,263

 

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

 

 

4,400

 

 

4,540,712

 

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

 

 

8,500

 

 

8,921,090

 

 

 

 

 

 

 

22,150,257

 

Oregon — 2.1%

 

 

 

 

 

 

 

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

 

 

13,000

 

 

12,999,477

 

South Carolina — 0.5%

 

 

 

 

 

 

 

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

 

 

3,129

 

 

3,237,963

 

Texas — 8.1%

 

 

 

 

 

 

 

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

 

 

20,970

 

 

26,403,956

 

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

 

 

10,000

 

 

10,815,772

 

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

 

 

6,276

 

 

6,361,968

 

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

 

 

5,667

 

 

5,874,265

 

 

 

 

 

 

 

49,455,961

 

Virginia — 2.7%

 

 

 

 

 

 

 

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

 

 

2,099

 

 

2,243,978

 

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

 

 

5,002

 

 

5,171,520

 

Virginia State Commonwealth
Transportation Board, RB, CAP
Projects, 5.00%, 5/15/32

 

 

8,001

 

 

8,698,414

 

 

 

 

 

 

 

16,113,912

 

Washington — 4.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 11/01/34

 

 

5,000

 

 

5,230,225

 

5.00%, 11/01/36

 

 

6,000

 

 

6,276,270

 

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 2011

6


 

 

 

 

Schedule of Investments (continued)

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

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

 

Par
(000)

 

Value

 

Washington (concluded)

 

 

 

 

 

 

 

Central Puget Sound Regional Transit
Authority, RB, Series A (concluded):

 

 

 

 

 

 

 

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

 

$

14,007

 

$

14,746,207

 

 

 

 

 

 

 

26,252,702

 

Wisconsin — 1.0%

 

 

 

 

 

 

 

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

 

 

6,099

 

 

6,175,936

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 57.7%

 

 

 

 

 

352,182,473

 

Total Long-Term Investments
(Cost – $962,055,508) – 165.8%

 

 

 

 

 

1,011,900,458

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund,
0.01% (h)(i)

 

 

25,745,388

 

 

25,745,388

 

Total Short-Term Securities
(Cost – $25,745,388) – 4.2%

 

 

 

 

 

25,745,388

 

Total Investments (Cost — $987,800,896*) - 170.0%

 

 

 

 

 

1,037,645,846

 

Other Assets Less Liabilities – 0.0%

 

 

 

 

 

276,320

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (30.1)%

 

 

 

 

 

(183,606,636

)

AMPS, at Redemption Value – (39.9)%

 

 

 

 

 

(243,852,769

)

Net Assets Applicable to Common Shares – 100.0%

 

 

 

 

$

610,462,761

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of November 30, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

806,565,893

 

Gross unrealized appreciation

 

$

58,130,737

 

Gross unrealized depreciation

 

 

(10,572,996

)

Net unrealized appreciation

 

$

47,557,741

 

 

 

(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 pursuant to Rule 144A under 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 Pierce Fenner &
Smith, Inc.

 

$

4,263,160

 

$

13,520

 

Morgan Stanley & Co. LLC

 

$

8,666,560

 

$

191,920

 

 

 

(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 TOB 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,
2011

 

Net
Activity

 

Shares
Held at
November 30,
2011

 

Income

 

 

FFI Institutional
Tax-Exempt
Fund

 

 

44,571,921

 

 

(18,826,533

)

 

25,745,388

 

$

758

 

 

 

(i)

Represents the current yield as of report date.


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 2011

7


 

 

 

 

Schedule of Investments (concluded)

BlackRock MuniVest Fund, Inc. (MVF)

 

 

 

•

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

 

 

 

 

•

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

 

 

 

 

•

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)

 

 

 

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Fund’s perceived risk of investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.

 

 

 

The following table summarizes the inputs used as of November 30, 2011 in determining the fair valuation of the Fund’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

1,011,900,458

 

 

—

 

$

1,011,900,458

 

Short-Term
Securities

 

$

25,745,388

 

 

—

 

 

—

 

 

25,745,388

 

Total

 

$

25,745,388

 

$

1,011,900,458

 

 

—

 

$

1,037,645,846

 

 

 

1

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


 

 

 

 

 

 

 

 

 

BLACKROCK MUNIVEST FUND, INC.

NOVEMBER 30, 2011

8

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: January 23, 2012
   
  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: January 23, 2012
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock MuniVest Fund, Inc.
     
  Date: January 23, 2012