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: 08/31/2014
Date of reporting period: 11/30/2013
Item 1 – Schedule of Investments
| Schedule of Investments November 30, 2013 (Unaudited) |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) |
Value | ||||||
| Alabama — 2.7% |
||||||||
| Alabama State Docks Department, Refunding RB, 6.00%, 10/01/40 |
$ | 7,610 | $ | 8,425,944 | ||||
| Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A: |
||||||||
| 5.80%, 5/01/34 |
1,850 | 1,891,625 | ||||||
| 5.38%, 12/01/35 |
1,000 | 972,600 | ||||||
| Selma Alabama IDB, Refunding RB, International Paper Co. Project, Series B, 5.50%, 5/01/20 |
5,000 | 5,022,200 | ||||||
|
|
|
|||||||
| 16,312,369 | ||||||||
| Alaska — 0.1% |
||||||||
| Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 5.00%, 6/01/46 |
1,250 | 846,050 | ||||||
| Arizona — 2.2% |
||||||||
| City of Phoenix Arizona Civic Improvement Corp., Refunding ARB, Junior Lien, Series A, 5.00%, 7/01/40 |
2,000 | 2,013,300 | ||||||
| County of Maricopa Arizona IDA, RB, Arizona Charter Schools Project, Series A, 6.75%, 7/01/29 |
3,600 | 3,003,984 | ||||||
| County of Maricopa Arizona Pollution Control Corp., Refunding RB, Southern California Edison Co., Series A, 5.00%, 6/01/35 |
3,300 | 3,379,068 | ||||||
| Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
5,000 | 4,810,700 | ||||||
|
|
|
|||||||
| 13,207,052 | ||||||||
| California — 9.1% |
||||||||
| California Health Facilities Financing Authority, RB: |
||||||||
| St. Joseph Health System, Series A, 5.75%, 7/01/39 |
5,000 | 5,538,350 | ||||||
| Sutter Health, Series B, 6.00%, 8/15/42 |
5,600 | 6,401,304 | ||||||
| California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/34 |
1,055 | 1,148,135 | ||||||
| California HFA, RB, S/F Housing, Home Mortgage, Series K, AMT, 5.50%, 2/01/42 |
1,460 | 1,500,457 | ||||||
| Municipal Bonds | Par (000) |
Value | ||||||
| California (concluded) |
||||||||
| California State Public Works Board, LRB, Department of Mental Health, Coalinga, Series A, 5.13%, |
$ | 10,435 | $ | 10,694,205 | ||||
| City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport, Series A, 5.25%, 5/15/39 |
1,200 | 1,271,544 | ||||||
| Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33 |
9,585 | 10,993,803 | ||||||
| Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement District No. 2007-1, Election of 2008, Series B, 6.20%, 8/01/46 (b) |
10,000 | 1,360,300 | ||||||
| San Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43 |
4,285 | 4,509,663 | ||||||
| State of California, GO, Various Purposes, 6.50%, 4/01/33 |
9,675 | 11,485,773 | ||||||
|
|
|
|||||||
| 54,903,534 | ||||||||
| Colorado — 1.0% |
||||||||
| Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D, 6.25%, 10/01/33 |
2,500 | 2,783,725 | ||||||
| Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran, Series A, 5.25%, 6/01/34 |
3,000 | 2,977,650 | ||||||
| Regional Transportation District, COP, Refunding, Series A, 5.38%, 6/01/31 |
385 | 406,814 | ||||||
|
|
|
|||||||
| 6,168,189 | ||||||||
| Delaware — 0.4% |
||||||||
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Project, 6.00%, 10/01/40 |
2,500 | 2,564,700 | ||||||
| District of Columbia — 0.2% |
||||||||
| Metropolitan Washington Airports Authority, Refunding RB, 1st Senior Lien, Series A: |
||||||||
| 5.00%, 10/01/39 |
415 | 413,182 | ||||||
| 5.25%, 10/01/44 |
650 | 656,130 | ||||||
|
|
|
|||||||
| 1,069,312 | ||||||||
| BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 | 1 |
| Schedule of Investments (continued) |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) |
Value | ||||||
| Florida — 7.3% |
||||||||
| County of Miami-Dade Florida, GO, Building Better Communities Program: |
||||||||
| Series B, 6.38%, 7/01/28 |
$ | 4,630 | $ | 5,327,278 | ||||
| Series B-1, 5.63%, 7/01/38 |
5,000 | 5,487,800 | ||||||
| County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 7/01/42 |
3,750 | 3,815,325 | ||||||
| County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport: |
||||||||
| Series A, AMT (AGC), 5.00%, 10/01/40 |
10,000 | 9,711,700 | ||||||
| Series A-1, 5.38%, 10/01/41 |
10,290 | 10,576,473 | ||||||
| County of Miami-Dade Florida Expressway Authority, RB, Toll System, Series A (AGM), 5.00%, 7/01/35 |
8,900 | 9,099,983 | ||||||
|
|
|
|||||||
| 44,018,559 | ||||||||
| Georgia — 2.0% |
||||||||
| City of Atlanta Georgia Department of Aviation, Refunding GARB, Series B, AMT, 5.00%, 1/01/29 |
1,070 | 1,098,858 | ||||||
| County of DeKalb Georgia Hospital Authority, Refunding RB, DeKalb Medical Center, Inc. Project, 6.13%, 9/01/40 |
3,570 | 3,538,299 | ||||||
| DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare, 5.25%, 11/15/39 |
3,335 | 3,392,929 | ||||||
| Municipal Electric Authority of Georgia, Refunding RB, Series W: |
||||||||
| 6.60%, 1/01/18 (c) |
110 | 110,598 | ||||||
| 6.60%, 1/01/18 |
3,645 | 3,945,676 | ||||||
|
|
|
|||||||
| 12,086,360 | ||||||||
| Hawaii — 0.9% |
||||||||
| State of Hawaii Harbor System, RB, Series A, 5.50%, 7/01/35 |
5,000 | 5,361,650 | ||||||
| Illinois — 12.1% |
||||||||
| City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series B-2, AMT (NPFGC), 6.00%, 1/01/27 |
4,580 | 4,596,900 | ||||||
| City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.00%, 1/01/41 |
4,640 | 4,619,306 | ||||||
| City of Chicago Illinois Board of Education, GO, Series A, 5.50%, 12/01/39 |
6,240 | 6,071,770 | ||||||
| Municipal Bonds | Par (000) |
Value | ||||||
| Illinois (concluded) |
||||||||
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36 |
$ | 2,110 | $ | 2,152,812 | ||||
| City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien, Water Project (AGM), 5.25%, 11/01/33 |
1,330 | 1,358,834 | ||||||
| County of Cook Illinois Community College District No. 508, GO, University & College Improvements, 5.25%, 12/01/31 |
5,000 | 5,157,050 | ||||||
| Illinois Finance Authority, RB: |
||||||||
| Advocate Health Care Network, Series D, 6.50%, 11/01/38 |
9,700 | 10,896,883 | ||||||
| Community Rehabilitation Providers Facilities, Series A, 6.50%, 7/01/22 |
615 | 589,619 | ||||||
| Disposal Waste Management, Inc. Series A, AMT, 5.05%, 8/01/29 |
1,000 | 1,013,630 | ||||||
| Illinois Finance Authority, Refunding RB, Series A: |
||||||||
| Northwestern Memorial Hospital, 6.00%, 8/15/39 |
9,000 | 10,045,980 | ||||||
| OSF Healthcare System, 6.00%, 5/15/39 |
4,990 | 5,362,154 | ||||||
| Railsplitter Tobacco Settlement Authority, RB, 6.00%, 6/01/28 |
2,645 | 2,879,532 | ||||||
| Regional Transportation Authority, RB: |
||||||||
| Series A (AMBAC), 7.20%, 11/01/20 |
2,500 | 2,936,575 | ||||||
| Series C (NPFGC), 7.75%, 6/01/20 |
4,000 | 4,814,640 | ||||||
| Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23 |
10,000 | 10,005,500 | ||||||
|
|
|
|||||||
| 72,501,185 | ||||||||
| Indiana — 3.1% |
||||||||
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 1/01/34 |
2,250 | 2,261,903 | ||||||
| Indiana Finance Authority, RB, Ohio River Bridges East End Crossing Project, Series A, AMT: |
||||||||
| 5.00%, 7/01/40 |
2,640 | 2,388,408 | ||||||
| 5.00%, 7/01/44 |
1,525 | 1,351,165 | ||||||
| 2 | BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 |
| Schedule of Investments (continued) |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) |
Value | ||||||
| Indiana (concluded) |
||||||||
| Indiana Health & Educational Facilities Financing Authority, RB, Clarian Health Obligation, Series A, 5.25%, 2/15/40 |
$ | 8,980 | $ | 9,025,708 | ||||
| Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series D, 6.75%, 2/01/14 |
3,670 | 3,710,150 | ||||||
|
|
|
|||||||
| 18,737,334 | ||||||||
| Iowa — 0.1% |
||||||||
| Iowa Tobacco Settlement Authority, Refunding RB, Asset-Backed, Series C, 5.63%, 6/01/46 |
1,000 | 750,820 | ||||||
| Kentucky — 3.5% |
||||||||
| County of Owen Kentucky, RB, Kentucky American Water Co. Project, Series B, 5.63%, 9/01/39 |
1,000 | 1,015,850 | ||||||
| Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.50%, 3/01/45 |
4,000 | 4,191,800 | ||||||
| Kentucky Economic Development Finance Authority, Refunding RB, Hospital Facilities, St. Elizabeth Medical Center, Inc., Series A, 5.50%, 5/01/39 |
8,000 | 8,417,440 | ||||||
| Lexington-Fayette Urban County Airport Board, Refunding GARB, Series A, 5.00%, 7/01/27 |
7,000 | 7,560,000 | ||||||
|
|
|
|||||||
| 21,185,090 | ||||||||
| Louisiana — 3.1% |
||||||||
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp. Projects, Series A-1, 6.50%, 11/01/35 |
2,615 | 2,802,548 | ||||||
| Parish of St. Charles Louisiana, RB, Valero Energy Corp., 4.00%, 12/01/40 (d) |
2,210 | 2,185,359 | ||||||
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
||||||||
| 5.25%, 5/15/31 |
3,420 | 3,381,422 | ||||||
| 5.25%, 5/15/32 |
4,375 | 4,303,819 | ||||||
| 5.25%, 5/15/33 |
4,750 | 4,653,527 | ||||||
| Municipal Bonds | Par (000) |
Value | ||||||
| Louisiana (concluded) |
||||||||
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A (concluded): |
||||||||
| 5.25%, 5/15/35 |
$ | 1,500 | $ | 1,462,275 | ||||
|
|
|
|||||||
| 18,788,950 | ||||||||
| Maine — 1.4% |
||||||||
| Maine Health & Higher Educational Facilities Authority, RB: |
||||||||
| Eastern Maine Medical Center, 5.00%, 7/01/43 |
2,500 | 2,406,525 | ||||||
| Series A, 5.00%, 7/01/39 |
5,000 | 5,082,600 | ||||||
| Portland Housing Development Corp., Refunding RB, Senior Living, Retirement Facilities, Series A, 6.00%, 2/01/34 |
1,190 | 1,193,237 | ||||||
|
|
|
|||||||
| 8,682,362 | ||||||||
| Maryland — 1.9% |
||||||||
| Maryland Community Development Administration, HRB, Residential, Series H, AMT, 5.10%, 9/01/37 |
1,835 | 1,840,303 | ||||||
| Maryland Community Development Administration, Refunding, HRB, Residential, Series D, AMT, 4.90%, 9/01/42 |
3,250 | 3,147,495 | ||||||
| Maryland Health & Higher Educational Facilities Authority, Refunding RB: |
||||||||
| Charlestown Community Project, 6.25%, 1/01/41 |
2,000 | 2,088,140 | ||||||
| University of Maryland Medical System, 5.00%, 7/01/34 |
2,100 | 2,112,096 | ||||||
| University of Maryland Medical System, 5.13%, 7/01/39 |
2,100 | 2,086,581 | ||||||
|
|
|
|||||||
| 11,274,615 | ||||||||
| Massachusetts — 6.0% |
||||||||
| Massachusetts Bay Transportation Authority, Refunding RB, General Transportation System, Series A, 7.00%, 3/01/19 |
3,010 | 3,421,046 | ||||||
| Massachusetts HFA, RB, AMT: |
||||||||
| M/F Housing, Series A, 5.20%, 12/01/37 |
2,865 | 2,841,707 | ||||||
| S/F Housing, Series 130, 5.00%, 12/01/32 |
2,500 | 2,506,900 | ||||||
| Massachusetts HFA, Refunding RB, Series C, AMT, 5.35%, 12/01/42 |
6,550 | 6,492,753 | ||||||
| BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 | 3 |
| Schedule of Investments (continued) |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) |
Value | ||||||
| Massachusetts (concluded) |
||||||||
| Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series A, 5.00%, 5/15/43 |
$ | 4,500 | $ | 4,717,665 | ||||
| Massachusetts Water Resources Authority, RB, Series A, 6.50%, 7/15/19 (c) |
13,855 | 16,020,259 | ||||||
|
|
|
|||||||
| 36,000,330 | ||||||||
| Michigan — 4.0% |
||||||||
| City of Detroit Michigan, RB, Water Supply System, 2nd Lien, Series B (AGM): |
||||||||
| 6.25%, 7/01/36 |
2,500 | 2,540,500 | ||||||
| 7.00%, 7/01/36 |
1,250 | 1,306,175 | ||||||
| Michigan State Hospital Finance Authority, Refunding RB, Series A: |
||||||||
| Henry Ford Health System, 5.25%, 11/15/46 |
7,950 | 7,565,220 | ||||||
| McLaren Health Care, 5.75%, 5/15/38 |
7,285 | 7,920,908 | ||||||
| Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/39 |
4,100 | 4,909,586 | ||||||
|
|
|
|||||||
| 24,242,389 | ||||||||
| Mississippi — 5.0% |
||||||||
| County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control Weyerhaeuser Co. Project: |
||||||||
| Series A, 6.80%, 4/01/22 |
9,160 | 10,150,471 | ||||||
| Series B, 6.70%, 4/01/22 |
4,500 | 4,940,460 | ||||||
| Mississippi Business Finance Corp., Refunding RB, System Energy Resource, Inc. Project, 5.88%, 4/01/22 |
15,000 | 14,928,450 | ||||||
|
|
|
|||||||
| 30,019,381 | ||||||||
| Missouri — 1.8% |
||||||||
| City of Kansas City Missouri, Refunding ARB, General Improvement, Series A, AMT, 5.25%, 9/01/25 |
10,000 | 10,731,500 | ||||||
| Nebraska — 1.0% |
||||||||
| Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42 |
6,200 | 5,935,322 | ||||||
| Municipal Bonds | Par (000) |
Value | ||||||
| Nevada — 0.9% |
||||||||
| County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42 |
$ | 5,000 | $ | 5,391,050 | ||||
| New Hampshire — 1.0% |
||||||||
| New Hampshire Housing Finance Authority, Refunding RB, S/F Housing, Acquisition, Series H, AMT, 5.15%, 1/01/40 |
5,895 | 5,852,910 | ||||||
| New Jersey — 7.9% |
||||||||
| New Jersey EDA, RB: |
||||||||
| Cigarette Tax, 5.75%, 6/15/14 (a) |
3,695 | 3,807,402 | ||||||
| The Goethals Bridge Replacement Project, AMT, 5.13%, 1/01/34 |
1,050 | 1,031,215 | ||||||
| The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43 |
11,355 | 11,117,340 | ||||||
| The Goethals Bridge Replacement Project, AMT, 5.63%, 1/01/52 |
2,000 | 1,970,540 | ||||||
| New Jersey EDA, Refunding RB, School Facilities Construction, Series AA, 5.25%, 12/15/33 |
10,000 | 10,539,600 | ||||||
| New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing, Series AA, 6.38%, 10/01/28 |
795 | 834,345 | ||||||
| New Jersey Transportation Trust Fund Authority, RB: |
||||||||
| Transportation Program, Series AA, 5.25%, 6/15/33 |
8,750 | 9,282,350 | ||||||
| Transportation System, Series B, 5.50%, 6/15/31 |
8,000 | 8,618,080 | ||||||
|
|
|
|||||||
| 47,200,872 | ||||||||
| New York — 6.5% |
||||||||
| City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series FF-2, 5.50%, 6/15/40 |
4,150 | 4,422,738 | ||||||
| Metropolitan Transportation Authority, RB, Series C: |
||||||||
| 6.25%, 11/15/23 |
3,245 | 3,824,103 | ||||||
| 6.50%, 11/15/28 |
14,925 | 17,424,788 | ||||||
| New York City Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 2/01/42 |
8,900 | 9,256,534 | ||||||
| 4 | BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 |
| Schedule of Investments (continued) |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) |
Value | ||||||
| New York (concluded) |
||||||||
| Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36 |
$ | 3,165 | $ | 3,402,312 | ||||
| Rochester Housing Authority, RB, Andrews Terrace Apartments, M/F Housing, AMT (Ginnie Mae), 4.70%, 12/20/38 |
1,000 | 959,540 | ||||||
|
|
|
|||||||
| 39,290,015 | ||||||||
| North Carolina — 0.6% |
||||||||
| County of Gaston Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT, 5.75%, 8/01/35 |
4,105 | 3,577,672 | ||||||
| Ohio — 3.8% |
||||||||
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 6.50%, 6/01/47 |
1,125 | 928,181 | ||||||
| County of Allen Ohio Hospital Facilities, Refunding RB, Catholic Healthcare Partners, Series A, 5.25%, 6/01/38 |
2,875 | 2,919,275 | ||||||
| County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities, Series A, 6.13%, 7/01/40 |
1,690 | 1,655,693 | ||||||
| County of Lucas Ohio, Refunding RB, Promedica Healthcare, Series A, 6.50%, 11/15/37 |
1,915 | 2,159,297 | ||||||
| County of Montgomery Ohio, RB, Catholic Health Initiatives, Series D-2, 5.45%, 10/01/38 |
9,230 | 9,392,909 | ||||||
| County of Montgomery Ohio, Refunding RB, Catholic Health Initiatives, Series A, 5.50%, 5/01/34 |
5,470 | 5,979,695 | ||||||
|
|
|
|||||||
| 23,035,050 | ||||||||
| Pennsylvania — 0.4% |
||||||||
| Delaware River Port Authority, RB, Series D, 5.00%, 1/01/40 |
195 | 199,822 | ||||||
| Philadelphia Pennsylvania IDA, RB: |
||||||||
| Arbor House, Inc. Project, Series E, 6.10%, 7/01/33 |
1,000 | 1,000,230 | ||||||
| Rieder House Project, Series A, 6.10%, 7/01/33 |
1,355 | 1,355,312 | ||||||
|
|
|
|||||||
| 2,555,364 | ||||||||
| Municipal Bonds | Par (000) |
Value | ||||||
| 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 | $ | 1,013,220 | ||||
| County of Richland South Carolina, Refunding RB, International Paper Co. Project, AMT, 6.10%, 4/01/23 |
5,000 | 5,002,400 | ||||||
|
|
|
|||||||
| 6,015,620 | ||||||||
| Texas — 13.1% |
||||||||
| Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33 |
3,055 | 91,619 | ||||||
| Central Texas Regional Mobility Authority, Refunding RB, Senior Lien: |
||||||||
| 5.75%, 1/01/31 |
1,000 | 1,035,210 | ||||||
| 6.00%, 1/01/41 |
4,300 | 4,374,089 | ||||||
| Series A, 5.00%, 1/01/43 |
6,925 | 6,249,051 | ||||||
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/43 (e) |
850 | 853,893 | ||||||
| County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B (a): |
||||||||
| 7.13%, 12/01/18 |
3,500 | 4,496,800 | ||||||
| 7.25%, 12/01/18 |
5,400 | 6,970,590 | ||||||
| County of Matagorda Texas Navigation District No. 1, Refunding RB, CenterPoint Energy Project, 5.60%, 3/01/27 (d) |
9,355 | 9,460,244 | ||||||
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 |
5,000 | 5,643,150 | ||||||
| La Vernia Higher Education Finance Corp., RB, KIPP, Inc., Series A, 6.25%, 8/15/39 |
925 | 980,333 | ||||||
| Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, 5.25%, 11/01/40 |
3,600 | 3,538,692 | ||||||
| New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 1/01/33 |
1,600 | 1,611,456 | ||||||
| BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 | 5 |
| Schedule of Investments (continued) |
BlackRock MuniVest Fund, Inc. (MVF) (Percentages shown are based on Net Assets) |
| Municipal Bonds | Par (000) |
Value | ||||||
| Texas (concluded) |
||||||||
| North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.13%, 12/01/42 |
$ | 1,000 | $ | 930,910 | ||||
| North Texas Tollway Authority, Refunding RB, 1st Tier, Series A, 6.25%, 1/01/39 |
3,500 | 3,860,885 | ||||||
| San Antonio Public Facilities Corp., Refunding RB, Convention Center Refinancing & Expansion Project, 4.00%, 9/15/42 |
5,575 | 4,706,136 | ||||||
| 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 | 10,934,100 | ||||||
| NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
4,710 | 5,091,322 | ||||||
| Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 4.00%, 8/15/38 |
9,375 | 7,728,656 | ||||||
|
|
|
|||||||
| 78,557,136 | ||||||||
| Utah — 0.7% |
||||||||
| Utah Transit Authority, Refunding RB, Subordinated Sales Tax, 4.00%, 6/15/39 |
5,000 | 4,244,700 | ||||||
| Vermont — 0.0% |
||||||||
| Vermont Educational & Health Buildings Financing Agency, RB, Developmental & Mental Health, Series A, 6.38%, 6/15/22 |
30 | 30,425 | ||||||
| Virginia — 4.0% |
||||||||
| City of Portsmouth Virginia, GO, Refunding, Series D, 5.00%, 7/15/34 |
3,105 | 3,231,187 | ||||||
| County of Fairfax Virginia EDA, Refunding RB, Goodwin House, Inc.: |
||||||||
| 5.13%, 10/01/37 |
2,000 | 1,987,600 | ||||||
| 5.13%, 10/01/42 |
6,015 | 5,983,181 | ||||||
| Virginia Commonwealth Transportation Board, RB, Capital Projects, 5.00%, 5/15/32 |
8,000 | 8,548,800 | ||||||
| Virginia HDA, Refunding RB, S/F Housing, Sub-Series A-3, AMT, 5.05%, 7/01/26 |
1,325 | 1,357,025 | ||||||
| Municipal Bonds | Par (000) |
Value | ||||||
| Virginia (concluded) |
||||||||
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project, AMT, 6.00%, 1/01/37 |
$ | 2,620 | $ | 2,697,735 | ||||
|
|
|
|||||||
| 23,805,528 | ||||||||
| Washington — 4.8% |
||||||||
| Energy Northwest, Refunding RB, Series B, 7.13%, 7/01/16 |
14,320 | 16,712,586 | ||||||
| Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45 |
4,010 | 4,156,164 | ||||||
| Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D, 6.38%, 10/01/36 |
7,000 | 7,832,930 | ||||||
|
|
|
|||||||
| 28,701,680 | ||||||||
| West Virginia — 0.4% |
||||||||
| West Virginia Hospital Finance Authority, Refunding RB, Improvement, Charleston Area Medical Center, Inc., Series A, 5.63%, 9/01/32 |
2,500 | 2,564,525 | ||||||
| Wisconsin — 1.0% |
||||||||
| Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc., Series C, 5.25%, 4/01/39 |
6,100 | 6,241,947 | ||||||
| Wyoming — 1.4% |
||||||||
| County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%, 7/15/26 |
4,500 | 4,812,795 | ||||||
| Wyoming Community Development Authority, Refunding RB, Series 2 & 3, 4.05%, 12/01/38 |
3,805 | 3,331,696 | ||||||
|
|
|
|||||||
| 8,144,491 | ||||||||
| Total Municipal Bonds — 116.4% | 700,596,038 | |||||||
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) |
||||||||
| Arizona — 0.6% |
||||||||
| City of Phoenix Arizona Civic Improvement Corp., Refunding RB, Water System, Junior Lien, Series A, 5.00%, 7/01/34 |
3,500 | 3,699,290 | ||||||
| 6 | BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 |
| 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 (f) |
Par (000) |
Value | ||||||
| California — 3.5% |
||||||||
| University of California, RB, General, Series O, 5.25%, 5/15/39 |
$ | 20,000 | $ | 21,314,200 | ||||
| Connecticut — 2.1% |
||||||||
| Connecticut State Health & Educational Facility Authority, RB, Yale University, Series Z-3, 5.05%, 7/01/42 |
12,000 | 12,833,640 | ||||||
| District of Columbia — 1.3% |
||||||||
| District of Columbia Water & Sewer Authority, Refunding RB, Senior Lien, Series A, 5.50%, 10/01/39 |
7,495 | 8,011,670 | ||||||
| Florida — 2.5% |
||||||||
| County of Miami-Dade Florida Water & Sewer System, RB, (AGM), 5.00%, 10/01/39 |
14,747 | 14,993,552 | ||||||
| Illinois — 3.1% |
||||||||
| Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38 |
10,000 | 10,998,200 | ||||||
| Illinois State Toll Highway Authority, RB, Senior Priority, Series B, 5.50%, 1/01/33 |
6,999 | 7,546,955 | ||||||
|
|
|
|||||||
| 18,545,155 | ||||||||
| Kentucky — 1.7% |
||||||||
| County of Louisville & Jefferson Kentucky Metropolitan Government Parking Authority, RB, River City, Inc., 1st Mortgage, Series A, 5.38%, 12/01/39 |
9,195 | 9,932,623 | ||||||
| Maryland — 0.8% |
||||||||
| Maryland State Transportation Authority, RB, Transportation Facilities Project (AGM), 5.00%, 7/01/41 |
4,710 | 4,889,828 | ||||||
| Nevada — 3.0% |
||||||||
| County of Clark Nevada Water Reclamation District, GO, Limited Tax, Series B, 5.75%, 7/01/34 |
15,789 | 17,874,233 | ||||||
| New York — 6.0% |
||||||||
| City of New York New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General Resolution, Series DD, 5.00%, 6/15/37 |
24,199 | 25,204,923 | ||||||
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) |
Par (000) |
Value | ||||||
| New York (concluded) |
||||||||
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 (g) |
$ | 10,000 | $ | 10,656,300 | ||||
|
|
|
|||||||
| 35,861,223 | ||||||||
| North Carolina — 3.0% |
||||||||
| North Carolina Capital Facilities Finance Agency, Refunding RB: |
||||||||
| Duke University Project, Series A, 5.00%, 10/01/41 |
12,678 | 12,946,755 | ||||||
| Wake Forest University, 5.00%, 1/01/38 |
5,000 | 5,216,300 | ||||||
|
|
|
|||||||
| 18,163,055 | ||||||||
| Ohio — 2.3% |
||||||||
| Ohio Higher Educational Facility Commission, RB, Cleveland Clinic Health, Series A, 5.25%, 1/01/33 |
4,400 | 4,545,024 | ||||||
| State of Ohio, RB, Cleveland Clinic Health Obligated Group, Series B, 5.50%, 1/01/34 |
8,500 | 9,013,230 | ||||||
|
|
|
|||||||
| 13,558,254 | ||||||||
| Oregon — 2.2% |
||||||||
| State of Oregon Housing & Community Services Department, HRB, M/F Housing, Series A, AMT, 4.95%, 7/01/30 |
13,000 | 13,135,553 | ||||||
| South Carolina — 0.4% |
||||||||
| South Carolina State Housing Finance & Development Authority, Refunding RB, S/F Housing, Series B-1, 5.55%, 7/01/39 |
2,504 | 2,575,956 | ||||||
| Texas — 9.2% |
||||||||
| City of Houston Texas, Refunding RB, Airport System, Senior Lien, Series A, 5.50%, 7/01/34 |
8,333 | 9,117,152 | ||||||
| City of Houston Texas Higher Education Finance Corp., RB, Rice University Project, Series A, 5.00%, 5/15/40 |
10,000 | 10,560,878 | ||||||
| County of Harris Texas Health Facilities Development Corp., Refunding RB, School Health Care System, Series B, 5.75%, 7/01/27 (c) |
20,970 | 25,924,162 | ||||||
| BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 | 7 |
| 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 (f) |
Par (000) |
Value | ||||||
| Texas (concluded) |
||||||||
| Texas Department of Housing & Community Affairs, RB, S/F Mortgage, Series B, AMT (Ginnie Mae), 5.25%, 9/01/32 |
$ | 3,897 | $ | 3,944,704 | ||||
| Texas State University System, Refunding RB, (AGM), 5.00%, 3/15/30 |
5,667 | 5,987,609 | ||||||
|
|
|
|||||||
| 55,534,505 | ||||||||
| Virginia — 1.2% |
||||||||
| County of Fairfax Virginia IDA, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35 |
2,099 | 2,223,052 | ||||||
| Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40 |
5,002 | 5,067,535 | ||||||
|
|
|
|||||||
| 7,290,587 | ||||||||
| Washington — 4.4% |
||||||||
| Central Puget Sound Regional Transit Authority, RB, Series A: |
||||||||
| 5.00%, 11/01/34 |
5,000 | 5,241,550 | ||||||
| 5.00%, 11/01/36 |
6,000 | 6,289,860 | ||||||
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (f) |
Par (000) |
Value | ||||||
| Washington (concluded) |
||||||||
| Central Puget Sound Regional Transit Authority, RB, Series A (concluded): |
||||||||
| (AGM), 5.00%, 11/01/32 |
$ | 14,007 | $ | 14,673,495 | ||||
|
|
|
|||||||
| 26,204,905 | ||||||||
| Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts — 47.3% |
284,418,229 | |||||||
| Total Long-Term Investments (Cost — $944,026,991) — 163.7% |
985,014,267 | |||||||
| Short-Term Securities | Shares | |||||||
| FFI Institutional Tax-Exempt Fund, 0.03% (h)(i) |
6,295 | 6,295 | ||||||
| Total Short-Term Securities (Cost — $6,295) — 0.0% |
6,295 | |||||||
| Total Investments (Cost — $944,033,286*) — 163.7% |
985,020,562 | |||||||
| Other Assets Less Liabilities — 1.6% | 10,023,399 | |||||||
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.8%) |
|
(149,513,893 | ) | |||||
| VMTP Shares, at Liquidation Value — (40.5%) | (243,800,000 | ) | ||||||
|
|
|
|||||||
| Net Assets Applicable to Common Shares — 100.0% | $ | 601,730,068 | ||||||
|
|
|
|||||||
| * | As of November 30, 2013, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
| Tax cost |
$ | 797,170,529 | ||
|
|
|
|||
| Gross unrealized appreciation |
$ | 54,808,415 | ||
| Gross unrealized depreciation |
(16,431,037 | ) | ||
|
|
|
|||
| Net unrealized appreciation |
$ | 38,377,378 | ||
|
|
|
| Notes to Schedule of Investments |
| (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) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
| (c) | Security is collateralized by municipal or US Treasury obligations. |
| (d) | Variable rate security. Rate shown is as of report date. |
| (e) | When-issued security. Unsettled when-issued transactions were as follows: |
| Counterparty | Value | Unrealized Appreciation |
||||||
| BB&T Securities LLC |
$ | 853,893 | $ | 570 | ||||
| 8 | BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 |
| Schedule of Investments (continued) |
BlackRock MuniVest Fund, Inc. (MVF) |
| (f) | Represent bonds transferred to a TOB. In exchange the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction. |
| (g) | All or a portion of security is subject to a recourse agreement, which may require the Fund to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Fund could ultimately be required to pay under the agreement which expires on November 15, 2019 is $5,295,486. |
| (h) | Investments in issuers considered to be an affiliate of the Fund during the period ended November 30, 2013, for purposes of Section 2(a)(3) of the 1940 Act were as follows: |
| Affiliate | Shares Held at August 31, 2013 |
Net Activity |
Shares Held at November 30, 2013 |
Income | ||||||||||||
| FFI Institutional Tax-Exempt Fund |
6,144,050 | (6,137,755 | ) | 6,295 | $ | 728 | ||||||||||
| (i) | Represents the current yield as of report date. |
| 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 Guarantee Corp. | ||
| AGM | Assured Guaranty Municipal Corp. | |||
| AMBAC | American Municipal Bond Assurance Corp. | |||
| AMT | Alternative Minimum Tax (subject to) | |||
| ARB | Airport Revenue Bonds | |||
| CAB | Capital Appreciation Bonds | |||
| COP | Certificates of Participation | |||
| EDA | Economic Development Authority | |||
| ERB | Education Revenue Bonds | |||
| GARB | General Airport Revenue Bonds | |||
| 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 | |||
| LRB | Lease Revenue Bonds | |||
| M/F | Multi-Family | |||
| NPFGC | National Public Finance Guarantee Corp. | |||
| RB | Revenue Bonds | |||
| S/F | Single-Family |
| Ÿ | Financial futures contracts as of November 30, 2013 were as follows: |
| Contracts Sold |
Issue | Exchange | Expiration | Notional Value | Unrealized Appreciation |
|||||||||||
| (120 | ) | 10-Year US Treasury Note | Chicago Board of Trade | December 2013 | $ | 15,196,875 | $ | 42,994 | ||||||||
| BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 | 9 |
| Schedule of Investments (continued) |
BlackRock MuniVest Fund, Inc. (MVF) |
| Ÿ | Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
| Ÿ | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access |
| Ÿ | Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| Ÿ | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
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.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to the Fund’s most recent financial statements as contained in its annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of November 30, 2013:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
||||||||||||||||
| Investments: | ||||||||||||||||
| Long-Term Investments1 |
— | $ | 985,014,267 | — | $ | 985,014,267 | ||||||||||
| Short-Term Securities |
$ | 6,295 | — | — | 6,295 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 6,295 | $ | 985,014,267 | — | $ | 985,020,562 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
1 See above Schedule of Investments for values in each state or political subdivision. |
| |||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Derivative Financial Instruments2 | ||||||||||||||||
| Assets: |
||||||||||||||||
| Interest rate contracts |
$ | 42,994 | — | — | $ | 42,994 | ||||||||||
|
2 Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
| |||||||||||||||
| 10 | BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 |
| Schedule of Investments (concluded) |
BlackRock MuniVest Fund, Inc. (MVF) |
Certain of the Fund’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of November 30, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
||||||||||||||||
| Cash pledged for financial futures contracts |
$ | 482,000 | — | — | $ | 482,000 | ||||||||||
| Liabilities: |
||||||||||||||||
| Bank overdraft |
— | $ | (11,994 | ) | — | (11,994 | ) | |||||||||
| TOB trust certificates |
— | (149,472,655 | ) | — | (149,472,655 | ) | ||||||||||
| VMTP Shares |
— | (243,800,000 | ) | — | (243,800,000 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 482,000 | $ | (393,284,649 | ) | — | $ | (392,802,649 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
There were no transfers between levels during the period ended November 30, 2013.
| BLACKROCK MUNIVEST FUND, INC. | NOVEMBER 30, 2013 | 11 |
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 24, 2014 | |
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 24, 2014 | |
| By: | /s/ Neal J. Andrews | |
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock MuniVest Fund, Inc. | ||
| Date: | January 24, 2014 | |