BLACKROCK MUNIVEST FUND, INC.

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: 05/31/2014

Item 1 – Schedule of Investments

Schedule of Investments May 31, 2014 (Unaudited)

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Alabama — 2.6%

                 

City of Selma Alabama IDB, RB, Gulf Opportunity Zone, International Paper Co. Project, Series A:

     

5.80%, 5/01/34

    $ 1,850      $ 2,039,273   

5.38%, 12/01/35

      1,000        1,074,620   

County of Jefferson Alabama Sewer, Refunding RB, Senior Lien, Series A (AGM), 5.25%, 10/01/48

      5,000        5,311,550   

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

      7,610        8,799,291   
    

 

 

  
               17,224,734   

Alaska — 0.1%

     

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

      1,250        938,675   

Arizona — 3.2%

     

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

      2,000        2,104,820   

City of Phoenix Arizona IDA, RB, Candeo School, Inc. Project:

     

6.63%, 7/01/33

      2,245        2,379,520   

6.88%, 7/01/44

      3,440        3,642,685   

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

      3,600        3,330,756   

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

      3,300        3,530,868   

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

      5,000        5,553,950   
    

 

 

  
               20,542,599   

California — 7.8%

     

California Health Facilities Financing Authority, RB:

     

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

      5,000        5,785,850   

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

      5,600        6,740,664   

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/34

      1,055        1,197,910   
Municipal Bonds   

Par  

(000)

     Value  

California (concluded)

                 

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

    $ 1,120      $ 1,143,285   

City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport, Series A, 5.25%, 5/15/39

      1,200        1,367,112   

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

      9,585        11,446,311   

Poway Unified School District, GO, Refunding, CAB, School Facilities Improvement District No. 2007-1, Election of 2008, Series B, 0.00%, 8/01/46 (a)

      10,000        2,138,800   

San Diego Community College District California, GO, Election of 2006, 5.00%, 8/01/43

      4,285        4,795,944   

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

      9,675        11,847,231   

State of California Public Works Board, LRB, Department of Mental Health, Coalinga, Series A, 5.13%, 6/01/14 (b)

      4,000        4,000,560   
    

 

 

  
               50,463,667   

Colorado — 1.0%

     

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

      2,500        2,882,600   

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

      3,000        3,002,790   

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

      385        423,889   
    

 

 

  
               6,309,279   

Delaware — 0.4%

     

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

      2,500        2,732,200   

District of Columbia — 0.2%

     

Metropolitan Washington Airports Authority, Refunding RB, 1st Senior Lien, Series A:

      415        437,597   

5.00%, 10/01/39

     

 

                
   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014    1

Schedule of Investments (continued)

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

District of Columbia (concluded)

                 

Metropolitan Washington Airports Authority, Refunding RB, 1st Senior Lien, Series A (concluded): 5.25%, 10/01/44

    $ 650      $ 690,261   
    

 

 

  
               1,127,858   

Florida — 7.2%

     

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

     

Series B, 6.38%, 7/01/28

      4,630        5,456,825   

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

      5,000        5,675,100   

County of Miami-Dade Florida, Refunding RB, Transit System Sales Surtax, 5.00%, 7/01/42

      3,750        4,066,088   

County of Miami-Dade Florida Aviation, Refunding ARB, Miami International Airport:

     

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

      10,000        10,271,100   

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

      10,290        11,627,083   

County of Miami-Dade Florida Expressway Authority, RB, Toll System, Series A (AGM), 5.00%, 7/01/35

      8,900        9,515,079   
    

 

 

  
               46,611,275   

Georgia — 1.8%

     

City of Atlanta Georgia Department of Aviation, Refunding GARB, Series B, AMT, 5.00%, 1/01/29

      1,070        1,167,595   

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

      3,570        3,756,639   

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

      3,335        3,749,907   

Municipal Electric Authority of Georgia, Refunding RB, Series W, 6.60%, 1/01/18

      2,510        2,742,351   
    

 

 

  
               11,416,492   

Hawaii — 0.9%

     

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

      5,000        5,596,050   

Illinois — 13.5%

     

City of Chicago Illinois, GARB, O’Hare International Airport, 3rd Lien, Series B-2, AMT (NPFGC), 6.00%, 1/01/27

      605        607,735   
Municipal Bonds   

Par  

(000)

     Value  

Illinois (continued)

                 

City of Chicago Illinois, GO, Refunding, Series A, 5.00%, 1/01/36

    $ 15,000      $ 15,460,350   

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

      4,640        4,832,931   

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

      3,390        3,577,331   

City of Chicago Illinois Midway Airport, Refunding ARB, 2nd Lien, Series A, AMT, 5.00%, 1/01/41 (c)

      1,740        1,827,818   

City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/36

      2,110        2,302,348   

City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien, Water Project (AGM), 5.25%, 11/01/33

      1,330        1,416,091   

County of Cook Illinois Community College District No. 508, GO, University & College Improvements, 5.25%, 12/01/31

      5,000        5,531,700   

Illinois Finance Authority, RB:

     

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

      9,700        11,304,768   

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

      575        575,103   

Disposal Waste Management, Inc., Series A, AMT, 5.05%, 8/01/29

      1,000        1,032,420   

Memorial Health System, Series A, 5.25%, 7/01/44

      1,785        1,909,986   

Illinois Finance Authority, Refunding RB, Series A:

     

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

      9,000        10,466,820   

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

      4,990        5,627,023   

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

      2,645        3,097,295   

Regional Transportation Authority, RB:

     

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

      2,500        2,936,300   

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

      4,000        4,875,480   

 

                
2    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Illinois (concluded)

                 

Village of Hodgkins Illinois, RB, Metropolitan Biosolids Management LLC Project, AMT, 6.00%, 11/01/23

    $ 10,000      $ 10,012,900   
    

 

 

  
               87,394,399   

Indiana — 3.3%

     

City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT, 6.75%, 1/01/34

      2,250        2,499,750   

Indiana Finance Authority, RB, Private Activity Bond, Ohio River Bridges East End Crossing Project, Series A, AMT:

     

5.00%, 7/01/40

      2,640        2,743,435   

5.00%, 7/01/44

      1,525        1,573,251   

5.00%, 7/01/48

      5,000        5,146,950   

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

      8,980        9,177,919   
    

 

 

  
               21,141,305   

Iowa — 1.3%

     

Iowa Finance Authority, Refunding RB, Midwestern Disaster Area, Iowa Fertilizer Co. Project, 5.25%, 12/01/25

      4,500        4,687,920   

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

      4,500        3,855,690   
    

 

 

  
               8,543,610   

Kentucky — 2.8%

     

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

      1,000        1,078,200   

Kentucky Economic Development Finance Authority, Refunding RB, Hospital Facilities, St. Elizabeth Medical Center, Inc., Series A, 5.50%, 5/01/39

      8,000        9,022,400   

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

      7,000        7,935,690   
    

 

 

  
               18,036,290   
Municipal Bonds   

Par  

(000)

     Value  

Louisiana — 3.1%

                 

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

    $ 2,615      $ 3,034,734   

Parish of St. Charles Louisiana, RB, Valero Energy Corp., 4.00%, 12/01/40 (d)

      2,210        2,385,783   

Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A:

     

5.25%, 5/15/31

      3,420        3,696,781   

5.25%, 5/15/32

      4,375        4,686,019   

5.25%, 5/15/33

      4,750        5,064,497   

5.25%, 5/15/35

      1,500        1,600,395   
    

 

 

  
               20,468,209   

Maine — 1.0%

     

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

      5,000        5,286,800   

Portland Housing Development Corp., Refunding RB, Senior Living, Retirement Facilities, Series A, 6.00%, 2/01/34

      1,190        1,208,540   
    

 

 

  
               6,495,340   

Maryland — 1.8%

     

Maryland Community Development Administration, HRB, Series H, AMT, 5.10%, 9/01/37

      1,835        1,867,351   

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

      3,250        3,280,583   

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

     

Charlestown Community Project, 6.25%, 1/01/41

      2,000        2,203,480   

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

      2,100        2,211,510   

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

      2,100        2,208,675   
    

 

 

  
               11,771,599   

Massachusetts — 5.6%

     

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

      3,010        3,351,846   

 

                
   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014    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 HFA, RB, AMT:

     

M/F Housing, Series A, 5.20%, 12/01/37

    $ 2,865      $ 2,907,087   

S/F Housing, Series 130, 5.00%, 12/01/32

      2,500        2,563,775   

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

      6,550        6,746,303   

Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior, Series A, 5.00%, 5/15/43

      4,500        5,037,210   

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

      13,855        15,738,864   
    

 

 

  
               36,345,085   

Michigan — 3.9%

     

City of Detroit Michigan Water Supply System, RB, 2nd Lien, Series B (AGM):

     

6.25%, 7/01/36

      2,500        2,551,650   

7.00%, 7/01/36

      1,250        1,347,612   

Michigan State Hospital Finance Authority, Refunding RB, Series A:

     

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

      7,950        8,062,731   

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

      7,285        8,212,818   

Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital, Series V, 8.25%, 9/01/18 (b)

      4,100        5,341,685   
    

 

 

  
               25,516,496   

Mississippi — 4.8%

     

County of Lowndes Mississippi, Refunding RB, Solid Waste Disposal & Pollution Control, Weyerhaeuser Co. Project:

     

Series A, 6.80%, 4/01/22

      9,160        10,904,064   

Series B, 6.70%, 4/01/22

      4,500        5,310,090   

Mississippi Business Finance Corp., Refunding RB, System Energy Resource, Inc. Project, 5.88%, 4/01/22

      15,000        15,008,250   
    

 

 

  
               31,222,404   

Montana — 0.2%

     

State of Montana Board of Regents, RB, 5.00%, 11/15/43

      1,430        1,588,044   
Municipal Bonds   

Par  

(000)

     Value  

Nebraska — 1.0%

                 

Central Plains Energy Project Nebraska, RB, Gas Project No. 3, 5.00%, 9/01/42

    $ 6,200      $ 6,467,778   

Nevada — 0.9%

     

County of Clark Nevada Airport System, ARB, Series B, 5.75%, 7/01/42

      5,000        5,822,450   

New Hampshire — 0.8%

     

New Hampshire Housing Finance Authority, Refunding RB, S/F Housing, Acquisition, Series H, AMT, 5.15%, 1/01/40

      5,240        5,317,290   

New Jersey — 7.7%

     

New Jersey EDA, RB:

     

Cigarette Tax, 5.75%, 6/15/14 (b)

      3,695        3,703,609   

Continental Airlines, Inc. Project, Series A, AMT, 5.63%, 11/15/30

      1,530        1,623,116   

Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.13%, 1/01/34

      1,050        1,122,282   

Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.38%, 1/01/43

      10,000        10,682,100   

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

      10,000        10,913,300   

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

      670        698,100   

New Jersey Transportation Trust Fund Authority, RB:

     

CAB, Transportation System, Series A, 0.00%, 12/15/38 (a)

      7,260        2,150,267   

Transportation Program, Series AA, 5.25%, 6/15/33

      8,750        9,870,087   

Transportation System, Series B, 5.50%, 6/15/31

      8,000        9,162,560   
    

 

 

  
               49,925,421   

New York — 4.6%

     

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        4,743,824   

 

                
4    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014   

Schedule of Investments (continued)

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

New York (concluded)

                 

Metropolitan Transportation Authority, RB, Series C:

     

6.25%, 11/15/23

    $ 3,245      $ 3,875,828   

6.50%, 11/15/28

      14,925        17,943,880   

Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC Project, Series 8, 6.00%, 12/01/36

      3,165        3,543,502   
    

 

 

  
               30,107,034   

North Carolina — 0.6%

     

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

      4,105        4,085,214   

Ohio — 3.8%

     

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

      1,125        989,426   

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

      2,875        3,112,906   

County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group,
Series A, 6.13%, 7/01/40

      1,690        1,808,148   

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

      1,915        2,311,558   

County of Montgomery Ohio, RB, Catholic Health Initiatives, Series D-2, 5.45%, 10/01/38

      9,230        10,299,019   

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

      5,470        6,239,793   
    

 

 

  
               24,760,850   

Pennsylvania — 1.3%

     

City of Philadelphia Pennsylvania IDA, RB:

     

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

      980        988,732   

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

      1,315        1,326,717   

Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 6/15/29

      5,000        5,899,450   
Municipal Bonds   

Par  

(000)

     Value  

Pennsylvania (concluded)

                 

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

    $ 195      $ 208,086   
    

 

 

  
               8,422,985   

South Carolina — 0.2%

     

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

      1,000        1,024,440   

Texas — 12.7%

     

Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT, 7.70%, 4/01/33 (f)(g)

      3,055        160,388   

Central Texas Regional Mobility Authority, Refunding RB, Senior Lien:

     

5.75%, 1/01/31

      1,000        1,115,720   

6.00%, 1/01/41

      4,300        4,767,195   

Series A, 5.00%, 1/01/43

      6,925        7,290,017   

City of Houston Texas Airport System, Refunding RB, United Airlines, Inc. Terminal E Project, AMT (c):

     

4.75%, 7/01/24

      3,330        3,376,820   

5.00%, 7/01/29

      2,665        2,695,621   

County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian Homes, Inc. Project, Series B, 7.00%, 1/01/43

      850        954,201   

County of Harris Texas Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System,
Series B (b):

     

7.13%, 12/01/18

      3,500        4,431,210   

7.25%, 12/01/18

      5,400        6,866,316   

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

      5,000        6,020,650   

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

      925        1,031,578   

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

      3,600        3,816,864   

New Hope Cultural Education Facilities Corp., HRB, University & College Revenue (AGM), 5.00%, 4/01/46

      680        726,220   

 

                
   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014    5

Schedule of Investments (continued)

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Municipal Bonds   

Par  

(000)

     Value  

Texas (concluded)

                 

New Hope Cultural Education Facilities Corp., Refunding RB, 1st Mortgage, Morningside Ministries Project, 6.25%, 1/01/33

    $ 1,600      $ 1,716,224   

North Texas Education Finance Corp., ERB, Uplift Education, Series A, 5.13%, 12/01/42

      1,000        1,049,840   

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

      3,500        4,009,705   

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        11,902,400   

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

      4,710        5,522,710   

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

      5,660        6,034,126   

Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, 1st Tier, Series A, 4.00%, 8/15/38

      9,375        8,953,969   
    

 

 

  
               82,441,774   

Vermont — 0.0%

     

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

      30        30,567   

Virginia — 4.7%

     

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

      3,105        3,489,834   

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

     

5.13%, 10/01/37

      2,000        2,067,620   

5.13%, 10/01/42

      6,015        6,188,052   

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

      8,000        8,982,000   

Virginia HDA, Refunding RB, S/F Housing, Sub-Series A-3, AMT, 5.05%, 7/01/26

      1,325        1,378,450   
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      $ 2,893,161   

5.50%, 1/01/42

      5,140        5,467,058   
    

 

 

  
               30,466,175   

Washington — 4.5%

     

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

      14,320        16,312,055   

Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%, 1/01/45

      4,010        4,537,355   

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

      7,000        8,107,050   
    

 

 

  
               28,956,460   

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        2,684,450   

Wisconsin — 1.0%

     

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

      6,100        6,554,023   

Wyoming — 1.3%

     

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

      4,500        4,932,945   

Wyoming Community Development Authority, Refunding RB, Series 2 & 3, 4.05%, 12/01/38

      3,250        3,244,995   
    

 

 

  
               8,177,940   
Total Municipal Bonds — 112.0%              726,730,461   

 

                
6    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014   

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 (h)		   

Par  

(000)

     Value  

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      $ 3,944,920   

California — 3.5%

     

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

      20,000        22,916,600   

Connecticut — 2.0%

     

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

      12,000        13,188,360   

District of Columbia — 1.3%

     

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

      7,495        8,477,920   

Florida — 2.4%

     

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

      14,747        15,820,068   

Illinois — 3.0%

     

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

      10,000        11,591,100   

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

      6,999        7,783,346   
    

 

 

  
               19,374,446   

Kentucky — 1.6%

     

County of Louisville & Jefferson Kentucky Metropolitan Government Parking Authority, RB, River City, Inc., 1st Mortgage, Series A, 5.38%, 12/01/39

      9,195        10,540,596   

Maryland — 0.8%

     

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

      4,710        5,226,310   

Nevada — 2.9%

     

County of Clark Nevada Water Reclamation District, GO, Limited Tax, Series B, 5.75%, 7/01/34

      15,789        18,544,415   
Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts (h)		   

Par  

(000)

     Value  

New York — 5.7%

                 

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      $ 25,958,753   

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

      10,000        11,214,600   
    

 

 

  
               37,173,353   

North Carolina — 3.0%

     

North Carolina Capital Facilities Finance Agency, Refunding RB:

     

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

      12,678        13,632,363   

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

      5,000        5,602,800   
    

 

 

  
               19,235,163   

Ohio — 2.2%

     

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

      4,400        4,849,064   

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

      8,500        9,574,655   
    

 

 

  
               14,423,719   

Oregon — 2.1%

     

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

      13,000        13,552,883   

South Carolina — 0.4%

     

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

      2,339        2,400,534   

Texas — 7.9%

     

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

      8,333        9,449,389   

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

      10,000        11,239,984   

 

                
   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014    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 (h)		   

Par  

(000)

     Value  

Texas (concluded)

                 

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

    $ 20,970      $ 26,854,392   

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

      3,407        3,498,204   
    

 

 

  
               51,041,969   

Virginia — 1.2%

     

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

      2,099        2,345,776   

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

      5,002        5,377,639   
    

 

 

  
               7,723,415   

Washington — 4.3%

     

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

     

5.00%, 11/01/34

      5,000        5,513,600   

5.00%, 11/01/36

      6,000        6,616,320   

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

      14,007        15,441,383   
    

 

 

  
               27,571,303   
Total Municipal Bonds Transferred to
Tender Option Bond (TOB) Trusts — 44.9%		              291,155,974   

Total Long-Term Investments

(Cost — $925,668,995) — 156.9%

              1,017,886,435   
Short-Term Securities    Shares     Value  

FFI Institutional Tax-Exempt Fund, 0.03% (j)(k)

      16,035,751      $ 16,035,751   

Total Short-Term Securities

(Cost — $16,035,751) — 2.5%

  

  

     16,035,751   
Total Investments (Cost — $941,704,746*) — 159.4%        1,033,922,186   
Other Assets Less Liabilities — 0.6%        3,986,804   

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (22.4%)

   

     (145,356,569 ) 
VMTP Shares, at Liquidation Value — (37.6%)        (243,800,000 ) 
    

 

 

  
Net Assets Applicable to Common Shares — 100.0%      $ 648,752,421   
    

 

 

  

 

*   As of May 31, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 798,988,963   
 

 

 

  

Gross unrealized appreciation

   $ 96,055,044   

Gross unrealized depreciation

     (6,447,502 ) 
 

 

 

  

Net unrealized appreciation

   $ 89,607,542   
 

 

 

  

 

Notes to Schedule of Investments

 

(a)   Zero-coupon bond.

 

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

 

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

 

Counterparty      Value        Unrealized
Appreciation		  

Barclays Bank PLC

      $ 1,827,818         $ 4,367   

Citigroup Global Markets, Inc.

      $ 6,072,441         $ 158,642   

 

(d)   Variable rate security. Rate shown is as of report date.

 

(e)   Security is collateralized by municipal or U.S. Treasury obligations.

 

(f)   Non-income producing security.

 

(g)   Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

 

                
8    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014   

Schedule of Investments (continued)

    BlackRock MuniVest Fund, Inc. (MVF)

 

(h)   Represent bonds transferred to a TOB. In exchange for which the Fund acquired residual interest certificates. These bonds serve as collateral in a financing transaction.

 

(i)   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.

 

(j)   Investments in issuers considered to be an affiliate of the Fund during the period ended May 31, 2014, 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,

2013

       

Net

Activity

        Shares Held
at May 31,
2014		        Income  

FFI Institutional Tax-Exempt Fund

        6,144,050           9,891,701           16,035,751         $ 2,406   

 

(k)   Represents the current yield as of report date.

 

Portfolio Abbreviations

 

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
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

 

•   Financial futures contracts outstanding as of May 31, 2014 were as follows:

 

Contracts Sold     Issue   Exchange   Expiration   Notional
Value		     Unrealized
Appreciation		  
  (650 )    10-Year U.S. Treasury Note   Chicago Board of Trade   September 2014   $ 81,585,156      $ 40,652   

 

                
   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014    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 semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2014:

 

     Level 1        Level 2        Level 3      Total  

Assets:

                 
Investments:                 

Long-Term Investments1

     —         $ 1,017,886,435         —      $ 1,017,886,435   

Short-Term Securities

   $ 16,035,751           —         —        16,035,751   
 

 

 

       

 

 

       

 

     

 

 

  

Total

   $ 16,035,751         $ 1,017,886,435         —      $ 1,033,922,186   
 

 

 

       

 

 

       

 

     

 

 

  

 

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   $ 40,652           —         —      $ 40,652   

 

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

      

 

 

                
10    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014   

Schedule of Investments (concluded)

   

BlackRock MuniVest Fund, Inc. (MVF)

 

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of May 31, 2014, 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

   $ 888,000           —           —         $ 888,000   

Liabilities:

                 

TOB trust certificates

     —         $ (145,325,681 )         —           (145,325,681 ) 

VMTP Shares

     —           (243,800,000 )         —           (243,800,000 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

Total

   $ 888,000         $ (389,125,681 )         —         $ (388,237,681 ) 
 

 

 

       

 

 

       

 

 

       

 

 

  

There were no transfers between levels during the period ended May 31, 2014.

 

                
   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2014    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:   July 23, 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:   July 23, 2014
By:  

/s/ Neal J. Andrews

  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock MuniVest Fund, Inc.
Date:   July 23, 2014