N-Q 1 d565462dnq.htm BLACKROCK MUNIVEST FUND, INC. 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: 08/31/2013

Date of reporting period: 05/31/2013

Item 1    –    Schedule of Investments

Schedule of Investments May 31, 2013 (Unaudited)    BlackRock MuniVest Fund, Inc. (MVF)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Alabama – 2.9%

      

Alabama State Port Authority, Refunding RB, Docks Facilities,

      

6.00%, 10/01/40

    $ 7,610       $ 8,836,047   

Camden IDB, RB, Weyerhaeuser Co. Project, Series A,

      

6.13%, 12/01/13(a)

      2,550         2,624,944   

Selma IDB, RB, International Paper Co. Project:

      

Gulf Opportunity Zone, 5.80%, 5/01/34

      1,850         2,079,715   

Series A, 5.38%, 12/01/35

      1,000         1,094,860   

Selma IDB, Refunding RB, International Paper Co. Project, Series B,

      

5.50%, 5/01/20

      5,000         5,067,450   
     

 

 

  
        19,703,016   
     

 

 

  

Alaska – 0.2%

      

Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A,

      

5.00%, 6/01/46

      1,250         1,104,550   
     

 

 

  

Arizona – 3.9%

      

Maricopa County IDA, RB, Arizona Charter Schools Project, Series A,

      

6.75%, 7/01/29

      4,100         2,881,070   

Maricopa County Pollution Control Corp., Refunding RB, Southern California Edison Co., Series A,

      

5.00%, 6/01/35

      3,300         3,579,378   

Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A,

      

5.00%, 7/01/40

      2,000         2,141,340   

Pima County IDA, ERB, Arizona Charter Schools Project:

      

Series E, 7.25%, 7/01/31

      1,995         2,006,112   

Series I, 6.75%, 7/01/21

      630         633,245   

Pima County IDA, Refunding ERB, Arizona Charter Schools Project, Series I(a)(b):

      

6.10%, 7/01/13

      110         110,507   

6.10%, 7/01/13

      370         384,289   

6.30%, 7/01/13

      230         231,099   

6.30%, 7/01/13

      740         765,797   

Salt River Project Agricultural Improvement & Power District, Refunding RB, Electrical System, Series A,

      

5.00%, 12/01/31

      7,000         8,067,290   

Salt Verde Financial Corp., RB, Senior,

      

5.00%, 12/01/37

      5,000         5,526,950   
     

 

 

  
        26,327,077   
     

 

 

  

California – 9.8%

      

California Health Facilities Financing Authority, RB:

      

Scripps Health, Series A, 5.00%, 11/15/40

      2,800         3,053,680   

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

      5,000         5,825,950   

Stanford Hospital Clinics, Series A, 5.00%, 8/15/51

      3,750         4,093,538   

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

      5,600         6,669,096   

California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A,

      

6.00%, 7/01/34

      1,055         1,252,981   

California HFA, RB, Home Mortgage, Series K (AMT),

      

5.50%, 2/01/42

      1,830         1,894,654   

California State Public Works Board, RB(a):

      

Department of Corrections, Series C, 5.50%, 12/01/13

      6,000         6,157,920   

Department of Mental Health, Coalinga, Series A, 5.13%, 6/01/14

      10,435         10,941,306   

California Statewide Communities Development Authority, RB, Kaiser Permanente, Series A,

      

5.00%, 4/01/42

      4,170         4,519,488   

City of Los Angeles Department of Airports, Refunding RB, Series A,

      

5.25%, 5/15/39

      1,200         1,366,992   

Golden State Tobacco Securitization Corp., RB, Asset-Backed, Series A-3,

      

7.88%, 6/01/13(a)

      5,725         5,725,000   

Poway Unified School District, GO, CAB, School Facilities Improvement District No. 2007-1, Election of 2008, Series B,

      

5.11%, 8/01/46(c)

      10,000         1,879,000   

State of California, GO,

      

6.50%, 4/01/33

      9,700         11,941,476   
     

 

 

  
        65,321,081   
     

 

 

  

Colorado – 1.0%

      

Colorado Health Facilities Authority, RB, Catholic Health Initiatives, Series D,

      

6.25%, 10/01/33

      2,500         2,979,400   

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran, Series A,

      

5.25%, 6/01/34

      3,000         3,106,080   

 

    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013   1

Schedule of Investments (continued)    BlackRock MuniVest Fund, Inc. (MVF)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Colorado (concluded)

      

Regional Transportation District, COP, Refunding, Series A,

      

5.38%, 6/01/31

    $ 385       $ 429,094   
     

 

 

  
        6,514,574   
     

 

 

  

Delaware – 0.3%

      

Sussex County Delaware, RB, NRG Energy, Inc. Indian River Project,

      

6.00%, 10/01/40

      1,500         1,679,310   
     

 

 

  

District of Columbia – 0.2%

      

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

      

5.00%, 10/01/39

      415         453,271   

5.25%, 10/01/44

      650         714,857   
     

 

 

  
        1,168,128   
     

 

 

  

Florida – 4.9%

      

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

      

Series B, 6.38%, 7/01/28

      4,630         5,538,777   

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

      5,000         5,737,600   

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

      

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

      10,000         10,395,400   

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

      10,290         11,433,013   
     

 

 

  
        33,104,790   
     

 

 

  

Georgia – 2.0%

      

City of Atlanta Georgia Department of Aviation, Refunding GARB, Series B, AMT,

      

5.00%, 1/01/29

      1,070         1,174,560   

DeKalb County Hospital Authority, Refunding RB, Dekalb Medical Center, Inc. Project,

      

6.13%, 9/01/40

      3,570         4,110,962   

DeKalb Private Hospital Authority, Refunding RB, Children’s Healthcare,

      

5.25%, 11/15/39

      3,335         3,664,665   

Municipal Electric Authority of Georgia, RB, Series W:

      

6.60%, 1/01/18(d)

      110         113,863   

6.60%, 1/01/18

      3,645         4,027,033   
     

 

 

  
        13,091,083   
     

 

 

  

Hawaii – 0.9%

      

State of Hawaii Harbor System, RB, Series A,

      

5.50%, 7/01/35

      5,000         5,723,550   
     

 

 

  

Illinois – 11.6%

      

Chicago Board of Education, GO, Series A,

      

5.50%, 12/01/39

      6,670         7,420,508   

Chicago Transit Authority, RB, Sales Tax Receipts,

      

5.25%, 12/01/36

      2,110         2,358,073   

City of Chicago Illinois O’Hare International Airport, GARB, Third Lien, Series B-2, AMT (NPFGC),

      

6.00%, 1/01/27

      17,080         17,550,896   

Illinois Finance Authority, RB:

      

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

      9,700         11,604,110   

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

      655         657,253   

Illinois Finance Authority, Refunding RB, Series A:

      

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

      9,000         10,562,490   

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

      4,990         5,691,345   

Railsplitter Tobacco Settlement Authority, RB,

      

6.00%, 6/01/28

      2,645         3,153,792   

Regional Transportation Authority, RB:

      

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

      2,765         3,292,562   

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

      4,000         4,944,280   

Village of Hodgkins Illinois Environmental Improvement, RB, MBM Project, AMT,

      

6.00%, 11/01/23

      10,000         10,014,300   
     

 

 

  
        77,249,609   
     

 

 

  

Indiana – 2.7%

      

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

      

5.00%, 7/01/40

      2,640         2,743,778   

5.00%, 7/01/44

      1,525         1,578,695   

Indiana Health & Educational Facilities Financing Authority, RB, Clarian Health Obligation, Series A,

      

5.25%, 2/15/40

      8,980         9,676,579   

Indianapolis Local Public Improvement Bond Bank, Refunding RB, Series D,

      

6.75%, 2/01/14(d)

      3,670         3,823,039   
     

 

 

  
     17,822,091   
     

 

 

  

 

2   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013    

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, Refunding RB, Asset- Backed, Series C,

      

5.63%, 6/01/46

    $ 1,000       $ 974,400   
     

 

 

  

Kentucky – 1.2%

      

Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A:

      

6.38%, 6/01/40

      2,000         2,320,600   

6.50%, 3/01/45

      4,000         4,666,400   

Owen County Waterworks System, RB, Kentucky American Water Co., Series B,

      

5.63%, 9/01/39

      1,000         1,063,420   
     

 

 

  
        8,050,420   
     

 

 

  

Louisiana – 1.0%

      

Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-1,

      

6.50%, 11/01/35

      2,615         3,104,685   

Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A,

      

5.00%, 7/01/36

      1,110         1,210,955   

Parish of St. Charles Louisiana Gulf Opportunity Zone, RB, Valero Energy Corp.,

      

4.00%, 12/01/40(e)

      2,210         2,390,424   
     

 

 

  
        6,706,064   
     

 

 

  

Maine – 1.4%

      

Maine Health & Higher Educational Facilities Authority, RB:

      

Eastern Maine Medical Center, 5.00%, 7/01/43

      2,500         2,650,275   

Series A, 5.00%, 7/01/39

      5,000         5,337,000   

Portland Housing Development Corp., RB, Senior Living, Series A,

      

6.00%, 2/01/34

      1,190         1,221,749   
     

 

 

  
        9,209,024   
     

 

 

  

Maryland – 1.8%

      

Maryland Community Development Administration, RB, AMT,

      

5.10%, 9/01/37

      1,835         1,904,106   

Maryland Community Development Administration, Refunding RB, Residential, Series D, AMT,

      

4.90%, 9/01/42

      3,250         3,335,930   

Maryland Health & Higher Educational Facilities Authority, Refunding RB:

      

Charlestown Community, 6.25%, 1/01/41

      2,000         2,245,880   

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

      2,100         2,275,980   

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

      2,100         2,273,502   
     

 

 

  
        12,035,398   
     

 

 

  

Massachusetts – 5.7%

      

Massachusetts Bay Transportation Authority, Refunding RB, General Transportation System, Series A,

      

7.00%, 3/01/19

      3,010         3,496,626   

Massachusetts Development Finance Agency, RB, Wellesley College, Series J,

      

5.00%, 7/01/42

      2,800         3,152,156   

Massachusetts HFA, RB, AMT:

      

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

      2,500         2,586,675   

Series A, 5.20%, 12/01/37

      2,865         2,959,975   

Massachusetts HFA, Refunding RB, Series C, AMT,

      

5.35%, 12/01/42

      6,550         7,005,487   

Massachusetts Water Resources Authority, RB, Series A,

      

6.50%, 7/15/19(d)

      16,000         18,680,800   
     

 

 

  
        37,881,719   
     

 

 

  

Michigan – 3.9%

      

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

      

6.25%, 7/01/36

      2,500         2,856,025   

7.00%, 7/01/36

      1,250         1,482,538   

Michigan State Hospital Finance Authority, Refunding RB:

      

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

      7,950         8,303,536   

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

      7,285         8,342,345   

Royal Oak Hospital Finance Authority, Refunding RB, William Beaumont Hospital,

      

8.25%, 9/01/39

      4,100         5,180,596   
     

 

 

  
        26,165,040   
     

 

 

  

 

    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013   3

Schedule of Investments (continued)    BlackRock MuniVest Fund, Inc. (MVF)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Mississippi – 4.7%

      

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

      

Series A, 6.80%, 4/01/22

    $ 9,160       $ 10,935,391   

Series B, 6.70%, 4/01/22

      4,500         5,320,935   

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

      

5.88%, 4/01/22

      15,000         15,044,550   
     

 

 

  
        31,300,876   
     

 

 

  

Nebraska – 1.7%

      

Central Plains Energy Project, RB, Gas Project No. 3,

      

5.00%, 9/01/42

      6,200         6,660,908   

Omaha Public Power District, RB, Series B,

      

5.00%, 2/01/36

      4,000         4,494,560   
     

 

 

  
        11,155,468   
     

 

 

  

Nevada – 0.9%

      

Clark County Nevada, ARB, Series B,

      

5.75%, 7/01/42

      5,000         5,725,750   
     

 

 

  

New Hampshire – 0.3%

      

New Hampshire Health & Education Facilities Authority, Refunding RB, Elliot Hospital, Series B,

      

5.60%, 10/01/22

      2,145         2,287,042   
     

 

 

  

New Jersey – 4.9%

      

Delaware River Port Authority Pennsylvania & New Jersey, RB, Series D,

      

5.00%, 1/01/40

      195         212,420   

New Jersey EDA, RB, Cigarette Tax,

      

5.75%, 6/15/14(a)

      3,695         3,901,920   

New Jersey EDA, Refunding RB:

      

Cigarette Tax, 5.00%, 6/15/25

      990         1,110,067   

School Facilities Construction, Series AA, 5.25%, 12/15/33

      10,000         11,100,100   

New Jersey State Housing & Mortgage Finance Agency, RB, Series AA,

      

6.38%, 10/01/28

      905         981,192   

New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series B,

      

5.50%, 6/15/31

      8,000         9,270,480   

Tobacco Settlement Financing Corp. New Jersey, RB,

      

7.00%, 6/01/13

      5,980         5,980,000   
     

 

 

  
        32,556,179   
     

 

 

  

New York – 4.7%

      

Metropolitan Transportation Authority, RB, Series C:

      

6.25%, 11/15/23

      3,245         3,968,732   

6.50%, 11/15/28

      14,925         18,472,374   

New York State Thruway Authority, Refunding RB, General, Series I,

      

5.00%, 1/01/42

      4,215         4,582,379   

Port Authority of New York & New Jersey, RB, Special Project, JFK International Air Terminal Project, Series 8,

      

6.00%, 12/01/36

      3,165         3,685,263   

Rochester Housing Authority, RB, Andrews Terrace Apartments, AMT (Ginnie Mae),

      

4.70%, 12/20/38

      1,000         1,020,940   
     

 

 

  
        31,729,688   
     

 

 

  

North Carolina – 1.0%

      

Gaston County Industrial Facilities & Pollution Control Financing Authority, RB, Exempt Facilities, National Gypsum Co. Project, AMT,

      

5.75%, 8/01/35

      4,105         3,994,411   

North Carolina Medical Care Commission, Refunding RB, Wakemed, Series A,

      

4.13%, 10/01/38

      2,730         2,786,129   
     

 

 

  
        6,780,540   
     

 

 

  

Ohio – 0.5%

      

Buckeye Tobacco Settlement Financing Authority, RB, Asset- Backed, Series A2,

      

6.50%, 6/01/47

      1,125         1,092,060   

Lucas County Ohio Hospital, Refunding RB, Promedica Healthcare, Series A,

      

6.50%, 11/15/37

      1,915         2,359,127   
     

 

 

  
        3,451,187   
     

 

 

  

Oregon – 0.7%

      

City of Tigard Oregon Water System, Refunding RB:

      

5.00%, 8/01/37

      2,000         2,243,420   

5.00%, 8/01/42

      2,335         2,595,913   
     

 

 

  
        4,839,333   
     

 

 

  

 

4   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013    

Schedule of Investments (continued)    BlackRock MuniVest Fund, Inc. (MVF)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Pennsylvania – 0.9%

      

Chester County IDA, RB, Aqua Pennsylvania Inc. Project, Series A, AMT (NPFGC),

      

5.00%, 2/01/40

    $ 540       $ 560,644   

Pennsylvania Economic Development Financing Authority, Refunding RB, Aqua Pennsylvania, Inc. Project, Series A, AMT,

      

5.00%, 12/01/34

      2,780         2,999,703   

Philadelphia Authority for Industrial Development, RB:

      

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

      1,000         1,019,870   

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

      1,355         1,381,924   
     

 

 

  
        5,962,141   
     

 

 

  

Puerto Rico – 2.5%

      

Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A,

      

6.38%, 8/01/39

      13,000         14,641,510   

Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC),

      

5.57%, 8/01/41(c)

      10,000         2,127,200   
     

 

 

  
        16,768,710   
     

 

 

  

South Carolina – 0.9%

      

Georgetown County, Refunding RB, International Paper Co. Project, Series A, AMT,

      

5.55%, 12/01/29

      1,000         1,059,490   

Richland County South Carolina, Refunding RB, International Paper Co. Project, AMT,

      

6.10%, 4/01/23

      5,000         5,069,900   
     

 

 

  
        6,129,390   
     

 

 

  

Texas – 13.4%

      

Brazos River Authority, Refunding RB, Texas Utility Co., Series A, AMT,

      

7.70%, 4/01/33

      3,055         213,850   

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

      

5.75%, 1/01/31

      1,000         1,152,290   

6.00%, 1/01/41

      4,300         4,948,612   

Series A, 5.00%, 1/01/43

      6,925         7,386,274   

Gulf Coast Waste Disposal Authority, Refunding RB, Series A, AMT,

      

6.10%, 8/01/24

      4,000         4,015,960   

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

      

7.13%, 12/01/18

      3,500         4,617,830   

7.25%, 12/01/18

      5,400         7,160,562   

La Vernia Higher Education Finance Corp., RB, KIPP, Inc.,

      

6.25%, 8/15/39

      925         1,067,404   

Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project,

      

5.25%, 11/01/40

      3,600         3,867,084   

Matagorda County Navigation District No 1, Refunding RB, CenterPoint Energy Project,

      

5.60%, 3/01/27(e)

      9,355         9,651,928   

North Texas Education Finance Corp., ERB, Uplift Education, Series A,

      

5.13%, 12/01/42

      1,000         1,059,500   

North Texas Tollway Authority, Refunding RB, System, First Tier, Series A,

      

6.25%, 1/01/39

      3,500         3,988,950   

San Antonio Public Facilities Corp., Refunding RB, Convention Center,

      

4.00%, 9/15/42

      7,200         6,883,416   

Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare,

      

6.00%, 8/15/45

      5,000         5,883,750   

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB, Scott & White Healthcare,

      

5.00%, 8/15/43

      1,145         1,245,107   

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         12,115,700   

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

      4,710         5,609,846   

Texas Transportation Commission, Refunding RB, Central Texas Turnpike System, First Tier, Series A,

      

4.00%, 8/15/38

      9,375         9,028,125   
     

 

 

  
        89,896,188   
     

 

 

  

 

    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013   5

Schedule of Investments (continued)    BlackRock MuniVest Fund, Inc. (MVF)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Utah – 0.7%

      

Utah Transit Authority, Refunding RB, Subordinated Sales Tax,

      

4.00%, 6/15/39

    $ 5,000       $ 4,842,500   
     

 

 

  

Vermont – 0.0%

      

Vermont Educational & Health Buildings Financing Agency, RB, Developmental & Mental Health, Series A,

      

6.38%, 6/15/22

      30         30,580   
     

 

 

  

Virginia – 2.9%

      

City of Norfolk Virginia Parking System, Refunding RB, Series B (AMBAC),

      

5.50%, 2/01/31

      3,550         3,553,372   

City of Portsmouth Virginia, GO, Refunding, Series D,

      

5.00%, 7/15/34

      3,105         3,483,096   

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

      

5.13%, 10/01/37

      2,000         2,086,160   

5.13%, 10/01/42

      6,015         6,281,464   

Virginia HDA, Refunding RB, Sub-Series A3, AMT,

      

5.05%, 7/01/26

      1,325         1,405,322   

Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings Opco LLC Project, AMT,

      

6.00%, 1/01/37

      2,620         2,910,270   
     

 

 

  
        19,719,684   
     

 

 

  

Washington – 4.1%

      

Seattle Washington Housing Authority, RB, Replacement Housing Projects,

      

6.13%, 12/01/32

      2,120         2,121,187   

Washington Health Care Facilities Authority, Refunding RB, Catholic Health Initiatives, Series D,

      

6.38%, 10/01/36

      7,000         8,385,860   

Washington State Public Power Supply System, Refunding RB, Series B,

      

7.13%, 7/01/16

      14,320         17,111,827   
     

 

 

  
        27,618,874   
     

 

 

  

West Virginia – 0.4%

      

West Virginia Hospital Finance Authority, Refunding RB, Charleston, Series A,

      

5.63%, 9/01/32

      2,500         2,761,800   
     

 

 

  

Wisconsin – 0.5%

      

Wisconsin Health & Educational Facilities Authority, RB, SynergyHealth, Inc.,

      

6.00%, 8/01/13(a)

      3,040         3,069,093   
     

 

 

  

Wyoming – 1.3%

      

Sweetwater County Wyoming, Refunding RB, Idaho Power Co. Project,

      

5.25%, 7/15/26

      4,500         5,013,630   

Wyoming Community Development Authority, RB, Series 2 & 3,

      

4.05%, 12/01/38

      4,070         3,978,954   
     

 

 

  
        8,992,584   
     

 

 

  

Total Municipal Bonds – 102.5%

         685,448,531   
     

 

 

  

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

      

Arizona – 0.6%

      

Phoenix Arizona Civic Improvement Corp. Water System, RB, Junior Lien, Series A,

      

5.00%, 7/01/34

      3,500         3,968,335   
     

 

 

  

California – 5.2%

      

Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A,

      

6.00%, 8/01/33

      9,586         11,730,934   

University of California, RB, Series O,

      

5.25%, 5/15/39

      20,000         22,919,400   
     

 

 

  
        34,650,334   
     

 

 

  

Connecticut – 2.0%

      

Connecticut State Health & Educational Facility Authority, RB, Yale University, Series Z-3,

      

5.05%, 7/01/42

      12,000         13,388,280   
     

 

 

  

District of Columbia – 1.3%

      

District of Columbia Water & Sewer Authority, Refunding RB, Series A,

      

5.50%, 10/01/39

      7,495         8,692,645   
     

 

 

  

Florida – 4.5%

      

County of Miami-Dade Florida, RB, Water & Sewer System (AGM),

      

5.00%, 10/01/39

      14,747         16,185,942   

County of Miami-Dade Florida Transit System, Refunding RB,

      

5.00%, 7/01/42

      3,750         4,065,825   

 

6   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 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  

Florida (concluded)

      

Miami-Dade County Expressway Authority, RB, Series A (AGC),

      

5.00%, 7/01/35

    $ 8,900       $ 9,632,203   
     

 

 

  
        29,883,970   
     

 

 

  

Illinois – 4.0%

      

City of Chicago Illinois, Refunding RB, Series A,

      

5.00%, 1/01/41

      4,640         5,033,797   

City of Chicago Illinois Water, Refunding RB, Second Lien (AGM),

      

5.25%, 11/01/33

      1,330         1,517,250   

Illinois Finance Authority, RB, University of Chicago, Series B,

      

6.25%, 7/01/38

      10,000         12,138,800   

Illinois State Toll Highway Authority, RB, Series B,

      

5.50%, 1/01/33

      6,999         7,870,425   
     

 

 

  
        26,560,272   
     

 

 

  

Kentucky – 4.7%

      

Kentucky Economic Development Finance Authority, Refunding RB, St. Elizabeth, Series A,

      

5.50%, 5/01/39

      8,003         8,929,796   

Kentucky Housing Corp., Refunding RB, Series L, AMT,

      

5.25%, 1/01/38

      4,250         4,429,903   

Lexington-Fayette Urban County Airport Board, Refunding RB, Series A,

      

5.00%, 7/01/27

      7,001         7,828,181   

Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A,

      

5.38%, 12/01/39

      9,195         10,653,051   
     

 

 

  
        31,840,931   
     

 

 

  

Maryland – 0.8%

      

Maryland State Transportation Authority, RB, Transportation Facility Project (AGM),

      

5.00%, 7/01/41

      4,710         5,162,914   
     

 

 

  

Nevada – 2.8%

      

Clark County Water Reclamation District, GO, Series B,

      

5.75%, 7/01/34

      15,789         19,095,502   
     

 

 

  

New York – 7.9%

      

New York City Municipal Water Finance Authority, Refunding RB:

      

Series DD, 5.00%, 6/15/37

      24,199         26,605,619   

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

      4,154         4,852,137   

New York City Transitional Finance Authority, RB, Fiscal 2012, Series E,

      

5.00%, 2/01/42

      8,898         9,846,054   

New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project,

      

5.75%, 11/15/51

      10,000         11,594,700   
     

 

 

  
        52,898,510   
     

 

 

  

North Carolina – 2.9%

      

North Carolina Capital Facilities Finance Agency, Refunding RB:

      

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

      12,678         13,881,018   

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

      5,000         5,496,950   
     

 

 

  
        19,377,968   
     

 

 

  

Ohio – 3.6%

      

County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A,

      

5.25%, 6/01/38

      2,870         3,162,596   

County of Montgomery Ohio, Refunding RB, Catholic Healthcare, Series A,

      

5.50%, 5/01/34

      5,470         6,345,419   

Ohio Higher Educational Facility Commission, Refunding RB, Hospital, Cleveland Clinic Health, Series A,

      

5.25%, 1/01/33

      4,400         4,811,004   

State of Ohio Hospital Facilities, RB, Cleveland Clinic Health, Series B,

      

5.50%, 1/01/34

      8,500         9,566,070   
     

 

 

  
        23,885,089   
     

 

 

  

Oregon – 2.1%

      

Oregon State Housing & Community Services Department, HRB, Series A, AMT,

      

4.95%, 7/01/30

      13,000         13,793,086   
     

 

 

  

South Carolina – 0.4%

      

South Carolina State Housing Finance & Development Authority, Refunding RB, Series B-1,

      

5.55%, 7/01/39

      2,719         2,896,182   
     

 

 

  

Texas – 8.9%

      

City of Houston Texas Airport Systems, Refunding RB, Senior Lien, Series A,

      

5.50%, 7/01/34

      8,333         9,534,652   

 

    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 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)

      

Harris County Health Facilities Development Corp., Refunding RB, School Health Care System, Series B,

      

5.75%, 7/01/27(d)

    $ 20,970       $ 27,494,186   

Houston Higher Education Finance Corp., RB, Rice University Project, Series A,

      

5.00%, 5/15/40

      10,000         11,153,974   

Texas Department of Housing & Community Affairs, MRB, Series B, AMT (Ginnie Mae),

      

5.25%, 9/01/32

      4,746         4,965,218   

Texas State University Systems, Refunding RB (AGM),

      

5.00%, 3/15/30

      5,667         6,196,775   
     

 

 

  
        59,344,805   
     

 

 

  

Virginia – 2.5%

      

Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A,

      

5.50%, 5/15/35

      2,099         2,372,981   

Virginia Commonwealth Transportation Board, RB, Capital Projects,

      

5.00%, 5/15/32

      8,001         9,065,833   

Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare,

      

5.00%, 11/01/40

      5,002         5,426,856   
     

 

 

  
        16,865,670   
     

 

 

  

Washington – 4.1%

      

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

      

5.00%, 11/01/36

      6,000         6,673,920   

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

      14,007         15,595,073   

Series A, 5.00%, 11/01/34

      5,000         5,561,600   
     

 

 

  
        27,830,593   
     

 

 

  

Wisconsin – 1.0%

      

Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health Inc., Series C,

      

5.25%, 4/01/39(g)

      6,099         6,650,333   
     

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 59.3%

         396,785,419   
     

 

 

  

Total Long-Term Investments
(Cost – $979,736,999) – 161.8%

         1,082,233,950   
     

 

 

  

Short-Term Securities

   
Shares		         

FFI Institutional Tax-Exempt Fund,

      

0.03%(h)(i)

      15,710,461         15,710,461   
     

 

 

  

Total Short-Term Securities
(Cost – $15,710,461) – 2.4%

         15,710,461   
     

 

 

  

Total Investments (Cost – $995,447,460*) – 164.2%

         1,097,944,411   

Other Assets Less Liabilities – 1.8%

         12,259,782   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (29.5%)

         (197,692,016 ) 

VMTP Shares, at Liquidation Value – (36.5%)

         (243,800,000 ) 
     

 

 

  

Net Assets Applicable to Common Shares – 100.0%

       $ 668,712,177   
     

 

 

  

 

* As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 800,868,671   
  

 

 

  

Gross unrealized appreciation

    $ 107,870,560   

Gross unrealized depreciation

      (8,387,887 ) 
  

 

 

  

Net unrealized appreciation

    $ 99,482,673   
  

 

 

  

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

 

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

 

(d) Security is collateralized by Municipal or US Treasury obligations.

 

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

 

8   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013    

Schedule of Investments (continued)    BlackRock MuniVest Fund, Inc. (MVF)
  

 

(f) 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.

 

(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 April 1, 2017, is $3,213,217.

 

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

 

(i) Investments in issuers considered to be an affiliate of the Fund during the period ended May 31, 2013, 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,
2012		      Net Activity    Shares Held at
May 31,
2013		      Income  

FFI Institutional Tax-Exempt Fund

      6,562,755       9,147,706      15,710,461       $ 1,585   

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.   GO   General Obligation Bonds
  AGM   Assured Guaranty Municipal Corp.   HDA   Housing Development Authority
  AMBAC   American Municipal Bond Assurance Corp.   HFA   Housing Finance Agency
  AMT   Alternative Minimum Tax (subject to)   HRB   Housing Revenue Bonds
  ARB   Airport Revenue Bonds   IDA   Industrial Development Authority
  CAB   Capital Appreciation Bonds   IDB   Industrial Development Board
  COP   Certificates of Participation   MRB   Mortgage Revenue Bonds
  EDA   Economic Development Authority   NPFGC   National Public Finance Guarantee Corp.
  ERB   Education Revenue Bonds   RB   Revenue Bonds
  GARB   General Airport Revenue Bonds   S/F   Single Family
  Ginnie Mae   Government National Mortgage Association    

 

    BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013   9

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 to valuation techniques 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 or liabilities that the Fund has the ability to access

 

  • 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)

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 is based on the pricing transparency of the investment 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, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of May 31, 2013:

 

     Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments1

      —       $ 1,082,233,950         —       $ 1,082,233,950   

Short-Term Securities

    $ 15,710,461         —         —         15,710,461   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 15,710,461       $ 1,082,233,950         —       $ 1,097,944,411   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

1 

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

Certain of the Fund’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1      Level 2     Level 3      Total  

Assets:

  

Cash

    $ 11,250,878         —        —       $ 11,250,878   

Liabilities:

           

TOB trust certificates

      —       $ (197,593,067 )      —         (197,593,067 ) 

VMTP shares

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

 

 

     

 

 

    

 

 

     

 

 

  

Total

    $ 11,250,878       $ (441,393,067 )      —       $ (430,142,189 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

There were no transfers between levels during the period ended May 31, 2013.

 

10   BLACKROCK MUNIVEST FUND, INC.    MAY 31, 2013    

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 25, 2013

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 25, 2013

 

By:

  

/s/ Neal J. Andrews

    
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of  
  BlackRock MuniVest Fund, Inc.    

Date: July 25, 2013