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: Donald C. Burke, Chief Executive Officer,
BlackRock MuniVest Fund, Inc., 800 Scudders Mill Road, Plainsboro, NJ
08536. Mailing address: P.O. Box 9011, Princeton, NJ 08543-9011
Registrant's telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2008 - 11/30/2008
Item 1 - Schedule of Investments
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Alabama - 3.1% Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser
Company), Series A, 6.125%, 12/01/13 (a) $ 2,550 $ 2,902,741
Huntsville, Alabama, Health Care Authority Revenue Bonds, Series A,
5.75%, 6/01/11 (a) 3,500 3,793,510
Prattville, Alabama, IDB, Environmental Improvement Revenue Bonds
(International Paper Company Projects), AMT, Series A, 4.75%, 12/01/30 6,500 3,398,590
Selma, Alabama, IDB, Environmental Improvement Revenue Refunding
Bonds (International Paper Company Project), Series B, 5.50%, 5/01/20 5,000 3,846,600
-------------
13,941,441
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Arizona - 1.7% Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project 1), Series A, 6.75%, 7/01/29 4,100 3,089,391
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project), Series E, 7.25%, 7/01/31 2,055 1,750,716
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project), Series I, 6.10%, 7/01/24 500 391,560
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter
Schools Project), Series I, 6.30%, 7/01/31 1,000 739,890
Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona
Charter Schools Project), Series O, 5%, 7/01/26 1,545 1,040,959
Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona
Charter Schools Project II), Series A, 6.75%, 7/01/21 940 826,410
-------------
7,838,926
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California - 10.0% California State, GO, 5.50%, 4/01/30 10 9,694
California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5.50%, 6/01/22 5,000 4,996,200
California State Public Works Board, Lease Revenue Bonds (Department of
Corrections), Series C, 5.50%, 6/01/23 6,000 5,950,320
California State Public Works Board, Lease Revenue Bonds (Department of
Mental Health - Coalinga State Hospital), Series A, 5.125%, 6/01/29 11,075 9,645,660
California Statewide Communities Development Authority, Health Facility
Revenue Bonds (Memorial Health Services), Series A, 6%, 10/01/23 5,240 5,153,697
Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
Series B, 5%, 12/01/27 1,250 937,150
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-3, 7.875%, 6/01/13 (a) 10,725 12,802,003
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-4, 7.80%, 6/01/13 (a) 3,750 4,465,012
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 list below.
AMT Alternative Minimum Tax (subject to)
EDA Economic Development Authority
GO General Obligation Bonds
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
PCR Pollution Control Revenue Bonds
S/F Single-Family
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds, Series A-5, 7.875%, 6/01/13 (a) $ 1,425 $ 1,700,965
-------------
45,660,701
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Colorado - 1.1% Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series
A-2, 6.60%, 5/01/28 450 462,658
Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series
A-2, 7.50%, 4/01/31 160 168,958
Colorado Health Facilities Authority Revenue Bonds (Catholic Health
Initiatives), Series D, 6.25%, 10/01/33 2,500 2,420,225
Colorado Health Facilities Authority Revenue Bonds (Lutheran Medical
Center), Series A, 5.25%, 6/01/34 3,000 2,171,370
-------------
5,223,211
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Connecticut - 0.5% Mohegan Tribe Indians Gaming Authority, Connecticut, Public
Improvement Revenue Refunding Bonds (Priority Distribution), 6.25%,
1/01/31 2,810 2,079,822
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Florida - 3.6% Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt
Cancer Center Project), Series A, 5.25%, 7/01/37 6,500 4,652,570
Miami-Dade County, Florida, IDA, Solid Waste Disposal Revenue Bonds
(Waster Management, Inc. Project), AMT, Series 1, 3.50%,
12/01/18 (b) 3,200 3,199,680
Orange County, Florida, Health Facilities Authority, Hospital Revenue
Bonds (Adventist Health System), 5.625%, 11/15/12 (a) 7,600 8,487,908
-------------
16,340,158
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Georgia - 4.2% Gainesville, Georgia, Redevelopment Authority, Educational Facilities
Revenue Refunding Bonds (Riverside Military Academy), 5.125%, 3/01/37 1,100 567,963
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds,
Series W, 6.60%, 1/01/18 4,595 5,033,777
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds,
Series W, 6.60%, 1/01/18 (c) 250 285,565
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds,
Series Y, 10%, 1/01/10 (c) 250 272,055
Houston County, Georgia, Hospital Authority Revenue Bonds (Houston
Heart Institute Project), 5.25%, 10/01/35 5,000 3,671,150
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series
A, 6.25%, 7/15/33 (d)(e) 1,165 198,073
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series
A, 6.375%, 7/15/38 (d)(e) 3,270 555,965
Milledgeville-Baldwin County, Georgia, Development Authority Revenue
Bonds (Georgia College and State University Foundation), 5.625%,
9/01/14 (a) 3,000 3,447,840
Monroe County, Georgia, Development Authority, PCR, Refunding
(Oglethorpe Power Corporation-Scherer), Series A, 6.80%, 1/01/11 4,785 5,085,498
-------------
19,117,886
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Idaho - 0.0% Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT,
Series E-2, 6.90%, 1/01/27 215 220,343
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BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Illinois - 13.1% Chicago, Illinois, O'Hare International Airport, General Airport Revenue
Bonds, Third Lien, AMT, Series B-2, 6%, 1/01/27 (f) $ 17,080 $ 14,760,878
Chicago, Illinois, O'Hare International Airport, General Airport Revenue
Refunding Bonds, Third Lien, AMT, Series A, 5.75%, 1/01/19 (f) 5,000 4,665,700
Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7%,
3/01/32 (g)(h)(i) 60 61,474
Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro
Biosolids Management LLC Project), AMT, 6%, 11/01/23 10,000 8,408,700
Illinois Development Finance Authority Revenue Bonds (Community
Rehabilitation Providers Facilities), Series A, 6.50%, 7/01/22 2,140 1,999,038
Illinois Development Finance Authority, Revenue Refunding Bonds
(Community Rehabilitation Providers Facilities), Series A, 6%, 7/01/15 370 359,218
Illinois State Finance Authority Revenue Bonds (Advocate Health Care
Network), Series D, 6.50%, 11/01/38 9,700 9,305,404
Illinois State Finance Authority Revenue Bonds (Community Rehabilitation
Providers Facilities), 4.625%, 7/01/27 2,695 1,825,297
Illinois State Toll Highway Authority Revenue Bonds, Series B, 5.50%,
1/01/33 7,000 6,711,320
Kane and De Kalb Counties, Illinois, Community Unit School District
Number 302, GO, 5.75%, 2/01/14 (a)(j) 30 34,044
McLean and Woodford Counties, Illinois, Community Unit School District
Number 005, GO, Refunding, 6.25%, 12/01/14 (k) 1,005 1,086,787
McLean and Woodford Counties, Illinois, Community Unit School District
Number 005, GO, Refunding, 6.375%, 12/01/16 (k) 845 916,766
Regional Transportation Authority, Illinois, Revenue Bonds, Series A,
7.20%, 11/01/20 (l) 3,500 4,081,175
Regional Transportation Authority, Illinois, Revenue Bonds, Series C,
7.75%, 6/01/20 (f)(j) 4,000 4,798,560
Will County, Illinois, School District Number 122 (New Lenox Elementary),
GO, Series A, 6.50%, 11/01/10 (a)(k) 395 428,990
Will County, Illinois, School District Number 122 (New Lenox Elementary),
GO, Series A, 6.50%, 11/01/13 (k) 505 537,184
-------------
59,980,535
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Indiana - 6.9% Indiana Health and Educational Facilities Financing Authority, Hospital
Revenue Bonds (Clarian Health Obligation), Series A, 5.25%, 2/15/40 8,980 5,869,418
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series
A, 6.80%, 12/01/16 8,195 9,137,261
Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue
Refunding Bonds, Series D, 6.75%, 2/01/14 15,335 16,761,615
-------------
31,768,294
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Kansas - 0.8% Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT, Series A-4, 5.95%,
12/01/33 (h)(i) 3,805 3,819,878
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Kentucky - 1.0% Louisville and Jefferson County, Kentucky, Metropolitan Government
Health System, Revenue Refunding Bonds (Norton Healthcare, Inc.),
5.25%, 10/01/36 6,795 4,599,739
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BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 3.3% Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5%, 8/15/33 $ 8,720 $ 6,260,698
Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25%, 8/15/36 11,660 8,636,679
-------------
14,897,377
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Maine - 0.3% Portland, Maine, Housing Development Corporation, Senior Living Revenue
Bonds (Avesta Housing Development Corporation Project), Series A, 5.70%,
8/01/21 775 645,358
Portland, Maine, Housing Development Corporation, Senior Living Revenue
Bonds (Avesta Housing Development Corporation Project), Series A, 6%,
2/01/34 1,190 898,629
-------------
1,543,987
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Maryland - 0.5% Maryland State Community Development Administration, Department of
Housing and Community Development, Residential Revenue Refunding
Bonds, AMT, Series D, 4.90%, 9/01/42 3,250 2,306,785
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Massachusetts - Boston, Massachusetts, Water and Sewer Commission Revenue Bonds,
11.1% 9.25%, 1/01/11 (c) 2,035 2,261,679
Massachusetts Bay Transportation Authority, Revenue Refunding Bonds
(General Transportation System), Series A, 7%, 3/01/19 3,010 3,533,198
Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.20%,
12/01/37 3,000 2,315,220
Massachusetts State, HFA, Housing Revenue Refunding Bonds, AMT, Series
D, 4.85%, 6/01/40 3,000 2,085,630
Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT, Series 130,
5%, 12/01/32 2,500 1,927,400
Massachusetts State Water Resource Authority Revenue Bonds, Series A,
6.50%, 7/15/19 (c) 30,000 34,941,600
Massachusetts State Water Resource Authority, Revenue Refunding Bonds,
Series A, 6%, 8/01/10 (a)(j) 3,480 3,734,318
-------------
50,799,045
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Michigan - 6.9% Delta County, Michigan, Economic Development Corporation,
Environmental Improvement Revenue Refunding Bonds (Mead Westvaco-
Escanaba), Series A, 6.25%, 4/15/12 (a) 2,500 2,784,975
Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue
Bonds (Mount Clemens General Hospital), Series B, 5.75%, 11/15/13 (a) 3,715 4,198,433
Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue
Bonds (Mount Clemens General Hospital), Series B, 5.875%, 11/15/13 (a) 4,250 4,827,405
Michigan State Hospital Finance Authority, Hospital Revenue Refunding
Bonds (Crittenton Hospital), Series A, 5.625%, 3/01/27 1,900 1,643,348
Michigan State Hospital Finance Authority, Hospital Revenue Refunding
Bonds (Oakwood Obligated Group), Series A, 5%, 7/15/25 2,000 1,546,500
Michigan State Hospital Finance Authority, Revenue Refunding Bonds
(Henry Ford Health System), Series A, 5.25%, 11/15/46 7,950 5,423,093
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Michigan State Hospital Finance Authority, Revenue Refunding Bonds
(McLaren Health Care Corporation), 5.75%, 5/15/38 $ 7,285 $ 6,391,568
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Sinai
Hospital), 6.70%, 1/01/26 1,000 787,850
Michigan State Hospital Finance Authority, Revenue Refunding Bonds
(Trinity Health Credit Group), Series A, 6%, 12/01/20 4,200 4,189,332
-------------
31,792,504
----------------------------------------------------------------------------------------------------------------------------------
Minnesota - 2.1% Minneapolis, Minnesota, Health Care System Revenue Bonds (Allina Health
System), Series A, 5.75%, 11/15/12 (a) 7,235 8,083,738
Saint Cloud, Minnesota, Health Care Revenue Refunding Bonds (Saint Cloud
Hospital Obligation Group), Series A, 6.25%, 5/01/17 (k) 1,405 1,477,779
-------------
9,561,517
----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 6.4% Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding
(Weyerhaeuser Company Project), Series A, 6.80%, 4/01/22 9,160 7,392,486
Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding
(Weyerhaeuser Company Project), Series B, 6.70%, 4/01/22 4,500 3,597,795
Mississippi Business Finance Corporation, Mississippi, PCR, Refunding
(System Energy Resources, Inc. Project), 5.875%, 4/01/22 20,705 16,365,232
Mississippi Business Finance Corporation, Mississippi, PCR, Refunding
(System Energy Resources, Inc. Project), 5.90%, 5/01/22 2,250 1,781,370
-------------
29,136,883
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Missouri - 0.5% Missouri State Development Finance Board, Infrastructure Facilities
Revenue Refunding Bonds (Branson), Series A, 5.50%, 12/01/32 2,600 1,880,918
Missouri State Housing Development Commission, S/F Mortgage Revenue
Bonds (Homeowner Loan), AMT, Series A, 7.50%, 3/01/31 (h)(i) 185 195,358
-------------
2,076,276
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Montana - 1.3% Forsyth, Montana, PCR, Refunding (Portland General Electric Company),
Series A, 5.20%, 5/01/33 6,000 6,026,280
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New Hampshire - New Hampshire Health and Education Facilities Authority, Revenue
0.5% Refunding Bonds (Elliot Hospital), Series B, 5.60%, 10/01/22 2,675 2,469,105
----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 5.1% New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 9,080 6,690,416
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29 2,885 2,076,623
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 8,695 6,047,720
New Jersey State Housing and Mortgage Finance Agency Revenue Bonds,
Series AA, 6.375%, 10/01/28 1,555 1,602,381
Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed
Revenue Bonds, 7%, 6/01/13 (a) 5,980 7,056,280
-------------
23,473,420
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New York - 7.9% Metropolitan Transportation Authority, New York, Revenue Bonds, Series
C, 6.25%, 11/15/23 3,245 3,384,178
Metropolitan Transportation Authority, New York, Revenue Bonds, Series
C, 6.50%, 11/15/28 14,925 15,523,493
New York City, New York, City Transitional Finance Authority, Future Tax
Secured Revenue Bonds, Series B, 6.25%, 5/15/10 (a) 5,000 5,382,750
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
New York City, New York, GO, Refunding, Series A, 6.375%, 5/15/14 (j) $ 965 $ 1,020,854
New York State Dormitory Authority, State University Educational Facilities
Revenue Refunding Bonds, Series 1989, 6%, 5/15/10 (a)(f) 10,000 10,731,000
-------------
36,042,275
----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 3.0% Gaston County, North Carolina, Industrial Facilities and Pollution Control
Financing Authority, Revenue Bonds (National Gypsum Company Project),
AMT, 5.75%, 8/01/35 4,105 2,226,634
North Carolina Medical Care Commission, Health Care Facilities, Revenue
Refunding Bonds (University Health System), Series D, 6.25%, 12/01/33 12,000 11,376,840
-------------
13,603,474
----------------------------------------------------------------------------------------------------------------------------------
Ohio - 4.1% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 27,500 18,761,325
----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 3.2% Pennsylvania State Higher Education Assistance Agency Revenue Bonds,
Capital Acquisition, 6.125%, 12/15/10 (a)(f) 2,440 2,645,912
Philadelphia, Pennsylvania, Authority for Industrial Development, Senior
Living Revenue Bonds (Arbor House, Inc. Project), Series E, 6.10%,
7/01/33 1,000 767,330
Philadelphia, Pennsylvania, Authority for Industrial Development, Senior
Living Revenue Bonds (Rieder House Project), Series A, 6.10%, 7/01/33 1,355 1,039,732
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds
(Guthrie Healthcare System), Series B, 7.125%, 12/01/11 (a) 6,780 8,170,442
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding
Bonds (Guthrie Healthcare System), Series A, 6.25%, 12/01/11 (a) 1,340 1,501,041
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding
Bonds (Guthrie Healthcare System), Series A, 6.25%, 12/01/18 410 411,292
-------------
14,535,749
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South Carolina - 0.9% Georgetown County, South Carolina, Environmental Improvement Revenue
Refunding Bonds (International Paper Company Project), AMT, Series A,
5.55%, 12/01/29 1,000 592,460
Richland County, South Carolina, Environmental Improvement Revenue
Refunding Bonds (International Paper), AMT, 6.10%, 4/01/23 5,000 3,557,050
-------------
4,149,510
----------------------------------------------------------------------------------------------------------------------------------
South Dakota - 0.4% South Dakota State Health and Educational Facilities Authority Revenue
Bonds (Sanford Health), 5%, 11/01/40 2,605 2,052,792
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Tennessee - 0.6% Shelby County, Tennessee, Health, Educational and Housing Facility
Board, Hospital Revenue Refunding Bonds (Methodist Healthcare),
6.50%, 9/01/12 (a) 2,370 2,686,324
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Texas - 17.3% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises
Inc.), First Tier, Series A, 6.70%, 1/01/11 (a) 5,000 5,435,900
Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC
Project), AMT, Series A, 7.70%, 4/01/33 3,055 2,093,011
Brazos River, Texas, Harbor Navigation District, Brazoria County
Environmental Revenue Refunding Bonds (Dow Chemical Company
Project), AMT, Series A-7, 6.625%, 5/15/33 11,460 9,095,344
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds,
AMT, Series B, 6.25%, 11/01/28 (f) 4,500 4,031,325
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds,
AMT, Series C, 6.25%, 11/01/28 (f) $ 1,500 $ 1,343,775
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Refunding
Bonds, AMT, Sub-Series A-2, 6.10%, 11/01/24 (f) 1,000 905,280
Gregg County, Texas, Health Facilities Development Corporation,
Hospital Revenue Bonds (Good Shepherd Medical Center Project),
6.875%, 10/01/10 (a)(m) 3,000 3,300,330
Guadalupe-Blanco River Authority, Texas, Sewage and Solid Waste Disposal
Facility Revenue Bonds (E. I. du Pont de Nemours and Company Project),
AMT, 6.40%, 4/01/26 10,250 10,028,600
Gulf Coast Waste Disposal Authority, Texas, Revenue Refunding Bonds
(International Paper Company), AMT, Series A, 6.10%, 8/01/24 6,000 4,158,660
Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds,
Senior Lien, Series G, 5.75%, 11/15/20 (f) 5,500 5,299,195
Harris County, Texas, Health Facilities Development Corporation, Hospital
Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series
B, 7.125%, 12/01/31 3,500 3,443,650
Harris County, Texas, Health Facilities Development Corporation, Hospital
Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series
B, 7.25%, 12/01/35 5,400 5,411,340
Houston, Texas, Industrial Development Corporation Revenue Bonds (Air
Cargo), AMT, 6.375%, 1/01/23 1,790 1,486,559
Judson, Texas, Independent School District, School Building, GO, 5%,
2/01/37 (n) 3,000 2,668,590
Mansfield, Texas, Independent School District, GO, Refunding, 6.625%,
2/15/15 155 162,535
Matagorda County, Texas, Navigation District Number 1, Revenue
Refunding Bonds (Centerpoint Energy Project), 5.60%, 3/01/27 9,355 6,634,753
Midway, Texas, Independent School District, GO, Refunding, 6.125%,
8/15/14 5,225 5,514,570
Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project),
Series A, 6.45%, 11/01/30 2,700 2,007,018
Red River Authority, Texas, PCR, Refunding (Celanese Project), AMT,
Series B, 6.70%, 11/01/30 5,000 3,756,100
Texas State University, System Financing Revenue Refunding Bonds, 5.25%,
3/15/27 2,450 2,418,616
-------------
79,195,151
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Vermont - 0.2% Vermont Educational and Health Buildings Financing Agency,
Developmental and Mental Health Revenue Bonds (Howard Center for
Human Services), Series A, 6.375%, 6/15/22 1,000 908,430
----------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.4% Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power
Company), Series A, 5.875%, 6/01/17 1,425 1,428,121
Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage
Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/37 2,000 1,173,580
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
----------------------------------------------------------------------------------------------------------------------------------
Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage
Revenue Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/42 $ 7,015 $ 4,010,195
-------------
6,611,896
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Washington - 7.2% Energy Northwest, Washington, Electric Revenue Refunding Bonds
(Columbia Generating), Series B, 6%, 7/01/18 (l) 7,015 7,513,696
Seattle, Washington, Housing Authority Revenue Bonds (Replacement
Housing Project), 6.125%, 12/01/32 2,305 1,788,634
Washington State Health Care Facilities Authority, Revenue Refunding
Bonds (Catholic Health Initiatives), Series D, 6.375%, 10/01/36 7,000 6,579,930
Washington State Public Power Supply System, Revenue Refunding Bonds
(Nuclear Project Number 1), Series B, 7.125%, 7/01/16 14,320 17,234,836
-------------
33,117,096
----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 3.0% Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50%, 1/01/25 1,755 1,456,071
Wisconsin Housing and EDA, Home Ownership Revenue Refunding Bonds,
AMT, Series A, 5.625%, 3/01/31 6,000 5,123,460
Wisconsin State Health and Educational Facilities Authority, Mortgage
Revenue Bonds (Hudson Memorial Hospital), 5.70%, 1/15/29 (o) 4,500 4,223,250
Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(SynergyHealth, Inc.), 6%, 11/15/32 3,040 2,825,285
-------------
13,628,066
----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Islands - Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds
1.3% (Hovensa Coker Project), AMT, 6.50%, 7/01/21 8,000 6,131,840
----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds - 134.5% 616,098,041
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Municipal Bonds Transferred to
Tender Option Bond Trusts (p)
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Connecticut - 2.5% Connecticut State Health and Educational Facilities Authority Revenue
Bonds (Yale University), Series Z-3, 5.05%, 7/01/42 12,000 11,387,040
----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.6% Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami
International Airport), AMT, 5%, 10/01/40 (q) 10,000 7,122,900
----------------------------------------------------------------------------------------------------------------------------------
Illinois - 7.0% Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien, 5.25%,
11/01/33 (k) 1,330 1,220,620
Kane and De Kalb Counties, Illinois, Community Unit School District
Number 302, GO, 5.75%, 2/01/18 (j) 2,975 3,376,060
Kane and De Kalb Counties, Illinois, Community Unit School District
Number 302, GO, 5.75%, 2/01/19 (j) 2,710 3,075,335
Kane and De Kalb Counties, Illinois, Community Unit School District
Number 302, GO, 5.75%, 2/01/21 (j) 4,775 5,418,718
Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax
Revenue Refunding Bonds (McCormick Place Expansion Project), Series B,
5.75%, 6/15/23 (f) 18,553 19,032,226
-------------
32,122,959
----------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.9% Maryland State Transportation Authority, Transportation Facilities Projects
Revenue Bonds, 5%, 7/01/41 (k) 4,710 4,347,942
----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 4.1% Massachusetts State School Building Authority, Dedicated Sales Tax
Revenue Bonds, Series A, 5%, 8/15/30 (k) 20,000 18,958,200
----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Municipal Bonds Transferred to Par
State Tender Option Bond Trusts (p) (000) Value
----------------------------------------------------------------------------------------------------------------------------------
New York - 4.8% New York City, New York, City Municipal Water Finance Authority, Water
and Sewer System, Revenue Refunding Bonds, Series DD, 5%, 6/15/37 $ 24,199 $ 22,013,185
----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 2.6% North Carolina Capital Facilities Finance Agency, Revenue Refunding Bonds
(Duke University Project), Series A, 5%, 10/01/41 12,678 11,736,703
----------------------------------------------------------------------------------------------------------------------------------
Ohio - 0.8% Ohio State Higher Educational Facilities Commission, Hospital Revenue
Bonds (University Hospitals Health System), Series A, 5.25%, 01/01/33 4,400 3,782,416
----------------------------------------------------------------------------------------------------------------------------------
Texas - 7.5% Harris County, Texas, Health Facilities Development Corporation Revenue
Refunding Bonds (School Health Care System), Series B, 5.75%, 7/01/27 (c) 20,970 22,411,058
Texas State Department of Housing and Community Affairs, S/F Mortgage
Revenue Bonds, AMT, Series B, 5.25%, 9/01/32 (g)(h)(i) 8,503 6,833,244
Texas State University, System Financing Revenue Refunding Bonds, 5%,
3/15/30 (k) 5,667 5,265,988
-------------
34,510,290
----------------------------------------------------------------------------------------------------------------------------------
Washington - 10.9% Central Puget Sound Regional Transportation Authority, Washington, Sales
and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (k) 14,007 12,836,924
Central Puget Sound Regional Transportation Authority, Washington, Sales
and Use Tax Revenue Bonds, Series A, 5%, 11/01/34 5,000 4,511,525
Central Puget Sound Regional Transportation Authority, Washington, Sales
and Use Tax Revenue Bonds, Series A, 5%, 11/01/36 6,000 5,413,830
Energy Northwest, Washington, Electric Revenue Refunding Bonds
(Columbia Generating), Series A, 5.75%, 7/01/18 (f) 10,660 11,310,900
Energy Northwest, Washington, Electric Revenue Refunding Bonds (Project
Number 1), Series B, 6%, 7/01/17 (f) 14,700 15,788,388
-------------
49,861,567
----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to
Tender Option Bond Trusts - 42.7% 195,843,202
----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (Cost - $891,646,838) - 177.2% 811,941,243
----------------------------------------------------------------------------------------------------------------------------------
Short-Term Securities Shares
----------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund, 1.08% (r)(s) 46,600,000 46,600,000
----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities
(Cost - $46,600,000) - 10.2% 46,600,000
----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $938,246,838*) - 187.4% 858,541,243
Liabilities in Excess of Other Assets - (2.6)% (11,832,159)
Liability for Trust Certificates, Including Interest
Expense and Fees Payable - (24.6)% (112,663,250)
Preferred Shares, at Redemption Value - (60.2)% (275,906,843)
-------------
Net Assets Applicable to Common Shares - 100.0% $ 458,138,991
=============
* The cost and unrealized appreciation (depreciation) of investments as of
November 30, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 827,102,393
=============
Gross unrealized appreciation $ 23,784,173
Gross unrealized depreciation (104,028,542)
-------------
Net unrealized depreciation $ (80,244,369)
=============
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
(a) 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.
(b) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(c) Security is collateralized by Municipal or U.S. Treasury Obligations.
(d) Non-income producing security.
(e) Issuer filed for bankruptcy and/or is in default of interest payments.
(f) MBIA Insured.
(g) FHLMC Collateralized.
(h) FNMA Collateralized.
(i) GNMA Collateralized.
(j) FGIC Insured.
(k) FSA Insured.
(l) AMBAC Insured.
(m) Radian Insured.
(n) Assured Guaranty Insured.
(o) FHA Insured.
(p) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates. These
securities serve as collateral in a financing transaction.
(q) XL Capital Insured.
(r) Investments in companies considered to be an affiliate of the Fund, for
purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as
follows:
--------------------------------------------------------------------------
Affiliate Net Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund 41,169,026 $ 209,813
--------------------------------------------------------------------------
(s) Represents the current yield as of report date.
BlackRock MuniVest Fund, Inc.
Schedule of Investments November 30, 2008 (Unaudited)
o Effective September 1, 2008, the Fund adopted Financial Accounting
Standards Board Statement of Financial Accounting Standards No. 157, "Fair
Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair
value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are as
follows:
o Level 1 - price quotations in active markets/exchanges for identical
securities
o Level 2 - other observable inputs (including, but not limited to:
quoted prices for 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)
o Level 3 - unobservable inputs based on the best information
available in the circumstance, to the extent observable inputs are
not available (including the Fund's own assumption used in
determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities.
For information about the Fund's policy regarding valuation of investments
and other significant accounting policies, please refer to the Fund's most
recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of November 30, 2008 in
determining the fair valuation of the Fund's investments:
--------------------------------------------------------------------
Valuation Investments in
Inputs Securities
--------------------------------------------------------------------
Level 1 $ 46,600,000
Level 2 811,941,243
Level 3 --
--------------------------------------------------------------------
Total $ 858,541,243
=============
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer of
BlackRock MuniVest Fund, Inc.
Date: January 20, 2009
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/ Donald C. Burke
--------------------------------
Donald C. Burke
Chief Executive Officer (principal executive officer) of
BlackRock MuniVest Fund, Inc.
Date: January 20, 2009
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniVest Fund, Inc.
Date: January 20, 2009