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 811-5611
Name of Fund: MuniVest Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, 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: (609) 282-2800
Date of fiscal year end: 08/31/05
Date of reporting period: 03/01/05 - 05/31/05
Item 1 - Schedule of Investments
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 4.0% $ 2,550 Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser Company),
Series A, 6.125% due 12/01/2024 $ 2,829
7,500 Courtland, Alabama, IDB, Solid Waste Disposal Revenue Bonds (Champion
International Corporation Project), AMT, Series A, 6.50% due 9/01/2025 7,715
Huntsville, Alabama, Health Care Authority Revenue Bonds:
3,500 Series A, 5.75% due 6/01/2031 3,737
5,000 Series B, 5.75% due 6/01/2032 5,377
5,000 Selma, Alabama, IDB, Environmental Improvement Revenue Refunding Bonds
(International Paper Company Project), Series B, 5.50% due 5/01/2020 5,313
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Alaska - 2.9% 7,405 Anchorage, Alaska, Lease Revenue Bonds (Correctional Facility), 6%
due 2/01/2010 (a)(i) 8,344
9,500 Valdez, Alaska, Marine Terminal Revenue Refunding Bonds (BP Pipelines Inc.
Project), VRDN, Series B, 2.98% due 7/01/2037 (l) 9,500
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Arizona - 1.6% 4,375 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.75% due 7/01/2029 4,364
Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project):
2,100 Series E, 7.25% due 7/01/2031 2,270
500 Series I, 6.10% due 7/01/2024 515
1,000 Series I, 6.30% due 7/01/2031 1,029
1,610 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter
Schools Project II), Series A, 6.75% due 7/01/2021 1,705
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California - 19.8% California State Public Works Board, Lease Revenue Bonds:
5,000 (Department of Corrections), Series C, 5.50% due 6/01/2022 5,528
6,000 (Department of Corrections), Series C, 5.50% due 6/01/2023 6,616
10,775 (Department of Mental Health - Coalinga State Hospital), Series A, 5.125%
due 6/01/2029 11,326
California State, Various Purpose, GO:
13,570 5.50% due 4/01/2030 15,086
16,250 5.50% due 11/01/2033 18,057
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Portfolio Abbreviations
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To simplify the listings of MuniVest Fund, Inc.'s portfolio holdings in the
Schedule of Investments, we have abbreviated the names of many of the securities
according to the list below.
AMT Alternative Minimum Tax (subject to)
DRIVERS Derivative Inverse Tax-Exempt Receipts
EDA Economic Development Authority
GO General Obligation Bonds
HDA Housing Development Authority
HFA Housing Finance Agency
IDA Industrial Development Authority
IDB Industrial Development Board
IDR Industrial Development Revenue Bonds
M/F Multi-Family
PCR Pollution Control Revenue Bonds
RIB Residual Interest Bonds
RITR Residual Interest Trust Receipts
S/F Single-Family
VRDN Variable Rate Demand Notes
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 5,240 California Statewide Communities Development Authority, Health Facility Revenue
Bonds (Memorial Health Services), Series A, 6% due 10/01/2023 $ 5,890
Golden State Tobacco Securitization Corporation of California, Tobacco
Settlement Revenue Bonds:
7,280 Series A-3, 7.875% due 6/01/2042 8,552
3,750 Series A-4, 7.80% due 6/01/2042 4,387
1,425 Series A-5, 7.875% due 6/01/2042 1,674
13,900 Series B, 5.375% due 6/01/2028 14,649
8,850 Series B, 5.50% due 6/01/2033 9,600
15,000 Series B, 5.50% due 6/01/2033 (f) 16,506
5,000 Series B, 5.50% due 6/01/2043 (f) 5,466
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Colorado - 2.5% 9,915 Arapahoe County, Colorado, School District Number 005, GO (Cherry Creek), 6%
due 12/15/2009 (a) 11,054
Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2:
1,040 6.60% due 5/01/2028 1,066
310 7.50% due 4/01/2031 325
3,000 Colorado Health Facilities Authority Revenue Bonds (Lutheran Medical Center),
Series A, 5.25% due 6/01/2034 3,131
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Connecticut - 0.5% 2,810 Mohegan Tribe Indians Gaming Authority, Connecticut, Public Improvement
Revenue Refunding Bonds (Priority Distribution), 6.25% due 1/01/2031 3,043
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Florida - 2.8% 6,000 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series D, 5.375% due 11/15/2035 6,323
10,320 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 5.625% due 11/15/2032 11,075
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Georgia - 3.0% Georgia Municipal Electric Authority, Power Revenue Refunding Bonds:
4,600 Series W, 6.60% due 1/01/2018 5,583
250 Series W, 6.60% due 1/01/2018 (e) 303
250 Series Y,10% due 1/01/2010 (e) 322
Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds
(Georgia College and State University Foundation):
4,390 5.50% due 9/01/2024 4,679
2,000 5.625% due 9/01/2030 2,123
4,785 Monroe County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation-Scherer), Series A, 6.80% due 1/01/2011 5,561
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Idaho - 0.1% 915 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2,
6.90% due 1/01/2027 917
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Illinois - 19.3% 5,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue
Refunding Bonds, Third Lien, AMT, Series A, 5.75% due 1/01/2019 (c) 5,505
Chicago, Illinois, O'Hare International Airport Revenue Bonds, AMT:
11,200 3rd Lien, Series B-2, 6% due 1/01/2029 (n) 12,683
8,540 Series 368, DRIVERS, 8.684% due 7/01/2011 (c)(m) 10,921
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 7,000 Chicago, Illinois, O'Hare International Airport, Revenue Refunding Bonds,
DRIVERS, AMT, Series 253, 8.19% due 1/01/2020 (c)(m) $ 8,414
130 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7%
due 3/01/2032 (b)(d)(k) 131
10,000 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids
Management LLC Project), AMT, 6% due 11/01/2023 10,659
2,140 Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation
Providers Facilities), Series A, 6.50% due 7/01/2022 2,314
1,365 Illinois Development Finance Authority, Revenue Refunding Bonds (Community
Rehabilitation Providers Facilities), Series A, 6% due 7/01/2015 1,418
1,685 Illinois HDA Revenue Refunding Bonds (M/F Program), Series 5, 6.75%
due 9/01/2023 1,723
600 Illinois State Finance Authority Revenue Bonds (Northwestern University), VRDN,
Sub-Series A, 2.90% due 12/01/2034 (l) 600
5,245 Kane and De Kalb Counties, Illinois, Community Unit School District Number 302,
GO, DRIVERS, Series 283, 8.22% due 2/01/2018 (f)(m) 6,732
McLean and Woodford Counties, Illinois, Community Unit, School District Number
005, GO, Refunding (i):
5,000 6.25% due 12/01/2014 5,827
4,000 6.375% due 12/01/2016 4,667
Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax and
Capital Appreciation Revenue Bonds (McCormick Place Expansion Project),
Series A (c):
16,000 5.05%** due 12/15/2038 3,256
43,550 5.154%** due 12/15/2039 8,451
18,550 Metropolitan Pier and Exposition Authority, Illinois, Dedicated State Tax
Revenue Refunding Bonds (McCormick Place Expansion Project), Series B, 5.75%
due 6/15/2023 (c) 20,969
Regional Transportation Authority, Illinois, Revenue Bonds:
3,500 Series A, 7.20% due 11/01/2020 (h) 4,511
4,000 Series C, 7.75% due 6/01/2020 (f) 5,668
3,000 Will County, Illinois, Environmental Revenue Bonds (Mobil Oil Refining
Corporation Project), AMT, 6.40% due 4/01/2026 3,136
Will County, Illinois, School District Number 122 (New Lenox Elementary), GO,
Series A (i):
1,475 6.50% due 11/01/2010 (a) 1,718
505 6.50% due 11/01/2013 582
395 6.50% due 11/01/2015 455
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Indiana - 6.6% 1,700 Fort Wayne, Indiana, PCR, Refunding (General Motors Corporation Project), 6.20%
due 10/15/2025 1,668
6,500 Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds
(Clarian Health Partners Inc.), Series A, 6% due 2/15/2021 6,851
4,290 Indiana State HFA, S/F Mortgage Revenue Refunding Bonds, Series A, 6.80%
due 1/01/2017 (j) 4,297
8,195 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A,
6.80% due 12/01/2016 10,139
15,335 Indianapolis, Indiana, Local Public Improvement Bond, Bank Revenue Refunding
Bonds, Series D, 6.75% due 2/01/2014 (e) 18,328
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Kansas - 0.6% $ 3,805 Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds (Mortgage
Backed Securities Program), AMT, Series A-4, 5.95% due 12/01/2033 (b)(d) $ 3,995
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Louisiana - 2.5% 4,000 De Soto Parish, Louisiana, Environmental Improvement Revenue Refunding Bonds
(International Paper Co. Project), AMT, Series B, 6.55% due 4/01/2019 4,080
10,575 Louisiana Local Government, Environmental Facilities, Community Development
Authority Revenue Bonds (Capital Projects and Equipment Acquisition), Series A,
6.30% due 7/01/2030 (h) 11,558
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Maine - 0.3% Portland, Maine, Housing Development Corporation, Senior Living Revenue Bonds
(Avesta Housing Development Corporation Project), Series A:
775 5.70% due 8/01/2021 776
1,190 6% due 2/01/2034 1,192
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Massachusetts - 7.6% 2,035 Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, 9.25%
due 1/01/2011 (e) 2,607
3,010 Massachusetts Bay Transportation Authority Revenue Refunding Bonds (General
Transportation System), Series A, 7% due 3/01/2019 3,856
30,000 Massachusetts State Water Resource Authority Revenue Bonds, Series A, 6.50%
due 7/15/2019 36,846
3,480 Massachusetts State Water Resource Authority, Revenue Refunding Bonds,
Series A, 6% due 8/01/2010 (a)(f) 3,968
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Michigan - 3.5% 7,695 Delta County, Michigan, Economic Development Corporation, Environmental
Improvement Revenue Refunding Bonds (Mead Westvaco-Escanaba), Series A, 6.25%
due 4/15/2012 (a) 9,073
Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds
(Mount Clemens General Hospital), Series B:
3,715 5.75% due 11/15/2025 3,727
5,250 5.875% due 11/15/2034 5,297
1,900 Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds
(Crittenton Hospital), Series A, 5.625% due 3/01/2027 2,043
Michigan State Hospital Finance Authority, Revenue Refunding Bonds:
390 (Ascension Health Credit), Series A, 6.125% due 11/15/2009 (a) 442
1,000 (Sinai Hospital), 6.70% due 1/01/2026 1,013
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Minnesota - 1.5% 7,235 Minneapolis, Minnesota, Health Care System Revenue Bonds (Allina Health System),
Series A, 5.75% due 11/15/2032 7,779
1,405 Saint Cloud, Minnesota, Health Care Revenue Refunding Bonds (Saint Cloud
Hospital Obligation Group), Series A, 6.25% due 5/01/2017 (i) 1,598
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Mississippi - 4.9% Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding
(Weyerhaeuser Company Project):
3,710 Series A, 6.80% due 4/01/2022 4,512
4,000 Series B, 6.70% due 4/01/2022 4,866
20,705 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System
Energy Resources Inc. Project), 5.875% due 4/01/2022 21,070
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 0.5% $ 2,600 Missouri State Development Finance Board, Infrastructure Facilities Revenue
Refunding Bonds (Branson), Series A, 5.50% due 12/01/2032 $ 2,752
315 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeowner Loan), AMT, Series A, 7.50% due 3/01/2031 (b)(d) 330
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Montana - 1.0% 6,000 Forsyth, Montana, PCR, Refunding (Portland General Electric Company),
Series A, 5.20% due 5/01/2033 6,303
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Nebraska - 0.1% 810 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT,
Series C, 6.30% due 9/01/2028 (b)(d)(k) 822
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Nevada - 1.9% 6,700 Clark County, Nevada, IDR (Power Company Project), AMT, Series A, 6.70%
due 6/01/2022 (f) 6,825
Nevada Housing Division, Multi-Unit Housing Revenue Bonds, AMT (b):
3,475 (Arville Electric Project), 6.60% due 10/01/2023 3,584
1,235 Issue B, 7.45% due 10/01/2017 1,262
Nevada Housing Division Revenue Bonds (S/F Program), AMT (j):
225 Senior Series E, 7% due 10/01/2019 228
60 Series A, 6.55% due 10/01/2012 61
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New Hampshire - 0.5% 2,675 New Hampshire Health and Education Facilities Authority, Revenue Refunding
Bonds (Elliot Hospital), Series B, 5.60% due 10/01/2022 2,861
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New Jersey - 5.2% New Jersey EDA, Cigarette Tax Revenue Bonds:
9,080 5.50% due 6/15/2024 9,651
2,885 5.75% due 6/15/2029 3,117
2,855 5.50% due 6/15/2031 3,007
6,695 5.75% due 6/15/2034 7,167
8,480 Tobacco Settlement Financing Corporation of New Jersey Revenue Bonds, 7%
due 6/01/2041 9,393
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New Mexico - 0.5% 3,300 Farmington, New Mexico, PCR, Refunding (Public Service Company-San Juan
Project), Series A, 5.80% due 4/01/2022 3,417
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New York - 17.6% 10,000 Metropolitan Transportation Authority, New York, Revenue Bonds, Series A, 5%
due 11/15/2033 10,671
6,000 Metropolitan Transportation Authority, New York, Revenue Refunding Bonds,
Series A, 5.125% due 11/15/2031 6,340
New York City, New York, City Municipal Water Finance Authority, Water and Sewer
System, Revenue Refunding Bonds:
7,405 Series B, 5% due 6/15/2036 7,832
5,250 Series D, 5% due 6/15/2037 5,559
7,875 New York City, New York, City Transitional Finance Authority Revenue Bonds, RIB,
Series 283, 5% due 5/15/2010 (a)(m) 10,333
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
New York City, New York, GO:
$ 1,500 Series D, 5% due 11/01/2027 $ 1,585
7,150 Series F, 5.25% due 1/15/2033 7,640
1,445 Series I, 6.25% due 4/15/2007 (a)(n) 1,548
20 Series I, 6.25% due 4/15/2017 (n) 21
65 Series I, 6.25% due 4/15/2027 (n) 69
5,850 Series M, 5% due 4/01/2030 6,161
14,850 Series M, 5% due 4/01/2035 15,602
6,800 Series O, 5% due 6/01/2030 7,167
New York City, New York, GO, Refunding:
7,035 Series A, 6.375% due 5/15/2010 (a)(f) 8,168
965 Series A, 6.375% due 5/15/2014 (f) 1,108
4,000 Series G, 5% due 12/01/2033 4,198
New York State Dormitory Authority, Revenue Refunding Bonds:
1,000 (Mount Sinai Health), Series A, 6.50% due 7/01/2025 1,067
11,875 RIB, Series 305, 8.74% due 5/15/2015 (c)(m) 15,067
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Oregon - 1.0% 2,000 Portland, Oregon, Airport Way, Urban Renewal and Redevelopment Tax Allocation
Refunding Bonds, Series A, 6% due 6/15/2015 (h) 2,261
3,305 Portland, Oregon, Sewer System Revenue Bonds, RIB, Series 386, 8.22%
due 8/01/2020 (f)(m) 4,050
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Pennsylvania - 4.0% 2,440 Pennsylvania State Higher Education Assistance Agency Revenue Bonds, Capital
Acquisition, 6.125% due 12/15/2010 (a)(c) 2,808
6,250 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds
(University of Pennsylvania Medical Center Health System), Series A, 6%
due 1/15/2031 6,940
Philadelphia, Pennsylvania, Authority for Industrial Development, Senior Living
Revenue Bonds:
1,000 (Arbor House Inc. Project), Series E, 6.10% due 7/01/2033 979
1,355 (Rieder House Project), Series A, 6.10% due 7/01/2033 1,326
9,280 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2031 11,094
1,750 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 6.25% due 12/01/2018 1,956
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South Carolina - 1.9% 3,500 Lexington County, South Carolina, Health Services District Inc., Hospital
Revenue Refunding and Improvement Bonds, 5.50% due 11/01/2032 3,703
2,450 Medical University Hospital Authority, South Carolina, Hospital Facilities
Revenue Refunding Bonds, 6.50% due 8/15/2012 (a) 2,946
5,000 Richland County, South Carolina, Environmental Improvement Revenue Refunding
Bonds (International Paper), AMT, 6.10% due 4/01/2023 5,392
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Tennessee - 1.6% 2,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling
Facility-Calhoun Newsprint), AMT, 7.40% due 12/01/2022 2,010
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
Shelby County, Tennessee, Health, Educational and Housing Facility Board,
Hospital Revenue Refunding Bonds (Methodist Healthcare):
$ 4,120 6.50% due 9/01/2012 (a) $ 4,944
2,380 6.50% due 9/01/2026 (e) 2,835
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Texas - 18.2% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A:
6,000 6.70% due 1/01/2028 6,429
1,290 6.70% due 1/01/2032 1,373
200 Bell County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Scott & White Memorial Hospital), VRDN, Series 2001-2, 2.95%
due 8/15/2031 (c)(l) 200
Brazos River Authority, Texas, PCR, Refunding, AMT:
3,000 (Texas Utilities Electric Company Project), Series B, 5.40% due 5/01/2029 3,058
3,055 (Texas Utility Company), Series A, 7.70% due 4/01/2033 3,628
11,870 (Utilities Electric Company), Series B, 5.05% due 6/01/2030 12,074
11,460 Brazos River, Texas, Harbor Navigation District, Brazoria County Environmental
Revenue Refunding Bonds (Dow Chemical Company Project), AMT, Series A-7, 6.625%
due 5/15/2033 12,767
3,000 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project), 6.875% due 10/01/2020 (g) 3,466
10,250 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% due 4/01/2026 10,679
3,000 Gulf Coast, Texas, Waste Disposal Authority Revenue Refunding Bonds
(International Paper Company), AMT, Series A, 6.10% due 8/01/2024 3,214
5,500 Harris County, Houston, Texas, Sports Authority, Revenue Refunding Bonds, Senior
Lien, Series G, 5.75% due 11/15/2020 (c) 6,102
10,385 Harris County, Texas, Health Facilities Development Corporation, Revenue
Refunding Bonds, RITR, Series 6, 7.825% due 12/01/2027 (e)(m) 14,668
1,795 Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo),
AMT, 6.375% due 1/01/2023 1,863
2,030 Mansfield, Texas, Independent School District, GO, Refunding, 6.625%
due 2/15/2015 2,320
9,355 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Centerpoint Energy Project), 5.60% due 3/01/2027 9,785
5,225 Midway, Texas, Independent School District, GO, Refunding, 6.125% due 8/15/2014 5,903
2,700 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project),
Series A, 6.45% due 11/01/2030 2,854
5,000 Red River Authority, Texas, PCR, Refunding (Celanese Project), AMT, Series B,
6.70% due 11/01/2030 5,286
6,250 San Antonio, Texas, Electric and Gas Revenue Bonds, RIB, Series 469x, 8.27%
due 2/01/2014 (m) 7,682
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Vermont - 0.2% 1,000 Vermont Educational and Health Buildings Financing Agency, Developmental and
Mental Health Revenue Bonds (Howard Center for Human Services), Series A,
6.375% due 6/15/2022 1,071
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Virginia - 0.9% 1,425 Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power Company),
Series A, 5.875% due 6/01/2017 1,568
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005 (in Thousands)
Face
State Amount Municipal Bonds Value
-----------------------------------------------------------------------------------------------------------------------------------
$ 1,500 Isle of Wight County, Virginia, IDA, Solid Waste Disposal Facilities Revenue
Bonds (Union Camp Corporation Project), AMT, 6.55% due 4/01/2024 $ 1,520
2,440 Virginia State HDA, Commonwealth Mortgage Revenue Bonds, Series J,
Sub-Series J-1, 5.20% due 7/01/2019 (c) 2,461
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Washington - 8.3% Energy Northwest, Washington, Electric Revenue Refunding Bonds, DRIVERS (m):
5,330 Series 248, 8.22% due 7/01/2018 (c) 6,709
3,510 Series 255, 8.717% due 7/01/2018 (h) 4,550
7,350 Series 256, 8.72% due 7/01/2017 (c) 9,548
2,440 Seattle, Washington, Housing Authority Revenue Bonds (Replacement Housing
Project), 6.125% due 12/01/2032 2,432
8,100 Washington State, GO, Trust Receipts, Class R, Series 6, 8.653%
due 1/01/2014 (i)(m) 10,092
14,320 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear
Project Number 1), Series B, 7.125% due 7/01/2016 18,406
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Wisconsin - 2.4% 4,260 Badger Tobacco Asset Securitization Corporation, Wisconsin, Asset-Backed
Revenue Bonds, 6.125% due 6/01/2027 4,433
1,765 Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50% due 1/01/2025 1,864
5,000 Wisconsin State Health and Educational Facilities Authority, Mortgage Revenue
Bonds (Hudson Memorial Hospital), 5.70% due 1/15/2029 (j) 5,381
3,040 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Synergyhealth Inc.), 6% due 11/15/2032 3,296
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Wyoming - 2.1% Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds (FMC Corporation
Project), AMT:
5,425 Series A, 7% due 6/01/2024 5,485
7,475 Series B, 6.90% due 9/01/2024 7,588
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U.S. Virgin Islands - 1.4% 8,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Coker Project), AMT, 6.50% due 7/01/2021 9,098
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Total Investments (Cost - $873,164*) - 153.3% 956,474
Other Assets Less Liabilities - 0.3% 1,745
Preferred Stock, at Redemption Value - (53.6%) (334,184)
---------
Net Assets Applicable to Common Stock - 100.0% $ 624,035
=========
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2005, as computed for federal income tax purposes, were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Aggregate cost $ 873,204
=========
Gross unrealized appreciation $ 83,494
Gross unrealized depreciation (224)
---------
Net unrealized appreciation $ 83,270
=========
** Represents a zero coupon bond; the interest rate shown reflects the
effective yield at the time of purchase by the Fund.
(a) Prerefunded.
(b) FNMA Collateralized.
MuniVest Fund, Inc.
Schedule of Investments as of May 31, 2005
(c) MBIA Insured.
(d) GNMA Collateralized.
(e) Escrowed to maturity.
(f) FGIC Insured.
(g) Radian Insured.
(h) AMBAC Insured.
(i) FSA Insured.
(j) FHA Insured.
(k) FHLMC Collateralized.
(l) Security may have a maturity of more than one year at time of issuance,
but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is that currently in effect. This rate
changes periodically based upon prevailing market rates.
(m) The rate disclosed is that currently in effect. This rate changes
periodically and inversely based upon prevailing market rates.
(n) XL Capital Insured.
Investments in companies considered to be an affiliate of the Fund (such
companies are defined as "Affiliated Companies" in Section 2(a)(3) of the
Investment Company Act of 1940) were as follows:
(in Thousands)
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund (37,658) $96
--------------------------------------------------------------------------
Forward interest rate swaps outstanding as of May 31, 2005 were as
follows:
(in Thousands)
--------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
--------------------------------------------------------------------------
Receive a variable rate equal to the 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate of 3.811%
Broker, JPMorgan Chase Bank
Expires June 2015 $ 7,000 $ (224)
Receive a variable rate equal to the 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate of 3.702%
Broker, JPMorgan Chase Bank
Expires July 2015 $43,500 (948)
Receive a variable rate equal to the 7-Day
Bond Market Association Municipal Swap
Index Rate and pay a fixed rate of 3.605%
Broker, JPMorgan Chase Bank
Expires August 2015 $47,600 (627)
--------------------------------------------------------------------------
Total $(1,799)
=======
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our evaluation
of these controls and procedures as of a date within 90 days prior to the
filing date of this report.
2(b) - There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR
270.30a-3(d)) that occurred during the last fiscal quarter of the period
covered by this report that has materially affected, or is 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.
MuniVest Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniVest Fund, Inc.
Date: July 15, 2005
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/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
MuniVest Fund, Inc.
Date: July 15, 2005
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
MuniVest Fund, Inc.
Date: July 15, 2005