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: BlackRock 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, 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: (609) 282-2800
Date of fiscal year end: 08/31/2007
Date of reporting period: 09/01/06 - 11/30/06
Item 1 - Schedule of Investments
BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Alabama - 4.5% $ 9,700 Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding
Bonds (Ascension Health Credit), Series C-2, 5% due 11/15/2036 $ 10,294
2,550 Camden, Alabama, IDB, Exempt Facilities Revenue Bonds (Weyerhaeuser Company), Series
A, 6.125% due 12/01/2024 2,839
3,500 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series A, 5.75% due
6/01/2031 3,764
5,000 Huntsville, Alabama, Health Care Authority Revenue Bonds, Series B, 5.75% due
6/01/2032 5,441
5,000 Selma, Alabama, IDB, Environmental Improvement Revenue Refunding Bonds (International
Paper Company Project), Series B, 5.50% due 5/01/2020 5,348
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Alaska - 1.3% 7,405 Anchorage, Alaska, Lease Revenue Bonds (Correctional Facility), 6% due 2/01/2010
(a)(i) 7,948
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Arizona - 1.6% 4,100 Maricopa County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools
Project 1), Series A, 6.75% due 7/01/2029 4,201
2,100 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project),
Series E, 7.25% due 7/01/2031 2,314
500 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project),
Series I, 6.10% due 7/01/2024 530
1,000 Pima County, Arizona, IDA, Education Revenue Bonds (Arizona Charter Schools Project),
Series I, 6.30% due 7/01/2031 1,065
1,565 Pima County, Arizona, IDA, Education Revenue Refunding Bonds (Arizona Charter Schools
Project II), Series A, 6.75% due 7/01/2021 1,677
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California - 18.3% 18,850 California Health Facilities Financing Authority Revenue Bonds (Kaiser Permanente),
Series A, 5.25% due 4/01/2039 20,252
1,360 California State, GO, 5.50% due 4/01/2014 (a) 1,537
12,210 California State, GO, 5.50% due 4/01/2030 13,818
5,000 California State Public Works Board, Lease Revenue Bonds (Department of Corrections),
Series C, 5.50% due 6/01/2022 5,538
6,000 California State Public Works Board, Lease Revenue Bonds (Department of Corrections),
Series C, 5.50% due 6/01/2023 6,642
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Portfolio Abbreviations
To simplify the listings of BlackRock 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
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 11,075 California State Public Works Board, Lease Revenue Bonds (Department of Mental Health
- Coalinga State Hospital), Series A, 5.125% due 6/01/2029 $ 11,802
11,250 California State, Various Purpose, GO, 5.50% due 11/01/2033 12,404
5,240 California Statewide Communities Development Authority, Health Facility Revenue Bonds
(Memorial Health Services), Series A, 6% due 10/01/2023 5,865
1,250 Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT, Series B, 5%
due 12/01/2027 1,330
10,725 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-3, 7.875% due 6/01/2042 13,174
3,750 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-4, 7.80% due 6/01/2042 4,590
1,425 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-5, 7.875% due 6/01/2042 1,750
13,900 Golden State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series B, 5.375% due 6/01/2010 (a) 14,752
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Colorado - 0.6% 625 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 6.60%
due 5/01/2028 643
225 Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT, Senior Series A-2, 7.50%
due 4/01/2031 230
3,000 Colorado Health Facilities Authority Revenue Bonds (Lutheran Medical Center), Series
A, 5.25% due 6/01/2034 3,157
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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 3,005
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Florida - 3.9% 6,000 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25% due 11/15/2036 6,453
6,000 Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series D, 5.375% due 11/15/2013 (a) 6,639
10,320 Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), 5.625% due 11/15/2032 11,283
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Georgia - 3.2% 4,600 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W, 6.60%
due 1/01/2018 5,438
250 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W, 6.60%
due 1/01/2018 (e) 292
250 Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series Y, 10%
due 1/01/2010 (e) 296
4,390 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds (Georgia
College and State University Foundation), 5.50% due 9/01/2024 4,747
BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 3,500 Milledgeville-Baldwin County, Georgia, Development Authority Revenue Bonds (Georgia
College and State University Foundation), 5.625% due 9/01/2030 $ 3,816
4,785 Monroe County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation-Scherer), Series A, 6.80% due 1/01/2011 5,317
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Idaho - 0.1% 390 Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2, 6.90%
due 1/01/2027 400
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Illinois - 12.3% 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) 5,418
11,200 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2029 (n) 12,703
80 Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C, 7% due 3/01/2032 (d)(k) 82
10,000 Hodgkins, Illinois, Environmental Improvement Revenue Bonds (Metro Biosolids
Management LLC Project), AMT, 6% due 11/01/2023 10,447
2,140 Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation
Providers Facilities), Series A, 6.50% due 7/01/2022 2,348
1,365 Illinois Development Finance Authority, Revenue Refunding Bonds (Community
Rehabilitation Providers Facilities), Series A, 6% due 7/01/2015 1,392
455 Illinois HDA, Revenue Refunding Bonds (M/F Program), Series 5, 6.75% due 9/01/2023 461
13 Kane and De Kalb Counties, Illinois, Community Unit School District Number 302, GO,
DRIVERS, Series 283, 7.545% due 2/01/2018 (f)(m) 15
5,000 McLean and Woodford Counties, Illinois, Community Unit, School District Number 005,
GO, Refunding, 6.25% due 12/01/2014 (i) 5,599
4,000 McLean and Woodford Counties, Illinois, Community Unit, School District Number 005,
GO, Refunding, 6.375% due 12/01/2016 (i) 4,502
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) 20,502
3,500 Regional Transportation Authority, Illinois, Revenue Bonds, Series A, 7.20% due
11/01/2020 (h) 4,409
4,000 Regional Transportation Authority, Illinois, Revenue Bonds, Series C, 7.75% due
6/01/2020 (f) 5,579
1,475 Will County, Illinois, School District Number 122 (New Lenox Elementary), GO, Series
A, 6.50% due 11/01/2010 (a)(i) 1,633
505 Will County, Illinois, School District Number 122 (New Lenox Elementary), GO, Series
A, 6.50% due 11/01/2013 (i) 556
395 Will County, Illinois, School District Number 122 (New Lenox Elementary), GO, Series
A, 6.50% due 11/01/2015 (i) 434
BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Indiana - 10.3% $ 5,000 Delaware County, Indiana, Hospital Authority, Hospital Revenue Bonds (Cardinal Health
System Obligated Group), 5.125% due 8/01/2029 $ 5,250
16,350 Indiana Health and Educational Facilities Financing Authority, Hospital Revenue Bonds
(Clarian Health Obligation), Series A, 5.25% due 2/15/2040 17,507
8,650 Indiana Health and Educational Facility Financing Authority, Revenue Refunding Bonds
(Ascension Health Credit), Series B-5, 5% due 11/15/2036 9,179
4,290 Indiana State HFA, S/F Mortgage Revenue Refunding Bonds, Series A, 6.80% due
1/01/2017 (j) 4,400
8,195 Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A, 6.80% due
12/01/2016 9,811
15,335 Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding Bonds,
Series D, 6.75% due 2/01/2014 17,592
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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 (d) 3,888
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Kentucky - 2.5% 14,350 Louisville and Jefferson County, Kentucky, Metropolitan Government Health System,
Revenue Refunding Bonds (Norton Healthcare, Inc.), 5.25% due 10/01/2036 15,374
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Louisiana - 5.1% 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) 12,888
6,220 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5% due 8/15/2033 6,515
11,660 Louisiana Public Facilities Authority, Hospital Revenue Bonds (Franciscan
Missionaries of Our Lady Health System, Inc.), Series A, 5.25% due 8/15/2036 12,466
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Maine - 0.3% 775 Portland, Maine, Housing Development Corporation, Senior Living Revenue Bonds
(Avesta Housing Development Corporation Project), Series A, 5.70% due 8/01/2021 820
1,190 Portland, Maine, Housing Development Corporation, Senior Living Revenue Bonds
(Avesta Housing Development Corporation Project), Series A, 6% due 2/01/2034 1,268
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Massachusetts - 7.4% 2,035 Boston, Massachusetts, Water and Sewer Commission Revenue Bonds, 9.25% due 1/01/2011
(e) 2,416
3,010 Massachusetts Bay Transportation Authority, Revenue Refunding Bonds (General
Transportation System), Series A, 7% due 3/01/2019 3,769
30,000 Massachusetts State Water Resource Authority Revenue Bonds, Series A, 6.50% due
7/15/2019 36,238
3,480 Massachusetts State Water Resource Authority, Revenue Refunding Bonds, Series A, 6%
due 8/01/2010 (a)(f) 3,804
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BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Michigan - 9.4% $ 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) $ 8,695
3,715 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds (Mount
Clemens General Hospital), Series B, 5.75% due 11/15/2025 3,901
4,250 Macomb County, Michigan, Hospital Finance Authority, Hospital Revenue Bonds (Mount
Clemens General Hospital), Series B, 5.875% due 11/15/2034 4,520
1,900 Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds
(Crittenton Hospital), Series A, 5.625% due 3/01/2027 2,046
5,900 Michigan State Hospital Finance Authority, Revenue Bonds (Mid-Michigan Obligor
Group), Series A, 5% due 4/15/2036 6,183
10,000 Michigan State Hospital Finance Authority, Revenue Bonds (Trinity Health Credit
Group), Series A, 5% due 12/01/2026 10,707
6,500 Michigan State Hospital Finance Authority, Revenue Bonds (Trinity Health Credit
Group), Series A, 5% due 12/01/2031 6,938
3,000 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health
System), Series A, 5.25% due 11/15/2032 3,249
10,600 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health
System), Series A, 5% due 11/15/2038 11,152
1,000 Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Sinai Hospital),
6.70% due 1/01/2026 1,015
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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 7,869
1,405 Saint Cloud, Minnesota, Health Care Revenue Refunding Bonds (Saint Cloud Hospital
Obligation Group), Series A, 6.25% due 5/01/2017 (i) 1,535
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Mississippi - 6.0% 9,160 Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding (Weyerhaeuser
Company Project), Series A, 6.80% due 4/01/2022 11,213
4,500 Lowndes County, Mississippi, Solid Waste Disposal and PCR, Refunding (Weyerhaeuser
Company Project), Series B, 6.70% due 4/01/2022 5,461
20,705 Mississippi Business Finance Corporation, Mississippi, PCR, Refunding (System Energy
Resources Inc. Project), 5.875% due 4/01/2022 20,739
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Missouri - 0.5% 2,600 Missouri State Development Finance Board, Infrastructure Facilities Revenue Refunding
Bonds (Branson), Series A, 5.50% due 12/01/2032 2,747
240 Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds (Homeowner
Loan), AMT, Series A, 7.50% due 3/01/2031 (d) 249
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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 6,150
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BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Nebraska - 0.1% $ 415 Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series C,
6.30% due 9/01/2028 (d)(k) $ 419
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Nevada - 0.8% 3,475 Nevada Housing Division, Multi-Unit Housing Revenue Bonds (Arville Electric Project),
AMT, 6.60% due 10/01/2023 (b) 3,546
1,175 Nevada Housing Division Revenue Bonds (Multi-Unit Housing), AMT, Issue B, 7.45% due
10/01/2017 (b) 1,177
15 Nevada Housing Division Revenue Bonds (S/F Program), AMT, Series A, 6.55% due
10/01/2012 (j) 15
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New Hampshire - 0.7% 1,275 New Hampshire Health and Education Facilities Authority, Hospital Revenue Bonds
(Catholic Medical Center), 5% due 7/01/2032 1,334
2,675 New Hampshire Health and Education Facilities Authority, Revenue Refunding Bonds
(Elliot Hospital), Series B, 5.60% due 10/01/2022 2,908
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New Jersey - 5.3% 9,080 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2024 9,646
2,885 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2029 3,153
2,855 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50% due 6/15/2031 3,055
6,695 New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75% due 6/15/2034 7,271
8,480 Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Bonds,
7% due 6/01/2041 9,871
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New Mexico - 0.5% 3,300 Farmington, New Mexico, PCR, Refunding (Public Service Company of New Mexico - San
Juan Project), Series A, 5.80% due 4/01/2022 3,306
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New York - 2.3% 400 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Revenue
Refunding Bonds, VRDN, Series B, 3.60% due 11/01/2022 (i)(l) 400
1,125 New York City, New York, City Transitional Finance Authority Revenue Bonds, RIB,
Series 283, 8.72% due 11/15/2015 (m) 1,345
965 New York City, New York, GO, Refunding, Series A, 6.375% due 5/15/2014 (f) 1,060
670 New York City, New York, GO, Series F, 5.25% due 1/15/2013 (a) 733
6,480 New York City, New York, GO, Series F, 5.25% due 1/15/2033 6,930
360 New York City, New York, GO, Series I, 6.25% due 4/15/2007 (a)(n) 367
20 New York City, New York, GO, Series I, 6.25% due 4/15/2017 (n) 20
2,000 New York City, New York, GO, Sub-Series I-1, 5% due 4/01/2025 2,146
400 New York State Local Government Assistance Corporation, Revenue Refunding Bonds,
Sub-Lien, VRDN, Series 4V, 3.40% due 4/01/2022 (i)(l) 400
1,200 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding
Bonds, VRDN, Series C, 3.42% due 1/01/2032 (h)(l) 1,200
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BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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North Carolina - 0.7% $ 4,105 Gaston County, North Carolina, Industrial Facilities and Pollution Control Financing
Authority, Revenue Bonds (National Gypsum Company Project), AMT, 5.75% due 8/01/2035 $ 4,419
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Ohio - 0.2% 1,000 Richland County, Ohio, Hospital Facilities Revenue Refunding Bonds (MedCentral Health
System), 5.25% due 11/15/2036 1,073
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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) 2,676
6,250 Pennsylvania State Higher Educational Facilities Authority Revenue Bonds (University
of Pennsylvania Medical Center Health System), Series A, 6% due 1/15/2031 6,821
1,000 Philadelphia, Pennsylvania, Authority for Industrial Development, Senior Living
Revenue Bonds (Arbor House Inc. Project), Series E, 6.10% due 7/01/2033 1,070
1,355 Philadelphia, Pennsylvania, Authority for Industrial Development, Senior Living
Revenue Bonds (Rieder House Project), Series A, 6.10% due 7/01/2033 1,450
9,280 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125% due 12/01/2031 11,135
1,750 Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 6.25% due 12/01/2018 1,938
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South Carolina - 2.1% 1,000 Georgetown County, South Carolina, Environmental Improvement Revenue Refunding Bonds
(International Paper Company Project), AMT, Series A, 5.55% due 12/01/2029 1,061
3,500 Lexington County, South Carolina, Health Services District Inc., Hospital Revenue
Refunding and Improvement Bonds, 5.50% due 11/01/2032 3,753
2,450 Medical University Hospital Authority, South Carolina, Hospital Facilities Revenue
Refunding Bonds, 6.50% due 8/15/2012 (a) 2,818
5,000 Richland County, South Carolina, Environmental Improvement Revenue Refunding Bonds
(International Paper), AMT, 6.10% due 4/01/2023 5,467
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Tennessee - 1.5% 2,000 McMinn County, Tennessee, IDB, Solid Waste Revenue Bonds (Recycling Facility-Calhoun
Newsprint), AMT, 7.40% due 12/01/2022 2,030
2,380 Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital
Revenue Refunding Bonds (Methodist Healthcare), 6.50% due 9/01/2012 (a) 2,740
4,120 Shelby County, Tennessee, Health, Educational and Housing Facility Board, Hospital
Revenue Refunding Bonds (Methodist Healthcare), 6.50% due 9/01/2012 (a) 4,742
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Texas - 13.9% 6,000 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A, 6.70% due 1/01/2011 (a) 6,411
1,290 Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.), First
Tier, Series A, 6.70% due 1/01/2011 (a) 1,369
3,055 Brazos River Authority, Texas, PCR, Refunding (Texas Utility Company), AMT, Series A,
7.70% due 4/01/2033 3,579
BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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$ 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 $ 12,879
3,000 Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project), 6.875% due 10/01/2010 (a)(g) 3,372
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 10,472
6,000 Gulf Coast, Texas, Waste Disposal Authority, Revenue Refunding Bonds (International
Paper Company), AMT, Series A, 6.10% due 8/01/2024 6,500
5,500 Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien,
Series G, 5.75% due 11/15/2020 (c) 5,973
1,795 Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo), AMT,
6.375% due 1/01/2023 1,931
1,875 Mansfield, Texas, Independent School District, GO, Refunding, 6.625% due 2/15/2010
(a) 2,048
155 Mansfield, Texas, Independent School District, GO, Refunding, 6.625% due 2/15/2015 169
9,355 Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Centerpoint Energy Project), 5.60% due 3/01/2027 9,965
5,225 Midway, Texas, Independent School District, GO, Refunding, 6.125% due 8/15/2014 5,668
2,700 Port Corpus Christi, Texas, Revenue Refunding Bonds (Celanese Project), Series A,
6.45% due 11/01/2030 2,926
5,000 Red River Authority, Texas, PCR, Refunding (Celanese Project), AMT, Series B, 6.70%
due 11/01/2030 5,495
7,280 Sabine River Authority, Texas, PCR, Refunding (TXU Electric Company Project/TXU
Energy Company LLC), Series C, 5.20% due 5/01/2028 7,583
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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 1,073
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Virginia - 0.2% 1,425 Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power Company),
Series A, 5.875% due 6/01/2017 1,544
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Washington - 3.4% 3 Energy Northwest, Washington, Electric Revenue Refunding Bonds, DRIVERS, Series 255,
8.042% due 7/01/2018 (h)(m) 3
2,370 Seattle, Washington, Housing Authority Revenue Bonds (Replacement Housing Project),
6.125% due 12/01/2032 2,447
408 Washington State, GO, Trust Receipts, Class R, Series 6, 7.972% due 1/01/2014 (i)(m) 466
14,320 Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear Project
Number 1), Series B, 7.125% due 7/01/2016 17,990
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BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Face
State Amount Municipal Bonds Value
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Wisconsin - 2.4% $ 3,960 Badger Tobacco Asset Securitization Corporation, Wisconsin, Asset-Backed Revenue
Bonds, 6.125% due 6/01/2027 $ 4,285
1,765 Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT, 6.50% due 1/01/2025 1,910
5,000 Wisconsin State Health and Educational Facilities Authority, Mortgage Revenue Bonds
(Hudson Memorial Hospital), 5.70% due 1/15/2029 (j) 5,367
3,040 Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(Synergyhealth Inc.), 6% due 11/15/2032 3,346
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Puerto Rico - 0.5% 2,750 Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25% due 7/01/2026 3,003
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U.S. Virgin 8,000 Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa Coker
Islands - 1.5% Project), AMT, 6.50% due 7/01/2021 9,068
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Total Municipal Bonds (Cost - $748,833) - 131.2% 814,562
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Municipal Bonds Held in Trust (q)
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Illinois - 7.4% 14,000 Chicago, Illinois, O'Hare International Airport, General Airport Revenue Refunding
Bonds, Third Lien, AMT, Series A, 5.75% due 1/01/2020 (c) 15,171
17,080 Chicago, Illinois, O'Hare International Airport Revenue Bonds, Third Lien, AMT,
Series B-2, 6% due 1/01/2027 (c) 19,360
Kane and De Kalb Counties, Illinois, Community Unit School District Number 302,
GO (f):
2,975 5.75% due 2/01/2018 3,344
2,710 5.75% due 2/01/2019 3,046
4,780 5.75% due 2/01/2021 5,373
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Massachusetts - 3.5% 20,000 Massachusetts State School Building Authority, Dedicated Sales Tax Revenue Bonds,
Series A, 5% due 8/15/2030 (i) 21,503
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New York - 7.1% 13,500 New York City, New York, City Transitional Finance Authority Revenue Bonds, Future
Tax Secured, Series B, 6.25% due 11/15/2018 14,824
26,750 New York State Dormitory Authority, State University Educational Facilities Revenue
Refunding Bonds, Series 1989, 6% due 5/15/2010 (a)(c) 29,166
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 1.3% 7,610 Portland, Oregon, Sewer System Revenue Bonds, Series A, 5.75% due 8/01/2010 (a)(f) 8,189
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 6.3% 20,970 Harris County, Texas, Health Facilities Development Corporation, Revenue Refunding
Bonds (School Health Care System), Series B, 5.75% due 7/01/2027 (e) 25,773
12,500 San Antonio, Texas, Electric and Gas Revenue Bonds, Series A, 5.75% due 2/01/2010 (a) 13,325
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 8.6% Energy Northwest, Washington, Electric Revenue Refunding Bonds (Columbia Generating
Station):
11,660 Series A, 5.75% due 7/01/2018 (c) 12,868
7,015 Series B, 6% due 7/01/2018 (h) 7,830
14,700 Energy Northwest, Washington, Electric Revenue Refunding Bonds (Project Number 1),
Series B, 6% due 7/01/2017 (b) 16,463
15,385 Washington State, Various Purpose, GO, Series B, 6% due 1/01/2010 (a)(i) 16,486
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Total Municipal Bonds Held in Trust (Cost -$200,240) - 34.2% 212,721
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
Shares
Held Short-Term Securities Value
-----------------------------------------------------------------------------------------------------------------------------------
7,000 Merrill Lynch Institutional Tax-Exempt Fund, 3.38% (o)(p) $ 7,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $7,000) - 1.1% 7,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $956,073*) - 166.5% 1,034,283
Other Assets Less Liabilities - 3.4% 20,864
Liability for Trust Certificates, Including Interest Expense Payable - (16.1%) (99,841)
Preferred Stock, at Redemption Value - (53.8%) (334,313)
----------
Net Assets Applicable to Common Stock - 100.0% $ 620,993
==========
* The cost and unrealized appreciation (depreciation) of investments as of
November 30, 2006, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 863,367
=========
Gross unrealized appreciation $ 72,334
Gross unrealized depreciation (186)
---------
Net unrealized appreciation $ 72,148
=========
(a) Prerefunded.
(b) FNMA Collateralized.
(c) MBIA Insured.
(d) FNMA/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.
BlackRock MuniVest Fund, Inc.
Schedule of Investments as of November 30, 2006 (in Thousands)
(o) 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:
--------------------------------------------------------------------------
Net Dividend
Affiliate Activity Income
--------------------------------------------------------------------------
Merrill Lynch Institutional
Tax-Exempt Fund 6,578 $ 111
--------------------------------------------------------------------------
(p) Represents the current yield as of November 30, 2006.
(q) Securities represent underlying bonds transferred to a separate
securitization trust established in a tender option bond transaction in
which the Fund may have acquired the residual interest certificates. These
securities serve as collateral in a financing transaction.
o Forward interest rate swaps outstanding as of November 30, 2006 were as
follows:
--------------------------------------------------------------------------
Notional Unrealized
Amount Depreciation
--------------------------------------------------------------------------
Pay a fixed rate of 3.901% and receive
a floating rate based on 1-week Bond
Market Association rate
Broker, JPMorgan Chase
Expires December 2016 $ 17,250 $ (475)
Pay a fixed rate of 3.722% and receive
a floating rate based on 1-week Bond
Market Association rate
Broker, JPMorgan Chase
Expires January 2017 $ 25,000 25,000
Pay a fixed rate of 3.636% and receive
a floating rate based on 1-week Bond
Market Association rate
Broker, JPMorgan Chase
Expires February 2017 $ 25,000 25,000
Pay a fixed rate of 4.158% and receive
a floating rate based on 1-week Bond
Market Association rate
Broker, JPMorgan Chase
Expires December 2026 $ 25,000 25,000
--------------------------------------------------------------------------
Total $ (2,153)
===========
Item 2 - Controls and Procedures
2(a) - The Registrant's principal executive and principal financial officers
have evaluated the Registrant's disclosure controls and procedures,
including internal control over financial reporting, within 90 days of
this filing. Such principal officers have concluded that as of January
23, 2007 the Registrant's disclosure controls and procedures were
effective in design and operation to reasonably ensure that information
required to be disclosed by the Registrant in this Form N-Q was recorded,
processed, summarized, and reported within the required time periods, and
were sufficient to form the basis of the certifications required by Rule
30a-2 of the Investment Company Act of 1940, as amended. Prior to
reaching that conclusion, such principal officers had become aware of
matters relating to the Registrant's participation in certain inverse
floater structures that necessitated adjustments to financial information
included in Item 1 of this filing. As a result, management of the
Registrant had reevaluated certain disclosure controls and procedures
determined not to be effective, as discussed more fully below.
Management of the Registrant is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.
The Registrant's internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for
external purposes in accordance with U.S. generally accepted accounting
principles. Such internal control includes policies and procedures that
provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a registrant's assets
that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk
that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may
deteriorate.
A control deficiency exists when the design or operation of a control
does not allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect misstatements
on a timely basis. A significant deficiency is a control deficiency, or
combination of control deficiencies, that adversely affects the
Registrant's ability to initiate, authorize, record, process or report
financial data reliably in accordance with generally accepted accounting
principles such that there is more than a remote likelihood that a
misstatement of the Registrant's annual or interim financial statements
that is more than inconsequential will not be prevented or detected. A
material weakness is a significant deficiency, or combination of
significant deficiencies, that results in more than a remote likelihood
that a material misstatement of the annual or interim financial
statements will not be prevented or detected.
The Registrant identified the following control deficiency, that was
determined to be a material weakness, as defined above, in the
Registrant's internal control over financial reporting at October 31,
2006. The Registrant's controls related to the review and analysis of
relevant terms and conditions of transfers of certain assets pertaining
to inverse floater structures were not operating effectively to
appropriately determine whether the transfers of assets qualified for
sale accounting under the provisions of Statement of Financial Accounting
Standards No. 140, "Accounting for Transfers and Servicing of Financial
Assets and Extinguishments of Liabilities" ("SFAS 140"). As a result,
these controls did not detect that certain transfers were not
appropriately recorded as borrowings. Accordingly, the Registrant's
schedule of investments as of and for the period ended October 31, 2006,
were restated to appropriately reflect transfers of such securities as
secured borrowings. These adjustments had no impact on net assets, net
asset value per share or total return.
Subsequent to October 31, 2006, but prior to the evaluation of the design
and operation of the Registrant's disclosure controls and procedures at
January 23, 2007, the Registrant's disclosure controls and procedures
were modified to enhance the review and analysis of the relevant terms
and conditions of transfers of securities in connection with inverse
floater structures in light of SFAS 140.
2(b) - There have been 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 are reasonably
likely to materially affect, the registrant's internal control over
financial reporting. However, as discussed above, subsequent to October
31, 2006, the Registrant has enhanced controls related to the application
of SFAS 140.
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/ Robert C. Doll, Jr.
-------------------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock MuniVest Fund, Inc.
Date: January 23, 2007
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
BlackRock MuniVest Fund, Inc.
Date: January 23, 2007
By: /s/ Donald C. Burke
-------------------------------
Donald C. Burke
Chief Financial Officer
BlackRock MuniVest Fund, Inc.
Date: January 23, 2007