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: 03/01/2008 - 05/31/2008
Item 1 - Schedule of Investments
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Alabama - 2.9% Camden, Alabama, IDB, Exempt Facilities Revenue Bonds
(Weyerhaeuser Company), Series A, 6.125%, 12/01/24 $ 2,550 $ 2,563,566
Huntsville, Alabama, Health Care Authority Revenue Bonds,
Series A, 5.75%, 6/01/11 (a) 3,500 3,821,230
Prattville, Alabama, IDB, Environmental Improvement Revenue
Bonds (International Paper Company Projects), AMT, Series A,
4.75%, 12/01/30 6,500 5,037,565
Selma, Alabama, IDB, Environmental Improvement Revenue
Refunding Bonds (International Paper Company Project), Series B, 5.50%, 5/01/20 5,000 4,926,800
-------------
16,349,161
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Arizona - 1.8% Maricopa County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project 1), Series A, 6.75%, 7/01/29 4,100 3,702,136
Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project), Series E, 7.25%, 7/01/31 2,055 2,124,952
Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project), Series I, 6.10%, 7/01/24 500 498,395
Pima County, Arizona, IDA, Education Revenue Bonds
(Arizona Charter Schools Project), Series I, 6.30%, 7/01/31 1,000 991,520
Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project), Series O, 5%, 7/01/26 1,545 1,331,435
Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project II), Series A, 6.75%, 7/01/11 (a) 560 624,064
Pima County, Arizona, IDA, Education Revenue Refunding Bonds
(Arizona Charter Schools Project II), Series A, 6.75%, 7/01/21 940 963,246
-------------
10,235,748
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California - 12.5% California State, GO, 5.50%, 4/01/14 (a) 550 619,949
California State, GO, 5.50%, 4/01/30 10 10,361
California State Public Works Board, Lease Revenue Bonds
(Department of Corrections), Series C, 5.50%, 6/01/22 5,000 5,291,250
California State Public Works Board, Lease Revenue Bonds
(Department of Corrections), Series C, 5.50%, 6/01/23 6,000 6,328,440
California State Public Works Board, Lease Revenue Bonds
(Department of Mental Health - Coalinga State Hospital),
Series A, 5.125%, 6/01/29 11,075 11,163,157
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)
ARS Auction Rate Securities
DRIVERS Derivative Inverse Tax-Exempt Receipts
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
RIB Residual Interest Bonds
S/F Single-Family
VRDN Variable Rate Demand Notes
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
California State, Various Purpose, GO, 5.50%, 11/01/33 $ 11,250 $ 11,605,163
California Statewide Communities Development Authority,
Health Facility Revenue Bonds (Memorial Health Services),
Series A, 6%, 10/01/23 5,240 5,505,825
California Statewide Communities Development Authority Revenue Bonds (Saint
Joseph Home Care), Series E, 5.25%, 7/01/47 (b) 1,500 1,533,285
Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT,
Series B, 5%, 12/01/27 1,250 1,215,112
Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series A-3, 7.875%, 6/01/13 (a) 10,725 12,830,317
Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series A-4, 7.80%, 6/01/13 (a) 3,750 4,473,900
Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series A-5, 7.875%, 6/01/13 (a) 1,425 1,704,727
Golden State Tobacco Securitization Corporation of California,
Tobacco Settlement Revenue Bonds, Series B, 5.375%, 6/01/10 (a) 8,000 8,408,560
-------------
70,690,046
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Colorado - 0.6% Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,
Senior Series A-2, 6.60%, 5/01/28 495 512,840
Colorado HFA, Revenue Refunding Bonds (S/F Program), AMT,
Senior Series A-2, 7.50%, 4/01/31 170 176,446
Colorado Health Facilities Authority Revenue Bonds
(Lutheran Medical Center), Series A, 5.25%, 6/01/34 3,000 2,861,040
-------------
3,550,326
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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 2,673,041
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Florida - 5.9% Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series C, 5.25%, 11/15/36 15,800 15,524,606
Hillsborough County, Florida, IDA, Hospital Revenue Bonds
(H. Lee Moffitt Cancer Center Project), Series A, 5.25%, 7/01/37 6,500 6,274,320
Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System), 5.625%, 11/15/12 (a) 10,320 11,466,552
-------------
33,265,478
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Georgia - 5.3% Gainesville, Georgia, Redevelopment Authority, Educational
Facilities Revenue Refunding Bonds (Riverside Military Academy),
5.125%, 3/01/37 1,100 926,662
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W,
6.60%, 1/01/18 4,595 5,312,234
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series W,
6.60%, 1/01/18 (f) 250 286,722
Georgia Municipal Electric Authority, Power Revenue Refunding Bonds, Series Y,
10%, 1/01/10 (f) 250 279,470
Houston County, Georgia, Hospital Authority Revenue Bonds
(Houston Heart Institute Project), 5.25%, 10/01/35 5,000 4,956,600
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A,
6.25%, 7/15/33 $ 1,165 $ 1,178,211
Main Street Natural Gas, Inc., Georgia, Gas Project Revenue Bonds, Series A,
6.375%, 7/15/38 3,270 3,342,823
Milledgeville-Baldwin County, Georgia, Development Authority
Revenue Bonds (Georgia College and State University Foundation),
5.50%, 9/01/14 (a) 4,390 4,952,842
Milledgeville-Baldwin County, Georgia, Development Authority
Revenue Bonds (Georgia College and State University Foundation),
5.625%, 9/01/14 (a) 3,000 3,412,890
Monroe County, Georgia, Development Authority, PCR, Refunding (Oglethorpe Power
Corporation-Scherer), Series A, 6.80%, 1/01/11 4,785 5,184,069
-------------
29,832,523
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Idaho - 0.5% Idaho Housing Agency, S/F Mortgage Revenue Refunding Bonds, AMT, Series E-2,
6.90%, 1/01/27 295 304,980
Idaho Housing and Financing Association, S/F Mortgage Revenue Bonds, AMT,
Series J-1, Class III, 5%, 1/01/28 2,380 2,292,107
-------------
2,597,087
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Illinois - 9.0% Chicago, Illinois, O'Hare International Airport, General Airport
Revenue Refunding Bonds, Third Lien, AMT, Series A, 5.75%,
1/01/19 (g) 5,000 5,159,550
Chicago, Illinois, O'Hare International Airport Revenue Bonds,
Third Lien, AMT, Series B-2, 6%, 1/01/29 (e) 11,200 11,585,168
Chicago, Illinois, S/F Mortgage Revenue Bonds, AMT, Series C,
7%, 3/01/32 (h)(i) 60 61,970
Hodgkins, Illinois, Environmental Improvement Revenue Bonds
(Metro Biosolids Management LLC Project), AMT, 6%, 11/01/23 10,000 10,049,200
Illinois Development Finance Authority Revenue Bonds (Community Rehabilitation
Providers Facilities), Series A, 6.50%, 7/01/22 2,140 2,252,008
Illinois Development Finance Authority, Revenue Refunding Bonds
(Community Rehabilitation Providers Facilities), Series A,
6%, 7/01/15 465 468,832
Illinois State Finance Authority, Revenue Bonds
(Community Rehabilitation Providers Facilities), 4.625%, 7/01/27 2,695 2,369,040
Illinois State Finance Authority, Revenue Refunding Bonds
(Central DuPage Health System), VRDN, Series B, 1.20%, 11/01/38 (c) 6,500 6,500,000
Kane and De Kalb Counties, Illinois, Community Unit School District Number
302, GO, DRIVERS, Series 283, 9.63%, 2/01/18 (c)(k) 13 15,762
McLean and Woodford Counties, Illinois, Community Unit School District Number
005, GO, Refunding, 6.25%, 12/01/14 (b) 1,005 1,111,570
McLean and Woodford Counties, Illinois, Community Unit School District Number
005, GO, Refunding, 6.375%, 12/01/16 (b) 845 938,381
Regional Transportation Authority, Illinois, Revenue Bonds, Series A,
7.20%, 11/01/20 (j) 3,500 4,230,835
Regional Transportation Authority, Illinois, Revenue Bonds, Series C,
7.75%, 6/01/20 (k) 4,000 5,148,880
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Will County, Illinois, School District Number 122
(New Lenox Elementary), GO, Series A, 6.50%, 11/01/10 (a)(b) $ 395 $ 428,291
Will County, Illinois, School District Number 122
(New Lenox Elementary), GO, Series A, 6.50%, 11/01/13 (b) 505 547,561
-------------
50,867,048
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Indiana - 6.3% Indiana Health and Educational Facilities Financing Authority, Hospital Revenue
Bonds (Clarian Health Obligation), Series A, 5.25%,
2/15/40 8,980 8,775,885
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series A,
6.80%, 12/01/16 8,195 9,408,843
Indianapolis, Indiana, Local Public Improvement Bond Bank, Revenue Refunding
Bonds, Series D, 6.75%, 2/01/14 15,335 17,160,632
-------------
35,345,360
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Iowa - 1.1% Iowa Financing Authority, S/F Mortgage Revenue Refunding Bonds, AMT, Series E,
5.15%, 7/01/32 (i) 6,510 6,283,322
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Kansas - 0.7% Sedgwick and Shawnee Counties, Kansas, S/F Mortgage Revenue Bonds
(Mortgage-Backed Securities Program), AMT, Series A-4, 5.95%, 12/01/33 (i) 3,805 3,850,318
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Kentucky - 1.9% Louisville and Jefferson County, Kentucky, Metropolitan Government Health System,
Revenue Refunding Bonds (Norton Healthcare, Inc.), 5.25%, 10/01/36 (l) 10,815 10,610,921
-----------------------------------------------------------------------------------------------------------------------------------
Louisiana - 4.6% Louisiana HFA, S/F Mortgage Revenue Bonds (Home Ownership Program), AMT,
Series C-2, 5.20%, 6/01/39 (h)(i) 6,000 5,733,600
Louisiana Public Facilities Authority, Hospital Revenue Bonds
(Franciscan Missionaries of Our Lady Health System, Inc.), Series A,
5%, 8/15/33 8,720 8,440,175
Louisiana Public Facilities Authority, Hospital Revenue Bonds
(Franciscan Missionaries of Our Lady Health System, Inc.), Series A,
5.25%, 8/15/36 11,660 11,642,044
-------------
25,815,819
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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%, 8/01/21 775 772,094
Portland, Maine, Housing Development Corporation, Senior Living Revenue Bonds
(Avesta Housing Development Corporation Project), Series A, 6%, 2/01/34 1,190 1,169,996
-------------
1,942,090
-----------------------------------------------------------------------------------------------------------------------------------
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 2,927,470
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 12.5% Boston, Massachusetts, Water and Sewer Commission Revenue Bonds,
9.25%, 1/01/11 (f) 2,035 2,306,510
Massachusetts Bay Transportation Authority, Revenue Refunding Bonds (General
Transportation System), Series A, 7%, 3/01/19 3,010 3,677,799
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts State Development Finance Agency,
Revenue Refunding Bonds (Boston University Project),
VRDN, Series U-6A, 1.40%, 10/01/42 (c) $ 17,600 $ 17,600,000
Massachusetts State, HFA, Housing Revenue Bonds, AMT, Series A, 5.20%, 12/01/37 3,000 2,903,370
Massachusetts State, HFA, Housing Revenue Refunding Bonds, AMT, Series D,
4.85%, 6/01/40 3,000 2,603,820
Massachusetts State, HFA, S/F Housing Revenue Bonds, AMT,
Series 130, 5%, 12/01/32 2,500 2,362,400
Massachusetts State Water Resource Authority Revenue Bonds,
Series A, 6.50%, 7/15/19 (f) 30,000 35,560,500
Massachusetts State Water Resource Authority, Revenue Refunding Bonds,
Series A, 6%, 8/01/10 (a)(k) 3,480 3,771,554
-------------
70,785,953
-----------------------------------------------------------------------------------------------------------------------------------
Michigan - 4.5% Delta County, Michigan, Economic Development Corporation, Environmental
Improvement Revenue Refunding Bonds
(Mead Westvaco-Escanaba), Series A, 6.25%, 4/15/12 (a) 2,500 2,789,900
Macomb County, Michigan, Hospital Finance Authority,
Hospital Revenue Bonds (Mount Clemens General Hospital),
Series B, 5.75%, 11/15/25 3,715 3,519,182
Macomb County, Michigan, Hospital Finance Authority,
Hospital Revenue Bonds (Mount Clemens General Hospital),
Series B, 5.875%, 11/15/34 4,250 3,989,135
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds
(Crittenton Hospital), Series A, 5.625%, 3/01/27 1,900 1,939,862
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds
(Oakwood Obligated Group), Series A, 5%, 7/15/25 2,000 2,001,340
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford
Health System), Series A, 5.25%, 11/15/46 10,450 10,144,128
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Sinai
Hospital), 6.70%, 1/01/26 1,000 999,940
-------------
25,383,487
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Minnesota - 1.7% Minneapolis, Minnesota, Health Care System Revenue Bonds
(Allina Health System), Series A, 5.75%, 11/15/12 (a) 7,235 8,013,197
Saint Cloud, Minnesota, Health Care Revenue Refunding Bonds
(Saint Cloud Hospital Obligation Group), Series A, 6.25%, 5/01/17 (b) 1,405 1,504,333
-------------
9,517,530
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi - 6.6% Lowndes County, Mississippi, Solid Waste Disposal and PCR,
Refunding (Weyerhaeuser Company Project), Series A,
6.80%, 4/01/22 9,160 9,787,826
Lowndes County, Mississippi, Solid Waste Disposal and PCR,
Refunding (Weyerhaeuser Company Project), Series B,
6.70%, 4/01/22 4,500 4,766,715
Mississippi Business Finance Corporation, Mississippi, PCR,
Refunding (System Energy Resources Inc. Project), 5.875%, 4/01/22 20,705 20,556,131
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Mississippi Business Finance Corporation, Mississippi, PCR,
Refunding (System Energy Resources Inc. Project), 5.90%, 5/01/22 $ 2,250 $ 2,228,828
-------------
37,339,500
-----------------------------------------------------------------------------------------------------------------------------------
Missouri - 2.7% Missouri State Development Finance Board, Infrastructure Facilities Revenue
Refunding Bonds (Branson), Series A, 5.50%, 12/01/32 2,600 2,518,464
Missouri State Health and Educational Facilities Authority, Health Facilities
Revenue Refunding Bonds (SSM Health Care Corporation), ARS, VRDN, Series D-2,
1.75%, 6/01/33 (b)(c) 12,300 12,300,000
Missouri State Housing Development Commission, S/F Mortgage Revenue Bonds
(Homeowner Loan), AMT, Series A, 7.50%, 3/01/31 (i) 185 194,735
-------------
15,013,199
-----------------------------------------------------------------------------------------------------------------------------------
Montana - 1.1% Forsyth, Montana, PCR, Refunding (Portland General Electric Company), Series A,
5.20%, 5/01/33 6,000 6,067,560
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Nebraska - 0.0% Nebraska Investment Finance Authority, S/F Housing Revenue Bonds, AMT, Series C,
6.30%, 9/01/28 (h)(i) 10 10,129
-----------------------------------------------------------------------------------------------------------------------------------
New Hampshire - 0.5% New Hampshire Health and Education Facilities Authority,
Revenue Refunding Bonds (Elliot Hospital), Series B, 5.60%, 10/01/22 2,675 2,751,425
-----------------------------------------------------------------------------------------------------------------------------------
New Jersey - 4.8% New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 9,080 8,834,658
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/29 2,885 2,829,723
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 8,695 8,454,757
Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Bonds, 7%, 6/01/13 (a) 5,980 7,007,125
-------------
27,126,263
-----------------------------------------------------------------------------------------------------------------------------------
New York - 0.5% New York City, New York, City Transitional Finance Authority Revenue Bonds, RIB,
Series 283, 10.62%, 11/15/15 (c) 1,125 1,321,673
New York City, New York, GO, Refunding, Series A,
6.375%, 5/15/14 (k) 965 1,033,457
New York State Local Government Assistance Corporation, Revenue Refunding Bonds,
Sub-Lien, VRDN, Series 4V, 1.50%, 4/01/22 (b)(c) 400 400,000
-------------
2,755,130
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 0.6% 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 3,260,848
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Ohio - 4.5% Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement
Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 27,500 25,669,875
-----------------------------------------------------------------------------------------------------------------------------------
Pennsylvania - 4.4% Pennsylvania State Higher Education Assistance Agency Revenue Bonds, Capital
Acquisition, 6.125%, 12/15/10 (a)(g) 2,440 2,658,624
Pennsylvania State Higher Educational Facilities Authority Revenue Bonds
(University of Pennsylvania Medical Center Health System),
Series A, 6%, 1/15/31 6,250 6,617,750
Philadelphia, Pennsylvania, Authority for Industrial Development,
Senior Living Revenue Bonds (Arbor House Inc. Project), Series E,
6.10%, 7/01/33 1,000 997,130
Philadelphia, Pennsylvania, Authority for Industrial Development,
Senior Living Revenue Bonds (Rieder House Project), Series A,
6.10%, 7/01/33 1,355 1,351,111
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Bonds (Guthrie
Healthcare System), Series B, 7.125%, 12/01/11 (a) $ 9,280 $ 11,174,790
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 6.25%, 12/01/11 (a) 1,340 1,497,571
Sayre, Pennsylvania, Health Care Facilities Authority, Revenue Refunding Bonds
(Guthrie Healthcare System), Series A, 6.25%, 12/01/18 410 434,333
-------------
24,731,309
-----------------------------------------------------------------------------------------------------------------------------------
South Carolina - 1.0% Georgetown County, South Carolina, Environmental Improvement
Revenue Refunding Bonds (International Paper Company Project),
AMT, Series A, 5.55%, 12/01/29 1,000 883,000
Richland County, South Carolina, Environmental Improvement
Revenue Refunding Bonds (International Paper), AMT, 6.10%,
4/01/23 5,000 4,987,900
-------------
5,870,900
-----------------------------------------------------------------------------------------------------------------------------------
South Dakota - 0.4% South Dakota State Health and Educational Facilities Authority Revenue Bonds
(Sanford Health), 5%, 11/01/40 2,605 2,478,684
-----------------------------------------------------------------------------------------------------------------------------------
Tennessee - 0.8% Shelby County, Tennessee, Health, Educational and Housing Facility Board,
Hospital Revenue Refunding Bonds (Methodist Healthcare), 6.50%, 9/01/12 (a) 4,120 4,693,792
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 15.8% Austin, Texas, Convention Center Revenue Bonds (Convention Enterprises Inc.),
First Tier, Series A, 6.70%, 1/01/11 (a) 6,290 6,892,708
Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC Project),
AMT, Series A, 7.70%, 4/01/33 3,055 3,033,126
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 11,827,178
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT,
Series B, 6.25%, 11/01/28 (g) 4,500 4,529,205
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Bonds, AMT,
Series C, 6.25%, 11/01/28 (g) 1,500 1,521,555
Dallas-Fort Worth, Texas, International Airport, Joint Revenue Refunding Bonds,
AMT, Sub-Series A-2, 6.10%, 11/01/24 (g) 1,000 1,013,870
Gregg County, Texas, Health Facilities Development Corporation, Hospital Revenue
Bonds (Good Shepherd Medical Center Project), 6.875%, 10/01/10 (a)(m) 3,000 3,328,920
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 10,266,912
Gulf Coast Waste Disposal Authority, Texas, Revenue Refunding Bonds
(International Paper Company), AMT, Series A, 6.10%, 8/01/24 6,000 5,884,680
Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior
Lien, Series G, 5.75%, 11/15/20 (g) 5,500 5,725,995
Houston, Texas, Industrial Development Corporation Revenue Bonds (Air Cargo),
AMT, 6.375%, 1/01/23 1,790 1,792,685
Mansfield, Texas, Independent School District, GO, Refunding,
6.625%, 2/15/15 155 165,004
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Matagorda County, Texas, Navigation District Number 1, Revenue Refunding Bonds
(Centerpoint Energy Project), 5.60%, 3/01/27 $ 9,355 $ 8,762,361
Midway, Texas, Independent School District, GO, Refunding,
6.125%, 8/15/14 5,225 5,591,011
Port Corpus Christi, Texas, Revenue Refunding Bonds
(Celanese Project), Series A, 6.45%, 11/01/30 2,700 2,541,132
Red River Authority, Texas, PCR, Refunding (Celanese Project),
AMT, Series B, 6.70%, 11/01/30 5,000 4,814,750
San Antonio, Texas, Electric and Gas Revenue Bonds, Series A,
5.75%, 2/01/10 (a) 11,000 11,625,680
-------------
89,316,772
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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 1,037,490
-----------------------------------------------------------------------------------------------------------------------------------
Virginia - 1.1% Chesterfield County, Virginia, IDA, PCR (Virginia Electric and Power Company),
Series A, 5.875%, 6/01/17 1,425 1,508,904
Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue
Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/37 2,000 1,807,980
Fairfax County, Virginia, EDA, Residential Care Facilities, Mortgage Revenue
Refunding Bonds (Goodwin House, Inc.), 5.125%, 10/01/42 3,335 2,969,517
-------------
6,286,401
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 5.9% Energy Northwest, Washington, Electric Revenue Refunding Bonds
(Columbia Generating), Series B, 6%, 7/01/18 (j) 7,015 7,618,641
Seattle, Washington, Housing Authority Revenue Bonds
(Replacement Housing Project), 6.125%, 12/01/32 2,355 2,356,366
Washington State, GO, Series B, 6%, 1/01/10 (a)(b) 5,000 5,290,450
Washington State Public Power Supply System, Revenue Refunding Bonds (Nuclear
Project Number 1), Series B, 7.125%, 7/01/16 14,320 17,742,623
-------------
33,008,080
-----------------------------------------------------------------------------------------------------------------------------------
Wisconsin - 1.8% Milwaukee, Wisconsin, Revenue Bonds (Air Cargo), AMT,
6.50%, 1/01/25 1,755 1,766,250
Wisconsin State Health and Educational Facilities Authority, Mortgage Revenue
Bonds (Hudson Memorial Hospital), 5.70%, 1/15/29 (n) 5,000 5,145,950
Wisconsin State Health and Educational Facilities Authority Revenue Bonds
(SynergyHealth Inc.), 6%, 11/15/32 3,040 3,012,974
-------------
9,925,174
-----------------------------------------------------------------------------------------------------------------------------------
U.S. Virgin Virgin Islands Government Refinery Facilities, Revenue Refunding Bonds (Hovensa
Islands - 1.5% Coker Project), AMT, 6.50%, 7/01/21 8,000 8,209,200
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds (Cost - $698,124,722) - 127.3% 718,074,459
-----------------------------------------------------------------------------------------------------------------------------------
Municipal Bonds Transferred to Tender Option Bond Trusts (o)
-----------------------------------------------------------------------------------------------------------------------------------
Connecticut - 2.2% Connecticut State Health and Educational Facilities Authority
Revenue Bonds (Yale University), Series Z-3, 5.05%, 7/01/42 12,000 12,375,240
-----------------------------------------------------------------------------------------------------------------------------------
Florida - 1.6% Miami-Dade County, Florida, Aviation Revenue Refunding Bonds
(Miami International Airport), AMT, 5%, 10/01/40 (d)(e) 10,000 9,159,904
-----------------------------------------------------------------------------------------------------------------------------------
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds Transferred to Tender Option Bond Trusts (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Illinois - 9.0% Chicago, Illinois, O'Hare International Airport Revenue Bonds,
Third Lien, AMT, Series B-2, 6%, 1/01/27 (g) $ 17,080 $ 17,792,919
Chicago, Illinois, Water Revenue Refunding Bonds, Second Lien,
5.25%, 11/01/33 (b) 13,300 1,411,803
Kane and De Kalb Counties, Illinois, Community Unit School District
Number 302, GO, 5.75%, 2/01/18 (k) 2,975 3,363,208
Kane and De Kalb Counties, Illinois, Community Unit School District
Number 302, GO, 5.75%, 2/01/19 (k) 2,710 3,063,628
Kane and De Kalb Counties, Illinois, Community Unit School District
Number 302, GO, 5.75%, 2/01/21 (k) 4,780 5,403,742
Metropolitan Pier and Exposition Authority, Illinois, Dedicated State
Tax Revenue Refunding Bonds (McCormick Place Expansion Project),
Series B, 5.75%, 6/15/23 (g) 18,550 19,954,784
-------------
50,990,084
-----------------------------------------------------------------------------------------------------------------------------------
Maryland - 0.9% Maryland State Transportation Authority, Transportation Facilities
Projects Revenue Bonds, 5%, 7/01/41 (b) 4,700 4,852,807
-----------------------------------------------------------------------------------------------------------------------------------
Massachusetts - 3.6% Massachusetts State School Building Authority, Dedicated Sales Tax
Revenue Bonds, Series A, 5%, 8/15/30 (b) 20,000 20,534,200
-----------------------------------------------------------------------------------------------------------------------------------
New York - 7.7% New York City, New York, City Transitional Finance Authority
Revenue Bonds, Future Tax Secured, Series B, 6.25%, 11/15/18 13,500 14,680,035
New York State Dormitory Authority, State University Educational
Facilities, Revenue Refunding Bonds, Series 1989, 6%, 5/15/10 (a)(g) 26,750 28,906,852
-------------
43,586,887
-----------------------------------------------------------------------------------------------------------------------------------
North Carolina - 2.3% North Carolina Capital Facilities Finance Agency, Revenue Refunding
Bonds (Duke University Project), Series A, 5%, 10/01/14 12,670 12,995,551
-----------------------------------------------------------------------------------------------------------------------------------
Oregon - 1.3% Portland, Oregon, Sewer System Revenue Bonds, Series A,
5.75%, 8/01/10 (a)(k) 6,610 7,080,963
-----------------------------------------------------------------------------------------------------------------------------------
Texas - 7.9% Harris County, Texas, Health Facilities Development Corporation,
Revenue Refunding Bonds (School Health Care System), Series B,
5.75%, 7/01/27 (f) 20,970 24,156,601
Judson, Texas, Independent School District, School Building, GO,
5%, 2/01/37 (d) 6,000 6,109,440
Texas State Department of Housing and Community Affairs,
S/F Mortgage Revenue Bonds, AMT, Series B, 5.25%, 9/01/32 (h)(i) 8,500 8,299,179
Texas State University, System Financing Revenue Refunding Bonds,
5%, 3/15/30 (b) 5,660 5,812,997
-------------
44,378,217
-----------------------------------------------------------------------------------------------------------------------------------
Washington - 9.6% Central Puget Sound Regional Transportation Authority, Washington,
Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (b) 14,000 14,412,860
Central Puget Sound Regional Transportation Authority, Washington,
Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/34 5,000 5,137,311
Central Puget Sound Regional Transportation Authority, Washington,
Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/36 6,000 6,165,904
Energy Northwest, Washington, Electric Revenue Refunding Bonds
(Columbia Generating Station), Series A, 5.75%, 7/01/18 (g) 11,660 12,535,433
BlackRock MuniVest Fund, Inc.
Schedule of Investments May 31, 2008 (Unaudited)
(Percentages shown are based on Net Assets)
Par
State Municipal Bonds Transferred to Tender Option Bond Trusts (o) (000) Value
-----------------------------------------------------------------------------------------------------------------------------------
Energy Northwest, Washington, Electric Revenue Refunding Bonds
(Project Number 1), Series B, 6%, 7/01/17 (g) $ 14,700 $ 16,107,966
-------------
54,359,474
-----------------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds Transferred to Tender Option Bond Trusts
(Cost - $256,207,058) - 46.1% 260,313,327
-----------------------------------------------------------------------------------------------------------------------------------
Short-Term Securities Shares
-----------------------------------------------------------------------------------------------------------------------------------
Merrill Lynch Institutional Tax-Exempt Fund, 1.71% (p)(q) 42,900,000 42,900,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Short-Term Securities (Cost - $42,900,000) - 7.6% 42,900,000
-----------------------------------------------------------------------------------------------------------------------------------
Total Investments (Cost - $997,231,780*) - 181.0% 1,021,287,786
Other Assets Less Liabilities - 3.5% 19,818,986
Liability for Trust Certificates, Including Interest Expense Payable - (25.3%) (142,469,194)
Preferred Stock, at Redemption Value - (59.2%) (334,316,780)
-------------
Net Assets Applicable to Common Stock - 100.0% $ 564,320,798
=============
* The cost and unrealized appreciation (depreciation) of investments as of
May 31, 2008, as computed for federal income tax purposes, were as
follows:
Aggregate cost $ 858,615,037
=============
Gross unrealized appreciation $ 36,121,624
Gross unrealized depreciation (15,333,345)
-------------
Net unrealized appreciation $ 20,788,279
=============
(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) FSA Insured.
(c) Variable rate security. Rate shown is as of report date. Maturity shown is
the final maturity date.
(d) Assured Guaranty Insured.
(e) XL Capital Insured.
(f) Security is collateralized by Municipal or U.S. Treasury Obligations.
(g) MBIA Insured.
(h) FHLMC Collateralized.
(i) FNMA/GNMA Collateralized.
(j) AMBAC Insured.
(k) FGIC Insured.
(l) Represents a pay-in-kind security that may pay interest/dividends in
additional face/shares.
(m) Radian Insured.
(n) FHA Insured.
(o) Securities represents 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.
(p) 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 34,976,994 $ 310,466
--------------------------------------------------------------------------
(q) Represents the current yield as of report date.
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: July 18, 2008
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: July 18, 2008
By: /s/ Neal J. Andrews
--------------------------------
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock MuniVest Fund, Inc.
Date: July 18, 2008