Schedule of Investments (unaudited)

October 31, 2023

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Municipal Bonds            

Alabama — 4.3%

    

Black Belt Energy Gas District, RB(a)

   

Series A, 5.25%, 01/01/54

   $       4,765     $ 4,756,972  

Series B-2, 4.81%, 12/01/48

     2,500       2,489,604  

Series F, 5.50%, 11/01/53

     1,590       1,607,463  

Southeast Energy Authority A Cooperative District, RB, Series A-2, 5.98%, 01/01/53(a)

    9,645       9,173,940  

Tuscaloosa County Industrial Development Authority, Refunding RB, Series A, 5.25%, 05/01/44(b)

    1,610       1,331,241  
   

 

 

  
          19,359,220  
Arizona — 2.2%            

Arizona Health Facilities Authority, RB(a)
4.34%, 01/01/46

     1,685       1,639,835  

4.34%, 01/01/46(c)

    315       315,000  

Arizona Industrial Development Authority, RB,
Series A, (BAM), 4.00%, 06/01/44

     1,435       1,189,322  

Arizona Industrial Development Authority, Refunding RB(b)

   

Series A, 5.38%, 07/01/50

     2,500       2,180,471  

Series G, 5.00%, 07/01/47

     715       598,884  

Chandler Industrial Development Authority, RB, AMT, 4.10%, 12/01/37(a)

    895       863,022  

Glendale Industrial Development Authority, RB, 5.00%, 05/15/56

     1,030       767,093  

Industrial Development Authority of the City of Phoenix Arizona, Refunding RB, 5.00%, 07/01/45(b)

    700       599,948  

Salt Verde Financial Corp., RB, 5.00%, 12/01/37

     1,805       1,749,191  
   

 

 

  
      9,902,766  
Arkansas — 0.9%            

Arkansas Development Finance Authority, RB

    

AMT, 5.70%, 05/01/53

     810       735,420  

AMT, 4.75%, 09/01/49(b)

    3,550       3,258,601  
   

 

 

  
      3,994,021  
California — 5.0%            

Bay Area Toll Authority, Refunding RB, Series C, 4.54%, 04/01/56(a)

     2,000       2,008,407  

California Community Choice Financing Authority, RB(a)
5.23%, 02/01/54

     3,045       3,037,975  

Series B-2, 4.64%, 02/01/52

     3,500       3,168,301  

California Enterprise Development Authority, RB, 8.00%, 11/15/62(b)

     715       631,457  

California Health Facilities Financing Authority, Refunding RB, Series A, 3.00%, 08/15/51

     5,395       3,754,289  

California Municipal Finance Authority, ARB, AMT, Senior Lien, 5.00%, 12/31/43

     2,800       2,644,153  

CSCDA Community Improvement Authority, RB, M/F Housing(b)
4.00%, 10/01/56

     205       154,361  

4.00%, 12/01/56

     315       198,794  

Series A, 4.00%, 06/01/58

     1,035       706,064  

Senior Lien, 3.13%, 06/01/57

     1,080       617,912  

Series A, Senior Lien, 4.00%, 12/01/58

     535       361,812  
Security  

Par

(000)

     Value  

California (continued)

    

Poway Unified School District, Refunding GO,
Series B, 0.00%, 08/01/46(d)

  $       10,000     $ 3,010,784  

San Diego County Regional Airport Authority, ARB,
Series B, AMT, 4.00%, 07/01/51

     2,880       2,283,686  
   

 

 

  
          22,577,995  
Colorado — 3.1%            

Centerra Metropolitan District No. 1, TA, 5.00%, 12/01/47(b)

    1,025       835,819  

City & County of Denver Colorado Airport System Revenue, Refunding ARB, Series A, AMT, 5.00%, 12/01/48

     3,300       3,106,883  

Colorado Health Facilities Authority, RB
5.50%, 11/01/47

     395       395,490  

Series D, 4.74%, 05/15/61(a)

    2,515       2,508,604  

Colorado Health Facilities Authority, Refunding RB,
Series A, 5.00%, 08/01/44

     3,840       3,654,884  

Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40

     2,000       1,836,010  

E-470 Public Highway Authority, Refunding RB, Series B, 3.91%, 09/01/39(a)

    510       507,197  

Serenity Ridge Metropolitan District No. 2, GO, Series A, 5.13%, 12/01/23(c)

    1,000       1,030,597  
   

 

 

  
      13,875,484  
Connecticut — 1.5%            

State of Connecticut Special Tax Revenue, RB,

    

Series A, 5.25%, 07/01/42

     3,275       3,429,953  

State of Connecticut, GO, Series A, 5.00%, 04/15/38

     3,325       3,380,391  
   

 

 

  
      6,810,344  
Delaware — 0.5%            

Delaware State Health Facilities Authority, RB, 5.00%, 06/01/48

     2,670       2,410,306  
   

 

 

  
District of Columbia — 1.7%            

Metropolitan Washington Airports Authority Aviation Revenue, Refunding ARB, Series A, AMT, 5.25%, 10/01/48

     910       895,849  

Washington Metropolitan Area Transit Authority Dedicated Revenue, RB, 5.25%, 07/15/53

     6,630       6,783,426  
   

 

 

  
      7,679,275  
Florida — 8.7%            

Celebration Pointe Community Development District No. 1, SAB
5.00%, 05/01/32

     790       760,183  

5.00%, 05/01/48

     2,160       1,863,009  

City of Fort Lauderdale Florida Water & Sewer Revenue, RB, 5.50%, 09/01/53

     3,370       3,549,978  

County of Broward Florida Tourist Development Tax Revenue, Refunding RB, 4.00%, 09/01/51

     3,300       2,639,756  

County of Miami-Dade Seaport Department, Refunding RB

    

Series A-2, (AGM), 4.00%, 10/01/49

     3,300       2,673,818  

Series A, AMT, 5.00%, 10/01/38

     1,800       1,756,183  

Series A-1, AMT, (AGM), 4.00%, 10/01/45

     6,400       5,122,342  

Florida Development Finance Corp., RB, 6.50%, 06/30/57(b)

    645       555,961  

Greater Orlando Aviation Authority, ARB, Series A, AMT, 4.00%, 10/01/52

     5,000       3,921,310  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Florida (continued)

    

Lakewood Ranch Stewardship District, SAB
4.63%, 05/01/27

   $ 205     $ 202,369  

5.25%, 05/01/37

     470       440,780  

5.38%, 05/01/47

     770       683,784  

6.30%, 05/01/54

     410       399,082  

Miami-Dade County Educational Facilities Authority, Refunding RB, Series A, 5.00%, 04/01/45

     4,625       4,380,906  

Miami-Dade County Expressway Authority, Refunding RB, Series A, (AGM), 5.00%, 07/01/35

     8,900       8,905,266  

Palm Beach County Health Facilities Authority, RB, Series B, 4.00%, 11/15/41

     300       233,709  

Sarasota County Health Facilities Authority, RB, 5.00%, 05/15/48

     605       504,385  

University of Florida Department of Housing & Residence Education Hsg Sys Rev, RB, Series A, (BAM-TCRS), 3.00%, 07/01/51

     1,000       585,459  
   

 

 

  
      39,178,280  
Georgia — 2.6%            

East Point Business & Industrial Development Authority, RB, Series A, 5.25%, 06/15/62(b)

    375       295,690  

Main Street Natural Gas, Inc., RB

    

Series A, 5.00%, 05/15/49

     1,855       1,726,839  

Series A, 5.00%, 06/01/53(a)

    4,130       4,060,504  

Main Street Natural Gas, Inc., Refunding RB, Series E-2, 5.26%, 12/01/53(a)

    5,565       5,423,597  
   

 

 

  
      11,506,630  
Illinois — 10.0%            

Chicago Board of Education, GO

    

Series C, 5.25%, 12/01/35

     2,785       2,715,160  

Series D, 5.00%, 12/01/46

     3,570       3,154,397  

Series H, 5.00%, 12/01/36

     865       815,729  

Chicago Board of Education, Refunding GO,
Series G, 5.00%, 12/01/34

     865       841,149  

City of Chicago Illinois Wastewater Transmission Revenue, Refunding RB, Series C, 2nd Lien, 5.00%, 01/01/39

     1,000       984,928  

Cook County Community College District No. 508, GO, 5.25%, 12/01/31

     5,000       5,001,743  

Illinois Finance Authority, Refunding RB

    

Series C, 4.00%, 02/15/41

     1,500       1,299,993  

Series C, 5.00%, 02/15/41

     3,600       3,504,435  

Illinois Housing Development Authority, RB, S/F Housing, Series G, (FHLMC, FNMA, GNMA), 4.85%, 10/01/42

     985       921,014  

Illinois State Toll Highway Authority, RB

    

Series A, 5.00%, 01/01/40

     8,710       8,724,587  

Series A, 5.00%, 01/01/45

     1,000       999,304  

Series A, 4.00%, 01/01/46

     1,500       1,250,865  

Series B, 5.00%, 01/01/40

     2,270       2,278,044  

Metropolitan Pier & Exposition Authority, RB, CAB, (BAM-TCRS), 0.00%, 12/15/56(d)

    8,755       1,336,137  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (BAM-TCRS), 0.00%, 12/15/54(d)

    12,215       2,090,363  

State of Illinois, GO, Series D, 5.00%, 11/01/27

     6,965       7,145,792  

Village of Hodgkins Illinois, RB, AMT, 6.00%, 11/01/23

     1,915       1,915,000  
   

 

 

  
      44,978,640  
Security   Par
(000)		     Value  

Indiana — 0.5%

    

City of Valparaiso Indiana, RB, AMT, 6.75%, 01/01/34

   $ 2,250     $ 2,255,254  
   

 

 

  
Iowa — 1.3%            

Iowa Finance Authority, RB
5.00%, 05/15/36

     1,050       871,646  

Series A, 5.00%, 05/15/48

     6,750       4,797,571  
   

 

 

  
      5,669,217  
Kansas — 0.3%            

City of Lenexa Kansas, Refunding RB, Series A, 5.00%, 05/15/43

     1,530       1,293,238  
   

 

 

  
Louisiana — 1.9%            

City of Shreveport Louisiana Water & Sewer Revenue, RB, Series B, Junior Lien, (AGM), 4.00%, 12/01/49 .

     11,095       8,771,683  
   

 

 

  
Maryland — 4.0%            

City of Baltimore Maryland, Refunding RB, Series A, 4.50%, 09/01/33

     545       494,044  

Howard County Housing Commission, RB, M/F Housing, 5.00%, 12/01/42

     4,935       4,637,487  

Maryland Community Development Administration, Refunding RB, S/F Housing, Series C, (FHLMC, FNMA, GNMA), 4.50%, 09/01/49

     2,155       1,879,797  

Maryland Economic Development Corp., RB, Class B, AMT, 5.00%, 12/31/40

     1,500       1,409,740  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, 5.00%, 07/01/40

     6,350       6,114,545  

Maryland Stadium Authority, RB, Series A, (NGFGC), 5.00%, 05/01/47

     3,630       3,608,809  
   

 

 

  
      18,144,422  
Massachusetts — 1.0%            

Commonwealth of Massachusetts, GO, Series B, 3.00%, 04/01/49

     2,680       1,806,397  

Massachusetts Development Finance Agency, RB

    

Series A, 5.25%, 01/01/42

     1,895       1,819,380  

Series A, 5.00%, 01/01/47

     845       763,813  
   

 

 

  
      4,389,590  
Michigan — 1.8%            

Michigan Finance Authority, Refunding RB
4.00%, 09/01/46

     1,200       934,092  

4.94%, 04/15/47(a)

    5,595       5,578,341  

Michigan Strategic Fund, RB, AMT, 5.00%, 12/31/43

     1,775       1,650,369  
   

 

 

  
      8,162,802  
Minnesota — 1.4%            

City of Cologne Minnesota, RB, Series A, 5.00%, 07/01/45

     1,500       1,191,953  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, RB, Series A, 5.50%, 07/01/52(b)

    695       593,851  

Housing & Redevelopment Authority of The City of St. Paul Minnesota, Refunding RB, Series A, 4.00%, 11/15/43

     1,940       1,552,317  

Minnesota Housing Finance Agency, RB, S/F Housing, Series N, (FHLMC, FNMA, GNMA), 5.10%, 07/01/42

     2,945       2,912,062  
   

 

 

  
      6,250,183  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Mississippi — 1.6%            

Mississippi Development Bank, Refunding RB, Series A, (AGM), 4.00%, 03/01/41

   $ 3,000     $ 2,633,090  

State of Mississippi Gaming Tax Revenue, RB, Series A, 4.00%, 10/15/38

     5,535       4,788,664  
   

 

 

  
      7,421,754  
Missouri — 1.7%            

Health & Educational Facilities Authority of the State of Missouri, RB, 4.00%, 06/01/53

     10,000       7,812,524  
   

 

 

  
Montana — 0.1%            

Montana Board of Housing, RB, S/F Housing

    

Series B-2, 3.50%, 12/01/42

     205       183,440  

Series B-2, 3.60%, 12/01/47

     310       308,208  
   

 

 

  
      491,648  
Nevada — 2.9%            

Carson City Nevada, Refunding RB, 5.00%, 09/01/42

     2,250       2,138,023  

City of Reno Nevada, Refunding RB, Series A-1, (AGM), 4.00%, 06/01/43

     5,230       4,387,575  

Las Vegas Valley Water District, GO, Series A, 4.00%, 06/01/51

     7,875       6,539,403  
   

 

 

  
      13,065,001  
New Jersey — 8.6%            

Casino Reinvestment Development Authority, Inc., Refunding RB, 5.25%, 11/01/44

     1,400       1,303,323  

New Jersey Economic Development Authority, ARB, Series A, AMT, 5.63%, 11/15/30

     1,530       1,532,410  

New Jersey Economic Development Authority, RB

    

AMT, 5.13%, 01/01/34

     1,050       1,027,834  

AMT, 5.38%, 01/01/43

     10,000       9,682,120  

New Jersey Economic Development Authority, Refunding RB, Series UU, 5.00%, 06/15/40

     2,755       2,773,513  

New Jersey Health Care Facilities Financing Authority, RB, 4.00%, 07/01/51

     2,500       2,046,204  

New Jersey Higher Education Student Assistance Authority, Refunding RB

    

Series B, AMT, 4.00%, 12/01/41

     2,305       2,092,765  

Series C, AMT, Subordinate, 5.00%, 12/01/52

     2,615       2,422,966  

New Jersey Housing & Mortgage Finance Agency, Refunding RB, Series A, AMT, 3.80%, 10/01/32

     3,755       3,395,580  

New Jersey Transportation Trust Fund Authority, RB
Class BB, 4.00%, 06/15/50

     1,000       817,110  

Series AA, 5.25%, 06/15/41

     780       780,915  

Series AA, 5.00%, 06/15/44

     4,450       4,361,106  

New Jersey Transportation Trust Fund Authority, RB, CAB, Series A, 0.00%, 12/15/38(d)

    7,260       3,294,692  

Tobacco Settlement Financing Corp., Refunding RB

    

Series A, 5.00%, 06/01/46

     3,000       2,827,635  

Sub-Series B, 5.00%, 06/01/46

     515       478,237  
   

 

 

  
      38,836,410  
New York — 13.9%            

Build NYC Resource Corp., Refunding RB, AMT, 5.00%, 01/01/35(b)

    2,145       2,083,684  

City of New York, GO

    

Series C, 4.00%, 08/01/37

     4,000       3,694,700  

Series F-1, 4.00%, 08/01/41

     3,355       2,972,148  

Erie Tobacco Asset Securitization Corp., Refunding RB, Series A, 5.00%, 06/01/45

     4,435       3,841,187  
Security   Par
(000)		     Value  
New York (continued)            

New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series B-1, Subordinate, 4.00%, 08/01/45

   $ 15,920     $ 13,803,390  

New York Counties Tobacco Trust IV, Refunding RB

    

Series A, 5.00%, 06/01/38

     3,595       3,251,036  

Series A, 6.25%, 06/01/41(b)

    3,200       3,199,901  

New York Liberty Development Corp., Refunding RB

    

Class 2, 5.38%, 11/15/40(b)

    1,145       1,058,308  

Series 1, 4.00%, 02/15/43

     4,250       3,739,797  

Series A, 3.00%, 11/15/51

     415       269,031  

New York Power Authority, RB, 5.13%, 11/15/63

     6,630       6,556,921  

New York State Dormitory Authority, Refunding RB
4.00%, 03/15/49

     5,000       4,283,272  

Series A, 4.00%, 03/15/41

     3,750       3,395,964  

New York State Thruway Authority, RB, Second Series, 4.13%, 03/15/56

     3,325       2,774,633  

New York Transportation Development Corp., RB
5.63%, 04/01/40

     905       895,517  

AMT, 5.00%, 10/01/35

     1,975       1,884,749  

AMT, 4.00%, 04/30/53

     1,175       877,091  

TSASC, Inc., Refunding RB, Series A, 5.00%, 06/01/41

     1,785       1,752,977  

Westchester Tobacco Asset Securitization Corp., Refunding RB, Sub-Series C, 5.13%, 06/01/51

     2,740       2,491,771  
   

 

 

  
      62,826,077  
North Carolina — 2.2%            

University of North Carolina at Chapel Hill, Refunding RB, Series A, 4.21%, 12/01/41(a)

    9,935       9,887,957  
   

 

 

  
North Dakota — 0.4%            

City of Grand Forks North Dakota, RB

    

Series A, (AGM), 5.00%, 12/01/53

     1,125       1,069,674  

Series B, (AGM), 5.00%, 12/01/48

     640       615,521  
   

 

 

  
      1,685,195  
Ohio — 5.1%            

Allen County Port Authority, Refunding RB, Series A, 4.00%, 12/01/40

     950       732,437  

Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, 5.00%, 06/01/55

     7,305       5,973,310  

County of Hamilton Ohio, RB, Series CC, 5.00%, 11/15/49

     525       506,710  

County of Montgomery Ohio, RB, 5.45%, 11/13/23(c)

    7,430       7,432,045  

Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(b)

    485       386,596  

Ohio Higher Educational Facility Commission, Refunding RB, Series B, 4.32%, 12/01/42(a)

    4,665       4,515,335  

State of Ohio, Refunding RB, Series A, 4.00%, 01/15/50

     4,420       3,495,876  
   

 

 

  
      23,042,309  
Oklahoma — 2.4%            

Oklahoma Development Finance Authority, RB, Series B, 5.50%, 08/15/52

     1,625       1,399,663  

Oklahoma Turnpike Authority, RB
5.50%, 01/01/53

     4,070       4,270,229  

Series A, 4.00%, 01/01/48

     6,000       5,102,083  
   

 

 

  
      10,771,975  
Oregon — 0.4%            

Port of Portland Oregon Airport Revenue, ARB, Series 24B, AMT, 5.00%, 07/01/42

     2,000       1,928,525  
   

 

 

  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Pennsylvania — 14.7%            

Allegheny County Airport Authority, RB, 5.50%, 01/01/53

   $ 1,330     $ 1,334,832  

Allegheny County Hospital Development Authority, RB, Series D2, 4.89%, 11/15/47(a)

    2,600       2,590,301  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB

    

Series B, (AGM), 4.50%, 09/01/48

     2,785       2,451,802  

Series B, (AGM), 5.50%, 09/01/53

     5,565       5,717,589  

Commonwealth of Pennsylvania, GO, 4.00%, 03/01/38

     7,250       6,720,538  

Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40

     2,360       2,040,562  

Lancaster Industrial Development Authority, RB, 5.00%, 12/01/44

     1,000       921,606  

Montgomery County Higher Education and Health Authority, Refunding RB
4.00%, 09/01/51

     4,000       3,126,168  

5.00%, 09/01/48

     470       439,706  

Montgomery County Industrial Development Authority, Refunding RB, 5.25%, 01/01/40

     4,170       3,439,265  

Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38

     1,855       1,658,089  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.00%, 06/30/42

     2,565       2,357,209  

AMT, 5.50%, 06/30/43

     985       993,327  

Pennsylvania Housing Finance Agency, RB, 5.38%, 10/01/46

     3,350       3,365,336  

Pennsylvania Housing Finance Agency, RB, S/F Housing, Series 125B, AMT, 3.65%, 10/01/42

     7,000       5,577,846  

Pennsylvania Turnpike Commission, RB
Series A-1, 5.00%, 12/01/41

     440       442,340  

Sub-Series B-1, 5.25%, 06/01/47

     5,680       5,701,703  

Series A, Subordinate, 5.00%, 12/01/37

     940       955,829  

Pennsylvania Turnpike Commission, Refunding RB 2nd Series, 5.00%, 12/01/41

     1,700       1,707,650  

Series B, 5.25%, 12/01/52

     10,000       10,142,910  

Philadelphia Authority for Industrial Development, RB, 5.25%, 11/01/52

     2,440       2,373,551  

Pittsburgh School District, GO, (SAW), 3.00%, 09/01/41

     2,315       1,643,991  

School District of Philadelphia, GO, Series A, 5.50%, 09/01/48

     710       727,913  
   

 

 

  
      66,430,063  
Puerto Rico — 4.6%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     3,376       2,847,850  

Series A-1, Restructured, 5.00%, 07/01/58

     10,292       8,919,391  

Series A-2, Restructured, 4.78%, 07/01/58

     3,133       2,623,134  
Security   Par
(000)		     Value  
Puerto Rico (continued)            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB (continued)

    

Series A-2, Restructured, 4.33%, 07/01/40

   $ 4,240     $ 3,661,293  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(d)

    10,130       2,504,019  
   

 

 

  
      20,555,687  
South Carolina — 1.3%            

Patriots Energy Group Financing Agency, RB,
Series A1, 5.25%, 10/01/54(a)

    3,905       3,890,612  

South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43

     2,190       2,115,893  
   

 

 

  
      6,006,505  
Tennessee — 0.5%            

Metropolitan Government Nashville & Davidson County Sports Authority, RB, Series A, Senior Lien, (AGM), 5.25%, 07/01/48

     2,010       2,058,624  
   

 

 

  
Texas — 8.9%            

Arlington Higher Education Finance Corp., RB(b)
7.50%, 04/01/62

     790       691,184  

7.88%, 11/01/62

     685       644,912  

Aubrey Independent School District, GO, (PSF), 4.00%, 02/15/52

     1,500       1,234,673  

City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29

     2,135       2,077,078  

City of San Antonio Texas Electric & Gas Systems Revenue, Refunding RB, 4.00%, 02/01/42

     5,000       4,407,633  

Dallas Independent School District, Refunding GO, (PSF), 4.00%, 02/15/53

     1,600       1,322,778  

Del Valle Independent School District Texas, GO, (PSF), 4.00%, 06/15/47

     2,795       2,422,772  

Fort Worth Independent School District, GO, (PSF), 4.00%, 02/15/48

     1,695       1,456,647  

Gunter Independent School District, GO, (PSF), 4.00%, 02/15/53

     1,575       1,304,754  

North Texas Tollway Authority, Refunding RB
Series A, 5.00%, 01/01/38

     5,000       5,006,171  

Series A, 5.00%, 01/01/43

     4,210       4,229,939  

Tarrant County Cultural Education Facilities Finance Corp., RB, 5.00%, 11/15/51

     3,070       2,927,869  

Tarrant County Cultural Education Facilities Finance Corp., Refunding RB
5.00%, 11/15/40

     3,250       2,623,651  

5.00%, 10/01/49

     3,500       2,960,511  

Texas Municipal Gas Acquisition & Supply Corp. III, Refunding RB, 5.00%, 12/15/32

     5,740       5,562,844  

Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.50%, 12/31/58

     1,315       1,321,091  
   

 

 

  
      40,194,507  
Utah — 1.0%            

City of Salt Lake City Utah Airport Revenue, ARB Series A, AMT, 5.25%, 07/01/48

     1,150       1,131,559  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S   4

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniVest Fund, Inc. (MVF)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Utah (continued)

 

City of Salt Lake City Utah Airport Revenue, ARB (continued)

    

Series A, AMT, 5.50%, 07/01/53

   $ 1,325     $ 1,332,712  

County of Utah Utah, RB, Series B, 4.00%, 05/15/47

     2,650       2,180,146  
   

 

 

  
      4,644,417  

Virginia — 2.0%

 

Ballston Quarter Community Development Authority, TA(e)(f)

   

Series A, AMT, 5.38%, 03/01/36

     405       301,393  

Series A, AMT, 5.50%, 03/01/46

     1,415       927,768  

Tobacco Settlement Financing Corp., Refunding RB, Series B-1, 5.00%, 06/01/47

     3,665       3,156,848  

Virginia Small Business Financing Authority, RB, AMT, 5.00%, 12/31/52

     4,975       4,591,290  
   

 

 

  
      8,977,299  

Washington — 3.2%

 

Central Puget Sound Regional Transit Authority, RB, Series 2015, Class 2A, 4.39%, 11/01/45(a)

    6,000       5,911,618  

County of King Washington Sewer Revenue, Refunding RB, Series A, Junior Lien, 4.42%, 01/01/40(a)

    1,825       1,801,692  

Port of Seattle Washington, ARB

    

Series A, AMT, 5.00%, 05/01/43

     1,295       1,243,695  

Series C, AMT, Intermediate Lien, 5.00%, 05/01/42

     1,450       1,407,451  

Washington Health Care Facilities Authority, Refunding RB
4.00%, 09/01/50

     2,000       1,585,139  

Series A, Refunding RB, 5.00%, 08/01/44

     1,750       1,656,982  

Washington State Housing Finance Commission, Refunding RB

    

Series A, 5.00%, 07/01/43

     425       393,233  

Series A, 5.00%, 07/01/48

     400       358,458  
   

 

 

  
      14,358,268  

West Virginia — 0.9%

 

West Virginia Parkways Authority, RB, Senior Lien,
4.00%, 06/01/51

     5,000       4,154,438  
   

 

 

  

Wisconsin — 1.6%

 

Public Finance Authority, RB(b)

   

Series A, 5.00%, 06/01/36

     200       175,603  

Series A, 5.00%, 06/01/51

     680       537,252  

Series A, 5.00%, 06/01/61

     870       661,492  

Public Finance Authority, Refunding RB

    

Series A, 5.00%, 11/15/49

     1,095       952,270  

Series B, AMT, 5.00%, 07/01/42

     1,000       911,080  

Wisconsin Health & Educational Facilities Authority, Refunding RB, 5.00%, 04/01/44

     4,080       4,143,219  
   

 

 

  
      7,380,916  

Wyoming — 0.4%

 

University of Wyoming, RB, Series C, (AGM), 4.00%, 06/01/51

     1,690       1,354,220  

Wyoming Community Development Authority, Refunding RB, S/F Housing, Series 1, 4.40%, 12/01/43

     500       441,865  
   

 

 

  
      1,796,085  
   

 

 

  

Total Municipal Bonds — 131.1%

    

(Cost: $643,583,043)

       591,535,534  
   

 

 

  
Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(g)

 

New York — 1.9%

 

New York State Dormitory Authority, Refunding RB, Series D, 4.00%, 02/15/47

   $ 10,000     $ 8,555,572  
   

 

 

  

Oregon — 0.1%

 

State of Oregon Housing & Community Services Department, RB, M/F Housing, Series A, AMT,
4.95%, 07/01/30

     600       599,702  
   

 

 

  
Texas — 6.7%            

Harris County Health Facilities Development Corp., Refunding RB, Series B, 5.75%, 07/01/27(h)

    16,860       17,552,547  

North Fort Bend Water Authority, Refunding RB, Series A, 4.00%, 12/15/58

     15,945       12,525,496  
   

 

 

  
      30,078,043  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 8.7%

 

  

(Cost: $42,632,702)

       39,233,317  
   

 

 

  

Total Long-Term Investments — 139.8%

    

(Cost: $686,215,745)

       630,768,851  
   

 

 

  
         
Shares		         

Short-Term Securities

    

Money Market Funds — 20.0%

 

BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.82%(i)(j)

    90,094,036       90,094,036  
   

 

 

  

Total Short-Term Securities — 20.0%

    

(Cost: $90,088,662)

       90,094,036  
   

 

 

  

Total Investments — 159.8%

 

  

(Cost: $776,304,407)

       720,862,887  

Liabilities in Excess of Other Assets — (0.9)%

 

     (3,990,923 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (4.9)%

 

     (22,001,439 ) 

VMTP Shares at Liquidation Value, Net of Deferred Offering Costs — (54.0)%

 

     (243,800,000 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 451,070,525  
   

 

 

  

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

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

(c) 

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.

(d) 

Zero-coupon bond.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

(h) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(i) 

Affiliate of the Trust.

(j) 

Annualized 7-day yield as of period end.

 

 

 

5  

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniVest Fund, Inc. (MVF)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer   Value at
07/31/23		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
10/31/23		     Shares
Held at
10/31/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $   91,513,818     $ —     $   (1,421,619 )(a)    $ 4,579     $ (2,742 )    $   90,094,036       90,094,036     $   560,776     $ —  
     

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access;

 

  •  

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 591,535,534        $ —        $ 591,535,534  

Municipal Bonds Transferred to Tender Option Bond Trusts

      —          39,233,317          —          39,233,317  

Short-Term Securities

                  

Money Market Funds

      90,094,036          —          —          90,094,036  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   90,094,036        $   630,768,851        $             —        $   720,862,887  
  

 

 

       

 

 

       

 

 

       

 

 

  

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the fair value hierarchy as follows:

 

 

  
     Level 1        Level 2        Level 3        Total  

 

  

Liabilities

                  

TOB Trust Certificates

    $ —        $ (21,804,753 )       $ —        $ (21,804,753 ) 

VMTP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $             —        $   (265,604,753 )       $             —        $   (265,604,753 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

S C H E D U L E   O F   I N V E S T M E N T S   6

Schedule of Investments (unaudited) (continued)

October 31, 2023

   

BlackRock MuniVest Fund, Inc. (MVF)

 

Portfolio Abbreviation
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BAM-TCRS    Build America Mutual Assurance Co.-
    Transferable Custodial Receipts
CAB    Capital Appreciation Bonds
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
GO    General Obligation Bonds
M/F    Multi-Family
PSF    Permanent School Fund
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAN    State Aid Notes
SAW    State Aid Withholding
TA    Tax Allocation

 

 

7  
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